Company: GDV-PK
Filing Date: 2025-03-10
Form Type: N-CSR
Source: 0001829126-25-001652
Chunk: 3

Company: GABELLI DIVIDEND & INCOME TRUST
Filing Date: 2025-03-10
Form: N-CSR
Chunk 3
---
 during the quarter, from 3.8% to 4.6%. During the third quarter of 2024, the Federal Reserve finally began the process of lowering short term rates. During the fourth quarter, the Fed continued to lower rates by 50 basis points, bringing rates down to 4.5%. We expect the Fed will continue to lower rates this year but at a slower and more gradual pace. Inflation has come down considerably and is now running around 3% annually, relatively close to the Fed’s long-term inflation target of 2%.

Of the eleven sectors that make up the S&P 500 Index, most were down in the fourth quarter, with only four positive sectors. The best performing sector in the quarter was Discretionary, which was up 14%, followed by Communication Services, up 9%. The worst performing sector was Materials, down approximately 12%, and Health Care, down approximately 10%. One of the best performing stocks in (y)our portfolio was JPMorgan (2.3% of total investments as of December 31, 2024), the global banking giant. Other financials that performed well included Wells Fargo (1.3%), American Express (2.5%), and Morgan Stanley (0.8%). Herc Holdings (0.7%), the equipment rental company, also saw strong performance. One main detractor to performance in the quarter was Genuine Parts (1.0%), an automotive parts company. Other top detractors were Eli Lily (1.2%), the health care company, Mondelēz (0.7%), the snacking company, and Newmont Mining (0.3%), all of which were down double digits in the quarter.

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.                                                  |

<div align='center'>2</div>

Comparative Results

Average Annual Returns through December 31, 2024 (a) (Unaudited)

|                                       |     | 1    
 Year |        |   |     | 5    
 Year |        |   |     | 10   
 Year |        |