Dividend and Income Fund Declares Monthly Dividend
April 01 2011 - 4:30PM
Marketwired
A monthly dividend distribution of $0.0340 per share was declared
today by Dividend and Income Fund, Inc. (NYSE: DNI) (NAV: XDNIX),
payable April 29, 2011 to shareholders of record as of April 19,
2011.
The $0.0340 per share monthly dividend distribution reflects the
current managed distribution policy to provide shareholders with a
relatively stable cash flow and to attempt to reduce or eliminate
the Fund's market price discount to its net asset value per share.
The amount of the distribution may vary depending on the net asset
value per share at the time of declaration, the distribution
required for the Fund to continue to qualify as a regulated
investment company under the Internal Revenue Code, or a
combination of both. The policy may be changed or discontinued
without notice. The distributions are paid primarily from ordinary
income and any net capital gains, with the balance representing
return of capital.
This notice discloses information on the sources of the
distribution as required by SEC Rule 19(a) of the Investment
Company Act of 1940. As of the date of this press release and based
on the Fund's results and estimates for the current quarter, the
current distribution of $0.0340 per share would include
approximately 42%, 0%, and 58% from net investment income, capital
gains, and return of capital, respectively. A return of capital
distribution does not necessarily reflect the Fund's investment
performance and should not be confused with "yield" or
"income."
The amounts and sources of distributions reported in this press
release are only estimates and are not being provided for tax
reporting purposes. The actual amounts and sources of the amounts
for tax reporting purposes will depend upon the Fund's investment
experience during the entirety of its fiscal year and may be
subject to changes based on tax regulations. In January, the Fund
will distribute a Form 1099-DIV for the calendar year concerning
the taxable status of the dividend distributions for federal income
tax purposes that were paid to shareholders of record during the 12
months ended December 31.
About the Fund
The Fund is a closed end diversified investment management
company whose primary investment objective is to seek high current
income by investing, under normal circumstances, at least 50% of
its total assets in income-generating equity securities, including
dividend paying common stocks, convertible securities, preferred
stocks, and other equity-related securities. In addition, the Fund
may invest in non-convertible debt securities, consisting primarily
of corporate bonds. Recently, the Fund's net asset value per share
was $4.65 and closing market price was $4.30. While investment
return and value will vary and shares of the Fund may subsequently
be worth more or less than their original cost, this represents an
opportunity for investors to purchase the Fund's shares at a
discount to their underlying value.
Bexil Advisers LLC is the Fund's investment manager. Bexil
Advisers LLC is a wholly owned subsidiary of Bexil Corporation
(PINKSHEETS: BXLC), a holding company. To learn more about Bexil
Corporation, including Rule 15c2-11 information, please visit
www.bexil.com. For Fund stockholder related questions, please call
212-785-0400. Certain affiliates of Bexil are engaged in stock
market and gold investing through investment management of equity
and gold mutual funds, closed end funds, and proprietary
trading.
Safe Harbor Note
This release contains certain "forward looking statements" made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These statements involve known and
unknown risks, uncertainties and other factors, many of which are
beyond the control of the Fund and Bexil Corporation, which may
cause the company's actual results to be materially different from
those expressed or implied by such statements. The forward looking
statements made herein are only made as of the date of this
release, and the company undertakes no obligation to publicly
update such forward looking statements to reflect subsequent events
or circumstances.
Contact: Thomas O'Malley Chief Financial Officer 1-212-785-0400,
ext. 267 Email Contact www.DividendandIncomeFund.com
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