PEO Adams Natural Resources Fund Inc

Adams Diversified Equity Fund, Inc. (NYSE: ADX) today announced the Fund’s results for the nine months ended September 30th. The total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was -23.2%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category Average were -23.9% and -24.0%, respectively. The total return on the market price of the Fund’s shares for the period was -24.3%.

For the twelve months ended September 30th, the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was -13.2%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were -15.5% and -16.0%, respectively. The total return on the market price of the Fund’s shares for the period was -14.8%.

The Third Quarter Report to Shareholders is expected to be available on or about October 26, 2022.

ANNUALIZED COMPARATIVE RETURNS (09/30/2022)

	1 Year		3 Year	5 Year	10 Year
Adams Diversified Equity Fund (NAV)	-13.2%		8.6%	10.3%	12.1%
Adams Diversified Equity Fund (market price)	-14.8%		7.2%	10.0%	11.9%
Morningstar U.S. Large Blend Category	-16.0%		7.4%	8.3%	10.8%
S&P 500	-15.5%		8.2%	9.2%	11.7%

NET ASSET VALUE ANNOUNCED

The Fund’s net asset value at September 30, 2022, compared with the year earlier, was:

	09/30/2022	09/30/2021
Net assets	$2,018,853,995	$2,538,318,809
Shares outstanding	117,873,650	111,027,198
Net asset value per share	$17.13	$22.86

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (09/30/2022)

	% of Net Assets
Microsoft Corporation	7.1%
Apple Inc.	6.7%
Alphabet Inc. Class A	4.0%
Amazon.com, Inc.	3.1%
UnitedHealth Group Incorporated	2.5%
Adams Natural Resources Fund, Inc.*	2.1%
Thermo Fisher Scientific Inc.	1.9%
Tesla, Inc.	1.9%
CVS Health Corporation	1.8%
Mastercard Incorporated Class A	1.7%
Total	32.8%
*Non-controlled affiliated closed-end fund

SECTOR WEIGHTINGS (09/30/22)

	% of Net Assets
Information Technology	26.0%
Health Care	15.3%
Consumer Discretionary	11.9%
Financials	10.9%
Communication Services	8.1%
Industrials	7.8%
Consumer Staples	6.5%
Energy	5.0%
Utilities	2.9%
Real Estate	2.6%
Materials	2.3%

About Adams FundsSince 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 80 years across many market cycles. The Funds are committed to paying an annual distribution rate of 6% 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 contact us: 800.638.2479 │ adamsfunds.com/about/contact