Our History
Dividend and Income Fund (Ticker: DNI) 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, including dividend paying common stocks, convertible securities, preferred stocks and other equity-related securities. In addition, the Fund may invest the balance of its total assets in non-convertible debt securities, consisting primarily of corporate bonds. The Fund attempts to minimize individual security risk by diversifying across many industries and asset classes. In May 2012, the Fund reorganized from a Maryland corporation named “Dividend and Income Fund, Inc.” into a newly formed Delaware statutory trust named “Dividend and Income Fund.” In February 2011, the Fund changed its name from Chartwell Dividend and Income Fund, Inc. and its ticker from CWF. The Fund commenced operations on June 9, 1998 and made its initial public offering on June 24, 1998.
Dividends
The Fund currently intends to distribute a fixed amount to shareholders. The Fund’s final distribution for each calendar year may exceed that amount, however, to the extent necessary for the Fund to have distributed all of its net investment company taxable income and net capital gains recognized during the year, if any. If, for any calendar year, the total distributions exceed current and accumulated earnings and profit, the excess, distributed from the Fund’s assets, will generally be treated as a tax-free return of capital and will result in a reduction in the shareholder’s basis. The Board reserves the right to change the aforementioned dividend policy from time to time. This policy is intended to provide shareholders with a stable cash flow and to reduce any market price discount to its net asset value. There can be no assurance that the Fund will be able to maintain its current level of dividends, and the Board of Directors may, in its sole discretion, change the Fund's current dividend policy or its current level of dividends in response to market or other conditions.
The Investment Manager
The Investment Manager, Bexil Advisers LLC, is a subsidiary of Bexil Corporation, whose affiliates are engaged through subsidiaries in stock market and gold investing through its investment management of equity and gold mutual funds and closed end funds. The Fund's portfolio is managed by the Investment Policy Committee of the Investment Manager.