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Gabelli Dividend & Income Trust 2026-06-30 Investment Objective (Unaudited) The Fund is a diversified, closed-end management investment company. The Fund’s investment objective is to seek a high level of total return with an emphasis on dividends and income. In making stock selections, the Fund’s investment adviser looks for securities that have a superior yield and capital gains potential. 86696040

32.97

2050000 2050000 2050000

25000

25000 25000 25000 192043 181407 173763 1350000 1350000 1350000 0 0 0

25000

25000 25000 25000 192043 181407 173763 3100000 3100000 3100000

25000

25000 25000 25000 192043 181407 173763 100000000 4000000

25.00

25.60 173.76 47685000 47759000 48501000 49715000 49820000 50000000 1907000 1910000 1940000 1989000 1993000 2000000

25.00

22.51 23.15 23.89 24.05 24.96 27.46 158.14 148.78 153.19 192.04 181.41 173.76 145100000 145100000 145100000 145100000 145100000 145100000 6000 6000 6000 6000 6000 6000

25000

25000 25000 25000 25000 25000 25000 158138 148779 153191 192043 181407 173763 135075000 135075000 137080000 143369000 145630000 150000000 5403000 5403000 5483000 5735000 5825000 6000000

25.00

18.06 18.60 19.36 19.29 20.34 25.38 158.14 148.78 153.19 192.04 181.41 173.76 208810000 219885000 150000000 20881000 21989000 15000000

10.00

10.00 10.00 10.00 63.26 59.51 61.28 7. 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, 2026 and the year ended December 31, 2025, the Fund repurchased and retired 1,471,428 and 986,093 common shares in the open market at investments of $41,924,857 and $25,039,123, respectively, and at average discounts of approximately 10.61% and 11.69% from its NAV. Transactions in shares of common stock were as follows: <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: normal 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: normal 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; text-align: left"> </td> <td style="font: normal 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: normal 8pt Arial, Helvetica, Sans-Serif; text-align: center">Six Months Ended June 30, 2026 (Unaudited)</td> <td style="font: normal 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: normal 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: normal 8pt Arial, Helvetica, Sans-Serif; text-align: center">Year Ended December 31, 2025</td> <td style="font: normal 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: normal 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: normal 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; text-align: left"> </td> <td style="font: normal 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: normal 8pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</td> <td style="font: normal 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: normal 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: normal 8pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</td> <td style="font: normal 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: normal 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: normal 8pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</td> <td style="font: normal 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: normal 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: normal 8pt Arial, Helvetica, Sans-Serif; text-align: center"> Amount</td> <td style="font: normal 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Net decrease from repurchase of common shares</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">(1,471,428</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">)</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">(41,924,857</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">)</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">(986,093</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">)</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">(25,039,123</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">)</td></tr> </table> As of June 30, 2026 Fund had an effective shelf registration authorizing the offering of $500 million of common or preferred shares or notes. <p id="xdx_84C_ecef--PreferredStockRestrictionsOtherTextBlock_hcef--RiskAxis__custom--CumulativePreferredStocksMember_zvdLWrrBVaaf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> The Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred Shares. The Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividends on the Preferred Shares are cumulative. The Fund is required by the 1940 Act and by the Statements of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series H, Series J, Series K, and Series M Preferred Shares at redemption prices of $25, $25,000, $25, and $10, respectively, per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders. For Series B, Series C, and Series E Preferred Shares, the dividend rates were typically set by an auction process generally held every seven days, and were typically expected to vary with short term interest rates. Since February 2008, the number of Series B, Series C, and Series E Preferred Shares subject to bid orders by potential holders had been less than the number of shares of Series B, Series C, and Series E Preferred Shares subject to sell orders. Holders that submitted sell orders had not been able to sell any or all of the Series B, Series C, and Series E Preferred Shares for which they submitted sell orders. Therefore the weekly auctions failed, and the dividend rate had been the maximum rate. Since December 31, 2021, the seven day ICE LIBOR rate ceased to be published and was no longer representative. Because the Series B, Series C, and Series E Preferred Shares have no other effective alternative rate setting provision, a last resort fallback of fixing this LIBOR based reference rate at its last published rate applied. The last published seven day ICE LIBOR rate was 0.076%, which resulted in a maximum rate for Series B, Series C, and Series E Preferred Shares of 2.076%, 2.076%, and 3.576%, respectively. The absence of successful auctions that established dividend rates based on prevailing short term interest rates could have led to economic results for the Fund and holders of the Series B, Series C, and Series E Preferred Shares since the rates payable on the Series B, Series C, and Series E Preferred Shares were no longer likely to be representative of prevailing market rates. On April 14, 2021 the Fund completed a tender offer (the Offer) under which holders of the Series B Auction Market Preferred Shares, Series C Auction Rate Preferred Shares, and Series E Auction Rate Preferred Shares (the Auction Rate Preferred Shares) could exchange each Auction Rate Preferred Share for 0.96 shares of each newly issued Series J Preferred Share. Shareholders tendered 2,565 Series B Auction Market Preferred Shares, 3,190 Series C Auction Market Preferred Shares, and 356 Series E Auction Rate Preferred Shares, in exchange for 5,804 Series J Preferred and cash in lieu of fractional shares. On June 26, June 27, and June 28, 2024, respectively, the Fund redeemed all Series B Preferred Shares, Series C Preferred Shares, and Series E Preferred Shares at the redemption prices of $25,000 per share. Holders of Series J Preferred Shares are entitled to receive, when, as and if declared by, or under authority granted by, the Board, out of funds legally available therefor, cumulative cash dividends and distributions, calculated separately for each dividend period, (i) at an annualized dividend rate of 1.70% of the $25,000 per share liquidation preference on the Series J Preferred Shares for the quarterly dividend periods ending on or prior to March 26, 2024 and (ii) at an annualized dividend rate of 4.50% of the $25,000 per share liquidation preference on the Series J Preferred Shares for all remaining quarterly dividend periods until the Series J Preferred Shares’ mandatory redemption date of March 26, 2028. Dividends and distributions on Series J Preferred Shares will be payable quarterly on March 26, June 26, September 26, and December 26 in each year commencing on June 26, 2021. The Series J Preferred Shares are subject to mandatory redemption by the Fund on March 26, 2028 and in certain other circumstances. On October 11, 2024, June 6, June 26, October 28, November 26, December 26, December 30, 2025, and March 4, 2026 respectively, the Fund issued 15,000,000 shares, 300,000 shares, 350,000 shares, 200,000 shares, 1,000,000 shares, 6,478,500 shares, 5,000 shares, and 7,500 shares, of 5.200% Series M Preferred, receiving $149,850,000, $3,000,000, $3,500,000, $2,000,000, $10,000,000, $64,785,000, $50,000, and $75,000, respectively. The Series M Preferred has a liquidation preference of $10 per share, was callable at the Fund’s option on December 26, 2025, was puttable during the 60-day period ending June 26, 2026, and has a mandatory redemption date on December 26, 2026. On December 26, 2025, shareholders put 1,345,000 Series M Preferred shares and on June 29, 2026 shareholders put 1,115,000 Series M Preferred shares, at the liquidation preference of $10 per share. On May 1, 2025 the Board approved an increase in the distribution rate of the Series M Preferred to 5.200%. On January 31, 2022, the Fund redeemed and retired all remaining outstanding shares of Series G Preferred at the liquidation value of $25 per share plus accrued and unpaid dividends. The Fund, at its option, may redeem the 5.375% Series H Cumulative Preferred Shares, in whole or in part at the liquidation preference plus accumulated and unpaid dividends. The Board has authorized the repurchase of Series H and Series K Preferred Shares in the open market at prices less than the $25 liquidation value per share. During the six months ended June 30, 2026 and the year ended December 31, 2025, the Fund repurchased and retired 2,972 and 29,668 Series H Preferred at investments of $67,730 and $677,648, and at average discounts of approximately 8.92% and 8.72%. During the year ended December 31, 2025, the Fund repurchased and retired 80,203 Series K Preferred at an investment of $1,480,121, and at an average discount of approximately 26.34% from its liquidation preference. The following table summarizes Cumulative Preferred Shares information: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: #FFFFFF; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">Series</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">Issue Date</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">Authorized</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">Number of Shares Outstanding at 6/30/2026</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">Net Proceeds</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">2026 Dividend Rate Range</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">Dividend Rate at 6/30/2026</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">Accrued Dividends at 6/30/2026</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> </tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: #CCEEFF; vertical-align: bottom"> <td id="xdx_984_ecef--OutstandingSecurityTitleTextBlock_c20260101__20260630__cef--RiskAxis__custom--SeriesHCumulativePreferredStockMember_z0dUjX2J347e" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; width: 12%">H 5.375%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 2%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center; vertical-align: bottom">June 7, 2019</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td id="xdx_98B_ecef--OutstandingSecurityAuthorizedShares_c20260101__20260630__cef--RiskAxis__custom--SeriesHCumulativePreferredStockMember_zR7S7Urqwz04" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">2,000,000</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td id="xdx_98B_ecef--OutstandingSecurityHeldShares_c20260101__20260630__cef--RiskAxis__custom--SeriesHCumulativePreferredStockMember_zJ0KhilIeQBb" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">1,907,388</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">48,145,405</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: center; vertical-align: top">Fixed Rate</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 2%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: center">5.375%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">28,478</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: #FFFFFF; vertical-align: bottom"> <td id="xdx_983_ecef--OutstandingSecurityTitleTextBlock_c20260101__20260630__cef--RiskAxis__custom--SeriesJCumulativePreferredStockMember_zLSMa11ZG5ea" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">J 4.500%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom">April 14, 2021</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_984_ecef--OutstandingSecurityAuthorizedShares_c20260101__20260630__cef--RiskAxis__custom--SeriesJCumulativePreferredStockMember_zEGjzaPDrE79" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">6,116</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_98F_ecef--OutstandingSecurityHeldShares_c20260101__20260630__cef--RiskAxis__custom--SeriesJCumulativePreferredStockMember_zb5dRD8UY0Sg" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">5,804</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">145,100,000</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top">Fixed Rate</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">4.500%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">72,550</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> </tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: #CCEEFF; vertical-align: bottom"> <td id="xdx_98E_ecef--OutstandingSecurityTitleTextBlock_c20260101__20260630__cef--RiskAxis__custom--SeriesKCumulativePreferredStockMember_zjeltJSefhLd" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">K 4.250%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom">October 4, 2021</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_980_ecef--OutstandingSecurityAuthorizedShares_c20260101__20260630__cef--RiskAxis__custom--SeriesKCumulativePreferredStockMember_zxbVcdNb5bzf" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">6,000,000</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_981_ecef--OutstandingSecurityHeldShares_c20260101__20260630__cef--RiskAxis__custom--SeriesKCumulativePreferredStockMember_zjlOKUIH0Wud" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">5,403,016</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">144,875,000</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top">Fixed Rate</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">4.250%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">63,786</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> </tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: #FFFFFF; vertical-align: bottom"> <td id="xdx_985_ecef--OutstandingSecurityTitleTextBlock_c20260101__20260630__cef--RiskAxis__custom--SeriesMCumulativePreferredStockMember_zE9QpTNy18H9" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">M 5.200%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom">Various</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_98E_ecef--OutstandingSecurityAuthorizedShares_c20260101__20260630__cef--RiskAxis__custom--SeriesMCumulativePreferredStockMember_z0sa61wDmKG4" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">20,000,000</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_989_ecef--OutstandingSecurityHeldShares_c20260101__20260630__cef--RiskAxis__custom--SeriesMCumulativePreferredStockMember_zUlSA1DbCICd" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">20,881,000</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">233,185,000</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top">Fixed Rate</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">5.200%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">27,832</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> </tr> </table> The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together with holders of common shares as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Trustees and under certain circumstances are entitled to elect a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the Preferred Shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the Preferred Shares, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding Preferred Shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies. On February 24, 2025, the Board announced that it had approved the spin off of a newly created closed-end fund (Gabelli Preferred Securities Trust or “GPF”) whose investment objective will be to seek income and capital appreciation by investing in preferred securities. This transaction is subject to shareholder and regulatory approvals. <p id="xdx_84C_ecef--PreferredStockRestrictionsOtherTextBlock_hcef--RiskAxis__custom--CumulativePreferredStocksMember_zvdLWrrBVaaf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> The Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred Shares. The Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividends on the Preferred Shares are cumulative. The Fund is required by the 1940 Act and by the Statements of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series H, Series J, Series K, and Series M Preferred Shares at redemption prices of $25, $25,000, $25, and $10, respectively, per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders. For Series B, Series C, and Series E Preferred Shares, the dividend rates were typically set by an auction process generally held every seven days, and were typically expected to vary with short term interest rates. Since February 2008, the number of Series B, Series C, and Series E Preferred Shares subject to bid orders by potential holders had been less than the number of shares of Series B, Series C, and Series E Preferred Shares subject to sell orders. Holders that submitted sell orders had not been able to sell any or all of the Series B, Series C, and Series E Preferred Shares for which they submitted sell orders. Therefore the weekly auctions failed, and the dividend rate had been the maximum rate. Since December 31, 2021, the seven day ICE LIBOR rate ceased to be published and was no longer representative. Because the Series B, Series C, and Series E Preferred Shares have no other effective alternative rate setting provision, a last resort fallback of fixing this LIBOR based reference rate at its last published rate applied. The last published seven day ICE LIBOR rate was 0.076%, which resulted in a maximum rate for Series B, Series C, and Series E Preferred Shares of 2.076%, 2.076%, and 3.576%, respectively. The absence of successful auctions that established dividend rates based on prevailing short term interest rates could have led to economic results for the Fund and holders of the Series B, Series C, and Series E Preferred Shares since the rates payable on the Series B, Series C, and Series E Preferred Shares were no longer likely to be representative of prevailing market rates. On April 14, 2021 the Fund completed a tender offer (the Offer) under which holders of the Series B Auction Market Preferred Shares, Series C Auction Rate Preferred Shares, and Series E Auction Rate Preferred Shares (the Auction Rate Preferred Shares) could exchange each Auction Rate Preferred Share for 0.96 shares of each newly issued Series J Preferred Share. Shareholders tendered 2,565 Series B Auction Market Preferred Shares, 3,190 Series C Auction Market Preferred Shares, and 356 Series E Auction Rate Preferred Shares, in exchange for 5,804 Series J Preferred and cash in lieu of fractional shares. On June 26, June 27, and June 28, 2024, respectively, the Fund redeemed all Series B Preferred Shares, Series C Preferred Shares, and Series E Preferred Shares at the redemption prices of $25,000 per share. Holders of Series J Preferred Shares are entitled to receive, when, as and if declared by, or under authority granted by, the Board, out of funds legally available therefor, cumulative cash dividends and distributions, calculated separately for each dividend period, (i) at an annualized dividend rate of 1.70% of the $25,000 per share liquidation preference on the Series J Preferred Shares for the quarterly dividend periods ending on or prior to March 26, 2024 and (ii) at an annualized dividend rate of 4.50% of the $25,000 per share liquidation preference on the Series J Preferred Shares for all remaining quarterly dividend periods until the Series J Preferred Shares’ mandatory redemption date of March 26, 2028. Dividends and distributions on Series J Preferred Shares will be payable quarterly on March 26, June 26, September 26, and December 26 in each year commencing on June 26, 2021. The Series J Preferred Shares are subject to mandatory redemption by the Fund on March 26, 2028 and in certain other circumstances. On October 11, 2024, June 6, June 26, October 28, November 26, December 26, December 30, 2025, and March 4, 2026 respectively, the Fund issued 15,000,000 shares, 300,000 shares, 350,000 shares, 200,000 shares, 1,000,000 shares, 6,478,500 shares, 5,000 shares, and 7,500 shares, of 5.200% Series M Preferred, receiving $149,850,000, $3,000,000, $3,500,000, $2,000,000, $10,000,000, $64,785,000, $50,000, and $75,000, respectively. The Series M Preferred has a liquidation preference of $10 per share, was callable at the Fund’s option on December 26, 2025, was puttable during the 60-day period ending June 26, 2026, and has a mandatory redemption date on December 26, 2026. On December 26, 2025, shareholders put 1,345,000 Series M Preferred shares and on June 29, 2026 shareholders put 1,115,000 Series M Preferred shares, at the liquidation preference of $10 per share. On May 1, 2025 the Board approved an increase in the distribution rate of the Series M Preferred to 5.200%. On January 31, 2022, the Fund redeemed and retired all remaining outstanding shares of Series G Preferred at the liquidation value of $25 per share plus accrued and unpaid dividends. The Fund, at its option, may redeem the 5.375% Series H Cumulative Preferred Shares, in whole or in part at the liquidation preference plus accumulated and unpaid dividends. The Board has authorized the repurchase of Series H and Series K Preferred Shares in the open market at prices less than the $25 liquidation value per share. During the six months ended June 30, 2026 and the year ended December 31, 2025, the Fund repurchased and retired 2,972 and 29,668 Series H Preferred at investments of $67,730 and $677,648, and at average discounts of approximately 8.92% and 8.72%. During the year ended December 31, 2025, the Fund repurchased and retired 80,203 Series K Preferred at an investment of $1,480,121, and at an average discount of approximately 26.34% from its liquidation preference. The following table summarizes Cumulative Preferred Shares information: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: #FFFFFF; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">Series</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">Issue Date</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">Authorized</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">Number of Shares Outstanding at 6/30/2026</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">Net Proceeds</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">2026 Dividend Rate Range</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">Dividend Rate at 6/30/2026</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">Accrued Dividends at 6/30/2026</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> </tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: #CCEEFF; vertical-align: bottom"> <td id="xdx_984_ecef--OutstandingSecurityTitleTextBlock_c20260101__20260630__cef--RiskAxis__custom--SeriesHCumulativePreferredStockMember_z0dUjX2J347e" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; width: 12%">H 5.375%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 2%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center; vertical-align: bottom">June 7, 2019</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td id="xdx_98B_ecef--OutstandingSecurityAuthorizedShares_c20260101__20260630__cef--RiskAxis__custom--SeriesHCumulativePreferredStockMember_zR7S7Urqwz04" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">2,000,000</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td id="xdx_98B_ecef--OutstandingSecurityHeldShares_c20260101__20260630__cef--RiskAxis__custom--SeriesHCumulativePreferredStockMember_zJ0KhilIeQBb" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">1,907,388</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">48,145,405</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: center; vertical-align: top">Fixed Rate</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 2%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: center">5.375%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">28,478</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: #FFFFFF; vertical-align: bottom"> <td id="xdx_983_ecef--OutstandingSecurityTitleTextBlock_c20260101__20260630__cef--RiskAxis__custom--SeriesJCumulativePreferredStockMember_zLSMa11ZG5ea" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">J 4.500%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom">April 14, 2021</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_984_ecef--OutstandingSecurityAuthorizedShares_c20260101__20260630__cef--RiskAxis__custom--SeriesJCumulativePreferredStockMember_zEGjzaPDrE79" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">6,116</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_98F_ecef--OutstandingSecurityHeldShares_c20260101__20260630__cef--RiskAxis__custom--SeriesJCumulativePreferredStockMember_zb5dRD8UY0Sg" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">5,804</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">145,100,000</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top">Fixed Rate</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">4.500%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">72,550</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> </tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: #CCEEFF; vertical-align: bottom"> <td id="xdx_98E_ecef--OutstandingSecurityTitleTextBlock_c20260101__20260630__cef--RiskAxis__custom--SeriesKCumulativePreferredStockMember_zjeltJSefhLd" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">K 4.250%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom">October 4, 2021</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_980_ecef--OutstandingSecurityAuthorizedShares_c20260101__20260630__cef--RiskAxis__custom--SeriesKCumulativePreferredStockMember_zxbVcdNb5bzf" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">6,000,000</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_981_ecef--OutstandingSecurityHeldShares_c20260101__20260630__cef--RiskAxis__custom--SeriesKCumulativePreferredStockMember_zjlOKUIH0Wud" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">5,403,016</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">144,875,000</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top">Fixed Rate</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">4.250%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">63,786</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> </tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: #FFFFFF; vertical-align: bottom"> <td id="xdx_985_ecef--OutstandingSecurityTitleTextBlock_c20260101__20260630__cef--RiskAxis__custom--SeriesMCumulativePreferredStockMember_zE9QpTNy18H9" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">M 5.200%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom">Various</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_98E_ecef--OutstandingSecurityAuthorizedShares_c20260101__20260630__cef--RiskAxis__custom--SeriesMCumulativePreferredStockMember_z0sa61wDmKG4" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">20,000,000</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_989_ecef--OutstandingSecurityHeldShares_c20260101__20260630__cef--RiskAxis__custom--SeriesMCumulativePreferredStockMember_zUlSA1DbCICd" style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">20,881,000</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">233,185,000</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top">Fixed Rate</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">5.200%</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">27,832</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap"> </td> </tr> </table> H 5.375% 2000000 1907388 J 4.500% 6116 5804 K 4.250% 6000000 5403016 M 5.200% 20000000 20881000 The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together with holders of common shares as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Trustees and under certain circumstances are entitled to elect a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the Preferred Shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the Preferred Shares, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding Preferred Shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies. On February 24, 2025, the Board announced that it had approved the spin off of a newly created closed-end fund (Gabelli Preferred Securities Trust or “GPF”) whose investment objective will be to seek income and capital appreciation by investing in preferred securities. This transaction is subject to shareholder and regulatory approvals.