Company: GDV-PK
Filing Date: 2025-08-08
Form Type: N-14
Source: 0001829126-25-006008
Chunk: 121

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-08
Form: N-14
Chunk 121
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urchases, tender offers for shares or other programs intended to reduce a discount. We cannot guarantee or assure, however, that a Fund’s Board of Trustees will decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if undertaken, would result in the shares trading at a price equal or close to net asset value per share. Each Fund’s Board of Trustees might also consider converting its Fund to an open-end mutual fund, which would also require a supermajority vote of the shareholders of such Fund and a separate vote of any outstanding preferred shares. We cannot assure you that either Fund’s common shares will not trade at a discount.

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REPURCHASE OF SHARES</div>

Dividend Trust and Preferred Trust are diversified, closed-end management investment companies, and as such each Fund’s shareholders do not, and will not, have the right to require its Fund to repurchase their shares. Each Fund, however, may repurchase its common shares from time to time as and when it deems such a repurchase advisable. Each Fund’s Board of Trustees has authorized such repurchases to be made when its Fund’s common shares are trading at a discount from net asset value of 7.5% or more (or such other percentage as the Board of Trustees of each Fund may determine from time to time). Through July 25, 2025, Dividend Trust has repurchased 4,696,659 common shares under this authorization. Although each Fund’s Board of Trustees has authorized such repurchases, each Fund is not required to repurchase its common shares. Each Fund’s Board of Trustees has not established a limit on the number of shares that could be purchased during such period. Pursuant to the 1940 Act, each Fund may repurchase its common shares on a securities exchange (provided that such Fund has informed its shareholders within the preceding six months of its intention to repurchase such shares) or pursuant to tenders and may also repurchase shares privately if such Fund meets certain conditions regarding, among other things, distribution of net income for the preceding fiscal year, status of the seller, price paid, brokerage commissions, prior notice to shareholders of an intention to purchase shares and purchasing in a manner and on a basis that does not discriminate unfairly against the other shareholders through their interest in such Fund.

When a Fund repurchases its common shares for a price below net asset value, the net asset value of the common shares that remain outstanding shares will be enhanced, but this does not necessarily