The Fund

Fund Overview

Dividend and Income Fund (the “Fund”) (NYSE: DNI) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closed end management 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, including dividend paying common stocks, convertible securities, preferred stocks, securities of registered investment companies (including, but not limited to, closed end and open end management investment companies, and business development companies (collectively, “investment companies”), exchange-traded funds organized as investment companies or otherwise, real estate investment trusts, depositary receipts, and other equity related securities (collectively, “Income Generating Equity Securities”).

The Fund may invest in fixed income securities, including bonds issued by domestic and foreign corporate and government issuers. The Fund may also invest in equity securities of other issuers, including investment companies, exchange-traded funds and real estate investment trusts, deemed by Bexil Advisers LLC, the Fund’s investment manager (the “Investment Manager”), not to be Income Generating Equity Securities based on the issuer’s income generation, objectives, policies, holdings, or similar criteria. Securities in which the Fund may invest include high yield, high risk securities which are rated below investment grade (commonly referred to as “junk” bonds), including the lowest rating categories, or are unrated but are determined by the Investment Manager to be of comparable quality, and are considered speculative and subject to certain risks that may be greater than those of higher rated securities. In seeking to enhance returns, the Fund may employ leverage to the extent permitted under the 1940 Act. There is no assurance the Fund will achieve its investment objectives.

Dividend and Income Fund is part of a fund complex which includes the Midas Funds and Foxby Corp.


Portfolio Details as of December 31, 2018

 Amount ($ Millions)Percentage of Net Assets (%)
Income generating equity, other184.7116.5
Fixed income0.50.3
Cash, equivalents0.00.0
Other assets, net0.40.3
Total assets185.6117.0
Leverage(26.7)(16.8)
Other liabilities, net(0.3)(0.2)
Net assets158.6100.0
Figures are subject to change.  Based on approximate percentages of net assets and may not add up to 100% due to leverage or other assets, rounding, and other factors.

History

The Fund commenced operations on June 9, 1998 and made its initial public offering on June 24, 1998 as Chartwell Dividend and Income Fund, Inc., with a ticker symbol of CWF.  On February 1, 2011, the Fund changed its name to Dividend and Income Fund, Inc. and its ticker to DNI and Bexil Advisers LLC became the Fund’s Investment Manager. On May 14, 2012, the Fund reorganized into a newly formed Delaware statutory trust named Dividend and Income Fund. As of the start of trading on December 10, 2012, the Fund implemented a 1-for-4 reverse split of its issued and outstanding common shares of beneficial interest, which retained their ticker symbol of DNI, but were assigned the new CUSIP number of 25538A204, effective December 10, 2012.


Trustees and Officers

TrusteesOfficers
Peter K. Werner*Thomas B. Winmill, Esq., Chairman, President, Chief Executive Officer, Chief Legal Officer
Jon Tomasson*Thomas O'Malley, CPA, Treasurer, Chief Financial Officer, Chief Accounting Officer
Roger A. Atkinson*Mark C. Winmill, Vice President
Thomas B. Winmill, Esq.**Heidi Keating, Vice President
William Winmill, Vice President
Russell Kamerman, Esq., Secretary, General Counsel, Chief Compliance Officer
Donald Klimoski II, Esq., Assistant Secretary, Assistant General Counsel, Assistant Chief Compliance Officer
* Member, Audit, Continuing Trustees, and Nominating Committees
** Member, Continuing Trustees and Executive Committees

Performance

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Holdings

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Distributions

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