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The Gabelli Convertible and Income Securities Fund (NYSE:GCV) has declared a $0.12 per share cash distribution, payable on June 21, 2024, to shareholders of record as of June 13, 2024. The fund aims to provide a minimum annual distribution of 8% of its average net asset value or meet the minimum distribution requirements of the Internal Revenue Code. The fund's net asset value per share fluctuates daily. The Board of Directors reviews potential distributions each quarter, considering the fund's net asset value and financial market conditions. The distribution policy can change at any time and should not be considered a dividend yield or total return on investment. The distributions may include long-term capital gain, qualified dividend income, or a return of capital. For 2024, approximately 83% of distributions are from net investment income, with 17% as a return of capital. Shareholders will receive detailed tax information in early 2025 via Form 1099-DIV.
The Gabelli Dividend & Income Trust (NYSE: GDV) announced the continuation of its monthly cash distribution policy. The Board declared distributions of $0.11 per share for July, August, and September 2024. Record dates are July 17, August 16, and September 16, with payable dates on July 24, August 23, and September 23, respectively.
The Fund evaluates strategic opportunities and reviews its distribution levels quarterly. If necessary, an adjusting distribution will be made in December to meet IRS requirements for regulated investment companies. The distribution includes 16% from net investment income, 79% from net capital gains, and 5% return of capital. Shareholders will receive tax-related information via Form 1099-DIV in early 2025.
The Gabelli Utility Trust (NYSE:GUT) announced the continuation of its fixed monthly cash distributions, with $0.05 per share declared for July, August, and September 2024. These distributions will be payable on July 24, August 23, and September 23, respectively.
The Board of Trustees will review the Fund's financials quarterly and may adjust distributions if needed, particularly in December.
The Fund's shares trade at a premium to net asset value, which the Board believes may not be sustainable. For 2024, approximately 99% of distributions are expected to be a return of capital.
Shareholders will receive detailed tax information in early 2025. The Fund has consistently paid monthly distributions since October 1999.
The Board of Trustees of Ellsworth Growth and Income Fund declared a $0.13 per share cash distribution, payable on June 21, 2024, to shareholders as of June 13, 2024. The Fund's policy aims to distribute 5% of the trailing 12-month average market price or comply with the minimum distribution requirement of the Internal Revenue Code. Quarterly reviews are conducted to determine potential distributions, which may be adjusted in December if necessary. The distribution includes approximately 40% net investment income and 60% return of capital. Shareholders will receive detailed tax treatment notifications in early 2025.
The Gabelli Healthcare & WellnessRx Trust (NYSE:GRX) announced a $0.15 per share distribution for Q2 2024, payable on June 21, 2024, to shareholders recorded by June 13, 2024.
The Fund aims for quarterly distributions, with potential adjusting distributions in December based on income and net capital gains.
Distributions may be classified as long-term capital gain, qualified dividend income, or return of capital. Currently, the 2024 distributions are estimated to consist of 3% net investment income, 27% net capital gains, and 70% return of capital.
The Board of Trustees reviews and may adjust the distribution policy based on the Fund’s net asset value and market conditions.
Final tax treatment of distributions will be detailed to shareholders through Form 1099-DIV in early 2025.
Gabelli Funds announced Peter S. Lynch as the 2024 recipient of the Graham & Dodd, Murray, Greenwald Prize for Value Investing. The award was presented at Gabelli Funds' thirty-ninth client conference in New York on May 10th. Peter Lynch, renowned for his tenure with the Magellan Fund, grew its assets from $20 million to over $14 billion by 1990. Lynch is also a best-selling author and has been inducted into the National Business Hall of Fame. The Gabelli Prize, established in 2005 and funded with $1 million, honors significant contributions to value investing.
Gabelli Funds announced the 2024 inductees to the GAMCO Management Hall of Fame during its thirty-ninth annual client conference on May 10 at the Pierre Hotel in New York. The new inductees include Scott C. Donnelly from Textron, Robert A. Kotick from Activision Blizzard, Gregory V. Maffei from Liberty Media, and Tony Najjar from CIRCOR International. Gabelli Funds established this Hall of Fame in 1990 to honor corporate executives for their contributions to enhancing shareholder value. The selection process is based on rigorous criteria focusing on long-term shareholder wealth creation and capital accumulation. This year marks the inclusion of 126 inductees into the Hall of Fame.
GAMCO Investors, Inc. reported strong financial performance for the first quarter of 2024 with Quarter End AUM of $31.7 billion, Operating Margin of 27.0%, and First Quarter Fully Diluted EPS of $0.64. They declared a Regular Quarterly Dividend of $0.04 per share and a Special Dividend of $0.20 per share. Shareholders designated approximately $75 million for charitable contributions since the IPO.
GAMCO Investors, Inc. announced a special dividend of $0.20 per share and a regular quarterly dividend of $0.04 per share to all Class A and Class B shareholders. The dividends are payable on June 25, 2024, to shareholders of record on June 11, 2024. GAMI is known for its research-driven value approach to equity investing and serves a diverse client base.
