UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21423
The Gabelli Dividend & Income Trust
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
Date of fiscal year end: December 31
Date of reporting period: September 30, 2008
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
(THE GABELLI LOGO)
DIVIDEND & INCOME TRUST
THE GABELLI DIVIDEND & INCOME TRUST
Third Quarter Report
September 30, 2008
TO OUR SHAREHOLDERS,
During the third quarter of 2008, The Gabelli Dividend & Income Trust's
(the "Fund") total return was down 14.68% on a net asset value ("NAV") basis,
compared to a loss of 8.36% for the Standard & Poor's ("S&P") 500 Index. The
Fund's market price, adjusted for distributions, declined 20.31% during the
third quarter of 2008. The Fund's market price on September 30, 2008 was $13.78,
which equates to a 20.44% discount to its NAV of $17.32 at the end of the
quarter.
Enclosed is the investment portfolio as of September 30, 2008.
COMPARATIVE RESULTS
AVERAGE ANNUAL RETURNS THROUGH SEPTEMBER 30, 2008 (A)
Since
Inception
Quarter 1 Year 3 Year (11/28/03)
------- ------ ------ ----------
GABELLI DIVIDEND & INCOME TRUST
NAV TOTAL RETURN (b)............... (14.68)% (25.04)% (0.11)% 4.43%
INVESTMENT TOTAL RETURN (c)........ (20.31) (30.00) (2.16) (0.63)
S&P 500 Index......................... (8.36) (21.96) 0.22 3.96
Dow Jones Industrial Average.......... (3.72) (19.85) 3.31 4.58
Nasdaq Composite Index................ (8.77) (22.57) (0.94) 1.35
(a) RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.
INVESTMENT RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE.
WHEN SHARES ARE SOLD, THEY MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
PRESENTED. VISIT WWW.GABELLI.COM FOR PERFORMANCE INFORMATION AS OF THE MOST
RECENT MONTH END. PERFORMANCE RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE
NOT ANNUALIZED. INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT
OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE FUND BEFORE INVESTING. THE
DOW JONES INDUSTRIAL AVERAGE IS AN UNMANAGED INDEX OF 30 LARGE
CAPITALIZATION STOCKS. THE S&P 500 AND THE NASDAQ COMPOSITE INDICES ARE
UNMANAGED INDICATORS OF STOCK MARKET PERFORMANCE. DIVIDENDS ARE CONSIDERED
REINVESTED EXCEPT FOR THE NASDAQ COMPOSITE INDEX. YOU CANNOT INVEST
DIRECTLY IN AN INDEX.
(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN THE NAV PER
SHARE AND REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND DATE AND
ARE NET OF EXPENSES. SINCE INCEPTION RETURN IS BASED ON AN INITIAL NAV OF
$19.06.
(c) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN CLOSING MARKET
VALUES ON THE NEW YORK STOCK EXCHANGE AND REINVESTMENT OF DISTRIBUTIONS.
SINCE INCEPTION RETURN IS BASED ON AN INITIAL OFFERING PRICE OF $20.00.
We have separated the portfolio managers' commentary from the financial
statements and investment portfolio due to corporate governance regulations
stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that
the content of the portfolio managers' commentary is unrestricted. The financial
statements and investment portfolio are mailed separately from the commentary.
Both the commentary and the financial statements, including the portfolio of
investments, will be available on our website at www.gabelli.com.
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008 (UNAUDITED)
MARKET
SHARES VALUE
---------- --------------
COMMON STOCKS -- 93.5%
AEROSPACE -- 1.3%
40,000 Boeing Co. ....................................... $ 2,294,000
60,000 DRS Technologies Inc. ............................ 4,605,000
10,000 Goodrich Corp. ................................... 416,000
55,000 Kaman Corp. ...................................... 1,566,400
145,000 Rockwell Automation Inc. ......................... 5,414,300
2,000,000 Rolls-Royce Group plc+ ........................... 11,964,870
--------------
26,260,570
--------------
AGRICULTURE -- 0.1%
115,000 Archer-Daniels-Midland Co. ....................... 2,519,650
--------------
AUTOMOTIVE -- 0.3%
4,000 Copart Inc.+ ..................................... 152,000
440,000 General Motors Corp. ............................. 4,158,000
10,000 Navistar International Corp.+ .................... 541,800
--------------
4,851,800
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.8%
386,000 Genuine Parts Co. ................................ 15,521,060
--------------
BUILDING AND CONSTRUCTION -- 0.0%
15,000 Layne Christensen Co.+ ........................... 531,450
--------------
BUSINESS SERVICES -- 0.5%
165,000 Diebold Inc. ..................................... 5,463,150
20,000 IKON Office Solutions Inc. ....................... 340,200
120,000 Intermec Inc.+ ................................... 2,356,800
40,000 Lender Processing Services Inc. .................. 1,220,800
30,000 PHH Corp.+ ....................................... 398,700
277,000 Trans-Lux Corp.+ (a) ............................. 753,440
--------------
10,533,090
--------------
CABLE AND SATELLITE -- 2.4%
670,000 Cablevision Systems Corp., Cl. A ................. 16,857,200
14,200 Cogeco Inc. ...................................... 416,293
230,000 DISH Network Corp., Cl. A+ ....................... 4,830,000
46,000 EchoStar Corp., Cl. A+ ........................... 1,108,600
81,734 Liberty Global Inc., Cl. A+ ...................... 2,476,540
34,318 Liberty Global Inc., Cl. C+ ...................... 963,993
180,000 Rogers Communications Inc., Cl. B ................ 5,983,200
500,000 The DIRECTV Group Inc.+ .......................... 13,085,000
35,213 Zon Multimedia Servicos de
Telecomunicacoes e Multimedia SGPS SA ......... 257,282
7,042 Zon Multimedia Servicos de
Telecomunicacoes e Multimedia SGPS SA, ADR .... 51,337
--------------
46,029,445
--------------
MARKET
SHARES VALUE
---------- --------------
COMMUNICATIONS EQUIPMENT -- 0.1%
75,000 Foundry Networks Inc.+............................ $ 1,365,750
15,000 Thomas & Betts Corp.+............................. 586,050
--------------
1,951,800
--------------
COMPUTER HARDWARE -- 0.0%
14,000 SanDisk Corp.+.................................... 273,700
--------------
COMPUTER SOFTWARE AND SERVICES -- 0.4%
300 Captaris Inc.+.................................... 1,383
1,000 i2 Technologies Inc.+............................. 13,490
170,000 Metavante Technologies Inc.+...................... 3,274,200
30,000 Microsoft Corp.................................... 800,700
19,800 NDS Group plc, ADR+............................... 1,106,622
1,000 Secure Computing Corp.+........................... 5,480
100,000 Yahoo! Inc.+...................................... 1,730,000
--------------
6,931,875
--------------
CONSUMER PRODUCTS -- 3.5%
200,000 Alberto-Culver Co................................. 5,448,000
25,000 Altria Group Inc.................................. 496,000
65,000 Avon Products Inc................................. 2,702,050
300,000 Eastman Kodak Co.................................. 4,614,000
40,000 Fortune Brands Inc................................ 2,294,400
40,000 Hanesbrands Inc.+................................. 870,000
100,000 Harman International Industries Inc............... 3,407,000
2,000 Heelys Inc.+...................................... 8,960
170,000 Kimberly-Clark Corp............................... 11,022,800
55,000 Mattel Inc........................................ 992,200
25,000 Philip Morris International Inc................... 1,202,500
175,000 Procter & Gamble Co............................... 12,195,750
1,020,000 Swedish Match AB.................................. 17,678,154
70,000 UST Inc........................................... 4,657,800
--------------
67,589,614
--------------
DIVERSIFIED INDUSTRIAL -- 3.1%
148,000 Bouygues SA....................................... 6,615,235
208,000 Cooper Industries Ltd., Cl. A..................... 8,309,600
500,000 General Electric Co............................... 12,750,000
275,000 Honeywell International Inc....................... 11,426,250
95,000 ITT Corp.......................................... 5,282,950
130,000 Owens-Illinois Inc.+.............................. 3,822,000
2,000 Pentair Inc....................................... 69,140
2,000 Textron Inc....................................... 58,560
1,051,000 Tomkins plc....................................... 2,872,836
205,000 Tyco International Ltd............................ 7,179,100
2,229,765 WHX Corp.+........................................ 3,121,671
--------------
61,507,342
--------------
See accompanying notes to schedule of investments.
2
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
MARKET
SHARES VALUE
---------- --------------
COMMON STOCKS (CONTINUED)
ELECTRONICS -- 1.2%
1,000 Epcos AG ......................................... $ 25,115
1,000,000 Intel Corp. ...................................... 18,730,000
190,000 Tyco Electronics Ltd. ............................ 5,255,400
1,000 Xantrex Technology Inc.+ ......................... 14,076
--------------
24,024,591
--------------
ENERGY AND UTILITIES: ELECTRIC -- 5.2%
30,000 Allegheny Energy Inc. ............................ 1,103,100
85,000 ALLETE Inc. ...................................... 3,782,500
250,000 American Electric Power Co. Inc. ................. 9,257,500
720 Brookfield Infrastructure Partners LP ............ 11,326
15,000 CMS Energy Corp. ................................. 187,050
410,000 DPL Inc. ......................................... 10,168,000
20,000 Edison International ............................. 798,000
270,000 Electric Power Development Co. Ltd. .............. 8,606,083
220,000 FPL Group Inc. ................................... 11,066,000
804,698 Great Plains Energy Inc. ......................... 17,880,390
370,000 Integrys Energy Group Inc. ....................... 18,477,800
120,000 Pepco Holdings Inc. .............................. 2,749,200
240,000 Pinnacle West Capital Corp. ...................... 8,258,400
100,000 Southern Co. ..................................... 3,769,000
225,000 Unisource Energy Corp. ........................... 6,567,750
--------------
102,682,099
--------------
ENERGY AND UTILITIES: INTEGRATED -- 9.5%
12,000 Alliant Energy Corp. ............................. 386,520
140,000 Ameren Corp. ..................................... 5,464,200
50,000 Avista Corp. ..................................... 1,085,500
15,000 Black Hills Corp. ................................ 466,050
40,000 CH Energy Group Inc. ............................. 1,742,800
108,000 Chubu Electric Power Co. Inc. .................... 2,523,436
150,000 CONSOL Energy Inc. ............................... 6,883,500
205,000 Consolidated Edison Inc. ......................... 8,806,800
60,000 Dominion Resources Inc. .......................... 2,566,800
200,000 Duke Energy Corp. ................................ 3,486,000
430,000 Edison SpA ....................................... 706,446
500,000 El Paso Corp. .................................... 6,380,000
80,000 Endesa SA ........................................ 2,896,682
300,000 Enel SpA ......................................... 2,487,576
47,000 Enel SpA, ADR .................................... 1,961,961
20,000 Exelon Corp. ..................................... 1,252,400
162,000 FirstEnergy Corp. ................................ 10,852,380
150,000 Hawaiian Electric Industries Inc. ................ 4,366,500
250,000 Hera SpA ......................................... 683,837
121,500 Hokkaido Electric Power Co. Inc. ................. 2,513,281
121,500 Hokuriku Electric Power Co. ...................... 2,907,409
10,000 Iberdrola SA ..................................... 100,517
100,000 Iberdrola SA, ADR ................................ 4,011,690
MARKET
SHARES VALUE
---------- --------------
85,000 Korea Electric Power Corp., ADR .................. $ 1,053,150
121,500 Kyushu Electric Power Co. Inc. ................... 2,513,281
22,000 Maine & Maritimes Corp.+ ......................... 724,900
80,000 MGE Energy Inc. .................................. 2,844,000
35,102 National Grid plc, ADR ........................... 2,254,250
255,000 NiSource Inc. .................................... 3,763,800
600,000 NSTAR ............................................ 20,100,000
440,000 OGE Energy Corp. ................................. 13,587,200
30,000 Ormat Technologies Inc. .......................... 1,089,900
320,000 Progress Energy Inc. ............................. 13,801,600
300,000 Public Service Enterprise Group Inc. ............. 9,837,000
121,500 Shikoku Electric Power Co. Inc. .................. 3,038,785
15,000 TECO Energy Inc. ................................. 235,950
121,500 The Chugoku Electric Power Co. Inc. .............. 2,484,721
45,000 The Empire District Electric Co. ................. 960,750
121,500 The Kansai Electric Power Co. Inc. ............... 2,684,641
108,000 The Tokyo Electric Power Co. Inc. ................ 2,630,060
121,500 Tohoku Electric Power Co. Inc. ................... 2,598,961
205,000 Vectren Corp. .................................... 5,709,250
470,000 Westar Energy Inc. ............................... 10,828,800
85,000 Wisconsin Energy Corp. ........................... 3,816,500
200,000 Xcel Energy Inc. ................................. 3,998,000
--------------
185,087,784
--------------
ENERGY AND UTILITIES: NATURAL GAS -- 3.7%
8,000 AGL Resources Inc. ............................... 251,040
50,000 Atmos Energy Corp. ............................... 1,331,000
20,000 Delta Natural Gas Co. Inc. ....................... 512,200
6,000 Energen Corp. .................................... 271,680
2,000 EnergySouth Inc. ................................. 122,860
20,000 Kinder Morgan Energy Partners LP ................. 1,040,600
350,000 National Fuel Gas Co. ............................ 14,763,000
210,000 Nicor Inc. ....................................... 9,313,500
220,000 ONEOK Inc. ....................................... 7,568,000
200,000 Sempra Energy .................................... 10,094,000
35,000 South Jersey Industries Inc. ..................... 1,249,500
100,000 Southern Union Co. ............................... 2,065,000
190,000 Southwest Gas Corp. .............................. 5,749,400
600,000 Spectra Energy Corp. ............................. 14,280,000
60,000 The Laclede Group Inc. ........................... 2,909,400
--------------
71,521,180
--------------
ENERGY AND UTILITIES: OIL -- 10.9%
40,000 Anadarko Petroleum Corp. ......................... 1,940,400
39,000 Apache Corp. ..................................... 4,066,920
45,000 BG Group plc, ADR ................................ 4,062,618
160,000 BP plc, ADR ...................................... 8,027,200
80,000 Cameron International Corp.+ ..................... 3,083,200
85,000 Chesapeake Energy Corp. .......................... 3,048,100
243,000 Chevron Corp. .................................... 20,042,640
See accompanying notes to schedule of investments.
3
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
MARKET
SHARES VALUE
---------- --------------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: OIL (CONTINUED)
1,000 Cimarex Energy Co. ............................... $ 48,910
330,000 ConocoPhillips ................................... 24,172,500
78,000 Devon Energy Corp. ............................... 7,113,600
170,000 Eni SpA, ADR ..................................... 9,001,500
210,000 Exxon Mobil Corp. ................................ 16,308,600
2,000 First Calgary Petroleums Ltd.+ ................... 6,352
30,000 Hess Corp. ....................................... 2,462,400
475,000 Marathon Oil Corp. ............................... 18,938,250
140,000 Murphy Oil Corp. ................................. 8,979,600
1,000 Niko Resources Ltd. .............................. 53,756
295,000 Occidental Petroleum Corp. ....................... 20,782,750
18,000 PetroChina Co. Ltd., ADR ......................... 1,849,140
60,000 Petroleo Brasileiro SA, ADR ...................... 2,637,000
270,000 Repsol YPF SA, ADR ............................... 8,008,200
200,000 Royal Dutch Shell plc, Cl. A, ADR ................ 11,802,000
845,000 StatoilHydro ASA, ADR ............................ 20,111,000
180,000 Sunoco Inc. ...................................... 6,404,400
190,000 Total SA, ADR .................................... 11,529,200
--------------
214,480,236
--------------
ENERGY AND UTILITIES: SERVICES -- 3.5%
120,000 ABB Ltd., ADR .................................... 2,328,000
500 Awilco Offshore ASA+ ............................. 7,192
20,000 Baker Hughes Inc. ................................ 1,210,800
110,000 Diamond Offshore Drilling Inc. ................... 11,336,600
10,000 Exterran Holdings Inc.+ .......................... 319,600
590,000 Halliburton Co. .................................. 19,110,100
4,000 Nabors Industries Ltd.+ .......................... 99,680
10,000 Noble Corp. ...................................... 439,000
30,000 Oceaneering International Inc.+ .................. 1,599,600
210,000 Rowan Companies Inc. ............................. 6,415,500
120,000 Schlumberger Ltd. ................................ 9,370,800
45,000 Transocean Inc.+ ................................. 4,942,800
421,000 Weatherford International Ltd.+ .................. 10,583,940
--------------
67,763,612
--------------
ENERGY AND UTILITIES: WATER -- 0.8%
11,000 American States Water Co. ........................ 423,500
340,000 American Water Works Co. Inc. .................... 7,310,000
63,333 Aqua America Inc. ................................ 1,126,061
6,000 Artesian Resources Corp., Cl. A .................. 101,580
3,000 California Water Service Group ................... 115,500
11,500 Connecticut Water Service Inc. ................... 332,925
1,000 Consolidated Water Co. Ltd. ...................... 17,020
6,000 Middlesex Water Co. .............................. 104,820
60,000 Pennichuck Corp. ................................. 1,380,000
82,000 SJW Corp. ........................................ 2,457,540
16,800 Southwest Water Co. .............................. 214,200
MARKET
SHARES VALUE
---------- --------------
5,000 Suez SA .......................................... $ 243,971
168,000 Suez SA, Strips+ ................................. 2,365
27,818 United Utilities Group plc, ADR .................. 689,216
9,000 York Water Co. ................................... 111,420
--------------
14,630,118
--------------
ENTERTAINMENT -- 1.0%
8,000 Grupo Televisa SA, ADR ........................... 174,960
360,000 Take-Two Interactive Software Inc. ............... 5,904,000
500,000 Time Warner Inc. ................................. 6,555,000
200,000 Vivendi .......................................... 6,199,935
--------------
18,833,895
--------------
ENVIRONMENTAL SERVICES -- 0.7%
1,000 Hyflux Ltd. ...................................... 1,684
12,375 Veolia Environnement ............................. 502,871
420,000 Waste Management Inc. ............................ 13,225,800
--------------
13,730,355
--------------
EQUIPMENT AND SUPPLIES -- 1.4%
99,000 CIRCOR International Inc. ........................ 4,299,570
30,000 Lufkin Industries Inc. ........................... 2,380,500
60,000 Mueller Industries Inc. .......................... 1,380,600
420,000 RPC Inc. ......................................... 5,905,200
240,000 Tenaris SA, ADR .................................. 8,949,600
465,000 Xerox Corp. ...................................... 5,361,450
--------------
28,276,920
--------------
FINANCIAL SERVICES -- 14.2%
150,000 Aflac Inc. ....................................... 8,812,500
200,000 AllianceBernstein Holding LP ..................... 7,402,000
440,000 American Express Co. ............................. 15,589,200
80,000 Astoria Financial Corp. .......................... 1,658,400
150,000 Bank of America Corp. ............................ 5,250,000
4,000 BlackRock Inc. ................................... 778,000
130,000 Capital One Financial Corp. ...................... 6,630,000
200,000 CIT Group Inc. ................................... 1,392,000
250,000 Citigroup Inc. ................................... 5,127,500
25,000 CME Group Inc. ................................... 9,287,750
120,000 Deutsche Bank AG ................................. 8,734,800
595,000 Discover Financial Services ...................... 8,222,900
300,400 Federal National Mortgage Association ............ 459,612
78,909 Fidelity National Financial Inc., Cl. A .......... 1,159,962
86,496 Fidelity National Information Services Inc. ...... 1,596,716
70,000 Flushing Financial Corp. ......................... 1,225,000
60,000 Hilb Rogal & Hobbs Co. ........................... 2,804,400
160,000 HSBC Holdings plc, ADR ........................... 12,932,800
90,000 Hudson City Bancorp Inc. ......................... 1,660,500
125,000 Invesco Ltd. ..................................... 2,622,500
See accompanying notes to schedule of investments.
4
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
MARKET
SHARES VALUE
---------- --------------
COMMON STOCKS (CONTINUED)
FINANCIAL SERVICES (CONTINUED)
420,000 JPMorgan Chase & Co. ............................. $ 19,614,000
130,000 Legg Mason Inc. .................................. 4,947,800
26,000 M&T Bank Corp. ................................... 2,320,500
180,000 Marshall & Ilsley Corp. .......................... 3,627,000
520,000 Merrill Lynch & Co., Inc. ........................ 13,156,000
175,000 Moody's Corp. .................................... 5,950,000
110,000 National Australia Bank Ltd., ADR ................ 2,104,993
65,000 Nationwide Financial Services Inc., Cl. A ........ 3,206,450
275,000 New York Community Bancorp Inc. .................. 4,617,250
270,000 NewAlliance Bancshares Inc. ...................... 4,058,100
62,000 Philadelphia Consolidated Holding Co.+ ........... 3,631,340
220,000 PNC Financial Services Group Inc. ................ 16,434,000
285,000 SLM Corp.+ ....................................... 3,516,900
150,000 State Street Corp. ............................... 8,532,000
95,050 Sterling Bancorp ................................. 1,374,423
120,000 T. Rowe Price Group Inc. ......................... 6,445,200
105,000 The Allstate Corp. ............................... 4,842,600
400,000 The Bank of New York Mellon Corp. ................ 13,032,000
50,000 The Blackstone Group LP .......................... 767,000
290,000 The Travelers Companies Inc. ..................... 13,108,000
1,000 UnionBanCal Corp. ................................ 73,290
62,522 Valley National Bancorp .......................... 1,310,461
250,000 Wachovia Corp. ................................... 875,000
400,000 Waddell & Reed Financial Inc., Cl. A ............. 9,900,000
60,000 Webster Financial Corp. .......................... 1,515,000
560,000 Wells Fargo & Co. ................................ 21,016,800
180,000 Wilmington Trust Corp. ........................... 5,189,400
--------------
278,512,047
--------------
FOOD AND BEVERAGE -- 12.2%
350,000 Anheuser-Busch Companies Inc. .................... 22,708,000
200,000 Cadbury plc, ADR ................................. 8,188,000
80,000 Campbell Soup Co. ................................ 3,088,000
140,000 China Mengniu Dairy Co. Ltd. ..................... 142,797
230,000 ConAgra Foods Inc. ............................... 4,475,800
960,000 Davide Campari-Milano SpA ........................ 7,710,219
200,000 Dr. Pepper Snapple Group Inc.+ ................... 5,296,000
285,000 General Mills Inc. ............................... 19,585,200
270,000 Groupe Danone .................................... 19,005,251
90,000 H.J. Heinz Co. ................................... 4,497,300
220,000 ITO EN Ltd. ...................................... 2,811,151
50,000 ITO EN Ltd., Preference .......................... 515,256
1,000 Kellogg Co. ...................................... 56,100
210,000 Kikkoman Corp. ................................... 2,807,766
400,000 Kraft Foods Inc., Cl. A .......................... 13,100,000
MARKET
SHARES VALUE
---------- --------------
170,000 Morinaga Milk Industry Co. Ltd. .................. $ 479,526
270,000 Nissin Food Products Co. Ltd. .................... 9,545,390
500,000 Parmalat SpA ..................................... 1,168,471
339,450 Parmalat SpA, GDR (b)(c) ......................... 791,496
320,000 PepsiAmericas Inc. ............................... 6,630,400
59,000 Pernod-Ricard SA ................................. 5,131,446
8,000 Remy Cointreau SA ................................ 373,686
1,200,000 Sara Lee Corp. ................................... 15,156,000
300,000 The Coca-Cola Co. ................................ 15,864,000
404,000 The Hershey Co. .................................. 15,974,160
500,000 Wm. Wrigley Jr. Co. .............................. 39,700,000
3,000 Wm. Wrigley Jr. Co., Cl. B ....................... 237,000
465,000 YAKULT HONSHA Co. Ltd. ........................... 14,296,930
--------------
239,335,345
--------------
HEALTH CARE -- 3.8%
25,000 Advanced Medical Optics Inc.+ .................... 444,500
100,000 Alpharma Inc., Cl. A+ ............................ 3,689,000
13,000 Apria Healthcare Group Inc.+ ..................... 237,120
200,000 Boston Scientific Corp.+ ......................... 2,454,000
115,000 Bristol-Myers Squibb Co. ......................... 2,397,750
55,000 Covidien Ltd. .................................... 2,956,800
1,000 CryoCath Technologies Inc.+ ...................... 7,733
500 Datascope Corp. .................................. 25,815
150,000 Eli Lilly & Co. .................................. 6,604,500
6,000 Fresenius Kabi Pharmaceuticals Holding Inc.,
CVR+ .......................................... 3,900
61,000 Genentech Inc.+ .................................. 5,409,480
3,000 ImClone Systems Inc.+ 187,320
100,000 IMS Health Inc. .................................. 1,891,000
50,000 Johnson & Johnson ................................ 3,464,000
200,000 Merck & Co. Inc. ................................. 6,312,000
120,000 Owens & Minor Inc. ............................... 5,820,000
1,050,000 Pfizer Inc. ...................................... 19,362,000
26,000 Schiff Nutrition International Inc.+ ............. 177,580
19,300 Sciele Pharma Inc.+ .............................. 594,247
25,000 St. Jude Medical Inc.+ ........................... 1,087,250
20,000 Vital Signs Inc. ................................. 1,478,000
130,000 Wyeth ............................................ 4,802,200
75,000 Zimmer Holdings Inc.+ ............................ 4,842,000
--------------
74,248,195
--------------
HOTELS AND GAMING -- 0.3%
80,000 Boyd Gaming Corp. ................................ 748,800
690,000 Ladbrokes plc .................................... 2,287,815
45,000 Las Vegas Sands Corp.+ ........................... 1,624,950
70,000 Pinnacle Entertainment Inc.+ ..................... 529,200
--------------
5,190,765
--------------
See accompanying notes to schedule of investments.
5
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
MARKET
SHARES VALUE
---------- --------------
COMMON STOCKS (CONTINUED)
MACHINERY -- 0.3%
186,400 CNH Global NV .................................... $ 4,108,256
44,000 Deere & Co. ...................................... 2,178,000
1,000 Gehl Co.+ ........................................ 29,430
--------------
6,315,686
--------------
MANUFACTURED HOUSING AND
RECREATIONAL VEHICLES -- 0.0%
17,000 Skyline Corp. .................................... 449,310
--------------
METALS AND MINING -- 0.7%
200,000 Alcoa Inc. ....................................... 4,516,000
10,000 Alliance Holdings GP LP .......................... 200,300
7,500 Alpha Natural Resources Inc.+ .................... 385,725
17,000 Arch Coal Inc. ................................... 559,130
8,000 BHP Billiton Ltd., ADR ........................... 415,920
1,000 Fording Canadian Coal Trust ...................... 83,000
98,000 Freeport-McMoRan Copper & Gold Inc. .............. 5,571,300
10,000 Massey Energy Co. ................................ 356,700
20,000 Peabody Energy Corp. ............................. 900,000
2,000 Rio Tinto plc, ADR ............................... 499,000
3,000 Westmoreland Coal Co.+ ........................... 47,400
--------------
13,534,475
--------------
PAPER AND FOREST PRODUCTS -- 0.6%
415,000 International Paper Co. .......................... 10,864,700
--------------
PUBLISHING -- 0.4%
35,000 Idearc Inc. ...................................... 43,750
1,750,000 Il Sole 24 Ore ................................... 7,415,567
--------------
7,459,317
--------------
REAL ESTATE -- 0.0%
18,000 Brookfield Asset Management Inc., Cl. A .......... 493,920
--------------
RETAIL -- 2.1%
210,000 CVS Caremark Corp. ............................... 7,068,600
142,000 Ingles Markets Inc., Cl. A ....................... 3,241,860
25,000 Longs Drug Stores Corp. .......................... 1,891,000
410,000 Safeway Inc. ..................................... 9,725,200
22,000 Saks Inc.+ ....................................... 203,500
310,000 Sally Beauty Holdings Inc.+ ...................... 2,666,000
85,000 SUPERVALU Inc. ................................... 1,844,500
130,000 The Great Atlantic & Pacific Tea Co. Inc.+ ....... 1,406,600
360,000 Walgreen Co. ..................................... 11,145,600
90,000 Whole Foods Market Inc. .......................... 1,802,700
500 Zones Inc.+ ...................................... 4,125
--------------
40,999,685
--------------
SHARES/ MARKET
UNITS VALUE
---------- --------------
SPECIALTY CHEMICALS -- 2.1%
5,000 Arkema, ADR ...................................... $ 180,849
100,000 Ashland Inc. ..................................... 2,924,000
170,000 E.I. du Pont de Nemours & Co. .................... 6,851,000
260,000 Ferro Corp. ...................................... 5,226,000
240,000 Hercules Inc. .................................... 4,749,600
300 Nevada Chemicals Inc. ............................ 3,954
100,000 Olin Corp. ....................................... 1,940,000
180,000 Rohm & Haas Co. .................................. 12,600,000
230,000 The Dow Chemical Co. ............................. 7,309,400
--------------
41,784,803
--------------
TELECOMMUNICATIONS -- 5.5%
585,000 AT&T Inc. ........................................ 16,333,200
240,000 BCE Inc. ......................................... 8,330,400
47,125 Bell Aliant Regional Communications
Income Fund+ (b)(d) ........................... 1,177,654
71,000 BT Group plc, ADR ................................ 2,059,710
30,000 CenturyTel Inc. .................................. 1,099,500
55,000 Compania de Telecomunicaciones de
Chile SA, ADR ................................. 374,550
645,000 Deutsche Telekom AG, ADR ......................... 9,823,350
24,959 FairPoint Communications Inc. .................... 216,395
55,000 France Telecom SA, ADR ........................... 1,540,550
31,700 Hellenic Telecommunications Organization SA ...... 563,195
219,800 Hellenic Telecommunications
Organization SA, ADR .......................... 1,978,200
215,000 Portugal Telecom SGPS SA ......................... 2,150,515
250,000 Qwest Communications International Inc. .......... 807,500
1,000,000 Sprint Nextel Corp. .............................. 6,100,000
20,000 Telecom Corp. of New Zealand Ltd., ADR ........... 183,800
190,000 Telecom Italia SpA, ADR .......................... 2,834,800
16,000 Telefonica SA, ADR ............................... 1,143,840
196,000 Telefonos de Mexico SAB de CV, Cl. L, ADR ........ 5,047,000
70,000 Telephone & Data Systems Inc., Special ........... 2,513,000
196,000 Telmex Internacional SAB de CV, ADR .............. 2,548,000
130,000 Telstra Corp. Ltd., ADR .......................... 2,143,167
76,100 TELUS Corp., Non-Voting, ADR ..................... 2,706,116
1,000,000 Verizon Communications Inc. ...................... 32,090,000
170,000 Vodafone Group plc, ADR .......................... 3,757,000
--------------
107,521,442
--------------
See accompanying notes to schedule of investments.
6
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
MARKET
SHARES VALUE
---------- --------------
COMMON STOCKS (CONTINUED)
TRANSPORTATION -- 0.6%
3,000 Frontline Ltd. ................................... $ 144,210
250,000 GATX Corp. ....................................... 9,892,500
24,000 Golden Ocean Group Ltd. .......................... 57,437
27,000 Kansas City Southern+ ............................ 1,197,720
3,000 Ship Finance International Ltd. .................. 64,680
22,000 Teekay Corp. ..................................... 580,360
--------------
11,936,907
--------------
WIRELESS COMMUNICATIONS -- 0.3%
5,000 Crown Castle International Corp.+ ................ 144,850
111,030 United States Cellular Corp.+ .................... 5,209,528
14,000 Vimpel-Communications, ADR ....................... 284,200
--------------
5,638,578
--------------
TOTAL COMMON STOCKS 1,829,817,361
--------------
CONVERTIBLE PREFERRED STOCKS -- 0.9%
AGRICULTURE -- 0.0%
12,000 Archer-Daniels-Midland Co.,
6.250% Cv. Pfd. ............................... 358,440
--------------
BROADCASTING -- 0.0%
21,460 Emmis Communications Corp.,
6.250% Cv. Pfd., Ser. A ....................... 394,864
--------------
BUILDING AND CONSTRUCTION -- 0.0%
200 Fleetwood Capital Trust,
6.000% Cv. Pfd. ............................... 2,050
--------------
DIVERSIFIED INDUSTRIAL -- 0.0%
34,000 Smurfit-Stone Container Corp.,
7.000% Cv. Pfd., Ser. A ....................... 443,360
--------------
ENERGY AND UTILITIES -- 0.3%
5,000 Chesapeake Energy Corp.,
5.000% Cv. Pfd. (b) ........................... 527,500
129,000 El Paso Energy Capital Trust I,
4.750% Cv. Pfd. ............................... 4,295,700
--------------
4,823,200
--------------
FINANCIAL SERVICES -- 0.2%
1,500 Doral Financial Corp.,
4.750% Cv. Pfd. ............................... 124,875
110,000 Newell Financial Trust I,
5.250% Cv. Pfd. ............................... 4,269,375
--------------
4,394,250
--------------
HEALTH CARE -- 0.0%
6,000 Omnicare Inc.,
4.000% Cv. Pfd., Ser. B ....................... 240,000
--------------
MARKET
SHARES VALUE
---------- --------------
TELECOMMUNICATIONS -- 0.4%
50,000 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B ....................... $ 1,727,500
110,000 Crown Castle International Corp.,
6.250% Cv. Pfd. ............................... 4,702,500
--------------
6,430,000
--------------
TRANSPORTATION -- 0.0%
1,500 GATX Corp., $2.50 Cv. Pfd. ....................... 312,765
--------------
TOTAL CONVERTIBLE
PREFERRED STOCKS .............................. 17,398,929
--------------
RIGHTS -- 0.0%
ENERGY AND UTILITIES: WATER -- 0.0%
5,000 Suez Environnement SA+ ........................... 31,605
--------------
WARRANTS -- 0.0%
FOOD AND BEVERAGE -- 0.0%
650 Parmalat SpA, GDR,
expire 12/31/15+ (b)(c)(d) .................... 407
--------------
PRINCIPAL
AMOUNT
----------
CONVERTIBLE CORPORATE BONDS -- 1.2%
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.0%
500,000 Standard Motor Products Inc.,
Sub. Deb. Cv.,
6.750%, 07/15/09 .............................. 478,750
--------------
BROADCASTING -- 0.5%
10,000,000 Sinclair Broadcast Group Inc.,
Sub. Deb. Cv.,
6.000%, 09/15/12 .............................. 8,562,500
--------------
COMMUNICATIONS EQUIPMENT -- 0.5%
10,000,000 Agere Systems Inc., Sub. Deb. Cv.,
6.500%, 12/15/09 .............................. 10,150,000
--------------
REAL ESTATE -- 0.0%
1,100,000 Palm Harbor Homes Inc., Cv.,
3.250%, 05/15/24 .............................. 664,125
--------------
RETAIL -- 0.2%
5,200,000 The Great Atlantic &
Pacific Tea Co. Inc., Cv.,
5.125%, 06/15/11 .............................. 3,789,500
--------------
TOTAL CONVERTIBLE
CORPORATE BONDS ............................... 23,644,875
--------------
See accompanying notes to schedule of investments.
7
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
---------- --------------
U.S. GOVERNMENT OBLIGATIONS -- 4.4%
$86,753,000 U.S. Treasury Bills,
0.150% to 1.957%++,
10/02/08 to 01/29/09 ......................... $ 86,644,321
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $1,946,413,637) ...................................... $1,957,537,498
==============
Aggregate book cost ..................................... $1,946,413,637
==============
Gross unrealized appreciation ........................... $ 240,239,138
Gross unrealized depreciation ........................... (229,115,277)
--------------
Net unrealized appreciation/(depreciation) .............. $ 11,123,861
==============
----------
(a) Security considered an affiliated holding because the Fund owns at least 5%
of its outstanding shares.
(b) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At September
30, 2008, the market value of Rule 144A securities amounted to $2,497,057
or 0.13% of total investments. Except as noted in (c), these securities are
liquid.
(c) At September 30, 2008, the Fund held investments in restricted and illiquid
securities amounting to $791,903 or 0.04% of total investments, which were
valued under methods approved by the Board of Trustees as follows:
09/30/08
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
SHARES ISSUER DATE COST PER UNIT
----------- ---------------------------------- ----------- ----------- --------------
339,450 Parmalat SpA, GDR ................ 12/02/03 $981,615 $2.3317
650 Parmalat SpA, GDR
warrants expire 12/31/15 ...... 11/09/05 -- 0.6262
(d) Security fair valued under procedures established by the Board of Trustees.
The procedures may include reviewing available financial information about
the company and reviewing the valuation of comparable securities and other
factors on a regular basis. At September 30, 2008, the market value of fair
valued securities amounted to $1,178,061 or 0.06% of total investments.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depositary Receipt
GDR Global Depositary Receipt
% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
-------------------------- ------ --------------
North America ....................................... 80.3% $1,571,431,800
Europe .............................................. 12.9 251,838,206
Latin America ....................................... 3.2 62,978,600
Japan ............................................... 3.2 62,956,678
Asia/Pacific ........................................ 0.4 8,332,214
----- --------------
Total Investments ................................... 100.0% $1,957,537,498
===== ==============
See accompanying notes to schedule of investments.
8
THE GABELLI DIVIDEND & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED)
1. SECURITY VALUATION. Portfolio securities listed or traded on a nationally
recognized securities exchange or traded in the U.S. over-the-counter market for
which market quotations are readily available are valued at the last quoted sale
price or a market's official closing price as of the close of business on the
day the securities are being valued. If there were no sales that day, the
security is valued at the average of the closing bid and asked prices or, if
there were no asked prices quoted on that day, then the security is valued at
the closing bid price on that day. If no bid or asked prices are quoted on such
day, the security is valued at the most recently available price or, if the
Board of Trustees (the "Board") so determines, by such other method as the Board
shall determine in good faith to reflect its fair market value. Portfolio
securities traded on more than one national securities exchange or market are
valued according to the broadest and most representative market, as determined
by Gabelli Funds, LLC, the Adviser.
Portfolio securities primarily traded on a foreign market are generally valued
at the preceding closing values of such securities on the relevant market, but
may be fair valued pursuant to procedures established by the Board if market
conditions change significantly after the close of the foreign market but prior
to the close of business on the day the securities are being valued. Debt
instruments with remaining maturities of 60 days or less that are not credit
impaired are valued at amortized cost, unless the Board determines such amount
does not reflect the securities' fair value, in which case these securities will
be fair valued as determined by the Board. Debt instruments having a maturity
greater than 60 days for which market quotations are readily available are
valued at the average of the latest bid and asked prices. If there were no asked
prices quoted on such day, the security is valued using the closing bid price.
Futures contracts are valued at the closing settlement price of the exchange or
board of trade on which the applicable contract is traded.
Securities and assets for which market quotations are not readily available are
fair valued as determined by the Board.
On January 1, 2008, the Fund adopted Statement of Financial Accounting Standard
No. 157, "Fair Value Measurements" ("SFAS 157") that clarifies the definition of
fair value for financial reporting, establishes a framework for measuring fair
value, and requires additional disclosures about the use of fair value
measurements. The three levels of the fair value hierarchy under SFAS 157 are
described below:
- Level 1 - quoted prices in active markets for identical securities;
- Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.); and
- Level 3 - significant unobservable inputs (including the Fund's
determinations as to the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. The
summary of inputs used to value the Fund's net assets as of September 30, 2008
is as follows:
OTHER FINANCIAL
INVESTMENTS IN INSTRUMENTS
SECURITIES (UNREALIZED
VALUATION INPUTS (MARKET VALUE) DEPRECIATION)*
---------------- -------------- ---------------
Level 1 - Quoted Prices $1,847,726,644 --
Level 2 - Other Significant Observable Inputs 109,810,854 $(1,283,859)
-------------- -----------
Total $1,957,537,498 $(1,283,859)
============== ===========
----------
* Other financial instruments are derivative instruments not reflected in the
Schedule of Investments, such as futures, forwards, and swaps, which are
valued at the unrealized appreciation/depreciation on the investment.
In March 2008, the Financial Accounting Standards Board (the "FASB") issued
Statement of Financial Accounting Standard No. 161, "Disclosures about
Derivative Instruments and Hedging Activities" ("SFAS 161") that is effective
for fiscal years beginning after November 15, 2008. SFAS 161 is intended to
improve financial reporting for derivative instruments by requiring enhanced
disclosure that enables investors to understand how and why an entity uses
derivatives, how derivatives are accounted for, and how derivative instruments
affect an entity's results of operations and financial position. Management is
currently evaluating the implications of SFAS 161 on the Fund's financial
statement disclosures.
9
THE GABELLI DIVIDEND & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)
2. SWAP AGREEMENTS. The Fund may enter into equity, contract for difference, and
interest rate swap or cap transactions. The use of swaps and caps is a highly
specialized activity that involves investment techniques and risks different
from those associated with ordinary portfolio transactions. Swap agreements may
involve, to varying degrees, elements of market and counterparty risk, and
exposure to loss in excess of the related amounts reflected in the Statement of
Assets and Liabilities. In an interest rate swap, the Fund would agree to pay to
the other party to the interest rate swap (which is known as the "counterparty")
periodically a fixed rate payment in exchange for the counterparty agreeing to
pay to the Fund periodically a variable rate payment that is intended to
approximate the Fund's variable rate payment obligation on Series B Preferred
Shares. In an interest rate cap, the Fund would pay a premium to the
counterparty and, to the extent that a specified variable rate index exceeds a
predetermined fixed rate, would receive from that counterparty payments of the
difference based on the notional amount of such cap. In a swap, a set of future
cash flows are exchanged between two counterparties. One of these cash flow
streams will typically be based on a reference interest rate combined with the
performance of a notional value of shares of a stock. The other will be based on
the performance of the shares of a stock. Swap and cap transactions introduce
additional risk because the Fund would remain obligated to pay preferred share
dividends when due in accordance with the Statement of Preferences even if the
counterparty defaulted. If there is a default by the counterparty to a swap
contract, the Fund will be limited to contractual remedies pursuant to the
agreements related to the transaction. There is no assurance that the swap
contract counterparties will be able to meet their obligations pursuant to a
swap contract or that, in the event of default, the Fund will succeed in
pursuing contractual remedies. The Fund thus assumes the risk that it may be
delayed in or prevented from obtaining payments owed to it pursuant to a swap
contract. The creditworthiness of the swap contract counterparties is closely
monitored in order to minimize this risk. Depending on the general state of
short-term interest rates and the returns on the Fund's portfolio securities at
that point in time, such a default could negatively affect the Fund's ability to
make dividend payments. In addition, at the time a swap or a cap transaction
reaches its scheduled termination date, there is a risk that the Fund will not
be able to obtain a replacement transaction or that the terms of the replacement
will not be as favorable as on the expiring transaction. If this occurs, it
could have a negative impact on the Fund's ability to make dividend payments.
The use of derivative instruments involves, to varying degrees, elements of
market and counterparty risk in excess of the amount recognized below.
The Fund has entered into an interest rate swap agreement with Citibank N.A.
Under the agreement the Fund receives a variable rate of interest and pays a
respective fixed rate of interest on the nominal value of the swap. Details of
the swap at September 30, 2008 are as follows:
NOTIONAL FLOATING RATE* TERMINATION NET UNREALIZED
AMOUNT FIXED RATE (RATE RESET MONTHLY) DATE DEPRECIATION
------------ ---------- -------------------- ----------- --------------
$100,000,000 4.01% 2.48563% 06/02/10 $(1,019,941)
----------
* Based on LIBOR (London Interbank Offered Rate).
The Fund has entered into a contract for difference swap agreements with Bear,
Stearns International Limited. Details of the swap at September 30, 2008 are as
follows:
NOTIONAL EQUITY SECURITY INTEREST RATE/ TERMINATION NET UNREALIZED
AMOUNT RECEIVED EQUITY SECURITY PAID DATE DEPRECIATION
--------------------------- ---------------- ------------------------ ----------- --------------
Overnight LIBOR plus
Market Value 40 bps plus Market Value
Appreciation on: Depreciation on:
$2,318,911 (204,803 Shares) Cadbury plc Cadbury plc 02/16/09 $(263,918)
3. TAX INFORMATION. Under the current tax law, capital and currency losses
realized after October 31 and prior to the Fund's fiscal year end may be
deferred as occurring on the first day of the following fiscal year. Post
October currency losses at the fiscal year ended December 31, 2007 were $99,471.
10
TRUSTEES AND OFFICERS
THE GABELLI DIVIDEND & INCOME TRUST
ONE CORPORATE CENTER, RYE, NY 10580-1422
TRUSTEES
Mario J. Gabelli, CFA
CHAIRMAN & CHIEF EXECUTIVE OFFICER,
GAMCO INVESTORS, INC.
Anthony J. Colavita
ATTORNEY-AT-LAW,
ANTHONY J. COLAVITA, P.C.
James P. Conn
FORMER MANAGING DIRECTOR &
CHIEF INVESTMENT OFFICER,
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.
Mario d'Urso
FORMER ITALIAN SENATOR
Frank J. Fahrenkopf, Jr.
PRESIDENT & CHIEF EXECUTIVE OFFICER,
AMERICAN GAMING ASSOCIATION
Michael J. Melarkey
ATTORNEY-AT-LAW,
AVANSINO, MELARKEY, KNOBEL & MULLIGAN
Salvatore M. Salibello
CERTIFIED PUBLIC ACCOUNTANT,
SALIBELLO & BRODER, LLP
Edward T. Tokar
SENIOR MANAGING DIRECTOR,
BEACON TRUST COMPANY
Anthonie C. van Ekris
CHAIRMAN, BALMAC INTERNATIONAL, INC.
Salvatore J. Zizza
CHAIRMAN, ZIZZA & CO., LTD.
OFFICERS
Bruce N. Alpert
PRESIDENT
Carter W. Austin
VICE PRESIDENT
Peter D. Goldstein
CHIEF COMPLIANCE OFFICER
Agnes Mullady
TREASURER AND SECRETARY
INVESTMENT ADVISER
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
CUSTODIAN
State Street Bank and Trust Company
COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP
TRANSFER AGENT AND REGISTRAR
Computershare Trust Company, N.A.
STOCK EXCHANGE LISTING
5.875% 6.00%
Common Preferred Preferred
---------- --------- ---------
NYSE-Symbol: GDV GDV PrA GDV PrD
Shares Outstanding: 83,782,037 3,199,000 2,600,000
The Net Asset Value per share appears in the Publicly Traded Funds column, under
the heading "General Equity Funds," in Monday's The Wall Street Journal. It is
also listed in Barron's Mutual Funds/Closed End Funds section under the heading
"General Equity Funds."
The Net Asset Value per share may be obtained each day by calling (914) 921-5070
or visiting www.gabelli.com.
For general information about the Gabelli Funds, call 800-GABELLI
(800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage
at: WWW.GABELLI.COM, or e-mail us at: closedend@gabelli.com
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Fund may, from time to time, purchase
its common shares in the open market when the Fund's shares are trading at a
discount of 7.5% or more from the net asset value of the shares. The Fund may
also, from time to time, purchase its preferred shares in the open market when
the preferred shares are trading at a discount to the liquidation value.
THE GABELLI DIVIDEND & INCOME TRUST
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM
THIRD QUARTER REPORT
SEPTEMBER 30, 2008
GDV Q3/2008
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940,
as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
as of a date within 90 days of the filing date of the report that
includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule
30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Dividend & Income Trust
-------------------------------------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date November 24, 2008
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date November 24, 2008
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady,
Principal Financial Officer and Treasurer
Date November 24, 2008
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.