Company: GDV-PK
Filing Date: 2025-03-10
Form Type: N-CSR
Source: 0001829126-25-001652
Chunk: 1

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-03-10
Form: N-CSR
Chunk 1
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 December 31, 2024, the net asset value (NAV) total return of The Gabelli Dividend & Income Trust (the Fund) was 13.4%, compared with a total return of 25.0% for the Standard & Poor’s (S&P) 500 Index. The total return for the Fund’s publicly traded shares was 18.1%. The Fund’s NAV per share was $27.65, while the price of the publicly traded shares closed at $24.15 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 December 31, 2024.

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)

The U.S. stock market had another very impressive first quarter in 2024, up about 10% on a total return basis; this was after a double-digit gain in the fourth quarter of last year. The labor market remained strong, and the U.S. consumer remained healthy. Inflation, however, did not come down as far as most people had hoped. The Fed has repeatedly stated its intention to bring inflation down to 2%, but we are still not there yet. For the last few quarters, the Fed has kept the Fed Funds target rate at 5.5%.

The Federal Reserve kept short-term interest rates steady during the second quarter. Inflation is still above the Fed’s target rate of 2%, but we did have encouraging signs that the inflation rate was coming down. Long-term interest rates did not move materially in the quarter. The stock market was up again in the second quarter, approximately 4% on a total return basis. Growth stocks once again easily outperformed value stocks, a phenomenon that has been in place for well over a decade now. In the second quarter, value stocks, as measured by the S&P/Citigroup Value Index, were down about 2%.

| As                                                                                                                                    
 permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual          
 shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports