The Fund's initial public offering occurred on November 24, 2003 with the issuance of 73 million common shares. The initial public offering and the exercise of the underwriters' overallotment option resulted in the aggregate issuance of 82.7 million common shares and gross proceeds of $1.654 billion, making it the largest offering for a general equity closed-end fund. The Fund's common shares were offered through a group of underwriters led by Merrill Lynch & Co., Citigroup, A.G. Edwards & Sons, Inc., and Gabelli & Company, Inc. The Fund's common shares began trading on November 25, 2003 under the ticker symbol "GDV" on the New York Stock Exchange. The Fund began investment operations on November 28, 2003.

All of the common shares issued in conjunction with the exercise of the underwriters' overallotment option will be entitled to receive the Fund's initial quarterly distribution in March 2004. The initial distribution of $0.30 per share is payable on March 25, 2004 to shareholders of record on March 17, 2004.

The Gabelli Dividend & Income Trust is a closed-end, non-diversified management investment company whose primary investment objective is to provide a high level of total return with an emphasis on dividends and income. The Fund is managed by Gabelli Funds, LLC, a subsidiary of Gabelli Asset Management Inc. (GBL:NYSE), which is a publicly traded NYSE listed company.