Company: GDV-PK
Filing Date: 2025-08-11
Form Type: 40-APP
Source: 0001829126-25-006051
Chunk: 3

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-11
Form: 40-APP
Chunk 3
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% of its net assets plus borrowings for investment purposes in a portfolio of preferred securities, and may invest up to 20% of its assets in common stocks. Undern normal market conditions, Preferred Trust will invest at least 8-% of its assets in securities rated investment grade by recognized statistical rating agencies. Additionally, under normal market conditions, Preferred Trust may invest up to 35% of its total assets in securities of non-U.S. issuers (including securities of companies in emerging markets). Preferred Trust may not invest more than 25% of its total assets, taken at market value at the time of each investment, in the securities of issuers in any particular industry, except that Preferred Trust may invest more than 25% of its total assets in issuers in each of the groups of industries that make up the financials sector, the utilities sector and REITs.

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The Adviser is a New York limited liability company which serves as an investment adviser to registered investment companies as well as one fund that trades on the London Stock Exchange and a Luxembourg SICAV, with combined aggregate net assets of approximately $21.0 billion as of December 31, 2024. The Adviser is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is a wholly owned subsidiary of GAMCO Investors, Inc. (“GAMI”). Mr. Mr. Mario J. Gabelli may be deemed a “controlling person” of the Adviser on the basis of his controlling interest in GAMI. Mr. Gabelli owns a majority of the stock of GGCP, Inc. (“GGCP”) which holds a majority of the capital stock and voting power of GAMI. Mr. Gabelli is also a Trustee, chairman and the chief investment officer of both Dividend Trust and Preferred Trust.

| II. | The Transaction |

The Board of Dividend Trust determined that investments in preferred securities and other income producing securities could provide attractive opportunities for current income. The Board determined that the Transaction will provide Dividend Trust common shareholders with a new closed-end fund that (i) will invest in a more focused portfolio consisting primarily of preferred securities and other income producing securities, as compared to Dividend Trust, which has a broader investment mandate to invest in dividend paying securities (such as common and preferred stock) or other income producing securities, and (ii) may invest a greater percentage of its assets in securities of non-U.S. issuers, whereas Div