Gabelli Healthcare & Wellnessrx Trust Declares Fourth Quarter Distribution of $0.12 Per Share & Announces Additional Year End...
November 20 2014 - 5:25PM
Business Wire
The Board of Trustees of The Gabelli Healthcare & WellnessRx
Trust (NYSE:GRX) (the “Fund”) reaffirms its quarterly distribution
policy and declared a $0.12 per share cash distribution payable on
December 19, 2014 to common shareholders of record on December 12,
2014.
The Board of Trustees also declared an additional year end cash
distribution in accordance with the minimum distribution
requirements for the Internal Revenue Code, which will include any
additional income and realized net capital gains in excess of the
quarterly distributions for the year. The Board of Trustees has yet
to determine the amount of the additional distribution and it will
be announced at a later date.
The additional year end cash distribution will also be payable
on December 19, 2014 to common shareholders of record on December
12, 2014.
All of the preferred and common share distributions for the year
will have the same proportion of net investment income and short
and long term capital gains.
The Fund intends to pay a quarterly distribution of an amount
determined each quarter by the Board of Trustees. The Board of
Trustees may change the amount of the quarterly distribution at any
time. In addition to the quarterly distributions, and in accordance
with the minimum distribution requirements of the Internal Revenue
Code for regulated investment companies, the Fund may pay an
adjusting distribution in December which includes any additional
income and net realized capital gains in excess of the quarterly
distributions for that year.
Each quarter, the Board of Trustees reviews the amount of any
potential distribution and 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. The Fund’s
distribution policy is subject to modification or termination 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, which is currently 20% in taxable accounts for
individuals. 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 tax 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 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. Because 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, ordinary
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 as of November
13, 2014, each of the distributions paid to common shareholders in
2014 would be 100% from net capital gains on a book basis. 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 2014 will be
made after year end and can vary from the quarterly estimates. All
shareholders with taxable accounts will receive written
notification regarding the components and tax treatment for all
2014 distributions in early 2015 via Form 1099-DIV.
Investors should carefully consider the investment objectives,
risks, charges, and expenses of the Fund before investing. More
information regarding the Fund’s distribution policy and other
information about the Fund is available by calling 800-GABELLI
(800-422-3554) or visiting www.gabelli.com.
The Gabelli Healthcare & WellnessRx Trust is a diversified,
closed-end management investment company with $299 million in total
net assets whose primary investment objective is long-term growth
of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary
of GAMCO Investors, Inc. (NYSE:GBL).
Wayne C. Pinsent, CFAorAdam E. Tokar914-921-5070
Gamco Investors (NYSE:GBL)
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