Company: GDV-PK
Filing Date: 2025-08-11
Form Type: 40-APP
Source: 0001829126-25-006051
Chunk: 13

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-11
Form: 40-APP
Chunk 13
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 Transaction. Thus, the Transaction, when effected, will be consistent with the prior disclosure provided to Dividend Trust shareholders regarding Preferred Trust. Moreover, Dividend Trust’s shareholders will have the opportunity to vote on the Transaction after having received all material disclosure concerning the Transaction.

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The Transaction also is consistent with the general purposes of the 1940 Act. Section 1(b)(2) of the 1940 Act declares it against the public interest when investment companies are “organized, operated, managed or their portfolio securities are selected” in the interest of, among others, the investment company’s officers, directors, investment adviser, or affiliated persons thereof. As explained above, the Transaction is being proposed to benefit Dividend Trust and its shareholders. The Board of each of Dividend Trust and Preferred Trust, including a majority of the Independent Trustees of each Board, has each determined:

(1) that participation in the Transaction is in the best interests of Dividend Trust or Preferred Trust, as applicable;

(2) that the interests of the existing shareholders of Dividend Trust or Preferred Trust, as applicable, will not be diluted as a result of its effecting the transactions; and

(3) such findings, and the basis upon which the findings were made, will be recorded fully in the minute book of Dividend Trust or Preferred Trust, as applicable.

In making this determination, the Boards of each of Dividend Trust and Preferred Trust considered the following factors for their respective Fund: (i) the fees or expenses that will be borne directly or indirectly by the Fund in connection with the Transaction; (ii) the effect of the Transaction on annual Fund operating expenses and shareholder fees and services; (iii) changes in the Fund’s investment objectives, restrictions and policies that will result from the Transaction; (iv) direct and indirect federal income tax consequences of the Transaction to the Fund’s shareholders; (v) the potential benefits to the shareholders of the Fund as a result of the proposed Transaction; (vi) the terms and conditions of the proposed Transaction; (vii) the expenses that are anticipated to be incurred on an ongoing basis by the shareholders of the Fund; (viii) whether shareholders of the Fund will have the same shareholder services or gain the benefit of additional shareholder services, or whether existing services will be scaled back or eliminated as a result of the Transaction; (ix) anticipated asset levels of the Fund and future prospects of the Fund; (x) the identity of the portfolio managers of the Fund; and