Company: GDV-PK
Filing Date: 2025-08-11
Form Type: 40-APP
Source: 0001829126-25-006051
Chunk: 4

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-11
Form: 40-APP
Chunk 4
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idend Trust currently may invest up to 35% of its total assets in securities of non-U.S. issuers.

To enable Dividend Trust’s common shareholders to participate more directly in these opportunities, the Board of Dividend Trust has approved, subject to the issuance of the exemptive relief sought hereby and subsequent shareholder approval, the contribution of a segment of Dividend Trust’s assets having a value of approximately $100 million to Preferred Trust, in exchange for Preferred Trust Common Shares. It is anticipated that the contributed assets will consist largely or exclusively of cash, preferred securities, and other income-producing securities. All the Preferred Trust Common Shares will then be distributed by Dividend Trust as a dividend to holders of Dividend Trust Common Shares. Each holder of Dividend Trust Common Shares would receive one Preferred Trust Common Share for the number of whole Dividend Trust Common Shares owned on the distribution record date that will produce a total distribution of approximately $100 million. Based on the number of Dividend Trust Common Shares outstanding as of July 25, 2025 and a target initial net asset value per share of Preferred Trust Common Shares of $23.00, a contribution of assets with a value of approximately $100 million would result in a distribution of one (1) Preferred Trust Common Share for every twenty Dividend Trust Common Shares.

| 1 | It was determined that only whole Preferred Trust Common Shares would be issued and distributed for whole Dividend Trust Common Shares. To arrive at the estimated price per share, the value of the assets to be contributed to Preferred Trust by Dividend Trust, approximately $100 million, was divided by 88,609,789, the number of Dividend Trust Common Shares issued and outstanding as of July 25, 2025, which equals $1.13. This gives an approximate value per share of Dividend Trust to be distributed (in Preferred Trust Common Shares) to holders of Dividend Trust Common Shares. The number of whole Dividend Trust Common Shares that would result in a net asset value per share for Preferred Trust Common Shares that would be as close as possible to $23 per share was determined to be twenty Dividend Trust Common Shares for one (1) Preferred Trust Common Share, which would result in an estimated per share price of approximately $23.00 (i.e., $1.13 multiplied by 20 equals approximately $23.00 per share). Utilizing the foregoing methodology, the exact price per Preferred Trust Common Share will be determined by the Board of Preferred Trust or a duly appointed committee of the Board