Company: GDV-PK
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001829126-25-007141
Chunk: 2

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 2
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10-year U.S. Treasury note, decreased by about 40 basis points during the quarter, from 4.6% to 4.2%. During the first quarter, the Fed did not continue its path of lowering interest rates but instead kept rates steady at 4.5%. We expect the Fed to continue to lower rates this year, but at a slower and more gradual pace. Although inflation has been coming down, the tariff situation makes predicting inflation over the next year very difficult.

| 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 will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com. |

In the second quarter of 2025, President Trump tried to implement many of his economic campaign promises. On the tariff front, April 2 was “Liberation Day”, when new tariff policies were spelled out for our trading partners. The terms of the tariff policies and the dates for when they might begin keep changing, but President Trump is slowly getting various countries to sign new trading deals that incorporate higher tariffs for imported goods. On the campaign promises of taxes and spending, there was a big push by the administration to get a budget deal passed and signed by July 4th. The so-called “Big, Beautiful Bill” was, in fact, passed and signed on July 4. Many of the tax cuts from the first Trump administration were extended and made permanent in the bill, while spending levels in some areas were cut back. Unfortunately, the budget deficit under the new bill did not improve, at least in the short term. In the second quarter, the total return of the S&P 500 was up about 11%, with value stocks, as measured by the S&P/Citigroup Value Index, up only 3%, while growth stocks, as measured by the S&P/Citigroup Growth Index, were up a