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
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(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
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(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, 2007
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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, 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 DIVIDEND & INCOME TRUST
First Quarter Report
March 31, 2007
TO OUR SHAREHOLDERS,
During the first quarter of 2007, The Gabelli Dividend & Income Trust's
(the "Fund") total return rose 2.87% on a net asset value ("NAV") basis,
compared to a gain of 0.64% for the Standard & Poor's ("S&P") 500 Index. The
Fund's market price, adjusted for distributions, rose 1.64% during the first
quarter of 2007. The Fund's market price on March 31, 2007 was $21.51, which
equates to a 10.41% discount to its NAV of $24.01 at the end of the quarter.
Enclosed is the investment portfolio as of March 31, 2007.
COMPARATIVE RESULTS
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AVERAGE ANNUAL RETURNS THROUGH MARCH 31, 2007 (A)
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Since
Inception
Quarter 1 Year 3 Year (11/28/03)
------- ------ ------ ----------
GABELLI DIVIDEND & INCOME TRUST
NAV TOTAL RETURN (B)..................................... 2.87% 18.46% 14.68% 13.93%
INVESTMENT TOTAL RETURN (C) ............................. 1.64 26.26 11.42 9.29
S&P 500 Index.............................................. 0.64 11.82 10.05 11.22
Dow Jones Industrial Average............................... (0.28) 13.77 8.53 9.73
Nasdaq Composite Index..................................... 0.26 3.50 6.69 6.54
(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 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 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.
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We have separated the portfolio manager's 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 manager's 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
MARCH 31, 2007 (UNAUDITED)
MARKET
SHARES VALUE
------ ------
COMMON STOCKS -- 89.6%
AEROSPACE -- 1.1%
10,000 Goodrich Corp................. $ 514,800
60,000 Kaman Corp.................... 1,398,600
90,000 Rockwell Automation Inc....... 5,388,300
2,000,000 Rolls-Royce Group plc+........ 19,452,148
118,400,000 Rolls-Royce Group plc, Cl. B.. 238,817
--------------
26,992,665
--------------
AGRICULTURE -- 0.4%
90,000 Archer-Daniels-Midland Co..... 3,303,000
180,000 Delta & Pine Land Co.......... 7,416,000
--------------
10,719,000
--------------
AUTOMOTIVE -- 0.7%
400,000 ADESA Inc..................... 11,052,000
28,000 Copart Inc.+.................. 784,280
140,000 General Motors Corp........... 4,289,600
10,000 Navistar International Corp.+. 457,500
--------------
16,583,380
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.8%
100,000 Dana Corp.+................... 87,500
395,000 Genuine Parts Co.............. 19,355,000
--------------
19,442,500
--------------
AVIATION: PARTS AND SERVICES -- 0.2%
50,000 Sequa Corp., Cl. A+........... 5,988,500
--------------
BROADCASTING -- 0.5%
370,000 Clear Channel Communications
Inc. ....................... 12,964,800
--------------
BUILDING AND CONSTRUCTION -- 0.1%
10,000 Florida Rock Industries Inc... 672,900
15,000 Layne Christensen Co.+........ 546,300
--------------
1,219,200
--------------
CABLE AND SATELLITE -- 1.4%
401,300 Cablevision Systems Corp.,
Cl. A+ ..................... 12,211,559
14,200 Cogeco Inc.................... 464,314
230,000 EchoStar Communications Corp.,
Cl. A+ ..................... 9,988,900
81,734 Liberty Global Inc., Cl. A+... 2,691,501
34,318 Liberty Global Inc., Cl. C+... 1,051,503
270,000 Rogers Communications Inc.,
Cl. B ...................... 8,845,200
30,000 The DIRECTV Group Inc.+....... 692,100
--------------
35,945,077
--------------
UNITS
--------
CLOSED-END FUNDS -- 0.1%
47,125 Bell Aliant Regional Communications
Income Fund+ (a)(c)......... 1,205,457
--------------
MARKET
SHARES VALUE
------ ------
COMMERCIAL SERVICES -- 0.0%
30,000 PHH Corp.+.................... $ 916,800
--------------
COMMUNICATIONS EQUIPMENT -- 0.0%
20,000 Thomas & Betts Corp.+......... 976,400
--------------
COMPUTER SOFTWARE AND SERVICES -- 1.8%
600,000 Hyperion Solutions Corp.+..... 31,098,000
20,000 Kronos Inc.+.................. 1,070,000
210,000 Mapinfo Corp.+................ 4,227,300
170,000 WebEx Communications Inc.+.... 9,666,200
--------------
46,061,500
--------------
CONSUMER PRODUCTS -- 2.9%
300,000 Alberto-Culver Co............. 6,864,000
31,000 Altadis SA.................... 1,990,636
10,000 Altria Group Inc.............. 878,100
120,000 Avon Products Inc............. 4,471,200
40,000 Eastman Kodak Co.............. 902,400
45,000 Fortune Brands Inc............ 3,546,900
190,000 Gallaher Group plc, ADR....... 16,957,500
55,000 Hanesbrands Inc.+............. 1,616,450
5,000 Herbalife Ltd.+............... 195,950
1,000 Kimberly-Clark Corp........... 68,490
135,000 Mattel Inc.................... 3,721,950
175,000 Procter & Gamble Co........... 11,053,000
1,000,000 Swedish Match AB.............. 17,865,326
60,000 The Scotts Miracle-Gro Co.,
Cl. A ...................... 2,641,800
--------------
72,773,702
--------------
CONSUMER SERVICES -- 0.3%
200,000 Sabre Holdings Corp., Cl. A... 6,550,000
--------------
DIVERSIFIED INDUSTRIAL -- 3.2%
160,000 Bouygues SA................... 12,364,579
230,000 Cooper Industries Ltd., Cl. A. 10,347,700
500,000 General Electric Co........... 17,680,000
275,000 Honeywell International Inc... 12,666,500
100,000 ITT Corp...................... 6,032,000
2,000 Pentair Inc................... 62,320
116,000 Sonoco Products Co............ 4,359,280
1,000 Textron Inc................... 89,800
1,051,000 Tomkins plc................... 5,522,107
314,400 Tyco International Ltd........ 9,919,320
120,000 WHX Corp.+.................... 1,020,000
--------------
80,063,606
--------------
ELECTRONICS -- 0.9%
1,075,000 Intel Corp.................... 20,564,750
279,699 Trans-Lux Corp................ 2,055,788
--------------
22,620,538
--------------
See accompanying notes to schedule of investments.
2
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2007 (UNAUDITED)
MARKET
SHARES VALUE
------ ------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: ELECTRIC -- 5.5%
30,000 Allegheny Energy Inc.+........ $ 1,474,200
105,000 ALLETE Inc.................... 4,895,100
290,000 American Electric Power
Co. Inc. ................... 14,137,500
425,000 DPL Inc....................... 13,213,250
17,500 DTE Energy Co................. 838,250
250,000 Duquesne Light Holdings Inc... 4,947,500
275,000 Electric Power Development
Co. Ltd. ................... 13,838,680
220,000 FPL Group Inc................. 13,457,400
600,000 Great Plains Energy Inc....... 19,470,000
380,000 Integrys Energy Group Inc..... 21,093,800
150,000 Pepco Holdings Inc............ 4,353,000
240,000 Pinnacle West Capital Corp.... 11,580,000
110,000 The Southern Co............... 4,031,500
286,000 Unisource Energy Corp......... 10,739,300
--------------
138,069,480
--------------
ENERGY AND UTILITIES: INTEGRATED -- 9.6%
12,000 Alliant Energy Corp........... 537,840
170,000 Ameren Corp................... 8,551,000
300,000 Aquila Inc.+.................. 1,254,000
50,000 Avista Corp................... 1,211,500
15,000 Black Hills Corp.............. 551,550
33,000 CH Energy Group Inc........... 1,606,770
108,000 Chubu Electric Power Co. Inc.. 3,711,813
278,000 CONSOL Energy Inc............. 10,878,140
200,000 Consolidated Edison Inc....... 10,212,000
20,000 Dominion Resources Inc........ 1,775,400
350,000 Duke Energy Corp.............. 7,101,500
430,000 Edison SpA.................... 1,242,168
300,000 El Paso Corp.................. 4,341,000
95,000 Endesa SA..................... 5,137,124
300,000 Enel SpA...................... 3,210,035
47,000 Enel SpA, ADR................. 2,514,500
139,500 Energy East Corp.............. 3,398,220
170,000 FirstEnergy Corp.............. 11,260,800
130,000 Hawaiian Electric Industries
Inc. ....................... 3,378,700
250,000 Hera SpA...................... 1,051,978
121,500 Hokkaido Electric Power Co.
Inc. ....................... 3,227,215
121,500 Hokuriku Electric Power Co.... 2,685,909
80,500 Korea Electric Power Corp.,
ADR ........................ 1,610,000
121,500 Kyushu Electric Power Co. Inc. 3,454,048
19,000 Maine & Maritimes Corp.+...... 361,000
74,000 MGE Energy Inc................ 2,624,040
35,102 National Grid plc, ADR........ 2,766,389
255,000 NiSource Inc.................. 6,232,200
600,000 NSTAR......................... 21,072,000
482,700 OGE Energy Corp............... 18,728,760
37,000 Ormat Technologies Inc........ 1,552,520
MARKET
SHARES VALUE
------ ------
330,000 Progress Energy Inc........... $ 16,645,200
180,000 Public Service Enterprise
Group Inc. ................. 14,947,200
174,603 Scottish Power plc, ADR....... 10,963,322
121,500 Shikoku Electric Power Co.
Inc. ....................... 2,902,431
15,000 TECO Energy Inc............... 258,150
121,500 The Chugoku Electric Power
Co. Inc. ................... 2,716,841
30,000 The Empire District
Electric Co. ............... 744,000
121,500 The Kansai Electric
Power Co. Inc. ............. 3,495,290
108,000 The Tokyo Electric
Power Co. Inc. ............. 3,693,483
121,500 Tohoku Electric Power Co. Inc. 3,082,866
90,000 TXU Corp...................... 5,769,000
205,000 Vectren Corp.................. 5,863,000
470,000 Westar Energy Inc............. 12,934,400
85,000 Wisconsin Energy Corp......... 4,124,200
250,000 Xcel Energy Inc............... 6,172,500
--------------
241,552,002
--------------
ENERGY AND UTILITIES: NATURAL GAS -- 5.7%
8,500 AGL Resources Inc............. 363,120
90,000 Atmos Energy Corp............. 2,815,200
16,500 Delta Natural Gas Co. Inc..... 412,500
6,000 Energen Corp.................. 305,340
500,000 KeySpan Corp.................. 20,575,000
20,000 Kinder Morgan Energy
Partners LP ................ 1,053,600
450,000 Kinder Morgan Inc............. 47,902,500
340,000 National Fuel Gas Co.......... 14,708,400
215,000 Nicor Inc..................... 10,410,300
220,000 ONEOK Inc..................... 9,900,000
300,000 SEMCO Energy Inc.+............ 2,286,000
200,000 Sempra Energy................. 12,202,000
30,000 South Jersey Industries Inc... 1,141,500
70,000 Southern Union Co............. 2,127,300
150,000 Southwest Gas Corp............ 5,830,500
340,000 Spectra Energy Corp........... 8,931,800
60,000 The Laclede Group Inc......... 1,864,800
--------------
142,829,860
--------------
ENERGY AND UTILITIES: OIL -- 13.1%
135,000 ABB Ltd., ADR................. 2,319,300
20,000 Anadarko Petroleum Corp....... 859,600
40,000 Apache Corp................... 2,828,000
20,000 Baker Hughes Inc.............. 1,322,600
46,900 BG Group plc, ADR............. 3,363,668
160,000 BP plc, ADR................... 10,360,000
40,000 Cameron International Corp.+.. 2,511,600
140,000 Chesapeake Energy Corp........ 4,323,200
319,000 Chevron Corp.................. 23,593,240
1,000 Cimarex Energy Co............. 37,020
417,000 ConocoPhillips................ 28,501,950
78,000 Devon Energy Corp............. 5,399,160
See accompanying notes to schedule of investments.
3
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2007 (UNAUDITED)
MARKET
SHARES VALUE
------ ------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: OIL (CONTINUED)
275,000 Diamond Offshore Drilling Inc. $ 22,261,250
187,500 Eni SpA, ADR.................. 12,155,625
225,000 Exxon Mobil Corp.............. 16,976,250
76,000 Giant Industries Inc.+........ 5,749,400
640,000 Halliburton Co................ 20,313,600
37,667 Hanover Compressor Co.+....... 838,093
30,000 Hess Corp..................... 1,664,100
120,000 Hydril Co.+................... 11,548,800
30,000 Lone Star Technologies Inc.+.. 1,980,900
290,000 Marathon Oil Corp............. 28,660,700
150,000 Murphy Oil Corp............... 8,010,000
4,000 Nabors Industries Ltd.+....... 118,680
1,000 Niko Resources Ltd............ 72,707
5,000 Noble Corp.................... 393,400
375,000 Occidental Petroleum Corp..... 18,491,250
14,000 Oceaneering International Inc.+ 589,680
30,000 PetroChina Co. Ltd., ADR...... 3,512,700
280,000 Repsol YPF SA, ADR............ 9,391,200
200,000 Royal Dutch Shell plc, Cl. A,
ADR 13,260,000
120,000 Schlumberger Ltd.............. 8,292,000
900,000 Statoil ASA, ADR.............. 24,372,000
200,000 Sunoco Inc.................... 14,088,000
200,000 Total SA, ADR................. 13,956,000
90,000 Transocean Inc.+.............. 7,353,000
--------------
329,468,673
--------------
ENERGY AND UTILITIES: WATER -- 0.3%
11,000 American States Water Co...... 405,570
53,333 Aqua America Inc.............. 1,197,326
6,000 Artesian Resources Corp.,
Cl. A ...................... 123,600
3,000 California Water Service Group 114,960
11,500 Connecticut Water Service Inc. 276,575
1,000 Consolidated Water Co. Ltd.... 23,710
6,000 Middlesex Water Co............ 110,340
21,466 Pennichuck Corp............... 494,147
83,000 SJW Corp...................... 3,359,840
16,800 Southwest Water Co............ 242,256
5,000 Suez SA....................... 263,696
168,000 Suez SA, Strips+.............. 2,244
36,000 United Utilities plc, ADR..... 1,069,200
9,000 York Water Co................. 152,100
--------------
7,835,564
--------------
ENTERTAINMENT -- 0.6%
8,000 Grupo Televisa SA, ADR........ 238,400
350,000 Time Warner Inc............... 6,902,000
200,000 Vivendi....................... 8,127,279
--------------
15,267,679
--------------
MARKET
SHARES VALUE
------ ------
ENVIRONMENTAL SERVICES -- 0.7%
180,000 Allied Waste Industries Inc.+. $ 2,266,200
1,000 Hyflux Ltd.................... 1,747
11,000 Veolia Environnement.......... 817,884
450,000 Waste Management Inc.......... 15,484,500
--------------
18,570,331
--------------
EQUIPMENT AND SUPPLIES -- 1.4%
110,000 CIRCOR International Inc...... 3,927,000
30,000 Lufkin Industries Inc......... 1,685,400
60,000 Mueller Industries Inc........ 1,806,000
420,000 RPC Inc....................... 6,997,200
325,000 Weatherford International Ltd.+ 14,657,500
300,000 Xerox Corp.+.................. 5,067,000
--------------
34,140,100
--------------
FINANCIAL SERVICES -- 15.1%
185,000 AllianceBernstein Holding LP.. 16,372,500
380,000 American Express Co........... 21,432,000
300,000 American International
Group Inc. ................. 20,166,000
70,000 Ameriprise Financial Inc...... 3,999,800
42,000 Astoria Financial Corp........ 1,116,780
385,000 Bank of America Corp.......... 19,642,700
5,000 BlackRock Inc................. 781,550
60,000 Capital One Financial Corp.... 4,527,600
81,000 CIT Group Inc................. 4,286,520
600,000 Citigroup Inc................. 30,804,000
230,000 Commerce Bancorp Inc.......... 7,677,400
60,000 Compass Bancshares Inc........ 4,128,000
30,000 Deutsche Bank AG.............. 4,036,200
80,000 Fannie Mae.................... 4,366,400
48,909 Fidelity National
Financial Inc., Cl. A ...... 1,174,305
21,496 Fidelity National Information
Services Inc. ............. 977,208
160,000 Fifth Third Bancorp........... 6,190,400
100,000 First Horizon National Corp... 4,153,000
89,300 First Republic Bank........... 4,795,410
50,000 Flushing Financial Corp....... 811,500
27,000 Hartford Financial
Services Group Inc. ........ 2,580,660
40,000 Hudson City Bancorp Inc....... 547,200
6,000 Investors Financial
Services Corp. ............. 348,900
470,000 JPMorgan Chase & Co........... 22,738,600
50,000 Legg Mason Inc................ 4,710,500
10,000 Lehman Brothers Holdings Inc.. 700,700
10,000 Marshall & Ilsley Corp........ 463,100
122,000 Merrill Lynch & Co. Inc....... 9,963,740
135,000 Morgan Stanley................ 10,632,600
68,733 National Australia
Bank Ltd., ADR ............. 11,193,169
190,000 New York Community Bancorp Inc. 3,342,100
80,000 NewAlliance Bancshares Inc.... 1,296,800
See accompanying notes to schedule of investments.
4
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2007 (UNAUDITED)
MARKET
SHARES VALUE
------ ------
COMMON STOCKS (CONTINUED)
FINANCIAL SERVICES (CONTINUED)
200,000 PNC Financial Services
Group Inc. ................. $ 14,394,000
300,000 Popular Inc................... 4,968,000
227,259 Regions Financial Corp........ 8,038,151
556,220 Sovereign Bancorp Inc......... 14,150,237
25,050 Sterling Bancorp.............. 453,405
100,000 T. Rowe Price Group Inc....... 4,719,000
364,200 TD Banknorth Inc.............. 11,712,672
60,000 The Allstate Corp............. 3,603,600
350,000 The Bank of New York Co. Inc.. 14,192,500
4,000 The Progressive Corp.......... 87,280
290,000 The Travelers Companies Inc... 15,013,300
5,000 Unitrin Inc................... 235,350
15,214 Valley National Bancorp....... 384,153
260,000 Wachovia Corp................. 14,313,000
425,000 Waddell & Reed Financial
Inc., Cl. A ................ 9,911,000
10,000 Washington Mutual Inc......... 403,800
3,500 Webster Financial Corp........ 168,035
450,000 Wells Fargo & Co.............. 15,493,500
85,200 Wilmington Trust Corp......... 3,592,884
167,000 Zions Bancorporation.......... 14,114,840
--------------
379,906,049
--------------
FOOD AND BEVERAGE -- 6.3%
170,000 Anheuser-Busch Companies Inc.. 8,578,200
214,000 Cadbury Schweppes plc, ADR.... 10,993,180
50,000 Campbell Soup Co.............. 1,947,500
1,000 China Mengniu Dairy Co. Ltd... 2,860
185,000 ConAgra Foods Inc............. 4,608,350
800,000 Davide Campari-Milano SpA..... 7,876,141
13,000 Dean Foods Co.+............... 607,620
300,000 General Mills Inc............. 17,466,000
200,000 Groupe Danone................. 32,674,762
105,000 H.J. Heinz Co................. 4,947,600
20,000 ITO EN Ltd.................... 651,731
1,000 Kellogg Co.................... 51,430
40,000 Kikkoman Corp................. 512,559
30,000 Kraft Foods Inc., Cl. A....... 949,800
250,000 Nissin Food Products Co. Ltd.. 9,164,970
500,000 Parmalat SpA+................. 2,147,370
339,450 Parmalat SpA, GDR+ (a)........ 1,452,710
343,700 PepsiAmericas Inc............. 7,671,384
20,000 PepsiCo Inc................... 1,271,200
1,500 Pernod-Ricard SA.............. 304,212
2,000 Remy Cointreau SA............. 134,974
900,000 Sara Lee Corp................. 15,228,000
290,000 The Coca-Cola Co.............. 13,920,000
100,000 The Hershey Co................ 5,466,000
62,000 Wm. Wrigley Jr. Co............ 3,157,660
MARKET
SHARES VALUE
------ ------
3,000 Wm. Wrigley Jr. Co., Cl. B.... $ 152,400
300,000 YAKULT HONSHA Co. Ltd......... 7,662,933
--------------
159,601,546
--------------
HEALTH CARE -- 3.7%
115,000 Bristol-Myers Squibb Co....... 3,192,400
180,000 Eli Lilly & Co................ 9,667,800
10,000 Health Management
Associates Inc., Cl. A...... 108,700
110,000 IMS Health Inc................ 3,262,600
220,000 Merck & Co. Inc............... 9,717,400
300,000 New River Pharmaceuticals Inc.+ 19,089,000
140,000 Owens & Minor Inc............. 5,142,200
900,000 Pfizer Inc.................... 22,734,000
190,000 Sierra Health Services Inc.+.. 7,822,300
60,000 Triad Hospitals Inc.+......... 3,135,000
120,000 Wyeth......................... 6,003,600
46,000 Zimmer Holdings Inc.+......... 3,928,860
--------------
93,803,860
--------------
HOTELS AND GAMING -- 1.3%
35,000 Four Seasons Hotels Inc....... 2,810,500
90,000 Harrah's Entertainment Inc.... 7,600,500
410,000 Hilton Hotels Corp............ 14,743,600
705,882 Ladbrokes plc................. 5,590,992
40,000 Pinnacle Entertainment Inc.+.. 1,162,800
10,000 Station Casinos Inc........... 865,700
--------------
32,774,092
--------------
MACHINERY -- 0.2%
150,000 CNH Global NV................. 5,593,500
20,000 Intermec Inc.+................ 446,800
--------------
6,040,300
--------------
MANUFACTURED HOUSING AND
RECREATIONAL VEHICLES -- 0.0%
2,000 Skyline Corp.................. 67,480
--------------
METALS AND MINING -- 0.9%
50,000 Alcoa Inc..................... 1,695,000
10,000 Alliance Holdings GP LP....... 234,900
20,000 Arch Coal Inc................. 613,800
8,000 BHP Billiton Ltd., ADR........ 387,600
3,000 Fording Canadian Coal Trust... 66,300
100,000 Freeport-McMoRan Copper
& Gold Inc. ................ 6,619,000
10,000 Massey Energy Co.............. 239,900
240,000 Novelis Inc................... 10,586,400
25,000 Peabody Energy Corp........... 1,006,000
1,000 Rio Tinto plc, ADR............ 227,810
3,000 Westmoreland Coal Co.+........ 60,450
--------------
21,737,160
--------------
See accompanying notes to schedule of investments.
5
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2007 (UNAUDITED)
MARKET
SHARES VALUE
------ ------
COMMON STOCKS (CONTINUED)
PAPER AND FOREST PRODUCTS -- 0.3%
200,000 International Paper Co........ $ 7,280,000
--------------
PUBLISHING -- 0.2%
135,000 Dow Jones & Co. Inc........... 4,653,450
38,500 Idearc Inc.................... 1,351,350
--------------
6,004,800
--------------
REAL ESTATE -- 0.7%
12,000 Brookfield Asset
Management Inc., Cl. A ..... 627,120
600,000 Realogy Corp.+................ 17,766,000
--------------
18,393,120
--------------
REAL ESTATE INVESTMENT TRUSTS -- 0.8%
300,000 Longview Fibre Co............. 7,389,000
400,000 New Plan Excel Realty Trust... 13,212,000
1,000 Primaris Retail Real Estate
Investment Trust............ 17,601
10,000 Winston Hotels Inc............ 150,300
--------------
20,768,901
--------------
RESTAURANTS -- 0.0%
1,000 Smith & Wollensky Restaurant
Group Inc.+ ................ 9,980
--------------
RETAIL -- 1.3%
30,000 CVS/Caremark Corp............. 1,024,200
250,000 Dollar General Corp........... 5,287,500
142,000 Ingles Markets Inc., Cl. A.... 5,799,280
410,000 Safeway Inc................... 15,022,400
22,000 Saks Inc...................... 458,480
310,000 Sally Beauty Holdings Inc.+... 2,848,900
80,000 SUPERVALU Inc................. 3,125,600
--------------
33,566,360
--------------
SPECIALTY CHEMICALS -- 1.8%
5,000 Arkema, ADR+.................. 285,665
170,000 Ashland Inc................... 11,152,000
140,000 E.I. du Pont de Nemours & Co.. 6,920,200
230,000 Ferro Corp.................... 4,970,300
250,000 MacDermid Inc................. 8,717,500
100,000 Olin Corp..................... 1,694,000
225,000 The Dow Chemical Co........... 10,318,500
18,146 Tronox Inc., Cl. B............ 253,681
--------------
44,311,846
--------------
TELECOMMUNICATIONS -- 4.7%
405,000 AT&T Inc...................... 15,969,150
600,000 BCE Inc....................... 16,968,000
74,000 BT Group plc, ADR............. 4,440,740
2,000 CenturyTel Inc................ 90,380
MARKET
SHARES VALUE
------ ------
50,000 Compania de Telecomunicaciones
de Chile SA, ADR............ $ 466,000
100,000 Deutsche Telekom AG, ADR...... 1,653,000
30,000 Embarq Corp................... 1,690,500
55,000 France Telecom SA, ADR........ 1,452,000
210,000 Hellenic Telecommunications
Organization SA, ADR+....... 2,887,500
250,000 Portugal Telecom SGPS SA...... 3,349,630
50,000 Portugal Telecom SGPS SA, ADR. 672,000
90,000 Qwest Communications
International Inc.+......... 809,100
840,000 Sprint Nextel Corp............ 15,926,400
15,000 Telecom Corp. of New Zealand Ltd.,
ADR ........................ 408,000
200,000 Telecom Italia SpA, ADR....... 5,732,000
26,000 Telefonica SA, ADR............ 1,726,400
220,000 Telefonos de Mexico SAB de CV,
Cl. L, ADR.................. 7,348,000
130,000 Telstra Corp. Ltd., ADR....... 2,455,700
68,000 TELUS Corp., Non-Voting....... 3,396,316
760,000 Verizon Communications Inc.... 28,819,200
100,000 Vodafone Group plc, ADR....... 2,686,000
--------------
118,946,016
--------------
TRANSPORTATION -- 0.6%
3,000 EGL Inc.+..................... 118,890
4,000 Frontline Ltd................. 142,000
260,000 GATX Corp..................... 12,428,014
10,000 General Maritime Corp......... 288,800
24,000 Golden Ocean Group Ltd........ 48,369
3,001 Ship Finance International Ltd. 82,312
30,000 Teekay Shipping Corp.......... 1,623,300
--------------
14,731,685
--------------
WIRELESS COMMUNICATIONS -- 0.4%
14,000 Crown Castle International
Corp.+ ..................... 449,820
110,000 United States Cellular Corp.+. 8,079,500
3,000 Vimpel-Communications, ADR+... 284,520
--------------
8,813,840
--------------
TOTAL COMMON STOCKS........... 2,255,513,849
--------------
CONVERTIBLE PREFERRED STOCKS -- 1.6%
AEROSPACE -- 0.0%
8,200 Northrop Grumman Corp.,
7.000% Cv. Pfd., Ser. B..... 1,160,300
--------------
AUTOMOTIVE -- 0.0%
16,000 General Motors Corp.,
4.500% Cv. Pfd., Ser. A.... 342,720
--------------
BROADCASTING -- 0.0%
20,460 Emmis Communications Corp.,
6.250% Cv. Pfd., Ser. A.... 913,232
--------------
See accompanying notes to schedule of investments.
6
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2007 (UNAUDITED)
MARKET
SHARES VALUE
------ ------
CONVERTIBLE PREFERRED STOCKS (CONTINUED)
BUILDING AND CONSTRUCTION -- 0.0%
200 Fleetwood Capital Trust,
6.000% Cv. Pfd............. $ 6,675
--------------
DIVERSIFIED INDUSTRIAL -- 0.3%
179,400 Owens-Illinois Inc.,
4.750% Cv. Pfd............. 6,871,020
80,000 Smurfit-Stone Container Corp.,
7.000% Cv. Pfd., Ser. A.... 1,908,000
--------------
8,779,020
--------------
ENERGY AND UTILITIES -- 0.4%
5,000 Chesapeake Energy Corp.,
5.000% Cv. Pfd. (a)........ 682,200
20,000 CMS Energy Corp.,
4.500% Cv. Pfd., Ser. B.... 1,860,000
130,000 El Paso Energy Capital Trust I,
4.750% Cv. Pfd., Ser. C.... 5,200,000
16,534 Hanover Compressor Capital Trust,
7.250% Cv. Pfd............. 1,070,577
--------------
8,812,777
--------------
ENTERTAINMENT -- 0.1%
105,000 Six Flags Inc.,
7.250% Cv. Pfd., Ser. B.... 2,457,000
--------------
FINANCIAL SERVICES -- 0.3%
1,500 Doral Financial Corp.,
4.750% Cv. Pfd............. 162,750
137,000 Newell Financial Trust I,
5.250% Cv. Pfd............. 6,576,000
--------------
6,738,750
--------------
HEALTH CARE -- 0.0%
10,000 Omnicare Inc.,
4.000% Cv. Pfd., Ser. B.... 549,250
--------------
TELECOMMUNICATIONS -- 0.4%
50,000 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B.... 2,337,500
121,000 Crown Castle International Corp.,
6.250% Cv. Pfd............. 6,927,250
--------------
9,264,750
--------------
TRANSPORTATION -- 0.1%
1,500 GATX Corp.,
$2.50 Cv. Pfd.............. 360,068
982 Kansas City Southern,
4.250% Cv. Pfd............. 1,172,054
--------------
1,532,122
--------------
TOTAL CONVERTIBLE
PREFERRED STOCKS............ 40,556,596
--------------
PRINCIPAL MARKET
AMOUNT VALUE
--------- ------
CONVERTIBLE CORPORATE BONDS -- 1.6%
AEROSPACE -- 0.1%
$ 1,000,000 GenCorp Inc., Sub. Deb. Cv.,
5.750%, 04/15/07............ $ 1,035,000
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.0%
500,000 Standard Motor Products Inc., Sub. Deb. Cv.,
6.750%, 07/15/09............ 490,000
--------------
BROADCASTING -- 0.5%
100,000 Lin Television Corp., Sub. Deb. Cv.,
2.500%, 05/15/33............ 96,500
13,000,000 Sinclair Broadcast Group Inc.,
Sub. Deb. Cv.,
6.000%, 09/15/12............ 12,723,750
--------------
12,820,250
--------------
COMMUNICATIONS EQUIPMENT -- 0.4%
10,000,000 Agere Systems Inc., Sub. Deb. Cv.,
6.500%, 12/15/09............ 10,287,500
--------------
ENTERTAINMENT -- 0.1%
1,500,000 The Walt Disney Co., Cv.,
2.125%, 04/15/23............ 1,820,625
--------------
FINANCIAL SERVICES -- 0.0%
250,000 AON Corp., Deb. Cv.,
3.500%, 11/15/12............ 444,375
--------------
HEALTH CARE -- 0.2%
5,600,000 ICOS Corp., Sub. Deb. Cv.,
2.000%, 07/01/23............ 5,579,000
--------------
REAL ESTATE -- 0.0%
Palm Harbor Homes Inc., Cv.,
100,000 3.250%, 05/15/24............ 83,875
1,000,000 3.250%, 05/15/24 (a)........ 838,750
--------------
922,625
--------------
TELECOMMUNICATIONS -- 0.3%
6,000,000 Nortel Networks Corp., Cv.,
4.250%, 09/01/08............ 5,955,000
--------------
TOTAL CONVERTIBLE
CORPORATE BONDS............. 39,354,375
--------------
SHARES
------
WARRANTS -- 0.0%
FOOD AND BEVERAGE -- 0.0%
650 Parmalat SpA, GDR,
expire 12/31/15+ (a)(b)(c).. 0
--------------
See accompanying notes to schedule of investments.
7
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2007 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
--------- ------
SHORT-TERM OBLIGATIONS -- 7.2%
REPURCHASE AGREEMENTS -- 7.1%
$100,000,000 Barclays Capital Inc., 5.080%,
dated 03/30/07, due 04/02/07,
proceeds at maturity,
$100,042,333 (d)............ $ 100,000,000
80,000,000 Daiwa Securities America Inc.,
5.130%, dated 03/30/07,
due 04/02/07, proceeds at
maturity, $80,034,200 (e)... 80,000,000
--------------
180,000,000
--------------
U.S. TREASURY BILLS -- 0.1%
1,775,000 U.S. Treasury Bills,
5.030% to 5.042%++,
06/21/07 to 06/28/07........ 1,755,409
--------------
TOTAL SHORT-TERM
OBLIGATIONS ................ 181,755,409
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $2,087,161,462)....... $2,517,180,229
==============
--------------
Aggregate book cost.............. $2,087,161,462
==============
Gross unrealized appreciation.... $ 452,857,660
Gross unrealized depreciation.... (22,838,893)
--------------
Net unrealized appreciation
(depreciation) ................ $ 430,018,767
==============
--------------
(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, 2007, the market value of Rule 144A securities amounted to
$4,179,117 or 0.17% of total investments. Except as noted in (b), these
securities are liquid.
(b) At March 31, 2007, the Fund held an investment in a restricted and
illiquid security amounting to $0 or 0.00% of total investments, which
was valued under methods approved by the Board, as follows:
03/31/07
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
SHARES ISSUER DATE COST PER UNIT
------ ------ ---- ---- --------
650 Parmalat SpA, GDR
warrants expire 12/31/15 ... 11/09/05 $0.0 $0.0000
(c) Security fair valued under procedures established by the Board of
Trustees. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At March 31, 2007, the
market value of the fair valued securities amounted to $1,205,457 or
0.05% of total investments.
(d) Collateralized by $80,780,000 U.S. Treasury Bond, 7.250%, due 08/15/22,
market value $102,000,000.
(e) Collateralized by $82,633,000 U.S. Treasury Bond, 3.875%, due 07/15/10,
market value $81,600,088.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
GDR Global Depository Receipt
% OF
MARKET MARKET
VALUE VALUE
----- -----
GEOGRAPHIC DIVERSIFICATION
North America..................... 82.6% $2,078,622,011
Europe............................ 11.8 296,936,033
Latin America..................... 2.4 60,800,768
Japan............................. 2.4 59,629,201
Asia/Pacific...................... 0.8 21,192,216
----- --------------
Total Investments................. 100.0% $2,517,180,229
===== ==============
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.
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.
Securities and assets for which market quotations are not readily available
are fair valued as determined by the Board.
2. SWAP AGREEMENTS. The Fund may enter into interest rate swap, interest rate
cap, or equity swap 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 below.
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 Stock. 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.
An equity swap is a swap where 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.
Interest rate swap, equity swap, and cap transactions introduce additional
risk because the Fund would remain obligated to pay preferred stock dividends
when due in accordance with the Articles Supplementary 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
9
THE GABELLI DIVIDEND & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)
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 for Series
B Preferred Stock. In addition, at the time an interest rate swap, equity swap,
or 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 change in value of swaps, including the accrual of periodic amounts of
interest to be paid or received on swaps is reported as unrealized appreciation
or depreciation.
The Fund has entered into an interest rate swap agreement with Citibank
N.A. Under the agreement the Fund receives a floating rate of interest and pays
a respective fixed rate of interest on the nominal value of the swap. Details of
the swap at March 31, 2007 are as follows:
NET
NOTIONAL FLOATING RATE*/ TERMINATION UNREALIZED
AMOUNT FIXED RATE (RATE RESET MONTHLY) DATE APPRECIATION
------ ---------- -------------------- ---- ------------
$100,000,000 4.01% 5.32% June 2, 2010 $3,155,309
---------------------
* Based on Libor (London Interbank Offered Rate).
The Fund has entered into equity swaps with Bear Stearns Securities Corp.
Details of the equity swaps at March 31, 2007 are as follows:
NET
NOTIONAL EQUITY SECURITY INTEREST RATE/ TERMINATION UNREALIZED
AMOUNT RECEIVED EQUITY SECURITY PAID DATE APPRECIATION
------ ---------- -------------------- ---- ------------
Market Value Overnight LIBOR plus
Appreciation on: Market Value Depreciation on:
$4,121,877 (344,000 Shares) Cadbury Schweppes plc Cadbury Schweppes plc 02/15/08 $290,990
11,008,000 (500,000 Shares) Gallaher Group plc Gallaher Group plc 01/15/08 245,625
--------
$536,615
========
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, 2006 were
$449,565.
10
TRUSTEES AND OFFICERS
THE GABELLI DIVIDEND & INCOME TRUST
ONE CORPORATE CENTER, RYE, NY 10580-1422
TRUSTEES OFFICERS
Mario J. Gabelli, CFA Bruce N. Alpert
CHAIRMAN & CHIEF EXECUTIVE OFFICER, PRESIDENT
GAMCO INVESTORS, INC.
Carter W. Austin
Anthony J. Colavita VICE PRESIDENT
ATTORNEY-AT-LAW,
ANTHONY J. COLAVITA, P.C. Peter D. Goldstein
CHIEF COMPLIANCE OFFICER
James P. Conn
FORMER MANAGING DIRECTOR & James E. McKee
CHIEF INVESTMENT OFFICER, SECRETARY
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.
Agnes Mullady
Mario d'Urso TREASURER
CHAIRMAN, MITTEL CAPITAL MARKETS SPA
INVESTMENT ADVISER
Frank J. Fahrenkopf, Jr. Gabelli Funds, LLC
PRESIDENT & CHIEF EXECUTIVE OFFICER, One Corporate Center
AMERICAN GAMING ASSOCIATION Rye, New York 10580-1422
Michael J. Melarkey CUSTODIAN
ATTORNEY-AT-LAW, State Street Bank and Trust Company
AVANSINO, MELARKEY, KNOBEL & MULLIGAN
COUNSEL
Salvatore M. Salibello Skadden, Arps, Slate, Meagher & Flom, LLP
CERTIFIED PUBLIC ACCOUNTANT,
SALIBELLO & BRODER, LLP TRANSFER AGENT AND REGISTRAR
Computershare Trust Company, N.A.
Edward T. Tokar
SENIOR MANAGING DIRECTOR, BEACON TRUST COMPANY STOCK EXCHANGE LISTING
5.875% 6.00%
Anthonie C. van Ekris Common Preferred Preferred
CHAIRMAN, BALMAC INTERNATIONAL, INC. ------ --------- ---------
NYSE-Symbol: GDV GDV PrA GDV PrD
Salvatore J. Zizza Shares Outstanding: 83,973,170 3,200,000 2,600,000
CHAIRMAN, ZIZZA & CO., LTD.
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.
--------------------------------------------------------------------------------
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 Series A and Series D Cumulative Preferred
Shares in the open market when the shares are trading at a discount to the
Liquidation Value of $25.00.
--------------------------------------------------------------------------------
THE GABELLI DIVIDEND & INCOME TRUST
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM
First Quarter Report
March 31, 2007
GCV 1Q/2007
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 22, 2007
----------------------------------------------------------------------------
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 22, 2007
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady, Principal Financial Officer & Treasurer
Date May 22, 2007
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.