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BXLC - DNI Trades At A Large Discount But Corporate Governance Is Questionable
Bexil Corp
Fund History
CEFConnect lists the inception date of the Dividend and Income Fund (NYSE:DNI) as June, 1998. But this is quite misleading. Back in 1998, the fund was formed under the name Chartwell Dividend & Income Fund. The fund mainly held convertible securities and traded under the ticker CWF. CWF had a fairly low expense ratio of 0.70%.
But on Feb. 1, 2011, Bexil Advisers LLC became the new investment manager via a "Business Transfer" by paying Chartwell Partners $4.325 million for the privilege of taking over the management contract. At the time,