Gabelli Dividend & Income Trust Continues Monthly Distributions, Declaring Distributions of $0.11 Per Share
November 15 2019 - 7:39AM
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 $0.11 per share for each of January,
February, and March 2020.
The distribution for January 2020 will be payable on January 24,
2020 to common shareholders of record on January 16, 2020.
The distribution for February 2020 will be payable on February
21, 2020 to common shareholders of record on February 13, 2020.
The distribution for March 2020 will be payable on March 24,
2020 to common shareholders of record on March 17, 2020.
Additionally, the Board of Trustees continues to evaluate
potential strategic opportunities for the Fund in what we believe
to be an attractive environment to invest in the broader equity
markets.
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 (or less depending on an individual’s tax bracket). 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 surcharge 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, less expenses, 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 would be
treated as a reduction in the shareholder’s cost basis.
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 currently
available, each of the distributions paid to common shareholders in
2019 would include approximately 21% from net investment income,
71% from net capital gains and 8% would be deemed a return of
capital on a book basis. This does not represent information for
tax reporting purposes. 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 2019 will be made after year end and can
vary from the monthly estimates. Shareholders should not draw any
conclusions about the Fund’s investment performance from the amount
of the current distribution. All individual shareholders with
taxable accounts will receive written notification regarding the
components and tax treatment for all 2019 distributions in early
2020 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).
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For information: Carter Austin Laurissa Martire (914)
921-5070
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