Company: GDV-PK
Filing Date: 2025-03-10
Form Type: N-CSR
Source: 0001829126-25-001652
Chunk: 60

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-03-10
Form: N-CSR
Chunk 60
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| ● | because                                                                                                                     
 of these and other reasons, a government sponsored mortgage-backed security’s total return and maturity may be difficult to 
 predict; and                                                                                                                |

| ● | to                                                                                                                                 
 the extent that the Fund purchases government sponsored mortgage-backed securities at a premium, prepayments may result in loss of 
 the Fund’s principal investment to the extent of premium paid.                                                                     |

Non-Investment Grade Securities.The Fund may invest in below investment-grade securities, also known as high-yield securities or “junk” bonds. These securities, which may be preferred stock or debt, are predominantly speculative and involve major risk exposure to adverse conditions. Securities that are rated lower than “BBB” by S&P or lower than “Baa” by Moody’s (or unrated securities considered by the Investment Adviser to be of comparable quality) are referred to in the financial press as “junk bonds” or “high yield” securities and generally pay a premium above the yields of U.S. government securities or securities of investment grade issuers because they are subject to greater risks than these securities. These risks, which reflect their speculative character, include the following:

| ● | greater     
 volatility; |

| ● | greater                          
 credit risk and risk of default; |

| ● | potentially                                                     
 greater sensitivity to general economic or industry conditions; |

| ● | potential                                                  
 lack of attractive resale opportunities (illiquidity); and |

| ● | additional                                          
 expenses to seek recovery from issuers who default. |

In addition, the prices of these non-investment grade securities are more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn, than are the prices of higher grade securities. Non-investment grade securities tend to be less liquid than investment grade securities. The market value of non-investment grade securities may be more volatile than the market value of investment grade securities and generally tends to reflect the market’s perception of the creditworthiness of the issuer and short-term market developments to a greater extent than investment grade securities, which primarily reflect fluctuations in general levels of interest rates.

Ratings are relative and subjective and not absolute standards of quality. Securities ratings are based largely on the issuer’s historical financial condition and the rating agencies’ analysis at the time of rating. Consequently, the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition.

As a part of its investments in non-investment grade securities, the Fund may invest in the securities of issuers in default.