Company: GDV-PK
Filing Date: 2025-08-08
Form Type: N-14
Source: 0001829126-25-006008
Chunk: 78

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-08
Form: N-14
Chunk 78
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 associated with a leveraged capital structure.

. Assuming that leverage will (1) be equal in amount to approximately 16% of each Fund’s total net assets (Dividend
Trust’s amount of outstanding financial leverage as of December 31, 2024), and (2) charge interest or involve dividend
payments at a projected blended annual average leverage dividend or interest rate of 4.61%, then the total return generated by each
Fund’s portfolio (net of estimated expenses) must exceed approximately 0.72% and 0.80%, respectively, of such Fund’s
total net assets in order to cover such interest or dividend payments and other expenses specifically related to leverage.

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Of course,
these numbers are merely estimates, used for illustration. Actual dividend rates, interest or payment rates may vary frequently and may
be significantly higher or lower than the rate estimated above. The following table is furnished in response to requirements of the SEC.
It is designed to illustrate the effect of leverage on common share total return, assuming investment portfolio total returns (comprised
of net investment income of a Fund, realized gains or losses of the Fund and changes in the value of the securities held in the Fund’s
portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative
of the investment portfolio returns experienced or expected to be experienced by the Funds. The table further reflects leverage representing
16% of each Fund’s net assets (Dividend Trust’s amount of outstanding financial leverage as of December 31, 2024), Dividend
Trust’s current projected blended annual average leverage dividend or interest rate of 4.61% (the average dividend rate on Dividend
Trust’s outstanding financial leverage as of December 31, 2024), a base management fee at an annual rate of 1.00% and estimated
annual incremental expenses attributable to any outstanding preferred shares of approximately 0.01% and 0.003, respectively, of the applicable
Fund’s net assets attributable to common shares. These assumed investment portfolio returns are hypothetical figures and are not
necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund.

| Assumed Return on Portfolio (Net of Expenses)                |     | (10    | )% |     | (5    | )% |     |     0 | %  |     |    5 | %