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 811-09377

The Gabelli Dividend Growth Fund

(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: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

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).

The Report to Shareholders is attached herewith.

The Gabelli Dividend Growth Fund

Class AAA - GABBX

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Dividend Growth Fund (the Fund) for the period of January 1, 2024 to June 30, 2024. The Gabelli Dividend Growth Fund's primary investment objective is to provide long term growth of capital. Current income is a secondary objective. Under normal market conditions, the Fund invests at least 80% of its net assets in dividend paying stocks. Dividend paying stocks include, for example, common stocks, preferred stocks, and convertible securities. In addition, the Fund will focus on stocks that Gabelli Funds, LLC, the Adviser, believes well positioned to increase their dividend over the long term. In selecting investments, the Adviser will consider, among other things, the market price of the issuer’s securities, earnings expectations, dividend paying and other earnings and price histories, balance sheet characteristics, and perceived management skills. You can find additional information about the Fund at www.gabelli.com. You can also request this information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Dividend Growth Fund - Class AAA	$102	2.01%

How did the Fund perform?

During the six months ended June 30, 2024, the Gabelli Dividend Growth Fund underperformed its broad-based benchmark, S&P 500 and its comparatives, the Lipper Large Cap Value Fund Index and the MSCI USA High Dividend Yield Index. The Fund focuses on owning solid, well-managed businesses trading at compelling valuations, often with a catalyst, and with diversification across sectors. During the period, the Fund’s performance was negatively impacted by specific healthcare holdings. The Fund was overweight communication services and consumer staples, and underweight consumer discretionary and real estate.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment

	The Gabelli Dividend Growth Fund - Class AAA	S&P 500 Index	MSCI USA High Dividend Yield Index	Lipper Large Cap Value Fund Index
6/14	10,000	10,000	10,000	10,000
6/15	10,064	10,742	10,327	10,389
6/16	9,378	11,171	11,840	10,424
6/17	10,962	13,170	13,389	12,299
6/18	11,510	15,063	14,685	13,436
6/19	12,223	16,632	16,320	14,425
6/20	11,412	17,881	15,743	13,580
6/21	16,162	25,175	20,251	19,581
6/22	14,189	22,501	20,081	18,098
6/23	15,568	26,910	21,356	20,621
6/24	16,912	33,519	24,069	24,523

Average Annual Total Returns

Fund	6 months	1 Year	5 Year	10 Year
The Gabelli Dividend Growth Fund - Class AAA	4.92%	8.63%	6.71%	5.39%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
MSCI USA High Dividend Yield Index	6.27%	12.70%	8.08%	9.18%
Lipper Large Cap Value Fund Index	10.31%	18.92%	11.20%	9.38%

Fund Statistics

Total Net Assets$18,387,580
Number of Portfolio Holdings62
Portfolio Turnover Rate8%
Management Fees$19,050

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com for current month-end performance.

The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

Updated Location: Visit www.confluence.com/funds for more recent performance information.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Top 10
Alphabet Inc.	4.8%
Merck & Co. Inc.	4.0%
American Express Co.	3.8%
T-Mobile US Inc.	3.5%
Mondelez International Inc.	3.2%
Citigroup Inc.	3.1%
JPMorgan Chase & Co.	2.8%
DuPont de Nemours Inc.	2.6%
Republic Services Inc.	2.5%
Microsoft Corp.	2.4%

Industry Allocation (% of net assets)

Industry Weighting	.
Financial Services	18.4%
Computer Software and Services	11.9%
Health Care	10.9%
Food and Beverage	9.0%
Diversified Industrial	8.0%
Energy	5.6%
U.S. Government Obligations	4.7%
Business Services	3.8%
Other Industry sectors	28.2%
Other Assets and Liabilities (Net)	(0.5)%

Portfolio Weighting (% of net assets)

Value	Value
Common Stocks	95.8%
U.S. Government Obligations	4.7%
Other Assets and Liabilities (Net)	(0.5)%

The Gabelli Dividend Growth Fund

Semi-Annual Shareholder Report - June 30, 2024

Class AAA - GABBX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com.

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GABBX-24-SATSR

The Gabelli Dividend Growth Fund

Class C - GBCCX

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Dividend Growth Fund - Class C	$140	2.76%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

	The Gabelli Dividend Growth Fund - Class C	S&P 500 Index	MSCI USA High Dividend Yield Index	Lipper Large Cap Value Fund Index
6/14	10,000	10,000	10,000	10,000
6/15	9,887	10,742	10,327	10,389
6/16	9,048	11,171	11,840	10,424
6/17	10,411	13,170	13,389	12,299
6/18	10,747	15,063	14,685	13,436
6/19	11,217	16,632	16,320	14,425
6/20	10,292	17,881	15,743	13,580
6/21	14,361	25,175	20,251	19,581
6/22	12,389	22,501	20,081	18,098
6/23	13,370	26,910	21,356	20,621
6/24	14,284	33,519	24,069	24,523

Average Annual Total Returns

Fund	6 months	1 Year	5 Year	10 Year
The Gabelli Dividend Growth Fund - Class C	0.04%	6.83%	5.92%	4.61%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
MSCI USA High Dividend Yield Index	6.27%	12.70%	8.08%	9.18%
Lipper Large Cap Value Fund Index	10.31%	18.92%	11.20%	9.38%

Fund Statistics

Total Net Assets$18,387,580
Number of Portfolio Holdings62
Portfolio Turnover Rate8%
Management Fees$19,050

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com for current month-end performance.

The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

Updated Location: Visit www.confluence.com/funds for more recent performance information.