The Board of Trustees of The Gabelli Dividend & Income Trust (NYSE:GDV)
(the “Fund” or “Dividend & Income Trust”) has approved, subject to
shareholder and other regulatory approvals, the creation of a newly
formed diversified, closed-end investment company (the “New Fund”) that
draws upon our global research to invest in the equities of SMID (small
and mid capitalization value stocks) primarily outside the U.S., a
segment of the market we believe provides investment opportunities.
The Dividend & Income Trust would contribute approximately $100 million
of its cash and/or securities and would then distribute all of the
shares of the New Fund pro rata to the common shareholders of the
Dividend & Income Trust. The New Fund will seek to have its shares
listed on the New York Stock Exchange.
The transaction, which is expected to be voted upon at a Special Meeting
of Shareholders following requisite regulatory approvals, would
represent the first spin-off of a closed-end investment company by the
Gabelli Dividend & Income Trust and the fourth spin-off of a closed-end
investment company by a Gabelli fund. There are no assurances that such
shareholder and regulatory approvals will be received.
The Board of Trustees of the Dividend & Income Trust will determine the
amount of capital to be distributed, the number of shares to be
distributed, and the record and distribution dates, which will be
announced at a later time. The distribution will be made only by means
of a prospectus and this notice does not constitute an offer of any
securities for sale.
Investors should carefully consider the investment objectives, risks,
charges, and expenses of the Fund and, when available, the New Fund
before investing. More information regarding this and other
information about the Fund is available by calling 800-GABELLI
(800-422-3554) or visiting www.gabelli.com.
The Gabelli Dividend & Income Trust is a non-diversified, closed-end
management investment company with $2.3 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. (NYSE:GBL),
which is a publicly traded NYSE listed company.
Copyright Business Wire 2013