Company: GDV-PK
Filing Date: 2025-08-11
Form Type: 40-APP
Source: 0001829126-25-006051
Chunk: 9

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-11
Form: 40-APP
Chunk 9
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licants hereby request an order (i) pursuant to Section 17(b) of the 1940 Act granting an exemption from Section 17(a) of the 1940 Act, and (ii) pursuant to Section 17(d) of the 1940 Act and Rule 17d-1 thereunder approving certain joint transactions.

A.

Section 17(a)(1) of the 1940 Act makes it unlawful, among other things, for any affiliated person of a registered investment company to sell any securities or other property to the registered company. Section 17(a)(2) of the 1940 Act makes it unlawful, among other things, for such an affiliated person to purchase securities or other property from the registered company.

Section 2(a)(3) of the 1940 Act defines an affiliated person of another person to include, among others, “(A) any person directly or indirectly owning, controlling, or holding with power to vote, 5 per centum or more of the outstanding voting securities of such other person; (B) any person 5 per centum or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by such other person; or (C) any person directly or indirectly controlling, controlled by or under common control with, such other person; . . .”

Applicants are concerned that Dividend Trust may be viewed as an affiliated person of Preferred Trust under Section 2(a)(3) because Dividend Trust will own 100% of Preferred Trust ‘s voting securities until the consummation of the Transaction. Dividend Trust and Preferred Trust may also be viewed as affiliated persons of each other to the extent that they may be deemed to be under the common control of the Adviser.

Applicants are also concerned that Section 17(a) may be considered to prohibit the Transaction if the above affiliations occur and are not able to rely on an exemption. As a result, in the absence of an exemption under the rules adopted by the Commission under Section 17(a) or an exemptive order, Section 17(a)(1) might prohibit Dividend Trust’s sale to Preferred Trust of a portion of Dividend Trust’s assets and Preferred Trust’s sale to Dividend Trust of securities issued by Preferred Trust.

| 3 | As relevant here, Section 17(a) provides that: |

It shall be unlawful for any affiliated person or promoter of or principal underwriter for a registered investment company (other than a company of the character