ThZeal - The Zeal

June 30, 2023

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 811-21423

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: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

The Gabelli Dividend & Income Trust

Semiannual Report — June 30, 2023

To Our Shareholders,

For the six months ended June 30, 2023, the net asset value (NAV) total return of The Gabelli Dividend & Income Trust (the Fund) was 7.0%, compared with a total return of 16.9% for the Standard & Poor’s (S&P) 500 Index. The total return for the Fund’s publicly traded shares was 5.8%. The Fund’s NAV per share was $25.08, while the price of the publicly traded shares closed at $21.13 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, 2023.

Investment Objective (Unaudited)

The Gabelli Dividend & Income Trust 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)

During the first half of the year, all major North American stock indices were up, some by double digits. Inflation continues to be a major concern for the Federal Reserve, and we are still not close to reaching the 2% inflation target of the Federal Reserve, although inflation is slowly moving down. The balance sheet of the Federal Reserve increased dramatically during the financial crisis, and it has ballooned even further since the beginning of the COVID-19 pandemic. It needs to come down in the years ahead. As the process of quantitative tightening (QT) continues, liquidity will drain from the financial system. This may be a headwind for future stock returns, especially for companies with poor free cash flow. Luckily, in (y)our portfolio, we focus on stocks with strong free cash flow and good prospects for growing their dividends.

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 sharehold-er 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.

Of the eleven sectors that make up the S&P 500 Index, most were up in the first half of the year and a few were actually down. The best performing sector in the first half was technology, which was up around 40%. Communication Services was the second best performing sector, up about 35%. Both sectors had a disappointing year in 2022, but clearly have come roaring back in the first half of 2023. The two worst performing sectors in the first half were Energy and Utilities, both down about 5%.

One of the best performing stocks in your portfolio during the first half of the year was Microsoft (2.2% of the portfolio as of June 30, 2023), a leading software technology company, as large cap growth stocks drove the stock market upwards. In addition to Microsoft, other top performing large cap technology companies in (y)our portfolio included Apple (0.9%), Alphabet (1.9%), and Amazon (0.9%). Another strong performer was NVIDIA (0.5%), a company now closely tied to artificial intelligence (AI).

There were also a number of stock holdings in (y)our portfolio that declined in the first half. One of the leading detractors was PNC Financial (0.7%), a regional bank that was hurt due to concerns about commercial real estate exposure, and unrealized losses on its bond portfolio. Other poor performers were in the health care area, including CVS (0.8%), Cigna (0.7%), and Pfizer (0.5%).

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

Average Annual Returns through June 30, 2023 (a) (Unaudited)

	Six Months			1 Year			5 year			10 year			15 year			Since Inception (11/28/03)
The Gabelli Dividend & Income Trust (GDV)
NAV Total Return (b)		7.03	%		13.74	%		7.02	%		8.15	%		7.68	%		7.84	%
Investment Total Return (c)		5.81			10.58			5.19			7.94			8.38			7.42
S&P 500 Index		16.89			19.59			12.31			12.86			10.88			9.76
Dow Jones Industrial Average		4.94			14.23			9.58			11.24			10.37			9.25

(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, 2023:

The Gabelli Dividend & Income Trust

Financial Services	14.1	%
Health Care	11.2	%
Food and Beverage	10.6	%
Computer Software and Services	7.7	%
Energy and Utilities: Oil	4.0	%
Retail	3.9	%
U.S. Government Obligations	3.9	%
Diversified Industrial	3.5	%
Automotive: Parts and Accessories	3.1	%
Business Services	2.9	%
Electronics	2.9	%
Machinery	2.9	%
Entertainment	2.5	%
Environmental Services	2.4	%
Equipment and Supplies	2.1	%
Telecommunications	2.1	%
Building and Construction	1.8	%
Specialty Chemicals	1.8	%
Consumer Products	1.8	%
Aerospace	1.6	%
Energy and Utilities: Integrated	1.6	%
Metals and Mining	1.2	%
Energy and Utilities: Services	1.2	%

Energy and Utilities: Natural Gas	1.1	%
Cable and Satellite	1.0	%
Semiconductors	1.0	%
Transportation	1.0	%
Computer Hardware	1.0	%
Automotive	0.8	%
Broadcasting	0.6	%
Energy and Utilities: Electric	0.6	%
Hotels and Gaming	0.5	%
Communications Equipment	0.4	%
Real Estate Investment Trust	0.4	%
Energy and Utilities: Water	0.3	%
Consumer Services	0.3	%
Energy and Utilities	0.2	%
Wireless Communications	0.0	%*
Publishing	0.0	%*
Agriculture	0.0	%*
Closed-End Funds	0.0	%*
Aviation: Parts and Services	0.0	%*
Paper and Forest Products	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, 2023 (Unaudited)

Market

Cost

Value

COMMON STOCKS — 95.8%

Aerospace — 1.6%

155,000

Aerojet Rocketdyne Holdings Inc.†

4,244,645‌

8,504,850‌

4,120

Allied Motion Technologies Inc.

150,730‌

164,553

1,950‌

BAE Systems plc, ADR

100,367‌

93,522

200‌

General Dynamics Corp.

43,051‌

43,030

13,500‌

HEICO Corp.

1,198,756‌

2,388,690‌

75,000‌

Howmet Aerospace Inc.

1,535,205‌

3,717,000‌

70,000‌

Kaman Corp.

1,740,784‌

1,703,100‌

59,250‌

L3Harris Technologies Inc.

7,002,519‌

11,599,373‌

2,325‌

Mercury Systems Inc.†

98,064‌

80,422

213‌

Northrop Grumman Corp.

100,331‌

97,085

440

Raytheon Technologies Corp.

43,005‌

43,102

1,000,000‌

Rolls-Royce Holdings plc†

1,934,977‌

1,918,335‌

400‌

Thales SA

50,897‌

59,885

56,000‌

The Boeing Co.†

8,595,310‌

11,824,960‌

26,838,641‌

42,237,907‌

Agriculture — 0.0%

5,000‌

Corteva Inc.

156,047‌

286,500

Automotive — 0.8%

15,000‌

Daimler Truck Holding AG

440,480‌

540,144

50,000‌

Ford Motor Co.

639,713‌

756,500

67,500‌

General Motors Co.

2,690,609‌

2,602,800‌

306,000‌

Iveco Group NV†

1,618,532‌

2,755,402‌

100,000‌

PACCAR Inc.

3,051,903‌

8,365,000‌

21,800‌

Tesla Inc.†

4,359,984‌

5,706,586‌

46,000‌

Traton SE

858,253‌

983,826

13,659,474‌

21,710,258‌

Automotive: Parts and Accessories — 3.1%

48,676‌

Aptiv plc†

3,112,214‌

4,969,333‌

2,500

Atmus Filtration Technologies Inc.†

48,750‌

54,900

276,432‌

Dana Inc.

5,146,439‌

4,699,344‌

276,015‌

Garrett Motion Inc.†

1,611,810‌

2,089,433‌

270,400‌

Genuine Parts Co.

19,273,946‌

45,759,792‌

6,000‌

Lear Corp.

713,500‌

861,300

30,000‌

Modine Manufacturing Co.†

947,666‌

990,600

6,000‌

Monro Inc.

280,197‌

243,780

20,000‌

O’Reilly Automotive Inc.†

4,727,092‌

19,106,000‌

12,000‌

Visteon Corp.†

1,227,274‌

1,723,320‌

37,088,888‌

80,497,802‌

Aviation: Parts and Services — 0.0%

2,428‌

Astronics Corp.†

21,873‌

48,220

Broadcasting — 0.6%

680,000‌

Grupo Televisa SAB, ADR

6,036,659‌

3,488,400‌

					Market
Shares			Cost		Value
	32,121	Liberty Broadband Corp., Cl. C†	$	2,638,689	$	2,573,213
	323,000	Liberty Global plc, Cl. C†		7,596,909		5,739,710
	95,000	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		3,609,667		3,109,350
	140,000	Sinclair Inc.		3,607,166		1,934,800
				23,489,090		16,845,473
		Building and Construction — 1.8%
	9,000	Arcosa Inc.		316,076		681,930
	26,000	Carrier Global Corp.		949,152		1,292,460
	78,200	Fortune Brands Innovations Inc.		1,261,127		5,626,490
	4,500	H&E Equipment Services Inc.		168,430		205,875
	121,693	Herc Holdings Inc.		5,477,205		16,653,687
	211,700	Johnson Controls International plc		9,077,653		14,425,238
	78,200	Masterbrand Inc.†		202,818		909,466
	11,000	Sika AG		1,412,765		3,142,506
	8,500	United Rentals Inc.		1,787,538		3,785,645
				20,652,764		46,723,297
		Business Services — 2.9%
	50,000	Diebold Nixdorf Inc.†		24,633		2,650
	15,000	Jardine Matheson Holdings Ltd.		873,589		759,750
	61,500	JCDecaux SE†		1,479,202		1,225,407
	1,000	Loomis AB		30,364		29,169
	156,620	Mastercard Inc., Cl. A		13,525,163		61,598,646
	32,000	Rentokil Initial plc, ADR		1,097,739		1,248,320
	30,503	Steel Partners Holdings LP†		318,362		1,448,892
	25,000	Stericycle Inc.†		1,395,097		1,161,000
	38,100	Visa Inc., Cl. A		5,493,041		9,047,988
				24,237,190		76,521,822
		Cable and Satellite — 1.0%
	15,000	AMC Networks Inc., Cl. A†		330,650		179,250
	7,445	Charter Communications Inc., Cl. A†		2,096,249		2,735,070
	15,000	Cogeco Inc.		296,908		632,610
	398,000	Comcast Corp., Cl. A		16,209,763		16,536,900
	28,000	DISH Network Corp., Cl. A†		437,962		184,520
	10,000	EchoStar Corp., Cl. A†		303,596		173,400
	10,000	Liberty Latin America Ltd., Cl. A†		86,772		87,500
	69,000	Liberty Latin America Ltd., Cl. C†		935,780		594,780
	95,000	Rogers Communications Inc., Cl. B		2,781,806		4,335,800
	90,000	WideOpenWest Inc.†		618,543		759,600
				24,098,029		26,219,430

See accompanying notes to financial statements.

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

Market

Shares

Cost

Value

COMMON STOCKS (Continued)

Communications Equipment — 0.4%

24,300‌

Arista Networks Inc.†

1,387,455‌

3,938,058‌

106,000‌

Corning Inc.

1,986,245‌

3,714,240‌

7,500‌

QUALCOMM Inc.

982,475‌

892,800

50,000

Radius Global Infrastructure Inc., Cl. A†

603,318‌

745,000

81,000‌

Telesat Corp.†

2,900,579‌

763,020

7,860,072‌

10,053,118‌

Computer Hardware — 1.0%

122,150‌

Apple Inc.

6,173,954‌

23,693,436‌

10,000

Dell Technologies Inc., Cl. C

395,440

541,100

5,000

HP Inc.

138,100‌

153,550

17,500‌

Micron Technology Inc.

972,900‌

1,104,425‌

7,680,394‌

25,492,511‌

Computer Software and Services — 7.7%

5,000‌

3D Systems Corp.†

42,500‌

49,650

19,000‌

Activision Blizzard Inc.†

1,280,251‌

1,601,700‌

12,300‌

Adobe Inc.†

4,139,617‌

6,014,577‌

1,000‌

Akamai Technologies Inc.†

78,920‌

89,870

1,000

Alibaba Group Holding Ltd., ADR†

216,505‌

83,350

88,780‌

Alphabet Inc., Cl. A†

3,850,750‌

10,626,966‌

315,100‌

Alphabet Inc., Cl. C†

19,880,971‌

38,117,647‌

174,900‌

Amazon.com Inc.†

18,197,353‌

22,799,964‌

5,000‌

Avid Technology Inc.†

121,430‌

127,500

8,520‌

Backblaze Inc., Cl. A†

89,773‌

36,892

20,000‌

Black Knight Inc.†

646,885‌

1,194,600‌

4,000

Check Point Software Technologies Ltd.†

454,950‌

502,480

23,000‌

Cisco Systems Inc.

963,885‌

1,190,020‌

18,000

CrowdStrike Holdings Inc., Cl. A†

2,545,054‌

2,643,660‌

30,000‌

eBay Inc.

678,428‌

1,340,700‌

150,610‌

Edgio Inc.†

291,042‌

101,511

5,000‌

Fastly Inc., Cl. A†

42,275‌

78,850

6,600‌

Fiserv Inc.†

711,903‌

832,590

2,500‌

Gen Digital Inc.

57,350‌

46,375

500,000

Hewlett Packard Enterprise Co.

6,827,746‌

8,400,000‌

4,790‌

Intuit Inc.

2,008,721‌

2,194,730‌

59,000‌

Kyndryl Holdings Inc.†

1,023,343‌

783,520

38,750‌

Meta Platforms Inc., Cl. A†

10,153,068‌

11,120,475‌

165,049‌

Microsoft Corp.

14,438,930‌

56,205,786‌

12,000‌

MKS Instruments Inc.

1,240,325‌

1,297,200‌

75,000‌

N-able Inc.†

988,506‌

1,080,750‌

2,500‌

Oracle Corp.

186,535‌

297,725

40,000‌

Oxford Metrics plc

51,765‌

59,436

67,000‌

Rockwell Automation Inc.

2,361,773‌

22,073,150‌

4,500‌

SAP SE, ADR

580,385‌

615,645

7,400‌

ServiceNow Inc.†

2,317,303‌

4,158,578‌

					Market
Shares			Cost		Value
	14,900	Snowflake Inc., Cl. A†	$	2,180,425	$	2,622,102
	88,854	SolarWinds Corp.†		1,470,095		911,642
	12,000	Stratasys Ltd.†		192,659		213,120
	39,514	Vimeo Inc.†		695,244		162,798
	8,000	VMware Inc., Cl. A†		941,402		1,149,520
				101,948,067		200,825,079
		Consumer Products — 1.8%
	30,000	Church & Dwight Co. Inc.		1,199,580		3,006,900
	343,000	Edgewell Personal Care Co.		14,633,983		14,169,330
	57,000	Energizer Holdings Inc.		2,111,686		1,914,060
	99,000	Hanesbrands Inc.		471,699		449,460
	2,081	HNI Corp.		54,397		58,643
	700	Johnson Outdoors Inc., Cl. A		48,584		43,015
	80	Kering SA		47,650		44,137
	3,000	Kimberly-Clark Corp.		319,775		414,180
	3,995	Nintendo Co. Ltd., ADR		40,182		45,463
	110,000	Philip Morris International Inc.		10,436,699		10,738,200
	2,870	Spectrum Brands Holdings Inc.		215,629		224,003
	17,250	The Estee Lauder Companies Inc., Cl. A		3,478,327		3,387,555
	73,000	The Procter & Gamble Co.		4,253,113		11,077,020
	5,000	The Scotts Miracle-Gro Co.		235,610		313,450
				37,546,914		45,885,416
		Consumer Services — 0.2%
	86,530	Arlo Technologies Inc.†		418,163		944,042
	23,000	Ashtead Group plc		485,349		1,590,192
	150,000	Rentokil Initial plc		1,060,106		1,171,575
	7,000	Travel + Leisure Co.		238,201		282,380
	72	Vroom Inc.†		225		104
				2,202,044		3,988,293
		Diversified Industrial — 3.5%
	500	Agilent Technologies Inc.		57,295		60,125
	10,555	American Outdoor Brands Inc.†		115,635		91,617
	237,000	Ampco-Pittsburgh Corp.†		600,996		753,660
	10,845	AZZ Inc.		415,635		471,324
	95,000	Bouygues SA		3,295,487		3,188,705
	4,500	Crane Co.		278,375		401,040
	4,500	Crane NXT Co.		149,880		253,980
	22,700	Eaton Corp. plc		880,958		4,564,970
	10,600	General Electric Co.		672,383		1,164,410
	3,500	Graham Corp.†		49,878		46,480
	176,000	Griffon Corp.		3,359,796		7,092,800
	189,800	Honeywell International Inc.		22,936,752		39,383,500
	11,000	Hyster-Yale Materials Handling Inc.		369,630		614,240
	2,300	Intevac Inc.†		15,398		8,625

See accompanying notes to financial statements.

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

Market

Cost

Value

COMMON STOCKS (Continued)

Diversified Industrial (Continued)

39,350‌

ITT Inc.

984,704‌

3,667,813‌

10,000‌

nVent Electric plc

140,660‌

516,700

15,000‌

Pentair plc

425,273‌

969,000

10,678‌

Proto Labs Inc.†

694,953‌

373,303

6,500‌

Sulzer AG

415,548‌

558,460

294,000‌

Textron Inc.

12,294,427‌

19,883,220‌

15,225‌

The Sherwin-Williams Co.

2,689,844‌

4,042,542‌

300,000‌

Toray Industries Inc.

2,270,748‌

1,664,091‌

36,000‌

Trinity Industries Inc.

739,138‌

925,560

53,853,393‌

90,696,165‌

Electronics — 2.9%

13,000‌

Bel Fuse Inc., Cl. B

200,392‌

746,330

45,000‌

Flex Ltd.†

815,650‌

1,243,800‌

58,000‌

Intel Corp.

3,059,830‌

1,939,520‌

765‌

Kimball Electronics Inc.†

17,978‌

21,137

168,000‌

Resideo Technologies Inc.†

1,489,975‌

2,966,880‌

1,650‌

Signify NV

57,604‌

46,218

382,000‌

Sony Group Corp., ADR

13,076,644‌

34,395,280‌

38,000‌

TE Connectivity Ltd.

1,106,583‌

5,326,080‌

78,000‌

Texas Instruments Inc.

2,546,970‌

14,041,560‌

27,000

Thermo Fisher Scientific Inc.

9,129,749‌

14,087,250‌

3,500‌

Universal Display Corp.

557,137‌

504,455

32,058,512‌

75,318,510‌

Energy and Utilities: Electric — 0.6%

11,000‌

ALLETE Inc.

360,106‌

637,670

5,000

American Electric Power Co. Inc.

184,350‌

421,000

29,000

Electric Power Development Co. Ltd.

607,454‌

425,871

169,000‌

Evergy Inc.

9,490,431‌

9,872,980‌

12,000‌

Pinnacle West Capital Corp.

468,584‌

977,520

5,000

Portland General Electric Co.

245,790‌

234,150

61,600‌

The AES Corp.

661,652‌

1,276,968‌

6,500‌

WEC Energy Group Inc.

438,633‌

573,560

12,457,000‌

14,419,719‌

Energy and Utilities: Integrated — 1.6%

10,000‌

Avangrid Inc.

496,555‌

376,800

20,000

Chubu Electric Power Co. Inc.

307,625‌

243,529

20,000‌

Endesa SA

506,664‌

428,842

228,000‌

Enel SpA

1,036,727‌

1,534,559‌

52,000‌

Eversource Energy

4,333,532‌

3,687,840‌

23,000

Hawaiian Electric Industries Inc.

594,426‌

832,600

410,000‌

Hera SpA

822,663‌

1,217,801‌

					Market
Shares			Cost		Value
	16,000	Hokkaido Electric Power Co. Inc.†	$	102,051	$	65,643
	45,000	Iberdrola SA, ADR		952,490		2,352,150
	115,000	Korea Electric Power Corp., ADR†		1,568,135		891,250
	23,000	Kyushu Electric Power Co. Inc.†		228,450		146,724
	28,000	MGE Energy Inc.		599,144		2,215,080
	158,500	NextEra Energy Inc.		11,030,308		11,760,700
	60,650	NextEra Energy Partners LP		2,442,902		3,556,516
	49,000	NiSource Inc.		397,054		1,340,150
	4,000	NorthWestern Corp.		240,880		227,040
	57,500	OGE Energy Corp.		685,360		2,064,825
	11,000	Ormat Technologies Inc.		165,000		885,060
	260,000	PG&E Corp.†		2,616,544		4,492,800
	18,000	PNM Resources Inc.		880,389		811,800
	30,000	Public Service Enterprise Group Inc.		906,079		1,878,300
	50,000	Shikoku Electric Power Co. Inc.†		878,676		340,067
	44,000	The Chugoku Electric Power Co. Inc.†		628,607		297,338
	18,000	The Kansai Electric Power Co. Inc.		217,251		225,226
	50,000	Tohoku Electric Power Co. Inc.†		645,500		308,465
				33,283,012		42,181,105
		Energy and Utilities: Natural Gas — 1.1%
	16,000	APA Corp.		185,550		546,720
	200,000	Enterprise Products Partners LP		3,319,916		5,270,000
	47,000	Kinder Morgan Inc.		1,014,942		809,340
	171,500	National Fuel Gas Co.		8,426,663		8,808,240
	30,000	National Grid plc		469,640		396,431
	22,000	National Grid plc, ADR		1,086,983		1,481,260
	14,300	ONEOK Inc.		528,910		882,596
	37,500	Sempra Energy		1,199,552		5,459,625
	62,000	Southwest Gas Holdings Inc.		2,427,445		3,946,300
	82,000	UGI Corp.		3,199,263		2,211,540
				21,858,864		29,812,052
		Energy and Utilities: Oil — 4.0%
	81,500	Chevron Corp.		7,759,559		12,824,025
	208,300	ConocoPhillips		12,518,612		21,581,963
	65,000	Devon Energy Corp.		856,057		3,142,100
	123,000	Eni SpA, ADR		4,396,603		3,541,170
	375,000	Equinor ASA, ADR		6,897,752		10,953,750
	112,000	Exxon Mobil Corp.		6,441,654		12,012,000
	15,700	Hess Corp.		975,265		2,134,415
	135,000	Marathon Petroleum Corp.		4,289,493		15,741,000
	65,000	Occidental Petroleum Corp.		3,576,850		3,822,000

See accompanying notes to financial statements.

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

Market

Cost

Value

COMMON STOCKS (Continued)

Energy and Utilities: Oil (Continued)

100,000‌

PetroChina Co. Ltd., Cl. H

40,300‌

69,168

25,000‌

Petroleo Brasileiro SA, ADR

276,028‌

345,750

52,000‌

Phillips 66

4,107,965‌

4,959,760‌

75,000‌

Repsol SA, ADR

1,487,593‌

1,091,250‌

97,800‌

Shell plc, ADR

5,251,326‌

5,905,164‌

1,000‌

Texas Pacific Land Corp.

1,205,174‌

1,316,500‌

70,000‌

TotalEnergies SE, ADR

3,318,049‌

4,034,800‌

2,891

Woodside Energy Group Ltd., ADR

66,493‌

67,042

63,464,773‌

103,541,857‌

Energy and Utilities: Services — 1.2%

2,000‌

Baker Hughes Co.

61,706‌

63,220

25,000‌

Dril-Quip Inc.†

626,899‌

581,750

553,800‌

Halliburton Co.

17,884,116‌

18,269,862‌

111,000

Oceaneering International Inc.†

1,483,810‌

2,075,700‌

211,000‌

Schlumberger NV

8,447,943‌

10,364,320‌

28,504,474‌

31,354,852‌

Energy and Utilities: Water — 0.3%

11,000‌

American States Water Co.

138,388‌

957,000

6,000

American Water Works Co. Inc.

715,889‌

856,500

14,000‌

Essential Utilities Inc.

613,003‌

558,740

71,000

Mueller Water Products Inc., Cl. A

662,680‌

1,152,330‌

34,000‌

Severn Trent plc

876,357‌

1,107,999‌

22,000‌

SJW Group

383,583‌

1,542,420‌

7,500‌

The York Water Co.

97,903‌

309,525

8,000

United Utilities Group plc, ADR

212,760‌

199,840

3,700,563‌

6,684,354‌

Entertainment — 2.5%

6,000‌

Caesars Entertainment Inc.†

269,087‌

305,820

61,333‌

Fox Corp., Cl. A

1,949,372‌

2,085,322‌

68,000‌

Fox Corp., Cl. B

2,160,130‌

2,168,520‌

3,000

International Game Technology plc

74,263‌

95,670

229,907

Liberty Media Corp.- Liberty Braves, Cl. A†

6,507,768‌

9,407,794‌

50,000

Liberty Media Corp.- Liberty Braves, Cl. C†

1,934,648‌

1,981,000‌

59,880

Madison Square Garden Entertainment Corp.†

1,629,258‌

2,013,166‌

49,500

Madison Square Garden Sports Corp.

4,409,377‌

9,308,475‌

20,200‌

Netflix Inc.†

7,172,622‌

8,897,898‌

85,000‌

Paramount Global, Cl. A

2,742,724‌

1,577,600‌

300,000‌

Paramount Global, Cl. B

7,745,564‌

4,773,000‌

					Market
Shares			Cost		Value
	5,000	Penn Entertainment Inc.†	$	171,246	$	120,150
	59,880	Sphere Entertainment Co.†		1,369,270		1,640,113
	16,000	Take-Two Interactive Software Inc.†		2,525,044		2,354,560
	56,000	The Walt Disney Co.†		5,707,581		4,999,680
	107,200	Universal Music Group NV		2,147,443		2,380,475
	605,000	Vivendi SE		6,758,296		5,549,439
	405,000	Warner Bros Discovery Inc.†		5,901,111		5,078,700
				61,174,804		64,737,382
		Environmental Services — 2.4%
	181,000	Republic Services Inc.		6,793,280		27,723,770
	29,180	Veolia Environnement SA		443,012		921,803
	97,222	Waste Connections Inc.		4,631,690		13,895,941
	117,000	Waste Management Inc.		4,873,909		20,290,140
				16,741,891		62,831,654
		Equipment and Supplies — 2.1%
	83,000	CIRCOR International Inc.†		2,247,307		4,685,350
	3,000	CTS Corp.		108,270		127,890
	27,800	Danaher Corp.		5,674,382		6,672,000
	124,800	Flowserve Corp.		4,513,592		4,636,320
	126,000	Graco Inc.		2,536,686		10,880,100
	135,000	Mueller Industries Inc.		2,930,268		11,782,800
	430,000	RPC Inc.		854,378		3,074,500
	70,000	Sealed Air Corp.		1,816,046		2,800,000
	25,800	The L.S. Starrett Co., Cl. A†		125,379		269,610
	96,000	The Timken Co.		3,641,177		8,786,880
	7,000	Valmont Industries Inc.		1,970,911		2,037,350
				26,418,396		55,752,800
		Financial Services — 14.1%
	4,500	AJ Bell plc		18,618		18,345
	299,408	American Express Co.		27,577,470		52,156,874
	125,000	American International Group Inc.		6,914,580		7,192,500
	314,600	Bank of America Corp.		7,839,159		9,025,874
	60,000	Berkshire Hathaway Inc., Cl. B†		12,010,374		20,460,000
	16,200	BlackRock Inc.		3,276,245		11,196,468
	76,560	Blackstone Inc.		3,281,254		7,117,783
	7,174	Brookfield Asset Management Ltd., Cl. A		25,030		234,088
	28,500	Brookfield Corp.		105,525		959,025
	196	Brookfield Reinsurance Ltd.		10,388		6,637
	2,300	Brooks Macdonald Group plc		60,387		63,094
	22,000	Cannae Holdings Inc.†		275,343		444,620
	222,000	Citigroup Inc.		10,618,779		10,220,880
	5,000	Cohen & Steers Inc.		185,819		289,950
	18,500	Cullen/Frost Bankers Inc.		1,345,682		1,989,305
	11,000	EXOR NV		671,170		980,421

See accompanying notes to financial statements.

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

Market

Cost

Value

COMMON STOCKS (Continued)

Financial Services (Continued)

135

Farmers & Merchants Bank of Long Beach

1,045,014‌

733,725

37,000

Fidelity National Financial Inc.

375,359‌

1,332,000

80,000‌

FTAI Aviation Ltd.

1,323,086‌

2,532,800

135,000‌

Graf Acquisition Corp. IV†

1,345,868‌

1,394,550

23,000‌

HSBC Holdings plc, ADR

788,345‌

911,260

23,249

Interactive Brokers Group Inc., Cl. A

916,968‌

1,931,294

450

Intercontinental Exchange Inc.

47,200‌

50,886

155,000‌

Invesco Ltd.

3,318,821‌

2,605,550

12,500‌

Janus Henderson Group plc

416,014‌

340,625

325,747‌

JPMorgan Chase & Co.

22,991,196‌

47,376,644‌

65,000‌

KeyCorp.

856,314‌

600,600

30,000‌

Kinnevik AB, Cl. B†

402,728‌

415,564

55,000‌

KKR & Co. Inc.

1,110,737‌

3,080,000

85,000‌

Loews Corp.

5,280,348‌

5,047,300

42,000‌

M&T Bank Corp.

3,349,636‌

5,197,920

190,226‌

Morgan Stanley

5,277,694‌

16,245,300‌

4,000‌

MSCI Inc.

1,262,476‌

1,877,160

70,000

National Australia Bank Ltd., ADR

810,381‌

614,250

128,000‌

Navient Corp.

922,689‌

2,378,240

60,000

New York Community Bancorp Inc.

887,993‌

674,400

91,000‌

Northern Trust Corp.

4,076,449‌

6,746,740

154,431

Oaktree Specialty Lending Corp.

2,897,119‌

3,000,594

12,000‌

PayPal Holdings Inc.†

857,901‌

800,760

80,000‌

Resona Holdings Inc.

381,969‌

382,716

15,000‌

S&P Global Inc.

5,281,247‌

6,013,350

90,000‌

SLM Corp.

453,093‌

1,468,800

169,000‌

State Street Corp.

10,054,088‌

12,367,420‌

126,000‌

T. Rowe Price Group Inc.

9,077,328‌

14,114,520‌

631,000

The Bank of New York Mellon Corp.

20,725,827‌

28,092,120‌

34,000

The Goldman Sachs Group Inc.

7,724,834‌

10,966,360‌

90,000

The Hartford Financial Services Group Inc.

3,212,358‌

6,481,800

146,000

The PNC Financial Services Group Inc.

10,707,296‌

18,388,700‌

75,700

The Travelers Companies Inc.

5,567,867‌

13,146,062‌

60,000‌

W. R. Berkley Corp.

2,762,453‌

3,573,600

551,000‌

Wells Fargo & Co.

19,068,145‌

23,516,680‌

2,300‌

Willis Towers Watson plc

175,957‌

541,650

229,968,621‌

367,297,804‌

					Market
Shares			Cost		Value
		Food and Beverage — 10.6%
	12,000	Ajinomoto Co. Inc.	$	205,201	$	476,025
	96,150	BellRing Brands Inc.†		2,300,923		3,519,090
	12,500	Brown-Forman Corp., Cl. B		439,792		834,750
	58,000	Campbell Soup Co.		2,104,584		2,651,180
	950,000	China Mengniu Dairy Co. Ltd.		1,162,305		3,576,442
	48,000	Chr. Hansen Holding A/S		1,927,011		3,331,545
	261,000	Conagra Brands Inc.		7,043,487		8,800,920
	8,000	Constellation Brands Inc., Cl. A		283,846		1,969,040
	157,500	Danone SA		7,638,676		9,648,445
	1,980,000	Davide Campari-Milano NV		6,072,300		27,417,709
	1,250	Diageo plc		57,216		53,642
	112,000	Diageo plc, ADR		16,146,339		19,429,760
	70,954	Flowers Foods Inc.		1,053,433		1,765,336
	194,200	General Mills Inc.		10,856,523		14,895,140
	4,000	Glanbia plc		50,693		59,798
	18,000	Heineken Holding NV		747,987		1,564,453
	260,000	ITO EN Ltd.		5,640,538		7,151,599
	120,000	Keurig Dr Pepper Inc.		1,412,776		3,752,400
	332,000	Kikkoman Corp.		3,992,942		18,848,498
	2,000	Lamb Weston Holdings Inc.		135,964		229,900
	10,000	Lifecore Biomedical Inc.†		102,407		96,700
	108,000	Maple Leaf Foods Inc.		2,081,739		2,109,862
	6,000	McCormick & Co. Inc.		290,905		519,600
	35,000	Molson Coors Beverage Co., Cl. B		1,574,287		2,304,400
	522,000	Mondelēz International Inc., Cl. A		19,704,747		38,074,680
	30,000	Morinaga Milk Industry Co. Ltd.		588,860		980,907
	10,000	Nathan’s Famous Inc.		591,370		785,400
	4,000	National Beverage Corp.†		183,131		193,400
	22,000	Nestlé SA		1,644,475		2,644,769
	35,000	Nestlé SA, ADR		2,563,158		4,212,250
	128,000	Nissin Foods Holdings Co. Ltd.		4,370,561		10,565,023
	69,982	Nomad Foods Ltd.†		1,810,557		1,226,085
	70,250	PepsiCo Inc.		8,862,180		13,011,705
	61,000	Pernod Ricard SA		5,202,267		13,472,392
	47,000	Post Holdings Inc.†		2,898,453		4,072,550
	24,500	Remy Cointreau SA		1,360,469		3,928,620
	18,000	Suntory Beverage & Food Ltd.		573,702		650,168
	2,500	The Boston Beer Co. Inc., Cl. A†		831,230		771,100
	265,000	The Coca-Cola Co.		10,300,790		15,958,300
	45,000	The Hain Celestial Group Inc.†		883,750		562,950
	5,000	The J.M. Smucker Co.		746,997		738,350
	354,000	The Kraft Heinz Co.		13,200,498		12,567,000

See accompanying notes to financial statements.

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

Market

Cost

Value

COMMON STOCKS (Continued)

Food and Beverage (Continued)

25,000‌

Unilever plc, ADR

800,393‌

1,303,250‌

235,000‌

Yakult Honsha Co. Ltd.

5,651,870‌

14,828,476‌

156,091,332‌

275,553,609‌

Health Care — 11.2%

30,500‌

Abbott Laboratories

1,791,668‌

3,325,110‌

58,700‌

AbbVie Inc.

6,038,278‌

7,908,651‌

45,000‌

AmerisourceBergen Corp.

3,344,109‌

8,659,350‌

42,486‌

AstraZeneca plc, ADR

2,346,406‌

3,040,723‌

185,987‌

Avantor Inc.†

5,102,432‌

3,820,173‌

89,727‌

Bausch + Lomb Corp.†

1,444,237‌

1,800,821‌

80,000‌

Baxter International Inc.

4,635,355‌

3,644,800‌

1,000‌

Bayer AG

61,178‌

55,291

10,000‌

Becton Dickinson & Co.

2,317,130‌

2,640,100‌

2,500

BioMarin Pharmaceutical Inc.†

195,120‌

216,700

9,000

Bio-Rad Laboratories Inc., Cl. A†

3,506,140‌

3,412,080‌

130,800‌

Bristol-Myers Squibb Co.

7,666,564‌

8,364,660‌

55,000‌

Catalent Inc.†

5,120,367‌

2,384,800‌

9,000

Charles River Laboratories International Inc.†

2,010,958‌

1,892,250‌

12,888‌

Chemed Corp.

4,552,888‌

6,981,043‌

35,000‌

DaVita Inc.†

2,192,140‌

3,516,450‌

1,000‌

Demant A/S†

38,808‌

42,281

100,000‌

DENTSPLY SIRONA Inc.

5,007,874‌

4,002,000‌

25,000‌

DICE Therapeutics Inc.†

1,169,500‌

1,161,500‌

38,700

Edwards Lifesciences Corp.†

2,587,908‌

3,650,571‌

55,000‌

Elanco Animal Health Inc.†

694,558‌

553,300

13,000‌

Elevance Health Inc.

2,548,777‌

5,775,770‌

50,900‌

Eli Lilly & Co.

6,536,596‌

23,871,082‌

225,000‌

Evolent Health Inc., Cl. A†

2,938,469‌

6,817,500‌

2,967

GE HealthCare Technologies Inc.

148,107‌

241,039

12,510‌

Gerresheimer AG

811,484‌

1,407,409‌

24,271‌

Gilead Sciences Inc.

1,727,270‌

1,870,566‌

16,819

Halozyme Therapeutics Inc.†

843,518‌

606,661

32,500‌

HCA Healthcare Inc.

2,846,045‌

9,863,100‌

38,500‌

Henry Schein Inc.†

2,624,350‌

3,122,350‌

30,000‌

ICU Medical Inc.†

6,460,525‌

5,345,700‌

8,000‌

Incyte Corp.†

614,062‌

498,000

47,371‌

Integer Holdings Corp.†

2,516,334‌

4,197,544‌

15,900‌

Intuitive Surgical Inc.†

3,862,682‌

5,436,846‌

106,100‌

Johnson & Johnson

10,929,566‌

17,561,672‌

24,500

Laboratory Corp. of America Holdings

3,097,127‌

5,912,585‌

12,000‌

McKesson Corp.

2,014,046‌

5,127,720‌

40,000‌

Medtronic plc

4,203,444‌

3,524,000‌

					Market
Shares			Cost		Value
	133,000	Merck & Co. Inc.	$	7,878,757	$	15,346,870
	191,042	Option Care Health Inc.†		2,182,081		6,206,955
	1,000	Organon & Co.		34,571		20,810
	100,000	Pacific Biosciences of California Inc.†		2,600,360		1,330,000
	68,000	Patterson Cos. Inc.		1,622,455		2,261,680
	78,000	Perrigo Co. plc		2,507,430		2,648,100
	75,000	PetIQ Inc.†		1,958,816		1,137,750
	388,588	Pfizer Inc.		9,289,323		14,253,408
	11,127	QuidelOrtho Corp.†		1,017,670		921,983
	200	Roche Holding AG		63,136		61,114
	10,000	Silk Road Medical Inc.†		517,641		324,900
	17,500	Stryker Corp.		2,525,243		5,339,075
	3,600	Teladoc Health Inc.†		129,128		91,152
	150,000	Tenet Healthcare Corp.†		6,746,175		12,207,000
	62,000	The Cigna Group		12,650,923		17,397,200
	12,000	The Cooper Companies Inc.		2,234,608		4,601,160
	20,100	UnitedHealth Group Inc.		10,460,595		9,660,864
	10,000	Vertex Pharmaceuticals Inc.†		1,942,839		3,519,100
	25,000	Viatris Inc.		370,628		249,500
	35,000	Zimmer Biomet Holdings Inc.		3,408,266		5,096,000
	107,038	Zoetis Inc.		5,467,012		18,433,014
				192,153,677		293,359,833
		Hotels and Gaming — 0.5%
	19,000	Accor SA		654,124		705,330
	80,800	Boyd Gaming Corp.		449,014		5,605,096
	28,500	Entain plc		409,421		460,400
	400	Flutter Entertainment plc†		63,793		80,264
	4,700	Gambling.com Group Ltd.†		44,563		48,128
	18,500	Las Vegas Sands Corp.†		1,036,556		1,073,000
	400,000	Mandarin Oriental International Ltd.†		680,880		660,000
	40,400	MGM Resorts International		1,211,368		1,774,368
	15,000	Ryman Hospitality Properties Inc., REIT		683,117		1,393,800
	5,000	Wyndham Hotels & Resorts Inc.		191,090		342,850
	500	Wynn Resorts Ltd.		49,067		52,805
				5,472,993		12,196,041
		Machinery — 2.9%
	57,000	Astec Industries Inc.		2,240,290		2,590,080
	140,000	CNH Industrial NV		911,179		2,017,302
	1,518,000	CNH Industrial NV, New York		12,208,777		21,859,200
	64,000	Deere & Co.		4,708,678		25,932,160
	5,500	Otis Worldwide Corp.		301,870		489,555
	1,500	Tennant Co.		97,500		121,665
	40,000	Twin Disc Inc.†		355,151		450,400

See accompanying notes to financial statements.

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

Market

Cost

Value

COMMON STOCKS (Continued)

Machinery (Continued)

186,905‌

Xylem Inc.

9,111,415‌

21,049,241‌

29,934,860‌

74,509,603‌

Metals and Mining — 1.2%

69,585‌

Agnico Eagle Mines Ltd.

2,277,543‌

3,477,858‌

20,000

Alliance Resource Partners LP

38,683‌

369,800

119,190‌

Barrick Gold Corp.

2,310,428‌

2,017,887‌

8,000‌

BHP Group Ltd., ADR

217,549‌

477,360

36,000‌

Franco-Nevada Corp.

1,500,629‌

5,130,900‌

860

Franco-Nevada Corp., New York

124,722‌

122,636

200,000‌

Freeport-McMoRan Inc.

3,752,940‌

8,000,000‌

270,620‌

Newmont Corp.

10,625,089‌

11,544,649‌

9,615

Osisko Gold Royalties Ltd., New York

150,247‌

147,783

3,645

Wheaton Precious Metals Corp.

175,142‌

157,537

21,172,972‌

31,446,410‌

Paper and Forest Products — 0.0%

200

Keweenaw Land Association Ltd.†

16,004‌

4,250

Publishing — 0.0%

1,200‌

Graham Holdings Co., Cl. B

632,929‌

685,776

Real Estate Investment Trust — 0.4%

15,000

American Tower Corp., REIT

2,876,502‌

2,909,100‌

15,000‌

Crown Castle Inc., REIT

1,877,620‌

1,709,100‌

3,000‌

Equinix Inc., REIT

1,141,892‌

2,351,820‌

1,300‌

VICI Properties Inc., REIT

43,789‌

40,859

85,000‌

Weyerhaeuser Co., REIT

2,638,024‌

2,848,350‌

8,577,827‌

9,859,229‌

Retail — 3.9%

101,808‌

AutoNation Inc.†

5,436,402‌

16,758,615‌

1,300‌

AutoZone Inc.†

1,435,000‌

3,241,368‌

19,000

Bassett Furniture Industries Inc.

96,033‌

285,760

40,000‌

CarMax Inc.†

3,451,690‌

3,348,000‌

1,290‌

Chipotle Mexican Grill Inc.†

2,009,667‌

2,759,310‌

200,000‌

Conn’s Inc.†

4,850,850‌

740,000

11,000‌

Costco Wholesale Corp.

5,793,954‌

5,922,180‌

308,000‌

CVS Health Corp.

22,600,962‌

21,292,040‌

30,000‌

EVgo Inc.†

250,562‌

120,000

98,500‌

Ingles Markets Inc., Cl. A

1,382,832‌

8,141,025‌

36,650‌

Lowe’s Companies Inc.

868,343‌

8,271,905‌

6,000‌

Macy’s Inc.

146,945‌

96,300

					Market
Shares			Cost		Value
	8,200	MSC Industrial Direct Co. Inc., Cl. A	$	582,540	$	781,296
	32,100	NIKE Inc., Cl. B		3,116,529		3,542,877
	37,500	Rush Enterprises Inc., Cl. B		599,173		2,552,250
	247,000	Sally Beauty Holdings Inc.†		3,735,266		3,050,450
	118,000	Seven & i Holdings Co. Ltd.		3,776,151		5,074,257
	88,000	Starbucks Corp.		7,391,615		8,717,280
	12,000	The Home Depot Inc.		2,899,029		3,727,680
	50,000	Walgreens Boots Alliance Inc.		1,778,590		1,424,500
	20,000	Walmart Inc.		970,066		3,143,600
				73,172,199		102,990,693
		Semiconductors — 1.0%
	31,000	Advanced Micro Devices Inc.†		2,437,206		3,531,210
	6,100	ASML Holding NV		2,358,220		4,420,975
	3,000	Entegris Inc.		246,781		332,460
	36,000	Lattice Semiconductor Corp.†		2,046,441		3,458,520
	29,500	NVIDIA Corp.		1,443,569		12,479,090
	1,500	NXP Semiconductors NV		274,055		307,020
	11,000	SkyWater Technology Inc.†		91,970		103,620
	11,000	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		868,070		1,110,120
				9,766,312		25,743,015
		Specialty Chemicals — 1.8%
	18,000	Air Products and Chemicals Inc.		3,256,660		5,391,540
	30,000	Ashland Inc.		1,880,763		2,607,300
	10,000	Axalta Coating Systems Ltd.†		251,294		328,100
	5,000	Dow Inc.		223,651		266,300
	400	DSM-Firmenich AG		53,150		43,046
	366,000	DuPont de Nemours Inc.		20,391,944		26,147,040
	19,000	FMC Corp.		1,964,555		1,982,460
	83,000	Olin Corp.		1,490,430		4,265,370
	16,500	Rogers Corp.†		2,060,836		2,671,845
	5,000	Sensient Technologies Corp.		315,608		355,650
	65,000	Valvoline Inc.		1,432,687		2,438,150
				33,321,578		46,496,801
		Telecommunications — 2.1%
	168,000	AT&T Inc.		3,364,564		2,679,600
	168,000	BCE Inc.		4,665,969		7,659,120
	15,000	Comtech Telecommunications Corp.		280,540		137,100
	430,000	Deutsche Telekom AG, ADR		7,239,214		9,395,500
	62,279	GCI Liberty Inc., Escrow†		0		2

See accompanying notes to financial statements.

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

Market

Cost

Value

COMMON STOCKS (Continued)

Telecommunications (Continued)

195,000‌

Hellenic Telecommunications Organization SA, ADR

1,323,723‌

1,667,250

50,000‌

Orange SA, ADR

1,004,466‌

582,000

50,000‌

Pharol SGPS SA†

14,182‌

2,160

40,000‌

Proximus SA

1,004,682‌

297,854

30,000‌

Telefonica SA, ADR

141,447‌

120,900

295,000‌

Telekom Austria AG

1,968,837‌

2,182,509

25,000‌

Telenet Group Holding NV

637,602‌

562,514

100,000

Telephone and Data Systems Inc.

1,689,988‌

823,000

110,000‌

Telstra Group Ltd., ADR

2,014,389‌

1,547,700

270,000‌

TELUS Corp.

1,405,698‌

5,254,200

75,000‌

T-Mobile US Inc.†

7,287,722‌

10,417,500

12,000‌

VEON Ltd., ADR†

182,320‌

245,280

300,086‌

Verizon Communications Inc.

14,232,658‌

11,160,198

101,000‌

Vodafone Group plc, ADR

1,366,074‌

954,450

49,824,075‌

55,688,837

Transportation — 1.0%

28,840‌

Canadian Pacific Kansas City Ltd.

167,897‌

2,329,407

180,000‌

GATX Corp.

5,862,878‌

23,173,200

6,030,775‌

25,502,607

Wireless Communications — 0.0%

68,000‌

United States Cellular Corp.†

2,111,958‌

1,198,840

TOTAL COMMON STOCKS

1,499,243,281

2,497,198,924

CLOSED-END FUNDS — 0.0%

40,000‌

Altaba Inc., Escrow†

0‌

93,600

PREFERRED STOCKS — 0.1%

Consumer Services — 0.1%

66,100‌

Qurate Retail Inc., 8.000%, 03/15/31

5,337,689‌

2,480,072

Health Care — 0.0%

2,296‌

XOMA Corp., Ser. A, 8.625%

52,495‌

55,035

TOTAL PREFERRED STOCKS

5,390,184‌

2,535,107

					Market
Shares			Cost		Value
		MANDATORY CONVERTIBLE SECURITIES(a) — 0.2%
		Energy and Utilities — 0.2%
	123,000	El Paso Energy Capital Trust I, 4.750%, 03/31/28	$	4,461,716	$	5,713,350

		WARRANTS — 0.0%
		Diversified Industrial — 0.0%
	32,000	Ampco-Pittsburgh Corp., expire 08/01/25†		21,862		15,680

		Energy and Utilities: Oil — 0.0%
	12,257	Occidental Petroleum Corp., expire 08/03/27†		60,672		457,431

		Energy and Utilities: Services — 0.0%
	3,081	Weatherford International plc, expire 12/13/23†		0		1,294

		TOTAL WARRANTS		82,534		474,405

Principal
Amount
		CONVERTIBLE CORPORATE BONDS — 0.0%
		Cable and Satellite — 0.0%
$	600,000	DISH Network Corp., 3.375%, 08/15/26		600,000		307,500

		U.S. GOVERNMENT OBLIGATIONS — 3.9%
	102,937,000	U.S. Treasury Bills, 4.799% to 5.435%††, 07/13/23 to 12/14/23		101,958,808		101,970,568

TOTAL INVESTMENTS — 100.0%			$	1,611,736,523		2,608,293,454

Other Assets and Liabilities (Net)						267,351

PREFERRED SHARES
(7,824,063 preferred shares outstanding)						(347,049,975	)

NET ASSETS — COMMON SHARES
(90,158,425 common shares outstanding)					$	2,261,510,830

NET ASSET VALUE PER COMMON SHARE
($2,261,510,830 ÷ 90,158,425 shares outstanding)					$	25.08

(a)

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.

†

Non-income producing security.

††

Represents annualized yields at dates of purchase.

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

See accompanying notes to financial statements.

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2023 (Unaudited)

	% of Total			Market
Geographic Diversification	Investments			Value
North America		87.1	%	$	2,272,038,556
Europe		8.6			225,448,949
Japan		3.7			97,115,367
Asia/Pacific		0.4			9,856,432
Latin America		0.2			3,834,150
Total Investments		100.0	%	$	2,608,293,454

See accompanying notes to financial statements.

The Gabelli Dividend & Income Trust

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets:
Investments, at value (cost $1,611,736,523)	$	2,608,293,454‌
Cash		10
Foreign currency, at value (cost $122,228)		122,120
Receivable for investments sold		244,296‌
Dividends and interest receivable		3,551,450‌
Deferred offering expense		146,957‌
Prepaid expenses		5,144‌
Total Assets		2,612,363,431
Liabilities:
Distributions payable		158,448‌
Payable for investments purchased		946,085‌
Payable for investment advisory fees		2,134,321‌
Payable for payroll expenses		72,663
Payable for accounting fees		7,500
Series J Cumulative Preferred Stock, callable and mandatory redemption 03/26/28 (See Notes 2 and 6)		145,100,000‌
Other accrued expenses		483,609‌
Total Liabilities		148,902,626‌
Cumulative Preferred Shares, each at $0.001 par value:
Series B (Auction Market, $25,000 liquidation value per share, 4,000 shares authorized with 82 shares issued and outstanding)		2,050,000
Series C (Auction Market, $25,000 liquidation value per share, 4,800 shares authorized with 54 shares issued and outstanding)		1,350,000
Series E (Auction Rate, $25,000 liquidation value per share, 5,400 shares authorized with 124 shares issued and outstanding)		3,100,000
Series H (5.375%, $25 liquidation value per share, 2,000,000 shares authorized with 1,992,800 shares issued and outstanding)		49,820,000‌
Series K (4.250%, $25 liquidation value per share, 6,000,000 shares authorized with 5,825,199 shares issued and outstanding)		145,629,975‌
Total Preferred Shares		201,949,975‌
Net Assets Attributable to Common Shareholders	$	2,261,510,830

Net Assets Attributable to Common Shareholders Consist of:
Paid-in capital	$	1,278,598,147‌
Total distributable earnings		982,912,683‌
Net Assets	$	2,261,510,830

Net Asset Value per Common Share at $0.001 par value:
($2,261,510,830 ÷ 90,158,425 shares outstanding; unlimited number of shares authorized)	$	25.08‌

Statement of Operations

For the Six Months Ended June 30, 2023 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $611,708)	$	24,934,207
Interest		2,730,346
Total Investment Income		27,664,553
Expenses:
Investment advisory fees		12,669,571
Interest expense on preferred stock		1,233,350
Shareholder communications expenses		244,223
Trustees’ fees		159,564
Custodian fees		159,175
Payroll expenses		87,955
Legal and audit fees		80,300
Shelf offering expense		45,732
Shareholder services fees		24,699
Accounting fees		22,500
Miscellaneous expenses		170,979
Total Expenses		14,898,048
Less:
Expenses paid indirectly by broker (See Note 5)		(10,114	)
Net Expenses		14,887,934
Net Investment Income		12,776,619

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		1,683,745
Net realized loss on foreign currency transactions		(18,280	)
Net realized gain on investments and foreign currency transactions		1,665,465
Net change in unrealized appreciation/depreciation:
on investments		140,503,676
on foreign currency translations		(3,512	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		140,500,164
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		142,165,629
Net Increase in Net Assets Resulting from Operations		154,942,248
Total Distributions to Preferred Shareholders		(4,525,261	)
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations	$	150,416,987

See accompanying notes to financial statements.

The Gabelli Dividend & Income Trust

Statement of Changes in Net Assets Attributable to Common Shareholders

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Operations:
Net investment income	$	12,776,619		$	17,430,217
Net realized gain on investments, securities sold short and foreign currency transactions		1,665,465			107,617,080
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		140,500,164			(500,427,671	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		154,942,248			(375,380,374	)

Distributions to Preferred Shareholders from Accumulated Earnings		(4,525,261	)*		(9,631,992	)

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations		150,416,987			(385,012,366	)

Distributions to Common Shareholders:
Accumulated earnings		(6,492,863	)*		(126,564,003	)
Return of capital		(53,025,051	)*		(746,060	)
Total Distributions to Common Shareholders		(59,517,914	)		(127,310,063	)

Fund Share Transactions:
Net decrease from repurchase of common shares		(627,063	)		(4,691,247	)
Net increase in net assets from repurchase of preferred shares		—			1,025,301
Offering costs and adjustments to offering costs for preferred shares charged to paid-in capital		(900	)		(22,263	)
Net Decrease in Net Assets from Fund Share Transactions		(627,963	)		(3,688,209	)

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders		90,271,110			(516,010,638	)

Net Assets Attributable to Common Shareholders:
Beginning of year		2,171,239,720			2,687,250,358
End of period	$	2,261,510,830		$	2,171,239,720

*	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, 2023 (Unaudited)

Net increase in net assets attributable to common shareholders resulting from operations	$	150,416,987

Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash from Operating Activities:
Purchase of long term investment securities		(116,710,708	)
Proceeds from sales of long term investment securities		130,116,459
Net sales of short term investment securities		46,789,183
Net realized gain on investments		(1,683,745	)
Net change in unrealized appreciation on investments		(140,503,676	)
Net amortization of discount		(2,720,203	)
Decrease in receivable for investments sold		2,242,305
Decrease in dividends and interest receivable		409,522
Decrease in deferred offering expense		45,731
Decrease in prepaid expenses		24,897
Increase in payable for investments purchased		317,324
Decrease in payable for investment advisory fees		(29,465	)
Increase in payable for payroll expenses		9,927
Decrease in payable for accounting fees		(3,750	)
Decrease in other accrued expenses		(3,815	)
Net cash provided by operating activities		68,716,973

Net decrease in net assets resulting from financing activities:
Offering costs for preferred shares charged to paid-in capital		(900	)
Distributions to common shareholders		(67,635,148	)
Decrease in payable for Fund shares redeemed		(61,589	)
Decrease from repurchase of common shares		(627,063	)
Decrease from repurchase of preferred shares		(302,236	)
Net cash used in financing activities		(68,626,936	)
Net increase in cash		90,037
Cash (including foreign currency):
Beginning of year		32,093
End of period	$	122,130

Supplemental disclosure of cash flow information:
Interest paid on preferred shares	$	1,233,350

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, 2023:

Foreign currency, at value	$	122,120
Cash		10
	$	122,130

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:

	Six Months Ended
	June 30,
	2023			Year Ended December 31,
	(Unaudited)			2022			2021			2020			2019			2018
Operating Performance:
Net asset value, beginning of year	$	24.07		$	29.73		$	25.02		$	24.12		$	20.51		$	25.11
Net investment income		0.14			0.20			0.18			0.26			0.35			0.45
Net realized and unrealized gain/(loss) on investments, securities sold short, and foreign currency transactions		1.58			(4.36	)		6.02			1.97			5.25			(3.43	)
Total from investment operations		1.72			(4.16	)		6.20			2.23			5.60			(2.98	)

Distributions to Preferred Shareholders: (a)
Net investment income		(0.04	)*		(0.02	)		(0.02	)		(0.03	)		(0.07	)		(0.08	)
Net realized gain		(0.01	)*		(0.09	)		(0.10	)		(0.14	)		(0.23	)		(0.22	)
Total distributions to preferred shareholders		(0.05	)		(0.11	)		(0.12	)		(0.17	)		(0.30	)		(0.30	)

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations		1.67			(4.27	)		6.08			2.06			5.30			(3.28	)

Distributions to Common Shareholders:
Net investment income		(0.06	)*		(0.20	)		(0.21	)		(0.23	)		(0.29	)		(0.37	)
Net realized gain		(0.01	)*		(1.20	)		(1.17	)		(1.08	)		(0.99	)		(0.93	)
Return of capital		(0.59	)*		(0.01	)		—			(0.01	)		(0.04	)		(0.02	)
Total distributions to common shareholders		(0.66	)		(1.41	)		(1.38	)		(1.32	)		(1.32	)		(1.32	)

Fund Share Transactions:
Decrease in net asset value from common share transactions		—			—			—			—			(0.34	)		—
Increase in net asset value from repurchase of common shares		0.00	(b)		0.01			0.00	(b)		0.01			—			—
Increase in net asset value from repurchase of preferred shares		—			0.01			0.07			0.15			—			—
Offering costs and adjustment to offering costs for preferred shares charged to paid-in capital		(0.00	)(b)		(0.00	)(b)		(0.06	)		—			(0.02	)		—
Offering costs and adjustment to offering costs for common shares charged to paid-in capital		—			—			—			0.00	(b)		(0.01	)		—
Total Fund share transactions		0.00	(b)		0.02			0.01			0.16			(0.37	)		—

Net Asset Value Attributable to Common Shareholders, End of Period	$	25.08		$	24.07		$	29.73		$	25.02		$	24.12		$	20.51
NAV total return †		7.03	%		(14.37	)%		24.74	%		10.47	%		22.82	%		(13.75	)%
Market value, end of period	$	21.13		$	20.61		$	27.00		$	21.46		$	21.95		$	18.30
Investment total return ††		5.81	%		(18.58	)%		32.81	%		5.06	%		28.13	%		(17.10	)%

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:


	Six Months Ended
	June 30,
	2023			Year Ended December 31,
	(Unaudited)			2022			2021			2020			2019			2018
Ratios to Average Net Assets and Supplemental Data:
Net assets including liquidation value of preferred shares, end of period (in 000’s)	$	2,608,561		$	2,518,290		$	3,138,850		$	2,572,913		$	2,660,903		$	2,197,065
Net assets attributable to common shares, end of period (in 000’s)	$	2,261,511		$	2,171,240		$	2,687,250		$	2,263,638		$	2,186,702		$	1,691,086
Ratio of net investment income to average net assets attributable to common shares before preferred share distributions		1.17	%(c)		0.76	%		0.62	%		1.22	%		1.50	%		1.87	%
Ratio of operating expenses to average net assets attributable to common shares before fees waived/fee reduction (d)(e)		1.36	%(c)		1.36	%		1.28	%		1.30	%		1.21	%(f)		1.35	%
Ratio of operating expenses to average net assets attributable to common shares net of fees waived/fee reduction, if any (d)		1.36	%(c)		1.35	%(g)		1.28	%		1.25	%(g)		1.21	%(f)(g)		1.13	%(g)
Portfolio turnover rate		5	%		10	%		12	%		16	%		16	%		11	%

Cumulative Preferred Shares:
5.875% Series A Preferred
Liquidation value, end of period (in 000’s)		—			—			—			—		$	76,201		$	76,201
Total shares outstanding (in 000’s)		—			—			—			—			3,048			3,048
Liquidation preference per share		—			—			—			—		$	25.00		$	25.00
Average market value (h)		—			—			—			—		$	26.09		$	25.66
Asset coverage per share (i)		—			—			—			—		$	140.28		$	108.56
Auction Market Series B Preferred
Liquidation value, end of period (in 000’s)	$	2,050		$	2,050		$	2,050		$	66,175		$	90,000		$	90,000
Total shares outstanding (in 000’s)		0	(j)		0	(j)		0	(j)		3			4			4
Liquidation preference per share	$	25,000		$	25,000		$	25,000		$	25,000		$	25,000		$	25,000
Liquidation value (k)	$	25,000		$	25,000		$	25,000		$	25,000		$	25,000		$	25,000
Asset coverage per share (i)	$	187,910		$	181,407		$	173,763		$	207,979		$	140,284		$	108,555
Auction Market Series C Preferred
Liquidation value, end of period (in 000’s)	$	1,350		$	1,350		$	1,350		$	81,100		$	108,000		$	108,000
Total shares outstanding (in 000’s)		0	(j)		0	(j)		0	(j)		3			4			4
Liquidation preference per share	$	25,000		$	25,000		$	25,000		$	25,000		$	25,000		$	25,000
Liquidation value (k)	$	25,000		$	25,000		$	25,000		$	25,000		$	25,000		$	25,000
Asset coverage per share (i)	$	187,910		$	181,407		$	173,763		$	207,979		$	140,284		$	108,555

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:

	Six Months Ended
	June 30, 2023			Year Ended December 31,
	(Unaudited)			2022			2021			2020			2019			2018
6.000% Series D Preferred
Liquidation value, end of period (in 000’s)		—			—			—			—			—		$	31,779
Total shares outstanding (in 000’s)		—			—			—			—			—			1,271
Liquidation preference per share		—			—			—			—			—		$	25.00
Average market value (h)		—			—			—			—			—		$	25.83
Asset coverage per share (i)		—			—			—			—			—		$	108.56
Auction Rate Series E Preferred
Liquidation value, end of period (in 000’s)	$	3,100		$	3,100		$	3,100		$	12,000		$	50,000		$	100,000
Total shares outstanding (in 000’s)		0	(j)		0	(j)		0	(j)		0	(j)		2			4
Liquidation preference per share	$	25,000		$	25,000		$	25,000		$	25,000		$	25,000		$	25,000
Liquidation value (k)	$	25,000		$	25,000		$	25,000		$	25,000			—			—
Asset coverage per share (i)	$	187,910		$	181,407		$	173,763		$	207,979		$	140,284		$	108,555
5.250% Series G Preferred (l)
Liquidation value, end of period (in 000’s)		—			—		$	100,000		$	100,000		$	100,000		$	100,000
Total shares outstanding (in 000’s)		—			—			4,000			4,000			4,000			4,000
Liquidation preference per share		—			—		$	25.00		$	25.00		$	25.00		$	25.00
Average market value (h)		—			—		$	25.60		$	25.77		$	25.40		$	24.83
Asset coverage per share (i)		—			—		$	173.76		$	207.98		$	140.28		$	108.56
5.375% Series H Preferred
Liquidation value, end of period (in 000’s)	$	49,820		$	49,820		$	50,000		$	50,000		$	50,000			—
Total shares outstanding (in 000’s)		1,993			1,993			2,000			2,000			2,000			—
Liquidation preference per share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00			—
Average market value (h)	$	24.48		$	24.96		$	27.46		$	26.49		$	26.08			—
Asset coverage per share (i)	$	187.91		$	181.41		$	173.76		$	207.98		$	140.28			—
1.700% Series J Preferred
Liquidation value, end of period (in 000’s)	$	145,100		$	145,100		$	145,100			—			—			—
Total shares outstanding (in 000’s)		6			6			6			—			—			—
Liquidation preference per share	$	25,000		$	25,000		$	25,000			—			—			—
Average market value (h)	$	25,000		$	25,000		$	25,000			—			—			—
Asset coverage per share (i)	$	187,910		$	181,407		$	173,763			—			—			—
4.250% Series K Preferred
Liquidation value, end of period (in 000’s)	$	145,630		$	145,630		$	150,000			—			—			—
Total shares outstanding (in 000’s)		5,825			5,825			6,000			—			—			—
Liquidation preference per share	$	25.00		$	25.00		$	25.00			—			—			—
Average market value (h)	$	19.73		$	20.34		$	25.38			—			—			—
Asset coverage per share (i)	$	187.91		$	181.41		$	173.76			—			—			—
Asset Coverage (m)		752	%		726	%		695	%		832	%		561	%		434	%

†	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.

See accompanying notes to financial statements.

The Gabelli Dividend & Income Trust

Financial Highlights (Continued)

	(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 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, 2023 and the years ended December 31, 2022, 2021, 2020, 2019, and 2018, would have been 1.18%, 1.17%, 1.13%, 1.07%, 0.96%, and 1.06%, respectively.
	(f)	In 2019, due to failed auctions relating to previous fiscal years, the Fund reversed accumulated auction agent fees. The 2019 ratio of operating expenses to average net assets attributable to common shares and the ratio of operating expenses to average net assets including the liquidation value of preferred shares, excluding the reversal of auction agent fees, were 1.35% and 1.07%, respectively.
	(g)	Ratio of operating expenses to average net assets including liquidation value of preferred shares net of advisory fee reduction for the years ended December 31, 2022, 2020, 2019, and 2018, would have been 1.17%, 1.03%, 0.96%, and 0.89%, respectively.
	(h)	Based on weekly prices.
	(i)	Asset coverage per share is calculated by combining all series of preferred shares.
	(j)	Actual number of shares outstanding is less than 1,000.
	(k)	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.
	(l)	The Fund redeemed and retired all its outstanding Series G Shares on January 31, 2022.
	(m)	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).

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. 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.

The global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions, and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objectives.

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 of Trustees (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 Gabelli Funds, LLC (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 securities’ 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 — 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, 2023 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 06/30/23
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Financial Services	$	366,564,079	$	733,725	$	367,297,804
Telecommunications		55,688,835		2		55,688,837
Other Industries (a)		2,074,212,283		—		2,074,212,283
Total Common Stocks		2,496,465,197		733,727		2,497,198,924
Closed-End Funds		—		93,600		93,600
Preferred Stocks (a)		2,535,107		—		2,535,107
Mandatory Convertible Securities (a)		5,713,350		—		5,713,350
Warrants (a)		474,405		—		474,405
Convertible Corporate Bonds (a)		—		307,500		307,500
U.S. Government Obligations		—		101,970,568		101,970,568
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	2,505,188,059	$	103,105,395	$	2,608,293,454

(a)

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

The Fund held no Level 3 investments at June 30, 2023 or December 31, 2022.

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

Additional Information to Evaluate Qualitative Information.

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 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, 2023, 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

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

Act and related rules. Stockholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2023, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one 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, 2023, 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 quarterly 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. 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 Series B Auction Market Preferred Shares, Series C Auction Market Preferred Shares, Series E Auction Rate Preferred Shares, 5.375% Series H Preferred Shares, Series J Cumulative Term Preferred Shares, and 4.250% Series K 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, 2022 was as follows:

	Common		Preferred
Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	15,956,170	$	1,214,324
Net long term capital gains		110,607,833		8,417,668
Return of capital		746,060		—
Total distributions paid	$	127,310,063	$	9,631,992

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, 2023:

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	1,624,699,778			$	1,059,440,012			$	(75,846,336	)		$	983,593,676

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, 2023, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2023, 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.

The Adviser has agreed to reduce the management fee on the incremental assets attributable to the Series B, Series C, and Series E Preferred Shares if the total return of the NAV of the common shares of the Fund, including distributions and advisory fee subject to reduction, does not exceed the stated dividend rate of each particular series of the Preferred Shares for the year. The Fund’s total return on the NAV of the common shares is monitored on a monthly basis to assess whether the total return on the NAV of the common shares exceeds the stated dividend rate or corresponding swap rate of each particular series of Preferred Shares for the period. During the six months ended June 30, 2023, the Fund’s total return on the NAV of the common shares exceeded the stated dividend rate on the Preferred Shares. Thus, advisory fees were accrued with respect to the liquidation value on the Series B, Series C, and Series E Preferred Shares.

4. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2023, other than short term securities and U.S. Government obligations, aggregated $117,575,846 and $130,284,217, respectively. Purchases and sales of U.S. Government obligations for the six months ended June 30, 2023, aggregated $201,378,285 and $248,167,468, respectively.

5. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2023, the Fund paid $1,026 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the six months ended June 30, 2023, 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 $10,114.

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

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. During the six months ended June 30, 2023, 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, 2023, the Fund accrued $87,955 in payroll expenses in the Statement of Operations.

The Fund pays retainer and per meeting fees to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee and Audit 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, 2023 and the year ended December 31, 2022, the Fund repurchased and retired 30,066 and 213,588 common shares in the open market at investments of $627,063 and $4,691,247, respectively, and at average discounts of approximately 14.92% and 12.50% from its NAV.

Transactions in shares of common stock were as follows:

	Six Months Ended June 30, 2023						Year Ended December 31,
	(Unaudited)						2022
	Shares			Amount			Shares			Amount
Net decrease from repurchase of common shares		(30,066	)	$	(627,063	)		(213,588	)	$	(4,691,247	)

The Fund has an effective shelf registration authorizing the offering of an additional $500 million common or preferred shares or notes. This shelf registration expires in September 2024.

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 B, Series C, Series E, Series H, Series J, and Series K Preferred Shares at redemption prices of $25,000, $25,000, $25,000, $25, $25,000, and $25, 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 Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received 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.

Existing Series B, Series C, and Series E Preferred shareholders may submit an order to hold, bid, or sell such shares on each auction date, or trade their shares in the secondary market. The Fund has the authority to purchase its auction rate and auction market preferred shares through negotiated private transactions. The Fund is not obligated to purchase any dollar amount or number of auction rate or auction market preferred shares, and the timing and amount of any auction rate or auction market preferred shares purchased will depend on market conditions, share price, capital availability, and other factors. The Fund is neither soliciting holders to sell these shares nor recommending that holders offer them to the Fund. Any offers can be accepted or rejected in the Fund’s discretion. For Series B, Series C, and Series E Preferred Shares, the dividend rates are typically set by an auction process that is generally held every seven days, and are 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 has been less than the number of shares of Series B, Series C, and Series E Preferred Shares subject to sell orders. Holders that have submitted sell orders have not been able to sell any or all of the Series B, Series C, and Series E Preferred Shares for which they have submitted sell orders. Therefore the weekly auctions have failed, and the dividend rate has been the maximum rate. The current maximum rate for Series B, Series C, and Series E Preferred Shares is 150, 150, and 250 basis points, respectively, greater than the seven day ICE LIBOR rate on the date of such auction.

Since December 31, 2021, the seven day ICE LIBOR rate has ceased to be published and is 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 applies. The last published seven day ICE LIBOR rate was 0.076%, which results in a maximum rate for Series B, Series C, and Series E Preferred Shares of 2.076%, 2.076%, and 3.576%, respectively. In the absence of successful future auctions that establish dividend rates based on prevailing short term interest rates, this result could lead 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 are 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 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.

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

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

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 may be redeemed by the Fund, subject to certain restrictions, on March 26, 2024 and are subject to mandatory redemption by the Fund on March 26, 2028 and in certain other circumstances.

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.

Commencing June 10, 2024 and at any time thereafter, the Fund, at its option, may redeem the 5.375% Series H Cumulative Preferred Shares, in whole or in part at the redemption price. 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 year ended December 31, 2022, the Fund repurchased and retired 7,200 Series H Preferred at an investment of $165,671 and an average discount of approximately 8.00% and repurchased and retired 174,501 Series K Preferred at an investment of $3,353,453 and an average discount of approximately 23.17% from its liquidation preference.

The following table summarizes Cumulative Preferred Shares information:

Series	Issue Date	Authorized		Number of Shares Outstanding at 6/30/2023		Net Proceeds		2023 Dividend Rate Range	Dividend Rate at 6/30/2023			Accrued Dividends at 6/30/2023
B Auction Market	October 12, 2004		4,000		82	$	98,858,617	2.076%		2.076	%	$	350
C Auction Market	October 12, 2004		4,800		54		118,630,341	2.076%		2.076	%		77
E Auction Rate	November 3, 2005		5,400		124		133,379,387	3.576%		3.576	%		607
H 5.375%	June 7, 2019		2,000,000		1,992,800		48,145,405	Fixed Rate		5.375	%		37,192
J 1.700%	April 14, 2021		6,116		5,804		145,100,000	Fixed Rate		1.700	%		34,260
K 4.250%	October 4, 2021		6,000,000		5,825,199		144,875,000	Fixed Rate		4.250	%		85,962

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.

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. 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.

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

Certifications

The Fund’s Chief Executive Officer has certified to the New York Stock Exchange (NYSE) that, as of June 20, 2023, 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 22, 2023 – Final Results

The Fund’s Annual Meeting of Shareholders was held virtually on May 22, 2023. At that meeting, common and preferred shareholders, voting together as a single class, re-elected Frank J. Fahrenkopf, Jr., Anthonie C. van Ekris, and Salvatore J. Zizza as Trustees of the Fund, with 44,585,881 votes, 44,951,539 votes, and 44,728,392 votes cast in favor of these Trustees, and 39,490,034 votes, 39,124,377 votes, and 39,347,524 votes withheld for these Trustees, respectively.

In addition, preferred shareholders, voting as a separate class, re-elected Anthony S. Colavita as a Trustee of the Fund, with 5,015,320 votes cast in favor of this Trustee and 167,009 votes withheld for this Trustee.

Elizabeth C. Bogan, James P. Conn, Mario J. Gabelli, Michael J. Melarkey, Agnes Mullady, Kuni Nakamura, Christina Peeney, Salvatore M. Salibello, and Susan V. Watson 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.

THE GABELLI DIVIDEND AND INCOME TRUST

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

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.

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.

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.

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. In 2013, she was named the Health & Wellness research platform leader. Ms. Donnelly received a BS in Business Administration with a concentration in Finance and minor in History from Fordham University.

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.

Jeffrey J. Jonas, CFA, joined Gabelli in 2003 as a research analyst focusing on companies across the healthcare industry. In 2006, he began serving 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.

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.

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 the Columbia University Graduate School of Business, a Master’s degree in Anthropology from Loyola University of Chicago, and a Bachelor’s degree from Fordham University.

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.

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.

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.

Brett Kearney, CFA, is a portfolio manager covering industrials with a focus on the flow control and other niche manufacturing sectors. He joined the Firm in 2017. Previously he was an analyst at Schultze Asset Management, an analyst at Fidus Mezzanine Capital, and an investment analyst at the Bond & Corporate Finance Group of John Hancock Financial Services. Brett graduated cum laude with a BS in Business Administration from Washington and Lee University and holds an MBA from Columbia Business School, where he participated in the school’s Value Investing Program.

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.

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.


	THE GABELLI DIVIDEND & INCOME TRUST One Corporate Center Rye, New York 10580-1422

	t 800-GABELLI (800-422-3554)
	f 914-921-5118
	e info@gabelli.com
	GABELLI.COM

	TRUSTEES Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. Executive Chairman, Associated Capital Group Inc. Elizabeth C. Bogan Former Senior Lecturer in Economics, Princeton University Anthony S. Colavita President, Anthony S. Colavita, P.C. James P. Conn Former Managing Director & Chief Investment Officer, Financial Security Assurance Holdings Ltd. Frank J. Fahrenkopf, Jr. Former President & Chief Executive Officer, American Gaming Association Michael J. Melarkey Of Counsel, McDonald Carano Wilson LLP Agnes Mullady Former Senior Vice President, GAMCO Investors, Inc. Kuni Nakamura President, Advanced Polymer, Inc. Christina A. Peeney Adjunct Professor, Middlesex County College Salvatore M. Salibello Senior Partner, Bright Side Consulting Anthonie C. van Ekris Chairman, BALMAC International, Inc.		Susan V. Watson Former President, Investor Relations Association Salvatore J. Zizza Chairman, Zizza & Associates Corp. OFFICERS John C. Ball President & Treasurer Peter Goldstein Secretary & Vice President Richard J. Walz Chief Compliance Officer Carter W. Austin Vice President & Ombudsman Laurissa M. Martire Vice President & Ombudsman David I. Schachter Vice President INVESTMENT ADVISER Gabelli Funds, LLC One Corporate Center Rye, New York 10580-1422 CUSTODIAN State Street Bank and Trust Company COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP TRANSFER AGENT AND REGISTRAR Computershare Trust Company, N.A.

	GDV Q2/2023

(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.

(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 of this form.

(b)

Not applicable.

Item 7.

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

Not applicable.

Item 8.

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 9.

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

REGISTRANT PURCHASES OF EQUITY SECURITIES

Period

(a) Total Number of
Shares (or Units)
Purchased)

(b) Average Price
Paid per Share
(or Unit)

(d) Maximum Number
(or Approximate Dollar Value)
of Shares (or Units)
that May Yet be Purchased
Under the Plans or Programs

Month #1 01/01/2023
through 01/31/2023

Common – 10,000

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – $21.06

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – 10,000

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – 90,188,491 - 10,000 = 90,178,491

Preferred Series J – 5,804

Preferred Series K – 5,825,199

Preferred Series H – 1,992,800

Month #2 02/01/2023
through 02/28/2023

Common – N/A

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – N/A

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – N/A

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – 90,178,491

Preferred Series J – 5,804

Preferred Series K – 5,825,199

Preferred Series H – 1,992,800

Month #3 03/01/2023
through 03/31/2023

Common – N/A

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – N/A

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – N/A

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – 90,178,491

Preferred Series J – 5,804

Preferred Series K – 5,825,199

Preferred Series H – 1,992,800

Month #4 04/01/2023
through 04/30/2023

Common – N/A

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – N/A

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – N/A

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – 90,178,491

Preferred Series J – 5,804

Preferred Series H – 1,992,800

Preferred Series K – 5,825,199

Month #5 05/01/2023
through 05/31/2023

Common – 5,000

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – $20.36

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – 5,000

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – 90,178,491 - 5,000 = 90,173,491

Preferred Series J – 5,804

Preferred Series K – 5,825,199

Preferred Series H – 1,992,800

Month #6 06/01/2023
through 06/30/2023

Common – 15,066

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – $20.89

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – 15,066

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – 90,173,491- 15,066 = 90,158,425

Preferred Series J – 5,804

Preferred Series K – 5,825,199

Preferred Series H – 1,992,800

Total

Common – 30,066

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – $20.82

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – 30,066

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

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:

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 10.

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 Trustees, 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 11.

Controls and Procedures.

(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”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the 1940 Act) 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 12.

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

Not applicable.

Item 13.

Exhibits.

(a)(1)

Not applicable.

(a)(2)

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

(a)(2)(1)

Not applicable.

(a)(2)(2)

Not applicable.

(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.

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 6, 2023

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 6, 2023

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer

Date	September 6, 2023

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