Company: GDV-PK
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001829126-25-007141
Chunk: 1

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 1
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 2025</div>

To Our Shareholders,

For the six months ended June 30, 2025, the net asset value (NAV) total return of The Gabelli Dividend & Income Trust (the Fund) was 8.9%, compared with a total return of 6.2% for the Standard & Poor’s (S&P) 500 Index. The total return for the Fund’s publicly traded shares was 11.4%. The Fund’s NAV per share was $29.23, while the price of the publicly traded shares closed at $26.01 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

Investment Objective (Unaudited)

The Fund is a diversified, closed-end management investment company. The Fund’s investment objective is to seek a high level of total return with an emphasis on dividends and income. In making stock selections, the Fund’s investment adviser looks for securities that have a superior yield and capital gains potential.

Performance Discussion (Unaudited)

In the first quarter of 2025, a new President was sworn into office. President Trump ran a campaign on immigration reform, tax cuts, less regulation, smaller government, and higher tariffs. The stock market generally applauded the pro-business, pro-growth agenda leading up to the inauguration and during the first few weeks of the new administration. On the immigration front, illegal immigration has basically stopped, but there is not yet a plan for how to reform the overall immigration system. Tax cuts are still being debated in Congress, and smaller government is a slow process. The issue of tariffs, however, has been a major concern for the stock market. Without a clear guideline for what tariffs would be, President Trump declared April 2, 2025, as “Liberation Day” and the day he would outline a tariff proposal. The tariffs he outlined on April 2 were far higher than what the market was expecting. The stock market quickly turned down in the first few days of April, and the uncertainty around tariffs caused major swings in stock market prices. The total return of the S&P 500 was down about 4%, with value stocks, as measured by the S&P/Citigroup Value Index, about flat, and growth stocks, as measured by the S&P/Citigroup Growth Index, which was down by over 8%. Long-term interest rates, as measured by the