Gabelli Dividend & Income Trust Announces Important Tax Information for Its Spin-Off of The Gabelli Global Small & Mid Cap Va...
25 June 2014 - 4:00AM
Business Wire
The Gabelli Dividend & Income Trust (NYSE:GDV) (“Dividend
& Income Trust”) has completed the distribution of shares of
The Gabelli Global Small and Mid Cap Value Trust (NYSE:GGZ)
(“Global Trust”), a newly organized, diversified, closed-end
management investment company (together, the “Funds”), to its
common shareholders at the rate of one share of Global Trust for
every ten common shares owned of Dividend & Income Trust (the
“Spin-Off Distribution”). The record date for the Spin-Off
Distribution was June 16, 2014, and the payable date (distribution
date) was June 23, 2014.
The initial cost basis for Global Trust shares received in the
Spin-Off Distribution from Dividend & Income Trust on June 23,
2014 is $11.90 per share, the fair market value on the distribution
date. The holding period for Global Trust begins on June 24,
2014.
A portion of Dividend & Income Trust's net investment income
and net realized capital gains will be allocated to the Spin-off
Distribution. As of the record date, 14% of the Spin-Off
Distribution is derived from net investment income, 47% of the
Spin-Off Distribution is derived from capital gains, and the
remainder of the Spin-Off Distribution, or 39%, is deemed a return
of capital. These estimates are based on book basis earnings as of
the record date. The actual composition of the Spin-Off
Distribution may change based on Dividend & Income Trust’s
investment activity through December 31, 2014. Shareholders subject
to taxation will be notified regarding the components of all
distributions for the year and the related tax treatment via Form
1099-DIV in early 2015.
Investors should carefully consider the investment objectives,
risks, charges, and expenses of the Funds before investing. More
information regarding this and other information about the Funds 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.
Dividend & Income Trust is managed by Gabelli Funds, LLC, a
subsidiary of GAMCO Investors, Inc. (NYSE:GBL).
For Gabelli Dividend & Income TrustCarter Austin or Laurissa
Martire, 914-921-5070
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