PEO Adams Natural Resources Fund Inc

The Board of Directors of Adams Diversified Equity Fund, Inc. (NYSE: ADX) today declared a distribution of $.44 per share, payable August 30, 2024 in newly issued shares unless shareholders elect to receive cash, to shareholders of record August 5, 2024. This distribution represents the initial payment under the Fund’s Managed Distribution Policy to pay at least 2% of average net asset value each quarter. You should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Fund’s MDP.

FIRST HALF PERFORMANCE

For the six months ended June 30th, the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was 15.8%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were 15.3% and 14.1%, respectively. The total return on the market price of the Fund’s shares for the period was 22.0%.

For the twelve months ended June 30th, the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was 27.5%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were 24.6% and 23.2%, respectively. The total return on the market price of the Fund’s shares for the period was 37.6%.

The Semi-Annual Report to Shareholders is expected to be available on or about July 24, 2024.

ANNUALIZED COMPARATIVE RETURNS (6/30/2024)
	1 Year	3 Year	5 Year
Adams Diversified Equity Fund (NAV)	27.5%	11.2%	15.6%
Adams Diversified Equity Fund (market price)	37.6%	13.2%	16.6%
Morningstar U.S. Large Blend Category	23.2%	8.5%	13.8%
S&P 500	24.6%	10.0%	15.1%

NET ASSET VALUE ANNOUNCED

The Fund’s net asset value at June 30, 2024, compared with the year earlier, was:

	6/30/2024	6/30/2023
Net assets	$2,938,344,145	$2,415,114,408
Shares outstanding	124,051,735	120,813,797
Net asset value per share	$23.69	$19.99

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (6/30/2024)
	% of Net Assets
Microsoft Corporation	8.0%
Apple Inc.	7.2%
NVIDIA Corporation	6.8%
Amazon.com, Inc.	4.5%
Alphabet Inc. Class A	4.4%
Meta Platforms, Inc. Class A	2.6%
JPMorgan Chase & Co.	2.1%
Eli Lilly and Company	2.0%
Adams Natural Resources Fund, Inc.*	1.8%
Visa Inc. Class A	1.7%
Total	41.1%
* Non-controlled affiliated closed-end fund.

SECTOR WEIGHTINGS (6/30/2024)
	% of Net Assets
Information Technology	32.6%
Financials	12.0%
Health Care	11.8%
Consumer Discretionary	10.3%
Communication Services	9.5%
Industrials	8.0%
Consumer Staples	5.7%
Energy	3.9%
Materials	2.1%
Real Estate	2.0%
Utilities	1.9%

About Adams Funds

Since 1929, Adams Funds has consistently helped generations of investors reach their investment goals. Adams Funds is comprised of two closed-end funds, Adams Diversified Equity Fund, Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO). The Funds are actively managed by an experienced team with a disciplined approach and have paid dividends for more than 85 years across many market cycles. The Funds are committed to paying a minimum annual distribution rate of 8% of NAV or more, providing reliable income to long-term investors. Shares can be purchased through our transfer agent or through a broker.

For more information about Adams Funds, please visit: adamsfunds.com. For further information please contact: adamsfunds.com/about/contact or 800.638.2479