Company: GDV-PK
Filing Date: 2025-03-10
Form Type: N-CSR
Source: 0001829126-25-001652
Chunk: 147

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-03-10
Form: N-CSR
Chunk 147
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 Not applicable. |

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

At its meeting on August 22, 2024, the Board of Trustees (Board) of the Fund approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the trustees who are not interested persons of the Fund (the Independent Board Members). The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services. The Independent Board Members considered information regarding the portfolio managers, the depth of the analyst pool available to the Adviser and the portfolio managers, the scope of supervisory, administrative, shareholder, and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio managers.

The Independent Board Members also noted that they were impressed with the overall quality of the materials relating to the Board’s consideration of the Advisory Agreement.

Investment Performance. The Independent Board Members reviewed the performance of the Fund over the one, three, five, and ten-year periods (as of June 30, 2024) against a peer group of thirteen other comparable funds prepared by the Adviser (the “Adviser Peer Group”) and against a larger peer group of 19 other closed-end funds constituting the Fund’s Lipper category (Objective Diversified Equity Funds) (the “Lipper Peer Group”). The Independent Board Members noted that the Fund’s performance was in the third quartile for the one and ten-year periods and in the fourth quartile for the three and five-year periods for the Adviser Peer Group, and in the third quartile for the one and ten-year periods and in the fourth quartile for the three and five-year periods for the Lipper Peer Group. The Independent Board Members discussed the impact of rising interest rates on the Fund’s performance and the Fund’s focus on value stocks and the potential for value stocks to be a positive source of performance in the future given the pivot to a more normalized interest rate environment. The Independent