RYE, N.Y.--(BUSINESS WIRE)--
The Gabelli Dividend & Income Trust (NYSE:GDV) (“Dividend & Income
Trust”) has completed the distribution of shares of The Gabelli Global
Small and Mid Cap Value Trust (NYSE:GGZ) (“Global Trust”), a newly
organized, diversified, closed-end management investment company
(together, the “Funds”), to its common shareholders at the rate of one
share of Global Trust for every ten common shares owned of Dividend &
Income Trust (the “Spin-Off Distribution”). The record date for the
Spin-Off Distribution was June 16, 2014, and the payable date
(distribution date) was June 23, 2014.
The initial cost basis for Global Trust shares received in the Spin-Off
Distribution from Dividend & Income Trust on June 23, 2014 is $11.90 per
share, the fair market value on the distribution date. The holding
period for Global Trust begins on June 24, 2014.
A portion of Dividend & Income Trust's net investment income and net
realized capital gains will be allocated to the Spin-off Distribution.
As of the record date, 14% of the Spin-Off Distribution is derived from
net investment income, 47% of the Spin-Off Distribution is derived from
capital gains, and the remainder of the Spin-Off Distribution, or 39%,
is deemed a return of capital. These estimates are based on book basis
earnings as of the record date. The actual composition of the Spin-Off
Distribution may change based on Dividend & Income Trust’s investment
activity through December 31, 2014. Shareholders subject to taxation
will be notified regarding the components of all distributions for the
year and the related tax treatment via Form 1099-DIV in early 2015.
Investors should carefully consider the investment objectives, risks,
charges, and expenses of the Funds before investing.More
information regarding this and other information about the Funds is
available by calling 800-GABELLI (800-422-3554) or visiting www.gabelli.com.
The Gabelli Dividend & Income Trust is a diversified, closed-end
management investment company with $2.5 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. Dividend & Income Trust
is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc.
For Gabelli Dividend & Income Trust
Carter Austin or Laurissa
Source: Gabelli Dividend & Income Trust