Dividend and Income Fund Announces Shareholder Approval of New Investment Management Agreement
September 19 2012 - 4:39PM
Marketwired
Dividend and Income Fund (NYSE: DNI) (NAV: XDNIX) (the "Fund")
announced today that, at the Fund's Special Meeting of Shareholders
adjourned to September 19, 2012, shareholders voted to approve a
new investment management agreement ("New Management Agreement")
between the Fund and Bexil Advisers LLC, its investment manager
("Investment Manager").
Under the New Management Agreement and as described in the
Fund's proxy statement dated August 14, 2012, the Investment
Manager will continue to provide the same services at the same
management fee rate as it did under the prior investment management
agreement with the Fund (the "Prior Management Agreement"). The New
Management Agreement is materially identical to the Prior
Management Agreement except to clarify that the Fund is responsible
for the cost of certain reports and statistical data requested or
approved by the Board of Trustees and the procedures for the
payment of certain Fund expenses will change. Additionally, as
approved by the Board of Trustees, the termination of the fee
waiver agreement between the Fund and the Investment Manager became
effective upon shareholder approval of the New Management
Agreement.
About the Fund
The Fund is a diversified, closed end investment company. The
Fund's primary investment objective is to seek high current 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. Investors should consider the Fund's investment
objectives, strategies, risks and expenses carefully before
investing. This information, and other information concerning the
Fund, can be found on file with the U.S. Securities and Exchange
Commission and at www.DividendandIncomeFund.com. An investor should
carefully read the Fund's registration statement before
investing.
Bexil Advisers LLC, the Fund's investment manager, is a wholly
owned subsidiary of Bexil Corporation (PINKSHEETS: BXLC), a holding
company. To learn more about Bexil Corporation, including Rule
15c2-11 information, please visit www.bexil.com. For Fund
shareholder related questions, please call 1-212-785-0400. Certain
affiliates of Bexil Corporation are engaged in stock market and
gold investing through investment management of equity and gold
mutual funds, closed end funds, and proprietary trading.
Safe Harbor Note
This release contains certain "forward looking statements" made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These statements involve known and
unknown risks, uncertainties and other factors, many of which are
beyond the control of the Fund, which may cause the Fund's actual
results to be materially different from those expressed or implied
by such statements. The forward looking statements made herein are
only made as of the date of this announcement, and the Fund
undertakes no obligation to publicly update such forward looking
statements to reflect subsequent events or circumstances.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state, or an exemption
therefrom.
Contact: John F. Ramirez General Counsel 1-212-785-0400, ext.
208 Email Contact www.DividendandIncomeFund.com
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