The Gabelli Div&inc : The Gabelli Dividend & Income Trust Announces Share Repurchases of 25,000 Shares in Third Quarter
November 20, 2006 at 12:27 pm EST
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The Gabelli Dividend & Income Trust (NYSE:GDV) announced today that
pursuant to its share repurchase plan, the Fund repurchased 25,000
common shares in the third quarter of 2006.
The Board of Trustees, at a meeting held on May 12, 2004, voted to
authorize the repurchase of its common shares in the open market, from
time to time, when the shares are trading at a discount of 7.5% or more
from net asset value. The Fund has repurchased a total of 960,200 shares
since the inception of the share repurchase program at an average
investment of $17.89 per share and an average discount to net asset
value of 12.28%.
The Gabelli Dividend & Income Trust is a non-diversified, closed-end
management investment company with $2.5 billion in total 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.
The Gabelli Dividend & Income Trust (the Fund) is a diversified, closed-end management investment company. The Fundâs investment objective is to seek a high level of total return with an emphasis on dividends and income. Under normal market conditions, the Fund invests at least 80% of its assets in dividend paying or other income-producing securities. In addition, under normal market conditions, at least 50% of the Fund's assets will consist of dividend paying equity securities. In making stock selections, the Fund's investment adviser looks for securities that have a superior yield and capital gains potential. The Fund invests in a range of sectors, including financial services, food and beverage, consumer products, cable and satellite, business services, paper and forest products, computer software and services, wireless communications, publishing, agriculture, building and construction, health care, broadcasting and others. The Fund's investment advisor is Gabelli Funds, LLC.