THE GABELLI DIVIDEND & INCOME TRUST
ANNOUNCES SHARE REPURCHASES OF 86,600 SHARES IN SECOND QUARTER

FOR IMMEDIATE RELEASE
Rye, NY
August 24, 2006
NYSE - GDV
CUSIP 36242H104
For information:
Carter Austin
(914) 921-5070

The Gabelli Dividend & Income Trust (NYSE:GDV) announced today that pursuant to its share repurchase plan, the Fund repurchased 86,600 common shares in the second quarter of 2006.

The Board of Trustees, at a meeting held on May 12, 2004, voted to authorize the repurchase of its common shares in the open market, from time to time, when the shares are trading at a discount of 7.5% or more from net asset value. The Fund has repurchased a total of 935,200 shares since the inception of the share repurchase program at an average investment of $17.88 per share and an average discount to net asset value of 12.21%.

The Gabelli Dividend & Income Trust is a non-diversified, closed-end management investment company with $2.4 billion in total assets 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 GAMCO Investors, Inc. (NYSE:GBL), which is a publicly traded NYSE listed company.