FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-00248
ADAMS DIVERSIFIED EQUITY FUND, INC.
(Exact name of registrant as specified in charter)
500 East Pratt Street, Suite 1300, Baltimore, Maryland 21202
(Address of principal executive offices)
Janis
F. Kerns
Adams Diversified Equity Fund, Inc.
500 East Pratt Street, Suite 1300
Baltimore, Maryland 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 752-5900
Date of fiscal year end: December 31
Date of reporting period: June 30, 2021
Item 1. Reports to Stockholders.
| | |
Market Value
|
| |
Percent of
Net Assets |
| ||||||
Microsoft Corporation | | | | $ | 181,421,730 | | | | | | 7.1% | | |
Apple Inc. | | | | | 139,274,624 | | | | | | 5.5 | | |
Amazon.com, Inc. | | | | | 109,053,072 | | | | | | 4.3 | | |
Alphabet Inc. Class A | | | | | 105,729,507 | | | | | | 4.1 | | |
Facebook, Inc. Class A | | | | | 71,384,863 | | | | | | 2.8 | | |
Berkshire Hathaway Inc. Class B | | | | | 56,862,432 | | | | | | 2.2 | | |
UnitedHealth Group Incorporated | | | | | 52,697,904 | | | | | | 2.1 | | |
Bank of America Corp. | | | | | 47,348,532 | | | | | | 1.9 | | |
NVIDIA Corporation | | | | | 46,485,810 | | | | | | 1.8 | | |
Visa Inc. Class A | | | | | 44,332,272 | | | | | | 1.7 | | |
| | | | $ | 854,590,746 | | | | | | 33.5% | | |
| Assets | | | | | | | | | | | | | |
| Investments at value*: | | | | | | | | | | | | | |
|
Common stocks:
|
| | | | | | | | | | | | |
|
Unaffiliated issuers (cost $1,461,095,882)
|
| | | $ | 2,502,312,675 | | | | | | | | |
|
Non-controlled affiliate (cost $33,970,033)
|
| | | | 35,425,739 | | | | | | | | |
|
Other investment in controlled affiliate
(cost $150,000) |
| | | | 466,000 | | | | | | | | |
|
Short-term investments (cost $12,934,679)
|
| | | | 12,937,078 | | | | | $ | 2,551,141,492 | | |
| Cash | | | | | | | | | | | 207,744 | | |
| Investment securities sold | | | | | | | | | | | 45,913,626 | | |
| Dividends receivable | | | | | | | | | | | 1,188,633 | | |
| Prepaid expenses and other assets | | | | | | | | | | | 3,602,431 | | |
|
Total Assets
|
| | | | | | | | | | 2,602,053,926 | | |
| | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | |
| Investment securities purchased | | | | | | | | | | | 46,392,150 | | |
|
Net unrealized loss on open total return swap agreements* (note 4)
|
| | | | | | | | | | 550,354 | | |
| Due to officers and directors (note 8) | | | | | | | | | | | 2,034,490 | | |
| Accrued expenses and other liabilities | | | | | | | | | | | 4,131,685 | | |
|
Total Liabilities
|
| | | | | | | | | | 53,108,679 | | |
|
Net Assets
|
| | | | | | | | | $ | 2,548,945,247 | | |
| | | | | | | | | | | | | | |
| Net Assets | | | | | | | | | | | | | |
|
Common Stock at par value $0.001 per share, authorized 150,000,000 shares; issued and outstanding 111,027,121 shares (includes 42,218 deferred stock units) (note 7)
|
| | | | | | | | | $ | 111,027 | | |
| Additional capital surplus | | | | | | | | | | | 1,269,733,901 | | |
| Total distributable earnings (loss) | | | | | | | | | | | 1,279,100,319 | | |
|
Net Assets Applicable to Common Stock
|
| | | | | | | | | $ | 2,548,945,247 | | |
|
Net Asset Value Per Share of Common Stock
|
| | | | | | | | | $ | 22.96 | | |
| Investment Income | | | | | | ||
|
Income:
|
| | | | | ||
|
Dividends (includes $371,752 from affiliates)
|
| | | $ | 14,592,574 | ||
|
Other income
|
| | | | 779,793 | ||
|
Total Income
|
| | | | 15,372,367 | ||
|
Expenses:
|
| | | | | ||
|
Investment research compensation and benefits
|
| | | | 3,491,507 | ||
|
Administration and operations compensation and benefits
|
| | | | 1,878,966 | ||
|
Occupancy and other office expenses
|
| | | | 341,606 | ||
|
Investment data services
|
| | | | 422,698 | ||
|
Directors’ compensation
|
| | | | 263,667 | ||
|
Shareholder reports and communications
|
| | | | 177,316 | ||
|
Transfer agent, custody, and listing fees
|
| | | | 174,220 | ||
|
Accounting, recordkeeping, and other professional fees
|
| | | | 201,120 | ||
|
Insurance
|
| | | | 81,550 | ||
|
Audit and tax services
|
| | | | 65,661 | ||
|
Legal services
|
| | | | 2,342 | ||
|
Total Expenses
|
| | | | 7,100,653 | ||
|
Net Investment Income
|
| | | | 8,271,714 | ||
| | | | | | | ||
| Realized Gain (Loss) and Change in Unrealized Appreciation | | | | | | ||
|
Net realized gain (loss) on investments
|
| | | | 240,713,003 | ||
|
Net realized gain (loss) on total return swap agreements
|
| | | | (1,320,016 | ) | |
|
Net realized gain distributed by non-controlled affiliate
|
| | | | 65,603 | ||
|
Change in unrealized appreciation on investments (includes $10,562,118 from affiliates)
|
| | | | 85,584,961 | ||
|
Change in unrealized appreciation on total return swap agreements
|
| | | | (550,351 | ) | |
|
Net Gain (Loss)
|
| | |
|
324,493,200
|
||
| Change in Net Assets from Operations | | | |
$
|
332,764,914
|
| | |
(unaudited)
Six Months Ended June 30, 2021 |
| |
Year Ended
December 31, 2020 |
| ||||||
From Operations: | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 8,271,714 | | | | | $ | 21,779,322 | | |
Net realized gain (loss)
|
| | | | 239,458,590 | | | | | | 90,980,777 | | |
Change in unrealized appreciation
|
| | | | 85,034,610 | | | | | | 237,184,938 | | |
Change in Net Assets from Operations
|
| | |
|
332,764,914
|
| | | |
|
349,945,037
|
| |
| | | | | | | | | | | | | |
Distributions to Shareholders from: | | | | | | | | | | | | | |
Total distributable earnings
|
| | | | (11,102,699) | | | | | | (111,999,772) | | |
| | | | | | | | | | | | | |
From Capital Share Transactions: | | | | | | | | | | | | | |
Value of shares issued in payment of distributions (note 5)
|
| | | | 9,894 | | | | | | 39,309,604 | | |
Cost of shares purchased (note 5)
|
| | | | — | | | | | | (1,573,374) | | |
Change in Net Assets from Capital Share Transactions
|
| | | | 9,894 | | | | | | 37,736,230 | | |
Total Change in Net Assets
|
| | | | 321,672,109 | | | | | | 275,681,495 | | |
| | | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | | |
Beginning of period
|
| | | | 2,227,273,138 | | | | | | 1,951,591,643 | | |
End of period
|
| | | $ | 2,548,945,247 | | | | | $ | 2,227,273,138 | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | ||||
Common stocks | | | | $ | 2,537,738,414 | | | $ | — | | | | | $ | — | | | | | $ | 2,537,738,414 | ||||
Other investments | | | | | — | | | | — | | | | | | 466,000 | | | | | | 466,000 | ||||
Short-term investments | | | | | 12,937,078 | | | | — | | | | | | — | | | | | | 12,937,078 | ||||
Total investments | | | | $ | 2,550,675,492 | | | $ | — | | | | | $ | 466,000 | | | | | $ | 2,551,141,492 | ||||
Liabilities: | | | | | | | | | | | | | | | | | | | |||||||
Total return swap agreements*
|
| | | $ | — | | | $ | (550,354) | | | | | $ | — | | | | | $ | (550,354 | ) | |||
* Unrealized appreciation (depreciation) | | ||||||||||||||||||||||||
| | | | | | ||||||||||||||||||||
The following is a reconciliation of the change in the value of Level 3 investments: | | ||||||||||||||||||||||||
Balance at December 31, 2020 | | | | | | | | | | $ | 466,000 | ||||||||||||||
Purchases | | | | | | | | | | | — | ||||||||||||||
Change in unrealized appreciation on investments in the Statement of Operations
|
| | | | | | | | | | — | ||||||||||||||
Balance at June 30, 2021 | | | | | | | | | | $ | 466,000 |
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||
| | |
Six months
ended June 30, 2021 |
| |
Year ended
December 31, 2020 |
| |
Six months
ended June 30, 2021 |
| |
Year ended
December 31, 2020 |
| ||||||||||||
Shares issued in payment of distributions
|
| | | | 556 | | | | | | 2,297,600 | | | | | $ | 9,894 | | | | | $ | 39,309,604 | ||
Shares purchased (at a weighted average discount from net asset value of 15.1% in 2020)
|
| | | | — | | | | | | (135,192) | | | | | | — | | | | | | (1,573,374 | ) | |
Shares canceled | | | | | (895) | | | | | | — | | | | | | — | | | | | | — | ||
Net change | | | | | (339) | | | | | | 2,162,408 | | | | | $ | 9,894 | | | | | $ | 37,736,230 |
Awards
|
| |
Units
|
| |
Weighted Average
Grant-Date Fair Value |
| ||||||
Balance at December 31, 2020 | | | | | 49,714 | | | | | $ | 12.95 | | |
Reinvested dividend equivalents | | | | | 556 | | | | | | 17.79 | | |
Issued | | | | | (8,052) | | | | | | 13.89 | | |
Balance at June 30, 2021 | | | | | 42,218 | | | | | $ | 12.83 | | |
| | |
(unaudited)
Six Months Ended |
| | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
| | |
June 30,
2021 |
| |
June 30,
2020 |
| |
Year Ended December 31
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||
Per Share Operating Performance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period
|
| | | | $20.06 | | | | | | $17.93 | | | | | | $17.93 | | | | | | $14.89 | | | | | | $17.55 | | | | | | $15.22 | | | | | | $15.04 | | |
Net investment income
|
| | | | 0.07 | | | | | | 0.10 | | | | | | 0.20 | | | | | | 0.20 | | | | | | 0.20 | | | | | | 0.22 | | | | | | 0.19 | | |
Net realized gain (loss) and change in unrealized appreciation
|
| | | | 2.93 | | | | | | (0.47) | | | | | | 3.01 | | | | | | 4.31 | | | | | | (0.87) | | | | | | 3.55 | | | | | | 1.03 | | |
Total from operations | | | | | 3.00 | | | | | | (0.37) | | | | | | 3.21 | | | | | | 4.51 | | | | | | (0.67) | | | | | | 3.77 | | | | | | 1.22 | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | | (0.08) | | | | | | (0.07) | | | | | | (0.19) | | | | | | (0.22) | | | | | | (0.21) | | | | | | (0.22) | | | | | | (0.18) | | |
Net realized gain
|
| | | | (0.02) | | | | | | (0.03) | | | | | | (0.84) | | | | | | (1.20) | | | | | | (1.79) | | | | | | (1.16) | | | | | | (0.81) | | |
Total distributions | | | | | (0.10) | | | | | | (0.10) | | | | | | (1.03) | | | | | | (1.42) | | | | | | (2.00) | | | | | | (1.38) | | | | | | (0.99) | | |
Capital share repurchases (note 5)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.02 | | | | | | 0.03 | | | | | | 0.03 | | | | | | 0.02 | | |
Reinvestment of distributions
|
| | | | — | | | | | | — | | | | | | (0.05) | | | | | | (0.07) | | | | | | (0.02) | | | | | | (0.09) | | | | | | (0.07) | | |
Total capital share transactions
|
| | | | — | | | | | | — | | | | | | (0.05) | | | | | | (0.05) | | | | | | 0.01 | | | | | | (0.06) | | | | | | (0.05) | | |
Net asset value, end of period
|
| | | | $22.96 | | | | | | $17.46 | | | | | | $20.06 | | | | | | $17.93 | | | | | | $14.89 | | | | | | $17.55 | | | | | | $15.22 | | |
Market price, end of period | | | | | $19.77 | | | | | | $14.91 | | | | | | $17.29 | | | | | | $15.77 | | | | | | $12.62 | | | | | | $15.03 | | | | | | $12.71 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return (a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on market price
|
| | | | 15.0% | | | | | | -4.8% | | | | | | 16.4% | | | | | | 36.6% | | | | | | -3.6% | | | | | | 29.4% | | | | | | 6.9% | | |
Based on net asset value
|
| | | | 15.1% | | | | | | -2.0% | | | | | | 18.8% | | | | | | 31.6% | | | | | | -2.6% | | | | | | 26.2% | | | | | | 9.2% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data (b)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in millions)
|
| | | | $2,549 | | | | | | $1,899 | | | | | | $2,227 | | | | | | $1,952 | | | | | | $1,581 | | | | | | $1,786 | | | | | | $1,513 | | |
Ratio of expenses to average
net assets |
| | | | 0.61% | | | | | | 0.61% | | | | | | 0.60% | | | | | | 0.65% | | | | | | 0.56% | | | | | | 0.56% | | | | | | 0.64% | | |
Ratio of net investment income to average net assets
|
| | | | 0.70% | | | | | | 1.14% | | | | | | 1.12% | | | | | | 1.18% | | | | | | 1.14% | | | | | | 1.30% | | | | | | 1.29% | | |
Portfolio turnover
|
| | | | 78.6% | | | | | | 70.1% | | | | | | 58.7% | | | | | | 61.6% | | | | | | 58.4% | | | | | | 39.2% | | | | | | 32.0% | | |
Number of shares outstanding at end of period (in 000’s)
|
| | | | 111,027 | | | | | | 108,731 | | | | | | 111,027 | | | | | | 108,865 | | | | | | 106,206 | | | | | | 101,736 | | | | | | 99,437 | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Common Stocks — 99.6% | | ||||||||||||
Communication Services — 11.1%
|
| ||||||||||||
Alphabet Inc. Class A (b)
|
| | | | 43,300 | | | | | $ | 105,729,507 | | |
AT&T Inc.
|
| | | | 514,282 | | | | | | 14,801,036 | | |
Comcast Corporation Class A
|
| | | | 597,600 | | | | | | 34,075,152 | | |
Facebook, Inc. Class A (b)
|
| | | | 205,300 | | | | | | 71,384,863 | | |
Netflix, Inc. (b)
|
| | | | 15,431 | | | | | | 8,150,808 | | |
Omnicom Group Inc
|
| | | | 136,000 | | | | | | 10,878,640 | | |
Fox Corporation Class A
|
| | | | 245,000 | | | | | | 9,096,850 | | |
Walt Disney Company
|
| | | | 164,700 | | | | | | 28,949,319 | | |
| | | | | 283,066,175 | | | ||||||
Consumer Discretionary — 11.9%
|
| ||||||||||||
Amazon.com, Inc. (b)
|
| | | | 31,700 | | | | | | 109,053,072 | | |
BorgWarner Inc.
|
| | | | 145,600 | | | | | | 7,067,424 | | |
General Motors Company (b)
|
| | | | 196,300 | | | | | | 11,615,071 | | |
Hilton Worldwide Holdings, Inc. (b)
|
| | | | 114,400 | | | | | | 13,798,928 | | |
Home Depot, Inc.
|
| | | | 27,300 | | | | | | 8,705,697 | | |
Lowe’s Companies, Inc.
|
| | | | 48,700 | | | | | | 9,446,339 | | |
NIKE, Inc. Class B
|
| | | | 127,900 | | | | | | 19,759,271 | | |
O’Reilly Automotive, Inc. (b)
|
| | | | 27,600 | | | | | | 15,627,396 | | |
Target Corporation
|
| | | | 113,500 | | | | | | 27,437,490 | | |
Tesla Motors, Inc. (b)
|
| | | | 33,300 | | | | | | 22,634,010 | | |
TJX Companies, Inc.
|
| | | | 373,900 | | | | | | 25,208,338 | | |
Ulta Beauty, Inc. (b)
|
| | | | 52,100 | | | | | | 18,014,617 | | |
V.F. Corporation
|
| | | | 187,400 | | | | | | 15,374,296 | | |
| | | | | 303,741,949 | | | ||||||
Consumer Staples — 6.0%
|
| ||||||||||||
Coca-Cola Company
|
| | | | 224,800 | | | | | | 12,163,928 | | |
Constellation Brands, Inc. Class A
|
| | | | 74,100 | | | | | | 17,331,249 | | |
Costco Wholesale Corporation
|
| | | | 63,800 | | | | | | 25,243,746 | | |
Estee Lauder Companies Inc. Class A
|
| | | | 48,400 | | | | | | 15,395,072 | | |
Lamb Weston Holdings, Inc.
|
| | | | 149,100 | | | | | | 12,026,406 | | |
PepsiCo, Inc. (g)
|
| | | | 78,800 | | | | | | 11,675,796 | | |
Philip Morris International Inc.
|
| | | | 309,700 | | | | | | 30,694,367 | | |
Post Holdings, Inc. (b)
|
| | | | 117,000 | | | | | | 12,690,990 | | |
Procter & Gamble Company
|
| | | | 115,350 | | | | | | 15,564,176 | | |
| | | | 152,785,730 | | | |||||||
Energy — 3.3%
|
| ||||||||||||
Adams Natural Resources Fund, Inc. (c)(h)
|
| | | | 2,186,774 | | | | | | 35,425,739 | | |
ConocoPhillips
|
| | | | 314,800 | | | | | | 19,171,320 | | |
Hess Corporation
|
| | | | 174,300 | | | | | | 15,219,876 | | |
Marathon Petroleum Corporation
|
| | | | 125,200 | | | | | | 7,564,584 | | |
Valero Energy Corporation
|
| | | | 91,100 | | | | | | 7,113,088 | | |
| | | | | 84,494,607 | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Financials — 11.7%
|
| ||||||||||||
Bank of America Corp.
|
| | | | 1,148,400 | | | | | $ | 47,348,532 | | |
Berkshire Hathaway Inc. Class B (b)
|
| | | | 204,600 | | | | | | 56,862,432 | | |
Capital One Financial Corporation
|
| | | | 145,500 | | | | | | 22,507,395 | | |
Financial Select Sector SPDR Fund
|
| | | | 251,600 | | | | | | 9,231,204 | | |
JPMorgan Chase & Co.
|
| | | | 275,500 | | | | | | 42,851,270 | | |
MetLife, Inc.
|
| | | | 422,600 | | | | | | 25,292,610 | | |
Moody’s Corporation
|
| | | | 25,900 | | | | | | 9,385,383 | | |
Morgan Stanley
|
| | | | 413,800 | | | | | | 37,941,322 | | |
T. Rowe Price Group
|
| | | | 86,600 | | | | | | 17,144,202 | | |
Wells Fargo & Company
|
| | | | 665,700 | | | | | | 30,149,553 | | |
| | | | | 298,713,903 | | | ||||||
Health Care — 12.7%
|
| ||||||||||||
Abbott Laboratories
|
| | | | 116,800 | | | | | | 13,540,624 | | |
AbbVie, Inc.
|
| | | | 322,200 | | | | | | 36,292,608 | | |
AmerisourceBergen Corporation
|
| | | | 155,600 | | | | | | 17,814,644 | | |
Centene Corporation (b)
|
| | | | 259,800 | | | | | | 18,947,214 | | |
CVS Health Corporation
|
| | | | 382,900 | | | | | | 31,949,176 | | |
Eli Lilly and Company
|
| | | | 132,000 | | | | | | 30,296,640 | | |
Health Care Select Sector SPDR Fund
|
| | | | 74,900 | | | | | | 9,433,655 | | |
IDEXX Laboratories, Inc. (b)
|
| | | | 39,300 | | | | | | 24,819,915 | | |
IQVIA Holdings Inc (b)
|
| | | | 90,000 | | | | | | 21,808,800 | | |
Johnson & Johnson
|
| | | | 145,400 | | | | | | 23,953,196 | | |
Thermo Fisher Scientific Inc.
|
| | | | 39,600 | | | | | | 19,977,012 | | |
UnitedHealth Group Incorporated
|
| | | | 131,600 | | | | | | 52,697,904 | | |
Universal Health Services, Inc. Class B
|
| | | | 150,800 | | | | | | 22,081,644 | | |
| | | | | 323,613,032 | | | ||||||
Industrials — 8.4%
|
| ||||||||||||
Boeing Company (b)
|
| | | | 97,800 | | | | | | 23,428,968 | | |
Carrier Global Corporation
|
| | | | 533,400 | | | | | | 25,923,240 | | |
Caterpillar Inc.
|
| | | | 126,800 | | | | | | 27,595,484 | | |
FedEx Corporation
|
| | | | 89,500 | | | | | | 26,700,535 | | |
General Electric Company
|
| | | | 1,877,600 | | | | | | 25,272,496 | | |
Honeywell International Inc.
|
| | | | 100,000 | | | | | | 21,935,000 | | |
Huntington Ingalls Industries, Inc.
|
| | | | 76,200 | | | | | | 16,059,150 | | |
Parker-Hannifin Corporation
|
| | | | 73,500 | | | | | | 22,572,585 | | |
Quanta Services, Inc.
|
| | | | 146,000 | | | | | | 13,223,220 | | |
Union Pacific Corporation
|
| | | | 51,700 | | | | | | 11,370,381 | | |
| | | | | 214,081,059 | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Information Technology — 27.5%
|
| ||||||||||||
Adobe Inc. (b)
|
| | | | 55,800 | | | | | $ | 32,678,712 | | |
Apple Inc. (g)
|
| | | | 1,016,900 | | | | | | 139,274,624 | | |
Arista Networks, Inc. (b)
|
| | | | 55,300 | | | | | | 20,035,743 | | |
CDW Corp.
|
| | | | 66,900 | | | | | | 11,684,085 | | |
Cisco Systems, Inc.
|
| | | | 271,900 | | | | | | 14,410,700 | | |
Fair Isaac Corporation (b)
|
| | | | 24,600 | | | | | | 12,365,928 | | |
Intuit Inc.
|
| | | | 52,100 | | | | | | 25,537,857 | | |
Lam Research Corporation
|
| | | | 42,600 | | | | | | 27,719,820 | | |
Mastercard Incorporated Class A
|
| | | | 110,500 | | | | | | 40,342,445 | | |
Microchip Technology Incorporated
|
| | | | 113,200 | | | | | | 16,950,568 | | |
Micron Technology, Inc. (b)
|
| | | | 276,300 | | | | | | 23,479,974 | | |
Microsoft Corporation (g)
|
| | | | 669,700 | | | | | | 181,421,730 | | |
NVIDIA Corporation
|
| | | | 58,100 | | | | | | 46,485,810 | | |
Oracle Corporation
|
| | | | 122,200 | | | | | | 9,512,048 | | |
PayPal Holdings Inc. (b)
|
| | | | 104,600 | | | | | | 30,488,808 | | |
QUALCOMM Incorporated
|
| | | | 157,500 | | | | | | 22,511,475 | | |
Visa Inc. Class A
|
| | | | 189,600 | | | | | | 44,332,272 | | |
| | | | | 699,232,599 | | | ||||||
Materials — 2.3%
|
| ||||||||||||
Air Products and Chemicals, Inc.
|
| | | | 15,900 | | | | | | 4,574,112 | | |
DuPont de Nemours, Inc.
|
| | | | 177,700 | | | | | | 13,755,757 | | |
LyondellBasell Industries N.V.
|
| | | | 114,800 | | | | | | 11,809,476 | | |
Sherwin-Williams Company
|
| | | | 60,600 | | | | | | 16,510,470 | | |
Steel Dynamics, Inc.
|
| | | | 207,400 | | | | | | 12,361,040 | | |
| | | | | 59,010,855 | | | ||||||
Real Estate — 2.3%
|
| ||||||||||||
CBRE Group, Inc. Class A (b)
|
| | | | 126,000 | | | | | | 10,801,980 | | |
Equinix, Inc.
|
| | | | 25,700 | | | | | | 20,626,820 | | |
Prologis, Inc.
|
| | | | 133,700 | | | | | | 15,981,161 | | |
Simon Property Group, Inc.
|
| | | | 91,900 | | | | | | 11,991,112 | | |
| | | | 59,401,073 | | | |||||||
Utilities — 2.4%
|
| ||||||||||||
CenterPoint Energy, Inc.
|
| | | | 647,400 | | | | | | 15,874,248 | | |
CMS Energy Corporation
|
| | | | 236,700 | | | | | | 13,984,236 | | |
Public Service Enterprise Group Incorporated
|
| | | | 253,700 | | | | | | 15,156,038 | | |
Southern Company
|
| | | | 241,000 | | | | | | 14,582,910 | | |
| | | | | 59,597,432 | | | ||||||
|
| | |
Shares
|
| |
Value (a)
|
| ||||||
Total Common Stocks | | ||||||||||||
(Cost $1,495,065,915)
|
| | | | | | | | | $ | 2,537,738,414 | ||
Other Investments — 0.0% | | ||||||||||||
Financials — 0.0%
|
| ||||||||||||
Adams Funds Advisers, LLC (b)(d)(h)
|
| | | | | | | | | | | ||
(Cost $150,000)
|
| | | | | | | | | | 466,000 | ||
Short-Term Investments — 0.5% | | ||||||||||||
Money Market Funds — 0.5%
|
| ||||||||||||
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, 0.06% (e)
|
| | | | 6,310,495 | | | | | | 6,311,757 | ||
Northern Institutional Treasury Portfolio, 0.01% (e)
|
| | | | 6,625,321 | | | | | | 6,625,321 | ||
Total Short-Term Investments | | ||||||||||||
(Cost $12,934,679)
|
| | | | | | | | | | 12,937,078 | ||
Total — 100.1% | | ||||||||||||
(Cost $1,508,150,594)
|
| | | | | | | | | | 2,551,141,492 | ||
Other Assets Less Liabilities — (0.1)% | | | | | | | | | | | (2,196,245 | ) | |
Net Assets — 100.0% | | | | | | | | | |
$
|
2,548,945,247
|
||
|
Description
|
| | | | | | | | |
Value and
Unrealized Appreciation (Assets) |
| |
Value and
Unrealized Depreciation (Liabilities) |
| ||||||||||||||
Terms
|
| |
Contract
Type |
| |
Underlying
Security |
| |
Termination
Date |
| |
Notional
Amount |
| |||||||||||||||
Receive total return on underlying security and pay financing amount based on notional amount and daily U.S. Federal Funds rate plus 0.55%. |
| |
Long
|
| | Autodesk, Inc. (43,000 shares) |
| |
5/24/2022
|
| | | $ | 12,284,846 | | | | | $ | 251,903 | | | | | $ | — | | |
Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%. |
| |
Short
|
| | Technology Select Sector SPDR Fund (87,000 shares) |
| |
5/24/2022
|
| | | | (12,228,668) | | | | | | — | | | | | | (649,559) | | |
Receive total return on underlying security and pay financing amount based on notional amount and daily U.S. Federal Funds rate plus 0.55%. |
| |
Long
|
| | Crown Castle International Corp (32,300 shares) |
| |
8/2/2022
|
| | | | 6,375,946 | | | | | | — | | | | | | (74,216) | | |
Receive total return on underlying security and pay financing amount based on notional amount and daily U.S. Federal Funds rate plus 0.55%. |
| |
Long
|
| |
SBA Communications Class A
(19,800 shares)
|
| |
8/2/2022
|
| | | | 6,376,386 | | | | | | — | | | | | | (66,126) | | |
Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%. |
| |
Short
|
| |
iShares U.S. Real Estate ETF
(123,800 shares)
|
| |
8/2/2022
|
| | | | (12,696,804) | | | | | | 76,632 | | | | | | — | | |
Description
|
| | | | | | | | |
Value and
Unrealized Appreciation (Assets) |
| |
Value and
Unrealized Depreciation (Liabilities) |
| ||||||||||||||
Terms
|
| |
Contract
Type |
| |
Underlying
Security |
| |
Termination
Date |
| |
Notional
Amount |
| |||||||||||||||
Receive total return on underlying
security and pay financing amount based on notional amount and daily U.S. Federal Funds rate plus 0.55%. |
| |
Long
|
| | Procter & Gamble Company (190,000 shares) | | |
8/2/2022
|
| | | $ | 25,506,075 | | | | | $ | 130,625 | | | | | $ | — | | |
Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%.
|
| |
Short
|
| | Consumer Staples Select Sector SPDR Fund (367,000 shares) |
| |
8/2/2022
|
| | | | (25,459,377) | | | | | | — | | | | | | (219,613) | | |
Gross unrealized gain (loss) on open total return swap agreements | | | | $ | 459,160 | | | | | $ | (1,009,514) | | | |||||||||||||||
Net unrealized loss on open total return swap agreements (f) | | | | | | | | | | $ | (550,354) | | | |||||||||||||||
|
|
Affiliate
|
| |
Shares held
|
| |
Net realized gain
(loss) and capital gain distributions |
| |
Dividend income
|
| |
Change in
unrealized appreciation |
| |
Value
|
| |||||||||||||||
| Adams Funds Advisers, LLC (controlled) | | | | | n/a | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 466,000 | | |
| Adams Natural Resources Funds, Inc. (non-controlled) |
| | | | 2,186,774 | | | | | | 65,603 | | | | | | 371,752 | | | | | | 10,562,118 | | | | | | 35,425,739 | | |
| Total | | | | | | | | | | $ | 65,603 | | | | | $ | 371,752 | | | | | $ | 10,562,118 | | | | | $ | 35,891,739 | | |
| | |
Purchases
(Cost) |
| |
Sales
(Proceeds) |
| |
Market
Value Held at June 30, 2021 |
| |||||||||
Activision Blizzard, Inc. | | | | $ | 11,344,234 | | | | | $ | 11,487,198 | | | | | $ | — | ||
Alaska Air Group, Inc. | | | | | 14,067,784 | | | | | | 12,994,349 | | | | | | — | ||
Amphenol Corporation Class A | | | | | 3,388,147 | | | | | | 15,031,606 | | | | | | — | ||
Arista Networks, Inc. | | | | | 17,435,933 | | | | | | | | | | | | 20,035,743 | ||
Berkshire Hathaway Inc. Class B | | | | | 31,795,970 | | | | | | | | | | | | 56,862,432 | ||
Boeing Company | | | | | 24,574,966 | | | | | | | | | | | | 23,428,968 | ||
Centene Corporation | | | | | 19,146,299 | | | | | | 13,937,045 | | | | | | 18,947,214 | ||
CenterPoint Energy, Inc. | | | | | 15,745,302 | | | | | | | | | | | | 15,874,248 | ||
Constellation Brands, Inc. Class A | | | | | 17,260,025 | | | | | | | | | | | | 17,331,249 | ||
Consumer Discretionary Select Sector SPDR Fund
|
| | | | 22,162,717 | | | | | | 21,561,866 | | | | | | — | ||
CVS Health Corporation | | | | | 17,069,146 | | | | | | | | | | | | 31,949,176 | ||
DuPont de Nemours, Inc. | | | | | 13,422,463 | | | | | | | | | | | | 13,755,757 | ||
Edison International | | | | | 11,710,247 | | | | | | 12,004,919 | | | | | | — | ||
Estee Lauder Companies Inc. Class A | | | | | 14,429,799 | | | | | | | | | | | | 15,395,072 | ||
FedEx Corporation | | | | | 25,338,413 | | | | | | | | | | | | 26,700,535 | ||
General Electric Company | | | | | 25,407,373 | | | | | | | | | | | | 25,272,496 | ||
Health Care Select Sector SPDR Fund | | | | | 59,263,073 | | | | | | 50,537,765 | | | | | | 9,433,655 | ||
Huntington Ingalls Industries, Inc. | | | | | 14,968,038 | | | | | | | | | | | | 16,059,150 | ||
IDEXX Laboratories, Inc. | | | | | 20,238,173 | | | | | | | | | | | | 24,819,915 | ||
Industrial Select Sector SPDR Fund | | | | | 12,053,454 | | | | | | 11,995,078 | | | | | | — | ||
IQVIA Holdings Inc | | | | | 17,833,086 | | | | | | | | | | | | 21,808,800 | ||
Knight-Swift Transportation Holdings Inc. | | | | | 11,340,770 | | | | | | 11,813,785 | | | | | | — | ||
Micron Technology, Inc. | | | | | 22,858,058 | | | | | | | | | | | | 23,479,974 | ||
Microsoft Corporation | | | | | 13,969,064 | | | | | | 9,053,520 | | | | | | 181,421,730 | ||
Monster Beverage Corporation | | | | | 14,106,924 | | | | | | 14,740,939 | | | | | | — | ||
NIKE, Inc. Class B | | | | | 17,139,291 | | | | | | | | | | | | 19,759,271 | ||
O’Reilly Automotive, Inc. | | | | | 15,077,428 | | | | | | 1,125,834 | | | | | | 15,627,396 | ||
PayPal Holdings Inc. | | | | | 16,164,739 | | | | | | | | | | | | 30,488,808 | ||
Post Holdings, Inc. | | | | | 11,740,973 | | | | | | | | | | | | 12,690,990 | ||
Quanta Services, Inc. | | | | | 13,276,787 | | | | | | | | | | | | 13,223,220 | ||
Schlumberger N.V. | | | | | 11,751,807 | | | | | | 13,447,196 | | | | | | — | ||
Southern Company | | | | | 14,552,635 | | | | | | | | | | | | 14,582,910 | ||
Technology Select Sector SPDR Fund | | | | | 11,668,415 | | | | | | 11,430,080 | | | | | | — | ||
TJX Companies, Inc. | | | | | 13,773,759 | | | | | | | | | | | | 25,208,338 | ||
Ulta Beauty, Inc. | | | | | 17,441,350 | | | | | | | | | | | | 18,014,617 | ||
Universal Health Services, Inc. Class B | | | | | 23,193,011 | | | | | | | | | | | | 22,081,644 | ||
V.F. Corporation | | | | | 14,982,012 | | | | | | | | | | | | 15,374,296 | ||
Wells Fargo & Company | | | | | 15,932,417 | | | | | | 4,698,178 | | | | | | 30,149,553 | ||
Abbott Laboratories | | | | | | | | | | | 14,807,701 | | | | | | 13,540,624 |
| | |
Purchases
(Cost) |
| |
Sales
(Proceeds) |
| |
Market
Value Held at June 30, 2021 |
| ||||||
Alexion Pharmaceuticals, Inc. | | | | | | | $ | 13,968,486 | | | | | $ | — | ||
American Tower Corporation | | | | | | | | 12,018,611 | | | | | | — | ||
Apple Inc. | | | | | | | | 17,694,181 | | | | | | 139,274,624 | ||
Bristol-Myers Squibb Company | | | | | | | | 24,055,042 | | | | | | — | ||
Capital One Financial Corporation | | | | | | | | 15,268,249 | | | | | | 22,507,395 | ||
Charter Communications, Inc. Class A | | | | | | | | 14,622,278 | | | | | | — | ||
Chevron Corporation | | | | | | | | 14,132,127 | | | | | | — | ||
Chipotle Mexican Grill, Inc. | | | | | | | | 14,192,572 | | | | | | — | ||
Edwards Lifesciences Corporation | | | | | | | | 16,525,508 | | | | | | — | ||
Fidelity National Information Services, Inc. | | | | | | | | 14,319,011 | | | | | | — | ||
Intercontinental Exchange, Inc. | | | | | | | | 23,446,710 | | | | | | — | ||
Kansas City Southern | | | | | | | | 18,513,215 | | | | | | — | ||
L3Harris Technologies Inc. | | | | | | | | 14,156,027 | | | | | | — | ||
Lincoln Electric Holdings, Inc. | | | | | | | | 12,637,167 | | | | | | — | ||
Linde plc | | | | | | | | 17,111,801 | | | | | | — | ||
Lowe’s Companies, Inc. | | | | | | | | 13,085,037 | | | | | | 9,446,339 | ||
Mondelez International, Inc. Class A | | | | | | | | 12,875,392 | | | | | | — | ||
NextEra Energy, Inc. | | | | | | | | 24,582,990 | | | | | | — | ||
Raytheon Technologies Corporation | | | | | | | | 16,243,766 | | | | | | — | ||
S&P Global, Inc. | | | | | | | | 12,538,231 | | | | | | — | ||
Skyworks Solutions, Inc. | | | | | | | | 13,461,896 | | | | | | — | ||
Thermo Fisher Scientific Inc. | | | | | | | | 22,480,481 | | | | | | 19,977,012 | ||
T-Mobile US, Inc. | | | | | | | | 13,395,496 | | | | | | — | ||
Union Pacific Corporation | | | | | | | | 19,261,467 | | | | | | 11,370,381 | ||
United Rentals, Inc. | | | | | | | | 14,041,801 | | | | | | — | ||
Vertex Pharmaceuticals Incorporated | | | | | | | | 15,352,792 | | | | | | — | ||
Walmart Inc. | | | | | | | | 23,695,683 | | | | | | — |
Year
|
| |
(000’s)
Value Of Net Assets |
| |
(000’s)
Shares Outstanding |
| |
Net Asset
Value Per Share |
| |
Market
Value Per Share |
| |
Income
Dividends Per Share |
| |
Capital
Distributions Per Share |
| |
Return of
Capital Distributions Per Share |
| |
Total
Dividends and Distributions Per Share |
| |
Annual
Distribution Rate* |
| |||||||||||||||||||||||||||
2011 | | | | $ | 1,050,734 | | | | 91,074 | | | | | $ | 11.54 | | | | | $ | 9.64 | | | | | $ | .15 | | | | | $ | .50 | | | | | $ | — | | | | | $ | .65 | | | | | | 6.1% | | | ||
2012 | | | | | 1,155,997 | | | | 93,030 | | | | | | 12.43 | | | | | | 10.59 | | | | | | .18 | | | | | | .49 | | | | | | — | | | | | | .67 | | | | | | 6.3 | | | ||
2013 | | | | | 1,421,551 | | | | 94,224 | | | | | | 15.09 | | | | | | 13.07 | | | | | | .22 | | | | | | .62 | | | | | | — | | | | | | .84 | | | | | | 7.1 | | | ||
2014 | | | | | 1,527,773 | | | | 96,287 | | | | | | 15.87 | | | | | | 13.68 | | | | | | .20 | | | | | | .98 | | | | | | — | | | | | | 1.18 | | | | | | 8.8 | | | ||
2015 | | | | | 1,472,144 | | | | 97,914 | | | | | | 15.04 | | | | | | 12.83 | | | | | | .14 | | | | | | .79 | | | | | | — | | | | | | .93 | | | | | | 6.8 | | | ||
2016 | | | | | 1,513,498 | | | | 99,437 | | | | | | 15.22 | | | | | | 12.71 | | | | | | .18 | | | | | | .81 | | | | | | — | | | | | | .99 | | | | | | 7.8 | | | ||
2017 | | | | | 1,785,772 | | | | 101,736 | | | | | | 17.55 | | | | | | 15.03 | | | | | | .22 | | | | | | 1.16 | | | | | | — | | | | | | 1.38 | | | | | | 9.8 | | | ||
2018 | | | | | 1,580,889 | | | | 106,206 | | | | | | 14.89 | | | | | | 12.62 | | | | | | .21 | | | | | | 1.79 | | | | | | — | | | | | | 2.00 | | | | | | 12.9 | | | ||
2019 | | | | | 1,951,592 | | | | 108,865 | | | | | | 17.93 | | | | | | 15.77 | | | | | | .22 | | | | | | 1.20 | | | | | | — | | | | | | 1.42 | | | | | | 9.6 | | | ||
2020 | | | | | 2,227,273 | | | | 111,027 | | | | | | 20.06 | | | | | | 17.29 | | | | | | .19 | | | | | | .84 | | | | | | — | | | | | | 1.03 | | | | | | 6.8 | | | ||
June 30, 2021
|
| | | | 2,548,945 | | | | 111,027 | | | | | | 22.96 | | | | | | 19.77 | | | | | | .13** | | | | | | .02 | | | | | | — | | | | | | .15** | | | | | | — | | |
| | |
Votes For
|
| |
Votes Withheld
|
| ||||||
Enrique R. Arzac | | | | | 77,991,981 | | | | | | 8,361,267 | | |
Kenneth J. Dale | | | | | 78,315,203 | | | | | | 8,038,045 | | |
Frederic A. Escherich | | | | | 78,334,047 | | | | | | 8,019,201 | | |
Roger W. Gale | | | | | 77,936,105 | | | | | | 8,417,143 | | |
Mary Chris Jammet | | | | | 82,422,946 | | | | | | 3,930,302 | | |
Lauriann C. Kloppenburg | | | | | 82,251,845 | | | | | | 4,101,403 | | |
Kathleen T. McGahran | | | | | 78,176,803 | | | | | | 8,176,445 | | |
Mark E. Stoeckle | | | | | 78,378,721 | | | | | | 7,974,527 | | |
| Enrique R. Arzac (2)(4) | | | Roger W. Gale (2) (3) | | |
Kathleen T. McGahran(1)(5)
|
|
| Kenneth J. Dale(1)(2) (3) | | | Mary Chris Jammet (2) (4) | | |
Mark E. Stoeckle (1)
|
|
|
Frederic A. Escherich (1) (3) (4)
|
| |
Lauriann C. Kloppenburg(1)(3) (4)
|
| | | |
|
Mark E. Stoeckle
|
| | Chief Executive Officer and President | |
| James P. Haynie, CFA | | |
Executive Vice President
|
|
|
D. Cotton Swindell, CFA
|
| | Executive Vice President | |
|
Brian S. Hook, CFA, CPA
|
| | Vice President, Chief Financial Officer and Treasurer | |
|
Janis F. Kerns
|
| |
Vice President, General Counsel, Secretary and Chief Compliance Officer
|
|
| Gregory W. Buckley | | |
Vice President—Research
|
|
| Xuying Chang, CFA | | |
Vice President—Research
|
|
| Steven R. Crain, CFA | | |
Vice President—Research
|
|
| Michael A. Kijesky, CFA | | |
Vice President—Research
|
|
| Michael E. Rega, CFA | | |
Vice President—Research
|
|
| David R. Schiminger, CFA | | |
Vice President—Research
|
|
| Jeffrey R. Schollaert, CFA | | |
Vice President—Research
|
|
|
Christine M. Sloan, CPA
|
| | Assistant Treasurer and Director of Human Resources | |
Item 2. Code of Ethics.
Item not applicable to semi-annual report.
Item 3. Audit Committee Financial Expert.
Item not applicable to semi-annual report.
Item 4. Principal Accountant Fees and Services.
Item not applicable to semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Item not applicable to semi-annual report.
Item 6. Investments.
(a) This schedule is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Item not applicable to semi-annual report.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Item not applicable to semi-annual report.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Total Number of Shares (or Units) Purchased | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||
1/1/ 21-1/31/21 | 0 | $ | -- | 0 | 4,921,252 | ||||||||||||
2/1/21-2/28/21 | 0 | -- | 0 | 4,921,252 | |||||||||||||
3/1/21-3/31/21 | 0 | -- | 0 | 4,921,252 | |||||||||||||
4/1/21-4/30/21 | 0 | -- | 0 | 4,921,252 | |||||||||||||
5/1/21-5/31/21 | 0 | -- | 0 | 4,921,252 | |||||||||||||
6/1/21-6/30/21 | 0 | -- | 0 | 4,921,252 | |||||||||||||
Total | 0 | $ | -- | 0 |
(1) There were no shares purchased other than through a publicly announced plan or program.
(2a) The share repurchase plan was announced on December 11, 2014, with an additional authorization announced on December 18, 2018. On September 22, 2020, the Fund announced an enhanced discount management and liquidity program whereby purchases will occur when fund shares trade at prices below 15% of net asset value for at least 30 consecutive trading days.
(2b) The share amount approved in 2014 was 5% of then-outstanding shares, or 4,667,000 shares, and 5,314,566 additional shares were approved in 2018.
(2c) The share repurchase plan has no expiration date.
(2d) None.
(2e) None.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors made or implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A), or this Item.
Item 11. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.
(b) There have been no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 12. Disclosures of Securities Lending Activities for Closed-End Management Investment Companies.
Item not applicable to semi-annual report.
Item 13. Exhibits.
(a) | (1) | Not applicable; see registrant's response to Item 2 above. |
(2) | Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached. | |
(3) | Written solicitation to purchase securities: not applicable. | |
(4) | Change in independent public accountant: not applicable. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | ||
Adams Diversified Equity Fund, Inc. | ||
By: | /s/ Mark E. Stoeckle | |
Mark E. Stoeckle | ||
Chief Executive Officer & President | ||
(Principal Executive Officer) | ||
Date: | July 23, 2021 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||
By: | /s/ Mark E. Stoeckle | |
Mark E. Stoeckle | ||
Chief Executive Officer & President | ||
(Principal Executive Officer) | ||
Date: | July 23, 2021 | |
By: | /s/ Brian S. Hook | |
Brian S. Hook | ||
Vice President, Chief Financial Officer & Treasurer | ||
(Principal Financial Officer) | ||
Date: | July 23, 2021 |