Dividend and Income Fund Declares Quarterly Dividend
December 01 2011 - 4:00PM
Marketwired
A quarterly dividend distribution of $0.102 per share was declared
today by Dividend and Income Fund, Inc. (NYSE: DNI) (NAV: XDNIX),
payable December 29, 2011 to shareholders of record as of December
15, 2011.
The $0.102 per share quarterly 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 $0.102 per share would include
approximately 58%, 0%, and 42% from net investment income, capital
gains, and return of capital, respectively. The Fund's fixed
distributions are not tied to its investment income and realized
capital gains and do not represent yield or investment return.
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 early 2012, the
Fund will send a Form 1099-DIV for the calendar year concerning the
tax treatment of the dividend distributions that were paid to
shareholders of record during the 12 months ended December 31.
About the Fund
The Fund is a closed end fund with the primary investment
objective of providing its shareholders a high level of income.
Capital appreciation is a secondary objective. The Fund seeks to
achieve its objectives by investing, under normal circumstances, at
least 50% of its total assets in income generating equity
securities. Recently, the Fund's net asset value per share was
$4.22 and closing market price was $3.46. 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
(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, which may cause the Fund'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 Fund 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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