# EDGAR Filing Document

**Accession Number:** 0001260729
**File Stem:** 0001829126-25-007141
**Filing Date:** 2025-9
**Character Count:** 155492
**Document Hash:** 3518c3c7754518f9626de45f6d2cd15a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-007141.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001829126-25-007141

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GABELLI DIVIDEND & INCOME TRUST
- **CENTRAL INDEX KEY:** 0001260729

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21423
- **FILM NUMBER:** 251292587

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** (914) 921-5070

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-21423</u>

**The Gabelli Dividend & Income Trust**

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-800-422-3554</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>June 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). <br>The Report to Shareholders is attached herewith.

2025-06-30

**The Gabelli Dividend & Income Trust**

**Semiannual Report — June 30, 2025**

**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 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 whopping 19%. Long-term interest rates, as measured by the 10-year U.S. Treasury Note, stayed about flat during the quarter, at 4.2%. During the second quarter, the Fed did not lower interest rates, instead keeping rates steady at approximately 4.5%. We expect the Fed to continue to lower rates this year, but at a slower and gradual pace. Although inflation has been coming down, the tariff situation makes predicting inflation over the next year very difficult.

Top contributors to the portfolio for the first half of 2025 included JPMorgan Chase & Co. (2.4% of total investments as of June 30, 2025), Philip Morris International Inc. (1.3%), and GE Aerospace (1.0%).

Detractors from performance included Herc Holdings, Inc. (0.6%), Apple Inc. (0.7%), and Campbell's Company (0.4%).

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.

**Comparative Results**

**<u>Average Annual Returns through June 30, 2025 (a) (Unaudited)</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six** **<br> Months** | **1 Year** | **5 Year** | **10 Year** | **15 Year** | **20 Year** | **Since<br> Inception<br> (11/28/03)** |
| **The Gabelli Dividend & Income Trust (GDV)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**NAV Total Return (b)** | 8.95% | 15.40% | 13.46% | 8.33% | 11.30% | 8.19% | 8.37% |
| &nbsp;&nbsp;&nbsp;**Investment Total Return (c)** | 11.44 | 21.76 | 14.99 | 8.96 | 12.32 | 8.92 | 8.35 |
| S&P 500 Index | 6.20 | 15.16 | 16.64 | 13.65 | 14.86 | 10.73 | 10.65 |
| Dow Jones Industrial Average | 4.55 | 14.72 | 13.51 | 12.05 | 13.16 | 10.16 | 9.80 |

---

(a) Performance returns for periods of less than one year are not annualized. Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund's use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli. com for performance information as of the most recent month end. The S&P 500 Index is an unmanaged indicator of stock market performance. The Dow Jones Industrial Average is an unmanaged index of 30 large capitalization stocks. Dividends are considered reinvested. You cannot invest directly in an index.

(b) Total returns and average annual returns reflect changes in the NAV per share and reinvestment of distributions at NAV on the ex-dividend date and adjustment for the spin-off and are net of expenses. Since inception return is based on an initial NAV of $19.06.

(c) Total returns and average annual returns reflect changes in closing market values on the NYSE, reinvestment of distributions, and adjustment for the spin-off. Since inception return is based on an initial offering price of $20.00.

**Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.**

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of total investments as of June 30, 2025:

**The Gabelli Dividend & Income Trust**

---

| | |
|:---|:---|
| Financial Services | 18.8% |
| Health Care | 8.3% |
| U.S. Government Obligations | 7.3% |
| Computer Software and Services | 6.5% |
| Food and Beverage | 6.1% |
| Diversified Industrial | 5.0% |
| Business Services | 3.5% |
| Energy and Utilities: Oil | 3.1% |
| Aerospace | 3.0% |
| Retail | 2.9% |
| Entertainment | 2.8% |
| Electronics | 2.8% |
| Environmental Services | 2.6% |
| Machinery | 2.6% |
| Telecommunications | 2.4% |
| Consumer Products | 2.2% |
| Semiconductors | 2.2% |
| Automotive: Parts and Accessories | 2.0% |
| Equipment and Supplies | 1.9% |
| Building and Construction | 1.8% |
| Energy and Utilities: Natural Gas | 1.3% |
| Energy and Utilities: Integrated | 1.3% |
| Metals and Mining | 1.2% |

---

---

| | | |
|:---|:---|:---|
| Transportation | 0.9 | % |
| Specialty Chemicals | 0.9 | % |
| Computer Hardware | 0.8 | % |
| Energy and Utilities | 0.7 | % |
| Energy and Utilities: Services | 0.7 | % |
| Cable and Satellite | 0.7 | % |
| Automotive | 0.7 | % |
| Real Estate Investment Trust | 0.6 | % |
| Communications Equipment | 0.6 | % |
| Hotels and Gaming | 0.4 | % |
| Broadcasting | 0.4 | % |
| Energy and Utilities: Electric | 0.3 | % |
| Energy and Utilities: Water | 0.3 | % |
| Consumer Services | 0.2 | % |
| Wireless Communications | 0.2 | % |
| Publishing | 0.0 | %\* |
| Real Estate | 0.0 | %\* |
| Paper and Forest Products | 0.0 | %\* |
| Industrials | 0.0 | %\* |
| Closed-End Funds | 0.0 | %\* |
|  | 100.0 | % |

---

\* Amount represents less than 0.05%.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund's Form N-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

**Proxy Voting**

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at www.sec.gov.

**The Gabelli Dividend & Income Trust**

**Schedule of Investments — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** **<br> Value** |
|  | **COMMON STOCKS — 91.1%** |  |  |
|  | **Aerospace — 3.0%** |  |  |
| 1000 | Airbus SE | $145622 | $208803 |
| 7370 | Allient Inc. | 262074 | 267605 |
| 10000 | Astronics Corp.† | 153467 | 334800 |
| 10000 | Avio SpA | 164576 | 278585 |
| 1950 | BAE Systems plc, ADR | 100366 | 204886 |
| 4000 | Ducommun Inc.† | 247973 | 330520 |
| 2000 | Elbit Systems Ltd. | 395562 | 899000 |
| 1000 | Embraer SA, ADR | 26040 | 56910 |
| 5000 | General Dynamics Corp. | 1454884 | 1458300 |
| 11000 | HEICO Corp. | 993446 | 3608000 |
| 37000 | Hexcel Corp. | 2348439 | 2090130 |
| 89000 | Howmet Aerospace Inc. | 3959987 | 16565570 |
| 5000 | Innovative Solutions and Support Inc.† | 57450 | 69400 |
| 700 | Karman Holdings Inc.† | 15400 | 35259 |
| 75650 | L3Harris Technologies Inc. | 10641573 | 18976046 |
| 10000 | Leidos Holdings Inc. | 1538881 | 1577600 |
| 5500 | Lockheed Martin Corp. | 2911926 | 2547270 |
| 2325 | Mercury Systems Inc.† | 98064 | 125225 |
| 3213 | Northrop Grumman Corp. | 1652422 | 1606436 |
| 10000 | Park Aerospace Corp. | 135958 | 147700 |
| 1190000 | Rolls-Royce Holdings plc | 2694157 | 15805296 |
| 36000 | RTX Corp. | 3508821 | 5256720 |
| 56800 | Spirit AeroSystems Holdings Inc., Cl. A† | 1933663 | 2166920 |
| 900 | Thales SA | 137854 | 264615 |
| 69200 | The Boeing Co.† | 11209664 | 14499476 |
| 10000 | Woodward Inc. | 1495432 | 2450900 |
|  |  | 48283701 | 91831972 |
|  | **Automotive — 0.7%** |  |  |
| 15000 | Daimler Truck Holding AG | 440480 | 709774 |
| 25000 | Ford Motor Co. | 309175 | 271250 |
| 7500 | General Motors Co. | 289027 | 369075 |
| 344000 | Iveco Group NV | 2025363 | 6767087 |
| 104700 | PACCAR Inc. | 3572713 | 9952782 |
| 100000 | Piaggio & C SpA | 276991 | 221454 |
| 49500 | Traton SE | 974515 | 1604651 |
|  |  | 7888264 | 19896073 |
|  | **Automotive: Parts and Accessories — 2.0%** |  |  |
| 24000 | Aptiv plc† | 1506951 | 1637280 |
| 15000 | Atmus Filtration Technologies Inc. | 429976 | 546300 |
| 260432 | Dana Inc. | 4184392 | 4466409 |
| 250000 | Dowlais Group plc | 242653 | 228546 |
| 329002 | Garrett Motion Inc. | 2034104 | 3457811 |
| 183300 | Genuine Parts Co. | 15787920 | 22236123 |
| 4500 | Lear Corp. | 529568 | 427410 |
| 30500 | Modine Manufacturing Co.† | 1814371 | 3004250 |
| 67000 | Monro Inc. | 1776211 | 998970 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** **<br> Value** |
| 268500 | O'Reilly Automotive Inc.† | $7907228 | $24199905 |
| 15000 | Phinia Inc. | 607633 | 667350 |
|  |  | 36821007 | 61870354 |
|  | **Broadcasting — 0.3%** |  |  |
| 427100 | Canal+ SA | 2024446 | 1335498 |
| 187500 | Grupo Televisa SAB, ADR | 482169 | 410625 |
| 30000 | Liberty Broadband Corp., Cl. C† | 2157768 | 2951400 |
| 152654 | Sinclair Inc. | 3459052 | 2109678 |
| 60000 | Sirius XM Holdings Inc. | 1537587 | 1378200 |
| 35000 | TEGNA Inc. | 529985 | 586600 |
|  |  | 10191007 | 8772001 |
|  | **Building and Construction — 1.8%** |  |  |
| 11000 | Amrize Ltd.† | 606676 | 548718 |
| 3500 | Amrize Ltd.† | 187331 | 173425 |
| 5000 | Arcosa Inc. | 397430 | 433550 |
| 13000 | Builders FirstSource Inc.† | 2098796 | 1516970 |
| 102000 | Carrier Global Corp. | 5065665 | 7465380 |
| 1500 | Cie de Saint-Gobain SA | 121618 | 176056 |
| 2300 | CRH plc. | 226782 | 211140 |
| 7500 | D.R. Horton Inc. | 1038054 | 966900 |
| 27200 | Fortune Brands Innovations Inc. | 949376 | 1400256 |
| 130600 | Herc Holdings Inc. | 8861057 | 17198714 |
| 11000 | Holcim AG | 665761 | 816561 |
| 5000 | IES Holdings Inc.† | 871652 | 1481150 |
| 134000 | Johnson Controls International plc | 5982764 | 14153080 |
| 17500 | Masterbrand Inc.† | 102927 | 191275 |
| 11000 | Sika AG | 1412766 | 2986199 |
| 8325 | United Rentals Inc. | 3094311 | 6272055 |
|  |  | 31682966 | 55991429 |
|  | **Business Services — 3.5%** |  |  |
| 3000 | Fidelity National Information Services Inc. | 225685 | 244230 |
| 932100 | Havas NV | 2019217 | 1600836 |
| 4500 | ITOCHU Corp. | 194595 | 236117 |
| 16000 | Jardine Matheson Holdings Ltd. | 911980 | 768960 |
| 80000 | JCDecaux SE | 1725812 | 1460658 |
| 7000 | Loomis AB | 182901 | 294179 |
| 12000 | Marubeni Corp. | 208337 | 242742 |
| 136300 | Mastercard Inc., Cl. A | 11056436 | 76592422 |
| 11000 | Mitsubishi Corp. | 244288 | 220603 |
| 10500 | Mitsui & Co. Ltd. | 236841 | 214878 |
| 40000 | Paysafe Ltd.† | 778714 | 504800 |
| 74500 | Rentokil Initial plc, ADR | 2204990 | 1788000 |
| 13000 | RXO Inc.† | 305894 | 204360 |
| 30503 | Steel Partners Holdings LP† | 318362 | 1206394 |
| 10000 | Sumitomo Corp. | 238849 | 258949 |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** **<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Business Services (Continued)** |  |  |
| 21000 | U-Haul Holding Co.† | $1527297 | $1271760 |
| 71000 | UL Solutions Inc., Cl. A | 2960404 | 5173060 |
| 51500 | Vestis Corp. | 839723 | 295095 |
| 37600 | Visa Inc., Cl. A | 5990575 | 13349880 |
|  |  | 32170900 | 105927923 |
|  | **Cable and Satellite — 0.7%** |  |  |
| 15000 | Cogeco Inc. | 296908 | 740554 |
| 370000 | Comcast Corp., Cl. A | 15285020 | 13205300 |
| 76500 | EchoStar Corp., Cl. A† | 1888072 | 2119050 |
| 22000 | Liberty Latin America Ltd., Cl. A† | 164046 | 134200 |
| 120000 | Liberty Latin America Ltd., Cl. C† | 979102 | 746400 |
| 154500 | Rogers Communications Inc., Cl. B | 4397894 | 4582470 |
|  |  | 23011042 | 21527974 |
|  | **Communications Equipment — 0.6%** |  |  |
| 96000 | Arista Networks Inc.† | 3647813 | 9821760 |
| 106000 | Corning Inc. | 2259210 | 5574540 |
| 7500 | QUALCOMM Inc. | 982475 | 1194450 |
| 63000 | Telesat Corp.† | 1649285 | 1539720 |
|  |  | 8538783 | 18130470 |
|  | **Computer Hardware — 0.8%** |  |  |
| 105300 | Apple Inc. | 6302946 | 21604401 |
| 10000 | Dell Technologies Inc., Cl. C | 395440 | 1226000 |
| 5000 | HP Inc. | 138100 | 122300 |
| 17500 | Micron Technology Inc. | 972900 | 2156875 |
|  |  | 7809386 | 25109576 |
|  | **Computer Software and Services — 6.5%** |  |  |
| 30000 | 3D Systems Corp.† | 152485 | 46200 |
| 1000 | Akamai Technologies Inc.† | 78920 | 79760 |
| 1000 | Alibaba Group Holding Ltd., ADR | 216505 | 113410 |
| 27000 | Alphabet Inc., Cl. A | 1497476 | 4758210 |
| 160900 | Alphabet Inc., Cl. C | 10334495 | 28542051 |
| 110600 | Amazon.com Inc.† | 9710574 | 24264534 |
| 8520 | Backblaze Inc., Cl. A† | 89773 | 46860 |
| 1250 | Capgemini SE | 195334 | 213577 |
| 4000 | Check Point Software Technologies Ltd.† | 454950 | 885000 |
| 23000 | Cisco Systems Inc. | 963885 | 1595740 |
| 12800 | CrowdStrike Holdings Inc., Cl. A† | 1784379 | 6519168 |
| 7530 | Edgio Inc.† | 345466 | 2 |
| 5000 | Fastly Inc., Cl. A† | 42275 | 35300 |
| 8000 | Fiserv Inc.† | 1141965 | 1379280 |
| 2031 | Fortinet Inc.† | 109862 | 214717 |
| 2500 | Gen Digital Inc. | 57350 | 73500 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** **<br> Value** |
| 533589 | Hewlett Packard Enterprise Co. | $7675233 | $10911895 |
| 4790 | Intuit Inc. | 2008721 | 3772748 |
| 41100 | Kyndryl Holdings Inc.† | 631000 | 1724556 |
| 30750 | Meta Platforms Inc., Cl. A | 8793753 | 22696267 |
| 108500 | Microsoft Corp. | 9470726 | 53968985 |
| 9386 | MKS Inc. | 825946 | 932593 |
| 81000 | N-able Inc.† | 1070826 | 656100 |
| 42700 | Oracle Corp. | 7328648 | 9335501 |
| 22000 | Palantir Technologies Inc., Cl. A† | 951894 | 2999040 |
| 41400 | Rockwell Automation Inc. | 1380622 | 13751838 |
| 1000 | Rubrik Inc., Cl. A† | 32000 | 89590 |
| 4500 | SAP SE, ADR | 580385 | 1368450 |
| 7400 | ServiceNow Inc.† | 2317302 | 7607792 |
| 32000 | Stratasys Ltd.† | 351251 | 367040 |
| 19757 | Vimeo Inc.† | 77744 | 79818 |
|  |  | 70671745 | 199029522 |
|  | **Consumer Products — 2.2%** |  |  |
| 30000 | Church & Dwight Co. Inc. | 1199580 | 2883300 |
| 198000 | Edgewell Personal Care Co. | 6175866 | 4635180 |
| 33000 | Energizer Holdings Inc. | 1195446 | 665280 |
| 95000 | Hanesbrands Inc.† | 452141 | 435100 |
| 3995 | Nintendo Co. Ltd., ADR | 40182 | 95960 |
| 223000 | Philip Morris International Inc. | 21050736 | 40614990 |
| 94670 | Spectrum Brands Holdings Inc. | 7967149 | 5017510 |
| 22500 | The Estee Lauder Companies Inc., Cl. A | 1616107 | 1818000 |
| 67100 | The Procter & Gamble Co., CDI | 3929557 | 10690372 |
| 16000 | The Scotts Miracle-Gro Co. | 849623 | 1055360 |
|  |  | 44476387 | 67911052 |
|  | **Consumer Services — 0.2%** |  |  |
| 86530 | Arlo Technologies Inc.† | 418163 | 1467549 |
| 14500 | Ashtead Group plc | 481359 | 929291 |
| 15000 | Avis Budget Group Inc.† | 1667627 | 2535750 |
| 7000 | Travel + Leisure Co. | 238201 | 361270 |
| 14000 | Uber Technologies Inc.† | 1002965 | 1306200 |
|  |  | 3808315 | 6600060 |
|  | **Diversified Industrial — 5.0%** |  |  |
| 500 | Agilent Technologies Inc. | 57296 | 59005 |
| 19117 | Albany International Corp., Cl. A | 1629630 | 1340675 |
| 10555 | American Outdoor Brands Inc.† | 115635 | 110300 |
| 240000 | Ampco-Pittsburgh Corp.† | 605811 | 710400 |
| 37000 | Ardagh Group SA† | 149980 | 225330 |
| 10845 | AZZ Inc. | 415635 | 1024635 |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** **<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Diversified Industrial (Continued)** |  |  |
| 2000 | Belden Inc. | $218601 | $231600 |
| 95000 | Bouygues SA | 3295487 | 4297162 |
| 10000 | Cadre Holdings Inc. | 349774 | 318500 |
| 10000 | Carpenter Technology Corp. | 1567724 | 2763800 |
| 27500 | CompoSecure Inc., Cl. A† | 357016 | 387475 |
| 14800 | Crane Co. | 1822720 | 2810372 |
| 1000 | Crane NXT Co. | 33194 | 53900 |
| 36900 | Eaton Corp. plc | 5052950 | 13172931 |
| 116000 | General Electric Co. | 15311571 | 29857240 |
| 3500 | Graham Corp.† | 49878 | 173285 |
| 6000 | Greif Inc., Cl. A | 339744 | 389940 |
| 100000 | Griffon Corp. | 1789441 | 7237000 |
| 14000 | GXO Logistics Inc.† | 676516 | 681800 |
| 182800 | Honeywell International Inc. | 24333223 | 42570464 |
| 10500 | Hyster-Yale Inc. | 351565 | 417690 |
| 43000 | ITT Inc. | 1744589 | 6743690 |
| 2278 | Moog Inc., Cl. A | 394221 | 412250 |
| 10000 | nVent Electric plc | 140660 | 732500 |
| 13000 | Pentair plc | 383272 | 1334580 |
| 10678 | Proto Labs Inc.† | 694954 | 427547 |
| 100000 | Senior plc | 218132 | 252568 |
| 1250 | Siemens AG | 218904 | 320476 |
| 9000 | Smiths Group plc | 228406 | 277467 |
| 6500 | Sulzer AG | 415548 | 1173105 |
| 291300 | Textron Inc. | 12737641 | 23388477 |
| 15225 | The Sherwin-Williams Co. | 2689845 | 5227656 |
| 300000 | Toray Industries Inc. | 2270748 | 2057845 |
| 36000 | Trinity Industries Inc. | 739138 | 972360 |
| 1000 | VeriSign Inc. | 221412 | 288800 |
|  |  | 81620861 | 152442825 |
|  | **Electronics — 2.8%** |  |  |
| 1000 | Garmin Ltd. | 183045 | 208720 |
| 101733 | Intel Corp. | 4076078 | 2278819 |
| 10025 | Kimball Electronics Inc.† | 206302 | 192781 |
| 133000 | Resideo Technologies Inc.† | 1074340 | 2933980 |
| 5650 | Signify NV | 164806 | 152941 |
| 1768035 | Sony Group Corp., ADR | 12382675 | 46021951 |
| 36500 | TE Connectivity plc | 1047017 | 6156455 |
| 104330 | Texas Instruments Inc. | 7414183 | 21660995 |
| 11000 | Thermo Fisher Scientific Inc. | 3689672 | 4460060 |
| 3500 | Universal Display Corp. | 557137 | 540610 |
| 2000 | WESCO International Inc. | 325720 | 370400 |
|  |  | 31120975 | 84977712 |
|  | **Energy and Utilities — 0.6%** |  |  |
| 95000 | Alliant Energy Corp. | 5010796 | 5744650 |
| 400 | Cheniere Energy Inc. | 69824 | 97408 |
| 21850 | GE Vernova Inc. | 3055510 | 11561927 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** **<br> Value** |
| 16000 | Northwest Natural Holding Co. | $609971 | $635520 |
| 25000 | NOV Inc. | 447830 | 310750 |
| 50000 | Venture Global Inc., Cl. A | 466503 | 779000 |
|  |  | 9660434 | 19129255 |
|  | **Energy and Utilities: Electric — 0.3%** |  |  |
| 50000 | Algonquin Power & Utilities Corp. | 246750 | 286500 |
| 2000 | ALLETE Inc. | 65474 | 128140 |
| 5000 | American Electric Power Co. Inc. | 184350 | 518800 |
| 29000 | Electric Power Development Co. Ltd. | 607454 | 494594 |
| 59000 | Evergy Inc. | 3301401 | 4066870 |
| 12000 | Pinnacle West Capital Corp. | 468584 | 1073640 |
| 10000 | Portland General Electric Co. | 455250 | 406300 |
| 32000 | PPL Corp. | 962655 | 1084480 |
| 56600 | The AES Corp. | 610489 | 595432 |
| 6500 | WEC Energy Group Inc. | 438633 | 677300 |
|  |  | 7341040 | 9332056 |
|  | **Energy and Utilities: Integrated — 1.2%** |  |  |
| 18000 | Chubu Electric Power Co. Inc. | 260732 | 222617 |
| 20000 | Endesa SA | 506664 | 633501 |
| 228000 | Enel SpA | 1036727 | 2163621 |
| 12500 | Eversource Energy | 681111 | 795250 |
| 33000 | Hawaiian Electric Industries Inc.† | 692881 | 350790 |
| 410000 | Hera SpA | 822663 | 1981100 |
| 16000 | Hokkaido Electric Power Co. Inc. | 102051 | 83453 |
| 43000 | Iberdrola SA, ADR | 886728 | 3310140 |
| 115000 | Korea Electric Power Corp., ADR | 1568135 | 1637600 |
| 23000 | Kyushu Electric Power Co. Inc. | 228450 | 205635 |
| 23000 | MGE Energy Inc. | 492211 | 2034120 |
| 122000 | NextEra Energy Inc. | 8298974 | 8469240 |
| 49000 | NiSource Inc. | 397054 | 1976660 |
| 10000 | Northwestern Energy Group Inc. | 522880 | 513000 |
| 57500 | OGE Energy Corp. | 685360 | 2551850 |
| 11000 | Ormat Technologies Inc. | 165000 | 921360 |
| 75000 | PG&E Corp. | 884256 | 1045500 |
| 30000 | Public Service Enterprise Group Inc. | 906080 | 2525400 |
| 50000 | Shikoku Electric Power Co. Inc. | 878676 | 419256 |
| 35000 | The Chugoku Electric Power Co. Inc. | 467006 | 173293 |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Energy and Utilities: Integrated (Continued)** |  |  |
| 18000 | The Kansai Electric Power Co. Inc. | $217251 | $213618 |
| 52000 | Tohoku Electric Power Co. Inc. | 567488 | 379334 |
| 73000 | TXNM Energy Inc. | 2889507 | 4111360 |
|  |  | 24157885 | 36717698 |
|  | **Energy and Utilities: Natural Gas — 1.3%** |  |  |
| 16000 | APA Corp. | 185550 | 292640 |
| 190000 | Enterprise Products Partners LP | 2312589 | 5891900 |
| 47000 | Kinder Morgan Inc. | 978429 | 1381800 |
| 243100 | National Fuel Gas Co. | 12213154 | 20593001 |
| 82499 | National Grid plc | 904416 | 1202067 |
| 20000 | National Grid plc, ADR | 987685 | 1488200 |
| 14300 | ONEOK Inc. | 524693 | 1167309 |
| 62000 | Sempra | 1011508 | 4697740 |
| 39000 | Southwest Gas Holdings Inc. | 1539730 | 2901210 |
| 44000 | UGI Corp. | 1619464 | 1602480 |
|  |  | 22277218 | 41218347 |
|  | **Energy and Utilities: Oil — 3.1%** |  |  |
| 63400 | Chevron Corp. | 7046009 | 9078246 |
| 195800 | ConocoPhillips | 12268932 | 17571092 |
| 65000 | Devon Energy Corp. | 856057 | 2067650 |
| 123000 | Eni SpA, ADR | 4396603 | 3987660 |
| 367500 | Equinor ASA, ADR | 6846181 | 9238950 |
| 114300 | Exxon Mobil Corp. | 6977208 | 12321540 |
| 15400 | Hess Corp. | 957640 | 2133516 |
| 24000 | Innovex International Inc.† | 545070 | 374880 |
| 117200 | Marathon Petroleum Corp. | 3966331 | 19468092 |
| 32257 | Occidental Petroleum Corp. | 1700935 | 1355117 |
| 100000 | PetroChina Co. Ltd., Cl. H | 40300 | 85988 |
| 25000 | Petroleo Brasileiro SA - Petrobras, ADR | 276028 | 312750 |
| 22000 | Phillips 66 | 1662126 | 2624600 |
| 75000 | Repsol SA, ADR | 1487593 | 1091250 |
| 90300 | Shell plc, ADR | 4898073 | 6358023 |
| 2900 | Texas Pacific Land Corp. | 1162701 | 3063531 |
| 70000 | TotalEnergies SE, ADR | 3318049 | 4297300 |
| 2891 | Woodside Energy Group Ltd., ADR | 66493 | 44608 |
|  |  | 58472329 | 95474793 |
|  | **Energy and Utilities: Services — 0.7%** |  |  |
| 441025 | Halliburton Co. | 13835221 | 8988089 |
| 107975 | Oceaneering International Inc.† | 1353884 | 2237242 |
| 320200 | Schlumberger NV | 13939197 | 10822760 |
|  |  | 29128302 | 22048091 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
|  | **Energy and Utilities: Water — 0.3%** |  |  |
| 11000 | American States Water Co. | $138388 | $843260 |
| 6000 | American Water Works Co. Inc. | 715889 | 834660 |
| 53000 | Essential Utilities Inc. | 1985426 | 1968420 |
| 22000 | H2O America | 383583 | 1143340 |
| 74500 | Mueller Water Products Inc., Cl. A | 960965 | 1790980 |
| 34000 | Severn Trent plc | 876357 | 1275961 |
| 7500 | The York Water Co. | 97904 | 237000 |
| 8000 | United Utilities Group plc, ADR | 212760 | 252000 |
|  |  | 5371272 | 8345621 |
|  | **Entertainment — 2.8%** |  |  |
| 226000 | Atlanta Braves Holdings Inc., Cl. A† | 6478398 | 11121460 |
| 115500 | Atlanta Braves Holdings Inc., Cl. C† | 4453271 | 5401935 |
| 34800 | Caesars Entertainment Inc.† | 1332259 | 987972 |
| 3750 | FactSet Research Systems Inc. | 1733047 | 1677300 |
| 53333 | Fox Corp., Cl. A | 1661592 | 2988781 |
| 69000 | Fox Corp., Cl. B | 2183002 | 3562470 |
| 26000 | International Game Technology plc | 471697 | 411060 |
| 200000 | ITV plc | 186283 | 226350 |
| 37880 | Madison Square Garden Entertainment Corp.† | 1482439 | 1514064 |
| 52900 | Madison Square Garden Sports Corp.† | 5050782 | 11053455 |
| 16700 | Netflix Inc.† | 5730022 | 22363471 |
| 80000 | Ollamani SAB† | 184264 | 213168 |
| 92000 | Paramount Global, Cl. A | 2829213 | 2111400 |
| 6000 | Penn Entertainment Inc.† | 155530 | 107220 |
| 29880 | Sphere Entertainment Co.† | 1068144 | 1248984 |
| 2000 | Spotify Technology SA† | 1398017 | 1534680 |
| 16500 | Take-Two Interactive Software Inc.† | 2592443 | 4007025 |
| 1900 | The Walt Disney Co. | 167941 | 235619 |
| 70000 | Universal Music Group NV | 1336742 | 2265905 |
| 1087100 | Vivendi SE | 2078413 | 3750729 |
| 731000 | Warner Bros Discovery Inc.† | 8184448 | 8377260 |
|  |  | 50757947 | 85160308 |
|  | **Environmental Services — 2.6%** |  |  |
| 172800 | Republic Services Inc. | 7658788 | 42614208 |
| 29180 | Veolia Environnement SA | 443013 | 1039770 |
| 85222 | Waste Connections Inc. | 4283842 | 15912652 |
| 94600 | Waste Management Inc. | 4045898 | 21646372 |
|  |  | 16431541 | 81213002 |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Equipment and Supplies — 1.9%** |  |  |
| 9000 | 3M Co. | $1295453 | $1370160 |
| 3000 | CTS Corp. | 108270 | 127830 |
| 101000 | Flowserve Corp. | 3768183 | 5287350 |
| 109500 | Graco Inc. | 2259096 | 9413715 |
| 249250 | Mueller Industries Inc. | 2701153 | 19807898 |
| 456825 | RPC Inc. | 1093504 | 2160782 |
| 70000 | Sealed Air Corp. | 1816046 | 2172100 |
| 103800 | The Timken Co. | 4258019 | 7530690 |
| 27486 | Valmont Industries Inc. | 6647721 | 8976103 |
| 9000 | Xerox Holdings Corp. | 76560 | 47430 |
|  |  | 24024005 | 56894058 |
|  | **Financial Services — 17.8%** |  |  |
| 216800 | American Express Co. | 20828532 | 69154864 |
| 61400 | American International Group Inc. | 3796251 | 5255226 |
| 9000 | Apollo Global Management Inc. | 1327570 | 1276830 |
| 2000 | Arthur J. Gallagher & Co. | 625200 | 640240 |
| 218000 | Bank of America Corp. | 5896466 | 10315760 |
| 50500 | Berkshire Hathaway Inc., Cl. B† | 11036637 | 24531385 |
| 14650 | Blackrock Inc. | 2843646 | 15371512 |
| 74000 | Blackstone Inc. | 4607779 | 11068920 |
| 70000 | Blue Owl Capital Inc. | 1377917 | 1344700 |
| 7174 | Brookfield Asset Management Ltd., Cl. A | 25030 | 396579 |
| 27000 | Brookfield Corp. | 100068 | 1669950 |
| 196 | Brookfield Wealth Solutions Ltd. | 10357 | 12109 |
| 12000 | Brooks Macdonald Group plc | 291674 | 280844 |
| 14000 | Cannae Holdings Inc. | 225924 | 291900 |
| 1000 | Chubb Ltd. | 266782 | 289720 |
| 132500 | Citigroup Inc. | 6745129 | 11278400 |
| 18200 | Cullen/Frost Bankers Inc. | 1322867 | 2339428 |
| 11000 | EXOR NV | 671170 | 1109158 |
| 128 | Farmers & Merchants Bank of Long Beach | 959912 | 706560 |
| 37000 | Fidelity National Financial Inc. | 375359 | 2074220 |
| 2500 | First Citizens BancShares Inc., Cl. A | 4519039 | 4891175 |
| 95000 | FTAI Aviation Ltd. | 3963058 | 10928800 |
| 22700 | HSBC Holdings plc, ADR | 777468 | 1379933 |
| 51600 | Interactive Brokers Group Inc., Cl. A | 782407 | 2859156 |
| 27000 | Intercontinental Exchange Inc. | 3359804 | 4953690 |
| 155000 | Invesco Ltd. | 3318821 | 2444350 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 5200 | Janus Henderson Group plc | $134731 | $201968 |
| 256900 | JPMorgan Chase & Co. | 19348870 | 74477879 |
| 63000 | KeyCorp. | 822235 | 1097460 |
| 129400 | KKR & Co. Inc. | 9897676 | 17214082 |
| 77000 | Loews Corp. | 4757247 | 7057820 |
| 500 | LPL Financial Holdings Inc. | 119121 | 187485 |
| 35500 | M&T Bank Corp. | 2879551 | 6886645 |
| 7400 | Moody's Corp. | 2990747 | 3711766 |
| 169860 | Morgan Stanley | 5086935 | 23926480 |
| 70000 | National Australia Bank Ltd., ADR | 810381 | 908600 |
| 124000 | Navient Corp. | 904132 | 1748400 |
| 59200 | Northern Trust Corp. | 2487423 | 7505968 |
| 191997 | Oaktree Specialty Lending Corp. | 3489559 | 2622680 |
| 5000 | PayPal Holdings Inc.† | 335979 | 371600 |
| 833 | Resolute Holdings Management Inc.† | 31737 | 26548 |
| 80000 | Resona Holdings Inc. | 381969 | 739974 |
| 12500 | S&P Global Inc. | 4434359 | 6591125 |
| 90000 | SLM Corp. | 453093 | 2951100 |
| 145500 | State Street Corp. | 9070301 | 15472470 |
| 405000 | SuRo Capital Corp.† | 2138857 | 3325050 |
| 117500 | T. Rowe Price Group Inc. | 8428187 | 11338750 |
| 596100 | The Bank of New York Mellon Corp. | 19413792 | 54310671 |
| 38500 | The Charles Schwab Corp. | 2685587 | 3512740 |
| 25000 | The Goldman Sachs Group Inc. | 6470826 | 17693750 |
| 77000 | The Hartford Insurance Group Inc. | 2581450 | 9768990 |
| 138000 | The PNC Financial Services Group Inc. | 13886817 | 25725960 |
| 63500 | The Travelers Companies Inc. | 4985351 | 16988790 |
| 84250 | W. R. Berkley Corp. | 3692408 | 6189847 |
| 459300 | Wells Fargo & Co. | 16213164 | 36799116 |
| 2300 | Willis Towers Watson plc | 175957 | 704950 |
|  |  | 229163309 | 546924073 |
|  | **Food and Beverage — 6.1%** |  |  |
| 24000 | Ajinomoto Co. Inc. | 205201 | 651477 |
| 120143 | BellRing Brands Inc.† | 4014576 | 6959884 |
| 900000 | China Mengniu Dairy Co. Ltd. | 1077834 | 1845872 |
| 40000 | Conagra Brands Inc. | 1185588 | 818800 |
| 154000 | Danone SA | 7451455 | 12582202 |
| 1900000 | Davide Campari-Milano NV | 5867433 | 12779580 |
| 6000 | Diageo plc | 210666 | 150552 |
| 111650 | Diageo plc, ADR | 16048083 | 11258786 |
| 70954 | Flowers Foods Inc. | 1053433 | 1133845 |
| 135000 | General Mills Inc. | 7784549 | 6994350 |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Food and Beverage (Continued)** |  |  |
| 18000 | Heineken Holding NV | $747987 | $1341096 |
| 260000 | ITO EN Ltd. | 5640538 | 5896740 |
| 125500 | Keurig Dr Pepper Inc. | 1923642 | 4149030 |
| 1575000 | Kikkoman Corp. | 3773545 | 14633867 |
| 7800 | Lamb Weston Holdings Inc. | 484956 | 404430 |
| 10000 | Lifecore Biomedical Inc.† | 98907 | 81200 |
| 108000 | Maple Leaf Foods Inc. | 2081739 | 2250017 |
| 6000 | McCormick & Co. Inc. | 290905 | 453056 |
| 97000 | Molson Coors Beverage Co., Cl. B | 5369195 | 4664730 |
| 334500 | Mondelēz International Inc., Cl. A | 15011028 | 22558680 |
| 60000 | Morinaga Milk Industry Co. Ltd. | 588860 | 1348703 |
| 10000 | Nathan's Famous Inc. | 591370 | 1105800 |
| 5000 | National Beverage Corp.† | 228599 | 216200 |
| 24000 | Nestlé SA | 1876188 | 2384422 |
| 384000 | Nissin Foods Holdings Co. Ltd. | 4370561 | 7987723 |
| 63082 | Nomad Foods Ltd. | 1602920 | 1071763 |
| 37000 | PepsiCo Inc. | 5021075 | 4885480 |
| 39300 | Pernod Ricard SA | 2820858 | 3916425 |
| 41500 | Post Holdings Inc.† | 2642790 | 4524745 |
| 19500 | Remy Cointreau SA | 1009026 | 995061 |
| 4500 | The Boston Beer Co. Inc., Cl. A† | 1307980 | 858645 |
| 403300 | The Campbell's Company | 16702438 | 12361145 |
| 206300 | The Coca-Cola Co. | 8308021 | 14595725 |
| 14500 | The Hain Celestial Group Inc.† | 69882 | 22040 |
| 6000 | The Hershey Co. | 1005227 | 995700 |
| 10150 | The J.M. Smucker Co. | 1280660 | 996730 |
| 266200 | The Kraft Heinz Co. | 9719980 | 6873284 |
| 15000 | The Simply Good Foods Co.† | 506386 | 473850 |
| 25000 | Treatt plc | 70259 | 89051 |
| 4000 | Unilever plc, ADR | 196144 | 244680 |
| 10000 | WK Kellogg Co. | 121562 | 159400 |
| 470000 | Yakult Honsha Co. Ltd. | 5651869 | 8852991 |
|  |  | 146013915 | 186567757 |
|  | **Health Care — 8.3%** |  |  |
| 30500 | Abbott Laboratories | 1791668 | 4148305 |
| 50200 | AbbVie Inc. | 4794854 | 9318124 |
| 3000 | Amgen Inc. | 947370 | 837630 |
| 30000 | AstraZeneca plc, ADR | 1643903 | 2096400 |
| 180000 | Avantor Inc.† | 4898208 | 2422800 |
| 200000 | Bausch + Lomb Corp.† | 3161682 | 2602000 |
| 262200 | Baxter International Inc. | 10432324 | 7939416 |
| 13500 | Becton Dickinson & Co. | 3171763 | 2325375 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 2300 | BioMarin Pharmaceutical Inc.† | $179862 | $126431 |
| 11000 | Bio-Rad Laboratories Inc., Cl. A† | 4213779 | 2654520 |
| 45000 | Boston Scientific Corp.† | 3451676 | 4833450 |
| 20000 | Bristol-Myers Squibb Co. | 1169817 | 925800 |
| 22000 | Cencora Inc. | 1777495 | 6596700 |
| 9000 | Charles River Laboratories International Inc.† | 2010958 | 1365570 |
| 12750 | Chemed Corp. | 4799320 | 6208357 |
| 10000 | CVS Group plc | 127461 | 171581 |
| 15207 | DaVita Inc.† | 951142 | 2166237 |
| 1000 | Demant A/S† | 38808 | 41713 |
| 52500 | Elanco Animal Health Inc.† | 665598 | 749700 |
| 15000 | Elevance Health Inc. | 3500477 | 5834400 |
| 44600 | Eli Lilly & Co. | 5878955 | 34767038 |
| 283000 | Evolent Health Inc., Cl. A† | 5382697 | 3186580 |
| 24500 | Fortrea Holdings Inc.† | 436270 | 121030 |
| 467 | GE HealthCare Technologies Inc. | 22282 | 34591 |
| 12510 | Gerresheimer AG | 811484 | 705567 |
| 25000 | Haleon plc | 109817 | 128480 |
| 50000 | Halozyme Therapeutics Inc.† | 2150494 | 2601000 |
| 17100 | HCA Healthcare Inc. | 1507999 | 6551010 |
| 44300 | Henry Schein Inc.† | 3111369 | 3236115 |
| 34000 | ICU Medical Inc.† | 7005027 | 4493100 |
| 8600 | Incyte Corp.† | 600366 | 585660 |
| 30500 | Integer Holdings Corp.† | 1181293 | 3750585 |
| 12900 | Intuitive Surgical Inc.† | 2972055 | 7009989 |
| 106535 | Johnson & Johnson | 12579939 | 16273221 |
| 3735 | Kenvue Inc. | 47900 | 78174 |
| 23200 | Labcorp Holdings Inc. | 2499779 | 6090232 |
| 20000 | Lantheus Holdings Inc.† | 1467886 | 1637200 |
| 5000 | McKesson Corp. | 830495 | 3663900 |
| 40000 | Medtronic plc | 4203444 | 3486800 |
| 147600 | Merck & Co. Inc. | 11586119 | 11684016 |
| 195000 | Option Care Health Inc.† | 2267677 | 6333600 |
| 130000 | Owens & Minor Inc.† | 2121749 | 1183000 |
| 100000 | Pacific Biosciences of California Inc.† | 2600360 | 124000 |
| 105700 | Perrigo Co. plc | 3240775 | 2824304 |
| 408000 | Pfizer Inc. | 12169446 | 9889920 |
| 25430 | QuidelOrtho Corp.† | 1612997 | 732893 |
| 11000 | Smith & Nephew plc | 153437 | 168054 |
| 28400 | Stryker Corp. | 6208987 | 11235892 |
| 80000 | Surgery Partners Inc.† | 1579579 | 1778400 |
| 2200 | Teladoc Health Inc.† | 38126 | 19162 |
| 77000 | Tenet Healthcare Corp.† | 3737044 | 13552000 |
| 165000 | Teva Pharmaceutical Industries Ltd., ADR† | 2883422 | 2765400 |
| 40400 | The Cigna Group | 8093949 | 13355432 |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Health Care (Continued)** |  |  |
| 46000 | The Cooper Companies Inc.† | $2076598 | $3273360 |
| 15000 | Treace Medical Concepts Inc.† | 238186 | 88200 |
| 6500 | UnitedHealth Group Inc. | 3080632 | 2027805 |
| 8000 | Vertex Pharmaceuticals Inc.† | 1552699 | 3561600 |
| 24500 | Viatris Inc. | 362933 | 218785 |
| 31300 | Zimmer Biomet Holdings Inc. | 3372353 | 2854873 |
| 45000 | Zoetis Inc. | 2340399 | 7017750 |
|  |  | 177845183 | 256453227 |
|  | **Hotels and Gaming — 0.4%** |  |  |
| 19000 | Accor SA | 654124 | 992152 |
| 60200 | Boyd Gaming Corp. | 364259 | 4709446 |
| 49000 | Entain plc | 640095 | 606011 |
| 1100 | Flutter Entertainment plc† | 229138 | 314336 |
| 400 | Flutter Entertainment plc† | 63793 | 113326 |
| 16500 | Golden Entertainment Inc. | 513022 | 485595 |
| 12200 | Las Vegas Sands Corp. | 699124 | 530822 |
| 400000 | Mandarin Oriental International Ltd. | 680880 | 764000 |
| 23400 | MGM Resorts International† | 845930 | 804726 |
| 16000 | Ryman Hospitality Properties Inc., REIT | 784222 | 1578720 |
| 50000 | Super Group SGHC Ltd. | 167162 | 548500 |
| 4500 | Wyndham Hotels & Resorts Inc. | 171981 | 365445 |
| 2500 | Wynn Resorts Ltd. | 218752 | 234175 |
|  |  | 6032482 | 12047254 |
|  | **Industrials — 0.0%** |  |  |
| 4500 | Clarkson plc | 199403 | 201677 |
|  | **Machinery — 2.6%** |  |  |
| 66000 | Astec Industries Inc. | 2523459 | 2751540 |
| 1861700 | CNH Industrial NV | 15735923 | 24127632 |
| 52600 | Deere & Co. | 5728776 | 26746574 |
| 17000 | Oshkosh Corp. | 1904582 | 1930180 |
| 3500 | Otis Worldwide Corp. | 176951 | 346570 |
| 1500 | Tennant Co. | 97500 | 116220 |
| 40000 | Twin Disc Inc. | 355151 | 353200 |
| 5000 | Vertiv Holdings Co., Cl. A | 435955 | 642050 |
| 166980 | Xylem Inc. | 8810127 | 21600533 |
|  |  | 35768424 | 78614499 |
|  | **Metals and Mining — 1.2%** |  |  |
| 54585 | Agnico Eagle Mines Ltd. | 1739668 | 6491794 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 16000 | Alliance Resource Partners LP | $3317 | $418240 |
| 10000 | ATI Inc.† | 575122 | 863400 |
| 124190 | Barrick Mining Corp. | 2395613 | 2585636 |
| 8000 | BHP Group Ltd., ADR | 217549 | 384720 |
| 14000 | Endeavour Mining plc | 282339 | 431695 |
| 10000 | Franco-Nevada Corp. | 494836 | 1641784 |
| 860 | Franco-Nevada Corp., New York | 124722 | 140971 |
| 204500 | Freeport-McMoRan Inc. | 4185993 | 8865075 |
| 2500 | Materion Corp. | 225667 | 198425 |
| 267970 | Newmont Corp. | 10272420 | 15611932 |
|  |  | 20517246 | 37633672 |
|  | **Paper and Forest Products — 0.0%** |  |  |
| 11500 | International Paper Co. | 495875 | 538545 |
| 2200 | Keweenaw Land Association Ltd.† | 56254 | 67982 |
|  |  | 552129 | 606527 |
|  | **Publishing — 0.0%** |  |  |
| 1200 | Graham Holdings Co., Cl. B | 632929 | 1135404 |
| 82100 | Louis Hachette Group | 133380 | 168130 |
|  |  | 766309 | 1303534 |
|  | **Real Estate — 0.0%** |  |  |
| 5000 | Howard Hughes Holdings Inc.† | 342580 | 337500 |
| 28000 | Tejon Ranch Co.† | 462458 | 474880 |
|  |  | 805038 | 812380 |
|  | **Real Estate Investment Trust — 0.5%** |  |  |
| 46500 | American Tower Corp. | 8651874 | 10277430 |
| 30000 | Apartment Investment and Management Co., Cl. A | 267714 | 259500 |
| 16000 | Crown Castle Inc. | 1898616 | 1643680 |
| 1400 | Equinix Inc. | 513747 | 1113658 |
| 2500 | The St. Joe Co. | 118315 | 119250 |
| 12600 | VICI Properties Inc. | 362218 | 410760 |
| 85000 | Weyerhaeuser Co. | 2638024 | 2183650 |
|  |  | 14450508 | 16007928 |
|  | **Retail — 2.9%** |  |  |
| 135000 | Arko Corp. | 598663 | 571050 |
| 93000 | AutoNation Inc.† | 5103278 | 18474450 |
| 900 | AutoZone Inc.† | 1349860 | 3341007 |
| 19000 | Bassett Furniture Industries Inc. | 96034 | 288800 |
| 100 | BBB Foods Inc., Cl. A† | 2979 | 2776 |
| 85000 | CarMax Inc.† | 6588644 | 5712850 |
| 64500 | Chipotle Mexican Grill Inc.† | 2009667 | 3621675 |
| 200000 | Conn's Inc.† | 4850850 | 20 |
| 6900 | Costco Wholesale Corp. | 3633101 | 6830586 |
| 135250 | CVS Health Corp. | 10252937 | 9329545 |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Retail (Continued)** |  |  |
| 1800 | Ferguson Enterprises Inc. | $327222 | $391950 |
| 2000 | GMS Inc.† | 157478 | 217500 |
| 87000 | Hertz Global Holdings Inc.† | 657538 | 594210 |
| 98500 | Ingles Markets Inc., Cl. A | 1382832 | 6242930 |
| 26400 | Lowe's Companies Inc. | 1280725 | 5857368 |
| 6500 | Macy's Inc. | 116124 | 75790 |
| 9900 | MSC Industrial Direct Co. Inc., Cl. A | 746234 | 841698 |
| 17000 | Penske Automotive Group Inc. | 2612814 | 2920770 |
| 54986 | Rush Enterprises Inc., Cl. B | 585547 | 2885665 |
| 217000 | Sally Beauty Holdings Inc.† | 2900882 | 2009420 |
| 348000 | Seven & i Holdings Co. Ltd. | 3718011 | 5613722 |
| 10000 | Starbucks Corp. | 986680 | 916300 |
| 6000 | The Home Depot Inc. | 1489514 | 2199840 |
| 57500 | The Kroger Co. | 3635723 | 4124475 |
| 82000 | Walgreens Boots Alliance Inc. | 2358217 | 941360 |
| 60000 | Walmart Inc. | 970066 | 5866800 |
|  |  | 58411620 | 89872557 |
|  | **Semiconductors — 2.2%** |  |  |
| 31000 | Advanced Micro Devices Inc.† | 3036459 | 4398900 |
| 29000 | Applied Materials Inc. | 6018836 | 5309030 |
| 6500 | ASML Holding NV | 2682498 | 5209035 |
| 2000 | Axcelis Technologies Inc.† | 130741 | 139380 |
| 55700 | Broadcom Inc. | 10244137 | 15353705 |
| 4000 | Entegris Inc. | 349251 | 322600 |
| 11500 | GLOBALFOUNDRIES Inc.† | 444769 | 439300 |
| 200 | Hensoldt AG | 21775 | 22947 |
| 201000 | NVIDIA Corp. | 983258 | 31755990 |
| 4300 | NXP Semiconductors NV | 970440 | 939507 |
| 34804 | SkyWater Technology Inc.† | 256863 | 342471 |
| 12000 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1058555 | 2717880 |
| 1500 | Teradyne Inc. | 137990 | 134880 |
|  |  | 26335572 | 67085625 |
|  | **Specialty Chemicals — 0.8%** |  |  |
| 10000 | Air Products and Chemicals Inc. | 2415878 | 2820600 |
| 20000 | Ashland Inc. | 1337899 | 1005600 |
| 7000 | Axalta Coating Systems Ltd.† | 178788 | 207830 |
| 2500 | DSM-Firmenich AG | 281752 | 265804 |
| 195000 | DuPont de Nemours Inc. | 11209878 | 13375050 |
| 10000 | International Flavors & Fragrances Inc. | 762423 | 735500 |
| 16760 | Novonesis Novozymes B | 418737 | 1201613 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 83000 | Olin Corp. | $1490430 | $1667470 |
| 11000 | Rogers Corp.† | 1097455 | 753280 |
| 10000 | Sensient Technologies Corp. | 675168 | 985200 |
| 57500 | Valvoline Inc.† | 1279657 | 2177525 |
|  |  | 21148065 | 25195472 |
|  | **Telecommunications — 2.3%** |  |  |
| 29000 | AT&T Inc. | 576287 | 839260 |
| 148000 | BCE Inc. | 4123357 | 3281160 |
| 390000 | Deutsche Telekom AG, ADR | 6745586 | 14270100 |
| 73750 | Eurotelesites AG† | 273068 | 441319 |
| 62279 | GCI Liberty Inc., Escrow†(a) | 0 | 1 |
| 195000 | Hellenic Telecommunications Organization SA, ADR | 1323723 | 1881750 |
| 152000 | Liberty Global Ltd., Cl. C† | 1783494 | 1567120 |
| 44000 | Orange SA, ADR | 805539 | 668360 |
| 50000 | Pharol SGPS SA† | 14182 | 3593 |
| 40500 | Proximus SA | 943290 | 394060 |
| 101700 | Sunrise Communications AG, Cl. A | 5315027 | 5731960 |
| 100000 | Telefonica SA, ADR | 421130 | 523000 |
| 295000 | Telekom Austria AG | 1695722 | 3353329 |
| 100000 | Telephone and Data Systems Inc. | 1689988 | 3558000 |
| 98000 | Telstra Group Ltd., ADR | 1790566 | 1573880 |
| 200000 | TELUS Corp. | 1109150 | 3212000 |
| 75500 | T-Mobile US Inc. | 8860249 | 17988630 |
| 12000 | VEON Ltd., ADR† | 182320 | 552840 |
| 201800 | Verizon Communications Inc. | 9464914 | 8731886 |
| 149600 | Vodafone Group plc, ADR | 1797257 | 1594736 |
|  |  | 48914849 | 70166984 |
|  | **Transportation — 0.9%** |  |  |
| 28840 | Canadian Pacific Kansas City Ltd. | 167897 | 2286147 |
| 15500 | Ferrari Group plc | 139078 | 163228 |
| 168000 | GATX Corp. | 5553004 | 25798080 |
|  |  | 5859979 | 28247455 |
|  | **Wireless Communications — 0.2%** |  |  |
| 84500 | United States Cellular Corp.† | 3278828 | 5405465 |
|  | **TOTAL COMMON STOCKS** | 1481780171 | 2798698258 |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **CLOSED-END FUNDS — 0.0%** |  |  |
| 40000 | Altaba Inc., Escrow† | $0 | $54000 |
|  | **PREFERRED STOCKS — 0.9%** |  |  |
|  | **Broadcasting — 0.1%** |  |  |
| 84335 | Liberty Broadband Corp., Ser. A, 7.000% | 2014445 | 2104158 |
|  | **Business Services — 0.0%** |  |  |
| 17595 | Steel Partners Holdings LP, Ser. A, 6.000%, 02/07/26 | 421215 | 430022 |
|  | **Consumer Services — 0.0%** |  |  |
| 8088 | QVC Group Inc., 8.000%, 03/15/31 | 170881 | 55565 |
|  | **Diversified Industrial — 0.0%** |  |  |
| 2000 | Jungheinrich AG | 67450 | 94142 |
|  | **Energy and Utilities: Electric — 0.0%** |  |  |
| 7774 | SCE Trust IV, Ser. J, 5.375% | 191502 | 175226 |
|  | **Energy and Utilities: Services — 0.0%** |  |  |
| 14300 | Enbridge Inc., Ser. F, 5.538% | 193558 | 214014 |
|  | **Financial Services — 0.6%** |  |  |
| 30441 | Athene Holding Ltd., Ser. B, 5.625% | 671749 | 607602 |
| 85000 | Bank of America Corp., 5.375% | 1997103 | 1854700 |
| 70244 | Compass Diversified Holdings, Ser. A, 7.250% | 1618989 | 1175182 |
| 82592 | Compass Diversified Holdings, Ser. B, 7.875% | 1943157 | 1534559 |
| 9192 | Compass Diversified Holdings, Ser. C, 7.875% | 151730 | 173269 |
| 88717 | DigitalBridge Group Inc., Ser. H, 7.125% | 2037497 | 1856847 |
| 15487 | Enstar Group Ltd., Ser. D, 7.000% | 301931 | 311444 |
| 19757 | Enstar Group Ltd., Ser. E, 7.000% | 400413 | 405019 |
| 225000 | JPMorgan Chase & Co., 4.200% | 4458202 | 4029750 |
| 3500 | MetLife Inc., Ser. A, 5.580% | 84412 | 81130 |
| 5000 | PhenixFIN Corp., 5.250%, 11/01/28 | 114426 | 117700 |
| 16616 | State Street Corp., Ser. G, 5.350% | 400328 | 360900 |
| 3753 | Stifel Financial Corp., Ser. B, 6.250% | 93615 | 88533 |
| 90142 | The Allstate Corp., Ser. H, 5.100% | 2070864 | 1856925 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 88038 | The Charles Schwab Corp., Ser. J, 4.450% | $1825376 | $1667440 |
| 17750 | The Goldman Sachs Group Inc., Ser. D, 5.232% | 404166 | 368312 |
| 50100 | Truist Financial Corp., Ser. R, 4.750% | 1021827 | 949896 |
|  |  | 19595785 | 17439208 |
|  | **Health Care — 0.0%** |  |  |
| 2296 | XOMA Royalty Corp., Ser. A, 8.625% | 42594 | 59076 |
|  | **Real Estate Investment Trust — 0.1%** |  |  |
| 20564 | Arbor Realty Trust Inc., Ser. E, 6.250% | 395224 | 352055 |
| 75572 | Chimera Investment Corp., Ser. A, 8.000% | 1755848 | 1681477 |
| 88759 | KKR Real Estate Finance Trust Inc., Ser. A, 6.500% | 1793036 | 1792932 |
|  |  | 3944108 | 3826464 |
|  | **Telecommunications — 0.1%** |  |  |
| 137500 | AT&T Inc., Ser. C, 4.750% | 2813953 | 2626250 |
|  | **TOTAL PREFERRED STOCKS** | 29455491 | 27024125 |
|  | **MANDATORY CONVERTIBLE SECURITIES(b) — 0.3%** |  |  |
|  | **Aerospace — 0.0%** |  |  |
| 1500 | The Boeing Co., 6.000%, 10/15/27 | 76180 | 102000 |
|  | **Energy and Utilities — 0.1%** |  |  |
| 89500 | El Paso Energy Capital Trust I, 4.750%, 03/31/28 | 3290614 | 4368495 |
|  | **Energy and Utilities: Integrated — 0.1%** |  |  |
| 73863 | NextEra Energy Inc., 6.926%, 09/01/25 | 3195622 | 2935316 |
|  | **Specialty Chemicals — 0.1%** |  |  |
| 47224 | Albemarle Corp., 7.250%, 03/01/27 | 1993006 | 1515890 |
|  | **TOTAL MANDATORY CONVERTIBLE SECURITIES** | 8555422 | 8921701 |
|  | **WARRANTS — 0.0%** |  |  |
|  | **Diversified Industrial — 0.0%** |  |  |
| 32000 | Ampco-Pittsburgh Corp., expire 08/01/25† | 21862 | 608 |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **WARRANTS (Continued)** |  |  |
|  | **Energy and Utilities: Oil — 0.0%** |  |  |
| 6000 | Occidental Petroleum Corp., expire 08/03/27† | $29700 | $124260 |
|  | **TOTAL WARRANTS** | 51562 | 124868 |
| **Principal<br> Amount** |  |  |  |
|  | **CONVERTIBLE CORPORATE BONDS — 0.0%** |  |  |
|  | **Cable and Satellite — 0.0%** |  |  |
| $200000 | AMC Networks Inc., 4.250%, 02/15/29 | 197887 | 169000 |
|  | **CORPORATE BONDS — 0.4%** |  |  |
|  | **Financial Services — 0.4%** |  |  |
|  | Capital One Financial Corp., Ser. M, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.16%) |  |  |
| 1500000 | 3.950%(c)(d) | 1421255 | 1471471 |
| 1000000 | 5.500%(c)(d) | 957500 | 989649 |
| 1500000 | Citigroup Inc., Ser. X, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.42%), 3.875%(c)(d) | 1455003 | 1486950 |
| 1500000 | Citizens Financial Group Inc., Ser. G, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.22%), 4.000%(c)(d) | 1432504 | 1461085 |
| 1000000 | Comerica Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.29%), 5.625%(c)(d) | 995000 | 1000000 |
| 1500000 | Fifth Third Bancorp, Ser. L, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.22%), 4.500%(c)(d) | 1488750 | 1496629 |
| 1500000 | The Charles Schwab Corp., Ser. H, (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.08%), 4.000%(c)(d) | 1335006 | 1385886 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
| $| 1000000 | The Goldman Sachs Group Inc., Ser. U, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.92%), 3.650%(c)(d) | $953505 | $981478 |
|  | 1000000 | Truist Financial Corp., Ser. P, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.61%), 4.950%(c)(d) | 996250 | 1000571 |
|  |  |  | 11034773 | 11273719 |
|  |  | **TOTAL CORPORATE BONDS** | 11034773 | 11273719 |
|  |  | **U.S. GOVERNMENT OBLIGATIONS — 7.3%** |  |  |
|  | 228352000 | U.S. Treasury Bills, 4.083% to 4.347%††, 07/10/25 to 12/26/25 | 226211648 | 226200495 |
| **TOTAL INVESTMENTS — 100.0%** | **TOTAL INVESTMENTS — 100.0%** | **TOTAL INVESTMENTS — 100.0%** | $1757286954 | 3072466166 |
| **Other Assets and Liabilities (Net)** | **Other Assets and Liabilities (Net)** | **Other Assets and Liabilities (Net)** |  | 2119822 |
| **PREFERRED SHARES** | **PREFERRED SHARES** | **PREFERRED SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;(22,969,180 preferred shares outstanding) | &nbsp;&nbsp;&nbsp;(22,969,180 preferred shares outstanding) | &nbsp;&nbsp;&nbsp;(22,969,180 preferred shares outstanding) |  | (484434400) |
| **NET ASSETS — COMMON SHARES** | **NET ASSETS — COMMON SHARES** | **NET ASSETS — COMMON SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;(88,619,647 common shares outstanding) | &nbsp;&nbsp;&nbsp;(88,619,647 common shares outstanding) | &nbsp;&nbsp;&nbsp;(88,619,647 common shares outstanding) |  | $2590151588 |
| **NET ASSET VALUE PER COMMON SHARE** | **NET ASSET VALUE PER COMMON SHARE** | **NET ASSET VALUE PER COMMON SHARE** |  |  |
| &nbsp;&nbsp;&nbsp;($2,590,151,588 ÷ 88,619,647 shares outstanding) | &nbsp;&nbsp;&nbsp;($2,590,151,588 ÷ 88,619,647 shares outstanding) | &nbsp;&nbsp;&nbsp;($2,590,151,588 ÷ 88,619,647 shares outstanding) |  | $29.23 |

---

---

| | |
|:---|:---|
| (a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (b) | Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder. |
| (c) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of June 30, 2025. |
| (d) | Security is perpetual and has no stated maturity date. |
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |
| ADR | American Depositary Receipt |
| CDI | CHESS (Australia) Depository Interest |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Geographic Diversification** | **% of Total<br> Investments** | **Market<br> Value** |
| North America | 87.8% | $2698317769 |
| Europe | 8.6 | 264324146 |
| Japan | 3.2 | 97266042 |
| Asia/Pacific | 0.3 | 10845518 |
| Latin America | 0.1 | 1712691 |
| Total Investments | 100.0% | $3072466166 |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Statement of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $1,757,286,954) | $3072466166 |
| &nbsp;&nbsp;&nbsp;Cash | 98332 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $10,907) | 10939 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 2396735 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 3594720 |
| &nbsp;&nbsp;&nbsp;Deferred offering expense | 78106 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 63479 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 3078708477 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 379391 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 920284 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 2472469 |
| &nbsp;&nbsp;&nbsp;Payable for offering costs | 61050 |
| &nbsp;&nbsp;&nbsp;Payable for payroll expenses | 45293 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;Series J Cumulative Preferred Stock, callable and mandatory redemption 03/26/28 (See Notes 2 and 6) | 145100000 |
| &nbsp;&nbsp;&nbsp;Series M Cumulative Preferred Stock, callable and mandatory redemption 12/26/26 (See Notes 2 and 6) | 156500000 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 236502 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 305722489 |
| **Cumulative Preferred Shares, each at $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;Series H (5.375%, $25 liquidation value per share, 2,000,000 shares authorized with 1,910,360 shares issued and outstanding) | 47759000 |
| &nbsp;&nbsp;&nbsp;Series K (4.250%, $25 liquidation value per share, 6,000,000 shares authorized with 5,403,016 shares issued and outstanding) | 135075400 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Shares** | 182834400 |
| &nbsp;&nbsp;&nbsp;**Net Assets Attributable to Common Shareholders** | $2590151588 |
| **Net Assets Attributable to Common Shareholders Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $1261664982 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 1328486606 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $2590151588 |
| **Net Asset Value per Common Share at $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;($2,590,151,588 ÷ 88,619,647 shares outstanding; unlimited number of shares authorized) | $29.23 |

---

**Statement of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $546,567) | $26332119 |
| &nbsp;&nbsp;&nbsp;Interest | 5139553 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 31471672 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 14637547 |
| &nbsp;&nbsp;&nbsp;Interest expense on preferred stock | 6945492 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 285570 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 159000 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 116873 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 116605 |
| &nbsp;&nbsp;&nbsp;Payroll expenses | 90825 |
| &nbsp;&nbsp;&nbsp;Shelf offering expense | 56803 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 28823 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 22500 |
| &nbsp;&nbsp;&nbsp;Interest expense | 311 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 157500 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 22617849 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 5) | (14636) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 22603213 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 8868459 |
| **Net Realized and Unrealized Gain on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 61701097 |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | 15928 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 61717025 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 145683761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 133255 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 145817016 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments and Foreign Currency** | 207534041 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 216402500 |
| &nbsp;&nbsp;&nbsp;Total Distributions to Preferred Shareholders | (4174118) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations** | $212228382 |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Statement of Changes in Net Assets Attributable to Common Shareholders**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | <br>**Year Ended**<br> **December 31,<br> 2024** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $8868459 | $19022098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 61717025 | 141847496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 145817016 | 147009085 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 216402500 | 307878679 |
| **Distributions to Preferred Shareholders from Accumulated Earnings** | (4174118 | (8842401) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations** | 212228382 | 299036278 |
| **Distributions to Common Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | (66156667) | (118382265) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (8536344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Common Shareholders** | (74693011 | (118382265) |
| **Fund Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease from repurchase of common shares | (12703600) | (20259551) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets from repurchase of preferred shares | 565722 | 1273976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs and adjustments to offering costs for preferred shares charged to paid-in capital | (1650 | (2100) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Fund Share Transactions** | (12139528 | (18987675) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Attributable to Common Shareholders** | 125395843 | 161666338 |
| **Net Assets Attributable to Common Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 2464755745 | 2303089407 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $2590151588 | $2464755745 |

---

\* Based on year to date book income. Amounts are subject to change and recharacterization at year end.

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Statement of Cash Flows**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| Net increase in net assets attributable to common shareholders resulting from operations | $212228382 |
| **Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash from Operating Activities:** |  |
| &nbsp;&nbsp;&nbsp;Purchase of long term investment securities | (105052625) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of long term investment securities | 196564887 |
| &nbsp;&nbsp;&nbsp;Net purchases of short term investment securities | (6583158) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | (61701097) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | (145683761) |
| &nbsp;&nbsp;&nbsp;Net amortization of discount | (4882404) |
| &nbsp;&nbsp;&nbsp;Increase in receivable for investments sold | (687120) |
| &nbsp;&nbsp;&nbsp;Decrease in dividends and interest receivable | 342203 |
| &nbsp;&nbsp;&nbsp;Decrease in deferred offering expense | 11071 |
| &nbsp;&nbsp;&nbsp;Increase in prepaid expenses | (12810) |
| &nbsp;&nbsp;&nbsp;Increase in payable for investments purchased | 441853 |
| &nbsp;&nbsp;&nbsp;Increase in payable for offering costs | 45732 |
| &nbsp;&nbsp;&nbsp;Decrease in payable for investment advisory fees | (89588) |
| &nbsp;&nbsp;&nbsp;Decrease in payable for payroll expenses | (8446) |
| &nbsp;&nbsp;&nbsp;Increase in payable for accounting fees | 3750 |
| &nbsp;&nbsp;&nbsp;Decrease in other accrued expenses | (198367) |
| Net cash provided by operating activities | 84738502 |
| Net decrease in net assets resulting from financing activities: |  |
| &nbsp;&nbsp;&nbsp;Redemption of Series H 5.375% Cumulative Preferred Stock | (677649) |
| &nbsp;&nbsp;&nbsp;Redemption of Series K 4.250% Cumulative Preferred Shares | (1503404) |
| &nbsp;&nbsp;&nbsp;Issuance of Series M 5.200% Cumulative Preferred Stock | 6500000 |
| &nbsp;&nbsp;&nbsp;Offering costs for preferred shares charged to paid-in capital | (1650) |
| &nbsp;&nbsp;&nbsp;Distributions to common shareholders | (76249705) |
| &nbsp;&nbsp;&nbsp;Repurchase of common shares | (12703600) |
| &nbsp;&nbsp;&nbsp;Decrease in payable to bank | (6831) |
| Net cash used in financing activities | (84642839) |
| Net increase in cash | 95663 |
| Cash (including foreign currency): |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 13608 |
| &nbsp;&nbsp;&nbsp;End of period | $109271 |

---

---

| | |
|:---|:---|
| Supplemental disclosure of cash flow information: |  |
| &nbsp;&nbsp;&nbsp;Interest paid on preferred shares | $6945492.0 |
| &nbsp;&nbsp;&nbsp;Interest paid on bank overdrafts | 311.0 |

---

The following table provides a reconciliation of cash and foreign currency reported within the Statement of Assets and Liabilities that sum to the total of the same amount above at June 30, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Cash | $98332 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value | 10939 |
|  | $109271 |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Financial Highlights**

**Selected data for a common share of beneficial interest outstanding throughout each period:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended<br> June 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net asset value, beginning of year** | $27.65 | $25.58 | $24.07 | $29.73 | $25.02 | $24.12 |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.10 | 0.21 | 0.27 | 0.20 | 0.18 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments, securities sold short, and foreign currency transactions | 2.34 | 3.24 | 2.64 | (4.36) | 6.02 | 1.97 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.44 | 3.45 | 2.91 | (4.16) | 6.20 | 2.23 |
| **Distributions to Preferred Shareholders: (a)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.03) | (0.03) | (0.02) | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.04 | (0.07) | (0.07) | (0.09) | (0.10) | (0.14) |
| &nbsp;&nbsp;&nbsp;Total distributions to preferred shareholders | (0.05 | (0.10) | (0.10) | (0.11) | (0.12) | (0.17) |
| **Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations** | 2.39 | 3.35 | 2.81 | (4.27) | 6.08 | 2.06 |
| **Distributions to Common Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net investment income** | (0.14) | (0.35) | (0.28) | (0.20) | (0.21) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.60) | (0.97) | (0.73) | (1.20) | (1.17) | (1.08) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.10 |  | (0.31) | (0.01) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions to common shareholders | (0.84 | (1.32) | (1.32) | (1.41) | (1.38) | (1.32) |
| **Fund Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Increase in net asset value from repurchase of common shares | 0.02 | 0.03 | 0.01 | 0.01 | 0.00 (b) | 0.01 |
| &nbsp;&nbsp;&nbsp;Increase in net asset value from repurchase of preferred shares | 0.01 | 0.01 | 0.01 | 0.01 | 0.07 | 0.15 |
| &nbsp;&nbsp;&nbsp;Offering costs and adjustment to offering costs for preferred shares charged to paid-in capital | (0.00) | (0.00)(b) | (0.00)(b) | (0.00)(b) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;Offering costs and adjustment to offering costs for common shares charged to paid-in capital |  |  |  |  |  | 0.00 (b) |
| &nbsp;&nbsp;&nbsp;Total Fund share transactions | 0.03 | 0.04 | 0.02 | 0.02 | 0.01 | 0.16 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, End of Period** | $29.23 | $27.65 | $25.58 | $24.07 | $29.73 | $25.02 |
| &nbsp;&nbsp;&nbsp;NAV total return † | 8.95 | 13.44% | 12.14% | (14.37)% | 24.74% | 10.47% |
| &nbsp;&nbsp;&nbsp;Market value, end of period | $26.01 | $24.15 | $21.64 | $20.61 | $27.00 | $21.46 |
| &nbsp;&nbsp;&nbsp;Investment total return †† | 11.44 | 18.09% | 11.91% | (18.58)% | 32.81% | 5.06% |
| **Ratios to Average Net Assets and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets including liquidation value of preferred shares, end of period (in 000's) | $3074586 | $2945437 | $2647774 | $2518290 | $— | $2572913 |
| &nbsp;&nbsp;&nbsp;Net assets attributable to common shares, end of period (in 000's) | $2590152 | $2464756 | $2303089 | $2171240 | $— | $2263638 |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Financial Highlights (Continued)**

**Selected data for a common share of beneficial interest outstanding throughout each period:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended<br> June 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets attributable to common shares before preferred share distributions | 0.72 %(c) | 0.78% | 1.12% | 0.76% | 0.62% | 1.22% |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets attributable to common shares before fees waived/fee reduction (d)(e) | 1.84 %(c) | 1.52% | 1.36% | 1.36% | 1.28% | 1.30% |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets attributable to common shares net of fees waived/fee reduction, if any (d) | 1.84 %(c)(f) | 1.52 %(f) | 1.36 %(f) | 1.35 %(f) | 1.28% | 1.25 %(f) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 4% | 13% | 10% | 10% | 12% | 16% |
| **Cumulative Preferred Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Auction Market Series B Preferred (g)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of period (in 000's) |  |  | $2050 | $2050 | $2050 | $66175 |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) |  |  | 0 (h) | 0 (h) | 0 (h) | 3 |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share |  |  | $25000 | $25000 | $25000 | $25000 |
| &nbsp;&nbsp;&nbsp;Liquidation value (i) |  |  | $25000 | $25000 | $25000 | $25000 |
| &nbsp;&nbsp;&nbsp;Asset coverage per share(j) |  |  | $192043 | $181407 | $173763 | $207979 |
| &nbsp;&nbsp;&nbsp;**Auction Market Series C Preferred (k)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of period (in 000's) |  |  | $1350 | $1350 | $1350 | $81100 |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) |  |  | 0 (h) | 0 (h) | 0 (h) | 3 |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share |  |  | $25000 | $25000 | $25000 | $25000 |
| &nbsp;&nbsp;&nbsp;Liquidation value (i) |  |  | $25000 | $25000 | $25000 | $25000 |
| &nbsp;&nbsp;&nbsp;Asset coverage per share (j) |  |  | $192043 | $181407 | $173763 | $207979 |
| &nbsp;&nbsp;&nbsp;**Auction Rate Series E Preferred (l)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of period (in 000's) |  |  | $3100 | $3100 | $3100 | $12000 |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share |  |  | $25000 | $25000 | $25000 | $25000 |
| &nbsp;&nbsp;&nbsp;Liquidation value (i) |  |  | $25000 | $25000 | $25000 | $25000 |
| &nbsp;&nbsp;&nbsp;Asset coverage per share (j) |  |  | $192043 | $181407 | $173763 | $207979 |
| &nbsp;&nbsp;&nbsp;**5.250%Series G Preferred (m)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of period (in 000's) |  |  |  |  | $100000 | $100000 |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) |  |  |  |  | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share |  |  |  |  | $25.00 | $25.00 |
| &nbsp;&nbsp;&nbsp;Average market value (n) |  |  |  |  | $25.60 | $25.77 |
| &nbsp;&nbsp;&nbsp;Asset coverage per share (j) |  |  |  |  | $173.76 | $207.98 |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Financial Highlights (Continued)**

**Selected data for a common share of beneficial interest outstanding throughout each period:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended<br> June 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**5.375% Series H Preferred** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of period (in 000's) | $47759 | $48501 | $49715 | $49820 | $50000 | $50000 |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) | 1910 | 1940 | 1989 | 1993 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 |
| &nbsp;&nbsp;&nbsp;Average market value (n) | $23.29 | $23.89 | $24.05 | $24.96 | $27.46 | $26.49 |
| &nbsp;&nbsp;&nbsp;Asset coverage per share (j) | $158.67 | $153.19 | $192.04 | $181.41 | $173.76 | $207.98 |
| &nbsp;&nbsp;&nbsp;**4.500% Series J Preferred** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of period (in 000's) | $145100 | $145100 | $145100 | $145100 | $145100 |  |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) | 6 | 6 | 6 | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share | $25000 | $25000 | $25000 | $25000 | $25000 |  |
| &nbsp;&nbsp;&nbsp;Average market value (n) | $25000 | $25000 | $25000 | $25000 | $25000 |  |
| &nbsp;&nbsp;&nbsp;Asset coverage per share (j) | $158669 | $153191 | $192043 | $181407 | $173763 |  |
| &nbsp;&nbsp;&nbsp;**4.250% Series K Preferred** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of period (in 000's) | $135075 | $137080 | $143369 | $145630 | $150000 |  |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) | 5403 | 5483 | 5735 | 5825 | 6000 |  |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 |  |
| &nbsp;&nbsp;&nbsp;Average market value (n) | $18.58 | $19.36 | $19.29 | $20.34 | $25.38 |  |
| &nbsp;&nbsp;&nbsp;Asset coverage per share (j) | $158.67 | $153.19 | $192.04 | $181.41 | $173.76 |  |
| &nbsp;&nbsp;&nbsp;**5.200% Series M Preferred** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of period (in 000's) | $156500 | $150000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) | 15650 | 15000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share | $10.00 | $10.00 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average market value (n) | $10.00 | $10.00 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset coverage per share (j) | $63.47 | $61.28 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Asset Coverage (o)** | 635% | 613% | 768% | 726% | 695% | 832% |

---

---

| | |
|:---|:---|
| † | Based on net asset value per share and reinvestment of distributions at net asset value on the ex-dividend date. Total return for a period of less than one year is not annualized. |
| †† | Based on market value per share, adjusted for reinvestment of distributions at prices determined under the Fund's dividend reinvestment plan. Total return for a period of less than one year is not annualized. |
| \* | Based on year to date book income. Amounts are subject to change and recharacterization at year end. |
| (a) | Calculated based on average common shares outstanding on the record dates throughout the periods. |
| (b) | Amount represents less than $0.005 per share. |
| (c) | Annualized. |
| (d) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no material impact on the expense ratios. |
| (e) | Ratio of operating expenses to average net assets including liquidation value of preferred shares before fee waived for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020 would have been 1.54%, 1.32%, 1.17%, 1.17%, 1.13%, and 1.07%, respectively. |
| (f) | Ratio of operating expenses to average net assets including liquidation value of preferred shares net of advisory fee reduction for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, and 2020 would have been 1.54%, 1.32%, 1.17%, 1.17%, and 1.03%, respectively. |
| (g) | The Fund redeemed and retired all its outstanding Series B Shares on June 26, 2024. |
| (h) | Actual number of shares outstanding is fewer than 1,000. |
| (i) | Since February 2008, the weekly auctions have failed. Holders that have submitted orders have not been able to sell any or all of their shares in the auction. |

---

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Financial Highlights (Continued)**

(j) Asset coverage per share is calculated by combining all series of preferred shares.

(k) The Fund redeemed and retired all its outstanding Series C Shares on June 27, 2024.

(l) The Fund redeemed and retired all its outstanding Series E Shares on June 28, 2024.

(m) The Fund redeemed and retired all its outstanding Series G Shares on January 31, 2022.

(n) Based on weekly prices.

(o) Asset coverage is calculated by combining all series of preferred shares.

See accompanying notes to financial statements.

**The Gabelli Dividend & Income Trust**

**Notes to Financial Statements (Unaudited)**

**1. Organization.** The Gabelli Dividend & Income Trust (the Fund) was organized on November 18, 2003 as a Delaware statutory trust. The Fund is a diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund commenced investment operations on November 28, 2003.

The Fund's investment objective is to provide a high level of total return on its assets with an emphasis on dividends and income. The Fund will attempt to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in dividend paying securities (such as common and preferred shares) or other income producing securities (such as fixed income debt securities and securities that are convertible into equity securities).

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund's investment program and manages the operations of the Fund under the general supervision of the Company's Board of Trustees (the Board).

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

***Security Valuation.*** Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the securities are valued using the closing bid price, unless the Board determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

**The Gabelli Dividend & Income Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

● Level 1 — unadjusted quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2 Other<br> Significant<br> Observable Inputs** | **Level 3 Significant<br> Unobservable<br> Inputs (a)** |<br>**Total Market <br> Value at<br> 06/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Industrial | $152217495 | $225330 |  | $152442825 |
| &nbsp;&nbsp;&nbsp;Telecommunications | 70166983 |  | $1 | 70166984 |
| &nbsp;&nbsp;&nbsp;Other Industries (b) | 2576088449 |  |  | 2576088449 |
| Total Common Stocks | 2798472927 | 225330 | 1 | 2798698258 |
| Closed-End Funds |  | 54000 |  | 54000 |
| Preferred Stocks (b) | 27024125 |  |  | 27024125 |
| Mandatory Convertible Securities (b) | 8921701 |  |  | 8921701 |
| Warrants (b) | 124868 |  |  | 124868 |
| Convertible Corporate Bonds (b) |  | 169000 |  | 169000 |
| Corporate Bonds (b) |  | 11273719 |  | 11273719 |
| U.S. Government Obligations |  | 226200495 |  | 226200495 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $2834543621 | $237922544 | $1 | $3072466166 |

---

(a) The inputs for this security are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.

(b) Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

At June 30, 2025, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

**The Gabelli Dividend & Income Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

***General.*** The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

***Fair Valuation.*** Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

***Series J and Series M Cumulative Preferred Stock.*** For financial reporting purposes only, the liquidation value of preferred stock that has a mandatory call date is classified as a liability within the Statement of Assets and Liabilities and the dividends paid on this preferred stock are included as a component of "Interest expense on preferred stock" within the Statement of Operations. Offering costs are amortized over the life of the preferred stock.

***Securities Sold Short.*** The Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. At June 30, 2025, there were no short sales outstanding.

***Investments in other Investment Companies.*** The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Stockholders in the Fund would bear the pro rata portion of the periodic expenses of the

**The Gabelli Dividend & Income Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

Acquired Funds in addition to the Fund's expenses. For the six months ended June 30, 2025, the Fund's pro rata portion of the periodic expenses charged by the Acquired Funds was less than 1 basis point.

***Foreign Currency Translations.*** The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

***Foreign Securities.*** The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

***Foreign Taxes.*** The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

***Restricted Securities.*** The Fund is not subject to an independent limitation on the amount it may invest in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and, accordingly, the Board will monitor their liquidity. At June 30, 2025, the Fund held no restricted securities.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

**The Gabelli Dividend & Income Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

***Custodian Fee Credits***. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as "Custodian fee credits."

***Distributions to Shareholders.*** Distributions to common stockholders are recorded on the ex-dividend date. Distributions to stockholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

Under the Fund's current common share distribution policy, the Fund declares and pays monthly distributions from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the year. Starting with the monthly distribution payable on January 24, 2025, to shareholders of record January 16, 2025, the annual distribution increased to $1.68 per share, to be paid $0.14 per share monthly. Pursuant to this policy, distributions during the year may be made in excess of required distributions. To the extent such distributions are made from current earnings and profits, they are considered ordinary income or long term capital gains. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board will continue to monitor the Fund's distribution level, taking into consideration the Fund's NAV and the financial market environment. The Fund's distribution policy is subject to modification by the Board at any time.

Distributions to shareholders of the Fund's 5.375% Series H Preferred Shares, Series J Cumulative Term Preferred Shares, 4.250% Series K Preferred Shares, and 5.200% Series M Preferred Shares (Preferred Shares) are recorded on a daily basis and are determined as described in Note 6.

The tax character of distributions paid during the year ended December 31, 2024 was as follows:

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| | | |
|:---|:---|:---|
|  | **Common** | **Preferred** |
| **Distributions paid from:** |  |  |
| Ordinary income | $39396047 | $2942634 |
| Net long term capital gains | 78986218 | 5899767 |
| Total distributions paid | $118382265 | $8842401 |

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***Provision for Income Taxes***. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

**The Gabelli Dividend & Income Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $1768535766 | $1405241053 | $(101310653) | $1303930400 |

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The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2025, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

**3. Investment Advisory Agreement and Other Transactions.** The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on an annual basis to 1.00% of the value of the Fund's average weekly net assets including the liquidation value of preferred shares. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio and oversees the administration of all aspects of the Fund's business and affairs.

There was a reduction in the advisory fee paid to the Adviser relating to certain portfolio holdings, i.e., unsupervised assets, of the Fund with respect to which the Adviser transferred dispositive and voting control to the Fund's Proxy Voting Committee. During the six months ended June 30, 2025, the Fund's Proxy Voting Committee exercised control and discretion over all rights to vote or consent, and exercised dispositive control, with respect to Ryman Hospitality Properties, Inc.

**4. Portfolio Securities.** Purchases and sales of securities during the six months ended June 30, 2025, other than short term securities and U.S. Government obligations, aggregated $96,730,648 and $187,204,240, respectively. Purchases and sales of U.S. Government obligations for the six months ended June 30, 2025, aggregated $494,429,681 and $487,846,522, respectively.

**5. Transactions with Affiliates and Other Arrangements.** During the six months ended June 30, 2025, the Fund paid $2,271 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the six months ended June 30, 2025, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $14,636.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service.

**The Gabelli Dividend & Income Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

During the six months ended June 30, 2025, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

As per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). During the six months ended June 30, 2025, the Fund accrued $90,825 in payroll expenses in the Statement of Operations.

The Fund pays retainer and per meeting fees to Independent Trustees and certain Interested Trustees, plus specified amounts to the Lead Trustee, Audit Committee Chairman, and Nominating Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

**6. Capital.** The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.001). The Board has authorized the repurchase and retirement of its common shares on the open market when the shares are trading at a discount of 7.5% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended June 30, 2025 and the year ended December 31, 2024, the Fund repurchased and retired 533,914 and 864,994 common shares in the open market at investments of $12,703,600 and $20,259,551, respectively, and at average discounts of approximately 12.59% and 14.68% from its NAV.

Transactions in shares of common stock were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30, <br> 2025<br> (Unaudited)** | **Six Months Ended<br> June 30, <br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net decrease from repurchase of common shares | (533914) | $(12703600) | (864994) | $(20259551) |

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As of June 30, 2025 Fund had an effective shelf registration authorizing the offering of $500 million of common or preferred shares or notes.

The Fund's Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred Shares. The Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividends on the Preferred Shares are cumulative. The Fund is required by the 1940 Act and by the Statements of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series H, Series J, Series K, and Series M Preferred Shares at redemption prices of $25, $25,000, $25, and $10, respectively, per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund's ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received

**The Gabelli Dividend & Income Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

on the Fund's assets may vary in a manner unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders.

For Series B, Series C, and Series E Preferred Shares, the dividend rates were typically set by an auction process generally held every seven days, and were typically expected to vary with short term interest rates. Since February 2008, the number of Series B, Series C, and Series E Preferred Shares subject to bid orders by potential holders had been less than the number of shares of Series B, Series C, and Series E Preferred Shares subject to sell orders. Holders that submitted sell orders had not been able to sell any or all of the Series B, Series C, and Series E Preferred Shares for which they submitted sell orders. Therefore the weekly auctions failed, and the dividend rate had been the maximum rate.

Since December 31, 2021, the seven day ICE LIBOR rate ceased to be published and was no longer representative. Because the Series B, Series C, and Series E Preferred Shares have no other effective alternative rate setting provision, a last resort fallback of fixing this LIBOR based reference rate at its last published rate applied. The last published seven day ICE LIBOR rate was 0.076%, which resulted in a maximum rate for Series B, Series C, and Series E Preferred Shares of 2.076%, 2.076%, and 3.576%, respectively. The absence of successful auctions that established dividend rates based on prevailing short term interest rates could have led to economic results for the Fund and holders of the Series B, Series C, and Series E Preferred Shares since the rates payable on the Series B, Series C, and Series E Preferred Shares were no longer likely to be representative of prevailing market rates.

On April 14, 2021 the Fund completed a tender offer (the Offer) under which holders of the Series B Auction Market Preferred Shares, Series C Auction Rate Preferred Shares, and Series E Auction Rate Preferred Shares (the Auction Rate Preferred Shares) could exchange each Auction Rate Preferred Share for 0.96 shares of each newly issued Series J Preferred Share. Shareholders tendered 2,565 Series B Auction Market Preferred Shares, 3,190 Series C Auction Market Preferred Shares, and 356 Series E Auction Rate Preferred Shares, in exchange for 5,804 Series J Preferred and cash in lieu of fractional shares. On June 26, June 27, and June 28, 2024, respectively, the Fund redeemed all Series B Preferred Shares, Series C Preferred Shares, and Series E Preferred Shares at the redemption prices of $25,000 per share.

Holders of Series J Preferred Shares are entitled to receive, when, as and if declared by, or under authority granted by, the Board, out of funds legally available therefor, cumulative cash dividends and distributions, calculated separately for each dividend period, (i) at an annualized dividend rate of 1.70% of the $25,000 per share liquidation preference on the Series J Preferred Shares for the quarterly dividend periods ending on or prior to March 26, 2024 and (ii) at an annualized dividend rate of 4.50% of the $25,000 per share liquidation preference on the Series J Preferred Shares for all remaining quarterly dividend periods until the Series J Preferred Shares' mandatory redemption date of March 26, 2028. Dividends and distributions on Series J Preferred Shares will be payable quarterly on March 26, June 26, September 26, and December 26 in each year commencing on June 26, 2021. The Series J Preferred Shares are subject to mandatory redemption by the Fund on March 26, 2028 and in certain other circumstances.

On October 11, 2024, June 6, 2025, and June 26, 2025, respectively, the Fund issued 15,000,000 shares, 300,000 shares, and 350,000 shares of 5.200% Series M Preferred, receiving $149,850,000, $3,000,000, and $3,500,000, respectively, after deduction of estimated offering expenses. The Series M Preferred has a liquidation preference of $10 per share, is callable at the Fund's option on December 26, 2025, is puttable during the 60-day period ending December 26, 2025, and June 26, 2026, and has a mandatory redemption date

**The Gabelli Dividend & Income Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

on December 26, 2026. On May 1, 2025 the Board approved an increase in the distribution rate of the Series M Preferred to 5.200%.

On January 31, 2022, the Fund redeemed and retired all remaining outstanding shares of Series G Preferred at the liquidation value of $25 per share plus accrued and unpaid dividends.

The Fund, at its option, may redeem the 5.375% Series H Cumulative Preferred Shares, in whole or in part at the liquidation preference plus accumulated and unpaid dividends. The Board has authorized the repurchase of Series H and Series K Preferred Shares in the open market at prices less than the $25 liquidation value per share. During the six months ended June 30, 2025 and the year ended December 31, 2024, the Fund repurchased and retired 29,668 and 48,572 Series H Preferred at investments of $677,648 and $1,186,060, and at average discounts of approximately 8.72% and 2.41%. During the six months ended June 30, 2025 and the year ended December 31, 2024, the Fund repurchased and retired 76,403 and 251,560 Series K Preferred at investments of $1,408,404 and $5,043,264, respectively, and at average discounts of approximately 26.34% and 19.96% from its liquidation preference.

The following table summarizes Cumulative Preferred Shares information:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Series** | **Issue Date** | **Authorized** | **Number of<br> Shares<br> Outstanding at<br> 6/30/2025** | **Net<br> Proceeds** | <br>**2025 Dividend**<br> **Rate Range** | **Dividend**<br> **Rate at**<br> **6/30/2025** | **Accrued**<br> **Dividends at**<br> **6/30/2025** |
| H 5.375% | June 7, 2019 | 2000000 | 1910360 | $48145405 | Fixed Rate | 5.375% | $40485 |
| J 4.500% | April 14, 2021 | 6116 | 5804 | 145100000 | Fixed Rate | 4.500% | 90688 |
| K 4.250% | October 4, 2021 | 6000000 | 5403016 | 144875000 | Fixed Rate | 4.250% | 157796 |
| M 5.200% | October 11, 2024 |  | 15650000 | 156350000 | Fixed Rate | 5.200% | 90422 |

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The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together with holders of common shares as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Trustees and under certain circumstances are entitled to elect a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the Preferred Shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the Preferred Shares, and the approval of two-thirds of each class, voting separately, of the Fund's outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding Preferred Shares and a majority (as defined in the 1940 Act) of the Fund's outstanding voting securities are required to approve certain other actions, including changes in the Fund's investment objectives or fundamental investment policies.

On February 24, 2025, the Board announced that it had approved the spin off of a newly created closed-end fund (Gabelli Preferred Securities Trust or "GPS") whose investment objective will be to seek income and capital appreciation by investing in preferred securities.

**7. Indemnifications.** The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**8. Segment Reporting.** The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions

**The Gabelli Dividend & Income Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

**9. Subsequent Events.** Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

**Certifications**

The Fund's Chief Executive Officer has certified to the New York Stock Exchange (NYSE) that, as of May 19, 2025, he was not aware of any violation by the Fund of applicable NYSE corporate governance listing standards. The Fund reports to the SEC on Form N-CSR which contains certifications by the Fund's principal executive officer and principal financial officer that relate to the Fund's disclosure in such reports and that are required by Rule 30a-2(a) under the 1940 Act.

**Shareholder Meeting – May 12, 2025 – Final Results**

The Fund's Annual Meeting of Shareholders was held on May 12, 2025. At that meeting, common and preferred shareholders, voting together as a single class, re-elected Mario J. Gabelli, Michael J. Melarkey, Christina A. Peeney, and Susan Watson Lauglin as Trustees of the Fund, with 82,916,083 votes, 82,664,483 votes, 83,021,083 votes, and 85,057,179 votes cast in favor of these Trustees, and 9,384,563 votes, 9,636,164 votes, 9,279,563 votes, and 7,243,467 votes withheld for these Trustees, respectively.

**The Gabelli Dividend & Income Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

Robert P. Astorino, Elizabeth C. Bogan, Anthony S. Colavita, James P. Conn, Frank J. Fahrenkopf, Jr., Agnes Mullady, Salvatore M. Salibello, Anthonie C. van Ekris, and Salvatore J. Zizza continue to serve in their capacities as Trustees of the Fund.

We thank you for your participation and appreciate your continued support.

**THE GABELLI DIVIDEND & INCOME TRUST**

**AND YOUR PERSONAL PRIVACY**

**Who are we?**

The Gabelli Dividend & Income Trust is a closed-end management investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company that has subsidiaries that provide investment advisory services for a variety of clients.

**What kind of non-public information do we collect about you if you become a fund shareholder?**

When you purchase shares of the Fund on the New York Stock Exchange, you have the option of registering directly with our transfer agent in order, for example, to participate in our dividend reinvestment plan.

● *Information you give us on your application form.* This could include your name, address, telephone number, social security number, bank account number, and other information.

● *Information about your transactions with us.* This would include information about the shares that you buy or sell; it may also include information about whether you sell or exercise rights that we have issued from time to time. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

**What information do we disclose and to whom do we disclose it?**

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www. sec.gov.

**What do we do to protect your personal information?**

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

**This page was intentionally left blank.**

**THE GABELLI DIVIDEND AND INCOME TRUST**

**One Corporate Center**

**Rye, NY 10580-1422**

**Portfolio Management Team Biographies**

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| ![](gdv_001.jpg) | **Mario J. Gabelli, CFA,** is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University. |

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| ![](gdv_002.jpg) | **Christopher J. Marangi** joined Gabelli in 2003 as a research analyst. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.'s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA degree with honors from Columbia Business School. |

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| ![](gdv_003.jpg) | **Kevin V. Dreyer** joined Gabelli in 2005 as a research analyst covering companies within the consumer sector. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.'s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Dreyer received a BSE from the University of Pennsylvania and an MBA degree from Columbia Business School. |

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| ![](gdv_004.jpg) | **Sarah Donnelly** joined Gabelli in 1999 as a junior research analyst working with the consumer staples and media analysts. Currently she is a portfolio manager of Gabelli Funds, LLC, a Senior Vice President, and the Food, Household, and Personal Care products research analyst for Gabelli & Company. Her responsibilities include leading the Health & Wellness platform. Ms. Donnelly received a BS in Business Administration with a concentration in Finance and minor in History from Fordham University. |

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| ![](gdv_005.jpg) | **Robert D. Leininger, CFA,** joined GAMCO Investors, Inc. in 1993 as an equity analyst. Subsequently, he was a partner and portfolio manager at Rorer Asset Management before rejoining GAMCO in 2010 where he currently serves as a portfolio manager of Gabelli Funds, LLC. Mr. Leininger is a magna cum laude graduate of Amherst College with a degree in Economics and holds an MBA degree from the Wharton School at the University of Pennsylvania. |

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| ![](gdv_006.jpg) | **Jeffrey J. Jonas, CFA,** joined Gabelli in 2003 as a research analyst focusing on companies across the healthcare industry. He also serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Jonas was a Presidential Scholar at Boston College, where he received a BS in Finance and Management Information Systems. |

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| ![](gdv_007.jpg) | **Brian C. Sponheimer** is a portfolio manager and research analyst, responsible for coverage of automotive, trucking, and machinery stocks. In 2010, 2011, and 2016, Mr. Sponheimer was recognized by various financial publications, including the Wall Street Journal and the Financial Times, as a "Best on the Street" analyst. He began his business career in institutional equities at CIBC World Markets in New York and Boston. Mr. Sponheimer graduated cum laude from Harvard University with a BA in Government and received an MBA in Finance and Economics from Columbia Business School. |

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| ![](gdv_008.jpg) | **Regina M. Pitaro** is a Managing Director and Head of Institutional Marketing at GAMCO Investors, Inc. Ms. Pitaro joined the Firm in 1984 and coordinates the organization's focus with consultants and plan sponsors. She also serves as a Managing Director and Director of GAMCO Asset Management, Inc., and serves as a portfolio manager for Gabelli Funds, LLC. Ms. Pitaro holds an MBA in Finance from Columbia University, a Master's degree in Anthropology from Loyola University of Chicago, and a Bachelor's degree from Fordham University. |

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| ![](gdv_009.jpg) | **Howard F. Ward, CFA,** joined Gabelli Funds in 1995 and currently serves as GAMCO's Chief Investment Officer of Growth Equities as well as a Gabelli Funds, LLC portfolio manager for several funds within the Fund Complex. Prior to joining Gabelli, Mr. Ward served as Managing Director and Lead Portfolio Manager for several Scudder mutual funds. He also was an Investment Officer in the Institutional Investment Department with Brown Brothers, Harriman & Co. Mr. Ward received his BA in Economics from Northwestern University. |

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| | |
|:---|:---|
| ![](gdv_010.jpg) | **Hendi Susanto** joined Gabelli in 2007 as the lead technology research analyst. He spent his early career in supply chain management consulting and operations in the technology industry. He currently is a portfolio manager of Gabelli Funds, LLC and a Vice President of Associated Capital Group, Inc. Mr. Susanto received a BS degree summa cum laude from the University of Minnesota, an MS from Massachusetts Institute of Technology, and an MBA degree from the Wharton School of Business. |

---

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| | |
|:---|:---|
| ![](gdv_011.jpg) | **Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR,** joined the Firm in 2009 as an associate in the alternative investments division and is currently an analyst covering the aerospace and defense and environmental services sectors, with a focus on suppliers to the commercial, military, and regional jet aircraft industry and waste services. He previously served in the United States Marine Corps as an F/A-18 Hornet fighter pilot. Tony graduated with distinction from the United States Naval Academy with a BS in systems engineering and holds an MBA in finance and economics from Columbia Business School. |

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| | |
|:---|:---|
| ![](gdv_012.jpg) | **Ashish Sinha** joined GAMCO UK in 2012 as a research analyst. Prior to joining the Firm, Mr. Sinha was a research analyst at Morgan Stanley in London for seven years and has covered European Technology, Mid-Caps, and Business Services. He also worked in planning and strategy at Birla Sun Life Insurance in India. Currently Mr. Sinha is a portfolio manager of Gabelli Funds, LLC and an Assistant Vice President of GAMCO Asset Management UK. Mr. Sinha has a BSBA degree from the Institute of Management Studies and an MB from IIFT. |

---

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| | |
|:---|:---|
| ![](gdv_013.jpg) | **Gustavo Pifano** joined the Firm in 2008 and is based in London. He serves as an assistant vice president of research and covers the industrial and consumer sectors with a focus on small-cap stocks. Gustavo is a member of the risk management group and responsible for the Firm's UK compliance oversight and AML reporting functions. Gustavo holds a BBA in Finance from University of Miami and an MBA degree from University of Oxford Said Business School. |

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| | |
|:---|:---|
| ![](gdv_014.jpg) | **Justin Bergner, CFA,** is a Vice President at Gabelli and a portfolio manager for Gabelli Funds LLC. Justin rejoined Gabelli in 2013 as a research analyst covering Diversified Industrials, Home Improvement, and Transport companies. He began his investment career at Gabelli in 2005 as a metals and mining analyst, and subsequently spent five years at Axiom International Investors as a senior analyst focused on industrial and healthcare stocks. Prior to business school, Mr. Bergner worked in management consulting at both Bain & Company and Dean & Company. Mr. Bergner graduated cum laude from Yale University with a BA in Economics and Mathematics and received an MBA in Finance and Accounting from the Wharton School at the University of Pennsylvania. |

---

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| | |
|:---|:---|
| ![](gdv_015.jpg) | **Justin McAuliffe,** joined the firm in 2021 as a research analyst covering the gaming and lodging sector as well as food retail. Previously, he served as Program-Related Investment Officer at the Conrad N. Hilton Foundation. Justin is a graduate of the Cornell School of Hotel Administration and has an MBA from the Marshall School of Business at USC. |

---

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| | |
|:---|:---|
| ![](gdv_016.jpg) | **Macrae (Mac) Sykes** joined the Firm in 2008 as an analyst focused on financial services. He was ranked #1 investment services analyst by the Wall Street Journal in 2010, was a runner-up in the annual StarMine analyst awards for stock picking in 2014 and 2018, and received several honorable mentions for coverage of brokers and asset managers from Institutional Investor. In 2018, Mac was a contributing author to The Warren Buffet Shareholder: Stories from inside the Berkshire Hathaway Annual Meeting edited by Lawrence Cunningham and Stephen Cuba. Mac holds a BA in Economics from Hamilton College and an MBA degree in Finance from Columbia Business School. |

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| | |
|:---|:---|
| ![](gdv_017.jpg) | **Daniel M. Miller** currently serves as a portfolio manager of Gabelli Funds, LLC and is also a Managing Director of GAMCO Investors, Inc. Mr. Miller joined the Firm in 2002 and graduated magna cum laude with a degree in Finance from the University of Miami in Coral Gables, Florida. |

---

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading "General Equity Funds," in Monday's The Wall Street Journal. It is also listed in Barron's Mutual Funds/Closed End Funds section under the heading "General Equity Funds."

The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.

The NASDAQ symbol for the Net Asset Value is "XGDVX."

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may from time to time purchase its common shares in the open market when the Fund's shares are trading at a discount of 7.5% or more from the net asset value of the shares. The Fund may also from time to time purchase its preferred shares in the open market when the preferred shares are trading at a discount to the liquidation value.

![](gdv_back.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to
 shareholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant's most recently filed annual report on Form N-CSR.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Provide
 the information specified in the table with respect to any purchase made by or on behalf
 of the registrant or any "affiliated purchaser" as defined in Rule 10b-18(a)(3)
 under the Exchange Act (17CFR 240-10b-18(a)(3)), of shares or other units of any class of
 the registrant's equity securities that is registered by the registrant pursuant to
 Section 12 of the Exchange Act (15 U.S.C. 781).

**REGISTRANT PURCHASES OF EQUITY SECURITIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **(a) Total Number<br> of Shares (or Units)<br> Purchased** | **(b) Average<br> Price Paid per<br> Share (or Unit)** | **(c) Total Number of<br> Shares (or Units)<br> Purchased as Part of<br> Publicly Announced**<br> **Plans or Programs** | **(d) Maximum Number<br> (or Approximate Dollar Value)<br> of Shares (or Units) that May Yet<br> Be Purchased Under the<br> Plans or Programs** |
| Month #1<br> 01/01/2025 through 01/31/2025 | Common – 34,887<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – 7,800<br>Preferred Series H – N/A | Common – $24.88<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – $18.76<br>Preferred Series H – N/A | Common – 34,887<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – 7,800<br>Preferred Series H – N/A | Common – 89,153,561 - 34,887 = 89,118,674<br>Preferred Series J – 5,804<br>Preferred Series M – 15,300,000<br>Preferred Series K – 5,479,419 - 7,800 = 5,471,619<br>Preferred Series H – 1,940,028 |
| Month #2<br> 02/01/2025 through 02/28/2025 | Common – 35,341<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – 2,100<br>Preferred Series H – N/A | Common – $24.87<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – $18.75<br>Preferred Series H – N/A | Common – 35,341<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – 2,100<br>Preferred Series H – N/A | Common – 89,118,674 - 35,341 = 89,083,333<br>Preferred Series J – 5,804<br>Preferred Series M – 15,300,000<br>Preferred Series K – 5,471,619 - 2,100 =5,469,519<br>Preferred Series H – 1,940,028 |
| Month #3<br> 03/01/2025 through 03/31/2025 | Common – 10,798<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – 7,600<br>Preferred Series H – N/A | Common – $24.01<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – $18.73<br>Preferred Series H – N/A | Common – 10,798<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – 7,600<br>Preferred Series H – N/A | Common – 89,083,333 - 110,772 = 88,972,561<br>Preferred Series J – 5,804<br>Preferred Series M – 15,300,000<br>Preferred Series K – 5,469,519 - 7,600 = 5,461,919<br>Preferred Series H – 1,940,028 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Month #4<br> 04/01/2025 through 04/30/2025 | Common – 180,635<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – 52,994<br>Preferred Series H – 5,488 | Common – $22.63<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – $18.31<br>Preferred Series H – $22.99 | Common – 180,635<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – 52,994<br>Preferred Series H – 5,488 | Common – 88,972,561 -180,635 = 88,791,926<br>Preferred Series J – 5,804<br>Preferred Series M – 15,300,000<br>Preferred Series H – 1,940,028 - 5,488 = 1,934,540<br>Preferred Series K – 5,461,919 - 52,994 = 5,408,925 |
| Month #5<br> 05/01/2025 through 05/31/2025 | Common – 115,435<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – 4,309<br>Preferred Series H – 14,692 | Common – $24.60<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – $18.49<br>Preferred Series H – $22.92 | Common – 115,435<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – 4,309<br>Preferred Series H – 14,692 | Common – 88,791,926 - 115,435 = 88,676,491<br>Preferred Series J – 5,804<br>Preferred Series M – 15,300,000<br>Preferred Series K – 5,408,925<br>Preferred Series H – 1,934,540 - 14,692 = 1,919,848 |
| Month #6<br> 06/01/2025 through 06/30/2025 | Common – 60,317<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – 5,909<br>Preferred Series H – 9,488 | Common – $25.01<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – $18.19<br>Preferred Series H – $22.67 | Common – 533,914<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – 5,909<br>Preferred Series H – 9,488 | Common – 88,676,491 - 56,844 = 88,619,647<br>Preferred Series J – 5,804<br>Preferred Series M – 15,300,000<br>Preferred Series K – 5,408,925 - 5,909 = 5,403,016<br>Preferred Series H – 1,919,848 - 9,488 = 1,910,360 |
| Total | Common – 533,914<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – 76,403<br>Preferred Series H – 29,668 | Common – $24.11<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – $18.47<br>Preferred Series H – $22.86 | Common – 175,971<br>Preferred Series J – N/A<br>Preferred Series M – N/A<br>Preferred Series K – 76,403<br>Preferred Series H – 29,668 | N/A |

---

Footnote columns (c) and (d) of the table, by disclosing the following information in the aggregate for all plans or programs publicly announced:

a. The date each plan or program
 was announced – The notice of the potential repurchase of common and preferred shares occurs semiannually in the Fund's
 shareholder reports in accordance with Section 23(c) of the Investment Company Act of 1940, as amended.

b. The dollar amount (or share
 or unit amount) approved – Any or all common shares outstanding may be repurchased when the Fund's common shares are
 trading at a discount of 7.5% or more from the net asset value of the shares. Any or all shares outstanding may be repurchased when
 the respective preferred shares are trading at a discount to the liquidation values.

c. The expiration date (if
 any) of each plan or program – The Fund's repurchase plans are ongoing.

d. Each plan or program that
 has expired during the period covered by the table – The Fund's repurchase plans are ongoing.

e. Each
 plan or program the registrant has determined to terminate prior to expiration, or under which the registrant does not intend to
 make further purchases. – The Fund's repurchase plans are ongoing.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded
 that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing
 date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures
 required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
 Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) If the registrant is a
 closed-end management investment company, provide the following dollar amounts of income and fees/compensation related to the securities
 lending activities of the registrant during its most recent fiscal year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross
 income from securities lending activities; $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All
 fees and/or compensation for each of the following securities lending activities and related
 services: any share of revenue generated by the securities lending program paid to the securities
 lending agent(s) ("revenue split"); fees paid for cash collateral management
 services (including fees deducted from a pooled cash collateral reinvestment vehicle) that
 are not included in the revenue split; administrative fees that are not included in the revenue
 split; fees for indemnification that are not included in the revenue split; rebates paid
 to borrowers; and any other fees relating to the securities lending program that are not
 included in the revenue split, including a description of those other fees; $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 aggregate fees/compensation disclosed pursuant to paragraph (2); $0 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Net
 income from securities lending activities (i.e., the dollar amount in paragraph (1) minus
 the dollar amount in paragraph (3)). $0

&nbsp;&nbsp;&nbsp;&nbsp;(b) If the registrant is a
 closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the
 registrant's most recent fiscal year. N/A

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](gdv_ex99cert.htm)

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](gdv_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | The Gabelli Dividend & Income Trust |
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | September 4, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | September 4, 2025 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | September 4, 2025 |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of The Gabelli Dividend & Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Executive Officer |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of The Gabelli Dividend & Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Financial Officer and Treasurer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, John C. Ball, Principal Executive Officer of The Gabelli Dividend & Income Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Executive Officer |

---

I, John C. Ball, Principal Financial Officer and Treasurer of The Gabelli Dividend & Income Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Financial Officer and Treasurer |

---