Investing Strategy

Dividend and Income 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.

The Fund’s strategy is to seek to invest in companies with strong operations showing attractive returns on equity and assets with reasonable valuations. Generally, the Fund looks to purchase and hold income generating equity securities of profitable, growing, and conservatively valued companies across a broad array of industries and sell investments that appear to have appreciated to levels reflecting full or over-valuation.

In evaluating investments, Bexil Advisers LLC, the Fund’s investment manager, will typically apply fundamental investment analysis, which may consider yield, financial strength, profitability, growth potential, and risks, in view of market valuation and relative strength, as well as other considerations, such as market, sector, or industry diversification, to select the Fund’s specific portfolio securities. In seeking to enhance returns, the Fund may employ leverage. The Fund may, from time to time, make temporary investments for defensive purposes that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political, or other conditions.