Company: GDV-PK
Filing Date: 2025-08-11
Form Type: 40-APP
Source: 0001829126-25-006051
Chunk: 5

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-11
Form: 40-APP
Chunk 5
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 immediately prior to the Transaction.] |

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No fractional Preferred Trust Common Shares will be issued as part of the Transaction. The fractional shares of Preferred Trust Common Shares to which holders of Dividend Trust Common Shares would otherwise be entitled will be aggregated and an attempt to sell them in the open market will be made at the then prevailing prices on behalf of such holders, and such holders will receive instead a cash payment in the amount of their pro rata share of the total sales net proceeds. Such shares may be sold by the distribution agent, Computershare Trust Company, N.A., at a discount or a premium to net asset value; therefore, a shareholder may receive less or more than the net asset value for any such fractional shares. Thus, assuming a distribution ratio of one (1) Preferred Trust Common Share for every twenty Dividend Trust Common Shares, a person who holds a number of Dividend Trust Common Shares that is not an even multiple of twenty will receive the appropriate number of Preferred Trust Common Shares and a payment for his or her pro rata share of the proceeds from sales of fractional share interests. A holder of fewer than twenty Dividend Trust Common Shares will receive no Preferred Trust Common Shares in the distribution but will be entitled only to his or her pro rata share of the net proceeds from sales of fractional share interests.

Shareholder approval of the Transaction will be sought at a special meeting of holders of Dividend Trust Common Shares anticipated to be held in 2025. Shareholders of Dividend Trust will not vote to approve the Transaction unless and until the Commission issues an order granting the requested relief.

Dividend Trust’s investment objective is to provide a high level of total return on its assets with an emphasis on dividends and income, whereas the primary investment objective of Preferred Trust is current income, with a secondary objective of capital appreciation. Dividend Trust attempts to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in dividend paying securities (such as common and preferred stock) or other income producing securities (such as fixed-income securities and securities that are convertible into common stock). In addition, under normal market conditions, at least 50% of Dividend Trust’s assets consist of dividend paying equity securities. Dividend Trust may invest up to 35% of its total assets in the securities of non-U.S. issuers (including securities of companies in emerging markets). Under normal market circumstances, Preferred Trust will invest at least 80% of its net assets plus borrow