Form DEFA14A GABELLI DIVIDEND & INCOM

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

SCHEDULE 14A

 

Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934

 

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Definitive Additional Materials

 

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Soliciting Material Pursuant to §240.14a-12

 

THE GABELLI DIVIDEND & INCOME TRUST

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On June 26, 2026, The Gabelli Dividend & Income Trust Inc. (the “Fund”) posted on its website, https://gdvvote.com, the Fund’s responses to certain claims made by Saba Capital Management, L.P. in its investor presentation filed with the Securities and Exchange Commission on April 17, 2026 in connection with the Fund’s 2026 annual meeting of shareholders. A copy of such responses is set forth below.

 

 

Claims a r e ea s y t o ma k e. The f acts m a t t e r . So does under s tanding wh a t th e y mean f or y our F und, y our in c ome, and y our i n v e s tme n t. C onsider the f acts. U nder s tand the b o t t om line. The choi c e is clea r . The ca r d is WHITE. F or additional i n f orm a tion and sha r eholder r esou r c es, visit G D V V o t e . c om S A B A S A Y S “ M ost o f the T rus t ees Ar e N o t T ru l y Independen t – H o w Can Th e y Be T rus t ed t o R ep r ese n t Sha r eholders?” F A CTS The Boa r d is independen t and r egular l y r e f r eshed. G D V has t en independen t T rus t ees, including f our added in the last fi v e y ears. All t en qualify as independen t under the I n v estme n t Compa n y A ct and N Y SE guidelines. G D V has a L ead Independen t T rus t ee. G D V ’ s N omin a ting Commit t ee is c omprised o f th r ee independen t T rus t ees and e v alua t es nominee s ’ qualific a tions including: a cc omplishme nts in their field, r e c o r d o f honest and e thical c onduct, and fitness and charac t e r . TH E B O T T O M LINE Sha r eholders deserv e a Boa r d th a t p r o vides independen t o v ersig h t. G D V ’ s Boa r d includes t en independen t T rus t ees, including a L ead Independen t T rus t ee, and a N omin a ting Commit t ee c omprised e n ti r e l y o f independen t T rus t ees r esponsible f or e v alua ting and r e c ommending boa r d candid a t es. S A B A S A Y S “ W e beli e v e the Boa r d has n o t been an e f f ecti v e s t e wa r d o f sha r eholder s ’ i n v estme n t in G D V due t o the T rus t ees appa r e n t... misalignmen t with sha r eholder s ’ in t e r ests . ” “ …And r e Clem o t, will bring a f r esh perspectiv e t o the Boa r d and has the r equisi t e e xperienc e t o serv e as an e f f ecti v e o v erseer o f sha r eholder s ’ i n v estme n t in G D V . ” F A CTS M r . Gabelli o wns 796,813 Common sha r es, making him ful l y aligned with our Common sha r eholders. T en other G D V T rus t ees o wn sha r es o f G D V , and some o f them h a v e been activ e l y pu r chasing sha r es in the mar k e t, i n v esting alongside long - t erm sha r eholders . 1 M r . Clem o t does n o t appear t o o wn G D V sha r e s 2 and Saba has been selling sha r es, mo r e than t w o million sin c e the end o f J une 2025, including near l y 980,000 sha r es sin c e it nomin a t ed M r . Clem o t in J anuary this y ea r . 3 M r . Clem o t has n e v er serv ed as a boa r d member o f a closed - end fund, and declined t o me e t with the N omin a ting Commit t ee . 2 TH E B O T T O M LINE Sha r eholders should ask wh ether decision - ma k ers a r e i n v es t ed alongside them. Despi t e Sab a ’ s claims, most G D V T rus t ees o wn G D V sha r es, some h a v e r e c e n t l y inc r eased their holdings, and Sab a ’ s nominee o wns no G D V sha r es while Saba itself has been c o n tinuing t o sell its sta k e. S A B A S A Y S “G D V ’ s dis c ou n t has widened in r e c e n t y ears . ” F A CTS G D V ’ s dis c ou n t has nar r ow ed f r om 15.4% as o f De c ember 31, 2023, t o 10.1% as o f M a y 31, 2026. B y c o n trast, Sab a ’ s o wn funds, Saba Capital Inc ome & O pportunities F und (B R W) and Saba Capital Inc ome & O pportunities F und II ( S A B A) trade a t la r ger dis c ou n ts (10.5% and 11.4%, r espectiv e l y ) than G D V ’ s dis c ou n t, and h a v e widened during the same period, f r om 6 . 7% t o 10.5% and 9.2% t o 11.4%, r espectiv e l y . 4 TH E B O T T O M LINE R esults m a t t e r . G D V ’ s dis c ou n t has nar r ow ed significa n t l y , while the dis c ou n ts on Sab a ’ s o wn funds h a v e widened during the same period. S A B A S A Y S “ W e beli e v e G D V ’ s Wide Dis c ou n t is Due t o I ts E x c essiv e l y High F ees . ” F A CTS G D V ’ s e xpense r a tio is l ow er than th a t o f peers. P r o xy advisor Glass L e wis indicat ed th a t G D V ’ s t o tal e xpense r a tio is l ow er than th a t o f its peers, and ISS similar l y ackn o wledged th a t G D V has a l ow er e xpense r a tio than its peers. Saba compa r ed G D V t o an inadequ a t e peer g r oup th a t included f our passiv e l y - managed ind e x ET F s, with a dif f e r e n t business model th a t does n o t p r o vide the a c cumul a t ed, c ompounded kn o wledge th a t G D V ’ s port f olio managers h a v e. E x cluding these ET F s, the r emaining Saba - pic k ed peers h a v e a higher a v erage e xpense r a tio than G D V ’ s. TH E B O T T O M LINE When e v alua ting fund e xpenses, it is importan t t o compa r e similar i n v estme n t v ehicles. Independen t p r o xy advisors concluded th a t G D V ’ s e xpense r a tio is belo w peer a v erages, c o n trary t o Sab a ’ s claim th a t G D V ’ s f ees a r e “ e x c essiv e l y high . ”

Saba qu o t es f r om Sab a ’ s inv es t or p r ese n t a tion filed with the S EC on April 1 7 , 2026. 1 F or i n f orm a tion on G D V sha r e pu r chases b y the T rus t ees, see: G D V ’ s 2026 D e finiti v e P r o xy S t a t eme n t, filed with the Securities and E x change Commission (the “S E C”) on F orm DE F C14A on M a r ch 31, 2026, a v ailable a t: h ttps: / / ww w .sec.g o v / Ar chi v es / edga r / d a ta / 1260729 / 000182912626002941 / gabelli - dividend_d e f c14a.h tm. 2 Sab a ’ s D e finiti v e P r o xy S t a t eme n t, filed with the S EC on F orm DE F C14A on M a r ch 20, 2026, a v ailable a t: h ttps: / / ww w .sec.g o v / Ar chi v es/ edga r / d a ta / 1260729 / 000090266426001719/ p26 - 0826d e f c14a.h tm. 3 Sab a ’ s F orms Schedule 13 D / A filed with the S EC on J anuary 8, 2026 and J une 15, 2026. 4 h ttps: / / ww w . c e f c onnect . c om/ 5 See I n v estmen t Compa n y Institu t e/Independe n t Di r ec t ors Counsel 2023 Di r ec t ors Practic es S tudy — Boa r d Policies and Practic es a t 3.11 ( o f the 53 fund c ompl e x es r eporting tha t th e y h a v e closed - end funds, 39 (73.6%) r esponded tha t th e y h a v e stagge r ed boa r ds). 6 F or i n f orm a tion on mar k e t pu r chases o f the T rus t ees, see: G D V ’ s 2026 D e finiti v e P r o xy S t a t eme n t, filed with the S EC on F orm DE F C14A on M a r ch 31, 2026, a v ailable a t: h ttps: / / ww w .sec.g o v / Ar chi v es / edga r / d a ta/ 1260729 / 000182912626002941/ gabellidividend_d e f c14a.h tm. R e f e r en c es G D V V o t e . c om S A B A S A Y S “G D V H as a Higher V o ting Th r eshold f or Sha r eholder N ominees . ” “G D V ’ s Incumbe n t Boa r d has e f f ecti v e l y til t ed the pl a ying field in its fa v o r . ” F A CTS Sab a ’ s st a t eme n ts a r e misleading. Co nt es t ed elections r equi r e a majority o f outstanding sha r es t o be cast f or a nominee, f or th a t nominee t o be elec t ed. The Boa r d ’ s nominees a r e subject t o the same v o ting th r eshold as sha r eholder nominees. This v o ting standa r d serv es t o p r om o t e stability and r e flect the will o f the majority o f sha r eholders. TH E B O T T O M LINE Sha r eholders should h a v e c o n fidenc e th a t all Boa r d nominees c omp e t e under the same standa r d. In a c o n t es t ed election, Boa r d nominees and sha r eholder nominees a r e subject t o the same v o ting r equi r eme n ts and election standa r ds. S A B A S A Y S “The T rus t ee s ’ I n t e r ests Ar e N o t Aligned with Sha r eholders . ” “The T rus t ees, aside f r om Chairman and CIO M r . Gabelli, h a v e virtual l y no skin in the game . ” F A CTS T en G D V T rus t ees in addition t o M r . Gabelli o wn sha r es o f G D V , and some o f them h a v e been activ e l y pu r chasing sha r es in the mar k e t, i n v esting alongside long - t erm sha r eholders . 6 Saba st a t es th a t all Boa r d members other than M r . Gabelli o wn “less than 1% o f sha r es” t o critici z e boa r d member o wnership, but 1% ownership in G D V ’ s c ommon sha r es is w orth r ough l y $28 million. TH E B O T T O M LINE Sha r eholders o f t en look t o wh ether trus t ees i n v est alongside them. M ost G D V T rus t ees o wn sha r es o f the F und, and some h a v e c o n tinued t o pu r chase sha r es in the mar k e t, aligning their in t e r ests with those o f long - t erm sha r eholders. S A B A S A Y S “G D V ’ s P r e f er r ed Sha r eholders ( GAM C O ) E f f ecti v e l y Co n t r ol the Election o f the Boa r d in a P r o xy Co nt est . ” “ E v en though c ommon sha r eholders o wn ~ 7 5% o f G D V , th e y cann o t e x clusiv e l y elect a n y portion o f the Boa r d . ” F A CTS Sab a ’ s st a t eme n ts a r e inac cura t e and misleading. T o elect the T rus t ees subject t o the c o n t es t ed elections, c ommon and p r e f er r ed sha r eholders v o t e t og e ther as a sing l e class , n o t as separa t e classes whe r e each r equi r es its o wn majority v o t e, as Sab a ’ s st a t eme n ts imp l y . Common sha r eholders v o t e in p r oportion t o the t o tal sha r es outstanding o f the F und. The GAM C O p r e f er r ed sha r es r e flect app r o xim a t e l y 14% o f outstanding sha r es. This amou n t is n o t sufficien t t o r each the majority o f the outstanding sha r es th r eshold. TH E B O T T O M LINE Election ou t c omes a r e d e t ermined b y sha r eholder participa tion, n o t b y a single sha r eholder or class o f sha r es. While Saba suggests th a t GAM C O ’ s p r e f er r ed sha r es c o n t r ol the election, those sha r es r ep r ese n t on l y a minority o f the F un d ’ s outstanding v o ting p o w er and cann o t elect the c o n t es t ed T rus t ees on their o wn. S A B A S A Y S “G D V ’ s S tagge r ed T rus t ee T erms Shield the Boa r d f r om A cc ou n tability t o Sha r eholders . ” “The annual election o f all trus t ees, a t one time, en c ourages boa r d a cc ou n tability t o sha r eholders, which, in turn, boosts a fun d ’ s per f orman c e . ” “G D V is an outlier: app r o xim a t e l y 88% o f the S&P 500 and 73% o f the S&P 1500 hold annual boa r d elections . ” F A CTS The S&P 500 and S&P 1500 a r e indic es o f oper a ting c ompanies, n o t closed - end funds. A majority o f closed - end funds h a v e stagge r ed boa r ds, designed t o mai n tain the stability needed f or c onsis t e n t long - t erm o v ersig h t and per f orman c e . 5 All o f G D V ’ s T rus t ees serv e th r ee - y ear t erms, a f t er which th e y m a y be r enomin a t ed b y the N omin a ting Commit t ee, and stand f or r e - election. TH E B O T T O M LINE The question is n o t wh ether trus t ees a r e a cc ou n table, but h o w th a t a cc ou n tability is balanc ed with long - t erm stabilit y . Li k e ma n y closed - end funds, G D V uses stagge r ed t erms, y e t e v ery T rus t ee must still be r enomin a t ed and stand f or r e - election a t the end o f their t erm.

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