Enrique R Arzac Form 4 ADAMS DIVERSIFIED EQUITY FUND / ENRIQUE R ARZAC ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

ARZAC ENRIQUE R

(Last) (First) (Middle)

ADAMS FUNDS

500 EAST PRATT STREET, SUITE 1300

(Street)

BALTIMORE MD 21202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ADAMS DIVERSIFIED EQUITY FUND, INC. [ ADX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
04/21/2022

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/21/2022		A	V	72.26(1)	A	$0	20,830.78(2)	D
Common Stock	04/21/2022		J	V	0.001(3)	A	$0	0.438	I	By Trust(4)
Common Stock	04/21/2022		A	V	1,225(5)(6)	A	$18.01	10,575.438(2)	I	By Trust(4)
Common Stock								29,319(2)	I	By Trust(4)
Common Stock								9,658	I	Indirect/Other

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares accrued as dividend equivalents on deferred stock units (shares received in lieu of director retainer fees). The Issuer's stock traded in a range of $16.77 - $19.61 during 2022.

2. Dr. Arzac's cumulative beneficial ownership reflects the exempt transactions reported herein and also certain changes in direct and indirect ownership balances resulting from transfers among accounts.

3. This fractional share was acquired in exempt transactions as a result of dividend reinvestment. The Issuer's stock traded in a range of $16.77 - $19.61 during 2022.

4. By the Enrique R. Arzac TTEE The Enrique R. Arzac TR UA DTD 12/28/2012 Trust.

5. Of these shares, 695 shares accrued as dividend equivalents on 750 restricted stock units, which were granted in 2007 and deferred until retirement on 04/21/2022. Another 530 shares accrued as dividend equivalents on 750 restricted stock units, which were granted in 2013 and deferred until retirement on 04/21/2022. The Issuer's stock average trading price on 04/21/2022 was $18.01.

6. A fractional share in the amount of 0.01 was issued as part of DSUs (granted in lieu of a 2007 deferred cash retainer) & DE shares earned. An additional fractional share in the amount of 0.54 was issued as part of DSUs (granted in lieu of a 2013 deferred cash retainer) & DE shares earned. The fractional shares were surrendered as non-transferrable to a registered account.

	Gail L. Valenti as Attorney-in-Fact for Enrique R. Arzac	04/26/2022
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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