Company: GDV-PK
Filing Date: 2025-08-08
Form Type: N-14
Source: 0001829126-25-006008
Chunk: 172

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-08
Form: N-14
Chunk 172
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 auditors.

| Revised: August 16, 2023 |     | INTERNAL USE ONLY |
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|                          | B-1 |                   |

<div align='center'>Blank Check Preferred Stock</div>

We oppose the issuance of blank check preferred stock.

Blank check preferred stock allows the company to issue stock and establish dividends, voting rights, etc. without further shareholder approval.

<div align='center'>Classified Board</div>

A classified board is one where the directors are divided into classes with overlapping terms. A different class is elected at each annual meeting.

While a classified board promotes continuity of directors facilitating long range planning, we feel directors should be accountable to shareholders on an annual basis. We will look at this proposal on a case-by-case basis taking into consideration the board’s historical responsiveness to the rights of shareholders.

Where a classified board is in place we will generally not support attempts to change to an annually elected board.

When an annually elected board is in place, we generally will not support attempts to classify the board.

<div align='center'>Increase Authorized Common Stock</div>

The request to increase the amount of outstanding shares is considered on a case-by-case basis.

Factors taken into consideration include:

| ● | Future use of additional shares |

- Stock split

- Stock option or other executive compensation plan

- Finance growth of company/strengthen balance sheet

- Aid in restructuring

- Improve credit rating

- Implement a poison pill or other takeover defense

| ● | Amount of stock currently authorized but not yet issued or reserved for stock option plans |

| ● | Amount of additional stock to be authorized and its dilutive effect |

We will support this proposal if a detailed and verifiable plan for the use of the additional shares is contained in the proxy statement.

<div align='center'>Confidential Ballot</div>

We support the idea that a shareholder’s identity and vote should be treated with confidentiality.

However, we look at this issue on a case-by-case basis.

In order to promote confidentiality in the voting process, we endorse the use of independent Inspectors of Election.

| Revised: August 16, 2023 |     | INTERNAL USE ONLY |
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|                          | B-2 |                   |

<div align='center'>Cumulative Voting</div>

In general, we support cumulative voting.

Cumulative voting is a process by which a shareholder may multiply the number of directors being elected by the number of shares