A close-ended fund from 1987 paying a 20% Dividend? Tell me more
The utility of this product would be through investing the dividend payments into the product, while the underlying share price drops, because potentially for some products people make returns on. Dividends may qualify a lower tax rate for investors. So i.e. you make a big return, you throw it into this engine that will create a realized loss, while paying you back the underlying share price.
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paying you back - through the dividend.
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"Each Board today announced the Distribution Percentage for the calendar year 2021 will remain at 21%, which will be applied to the net asset value of each Fund as of the end of October 2020 to determine the Distribution Amount for 2021. The Distribution Percentage is not a function of, nor is it related to, the investment return on a Fund's portfolio. "