Company: GDV-PK
Filing Date: 2025-08-08
Form Type: N-14
Source: 0001829126-25-006008
Chunk: 160

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-08
Form: N-14
Chunk 160
---
 by the Investment Adviser under each Advisory Agreement and the expenses of the Investment Adviser will not necessarily be reduced as a result of the receipt of such supplemental information. Such information may be useful to the Investment Adviser and its affiliates in providing services to clients other than the Funds, and not all such information is used by the Investment Adviser in connection with the Funds. Conversely, such information provided to the Investment Adviser and its affiliates by brokers and dealers through whom other clients of the Investment Adviser and its affiliates effect securities transactions may be useful to the Investment Adviser in providing services to the Funds.

Although investment decisions for each Fund are made independently from those for the other accounts managed by the Investment Adviser and its affiliates, investments of the kind made by each Fund may also be made for those other accounts. When the same securities are purchased for or sold by a Fund and any of such other accounts, it is the policy of the Investment Adviser and its affiliates to allocate such purchases and sales in the manner deemed fair and equitable to all of the accounts, including each Fund.

<div align='center'>S-25

PORTFOLIO TURNOVER</div>

Portfolio turnover rate is calculated by dividing the lesser of an investment company’s annual sales or purchases of portfolio securities by the monthly average value of securities in its portfolio during the year, excluding portfolio securities the maturities of which at the time of acquisition were one year or less. A high rate of portfolio turnover involves correspondingly greater brokerage commission expense than a lower rate, which expense must be borne by a Fund and indirectly by its shareholders. A higher rate of portfolio turnover may also result in taxable gains being passed to shareholders sooner than would otherwise be the case. For the fiscal years ended December 31, 2022, 2023 and 2024 the portfolio turnover rate of Dividend Trust was 10%, 10%, and 13%, respectively.

<div align='center'>S-26

BENEFICIAL OWNERS</div>

Dividend Trust

As of June 30, 2025, based upon Schedule 13D/13G filings with the SEC, the following persons were known to Dividend Trust to be beneficial owners of more than 5% of Dividend Trust’s outstanding voting securities:

| Name and Address of Beneficial Owner(s) |     | Title of Class |     | Amount of                
 Shares and               
 Nature of                
 Ownership                |     | Percent of 
 Class      |
| Morgan Stanley                          
 1585 Broadway                           
 New