GDV - Gabelli Dividend & Income Trust

What this means for you

Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. June 15, 2026

   Saba cut its stake to 5.4% (from 6.4%). It has said it may push for changes.

   Original document →

2. May 21, 2026

   Saba started a fight over the shareholder vote. The meeting is on June 29, 2026.

   Original document →

3. March 31, 2026

   Saba started a fight over the shareholder vote. The meeting is on May 11, 2026.

   Original document →

4. March 10, 2026

   Saba started a fight over the shareholder vote. The meeting is on June 29, 2026.

   Original document →

5. Feb 11, 2026

   Morgan Stanley raised its stake to 8.6% (from 7.6%), as a passive investor.

   Original document →

About this fund

• Run by Gabelli Funds, LLC. Part of the Gabelli Fund Complex fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $2.86 billion of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 16% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 99% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -13.2%; at +10%, about +10.9%. As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs: 1.2% a year in management fees; 1.8% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 53 funds we follow that invest in shares, 43 charge a lower management fee and 36 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $23 in the first year and about $258 over 10 years, assuming the holdings return 5% a year. As of Dec 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $1.68 a share. $0.20 of that was income; $1.48 came from gains. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $30.76. The shares traded at $27.77, about 9.7% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 17.9% below to 10.3% below. As of Dec 31, 2025, from the fund's annual report. Original document →
• How the holdings did: up 10.9% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2003.

How this has changed

• Payouts per share: $1.68 in the fiscal year ended Dec 31, 2025; $1.32 in the year ended Dec 31, 2024; $1.32 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: none in the year ended Dec 31, 2025; none in the year ended Dec 31, 2024; $0.31 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.83% a year in the fiscal year ended Dec 31, 2025; 1.52% a year in the year ended Dec 31, 2024; 1.36% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $2.71 billion at Dec 31, 2025; $2.46 billion at Dec 31, 2024; $2.3 billion at Dec 29, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 29, 2023 →.
• Borrowing: about 17% on top of its own money at Dec 31, 2025; 16% at Dec 31, 2024; 13% at Dec 29, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 29, 2023 →.
• The fund had about 88.2 million shares at Dec 31, 2025, down 2.1% from Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +22.7%, counting payouts; the holdings +17.9%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +18.1%, counting payouts; the holdings +13.4%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +11.9%, counting payouts; the holdings +12.1%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -18.6%, counting payouts; the holdings -14.4%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +32.8%, counting payouts; the holdings +24.7%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +75.4%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $17,500 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +20.3%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in shares with a fiscal year ending within six months of this one, 16 reported a higher share return for that year and 29 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (90%), the rest bonds and preferred shares. About 86% issued in the U.S.

1. United States of America - Bureau of the Public Debt - 3.3%
2. Bank of New York Mellon - 2.5%
3. Jp Morgan Chase & Company - 2.4%
4. Mastercard class A shares - 2.2%
5. American Express Company - 2.1%
6. Alphabet class C shares - 1.9%
7. Eli Lilly & Company - 1.8%
8. Philip Morris International - 1.4%
9. Nvidia - 1.4%
10. Microsoft - 1.3%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →