Company: GDV-PK
Filing Date: 2025-08-11
Form Type: 40-APP
Source: 0001829126-25-006051
Chunk: 12

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-11
Form: 40-APP
Chunk 12
---
”), in the same manner as for purposes of the daily net asset valuation for Dividend Trust. The Transaction will occur after the close of trading on the New York Stock Exchange on the Valuation Date. As noted above, it is anticipated that such assets will consist largely or exclusively of cash, preferred securities, and other income-producing securities and thus will pose no issues with respect to valuation. Similarly, Preferred Trust Common Shares distributed by Dividend Trust in the Transaction will be valued based on the value of Preferred Trust’s assets. “Value” for those purposes will be determined in accordance with the provisions of Section 2(a)(41) of the 1940 Act and Rule 2a-5 thereunder. Thus, among other things, portfolio securities of Dividend Trust sold to Preferred Trust will be valued at market value if market quotations exist with respect to such securities, and for any other securities and assets, value will be determined in good faith pursuant to valuation policies and procedures adopted by the Board of Dividend Trust. Dividend Trust undertakes that fair value will be determined separately by a majority of the Independent Trustees of Dividend Trust and Preferred Trust as set forth in Section 2(a)(19) of the 1940 Act. The operation of the valuation policies and procedures of Preferred Trust with respect to the assets being contributed to Preferred Trust will be identical to the operation of the valuation policies and procedures of Dividend Trust with respect to such securities. In addition, since it is anticipated that the contributed assets will consist largely or exclusively of cash, preferred securities, and other income-producing securities, it is not expected that material brokerage commissions or other expenses will be incurred as a result of the Transaction.

The Transaction will be consistent with the stated investment policies of Dividend Trust and Preferred Trust as fully disclosed to shareholders of Dividend Trust and as will be disclosed to shareholders of Preferred Trust. The distribution of Preferred Trust Common Shares will not initially change the position of Dividend Trust’s shareholders with respect to the underlying investments they then own other than that such investments will simply be held through two diversified closed-end investment companies, rather than one diversified closed-end investment company. The Proxy Statement/Prospectus of Dividend Trust and Preferred Trust is being used to solicit the approval of Dividend Trust shareholders of the Transaction at a vote to take place following the issuance of the exemptive order sought hereby. Such Proxy Statement/Prospectus will describe the investment objectives and policies of Dividend Trust and of Preferred Trust, the management of Preferred Trust, and other information pertinent to the