On May 11, 2020, Dividend and Income Fund filed a definitive proxy statement and urged the shareholders to vote for the Company’s slate of nominees. The Company also stated that Bulldog Investors, LLC has indicated its intent to support an invalid nomination of an individual to the Board and 2 matters of other business. With respect to the invalid nomination, the Company stated that the nomination failed to comply with the Company’s Bylaws and, after careful consideration, the Board determined that this nomination is invalid. With respect to Bulldog’s proposals of other business, the Company stated that Bulldog never even attempted to comply with the Company’s Bylaws, showing a clear disregard for state law and corporate governance. Accordingly, the Board determined that such proposals of other business are also invalid and as a result, votes for these invalid proposals will not be counted at the meeting.