Dividend and Income Fund (NYSE: DNI) (NAV: XDNIX) (the “Trust”) announced that itsreorganization into a Delaware statutory trust (the”Reorganization”) was completed today. The Trust is the successorto Dividend and Income Fund, Inc. (the “Fund”), a Marylandcorporation. As a result of the Reorganization, former shareholders of the Fundnow own shares of the Trust that are equal in number and in valueto the shares of the Fund they held at the close of business on May11, 2012. The Trust did not issue certificates representing theTrust shares issued in the Reorganization.
The Reorganization hadpreviously been approved by shareholders at the Fund’s AnnualMeeting of Shareholders on April 24, 2012 (“Annual Meeting”). The Trust has entered into a new investment advisory agreement withBexil Advisers LLC (“Bexil”), the Fund’s investment manager, withan investment advisory fee rate that is the same as the Fund’s. TheTrust’s independent registered public accounting firm, custodian,and other service providers are identical to those previously heldby the Fund and serve under agreements that are substantiallyidentical to their agreements with the Fund. Shares of the Trustwill continue to trade on the New York Stock Exchange and theinvestment objective, strategies, policies and restrictions of theTrust are identical to those previously held by the Fund.
The Reorganization also resulted in the Trust’s adoption ofgoverning documents containing provisions that limit the ability ofpersons to beneficially own more than 4.99% of the Trust’soutstanding shares without the prior approval of the Trust’s Boardof Trustees. These provisions, which were described in the Fund’sproxy statement dated March 21, 2012 and approved by shareholdersat the Annual Meeting, are designed to preserve the Trust’s abilityto use capital loss carryovers that could translate into future taxsavings for the Trust and its shareholders, and may have ananti-takeover effect on the Trust similar to the effect of certainprovisions the Fund took advantage of under Maryland law. About the Trust The Trust is a diversified, closed end investment company. TheTrust’s primary investment objective is to seek high currentincome. Female Body Piercing Jewelry
Capital appreciation is a secondary objective. The Trustseeks to achieve its objectives by investing, under normalcircumstances, at least 50% of its total assets in incomegenerating equity securities. Investors should consider the Trust’sinvestment objectives, strategies, risks and expenses carefullybefore investing. This information, and other informationconcerning the Trust, can be found on file with the U.S. Silver Hoops Earrings
Securitiesand Exchange Commission and at . An investor should carefully read the Trust’s registrationstatement before investing. Bexil, the Trust’s investment manager, is a wholly owned subsidiaryof Bexil Corporation (BXLC), a holding company. To learn more aboutBexil Corporation, including Rule 15c2-11 information, please visit. Micro Pave Setting Jewellery Manufacturer
For Trust shareholder related questions, please call1-212-785-0400. Certain affiliates of Bexil Corporation are engagedin stock market and gold investing through investment management ofequity and gold mutual funds, closed end funds, and proprietarytrading. This communication shall not constitute an offer to sell or thesolicitation of an offer to buy, nor shall there be any sale of,these securities in any state in which such offer, solicitation orsale would be unlawful prior to registration or qualification underthe securities laws of any such state, or an exemption therefrom. Safe Harbor Note This release contains certain “forward looking statements” madepursuant to the “safe harbor” provisions of the Private SecuritiesLitigation Reform Act of 1995.
These statements involve known andunknown risks, uncertainties and other factors, many of which arebeyond the control of the Trust, which may cause the Trust’s actualresults to be materially different from those expressed or impliedby such statements. The forward looking statements made herein areonly made as of the date of this announcement, and the Trustundertakes no obligation to publicly update such forward lookingstatements to reflect subsequent events or circumstances. Contact: Thomas O’Malley Chief Financial Officer 1-212-785-0400, ext. 267 Email Contact.