Company: GDV-PK
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001829126-25-007141
Chunk: 3

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 3
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 whopping 19%. Long-term interest rates, as measured by the 10-year U.S. Treasury Note, stayed about flat during the quarter, at 4.2%. During the second quarter, the Fed did not lower interest rates, instead keeping rates steady at approximately 4.5%. We expect the Fed to continue to lower rates this year, but at a slower and gradual pace. Although inflation has been coming down, the tariff situation makes predicting inflation over the next year very difficult.

Top contributors to the portfolio for the first half of 2025 included JPMorgan Chase & Co. (2.4% of total investments as of June 30, 2025), Philip Morris International Inc. (1.3%), and GE Aerospace (1.0%).

Detractors from performance included Herc Holdings, Inc. (0.6%), Apple Inc. (0.7%), and Campbell’s Company (0.4%).

Thank you for your investment in The Gabelli Dividend & Income Trust.

We appreciate your confidence and trust.

| The views expressed reflect the opinions of the Fund’s portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |

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Comparative Results

Average Annual Returns through June 30, 2025 (a) (Unaudited)

|                                           |     | Six    
 Months |       |   |     | 1 Year |       |   |     | 5 Year |       |   |     | 10 Year |       |   |     | 15 Year |       |   |     | 20 Year |       |   |     | Since      
 Inception  
 (11/28/03) |       |   |
| The Gabelli Dividend & Income Trust (GDV) |     |        |       |   |     |        |       |   |     |        |       |   |     |         |       |   |     |         |       |   |     |         |       |   |     |            |       |   |
| NAV Total Return (b)                      |     |        |  8.95 | % |     |        | 15.40 | % |     |        | 13.46 | % |     |