Company: GDV-PK
Filing Date: 2025-08-11
Form Type: 40-APP
Source: 0001829126-25-006051
Chunk: 15

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-11
Form: 40-APP
Chunk 15
---
 and marginal in view of the fact that the assets of Dividend Trust contributed to
Preferred Trust pursuant to the Transaction represent only approximately 4% of Dividend Trust’s net assets attributable to Dividend
Trust Common Shares prior to the Transaction, as of July 25, 2025. In addition, by creating Preferred Trust through the Transaction, Dividend
Trust is effectively enabling holders of Dividend Trust Common Shares to receive Preferred Trust Common Shares without the costs associated
with a public offering. Thus, the participation by Dividend Trust and Preferred Trust in the Transaction is on a basis no less advantageous
than that of the Adviser.

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 and printing, listing and registration fees, will be borne by Dividend Trust. Dividend Trust will
also bear the costs of soliciting its shareholders’ approval of the Transaction, which is estimated to be $50,000. The costs incurred
in connection with this Application will be borne by the Dividend Trust since the identical shareholders own both funds and it is difficult
to imagine an allocation of costs that would be unfair. Under such arrangement, the Preferred Trust Common Shares will have the same net
asset value as the amount of the distribution to the holders of Dividend Trust Common Shares rather than a net asset value several cents
per share less than that amount, while absorption of such costs by Dividend Trust will have less than one-half cent per share impact on
the net asset value of Dividend Trust. The absence of any discrepancy between these amounts in Preferred Trust Common Shares may support
the pricing of such shares on the New York Stock Exchange.

Finally, the Transaction will not place any of Dividend Trust, Preferred Trust, or existing shareholders of Dividend Trust in a position less advantageous than that of any other person. Dividend Trust’s assets transferred to Preferred Trust (and the Preferred Trust Common Shares received in return) will be based on their fair value as computed on the day of the transfer in accordance with the requirements of the 1940 Act and pursuant to valuation procedures adopted by the Board of Dividend Trust. The Preferred Trust Common Shares will be distributed as a dividend to holders of Dividend Trust Common Shares on the same basis, leaving such shareholders in the same investment posture immediately following the Transaction as before, subject only to changes in market price of the underlying assets subsequent to the Transaction.

| 4 |