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
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The Gabelli Dividend & Income Trust
-------------------------------------------
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, NY 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, NY 10580-1422
-------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: March 31, 2005
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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, 450 Fifth Street, NW, Washington,
DC 20549-0609. 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 DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS -- 71.4%
AEROSPACE -- 0.7%
10,000 Goodrich Corp. ...............$ 382,900
30,000 Kaman Corp., Cl. A ........... 373,500
460,000 Titan Corp.+ ................. 8,353,600
65,000 United Defense Industries Inc. 4,772,300
--------------
13,882,300
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 1.3%
500,000 Dana Corp. ................... 6,395,000
454,500 Genuine Parts Co. ............ 19,766,205
--------------
26,161,205
--------------
BROADCASTING -- 0.0%
20,000 Liberty Corp. ................ 811,000
--------------
BUSINESS SERVICES -- 0.1%
40,000 Insurance Auto Auctions Inc.+ 1,114,000
--------------
CABLE AND SATELLITE -- 0.9%
14,200 Cogeco Inc. .................. 272,919
100,000 DIRECTV Group Inc.+ .......... 1,442,000
300,000 EchoStar Communications Corp.,
Cl. A ...................... 8,775,000
65,000 Liberty Media International
Inc., Cl. A+ ............... 2,843,100
500,000 UnitedGlobalCom Inc., Cl. A+ . 4,730,000
--------------
18,063,019
--------------
COMPUTER SOFTWARE AND SERVICES -- 0.2%
100,000 Ascential Software Corp.+ .... 1,853,000
50,000 Ask Jeeves Inc.+ ............. 1,404,000
20,000 SunGard Data Systems Inc.+ ... 690,000
--------------
3,947,000
--------------
CONSUMER PRODUCTS -- 1.4%
15,000 Altria Group Inc. ............ 980,850
40,000 Eastman Kodak Co. ............ 1,302,000
135,000 Gallaher Group plc, ADR ...... 7,693,650
90,000 Gillette Co. ................. 4,543,200
1,000 Kimberly-Clark Corp. ......... 65,730
90,000 Procter & Gamble Co. ......... 4,770,000
719,500 Swedish Match AB ............. 8,801,814
--------------
28,157,244
--------------
DIVERSIFIED INDUSTRIAL -- 2.5%
250,000 Bouygues SA .................. 9,910,167
130,000 Cooper Industries Ltd., Cl. A 9,297,600
350,000 General Electric Co. ......... 12,621,000
200,000 Honeywell International Inc. . 7,442,000
30,000 ITT Industries Inc. .......... 2,707,200
100,000 Sonoco Products Co. .......... 2,885,000
1,000 Textron Inc. ................. 74,620
1,051,000 Tomkins plc .................. 5,248,344
26,600 Tomkins plc, ADR ............. 543,970
--------------
50,729,901
--------------
MARKET
SHARES VALUE*
------ ------
ELECTRONICS -- 0.1%
85,000 DuPont Photomasks Inc.+ ......$ 2,266,950
--------------
ENERGY AND UTILITIES: ELECTRIC -- 2.6%
305,000 American Electric
Power Co. Inc. ............. 10,388,300
20,000 Cleco Corp. .................. 426,000
375,000 DPL Inc. ..................... 9,375,000
17,500 DTE Energy Co. ............... 795,900
270,000 Duquesne Light Holdings Inc. . 4,838,400
237,000 Electric Power Development
Co. Ltd. ................... 7,293,668
610,000 Great Plains Energy Inc. ..... 18,653,800
--------------
51,771,068
--------------
ENERGY AND UTILITIES: INTEGRATED -- 14.4%
30,000 Allegheny Energy Inc.+ ....... 619,800
120,000 ALLETE Inc. .................. 5,022,000
10,000 Alliant Energy Corp. ......... 267,800
410,000 Ameren Corp. ................. 20,094,100
25,000 Avista Corp. ................. 437,500
11,000 Black Hills Corp. ............ 363,770
22,800 Central Vermont Public
Service Corp. .............. 512,544
32,100 CH Energy Group Inc. ......... 1,466,970
108,000 Chubu Electric Power Co. Inc. 2,593,490
121,500 Chugoku Electric
Power Co. Inc. ............. 2,305,814
320,000 Cinergy Corp. ................ 12,966,400
167,000 CONSOL Energy Inc. ........... 7,852,340
200,000 Consolidated Edison Inc. ..... 8,436,000
4,000 Dominion Resources Inc. ...... 297,720
259,000 Duke Energy Corp. ............ 7,254,590
150,000 El Paso Corp. ................ 1,587,000
2,800 Empire District Electric Co. . 65,128
300,000 Enel SpA ..................... 2,869,995
47,000 Enel SpA, ADR ................ 2,256,470
145,100 Energy East Corp. ............ 3,804,522
220,000 FirstEnergy Corp. ............ 9,229,000
180,000 FPL Group Inc. ............... 7,227,000
130,000 Hawaiian Electric
Industries Inc. ............ 3,317,600
250,000 Hera SpA ..................... 702,429
121,500 Hokkaido Electric Power
Co. Inc. ................... 2,470,111
121,500 Hokuriku Electric Power Co. .. 2,212,902
121,500 Kansai Electric Power Co. Inc. 2,436,119
121,500 Kyushu Electric Power Co. Inc. 2,583,419
25,000 Maine & Maritimes Corp. ...... 631,250
1,500 MGE Energy Inc. .............. 49,725
40,000 National Grid Transco plc, ADR 1,870,000
260,000 NiSource Inc. ................ 5,925,400
300,000 NSTAR ........................ 16,290,000
500,000 OGE Energy Corp. ............. 13,475,000
160,000 Ormat Technologies Inc.+ ..... 2,505,600
600,000 Pepco Holdings Inc. .......... 12,594,000
220,000 Pinnacle West Capital Corp. .. 9,352,200
330,000 Progress Energy Inc. ......... 13,843,500
310,000 Public Service Enterprise
Group Inc. ................. 16,860,900
2
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: INTEGRATED (CONTINUED)
220,000 Scottish Power plc, ADR ......$ 6,864,000
121,500 Shikoku Electric Power
Co. Inc. ................... 2,379,465
500,000 Southern Co. ................. 15,915,000
2,000 TECO Energy Inc. ............. 31,360
121,500 Tohoku Electric Power Co. Inc. 2,251,427
108,000 Tokyo Electric Power Co. Inc. 2,618,670
1,000 TXU Corp. .................... 79,630
520,000 Unisource Energy Corp. ....... 16,104,400
60,000 Vectren Corp. ................ 1,598,400
410,000 Westar Energy Inc. ........... 8,872,400
90,000 Wisconsin Energy Corp. ....... 3,195,000
150,000 WPS Resources Corp. .......... 7,938,000
890,000 Xcel Energy Inc. ............. 15,290,200
--------------
287,788,060
--------------
ENERGY AND UTILITIES: NATURAL GAS -- 3.5%
8,500 AGL Resources Inc. ........... 296,905
95,000 Atmos Energy Corp. ........... 2,565,000
14,800 Delta Natural Gas Co. Inc. ... 381,248
3,000 Energen Corp. ................ 199,800
380,000 KeySpan Corp. ................ 14,808,600
20,000 Kinder Morgan Energy
Partners LP ................ 900,000
50,000 Laclede Group Inc. ........... 1,460,000
300,000 National Fuel Gas Co. ........ 8,577,000
215,000 Nicor Inc. ................... 7,974,350
220,000 ONEOK Inc. ................... 6,780,400
250,000 Peoples Energy Corp. ......... 10,480,000
300,000 SEMCO Energy Inc. ............ 1,725,000
200,000 Sempra Energy ................ 7,968,000
12,000 South Jersey Industries Inc. . 676,800
20,000 Southern Union Co.+ .......... 502,200
150,000 Southwest Gas Corp. .......... 3,624,000
--------------
68,919,303
--------------
ENERGY AND UTILITIES: OIL -- 11.6%
10,000 Amerada Hess Corp. ........... 962,100
7,000 Anadarko Petroleum Corp. ..... 532,700
38,000 Apache Corp. ................. 2,326,740
20,000 Baker Hughes Inc. ............ 889,800
160,000 BP plc, ADR .................. 9,984,000
80,000 Burlington Resources Inc. .... 4,005,600
5,000 Chesapeake Energy Corp. ...... 109,700
300,000 ChevronTexaco Corp. .......... 17,493,000
1,000 Cimarex Energy Co.+ .......... 39,000
210,000 ConocoPhillips ............... 22,646,400
20,000 Cooper Cameron Corp.+ ........ 1,144,200
60,000 Devon Energy Corp. ........... 2,865,000
300,000 Diamond Offshore Drilling Inc. 14,970,000
75,000 Eni SpA, ADR ................. 9,762,000
225,000 Exxon Mobil Corp. ............ 13,410,000
200,000 Halliburton Co. .............. 8,650,000
90,000 Kaneb Services LLC ........... 3,838,500
MARKET
SHARES VALUE*
------ ------
140,000 Kerr-McGee Corp. .............$ 10,966,200
70,000 Magnum Hunter Resources Inc.+ 1,127,700
283,000 Marathon Oil Corp. ........... 13,278,360
100,000 Murphy Oil Corp. ............. 9,873,000
2,000 Nabors Industries Ltd.+ ...... 118,280
190,000 Occidental Petroleum Corp. ... 13,522,300
84,700 Patina Oil & Gas Corp. ....... 3,388,000
4,500 PetroChina Co. Ltd., ADR ..... 284,490
280,000 Repsol YPF SA, ADR ........... 7,434,000
200,000 Royal Dutch Petroleum Co. .... 12,008,000
40,000 Schlumberger Ltd. ............ 2,819,200
950,000 Statoil ASA, ADR ............. 16,283,000
100,000 Sunoco Inc. .................. 10,352,000
102,000 Total SA, ADR ................ 11,957,460
80,000 Unocal Corp. ................. 4,935,200
18,000 Yukos ADR+ ................... 40,680
--------------
232,016,610
--------------
ENERGY AND UTILITIES: WATER -- 0.2%
3,000 American States Water Co. .... 75,900
38,000 Aqua America Inc. ............ 925,680
3,000 Artesian Resources Corp.,
Cl. A ...................... 78,180
2,000 California Water Service Group 66,740
4,000 Connecticut Water Service Inc. 99,760
5,000 Middlesex Water Co. .......... 90,750
7,600 Pennichuck Corp. ............. 197,144
44,800 SJW Corp. .................... 1,573,824
10,500 Southwest Water Co. .......... 109,515
22,000 United Utilities plc, ADR .... 531,300
10,000 Veolia Environnement ......... 354,666
5,000 York Water Co. ............... 95,250
--------------
4,198,709
--------------
ENTERTAINMENT -- 1.4%
2,000 Grupo Televisa SA, ADR ....... 117,600
500,000 The Walt Disney Co. .......... 14,365,000
500,000 Time Warner Inc.+ ............ 8,775,000
180,000 Vivendi Universal SA, ADR+ ... 5,508,000
--------------
28,765,600
--------------
EQUIPMENT AND SUPPLIES -- 0.4%
115,000 CIRCOR International Inc. .... 2,834,750
15,000 Lufkin Industries Inc. ....... 724,350
46,800 Mueller Industries Inc. ...... 1,317,420
198,000 RPC Inc. ..................... 3,007,620
5,000 Weatherford International
Ltd.+ ...................... 289,700
--------------
8,173,840
--------------
FINANCIAL SERVICES -- 11.1%
360,000 Alliance Capital Management
Holding LP ................. 16,974,000
345,000 American Express Co. ......... 17,722,650
250,000 American International
Group Inc. ................. 13,852,500
100,000 AmSouth Bancorporation ....... 2,595,000
510,000 Bank of America Corp. ........ 22,491,000
3
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
FINANCIAL SERVICES (CONTINUED)
361,400 Bank of New York Co. Inc. ....$ 10,498,670
400,000 Citigroup Inc. ............... 17,976,000
25,000 Deutsche Bank AG, ADR ........ 2,155,000
90,000 Fidelity National
Financial Inc. ............. 2,964,600
86,500 Fifth Third Bancorp .......... 3,717,770
68,900 First Horizon National Corp. . 2,810,431
30,000 Flushing Financial Corp. ..... 546,000
17,000 Hartford Financial
Services Group Inc. ........ 1,165,520
10,000 Hibernia Corp., Cl. A ........ 320,100
80,000 Janus Capital Group Inc. ..... 1,116,000
510,000 JPMorgan Chase & Co. ......... 17,646,000
120,000 KeyCorp ...................... 3,894,000
65,000 Marsh & McLennan
Companies Inc. ............. 1,977,300
82,000 Morgan Stanley ............... 4,694,500
170,000 New York Community
Bancorp Inc. ............... 3,087,200
4,000 NewAlliance Bancshares Inc. .. 56,000
30,000 North Fork Bancorporation Inc. 832,200
238,500 PNC Financial Services
Group Inc. ................. 12,277,980
47,500 Popular Inc. ................. 1,155,200
1,000 Progressive Corp. ............ 91,760
81,891 Riggs National Corp. ......... 1,563,299
274,010 Sovereign Bancorp Inc. ....... 6,072,062
273,800 St. Paul Travelers
Companies Inc. ............. 10,056,674
12,000 Sterling Bancorp ............. 291,240
60,000 T. Rowe Price Group Inc. ..... 3,562,800
5,000 Unitrin Inc. ................. 227,000
13,800 Valley National Bancorp ...... 355,764
245,000 Wachovia Corp. ............... 12,472,950
272,000 Waddell & Reed Financial
Inc., Cl. A ................ 5,369,280
105,000 Washington Mutual Inc. ....... 4,147,500
3,500 Webster Financial Corp. ...... 158,935
130,000 Wells Fargo & Co. ............ 7,774,000
100,000 Wilmington Trust Corp. ....... 3,510,000
53,000 Zions Bancorporation ......... 3,658,060
--------------
221,836,945
--------------
FOOD AND BEVERAGE -- 4.1%
490,000 Archer-Daniels-Midland Co. ... 12,044,200
27,000 Campbell Soup Co. ............ 783,540
140,000 Coca-Cola Co. ................ 5,833,800
170,000 ConAgra Foods Inc. ........... 4,593,400
450,000 Dreyer's Grand Ice Cream
Holdings Inc., Cl. A ....... 36,346,500
155,000 General Mills Inc. ........... 7,618,250
80,000 Heinz (H.J.) Co. ............. 2,947,200
1,000 Kellogg Co. .................. 43,270
64,800 Molson Coors Brewing Co.,
Class B .................... 5,000,616
280,000 Sara Lee Corp. ............... 6,204,800
1,000 Wrigley (Wm.) Jr. Co. ........ 65,570
--------------
81,481,146
--------------
MARKET
SHARES VALUE*
------ ------
HEALTH CARE -- 2.1%
145,000 Bristol-Myers Squibb Co. .....$ 3,691,700
45,800 Closure Medical Corp.+ ....... 1,222,860
70,000 CTI Molecular Imaging Inc.+ .. 1,418,900
155,000 Eli Lilly & Co. .............. 8,075,500
100,000 Eon Labs Inc.+ ............... 3,024,000
230,000 Merck & Co. Inc. ............. 7,445,100
50,000 Owens & Minor Inc. ........... 1,357,500
600,000 Pfizer Inc. .................. 15,762,000
3,428 Quest Diagnostics Inc. ....... 360,386
10,000 Wyeth ........................ 421,800
--------------
42,779,746
--------------
HOTELS AND GAMING -- 1.5%
2,000,000 Hilton Group plc ............. 11,376,301
280,000 Hilton Hotels Corp. .......... 6,258,000
170,000 Mandalay Resort Group ........ 11,983,300
--------------
29,617,601
--------------
MACHINERY -- 1.2%
350,000 CNH Global NV ................ 6,576,500
246,000 Deere & Co. .................. 16,513,980
--------------
23,090,480
--------------
METALS AND MINING -- 0.3%
10,000 Arch Coal Inc. ............... 430,100
3,000 Fording Canadian Coal Trust .. 275,640
120,000 Freeport-McMoRan Copper &
Gold Inc., Cl. B ........... 4,753,200
10,000 Massey Energy Co. ............ 400,400
12,000 Peabody Energy Corp. ......... 556,320
3,000 Westmoreland Coal Co.+ ....... 75,450
--------------
6,491,110
--------------
PUBLISHING -- 0.5%
100,000 Pulitzer Inc. ................ 6,373,000
200,000 Reader's Digest
Association Inc. ........... 3,462,000
--------------
9,835,000
--------------
REAL ESTATE -- 0.0%
9,000 Brascan Corp., Cl. A ......... 339,750
--------------
RETAIL -- 1.1%
460,000 Albertson's Inc. ............. 9,499,000
151,500 Ingles Markets Inc., Cl. A ... 2,017,980
10,000 May Department Stores Co. .... 370,200
570,000 Safeway Inc.+ ................ 10,562,100
--------------
22,449,280
--------------
4
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
SPECIALTY CHEMICALS -- 1.4%
65,000 Ashland Inc. .................$ 4,385,550
150,000 Dow Chemical Co. ............. 7,477,500
240,000 E.I. du Pont de Nemours
and Co. .................... 12,297,600
172,100 Ferro Corp. .................. 3,238,922
43,200 Olin Corp. ................... 963,360
--------------
28,362,932
--------------
TELECOMMUNICATIONS -- 6.0%
700,000 AT&T Corp. ................... 13,125,000
670,000 BCE Inc. ..................... 16,743,300
205,000 BellSouth Corp. .............. 5,389,450
74,000 BT Group plc, ADR ............ 2,881,560
91,000 CenturyTel Inc. .............. 2,988,440
270,000 Citizens Communications Co. .. 3,493,800
50,000 Compania de Telecomunicaciones
de Chile SA, ADR ........... 557,000
100,000 Deutsche Telekom AG, ADR+ .... 1,996,000
55,000 France Telecom SA, ADR ....... 1,642,850
220,000 Hellenic Telecommunications
Organization SA, ADR ....... 1,936,000
20,000 Manitoba Telecom Services Inc. 765,314
50,000 MCI Inc. ..................... 1,246,000
225,000 Qwest Communications
International Inc.+ ........ 832,500
202,600 Rogers Communications
Inc., Cl. B ................ 5,518,824
300,000 SBC Communications Inc. ...... 7,107,000
840,000 Sprint Corp. ................. 19,110,000
346,800 TDC A/S, ADR ................. 7,279,332
12,000 Telecom Corp. of New Zealand
Ltd., ADR .................. 416,040
42,000 Telecom Italia SpA, ADR ...... 1,585,080
25,000 Telefonica SA, ADR ........... 1,299,250
150,000 Telefonos de Mexico SA
de CV, Cl. L, ADR .......... 5,179,500
160,000 Telstra Corp. Ltd., ADR ...... 3,148,800
140,000 TELUS Corp., Non-Voting ...... 4,308,137
300,000 Verizon Communications Inc. .. 10,650,000
--------------
119,199,177
--------------
TRANSPORTATION -- 0.5%
8,000 Frontline Ltd. ............... 392,000
210,000 GATX Corp. ................... 6,969,900
24,000 Golden Ocean Group Ltd+ ...... 14,885
7,266 Ship Finance
International Ltd. ......... 147,500
50,000 Teekay Shipping Corp. ........ 2,247,500
1,000 USF Corp. .................... 48,260
--------------
9,820,045
--------------
MARKET
SHARES VALUE*
------ ------
WIRELESS COMMUNICATIONS -- 0.3%
12,606 Crown Castle International
Corp.+ .....................$ 202,453
120,000 O2 plc+ ...................... 270,423
105,400 United States Cellular Corp.+ 4,809,402
3,000 Vimpel-Communications, ADR+ .. 103,260
--------------
5,385,538
--------------
TOTAL COMMON STOCKS .......... 1,427,454,559
--------------
PREFERRED STOCKS -- 0.1%
CLOSED-END FUNDS -- 0.1%
75,000 General American Investors Co. Inc.,
5.950% Cumulative Pfd.,
Ser. B ..................... 1,822,500
--------------
CONVERTIBLE PREFERRED STOCKS -- 3.5%
AEROSPACE -- 0.1%
2,000 Coltec Capital Trust,
5.250% Cv. Pfd. ............ 99,500
8,315 Northrop Grumman Corp.,
7.000% Cv. Pfd., Ser. B .... 1,080,950
--------------
1,180,450
--------------
AUTOMOTIVE -- 0.0%
20,000 General Motors Corp.,
4.500% Cv. Pfd., Ser. A .... 470,000
--------------
AVIATION: PARTS AND SERVICES -- 0.0%
12,200 Sequa Corp.,
$5.00 Cv. Pfd. ............. 1,140,700
--------------
BROADCASTING -- 0.6%
18,460 Emmis Communications Corp.,
6.250% Cv. Pfd., Ser. A .... 810,394
264,800 Sinclair Broadcast Group Inc.,
6.000% Cv. Pfd., Ser. D .... 11,088,500
--------------
11,898,894
--------------
BUILDING AND CONSTRUCTION -- 0.0%
200 Fleetwood Capital Trust,
6.000% Cv. Pfd.+ ........... 8,650
--------------
BUSINESS SERVICES -- 0.0%
18,000 Allied Waste Industries Inc.,
6.250% Cv. Pfd. ............ 778,680
--------------
DIVERSIFIED INDUSTRIAL -- 0.5%
179,400 Owens-Illinois Inc.,
4.750% Cv. Pfd. ............ 7,454,070
80,502 Smurfit-Stone Container Corp.,
7.000% Cv. Pfd., Ser. A .... 2,015,126
1,000 U.S. Steel Corp.,
7.000% Cv. Pfd., Ser. B .... 165,240
--------------
9,634,436
--------------
5
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
CONVERTIBLE PREFERRED STOCKS (CONTINUED)
ENERGY AND UTILITIES -- 0.6%
Chesapeake Energy Corp.,
20,000 5.000% Cv. Pfd. ............$ 2,835,000
2,700 6.000% Cv. Pfd. ............ 259,200
20,000 CMS Energy Corp.,
4.500% Cv. Pfd. ............ 1,485,000
130,000 El Paso Corp.,
4.750% Cv. Pfd. ............ 4,706,000
42,615 Hanover Compressor Capital Trust,
7.250% Cv. Pfd. ............ 2,082,808
--------------
11,368,008
--------------
ENTERTAINMENT -- 0.2%
163,300 Six Flags Inc.,
7.250% Cv. Pfd. ............ 3,306,825
--------------
FINANCIAL SERVICES -- 0.8%
3,920 Doral Financial Corp.,
4.750% Cv. Pfd. (a) ........ 697,760
215,000 National Australia Bank Ltd.,
7.875% Cv. Pfd. ............ 7,890,500
138,900 Newell Financial Trust,
5.250% Cv. Pfd. ............ 6,389,400
5,100 United Fire & Casualty Co.,
6.375% Cv. Pfd., Ser. A .... 216,750
--------------
15,194,410
--------------
HEALTH CARE -- 0.2%
57,436 McKesson Financing Trust,
5.000% Cv. Pfd. ............ 2,960,826
10,000 Omnicare Inc.,
4.000% Cv. Pfd., Ser. B .... 515,700
--------------
3,476,526
--------------
METALS AND MINING -- 0.1%
9,750 Arch Coal Inc.,
5.000% Cv. Pfd. ............ 1,014,000
6,000 Phelps Dodge Corp.,
6.750% Cv. Pfd. ............ 1,265,520
--------------
2,279,520
--------------
REAL ESTATE INVESTMENT TRUSTS -- 0.0%
2,100 Equity Office Properties Trust,
5.250% Cv. Pfd., Ser. B .... 106,827
--------------
TELECOMMUNICATIONS -- 0.4%
39,500 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B .... 1,682,700
121,000 Crown Castle International Corp.,
6.250% Cv. Pfd.+ ........... 5,929,000
--------------
7,611,700
--------------
MARKET
SHARES VALUE*
------ ------
TRANSPORTATION -- 0.0%
1,500 GATX Corp.,
$2.50 Cv. Pfd. .............$ 247,500
982 Kansas City Southern,
4.250% Cv. Pfd. ............ 690,167
--------------
937,667
--------------
TOTAL CONVERTIBLE
PREFERRED STOCKS ........... 69,393,293
--------------
PRINCIPAL
AMOUNT
-------
CONVERTIBLE CORPORATE BONDS -- 1.0%
AEROSPACE -- 0.1%
$ 1,000,000 GenCorp Inc., Sub. Deb. Cv.,
5.750%, 04/15/07 ........... 1,116,250
--------------
AGRICULTURE -- 0.1%
750,000 Bunge Ltd. Financial Corp., Cv.,
3.750%, 11/15/22 ........... 1,263,750
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.0%
500,000 Standard Motor Products Inc.,
Sub. Deb. Cv.,
6.750%, 07/15/09 ........... 465,000
--------------
BUSINESS SERVICES -- 0.1%
Trans-Lux Corp., Sub. Deb. Cv.,
950,000 8.250%, 03/01/2012 ......... 940,500
2,000,000 7.500%, 12/01/2006 ......... 2,030,000
--------------
2,970,500
--------------
COMMUNICATIONS EQUIPMENT -- 0.3%
3,000,000 Agere Systems Inc., Sub. Deb. Cv.,
6.500%, 12/15/09 ........... 3,086,250
2,000,000 TriQuint Semiconductor Inc.,
Sub. Deb. Cv.,
4.000%, 03/01/07 ........... 1,932,500
--------------
5,018,750
--------------
ENTERTAINMENT -- 0.1%
1,000,000 The Walt Disney Co., Cv.,
2.125%, 04/15/23 ........... 1,103,750
--------------
EQUIPMENT AND SUPPLIES -- 0.0%
700,000 Robbins & Myers Inc., Sub. Deb. Cv.,
8.000%, 01/31/08 ........... 711,375
--------------
FINANCIAL SERVICES -- 0.0%
250,000 AON Corp., Deb. Cv.,
3.500%, 11/15/12 ........... 294,687
--------------
6
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
CONVERTIBLE CORPORATE BONDS (CONTINUED)
FOOD AND BEVERAGE -- 0.0%
$ 1,550,000 Parmalat Soparfi SA, Sub. Deb. Cv.,
6.125%, 05/23/32+ (b) ......$ 803,702
--------------
METALS AND MINING -- 0.0%
50,000 Inco Ltd., Cv.,
Zero Coupon, 03/29/21 ...... 53,188
--------------
REAL ESTATE -- 0.0%
Palm Harbor Homes Inc., Cv.,
100,000 3.250%, 05/15/2024 ......... 89,125
1,000,000 3.250%, 05/15/2024 (a) ..... 891,250
--------------
980,375
--------------
TELECOMMUNICATIONS -- 0.1%
2,000,000 Nortel Networks Corp., Cv.,
4.250%, 09/01/08 ........... 1,860,000
--------------
TRANSPORTATION -- 0.2%
2,700,000 GATX Corp., Cv.,
7.500%, 02/01/07 ........... 3,175,875
--------------
TOTAL CONVERTIBLE
CORPORATE BONDS ............ 19,817,202
--------------
CORPORATE BONDS -- 0.0%
DIVERSIFIED INDUSTRIAL -- 0.0%
1,000,000 WHX Corp.,
10.500%, 04/15/05 .......... 1,000,000
--------------
U.S. GOVERNMENT OBLIGATIONS -- 15.2%
304,192,000 U.S. Treasury Bills,
2.282% to 2.823%++,
04/07/05 to 06/23/05 ....... 303,199,091
--------------
PRINCIPAL MARKET
AMOUNT VALUE*
-------- ------
SHORT-TERM OBLIGATIONS -- 8.8%
REPURCHASE AGREEMENTS -- 8.8%
$100,000,000 ABN Amro,
2.450%, dated 03/31/05,
due 04/01/05, proceeds
at maturity,
$100,006,806 (c) ...........$ 100,000,000
75,000,000 Barclays, 2.500%,
dated 03/31/05,
due 04/01/05, proceeds
at maturity,
$75,005,208 (d) ............ 75,000,000
--------------
TOTAL SHORT-TERM
OBLIGATIONS ................ 175,000,000
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $1,849,483,255) ..................$1,997,686,645
==============
--------------
For Federal tax purposes:
Aggregate cost ..................$1,849,483,255
==============
Gross unrealized appreciation ...$ 179,270,123
Gross unrealized depreciation ... (31,066,733)
--------------
Net unrealized appreciation
(depreciation) ...............$ 148,203,390
==============
--------------
(a) 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 March
31, 2005, the Rule 144A securities are considered liquid and the market
value amounted to $1,589,010 or 0.08% of total investments.
(b) Security in default.
(c) Collateralized by U.S. Treasury Bonds, 7.125%, due 02/15/23, market value
$102,654,328.
(d) Collateralized by U.S. Treasury Bonds, 7.250%, due 08/15/22, market value
$76,702,947.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
* Portfolio securities are valued at the last quoted sale price or closing
values. If these are unavailable, then the average of the closing bid and
asked prices is used. If there is no asked price, the security is valued
at the closing bid price on that day. Debt instruments are valued at the
average of the closing bid and asked prices. If the security matures in 60
days or less and is not credit-impaired, it is valued at amortized cost.
All securities and assets for which market quotations are not readily
available or any security that the Board determines does not reflect its
fair market value are valued in good faith under procedures established by
the Board.
7
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 May 25, 2005
----------------------------------------------------------------------------
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 May 25, 2005
--------------------------------------------------------------------------
By (Signature and Title)* /s/ Richard C. Sell
-----------------------------------------------------
Richard C. Sell, Jr., Principal Financial
Officer and Treasurer
Date May 25, 2005
--------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.