July 24, 2023: Dividend and Income Fund Releases Updated Fact Sheet

Top ten security holdings and industries are shown as a percent of net assets for informational purposes only as an approximate percentage of net assets and are subject to change. Industry classifications are based on Standard Industrial Classification codes. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain in or out of the Fund.

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Average Annual Total Returns as of June 30, 2023 (%)(a)(b)

1. Returns represent past performance and do not guarantee future results. The investment retuand principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented.
   Total returns are presented before taxes and reflect reinvestment of all distributions at reinvestment price. The S&P 500 Index is an unmanaged indicator of stock market performance. For performance data current to the most recent month end, please call us toll-free at 855-411-6432.

Per Share Distributions

Shareholders should not draw any conclusions about the Fund's investment performance from the amount of theseShareholdersdistributionsshould. Thenotamountsdraw anyandconclusionssources ofaboutdistributionsthe Fund'sare notinvestmentbeing providedperformancetaxfromeportingthe amountpurposes

andof theseare subjectdistributionsto adjustment. The amounts. and sources of distributions are not being provided for tax reporting purposes and may be subject to adjustment.

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Cautionary Note Regarding Forward Looking Statements. Certain information presented in this communication may contain "forward looking statements" within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward looking statements include, but are not limited to, statements concerning the Fund's plans, objectives, goals, strategies, distributions and their amounts and timing, distribution declarations, future events, future performance, prospects of its portfolio holdings, or intentions, and other information that is not historical information. Generally, forward looking statements can be identified by terminology such as "believes," "expects," "estimates," "may," "will," "should," "anticipates," "projects," "plans," or "intends," or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward looking statements by the Fund involve known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Fund, which may cause the Fund's actual results to be materially different from those expressed or implied by such statements. These risks include, but are not limited to, equity securities risk, corporate bonds risk, credit risk, interest rate risk, leverage and borrowing risk, additional risks of certain securities in which the Fund invests, market discount from NAV, distribution policy risk, management risk, and other risks discussed in the Fund's filings with the SEC. All such subsequent forward looking statements, whether written or oral, by the Fund or on its behalf, are also expressly qualified by these cautionary statements. Investors should carefully consider the risks, uncertainties, and other factors, together with all of the other information included in the Fund's filings with the SEC, and similar information. The Fund may also make additional forward looking statements from time to time. All forward looking statements apply only as of the date made. The Fund undertakes no obligation to publicly update or revise forward looking statements, whether as a result of new information, future events, or otherwise. Thus you should not place undue reliance on forward looking statements.

*As of June 30, 2023, the Fund received a 5 star Morningstar Rating for the 3 and 10 year periods, and overall, and a 4 star Morningstar Rating for the 5 year period. Neither the Fund nor the Adviser provided any compensation directly or indirectly in connection with obtaining or using the third party rating. The Morningstar Ratings are subject to change without notice and can be viewed at https://www.morningstar.com/cefs/pinx/dnif/quote. A purely quantitative, backward-looking measure of a fund's past performance, measured from one to five stars, a Morningstar Rating is viewed by Morningstar as helpful to investors in assessing a fund's track record relative to its peers and intended for use as the first step in the fund evaluation process. Past performance is no guarantee of future results. Investors should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. The Fund's investment policies, management fees, and other matters of interest to prospective investors may be found in its filings with the Securities Exchange Commission ("SEC"), including its annual and semi-annual reports. To obtain a copy of the reports, please call us toll free at 855-411-6432 or download them at https://dividendandincomefund.com/literature/. Please read the reports carefully before investing.

The Morningstar Rating is provided by Morningstar, Inc. Although the Fund believes the data gathered from these third party sources is reliable, it does not review such information and cannot warrant it to be accurate, complete or timely. The Fund is not responsible for any damages or losses arising from any use of this third party informa- tion.

The Morningstar Rating for funds, or "star rating", is calculated for funds with at least a three year history. (Ex- change-traded funds and open-end mutual funds are considered a single population for comparative purposes.) It is calculated based on a Morningstar Risk Adjusted Retumeasure that accounts for variation in a fund's monthly excess performance (excluding the effect of sales charges, if any), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

Contact for Media Inquiries: Toll free: 1-855-411-6432[email protected]www.DividendandIncomeFund.com

This Fact Sheet is for informational purposes only.

This is not a prospectus intended forinformationaluse the purchase or sale of Fund shares.

This Fact Sheet is forpurposes only.

NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED

This is not a prospectus intended for use in the purchase or sale of Fund shares.

NOT FDIC INSURED I MAY LOSE VALUE I NOT BANK GUARANTEED

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