Company: GDV-PK
Filing Date: 2025-08-08
Form Type: N-14
Source: 0001829126-25-006008
Chunk: 45

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-08
Form: N-14
Chunk 45
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’s own evaluations of the private market value (as defined below), cash flow, earnings per share and other fundamental aspects of the underlying assets and business of the company; |

| ● | the potential for capital appreciation of the securities; |

| ● | the interest or dividend income generated by the securities; |

| ● | the prices of the securities relative to other comparable securities; |

| ● | whether the securities are entitled to the benefits of call protection or other protective covenants; |

| ● | the existence of any anti-dilution protections or guarantees of the security; and |

| ● | the diversification of the portfolio of the funds as to issuers. |

The Investment Adviser’s investment philosophy with respect to equity securities is to identify assets that are selling in the public market at a discount to their private market value. The Investment Adviser defines private market value as the value informed purchasers are willing to pay to acquire assets with similar characteristics. The Investment Adviser also normally evaluates an issuer’s free cash flow and long-term earnings trends. Finally, the Investment Adviser looks for a catalyst, something indigenous to the company, its industry or country, that will surface additional value.

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INVESTMENT RESTRICTIONS</div>

Each Fund operates under the following restrictions that constitute fundamental policies that, except as otherwise noted, cannot be changed without the affirmative vote of the holders of a majority (as defined under the 1940 Act) of the outstanding voting securities of such Fund voting together as a single class. In addition, pursuant to the Statements of Preferences of Dividend Trust, the affirmative vote of the holders of a majority (as defined under the 1940 Act) of the outstanding preferred shares of Dividend Trust voting as a separate class is also required to change a fundamental policy. If the Preferred Trust issues and has outstanding preferred shares, the same class vote will be required to change any of its fundamental policies. Except as otherwise noted, all percentage limitations set forth below apply immediately after a purchase or initial investment and any subsequent change in any applicable percentage resulting from market fluctuations does not require any action. Each Fund may not:

| 1. | invest more than 25% of its total assets, taken at market value at the time of each investment, in the securities of issuers in any particular industry, except that Preferred Trust may invest more than 25% of its total assets in issuers in the each of the groups of industries that make up the financials sector, the utilities sector and RE