You may be confusing ACG which is Closed End Bond Fund with a stock equity fund. The .23cents and the .15cents which you refer to are really net income from interest earnings generated by the bond holdings from which the dividends are paid. However, the .15cents represents income during the quarter of the rights offering and really should be ignored for our discussion purposes. IMHO the fact is that ACG generated .23cents during the first quarter. If one multiplies that times 4 one gets .92cents which is .07cents short of the projected annual dividend. However, that is not the only factor to consider when projecting the future dividend payout for ACG and the future NAV and market price of the fund. Other factors to consider include corporate bond defaults, rising interest rates, investor sentiment toward stocks versus bonds, etc.