"We believe the Gabelli Dividend & Income Trust is a timely investment for investors seeking qualified dividend income and capital appreciation potential, with the liquidity of a closed-end fund," said Mario J. Gabelli, Chairman and Chief Executive Officer of Gabelli Asset Management. Under the 2003 Tax Act, the maximum federal tax rate for qualifying dividend income and long term capital gains received by individual taxpayers is currently 15%."

"The success of this initial public offering confirms our belief that the knowledgeable investor is searching for high after-tax returns with qualified dividend income," according to Barbara G. Marcin, CFA, senior portfolio manager of the Fund. "It is also a tribute to the faith investors place in our firm and our people," she said. Along with Mario Gabelli and Barbara Marcin, the Fund will be managed by a team of Gabelli professionals who have specific expertise in the Fund's primary investment areas.

"We thank our lead underwriters, Merrill Lynch & Co., Citigroup, and A.G. Edwards, as well as Claymore Securities and all those who partnered with us and contributed to the success of this offering," said Darryl Grayson, National Sales Manager of Gabelli Funds.

The Fund's adviser will be Gabelli Funds, LLC, a subsidiary of Gabelli Asset Management Inc., which manages assets of $23.2 billion in closed-end funds, mutual funds and separately managed accounts as of September 30th. The Fund's shares are scheduled to commence trading on the New York Stock Exchange on Tuesday, November 25th and the offering is scheduled to close on Friday, November 28th.