The dividend hit my brokerage account on 1/2/08. It's in my taxable account; the payout was all LTCG, and only .20 per share, which is great - very tax efficient fund - due to that long term holdings which someone mentioned, and a great performer. The other good news is that the fund cannot invest in banks, etc that earn money on interest, so we stayed away from the sub-prime lending mess that has devestated finacial stocks and funds that held large % of those stocks. Sometimes, you get lucky!!