Dividend and Income Fund, Inc. announced shareholders approved an Agreement and Plan of Reorganization, pursuant to which the Fund will be reorganized from a Maryland corporation into a newly formed Delaware statutory trust named 'Dividend and Income Fund'. Shareholders need not take any further action in connection with the Reorganization. Immediately after the Reorganization, shareholders of the Fund will own shares of the Trust that are equal in number and in value to the shares of the Fund they held immediately prior to the Reorganization. The Trust will not issue certificates representing the Trust shares issued in the Reorganization. The investment objective, strategies, policies, and restrictions of the Trust will be identical to those of the Fund in effect immediately prior to the Reorganization. The Trust will enter into a new investment advisory agreement with the Fund's current investment manager, Bexil Advisers LLC (Bexil), that is substantially identical to the agreement currently in place with respect to the Fund. Specifically, the investment advisory fee rate for the Trust will be the same as that currently in effect for the Fund. It is expected that the Reorganization will be completed as soon as possible, subject to all regulatory requirements and customary closing conditions being satisfied.