Company: GDV-PK
Filing Date: 2025-08-11
Form Type: 40-APP
Source: 0001829126-25-006051
Chunk: 8

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-11
Form: 40-APP
Chunk 8
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 of Dividend Trust Common Shares for the year in which the Transaction is consummated because (i) for the same reasons described in the preceding sentence, the Transaction is not expected to significantly increase Dividend Trust’s earnings and profits (i.e., the amount of Dividend Trust’s distributions that are classified as taxable dividends) for U.S. federal income tax purposes and (ii) the Board of Dividend Trust has adopted a policy of distributing to shareholders monthly substantially all of its taxable income and accordingly any taxable income included in the distribution of Preferred Trust Common Shares would be distributed at some point during the year in any event.

The costs of organizing Preferred
Trust and effecting the distribution of Preferred Trust Common Shares to holders of Dividend Trust Common Shares, including the fees and
expenses of counsel and accountants, printing, soliciting shareholders, listing and registration fees, and the costs of this application
are estimated to be approximately $1,100,000 and will be borne by Dividend Trust. Dividend Trust will bear the costs of soliciting shareholder
approval of the Transaction, which is expected to be $50,000. In addition, Preferred Trust will incur operating expenses on an ongoing
basis, including legal, auditing, transfer agency and custodian expenses that, when aggregated with the fees payable by Dividend Trust
for similar services after the distribution, will likely exceed the fees and expenses currently payable by Dividend Trust for those services.
It is not expected that the Transaction will have a significant effect on the annual expenses of Dividend Trust as a percentage of its
net assets.

The Board of Dividend Trust, including all of the Independent Trustees, has considered the tax consequences of the Transaction and believes that the benefits of the Transaction outlined above outweigh any adverse tax consequences to Dividend Trust and holders of Dividend Trust Common Shares, particularly because such adverse tax consequences are expected to be minimal. In addition, the Board of Dividend Trust, including all of the Independent Trustees, concluded that it is appropriate for Dividend Trust to bear the costs of the Transaction outlined above inasmuch as the benefits of the Transaction outlined above will be for the benefit of such holders of Dividend Trust Common Shares and because absorption of such expenses by Dividend Trust will eliminate any deficit in the net asset value of Preferred Trust Common Shares in comparison to the amount of the distribution, which may support the pricing of Preferred Trust Common Shares in trading on the New York Stock Exchange.

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| III. | Relief Requested |

App