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, 2025

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

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

Item 1. Reports to Stockholders.

 2025-06-30

The Gabelli Dividend & Income Trust

Semiannual Report — June 30, 2025

To Our Shareholders,

For the six months ended June 30, 2025, the net asset value (NAV) total return of The Gabelli Dividend & Income Trust (the Fund) was 8.9%, compared with a total return of 6.2% for the Standard & Poor’s (S&P) 500 Index. The total return for the Fund’s publicly traded shares was 11.4%. The Fund’s NAV per share was $29.23, while the price of the publicly traded shares closed at $26.01 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

Performance Discussion (Unaudited)

In the first quarter of 2025, a new President was sworn into office. President Trump ran a campaign on immigration reform, tax cuts, less regulation, smaller government, and higher tariffs. The stock market generally applauded the pro-business, pro-growth agenda leading up to the inauguration and during the first few weeks of the new administration. On the immigration front, illegal immigration has basically stopped, but there is not yet a plan for how to reform the overall immigration system. Tax cuts are still being debated in Congress, and smaller government is a slow process. The issue of tariffs, however, has been a major concern for the stock market. Without a clear guideline for what tariffs would be, President Trump declared April 2, 2025, as “Liberation Day” and the day he would outline a tariff proposal. The tariffs he outlined on April 2 were far higher than what the market was expecting. The stock market quickly turned down in the first few days of April, and the uncertainty around tariffs caused major swings in stock market prices. The total return of the S&P 500 was down about 4%, with value stocks, as measured by the S&P/Citigroup Value Index, about flat, and growth stocks, as measured by the S&P/Citigroup Growth Index, which was down by over 8%. Long-term interest rates, as measured by the 10-year U.S. Treasury note, decreased by about 40 basis points during the quarter, from 4.6% to 4.2%. During the first quarter, the Fed did not continue its path of lowering interest rates but instead kept rates steady at 4.5%. We expect the Fed to continue to lower rates this year, but at a slower and more gradual pace. Although inflation has been coming down, the tariff situation makes predicting inflation over the next year very difficult.

In the second quarter of 2025, President Trump tried to implement many of his economic campaign promises. On the tariff front, April 2 was “Liberation Day”, when new tariff policies were spelled out for our trading partners. The terms of the tariff policies and the dates for when they might begin keep changing, but President Trump is slowly getting various countries to sign new trading deals that incorporate higher tariffs for imported goods. On the campaign promises of taxes and spending, there was a big push by the administration to get a budget deal passed and signed by July 4th. The so-called “Big, Beautiful Bill” was, in fact, passed and signed on July 4. Many of the tax cuts from the first Trump administration were extended and made permanent in the bill, while spending levels in some areas were cut back. Unfortunately, the budget deficit under the new bill did not improve, at least in the short term. In the second quarter, the total return of the S&P 500 was up about 11%, with value stocks, as measured by the S&P/Citigroup Value Index, up only 3%, while growth stocks, as measured by the S&P/Citigroup Growth Index, were up a whopping 19%. Long-term interest rates, as measured by the 10-year U.S. Treasury Note, stayed about flat during the quarter, at 4.2%. During the second quarter, the Fed did not lower interest rates, instead keeping rates steady at approximately 4.5%. We expect the Fed to continue to lower rates this year, but at a slower and gradual pace. Although inflation has been coming down, the tariff situation makes predicting inflation over the next year very difficult.

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

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

Thank you for your investment in The Gabelli Dividend & Income Trust.

We appreciate your confidence and trust.

Comparative Results

Summary of Portfolio Holdings (Unaudited)

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

The Gabelli Dividend & Income Trust

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

Proxy Voting

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

The Gabelli Dividend & Income Trust

Schedule of Investments — June 30, 2025 (Unaudited)

See accompanying notes to financial statements.

The Gabelli Dividend & Income Trust

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

See accompanying notes to financial statements.

The Gabelli Dividend & Income Trust

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