Company: GDV-PK
Filing Date: 2025-08-11
Form Type: 40-APP
Source: 0001829126-25-006051
Chunk: 6

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-11
Form: 40-APP
Chunk 6
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ings for investment purposes in a portfolio of preferred securities. Preferred Trust may invest up to 100% of its total assets in securities of non-U.S. companies, including up to 25% of its managed assets in securities issued by companies headquartered or principally operating in “developing countries,” also known as emerging markets.

Further, Preferred Trust has a greater focus on preferred securities than Dividend Trust. As a result, Preferred Trust over time may be expected to experience different investment results from Dividend Trust.

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As noted above, Preferred Trust is registered under the 1940 Act as a diversified, closed-end investment company, and the Adviser will serve as investment adviser to Preferred Trust. The advisory fee structure for Preferred Trust will be the same as the advisory fee structure for Dividend Trust, which has been approved by shareholders and was most recently re-approved by the Board of Dividend Trust, including all of its Independent Trustees, on August 22, 2024. Application will be made to list the Preferred Trust Common Shares for trading on the New York Stock Exchange.

The Board of Dividend Trust, including all of its Independent Trustees, concluded that the Transaction will result in the following benefits to Dividend Trust shareholders:

1. The holders of Dividend Trust Common Shares will receive shares of an investment company with a different risk-return profile from Dividend Trust, thereby providing the holders of Dividend Trust Common Shares with the following alternatives: (a) retaining their shares in both Dividend Trust and Preferred Trust; (b) selling their Preferred Trust Common Shares and retaining their Dividend Trust Common Shares; or (c) selling their Dividend Trust Common Shares and retaining their Preferred Trust Common Shares. As a consequence, holders of Dividend Trust Common Shares may more closely align their investment portfolio with their desired exposure to different segments of the equity market. If a shareholder sells either of his or her Dividend Trust Common Shares or Preferred Trust Common Shares, the shareholder can be expected to incur brokerage commissions and such sale may constitute a taxable event for the shareholder.

2. Preferred Trust Common Shares will be issued at a much lower transaction cost to investors than is typically the case for a newly-organized closed-end fund since there will be no underwriting discounts or commissions. The Transaction will not result in an increase in the aggregate net assets of Dividend Trust and Preferred Trust.

3. In addition, Preferred Trust may afford holders of Dividend Trust Common Shares the opportunity to seek the capital growth opportunities presented by substantial foreign securities exposure.