Company: GDV-PK
Filing Date: 2025-08-08
Form Type: N-14
Source: 0001829126-25-006008
Chunk: 23

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-08
Form: N-14
Chunk 23
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 Preferred Trust Preferred Shares |     |         unlimited |     |                     | — |     |                    |          — |

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THE PROPOSAL</div>

To approve the contribution of a portion of Dividend Trust’s assets (which are anticipated to consist largely or exclusively of cash, preferred securities, and other income producing securities) having a value of approximately $100 million (approximately 4% of Dividend Trust’s net assets attributable to Dividend Trust Common Shares as of July 25, 2025), to a newly-organized, diversified, closed-end management investment company, Preferred Trust, and to distribute Preferred Trust common shares to common shareholders of Dividend Trust.

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THE TRANSACTION</div>

Background

Dividend Trust commenced investment operations on November 28, 2003. Currently, Dividend Trust operates as a diversified, closed-end management investment company seeking to provide a high level of total return on its assets with an emphasis on dividends and income. As of July 25, 2025, Dividend Trust’s total net assets approximated $3.14 billion.

The Dividend Trust Board has determined that increased investment in preferred securities could provide attractive opportunities for current income as well as capital growth. The Dividend Trust Board has determined that the transaction will provide Dividend Trust common shareholders with a new closed-end fund that is able to invest a significantly greater percentage of its assets in preferred securities than Dividend Trust currently can in order to take advantage of these potential opportunities.

The Dividend Trust Board believes the proposed Transaction is in the best interests of Dividend Trust and its common shareholders.

Description Of The Transaction

In order to provide common shareholders additional opportunities for capital gains from their investments, the Board has approved, subject to shareholder approval and the receipt of an exemptive order from the Commission, the contribution of a portion of Dividend Trust’s net assets having a value of approximately $100 million (approximately 4% of Dividend Trust’s net assets attributable to Dividend Trust Common Shares as of July 25, 2025) to Preferred Trust, a newly-formed investment company organized as an unincorporated statutory trust under the laws of the State of Delaware and wholly owned by Dividend Trust. It is anticipated that the contributed assets will consist largely or exclusively of cash, preferred securities, and other income producing securities. All Preferred Trust Common Shares will then be distributed by Dividend Trust as a dividend to its common shareholders at a rate of one (1) Preferred Trust Common Share