Spin-off - GABELLI DIVIDEND & INCOME TRUST

Form Type: 425

Filing Date: 2025-02-24

Corporate Action: Spin-off

Type: New

Accession Number: 000183988225010643

Filing Summary: On February 24, 2025, the Board of Trustees of The Gabelli Dividend & Income Trust has approved a spin-off of a new closed-end fund named Gabelli Preferred Securities Trust (GPS). This new fund will focus on income and capital appreciation through investments in preferred securities. The Gabelli Dividend & Income Trust plans to contribute approximately $150 million in cash and/or securities to GPS and distribute its shares pro rata to GDV's common shareholders. GPS aims to list its shares on the New York Stock Exchange, and it will determine its distribution rate post-spin-off. A shareholder meeting will be convened for the required votes after obtaining regulatory approvals, with no certainty of receiving such approvals. The details regarding the amount of contributed cash or securities, number of shares, and specific distribution dates will be announced later. The Gabelli Dividend & Income Trust will maintain its distribution policy unchanged, pending further decisions by GPS's Board of Trustees.

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