Form NSAR-B ADAMS DIVERSIFIED EQUITY For: Dec 31
PAGE 1 000 B000000 12/31/2016 000 C000000 0000002230 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 ADAMS DIVERSIFIED EQUITY FUND, INC. 001 B000000 811-2624 001 C000000 4107525900 002 A000000 500 EAST PRATT STREET, SUITE 1300 002 B000000 BALTIMORE 002 C000000 MD 002 D010000 21202 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 007 C010200 2 007 C010300 3 007 C010400 4 007 C010500 5 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 015 A000001 DELETE 019 B000000 0 020 A000001 MORGAN STANLEY CAPITAL SERVICES LLC 020 B000001 20-8764829 020 C000001 72 020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC. 020 B000002 13-5674085 020 C000002 53 020 A000003 PIPER JAFFRAY INC. 020 B000003 76-0266412 020 C000003 45 020 A000004 GOLDMAN SACHS & CO. 020 B000004 13-5108880 020 C000004 44 020 A000005 INTERNATIONAL STRATEGY & INVESTMENT GROUP LL 020 B000005 13-3599877 020 C000005 36 020 A000006 SANFORD C. BERNSTEIN & CO. LLC 020 B000006 13-4132953 PAGE 2 020 C000006 35 020 A000007 BARCLAYS CAPITAL INC. 020 B000007 06-1031656 020 C000007 34 020 A000008 COWEN & COMPANY, LLC 020 B000008 84-1702964 020 C000008 31 020 A000009 DEUTSCHE BANK SECURITES INC. 020 B000009 13-2730828 020 C000009 31 020 A000010 EMPIRICAL RESEARCH PARTNERS 020 B000010 42-1541228 020 C000010 28 021 000000 534 022 A000001 LEGG MASON INVESTMENT SERVICES, LLC 022 B000001 13-4146187 022 C000001 42796 022 D000001 62726 022 A000002 FIDELITY DISTRIBUTORS 022 B000002 04-2270522 022 C000002 29500 022 D000002 9502 022 A000003 M&T BANK 022 B000003 16-0968385 022 C000003 1 022 D000003 1 022 C000004 0 022 D000004 0 022 C000005 0 022 D000005 0 022 C000006 0 022 D000006 0 022 C000007 0 022 D000007 0 022 C000008 0 022 D000008 0 022 C000009 0 022 D000009 0 022 C000010 0 022 D000010 0 023 C000000 72297 023 D000000 72229 024 000000 Y 025 A000001 GOLDMAN SACHS GROUP, INC. 025 B000001 13-5108880 025 C000001 E 025 D000001 24999 025 A000002 BANK OF AMERICA CORP. (MERRILL LYNCH) 025 B000002 56-0906609 025 C000002 E 025 D000002 25205 PAGE 3 025 A000003 DELETE 025 D000003 0 025 D000004 0 025 D000005 0 025 D000006 0 025 D000007 0 025 D000008 0 028 A010000 0 028 A020000 0 028 A030000 0 028 A040000 0 028 B010000 0 028 B020000 0 028 B030000 0 028 B040000 0 028 C010000 0 028 C020000 0 028 C030000 0 028 C040000 0 028 D010000 0 028 D020000 0 028 D030000 0 028 D040000 0 028 E010000 0 028 E020000 0 028 E030000 0 028 E040000 0 028 F010000 0 028 F020000 0 028 F030000 0 028 F040000 0 028 G010000 0 028 G020000 0 028 G030000 0 028 G040000 0 028 H000000 0 030 A000000 0 030 B000000 0.00 030 C000000 0.00 031 A000000 0 031 B000000 0 032 000000 0 033 000000 0 035 000000 0 036 B000000 0 038 000000 0 042 A000000 0 042 B000000 0 042 C000000 0 042 D000000 0 042 E000000 0 PAGE 4 042 F000000 0 042 G000000 0 042 H000000 0 043 000000 0 044 000000 0 048 000000 0.000 048 A010000 0 048 A020000 0.000 048 B010000 0 048 B020000 0.000 048 C010000 0 048 C020000 0.000 048 D010000 0 048 D020000 0.000 048 E010000 0 048 E020000 0.000 048 F010000 0 048 F020000 0.000 048 G010000 0 048 G020000 0.000 048 H010000 0 048 H020000 0.000 048 I010000 0 048 I020000 0.000 048 J010000 0 048 J020000 0.000 048 K010000 0 048 K020000 0.000 057 000000 Y 061 000000 0 062 A000000 N 062 B000000 0.0 062 C000000 0.0 062 D000000 0.0 062 E000000 0.0 062 F000000 0.0 062 G000000 0.0 062 H000000 0.0 062 I000000 0.0 062 J000000 0.0 062 K000000 0.0 062 L000000 0.0 062 M000000 0.0 062 N000000 0.0 062 O000000 0.0 062 P000000 0.0 062 Q000000 0.0 062 R000000 0.0 063 A000000 0 063 B000000 0.0 066 A000000 Y PAGE 5 066 B000000 N 066 C000000 N 066 D000000 N 066 E000000 Y 066 F000000 N 066 G000000 N 071 A000000 462874 071 B000000 534094 071 C000000 1445066 071 D000000 32 072 A000000 12 072 B000000 128 072 C000000 28056 072 D000000 0 072 E000000 91 072 F000000 0 072 G000000 0 072 H000000 6654 072 I000000 159 072 J000000 73 072 K000000 135 072 L000000 80 072 M000000 443 072 N000000 104 072 O000000 0 072 P000000 0 072 Q000000 162 072 R000000 98 072 S000000 55 072 T000000 0 072 U000000 0 072 V000000 3 072 W000000 1400 072 X000000 9366 072 Y000000 0 072 Z000000 18909 072AA000000 77925 072BB000000 0 072CC010000 20769 072CC020000 0 072DD010000 17521 072DD020000 0 072EE000000 78538 073 A010000 0.1800 073 A020000 0.0000 073 B000000 0.8100 073 C000000 0.0000 074 A000000 369 074 B000000 0 074 C000000 61212 074 D000000 0 PAGE 6 074 E000000 0 074 F000000 1481202 074 G000000 0 074 H000000 0 074 I000000 233 074 J000000 0 074 K000000 0 074 L000000 1752 074 M000000 736 074 N000000 1545504 074 O000000 0 074 P000000 0 074 Q000000 0 074 R010000 0 074 R020000 0 074 R030000 0 074 R040000 32006 074 S000000 0 074 T000000 1513498 074 U010000 99437 074 U020000 0 074 V010000 15.22 074 V020000 0.00 074 W000000 0.0000 074 X000000 38017 074 Y000000 1899 075 A000000 0 075 B000000 1471005 076 000000 12.71 077 A000000 Y 077 B000000 Y 080 A000000 CHUBB 080 C000000 2150 081 A000000 Y 081 B000000 1 082 A000000 Y 082 B000000 5 083 A000000 N 083 B000000 0 084 A000000 N 084 B000000 0 085 A000000 Y 085 B000000 N 086 A010000 0 086 A020000 0 086 B010000 975 086 B020000 12436 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 PAGE 7 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 087 A010000 ADAMS DIVERSIFIED EQUITY FUND, INC. 087 A020000 006212104 087 A030000 ADX SIGNATURE BRIAN S. HOOK TITLE CFO & TREASURER
Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders of Adams Diversified Equity Fund, Inc.: In planning and performing our audit of the financial statements of Adams Diversified Equity Fund, Inc. ("the Company") as of and for the year ended December 31, 2016, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Company's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Company's internal control over financial reporting. The management of the Company is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Company's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Company's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of December 31, 2016. This report is intended solely for the information and use of management and the Board of Directors of Adams Diversified Equity Fund, Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. /s/ PricewaterhouseCoopers LLP Baltimore, MD February 10, 2017
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