4 August 2023 I Glenview, IL

The board of directors of Illinois Tool Works (NYSE: ITW) has declared a regular quarterly dividend of $1.40 per common share, an increase of approximately 7% from the previous quarterly dividend of $1.31.

For calendar year 2023, this marks the eighteenth dividend change for the Washington Crossing Advisors Rising Dividend portfolio. All eighteen changes were increases. The average dividend increase is 5.86% compared with December 31, 2022 indicated levels.

Please contact your financial advisor for a complete list of all portfolio holdings that have, in the past 12 months, increased, decreased, or had no change in dividend.

From the press release: “The Board of Directors of Illinois Tool Works Inc. (NYSE: ITW) authorized a seven percent increase to the dividend payout to shareholders, representing a quarterly increase of $0.09 per share – or $0.36 per share annually – versus the current dividend rate. The Board also declared a dividend on the company’s common stock of $1.40 per share for the third quarter of 2023. The dividend equates to $5.60 per share on a full-year basis. The dividend will be paid on October 12, 2023 to shareholders of record as of September 29, 2023.

The Board also approved a new share repurchase program that authorizes management to purchase up to $5 billion of the Company’s common stock over an open-ended period of time. The full authorization represents approximately 20 million shares based on ITW’s closing share price on August 3, 2023. The Company’s existing share repurchase authorization of $3 billion was announced in May 2021 and has approximately $740 million remaining in that program as of June 30, 2023.”¹

About the company: “ITW (NYSE: ITW) is a Fortune 200 global multi-industry manufacturing leader with revenue of $15.9 billion in 2022. The company’s seven industry-leading segments leverage the unique ITW Business Model to drive solid growth with best-in-class margins and returns in markets where highly innovative, customer-focused solutions are required. ITW’s approximately 46,000 dedicated colleagues around the world thrive in the company’s decentralized and entrepreneurial culture. www.itw.com”¹

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IMPORTANT DISCLOSURES: The securities discussed herein do not represent all of the securities held by the WCA Rising Dividend Portfolio as of the date presented and are subject to change at any time, without notice. A complete list of holdings as of the date noted above will be provided upon request. The above is presented to illustrate the application of the strategy only and not intended as personalized recommendations of any particular security. The securities identified and described above do not represent all of the securities purchased, sold, or recommended for client accounts. You should not assume that an investment in any of the securities identified was or will be profitable. Changes in market conditions or a company’s financial condition may impact the company’s ability to continue to pay dividends. Companies may also choose to discontinue dividend payments. All investments involve risk, including loss of principal, and there is no guarantee that investment objectives will be met. It is important to review your investment objectives, risk tolerance and liquidity needs before choosing an investment style or manager. Equity investments are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors to varying degrees. Fixed Income investments are subject to market, market liquidity, issuer, investment style, interest rate, credit quality, and call risks, among other factors to varying degrees.