Dividend and Income Fund is a diversified, closed-end investment company. The Fund’s primary investment objective is to seek high current income. Capital appreciation is a secondary objective. The Fund seeks to achieve its objectives by investing, under normal circumstances, at least 50% of its total assets in income generating equity securities, including dividend paying common stocks, convertible securities, preferred stocks, securities of registered investment companies, exchange-traded funds organized as investment companies or otherwise, real estate investment trusts, depositary receipts, and other equity related securities. The Fund’s strategy is to seek to invest in companies with strong operations showing attractive returns on equity and assets with reasonable valuations. Generally, the Fund looks to purchase and hold income generating equity securities of profitable, growing, and conservatively valued companies across a broad array of industries and sell investments that appear to have appreciated to levels reflecting full or over-valuation.