# EDGAR Filing Document

**Accession Number:** 0000002230
**File Stem:** 0001104659-25-114843
**Filing Date:** 2025-11
**Character Count:** 52821
**Document Hash:** bb224ac6539e2871c615517d9459b97a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-114843.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001104659-25-114843

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADAMS DIVERSIFIED EQUITY FUND, INC.
- **CENTRAL INDEX KEY:** 0000002230

**ORGANIZATION NAME:**
- **EIN:** 134912740
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00248
- **FILM NUMBER:** 251505019

**BUSINESS ADDRESS:**
- **STREET 1:** 500 EAST PRATT STREET
- **STREET 2:** SUITE 1300
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 4107525900

**MAIL ADDRESS:**
- **STREET 1:** 500 EAST PRATT STREET
- **STREET 2:** SUITE 1300
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADAMS DIVERSIFIED EQUITY FUND
- **DATE OF NAME CHANGE:** 20150331

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADAMS EXPRESS CO
- **DATE OF NAME CHANGE:** 19920703

## Nport-Ex

Schedule of Investments

September 30, 2025

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value (a)** |
| **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
| &nbsp;&nbsp;&nbsp; **Communication Services — 10.1%** | &nbsp;&nbsp;&nbsp; **Communication Services — 10.1%** | &nbsp;&nbsp;&nbsp; **Communication Services — 10.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc. Class A | 533000 | $129572300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. Class A | 123500 | 90695930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc. (b) | 34822 | 41748792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA (b) | 9100 | 6351800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. Class A | 54300 | 10966428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 96900 | 23195922 |
|  |  | 302531172 |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary — 10.7%** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary — 10.7%** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary — 10.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. (b) | 522700 | 114769239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings Inc. | 5600 | 30235912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. | 80700 | 32698833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corporation | 74400 | 22609416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. (b) | 217500 | 23448675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 53500 | 7068955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. (b) | 121800 | 54166896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. (b) | 349700 | 34260109 |
|  |  | 319258035 |
| &nbsp;&nbsp;&nbsp; **Consumer Staples — 5.0%** | &nbsp;&nbsp;&nbsp; **Consumer Staples — 5.0%** | &nbsp;&nbsp;&nbsp; **Consumer Staples — 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Company | 144000 | 9550080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Company | 72300 | 5779662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corporation | 13700 | 12681131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 92900 | 5395632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 47800 | 6713032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International Inc. | 214935 | 34862457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc. (b) | 111000 | 11930280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Company | 70249 | 10793759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corporation | 189500 | 15603430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart Inc. | 353243 | 36405224 |
|  |  | 149714687 |
| &nbsp;&nbsp;&nbsp; **Energy — 3.2%** | &nbsp;&nbsp;&nbsp; **Energy — 3.2%** | &nbsp;&nbsp;&nbsp; **Energy — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams Natural Resources Fund, Inc. (c)(f) | 2516002 | 54144363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Company | 309400 | 15073968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corporation | 178327 | 27692400 |
|  |  | 96910731 |

---

------

Schedule of Investments (continued)

September 30, 2025

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value (a)** |
| &nbsp;&nbsp;&nbsp; **Financials — 13.1%** | &nbsp;&nbsp;&nbsp; **Financials — 13.1%** | &nbsp;&nbsp;&nbsp; **Financials — 13.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 248200 | $19493628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 918868 | 47404400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Inc. Class B (b) | 93043 | 46776438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corporation | 157670 | 33517489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 42000 | 33446700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 203863 | 64304506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corporation | 93600 | 18497232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard Incorporated Class A | 57562 | 32741841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's Corporation | 41500 | 19773920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progressive Corporation | 86000 | 21237700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 154800 | 15888672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa Inc. Class A | 116861 | 39894008 |
|  |  | 392976534 |
| &nbsp;&nbsp;&nbsp; **Health Care — 9.0%** | &nbsp;&nbsp;&nbsp; **Health Care — 9.0%** | &nbsp;&nbsp;&nbsp; **Health Care — 9.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 187700 | 43460058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corporation (b) | 213700 | 20863531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 77100 | 24096063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna Group | 40200 | 11587650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corporation | 127500 | 9612225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly and Company | 41968 | 32021584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Select Sector SPDR Fund | 144300 | 20082231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insulet Corporation (b) | 40700 | 12565311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 102800 | 19061176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medtronic plc | 192900 | 18371796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 308800 | 25917584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group Incorporated | 50800 | 17541240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals Incorporated (b) | 35100 | 13746564 |
|  |  | 268927013 |
| &nbsp;&nbsp;&nbsp; **Industrials — 7.8%** | &nbsp;&nbsp;&nbsp; **Industrials — 7.8%** | &nbsp;&nbsp;&nbsp; **Industrials — 7.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise Inc. (b) | 14700 | 10549308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boeing Company (b) | 135300 | 29201799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corporation | 277200 | 16548840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Aerospace | 150200 | 45183164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Vernova Inc. | 40700 | 25026430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International plc | 171000 | 18801450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 42100 | 12857761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 81000 | 19102230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corporation | 28500 | 21607275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 68500 | 15719380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RTX Corporation | 103500 | 17318655 |
|  |  | 231916292 |

---

------

Schedule of Investments (continued)

September 30, 2025

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value (a)** |
| &nbsp;&nbsp;&nbsp; **Information Technology — 34.5%** | &nbsp;&nbsp;&nbsp; **Information Technology — 34.5%** | &nbsp;&nbsp;&nbsp; **Information Technology — 34.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. (b) | 128000 | $20709120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 79000 | 19410300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Inc. | 822900 | 209535027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc. (b) | 208664 | 30404431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corporation Class A (b) | 76300 | 12185110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc. (b) | 40700 | 12929169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom Inc. | 265200 | 87492132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 374800 | 25643816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corporation | 87900 | 24801864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corporation | 278000 | 37224200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corporation | 424300 | 219766185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corporation | 1314800 | 245315384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corporation | 85800 | 24130392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies Inc. Class A (b) | 56900 | 10379698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. (b) | 107800 | 21950236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 55000 | 13035000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc. (b) | 68200 | 15382510 |
|  |  | 1030294574 |
| &nbsp;&nbsp;&nbsp; **Materials — 1.6%** | &nbsp;&nbsp;&nbsp; **Materials — 1.6%** | &nbsp;&nbsp;&nbsp; **Materials — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 150400 | 14527136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecolab Inc. | 72200 | 19772692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 199400 | 7820468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials Select Sector SPDR Fund | 51200 | 4588544 |
|  |  | 46708840 |
| &nbsp;&nbsp;&nbsp; **Real Estate — 2.0%** | &nbsp;&nbsp;&nbsp; **Real Estate — 2.0%** | &nbsp;&nbsp;&nbsp; **Real Estate — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 57600 | 11126592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. Class A (b) | 98200 | 15472392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 158800 | 18185776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties Inc. | 421600 | 13748376 |
|  |  | 58533136 |
| &nbsp;&nbsp;&nbsp; **Utilities — 2.4%** | &nbsp;&nbsp;&nbsp; **Utilities — 2.4%** | &nbsp;&nbsp;&nbsp; **Utilities — 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corporation | 29300 | 9641751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corporation | 150000 | 18562500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Corporation | 212900 | 19840151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 215000 | 15295100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 37400 | 7327408 |
|  |  | 70666910 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| &nbsp;&nbsp;&nbsp; (Cost $1,422,774,838) |  | 2968437924 |
| **Other Investments — 0.0%** | **Other Investments — 0.0%** | **Other Investments — 0.0%** |
| &nbsp;&nbsp;&nbsp; **Financials — 0.0%** | &nbsp;&nbsp;&nbsp; **Financials — 0.0%** | &nbsp;&nbsp;&nbsp; **Financials — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams Funds Advisers, LLC (b)(d)(f) |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $150,000) |  | 466000 |

---

------

Schedule of Investments (continued)

September 30, 2025

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value (a)** |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| &nbsp;&nbsp;&nbsp; **Money Market Funds — 0.7%** | &nbsp;&nbsp;&nbsp; **Money Market Funds — 0.7%** | &nbsp;&nbsp;&nbsp; **Money Market Funds — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Institutional Liquidity Funds Prime Portfolio, Institutional Class, 4.12% (e) | 19296860 | $19302649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds Treasury Portfolio, Premier Class, 3.95% (e) | 503523 | 503523 |
| **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** |
| &nbsp;&nbsp;&nbsp; (Cost $19,802,242) |  | 19806172 |
| **Total — 100.1%** | **Total — 100.1%** | **Total — 100.1%** |
| &nbsp;&nbsp;&nbsp; (Cost $1,442,727,080) |  | 2988710096 |
| Other Assets Less Liabilities — (0.1)% |  | (2304788) |
| **Net Assets — 100.0%** |  | $2986405308 |

---

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks are listed on the New York Stock Exchange or NASDAQ and are valued at the last reported sale price on the day of valuation.

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presently non-dividend paying.

(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled affiliate, a closed-end sector fund, registered as an investment company under the Investment Company Act of 1940.

(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controlled affiliate valued using fair value procedures.

(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate presented is as of period-end and represents the annualized yield earned over the previous seven days.

(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the nine months ended September 30, 2025, investments in affiliates were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliate**  | **Shares held**  | **Net realized gain <br>(loss) and capital <br>gain distributions** | **Dividend income**  | **Change in <br>unrealized <br>appreciation** | **Value** |
| Adams Funds Advisers, LLC (controlled) | n/a | $— | $— | $— | $466000 |
| Adams Natural Resources Funds, Inc. <br>(non-controlled)\* | 2516002 | 140456 | 3598939 | (486893) | 54144363 |
| Total |  | $140456 | $3598939 | $(486893) | $54610363 |

---

\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund elected to receive 175,069 shares (cost basis $3,739,373) in lieu of cash for distributions received in 2025. Cost basis at end of period was $41,196,072.

Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Adams Diversified Equity Fund, Inc.

- **b. Investment Company Act file number:** 811-00248

- **c. CIK number of Registrant:** 0000002230

- **d. LEI of Registrant:** 5493005W7G81BNPP7M23

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 500 East Pratt Street

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21202

  - **Telephone number:** 410-752-5900

**Item A.2. Information about the Series.**

- **a. Name of Series:** N/A

- **c. LEI of Series:** N/A

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2994822231.00

**Total Liabilities:** $8416923.00

**Net Assets:** $2986405308.00

**Cash Not Reported:** $243321.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 1.60%                | 0.40%                | 2.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22599378.89             | $33274465.72                               |
| Month 2  | $12171900.81             | $44224258.66                               |
| Month 3  | $2952893.56              | $90137581.05                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                    | Title                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adams Natural Resources Fund, Inc.                      | Adams Natural Resources Fund, Inc.                      | CUSIP: 00548F105<br>LEI: 549300LPTQAH0G3NGD42 | Long             | EC               | RF                | US        |   2516002 | NS      | $54144363.04  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                                    | Baker Hughes Company                                    | CUSIP: 05722G100<br>LEI: 549300XU3XH6F05YEQ93 | Long             | EC               | CORP              | US        |    309400 | NS      | $15073968.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corporation                                     | Chevron Corporation                                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    178327 | NS      | $27692399.83  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings, Inc.                                    | Crown Holdings, Inc.                                    | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |    150400 | NS      | $14527136.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                             | Ecolab Inc.                                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     72200 | NS      | $19772692.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                                  | Freeport-McMoRan, Inc.                                  | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    199400 | NS      | $7820468.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Materials Select Sector SPDR Fund                       | Materials Select Sector SPDR Fund                       | CUSIP: 81369Y100<br>LEI: 549300N81BAQ1XPGBT65 | Long             | EC               | RF                | US        |     51200 | NS      | $4588544.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc.                                    | Axon Enterprise Inc.                                    | CUSIP: 05464C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14700 | NS      | $10549308.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Company                                          | Boeing Company                                          | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |    135300 | NS      | $29201799.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corporation                              | Carrier Global Corporation                              | CUSIP: 14448C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    277200 | NS      | $16548840.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                                            | GE Aerospace                                            | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |    150200 | NS      | $45183164.00  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc.                                         | GE Vernova Inc.                                         | CUSIP: 36828A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40700 | NS      | $25026430.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc                      | Johnson Controls International plc                      | CUSIP: G51502105<br>LEI: 3LB2NG8VUULSCV2NO430 | Long             | EC               | CORP              | US        |    171000 | NS      | $18801450.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies, Inc.                             | L3Harris Technologies, Inc.                             | CUSIP: 502431109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42100 | NS      | $12857761.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings, Inc.                         | Lincoln Electric Holdings, Inc.                         | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     81000 | NS      | $19102230.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corporation                             | Parker-Hannifin Corporation                             | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     28500 | NS      | $21607275.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                                 | Republic Services, Inc.                                 | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     68500 | NS      | $15719380.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corporation                                         | RTX Corporation                                         | CUSIP: 75513E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103500 | NS      | $17318655.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies, Inc.                                 | Uber Technologies, Inc.                                 | CUSIP: 90353T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    349700 | NS      | $34260109.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                        | Amazon.com, Inc.                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    522700 | NS      | $114769239.00 | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc.                                   | Booking Holdings Inc.                                   | CUSIP: 09857L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5600 | NS      | $30235912.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot, Inc.                                        | Home Depot, Inc.                                        | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     80700 | NS      | $32698833.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corporation                                  | McDonald's Corporation                                  | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     74400 | NS      | $22609416.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                               | O'Reilly Automotive, Inc.                               | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    217500 | NS      | $23448675.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup, Inc.                                        | PulteGroup, Inc.                                        | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53500 | NS      | $7068955.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                                             | Tesla, Inc.                                             | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    121800 | NS      | $54166896.00  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Company                                       | Coca-Cola Company                                       | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    144000 | NS      | $9550080.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Company                               | Colgate-Palmolive Company                               | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     72300 | NS      | $5779662.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation                            | Costco Wholesale Corporation                            | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     13700 | NS      | $12681131.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings, Inc.                              | Lamb Weston Holdings, Inc.                              | CUSIP: 513272104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92900 | NS      | $5395632.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo, Inc.                                           | PepsiCo, Inc.                                           | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     47800 | NS      | $6713032.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                        | Philip Morris International Inc.                        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    214935 | NS      | $34862457.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings, Inc.                                     | Post Holdings, Inc.                                     | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |    111000 | NS      | $11930280.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Company                                | Procter & Gamble Company                                | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     70249 | NS      | $10793758.85  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation                                       | Sysco Corporation                                       | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    189500 | NS      | $15603430.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc.                                            | Walmart Inc.                                            | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    353243 | NS      | $36405223.58  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                                            | AbbVie, Inc.                                            | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    187700 | NS      | $43460058.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation                           | Boston Scientific Corporation                           | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    213700 | NS      | $20863531.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora, Inc.                                           | Cencora, Inc.                                           | CUSIP: 03073E105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77100 | NS      | $24096063.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group                                             | Cigna Group                                             | CUSIP: 125523100<br>LEI: 45RS2W538ZOGNWLVIX82 | Long             | EC               | CORP              | US        |     40200 | NS      | $11587650.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corporation                                  | CVS Health Corporation                                  | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    127500 | NS      | $9612225.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly and Company                                   | Eli Lilly and Company                                   | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     41968 | NS      | $32021584.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Health Care Select Sector SPDR Fund                     | Health Care Select Sector SPDR Fund                     | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Long             | EC               | RF                | US        |    144300 | NS      | $20082231.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corporation                                     | Insulet Corporation                                     | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |     40700 | NS      | $12565311.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                       | Johnson & Johnson                                       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    102800 | NS      | $19061176.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                           | Medtronic plc                                           | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    192900 | NS      | $18371796.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                                       | Merck & Co., Inc.                                       | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    308800 | NS      | $25917584.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Incorporated                         | UnitedHealth Group Incorporated                         | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     50800 | NS      | $17541240.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated                     | Vertex Pharmaceuticals Incorporated                     | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     35100 | NS      | $13746564.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group, Inc.                      | American International Group, Inc.                      | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    248200 | NS      | $19493628.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                   | Bank of America Corp.                                   | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    918868 | NS      | $47404400.12  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc. Class B                         | Berkshire Hathaway Inc. Class B                         | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     93043 | NS      | $46776437.82  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation                       | Capital One Financial Corporation                       | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    157670 | NS      | $33517488.60  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                               | Goldman Sachs Group, Inc.                               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     42000 | NS      | $33446700.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                    | JPMorgan Chase & Co.                                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    203863 | NS      | $64304506.09  | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                                    | M&T Bank Corporation                                    | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     93600 | NS      | $18497232.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Incorporated Class A                         | Mastercard Incorporated Class A                         | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     57562 | NS      | $32741841.22  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corporation                                     | Moody's Corporation                                     | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     41500 | NS      | $19773920.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corporation                                 | Progressive Corporation                                 | CUSIP: 743315103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86000 | NS      | $21237700.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| T. Rowe Price Group, Inc.                               | T. Rowe Price Group, Inc.                               | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |    154800 | NS      | $15888672.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc. Class A                                       | Visa Inc. Class A                                       | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    116861 | NS      | $39894008.18  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices, Inc.                            | Advanced Micro Devices, Inc.                            | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    128000 | NS      | $20709120.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                                    | Analog Devices, Inc.                                    | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     79000 | NS      | $19410300.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                              | Apple Inc.                                              | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    822900 | NS      | $209535027.00 | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks, Inc.                                   | Arista Networks, Inc.                                   | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    208664 | NS      | $30404431.44  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corporation Class A                           | Atlassian Corporation Class A                           | CUSIP: 049468101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76300 | NS      | $12185110.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk, Inc.                                          | Autodesk, Inc.                                          | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     40700 | NS      | $12929169.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc.                                           | Broadcom Inc.                                           | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    265200 | NS      | $87492132.00  | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                                     | Cisco Systems, Inc.                                     | CUSIP: 17275R102<br>LEI: 8E6NF1YAL0WT6CWXXV93 | Long             | EC               | CORP              | US        |    374800 | NS      | $25643816.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corporation             | International Business Machines Corporation             | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     87900 | NS      | $24801864.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                                | Lam Research Corporation                                | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    278000 | NS      | $37224200.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                                   | Microsoft Corporation                                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    424300 | NS      | $219766185.00 | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corporation                                      | NVIDIA Corporation                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1314800 | NS      | $245315384.00 | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corporation                                      | Oracle Corporation                                      | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     85800 | NS      | $24130392.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc. Class A                      | Palantir Technologies Inc. Class A                      | CUSIP: 69608A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56900 | NS      | $10379698.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks, Inc.                                | Palo Alto Networks, Inc.                                | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |    107800 | NS      | $21950236.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                                        | Salesforce, Inc.                                        | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     55000 | NS      | $13035000.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake, Inc.                                         | Snowflake, Inc.                                         | CUSIP: 833445109<br>LEI: 549300C5O4FSVNUEI843 | Long             | EC               | CORP              | US        |     68200 | NS      | $15382510.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc. Class A                                   | Alphabet Inc. Class A                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    533000 | NS      | $129572300.00 | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc. Class A                            | Meta Platforms, Inc. Class A                            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    123500 | NS      | $90695930.00  | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                           | Netflix, Inc.                                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     34822 | NS      | $41748792.24  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                                   | Spotify Technology SA                                   | CUSIP: L8681T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9100 | NS      | $6351800.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings, Inc. Class A                        | TKO Group Holdings, Inc. Class A                        | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54300 | NS      | $10966428.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US, Inc.                                       | T-Mobile US, Inc.                                       | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     96900 | NS      | $23195922.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corporation                        | Constellation Energy Corporation                        | CUSIP: 21037T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29300 | NS      | $9641751.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corporation                                 | Duke Energy Corporation                                 | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    150000 | NS      | $18562500.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corporation                                     | Entergy Corporation                                     | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    212900 | NS      | $19840151.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                                       | Eversource Energy                                       | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |    215000 | NS      | $15295100.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp.                                            | Vistra Corp.                                            | CUSIP: 92840M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37400 | NS      | $7327408.00   | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                             | AvalonBay Communities, Inc.                             | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     57600 | NS      | $11126592.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group, Inc. Class A                                | CBRE Group, Inc. Class A                                | CUSIP: 12504L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98200 | NS      | $15472392.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis, Inc.                                          | Prologis, Inc.                                          | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    158800 | NS      | $18185776.00  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc.                                    | VICI Properties Inc.                                    | CUSIP: 925652109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    421600 | NS      | $13748376.00  | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Adams Funds Advisers, LLC                               | Adams Funds Advisers, LLC                               | CUSIP: 134912740<br>LEI: N/A                  | Long             |  | CORP              | US        |         1 | OU      | $466000.00    | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Morgan Stanley Ins Liq Funds Prime Portfolio, Ins Class | Morgan Stanley Ins Liq Funds Prime Portfolio, Ins Class | CUSIP: 61747C715<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  19296860 | NS      | $19302648.69  | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Treasury Portfolio               | Northern Institutional Treasury Portfolio               | CUSIP: 665279808<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    503523 | NS      | $503523.06    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-21

**Name of Applicant:** Adams Diversified Equity Fund, Inc.

**Signature:** Christy Sloan

**Name of Signer:** Christy Sloan

**Title:** Treasurer