DIVIDEND AND INCOME FUND

Press Release

DNIFStock Symbol

Dividend and Income Fund Releases Top Ten Security Holdings and

Leverage Analysis as of July 31, 2021

NEW YORK, NY - August 16, 2021 - Dividend and Income Fund(Stock Symbol: DNIF) (Net Asset Value Symbol: XD- NIX)released today its Top Ten Security Holdings and Leverage Analysis as of July 31, 2021.

Top Ten

Percent of

Security Holdings

Net Assets

1.

Credit Acceptance Corp.

5

2.

Medifast, Inc.

4

3.

AutoZone, Inc.

4

4.

Skyworks Solutions, Inc.

3

5.

Steel Dynamics, Inc.

3

6.

Tractor Supply Company

3

7.

B2Gold Corp.

3

8.

Williams-Sonoma, Inc.

3

9.

Essent Group Ltd.

3

10.

Warrior Met Coal, Inc.

3

Top ten security holdings are shown for informational purposes only and are subject to change. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain in or out of the Fund.

Leverage Analysis

Amount

Percent of

($ Millions)

Net Assets

Income generating equity, other

255.0

103.3

Fixed income

0.3

0.1

Cash, equivalents

0.0

0.0

Other assets, net

0.4

0.3

Total assets

255.7

103.6

Leverage

(8.6

(0.1)

Other liabilities, net

(0.7)

(3.5)

Net assets

246.8

100

Figures are subject to change. Based on approximate percentages of net assets and may not add up to 100% due to leverage, cash or other assets, rounding, and other factors.

DividendandIncomeFund.com

DIVIDEND AND INCOME FUND

Press Release

About Dividend and Income Fund

DNIFStock Symbol

Dividend and Income Fund, a diversified closed end management investment company, seeks to achieve its primary objective of high current income and secondary objective of capital appreciation by investing, under normal circumstances, at least 50% of its total assets in income generating equity securities. There is no assurance that the Fund's investment objectives will be attained.

From time to time, shares of the Fund may trade at a premium to net asset value (NAV) or a discount to NAV. During such periods when the Fund's NAV per share is above the market price, there may be an opportunity for investors to purchase shares of the Fund at a discount to their underlying value. The Fund's premium or discount to NAV may vary over time and shares of the Fund may subsequently be worth more or less than their original cost.

To learn more about the Fund visit www.DividendandIncomeFund.com. For shareholder services, please call the Fund's transfer agent, American Stock Transfer & Trust Company, at 800-937-5449. Dividend and Income Fund is part of a fund complex which includes the Midas Fundsand Foxby Corp.

Past performance is no guarantee of future results. You should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund's investment policies, management fees and other matters of interest to prospective investors may be found in its filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual and semi-annual reports. To obtain a copy of the reports, please call us toll free at 855-411-6432 or download them at https://dividendandincomefund.com/literature/. Please read the reports carefully before investing.

Shares of closed end funds frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct from the risk that the Fund's NAV has decreased in the past, and may decrease in the future, as a result of its investment activities and other events. Neither the Investment Manager nor the Fund can predict whether shares of the Fund will trade at, below, or above NAV. The risk of holding shares of the Fund that might trade at a discount is more pronounced for investors expecting to sell their shares in a relatively short period of time after acquiring them because, for those investors, realization of a gain or loss on their investments is likely to be more dependent upon the existence of a premium or discount than upon portfolio performance. The shares of the Fund are designed primarily for long term investors and should not be considered a vehicle for trading purposes. The NAV of the Fund's shares typically will fluctuate with price changes of the Fund's portfolio secu- rities, and these fluctuations are likely to be greater in the case of a fund which uses leverage, as the Fund may from time to time. In the event that shares of the Fund trade at a premium to NAV, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares of the Fund will not trade at a discount to NAV thereafter. The market price for the Fund is based on supply and demand which fluctuates daily based on many factors, such as economic conditions and global events, investor sentiment, and security-specific factors.

DividendandIncomeFund.com

DIVIDEND AND INCOME FUND

Press Release

DNIFStock Symbol

This communication is provided for informational purposes only. This is not a prospectus, circular, or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this communication. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state, or an exemption therefrom.

Investment products, including shares of closed end funds and mutual funds, are not federally or FDIC insured, are not deposits or obligations of, or guaranteed by, any financial institution and involve investment risk, including possible loss of principal and fluctuation in value. Consult with your tax advisor or attorney regarding specific tax issues.

Cautionary Note Regarding Forward Looking Statements. Certain information presented in this communication may contain "forward looking statements" within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward looking statements include, but are not limited to, statements concerning the Fund's plans, objectives, goals, strategies, distributions and their amounts and timing, distribution declarations, future events, future performance, prospects of its portfolio holdings, or intentions, and other information that is not historical information. Generally, forward looking statements can be identified by terminology such as "believes," "expects," "estimates," "may," "will," "should," "anticipates," "projects," "plans," or "intends," or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward looking statements by the Fund involve known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Fund, which may cause the Fund's actual results to be materially different from those expressed or implied by such statements. These risks include, but are not limited to, equity securities risk, corporate bonds risk, credit risk, interest rate risk, leverage and borrowing risk, additional risks of certain securities in which the Fund invests, market discount from NAV, distribution policy risk, management risk, and other risks discussed in the Fund's filings with the SEC. All such subsequent forward looking statements, whether written or oral, by the Fund or on its behalf, are also expressly qualified by these cautionary statements. Investors should carefully consider the risks, uncertainties, and other factors, together with all of the other information included in the Fund's filings with the SEC, and similar information. The Fund may also make additional forward looking statements from time to time. All forward looking statements apply only as of the date made. The Fund undertakes no obligation to publicly update or revise forward looking statements, whether as a result of new information, future events, or otherwise. Thus you should not place undue reliance on forward looking statements.

Contact For Media Inquiries:

Toll-free:1-855-411-6432 marketing@DividendandIncomeFund.com www.DividendandIncomeFund.com

DividendandIncomeFund.com

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Dividend and Income Fund published this content on 16 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2021 15:52:11 UTC.