Gabelli Dividend & Income Trust Continues Monthly Distributions for January & February, & Raises the March Distribution to $0...
22 November 2013 - 1:42AM
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 $0.09 per share for January and
February 2014. Additionally, the Board of Trustees authorized an
increase of the cash distribution to $0.10 per share from $0.09 per
share for March 2014.
The distribution for January 2014 will be payable on January 24,
2014 to common shareholders of record on January 17, 2014.
The distribution for February 2014 will be payable on February
21, 2014 to common shareholders of record on February 14, 2014.
The distribution for March 2014 will be payable on March 24,
2014 to common shareholders of record on March 17, 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, for taxable years beginning on or after
January 1, 2013, 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 November
15, 2013, each of the distributions paid to common shareholders in
2013 would include approximately 18% from net investment income and
82% from net capital gains 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 2013 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
2013 distributions in early 2014 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 $2.4 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
Investment Adviser is a subsidiary of GAMCO Investors, Inc.
(NYSE:GBL), which is a publicly traded NYSE listed company.
Gabelli Dividend & Income TrustCarter AustinLaurissa
Martire914-921-5070
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