BALTIMORE, Aug. 22, 2024 (GLOBE NEWSWIRE) — Adams Diversified Equity Fund, Inc. (NYSE: ADX) has determined that $21.29 per share will be the offering price for the Fund’s third quarter distribution to shareholders. Such price will be the midpoint of the high and low sales prices of the Fund’s shares on the New York Stock Exchange on August 21, 2024, the valuation date.
The common shares will be issued in connection with the payment of the third quarter distribution of $0.44, the first distribution paid under the Fund’s new managed distribution policy. The policy requires the payment of a minimum annual rate of 8% of average net asset value (“NAV”) distributed equally in two percent of average NAV per quarter, with the fourth quarter distribution being the greater of 2% of average NAV or the amount required to meet the Internal Revenue Code minimum distribution requirements for regulated investment companies. Average NAV is based on the average of NAVs per share as of the end of the last four quarters prior to each declaration date.
The Fund’s estimated sources for the distribution payable on August 30, 2024 and for all distributions declared to date in 2024 are as follows:
|
distribution |
Net |
Net realized |
Net realized |
Return of |
||
|
30 August 2024 |
$0.44 |
0.04 USD (9%) |
$0.00 (0%) |
$0.40 (91%) |
$0.00 (0%) |
|
|
YTD 2024 |
$0.54 |
$0.13 (24%) |
$0.00 (0%) |
$0.41 (76%) |
$0.00 (0%) |
|
Information on fund performance and payout ratio:
|
Average annual total |
Annualized flow |
Cumulative total return |
Cumulative fiscal year |
||||
|
15.2% |
7.4 |
% |
15.9 |
% |
2.3 |
% |
|
1 Total return is calculated assuming a fund share is purchased at the beginning of the period and sold on the last day of the period at the stated net asset value per share, excluding brokerage commissions. Distributions are assumed to be reinvested at the price received in the fund’s dividend reinvestment plan. For periods longer than one year, returns are shown on an annualized basis.
2 The annualized current distribution rate is the current quarter’s annualized distribution rate per share and is expressed as a percentage of the Fund’s net asset value per share as of July 31, 2024.
3 The cumulative fiscal year distribution rate is the distribution per share for the fiscal year period (January 1, 2024 to July 31, 2024), expressed as a percentage of the Fund’s net asset value per share as of July 31, 2024.
You should not rely on the amount of the current distribution or the terms of the Fund’s distribution policy as an indication of the Fund’s investment performance. The amounts and sources of distributions disclosed herein are estimates only and are not provided for tax reporting purposes. The actual amounts and sources of amounts for tax reporting purposes will depend on the Fund’s investment experience during the remainder of the fiscal year and are subject to change due to tax regulations. The Fund will send you a Form 1099-DIV for the calendar year with instructions on how to report these distributions for federal income tax purposes.
The fund has paid capital gains to its shareholders for 60 consecutive years and dividends for 89 consecutive years.
Adams Fund
Since 1929, Adams Funds has helped generations of investors achieve their investment goals. Adams Funds consists 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 85 years and through many market cycles. The funds are committed to paying an annual distribution rate of 8% of net asset value or more, providing reliable income for long-term investors. Shares can be purchased through our transfer agent or a broker. For more information about Adams Funds, visit: adamsfunds.com.
For further information please contact:
adamsfunds.com/about/contact
800.638.2479
