The Gabelli Dividend & Income Trust
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- The Gabelli Dividend & Income Trust (NYSE: GDV) is a diversified, closed-end management investment company that seeks a high level of total return with an emphasis on dividends and income. The Fund invests at least 80% of its total assets in dividend-paying or other income-producing equity and debt securities, with at least 50% of its assets typically consisting of dividend-paying equity securities across diversified sectors including financial services, health care, food and beverage, computer software and services, and diversified industrials; it employs leverage through preferred shares such as 5.375% Series H Cumulative Preferred (GDV PrH), 4.50% Series J Cumulative Term Preferred, 4.25% Series K Cumulative Preferred (GDV PrK), and 4.80% Series M Cumulative Term Preferred to enhance returns. Gabelli Funds, LLC serves as the investment adviser, with a team led by Mario J. Gabelli, CFA, Chief Investment Officer, and portfolio managers including Robert D. Leininger, CFA, and others focusing on undervalued securities with superior yield and capital gains potential; the Fund's portfolio benchmarks against a blend of the S&P 500 Index, Dow Jones Industrial Average, and Nasdaq Composite Index. Formed on November 28, 2003 and headquartered at One Corporate Center, Rye, New York, the Fund operates primarily in the U.S. public equity markets and targets income-oriented investors through common shares, preferred shares, and a dividend reinvestment plan. Recent developments include Board approval in February 2025 for a spin-off of a portion of its portfolio to create the Gabelli Preferred Securities Trust (GPS), a new closed-end fund focused on preferred securities for income and capital appreciation; an increase in its annual distribution to $1.80 per share (monthly rate of $0.15) from the 2024 rate, reflecting a 36% rise; and notable investor activity such as Saba Capital Management, L.P. expanding its stake to over 6% of the Fund in October 2024 through open market purchases.