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Gabelli Dividend & Income Trust Continues Monthly Distributions, Declares Distributions of $0.11 Per Share
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
dividends
Rhea-AI Summary
The Gabelli Dividend & Income Trust (NYSE:GDV) has confirmed a policy of fixed monthly cash distributions, declaring payments of $0.11 per share for April, May, and June 2023. Shareholders will receive these distributions on set record and payable dates. The Fund’s Board will review distribution amounts quarterly, considering the net asset value and financial market conditions. Any shortfall in earnings relative to distributions may be treated as a return of capital, potentially reducing shareholders' cost basis. The Fund manages approximately $2.6 billion in net assets, focusing on high total returns with an emphasis on dividends.
Positive
Continuation of fixed monthly cash distributions at $0.11 per share for April, May, and June 2023.
Fund maintains approximately $2.6 billion in total net assets, demonstrating financial stability.
Negative
Potential returns of capital could indicate insufficient earnings, affecting long-term shareholder value.
RYE, N.Y.--(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 April, May, and June 2023.
Distribution Month
Record Date
Payable Date
Distribution Per Share
April
April 14, 2023
April 21, 2023
$0.11
May
May 16, 2023
May 23, 2023
$0.11
June
June 15, 2023
June 23, 2023
$0.11
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 for long term capital gains, 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, investment company taxable 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 2023 would include approximately 5% from net investment income, 16% from net capital gains and 79% 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 2023 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 2023 distributions in early 2024 via Form 1099-DIV.
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:
Carter Austin (914) 921-5475
About The Gabelli Dividend & Income Trust
The Gabelli Dividend & Income Trust is a diversified, closed-end management investment company with $2.6 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. (OTCQX: GAMI).
