Dale:

"Sorry Bill, but I disagree with your basic concept on this. CGs can only increase your payout growth if the fund manager invests the proceeds from the stock sold into companies with a yield equal to what was sold, and that are increasing their payouts. Other than that, it is a neutral event for the fund investor"

.Payout is solely based on the distribution per share and the number of shares.  If you increase your number of shares without decreasing your distribution per share, you will have a bigger payout regardless of the NAV.

You are confusing portfolio value with payout.

best,

Bill