Gabelli Dividend & Income Trust Continues Monthly Distributions, Declaring Distributions of $0.10 Per Share
August 21 2014 - 3:00PM
Business Wire
The Board of Trustees of The Gabelli Dividend & Income Trust
(NYSE:GDV) (the “Fund”) approved the continuation of its policy of
paying fixed monthly cash distributions. The Board of Trustees
declared cash distributions of $0.10 per share for each of October,
November, and December 2014.
The distribution for October 2014 will be payable on October 24,
2014 to common shareholders of record on October 17, 2014.
The distribution for November 2014 will be payable on November
20, 2014 to common shareholders of record on November 13, 2014.
The distribution for December 2014 will be payable on December
19, 2014 to common shareholders of record on December 12, 2014.
Each quarter, the Board of Trustees reviews the amount of any
potential distribution from the income, realized capital gain, or
capital available. The Board of Trustees will continue to monitor
the Fund’s distribution level, taking into consideration the Fund’s
net asset value and the financial market environment. If necessary,
the Fund will pay an adjusting distribution in December which
includes any additional income and net realized capital gains in
excess of the monthly distributions for that year to satisfy the
minimum distribution requirements of the Internal Revenue Code for
regulated investment companies. The Fund’s distribution policy is
subject to modification by the Board of Trustees at any time, and
there can be no guarantee that the policy will continue. The
distribution rate should not be considered the dividend yield or
total return on an investment in the Fund.
All or part of the distribution may be treated as long-term
capital gain or qualified dividend income (or a combination of
both) for individuals, each subject to the maximum federal income
tax rate, which is currently 20% in taxable accounts for
individuals. In addition, certain U.S. shareholders who are
individuals, estates or trusts and whose income exceeds certain
thresholds will be required to pay a 3.8% Medicare tax on their
"net investment income", which includes dividends received from the
Fund and capital gains from the sale or other disposition of shares
of the Fund.
If the Fund does not generate sufficient earnings (dividends and
interest income and realized net capital gain) equal to or in
excess of the aggregate distributions paid by the Fund in a given
year, then the amount distributed in excess of the Fund’s earnings
would be deemed a return of capital. Since this would be considered
a return of a portion of a shareholder’s original investment, it is
generally not taxable and is treated as a reduction in the
shareholder’s cost basis. Under federal tax regulations, some or
all of the return of capital distributed by the Fund may be taxable
as ordinary income in certain circumstances. This may occur when
the Fund has a capital loss carry forward, net capital gains are
realized in a fiscal year, and distributions are made in excess of
investment company taxable income.
Long-term capital gains, qualified dividend income, ordinary
income, and return of capital, if any, will be allocated on a
pro-rata basis to all distributions to common shareholders for the
year. Based on the accounting records of the Fund as of August 15,
2014, each of the distributions paid to common shareholders in 2014
would include approximately 14% from net investment income, 46%
from net capital gains and 40% would be deemed a return of capital
on a book basis. The estimated components of each distribution are
updated and provided to shareholders of record in a notice
accompanying the distribution and are available on our website
(www.gabelli.com). The final determination of the sources of all
distributions in 2014 will be made after year end and can vary from
the monthly estimates. All shareholders with taxable accounts will
receive written notification regarding the components and tax
treatment for all 2014 distributions in early 2015 via Form
1099-DIV.
Investors should carefully consider the investment objectives,
risks, charges, and expenses of the Fund before investing. More
information regarding the Fund’s distribution policy and other
information about the Fund is available by calling 800-GABELLI
(800-422-3554) or visiting www.gabelli.com.
The Gabelli Dividend & Income Trust is a diversified,
closed-end management investment company with $2.5 billion in total
net assets whose primary investment objective is to provide a high
level of total return with an emphasis on dividends and income. The
Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO
Investors, Inc. (NYSE:GBL), which is a publicly traded NYSE listed
company.
Gabelli Dividend & Income TrustCarter Austin,
914-921-5070orLaurissa Martire, 914-921-5070
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