Adams Diversified Equity Fund : Fund Fact Sheet

QUARTERLY FACT SHEET I SEPTEMBER 30, 2020

ADAMS DIVERSIFIED EQUITY FUND (NYSE: ADX)

GOAL AND STRATEGY

Long-term capital appreciation by investing primarily in large U.S. companies

DISTINGUISHING CHARACTERISTICS

Internally managed closed-end equity fund with exposure to a broadly- diversified, sector-neutral,large-cap equity portfolio. Committed to an annual distribution rate of at least 6%.

FUND SNAPSHOT
NYSE Symbol ....................	ADX
Market Price.......................	$16.21
52 Week Range..................	$10.16-$17.26
NAV Per Share...................	$18.89
Discount.............................	14.2%
Shares Outstanding............	108,731,167
2019 Annual Distribution.....	9.6%
Rate
FUND INFORMATION
Net Assets..........................	$2.05B
Expense Ratio....................	0.62%
Inception Date ...................	1929
Dividend Frequency............	Quarterly
Annual Distribution ............	6.0%
Commitment1
Number of Holdings............	101
Wtd Median Market Cap.....	$174.7B

1 The annual distribution rate is the total dividends and distributions divided by the average month-end market price of the Fund's

Common Stock for the twelve months ended October 31.

PORTFOLIO MANAGEMENT TEAM

	Start Date
	Industry/Company
Mark Stoeckle.....................	1981/2013
James Haynie.....................	1987/2013
Cotton Swindell...................	1992/2002

INVESTMENT OBJECTIVE

ADX seeks to deliver superior returns over time by investing in a broadly-diversified equity portfolio. The Fund invests in a blend of high-quality,large-cap companies. The fund seeks to generate returns that exceed its benchmark and consistently distribute dividend income and capital gains to shareholders.

Performance Comparison

16%

14%

12%

10%

8%

6%

4%

2%

0%

1 Year		3 Years		5 Years	10 Years
ADX (Market)		S&P 500		Lipper Large-Cap Core Funds Average

PERFORMANCE (%)

	YTD	1 YEAR	3 YEAR*	5 YEAR*	10 YEAR*
ADX Market Price	3.8%	11.8%	13.5%	15.1%	13.5%
ADX NAV	6.4%	15.2%	13.6%	15.0%	13.4%
S&P 500	5.6%	15.2%	12.3%	14.2%	13.7%
Lipper Large-Cap Core	4.0%	13.0%	10.8%	12.5%	12.3%
Funds Average

*Annualized. Total returns are presented before taxes and reflect reinvestment of all distributions at reinvestment price. Investment returns, market price, and net asset value will fluctuate. Shares, if sold, may be worth more or less than their original cost. Presented performance reflects past performance and is no guarantee of future investment results.

Growth of Hypothetical $10,000 Investment

$40,000

$35,000

$30,000

$25,000

$20,000

$15,000

$10,000

$5,000

$0

04	05	06	07	08	09	10	11	12	13	14	15	16	17	18	19
				ADX			Lipper Large-Cap Core Funds Average

This chart shows the value of a hypothetical $10,000 investment in the Fund at market price over the past 15 calendar years compared to its Lipper peer group. All Fund distributions are reinvested at the price received in the Fund's dividend reinvestment plan. Returns do not reflect taxes paid by shareholders on distributions or the sale of shares.

500 East Pratt Street, Suite 1300, Baltimore, MD 21202 | 410.752.5900 | 800.638.2479 | adamsfunds.com

QUARTERLY FACT SHEET I SEPTEMBER 30, 2020

ADAMS DIVERSIFIED EQUITY FUND (NYSE: ADX)

LIPPER RANKINGS

Lipper Large-Cap Core Funds Average	1 YEAR	3 YEAR	5 YEAR	10 YEAR
ADX (NAV)	72/179	28/169	15/157	36/134
Percentile	41%	17%	10%	27%

Source: Thomson Reuters, as of June 30, 2020

INDUSTRY WEIGHTINGS				TEN LARGEST EQUITY HOLDINGS
		Materials, 1.9%	Energy, 2.2%								PERCENT OF
										NET ASSETS
			Utilities, 3.3%	Microsoft Corporation	6.9%
Information			Real Estate, 2.8%
Technology, 28.0%				Consumer Staples,	Apple Inc.	6.3%
				7.1%
						Amazon.com, Inc.	5.2%
					Industrials, 8.2%	Alphabet Inc. Class A	2.9%
						Facebook, Inc. Class A	2.5%
						UnitedHealth Group Incorporated	2.1%
					Financials, 9.8%	Visa Inc. Class A	2.1%
						Thermo Fisher Scientific Inc.	2.0%
Health Care, 14.1%						Home Depot, Inc.	1.6%
			Communication
			Services, 10.3%	Mastercard Incorporated Class A	1.6%
		Consumer				Total					33.2%
		Discretionary, 12.0%
DISTRIBUTION HISTORY, TRAILING 10 YEARS
PAYABLE DATE		ORDINARY INCOME DIVIDENDS		CAPITAL GAIN DISTRIBUTIONS		TOTAL DIVIDENDS AND		ANNUAL DISTRIBUTION RATE*
		PER SHARE		PER SHARE			DISTRIBUTIONS PER SHARE
2019	$0.22	$1.20		$1.42	9.6%
2018	$0.21	$1.79		$2.00	12.9%
2017	$0.22	$1.16		$1.38	9.8%
2016	$0.18	$0.81		$0.99	7.8%
2015	$0.14	$0.79		$0.93	6.8%
2014	$0.20	$0.98		$1.18	8.8%
2013	$0.22	$0.62		$0.84	7.1%
2012	$0.18	$0.49		$0.67	6.3%
2011	$0.15	$0.50		$0.65	6.1%
2010	$0.14	$0.37		$0.51	5.1%
2009	$0.15	$0.30		$0.45	5.2%

• The annual distribution rate is the total dividends and distributions per share divided by the Fund's average month-end stock price. For years prior to 2011, the average month-end stock price is determined for the calendar year. For 2011 and later, the average month-end stock price is determined for the twelve months ended October 31, which is consistent with the calculation used for the annual 6% minimum distribution rate commitment adopted in September 2011.

500 East Pratt Street, Suite 1300, Baltimore, MD 21202 | 410.752.5900 | 800.638.2479 | adamsfunds.com