I looked at the June 30, 2009 financial statements filed with the SEC. What I found was July out of the money covered call contracts written on 2/3 of all the funds DOW 30 positions. The contracts generated about $4 Million. If the fund does that every month, it could fetch about $48 million annually. Add net investment income of about $6 million and the fund generates about $54 million. That's about $2 per share. As the DOW goes higher and the funds NAV goes up as well, the premiums on the out of money call contracts will increase too. So NAV could grow towards the market price and the funds earning could substantially exceed $2 per share. Thus the dividend could be safe. But only, if the market goes up. In a down situation, the premiums dry up or if the fund writes contracts below cost basis, it could lose positions and record losses. Which is what I suspect may have occurred between last Fall and this Spring.