Company: GDV-PK
Filing Date: 2025-08-11
Form Type: 40-APP
Source: 0001829126-25-006051
Chunk: 16

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-08-11
Form: 40-APP
Chunk 16
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 Net asset value for Dividend Trust is, and net asset value for Preferred Trust will be, calculated on a daily basis.                                                                                                                                                                |
| 5 | It is not anticipated that the valuation procedures to be adopted by Preferred Trust will differ from those adopted by Dividend Trust. The assets under consideration for transfer by Dividend Trust to Preferred Trust would be valued in the same manner under either procedures. |

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| V. | Applicable Precedent |

The Commission has granted relief similar to that sought here to the Adviser and the closed-end family it advises (the “Gabelli Funds”) on four separate occasions. Most recently, on June 16, 2014, Dividend Trust effected a substantially similar transaction by contributing approximately $100 million of the net assets of Dividend Trust to The Gabelli Global Small and Mid Cap Value Trust (“Global Trust”) in exchange for common shares of Global Trust, of which Dividend Trust owned 100% of the voting securities prior to the consummation of the transaction. Shares of Global Trust were then distributed to shareholders of Dividend Trust, as in the current Transaction. Like Dividend Trust, Global Trust was a diversified closed end management investment company. Dividend Trust’s investment objective was to provide a high level of total return on its assets with an emphasis on dividends and income, whereas the investment objective of Global Trust was long-term capital growth. Global Trust and Dividend Trust also had a common investment adviser, Gabelli Funds, LLC, and overlapping boards.

Dividend Trust, Global Trust and Gabelli Funds, LLC as joint applicants obtained an order under Section 17(b) of the 1940 Act granting an exemption for the distribution from Section 17(a) and pursuant to Section 17(d) and Rule 17d-1 thereunder granting approval of certain potential joint transactions. Identical relief was sought and obtained in connection with the three earlier Gabelli Funds transactions.

There are few differences between the Transaction and each of the four Gabelli Funds transactions, and none that would effect a determination under Section 17(a) or Section 17(d) and Rule 17d-1. In fact, the Transaction and each of the four Gabelli Funds transactions are similar in that the legacy company and the new company had the same investment advisory fee. Further, as in each of the four Gabelli Funds transactions, in which the legacy fund paid the costs relating to the transaction, Dividend Trust will pay costs relating to the Transaction. In the