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: September 30, 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.
[LOGO OMITTED]
THE GABELLI
DIVIDEND &
INCOME TRUST
THE GABELLI DIVIDEND & INCOME TRUST
Third Quarter Report
September 30, 2007
TO OUR SHAREHOLDERS,
During the third quarter of 2007, The Gabelli Dividend & Income Trust's
(the "Fund") total return was 0.92% on a net asset value ("NAV") basis, compared
to a gain of 2.33% for the Standard & Poor's ("S&P") 500 Index. The Fund's
market price, adjusted for distributions, declined 2.31% during the third
quarter of 2007. The Fund's market price on September 30, 2007 was $21.51, which
equates to a 13.68% discount to its NAV of $24.92 at the end of the quarter.
Enclosed is the investment portfolio as of September 30, 2007.
COMPARATIVE RESULTS
--------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH SEPTEMBER 30, 2007 (A)
-----------------------------------------------------
SINCE
INCEPTION
QUARTER 1 YEAR 3 YEAR (11/28/03)
------- ------ ------ ----------
GABELLI DIVIDEND & INCOME TRUST
NAV TOTAL RETURN (B)......................................... 0.92% 19.05% 16.10% 13.84%
INVESTMENT TOTAL RETURN (C).................................. (2.31) 19.87 13.08 8.83
S&P 500 Index.................................................. 2.33 16.78 13.24 12.12
Dow Jones Industrial Average................................... 4.18 21.62 13.90 12.08
Nasdaq Composite Index......................................... 3.77 19.62 12.51 8.71
(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 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 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, 2007 (UNAUDITED)
MARKET
SHARES VALUE
-------- --------
COMMON STOCKS -- 92.0%
AEROSPACE -- 1.2%
10,000 Goodrich Corp................................ $ 682,300
60,000 Kaman Corp................................... 2,073,600
100,000 Rockwell Automation Inc...................... 6,951,000
2,000,000 Rolls-Royce Group plc+....................... 21,380,637
--------------
31,087,537
--------------
AGRICULTURE -- 0.1%
90,000 Archer-Daniels-Midland Co.................... 2,977,200
--------------
AUTOMOTIVE -- 0.5%
30,000 Copart Inc.+................................. 1,031,700
300,000 General Motors Corp.......................... 11,010,000
10,000 Navistar International Corp.+. .............. 617,000
--------------
12,658,700
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.8%
100,000 Dana Corp.+.................................. 19,500
390,000 Genuine Parts Co............................. 19,500,000
2,000 Keystone Automotive Industries Inc.+......... 95,520
--------------
19,615,020
--------------
AVIATION: PARTS AND SERVICES -- 0.5%
82,000 Sequa Corp., Cl. A+.......................... 13,593,960
--------------
BROADCASTING -- 1.0%
700,000 Clear Channel Communications Inc. ........... 26,208,000
--------------
BUILDING AND CONSTRUCTION -- 0.1%
10,000 Florida Rock Industries Inc.................. 624,900
15,000 Layne Christensen Co.+....................... 832,200
--------------
1,457,100
--------------
BUSINESS SERVICES -- 0.2%
10,000 CDW Corp.+................................... 872,000
50,000 Intermec Inc.+............................... 1,306,000
142,000 PHH Corp.+................................... 3,731,760
1,000 United Rentals Inc........................... 32,170
--------------
5,941,930
--------------
CABLE AND SATELLITE -- 1.9%
600,000 Cablevision Systems Corp., Cl. A+ ........... 20,964,000
14,200 Cogeco Inc................................... 539,647
230,000 EchoStar Communications Corp., Cl. A+ ....... 10,766,300
81,734 Liberty Global Inc., Cl. A+.................. 3,352,729
34,318 Liberty Global Inc., Cl. C+.................. 1,326,734
215,000 Rogers Communications Inc., Cl. B ........... 9,788,950
50,000 The DIRECTV Group Inc.+...................... 1,214,000
--------------
47,952,360
--------------
MARKET
SHARES VALUE
-------- --------
COMMUNICATIONS EQUIPMENT -- 0.0%
15,000 Thomas & Betts Corp.+........................ $ 879,600
--------------
CONSUMER PRODUCTS -- 3.6%
270,000 Alberto-Culver Co............................ 6,693,300
400,000 Altadis SA................................... 28,142,423
10,000 Altria Group Inc............................. 695,300
115,000 Avon Products Inc............................ 4,315,950
40,000 Eastman Kodak Co............................. 1,070,400
44,000 Fortune Brands Inc........................... 3,585,560
55,000 Hanesbrands Inc.+............................ 1,543,300
80,000 Harman International Industries Inc. ........ 6,921,600
40,000 Kimberly-Clark Corp.......................... 2,810,400
60,000 Mattel Inc................................... 1,407,600
40,000 Oakley Inc................................... 1,161,200
175,000 Procter & Gamble Co.......................... 12,309,500
1,000,000 Swedish Match AB............................. 20,794,215
--------------
91,450,748
--------------
DIVERSIFIED INDUSTRIAL -- 3.2%
153,000 Bouygues SA.................................. 13,197,065
230,000 Cooper Industries Ltd., Cl. A................ 11,750,700
500,000 General Electric Co.......................... 20,700,000
275,000 Honeywell International Inc.................. 16,354,250
100,000 ITT Corp..................................... 6,793,000
2,000 Pentair Inc.................................. 66,360
2,000 Textron Inc.................................. 124,420
1,051,000 Tomkins plc.................................. 4,886,647
190,000 Tyco International Ltd....................... 8,424,600
129,900 WHX Corp.+................................... 974,250
--------------
83,271,292
--------------
ELECTRONICS -- 1.4%
1,075,000 Intel Corp................................... 27,799,500
283,000 Trans-Lux Corp.+ (d)......................... 1,485,750
190,000 Tyco Electronics Ltd......................... 6,731,700
--------------
36,016,950
--------------
ENERGY AND UTILITIES: ELECTRIC -- 4.5%
30,000 Allegheny Energy Inc.+....................... 1,567,800
105,000 ALLETE Inc................................... 4,699,800
280,000 American Electric Power Co. Inc. ............ 12,902,400
425,000 DPL Inc...................................... 11,160,500
17,500 DTE Energy Co................................ 847,700
273,000 Electric Power Development Co. Ltd........... 10,623,863
220,000 FPL Group Inc................................ 13,393,600
590,000 Great Plains Energy Inc...................... 16,997,900
370,000 Integrys Energy Group Inc.................... 18,955,100
150,000 Pepco Holdings Inc........................... 4,062,000
240,000 Pinnacle West Capital Corp................... 9,482,400
See accompanying notes to schedule of investments.
2
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
MARKET
SHARES VALUE
-------- --------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: ELECTRIC (CONTINUED)
110,000 The Southern Co.............................. $ 3,990,800
255,000 Unisource Energy Corp........................ 7,621,950
--------------
116,305,813
--------------
ENERGY AND UTILITIES: INTEGRATED -- 9.4%
12,000 Alliant Energy Corp.......................... 459,840
145,000 Ameren Corp.................................. 7,612,500
2,600,000 Aquila Inc.+................................. 10,426,000
50,000 Avista Corp.................................. 1,017,500
15,000 Black Hills Corp............................. 615,300
33,000 CH Energy Group Inc.......................... 1,577,400
108,000 Chubu Electric Power Co. Inc................. 2,797,197
275,000 CONSOL Energy Inc............................ 12,815,000
200,000 Consolidated Edison Inc...................... 9,260,000
1,000 Dominion Resources Inc....................... 84,300
205,000 Duke Energy Corp............................. 3,831,450
430,000 Edison SpA................................... 1,404,127
300,000 El Paso Corp................................. 5,091,000
20,000 Endesa SA.................................... 1,143,322
300,000 Enel SpA..................................... 3,396,598
47,000 Enel SpA, ADR................................ 2,649,390
144,000 Energy East Corp............................. 3,895,200
168,000 FirstEnergy Corp............................. 10,641,120
150,000 Hawaiian Electric Industries Inc. ........... 3,256,500
250,000 Hera SpA..................................... 1,032,027
121,500 Hokkaido Electric Power Co. Inc.............. 2,628,542
121,500 Hokuriku Electric Power Co................... 2,374,679
114,958 Iberdrola SA, ADR............................ 6,735,688
80,500 Korea Electric Power Corp., ADR.............. 1,863,575
121,500 Kyushu Electric Power Co. Inc................ 3,215,601
21,000 Maine & Maritimes Corp.+..................... 594,720
80,000 MGE Energy Inc............................... 2,675,200
35,102 National Grid plc, ADR....................... 2,816,233
255,000 NiSource Inc................................. 4,880,700
600,000 NSTAR........................................ 20,886,000
481,000 OGE Energy Corp.............................. 15,921,100
33,000 Ormat Technologies Inc....................... 1,529,220
330,000 Progress Energy Inc.......................... 15,460,500
155,000 Public Service Enterprise Group Inc. ........ 13,638,450
121,500 Shikoku Electric Power Co. Inc. ............. 3,051,647
15,000 TECO Energy Inc.............................. 246,450
121,500 The Chugoku Electric Power Co. Inc. ......... 2,469,878
35,000 The Empire District Electric Co. ............ 790,650
121,500 The Kansai Electric Power Co. Inc. .......... 2,776,629
108,000 The Tokyo Electric Power Co. Inc. ........... 2,726,679
121,500 Tohoku Electric Power Co. Inc................ 2,596,809
330,000 TXU Corp..................................... 22,595,100
205,000 Vectren Corp................................. 5,594,450
470,000 Westar Energy Inc............................ 11,543,200
MARKET
SHARES VALUE
-------- --------
85,000 Wisconsin Energy Corp........................ $ 3,827,550
230,000 Xcel Energy Inc.............................. 4,954,200
--------------
241,399,221
--------------
ENERGY AND UTILITIES: NATURAL GAS -- 2.8%
8,000 AGL Resources Inc............................ 316,960
70,000 Atmos Energy Corp............................ 1,982,400
20,000 Delta Natural Gas Co. Inc.................... 492,200
6,000 Energen Corp................................. 342,720
20,000 Kinder Morgan Energy Partners LP ............ 988,000
350,000 National Fuel Gas Co......................... 16,383,500
210,000 Nicor Inc.................................... 9,009,000
220,000 ONEOK Inc.................................... 10,428,000
300,000 SEMCO Energy Inc.+........................... 2,367,000
200,000 Sempra Energy................................ 11,624,000
30,000 South Jersey Industries Inc.................. 1,044,000
70,000 Southern Union Co............................ 2,177,700
150,000 Southwest Gas Corp........................... 4,243,500
340,000 Spectra Energy Corp.......................... 8,323,200
60,000 The Laclede Group Inc........................ 1,936,800
--------------
71,658,980
--------------
ENERGY AND UTILITIES: OIL -- 12.0%
20,000 Anadarko Petroleum Corp...................... 1,075,000
40,000 Apache Corp.................................. 3,602,400
46,900 BG Group plc, ADR............................ 4,041,870
160,000 BP plc, ADR.................................. 11,096,000
40,000 Cameron International Corp.+................. 3,691,600
140,000 Chesapeake Energy Corp....................... 4,936,400
319,000 Chevron Corp................................. 29,852,020
1,000 Cimarex Energy Co............................ 37,250
415,000 ConocoPhillips............................... 36,424,550
78,000 Devon Energy Corp............................ 6,489,600
185,000 Eni SpA, ADR................................. 13,645,600
225,000 Exxon Mobil Corp............................. 20,826,000
30,000 Hess Corp.................................... 1,995,900
580,000 Marathon Oil Corp............................ 33,071,600
145,000 Murphy Oil Corp.............................. 10,134,050
4,000 Nabors Industries Ltd.+...................... 123,080
1,000 Niko Resources Ltd........................... 97,773
10,000 Noble Corp................................... 490,500
370,000 Occidental Petroleum Corp.................... 23,709,600
14,000 Oceaneering International Inc.+ ............. 1,061,200
30,000 PetroChina Co. Ltd., ADR..................... 5,553,300
280,000 Repsol YPF SA, ADR........................... 9,940,000
200,000 Royal Dutch Shell plc, Cl. A, ADR............ 16,436,000
885,000 Statoil ASA, ADR............................. 30,019,200
200,000 Sunoco Inc................................... 14,156,000
200,000 Total SA, ADR................................ 16,206,000
90,000 Transocean Inc.+............................. 10,174,500
--------------
308,886,993
--------------
See accompanying notes to schedule of investments.
3
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
MARKET
SHARES VALUE
-------- --------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: SERVICES -- 3.7%
135,000 ABB Ltd., ADR................................ $ 3,541,050
20,000 Baker Hughes Inc............................. 1,807,400
266,000 Diamond Offshore Drilling Inc................ 30,135,140
19,500 Exterran Holdings Inc.+...................... 1,566,633
640,000 Halliburton Co............................... 24,576,000
120,000 Schlumberger Ltd............................. 12,600,000
290,000 Weatherford International Ltd.+.............. 19,482,200
--------------
93,708,423
--------------
ENERGY AND UTILITIES: WATER -- 0.3%
11,000 American States Water Co..................... 429,000
53,333 Aqua America Inc............................. 1,209,592
6,000 Artesian Resources Corp., Cl. A ............. 114,000
3,000 California Water Service Group............... 115,470
11,500 Connecticut Water Service Inc................ 266,340
1,000 Consolidated Water Co. Ltd................... 30,020
6,000 Middlesex Water Co........................... 113,400
25,466 Pennichuck Corp.............................. 616,532
82,000 SJW Corp..................................... 2,799,480
16,800 Southwest Water Co........................... 212,184
5,000 Suez SA...................................... 295,099
168,000 Suez SA, Strips+............................. 2,396
36,000 United Utilities plc, ADR.................... 1,026,832
9,000 York Water Co................................ 151,650
--------------
7,381,995
--------------
ENTERTAINMENT -- 0.6%
8,000 Grupo Televisa SA, ADR ...................... 193,360
300,000 Time Warner Inc.............................. 5,508,000
200,000 Vivendi...................................... 8,441,586
--------------
14,142,946
--------------
ENVIRONMENTAL SERVICES -- 0.7%
80,000 Allied Waste Industries Inc.+................ 1,020,000
1,000 Hyflux Ltd................................... 1,932
12,375 Veolia Environnement......................... 1,065,645
409,000 Waste Management Inc......................... 15,435,660
--------------
17,523,237
--------------
EQUIPMENT AND SUPPLIES -- 1.4%
110,000 CIRCOR International Inc..................... 4,995,100
30,000 Lufkin Industries Inc........................ 1,650,600
60,000 Mueller Industries Inc....................... 2,168,400
420,000 RPC Inc...................................... 5,968,200
300,000 Tenaris SA, ADR.............................. 15,786,000
300,000 Xerox Corp.+................................. 5,202,000
--------------
35,770,300
--------------
MARKET
SHARES VALUE
-------- --------
FINANCIAL SERVICES -- 16.0%
84,000 A.G. Edwards Inc............................. $ 7,035,000
100,000 ABN AMRO Holding NV.......................... 5,268,862
20,000 ABN AMRO Holding NV, ADR..................... 1,050,000
40,000 AFLAC Inc.................................... 2,281,600
180,000 AllianceBernstein Holding LP................. 15,852,600
380,000 American Express Co.......................... 22,560,600
300,000 American International Group Inc. ........... 20,295,000
40,000 Ameriprise Financial Inc..................... 2,524,400
41,000 Astoria Financial Corp....................... 1,087,730
67,635 Banco Bilbao Vizcaya
Argentaria SA, ADR......................... 1,574,544
390,000 Bank of America Corp......................... 19,605,300
5,000 BlackRock Inc................................ 867,050
100,000 Capital One Financial Corp................... 6,643,000
50,000 CIGNA Corp................................... 2,664,500
40,000 CIT Group Inc................................ 1,608,000
800,000 Citigroup Inc................................ 37,336,000
230,000 Commerce Bancorp Inc......................... 8,919,400
40,000 Deutsche Bank AG............................. 5,135,600
217,500 Discover Financial Services+................. 4,524,000
140,000 Federal National Mortgage Association ....... 8,513,400
48,909 Fidelity National Financial Inc., Cl. A ..... 854,929
21,496 Fidelity National Information
Services Inc. ............................ 953,777
160,000 Fifth Third Bancorp.......................... 5,420,800
100,000 First Horizon National Corp.................. 2,666,000
52,100 Flushing Financial Corp...................... 875,280
27,000 Hartford Financial Services Group Inc. ...... 2,498,850
70,000 HSBC Holdings plc, ADR....................... 6,482,000
40,000 Hudson City Bancorp Inc...................... 615,200
1,000 International Securities
Exchange Holdings Inc...................... 66,470
470,000 JPMorgan Chase & Co.......................... 21,535,400
92,000 Legg Mason Inc............................... 7,754,680
10,000 Lehman Brothers Holdings Inc................. 617,300
100,000 Marshall & Ilsley Corp....................... 4,377,000
162,000 Merrill Lynch & Co. Inc...................... 11,547,360
135,000 Morgan Stanley............................... 8,505,000
64,000 National Australia Bank Ltd., ADR ........... 11,245,210
190,000 New York Community Bancorp Inc............... 3,619,500
100,000 NewAlliance Bancshares Inc................... 1,468,000
200,000 Nuveen Investments Inc., Cl. A .............. 12,388,000
200,000 PNC Financial Services Group Inc............. 13,620,000
280,000 Popular Inc.................................. 3,438,400
220,000 Regions Financial Corp....................... 6,485,600
100,000 SLM Corp..................................... 4,967,000
545,220 Sovereign Bancorp Inc........................ 9,290,549
44,050 Sterling Bancorp............................. 616,700
100,000 T. Rowe Price Group Inc...................... 5,569,000
See accompanying notes to schedule of investments.
4
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
MARKET
SHARES VALUE
-------- --------
COMMON STOCKS (CONTINUED)
FINANCIAL SERVICES (CONTINUED)
60,000 The Allstate Corp............................ $ 3,431,400
330,190 The Bank of New York Mellon Corp. ........... 14,574,587
4,000 The Progressive Corp......................... 77,640
290,000 The Travelers Companies Inc.................. 14,598,600
5,000 Unitrin Inc.................................. 247,950
30,974 Valley National Bancorp...................... 687,003
250,000 Wachovia Corp................................ 12,537,500
400,000 Waddell & Reed Financial Inc., Cl. A ........ 10,812,000
10,000 Washington Mutual Inc........................ 353,100
4,000 Webster Financial Corp....................... 168,480
450,000 Wells Fargo & Co............................. 16,029,000
85,200 Wilmington Trust Corp........................ 3,314,280
177,000 Zions Bancorporation......................... 12,154,590
--------------
411,810,721
--------------
FOOD AND BEVERAGE -- 7.3%
180,000 Anheuser-Busch Companies Inc................. 8,998,200
229,200 Cadbury Schweppes plc, ADR................... 10,662,384
45,000 Campbell Soup Co............................. 1,665,000
80,000 China Mengniu Dairy Co. Ltd.................. 348,347
185,000 ConAgra Foods Inc............................ 4,834,050
900,000 Davide Campari-Milano SpA.................... 9,240,115
300,000 General Mills Inc............................ 17,403,000
360,000 Groupe Danone................................ 28,336,352
100,000 H.J. Heinz Co................................ 4,620,000
140,000 ITO EN Ltd................................... 3,412,702
42,000 ITO EN Ltd., Preference+..................... 835,502
1,000 Kellogg Co................................... 56,000
170,000 Kikkoman Corp................................ 2,566,317
380,000 Kraft Foods Inc., Cl. A...................... 13,113,800
100,000 Morinaga Milk Industry Co. Ltd. ............. 400,470
270,000 Nissin Food Products Co. Ltd................. 9,637,400
500,000 Parmalat SpA................................. 1,775,300
339,450 Parmalat SpA, GDR (a)........................ 1,202,060
320,000 PepsiAmericas Inc............................ 10,380,800
20,000 PepsiCo Inc.................................. 1,465,200
1,500 Pernod-Ricard SA............................. 327,318
2,500 Remy Cointreau SA............................ 181,095
20,000 Royal Numico NV.............................. 1,551,427
1,100,000 Sara Lee Corp................................ 18,359,000
290,000 The Coca-Cola Co............................. 16,666,300
100,000 The Hershey Co............................... 4,641,000
62,000 Wm. Wrigley Jr. Co........................... 3,982,260
3,000 Wm. Wrigley Jr. Co., Cl. B................... 190,830
480,000 YAKULT HONSHA Co. Ltd........................ 10,927,611
--------------
187,779,840
--------------
MARKET
SHARES VALUE
-------- --------
HEALTH CARE -- 4.0%
10,000 Advanced Medical Optics Inc.+................ $ 305,900
1,000 Bausch & Lomb Inc............................ 64,000
200,000 Boston Scientific Corp.+..................... 2,790,000
115,000 Bristol-Myers Squibb Co...................... 3,314,300
155,000 Covidien Ltd.+............................... 6,432,500
150,000 Dade Behring Holdings Inc.................... 11,452,500
175,000 Eli Lilly & Co............................... 9,962,750
10,000 Health Management Associates Inc.,
Cl. A ..................................... 69,400
90,000 IMS Health Inc............................... 2,757,600
50,000 Kyphon Inc.+................................. 3,500,000
1,000 Manor Care Inc............................... 64,400
220,000 Merck & Co. Inc.............................. 11,371,800
140,000 Owens & Minor Inc............................ 5,332,600
900,000 Pfizer Inc................................... 21,987,000
8,300 Schiff Nutrition International Inc. ......... 49,717
250,000 Sierra Health Services Inc.+................. 10,547,500
42,000 St. Jude Medical Inc.+....................... 1,850,940
1,500 Ventana Medical Systems Inc.+................ 128,865
130,000 Wyeth........................................ 5,791,500
45,000 Zimmer Holdings Inc.+........................ 3,644,550
--------------
101,417,822
--------------
HOTELS AND GAMING -- 1.3%
22,000 Boyd Gaming Corp.............................. 942,700
95,000 Harrah's Entertainment Inc.................... 8,258,350
300,000 Hilton Hotels Corp............................ 13,947,000
705,882 Ladbrokes plc................................. 6,235,464
45,000 Pinnacle Entertainment Inc.+.................. 1,225,350
32,000 Station Casinos Inc........................... 2,799,360
--------------
33,408,224
--------------
MACHINERY -- 0.4%
150,000 CNH Global NV................................. 9,111,000
--------------
MANUFACTURED HOUSING AND RECREATIONAL VEHICLES -- 0.0%
4,000 Skyline Corp.................................. 120,320
--------------
METALS AND MINING -- 1.3%
130,000 Alcan Inc..................................... 13,010,400
170,000 Alcoa Inc..................................... 6,650,400
10,000 Alliance Holdings GP L.P...................... 240,800
20,000 Arch Coal Inc................................. 674,800
8,000 BHP Billiton Ltd., ADR........................ 628,800
3,000 Fording Canadian Coal Trust................... 116,340
100,000 Freeport-McMoRan Copper &
Gold Inc. .................................. 10,489,000
10,000 Massey Energy Co.............................. 218,200
25,000 Peabody Energy Corp........................... 1,196,750
1,000 Rio Tinto plc, ADR............................ 343,400
3,000 Westmoreland Coal Co.+........................ 59,790
--------------
33,628,680
--------------
See accompanying notes to schedule of investments.
5
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
SHARES/ MARKET
UNITS VALUE
-------- --------
COMMON STOCKS (CONTINUED)
PAPER AND FOREST PRODUCTS -- 0.3%
200,000 International Paper Co........................ $ 7,174,000
--------------
PUBLISHING -- 0.6%
215,100 Dow Jones & Co. Inc........................... 12,841,470
38,500 Idearc Inc.................................... 1,211,595
59,000 Tribune Co.................................... 1,611,880
--------------
15,664,945
--------------
REAL ESTATE -- 0.0%
18,000 Brookfield Asset Management Inc.,
Cl. A ...................................... 693,000
--------------
REAL ESTATE INVESTMENT TRUSTS -- 0.1%
110,000 Equity Inns Inc............................... 2,483,800
--------------
RETAIL -- 1.2%
170,000 CVS Caremark Corp............................. 6,737,100
142,000 Ingles Markets Inc., Cl. A.................... 4,069,720
410,000 Safeway Inc................................... 13,575,100
22,000 Saks Inc...................................... 377,300
310,000 Sally Beauty Holdings Inc.+................... 2,619,500
80,000 SUPERVALU Inc................................. 3,120,800
20,000 Whole Foods Market Inc........................ 979,200
--------------
31,478,720
--------------
SPECIALTY CHEMICALS -- 1.4%
5,000 Arkema, ADR+.................................. 303,701
140,000 Ashland Inc................................... 8,429,400
140,000 E.I. du Pont de Nemours & Co.................. 6,938,400
230,000 Ferro Corp.................................... 4,595,400
150,000 Huntsman Corp................................. 3,973,500
10,000 Lyondell Chemical Co.......................... 463,500
100,000 Olin Corp..................................... 2,238,000
225,000 The Dow Chemical Co........................... 9,688,500
18,146 Tronox Inc., Cl. B............................ 163,858
--------------
36,794,259
--------------
TELECOMMUNICATIONS -- 7.1%
230,000 Alltel Corp................................... 16,026,400
400,000 AT&T Inc...................................... 16,924,000
560,000 Avaya Inc.+................................... 9,497,600
550,000 BCE Inc....................................... 22,027,500
47,125 Bell Aliant Regional
Communications
Income Fund (a)(b).......................... 1,518,006
71,000 BT Group plc, ADR............................. 4,460,930
2,000 CenturyTel Inc................................ 92,440
50,000 Compania de Telecomunicaciones
de Chile SA, ADR .......................... 411,500
MARKET
SHARES VALUE
-------- --------
400,000 Deutsche Telekom AG, ADR...................... $ 7,852,000
30,000 Embarq Corp. ................................. 1,668,000
55,000 France Telecom SA, ADR........................ 1,839,200
210,000 Hellenic Telecommunications
Organization SA, ADR........................ 3,945,900
250,000 Portugal Telecom SGPS SA...................... 3,504,256
50,000 Portugal Telecom SGPS SA, ADR................. 702,000
70,000 Qwest Communications
International Inc.+......................... 641,200
840,000 Sprint Nextel Corp............................ 15,960,000
21,333 Telecom Corp. of New Zealand
Ltd., ADR ................................. 361,813
200,000 Telecom Italia SpA, ADR....................... 6,054,000
26,000 Telefonica SA, ADR............................ 2,178,280
205,000 Telefonos de Mexico SAB de CV,
Cl. L, ADR ................................. 6,738,350
130,000 Telstra Corp. Ltd., ADR....................... 2,507,947
76,100 TELUS Corp., Non-Voting, ADR.................. 4,288,619
1,050,000 Verizon Communications Inc.................... 46,494,000
200,000 Vodafone Group plc, ADR....................... 7,260,000
--------------
182,953,941
--------------
TRANSPORTATION -- 0.5%
4,000 Frontline Ltd................................. 193,120
255,000 GATX Corp..................................... 10,901,262
24,000 Golden Ocean Group Ltd........................ 160,928
3,000 Ship Finance International Ltd. .............. 78,810
30,000 Teekay Corp................................... 1,764,300
--------------
13,098,420
--------------
WIRELESS COMMUNICATIONS -- 0.6%
7,000 Crown Castle International Corp.+ ............ 284,410
400,000 Dobson Communications Corp.,
Cl. A+ ..................................... 5,116,000
110,000 United States Cellular Corp.+. ............... 10,802,000
15,000 Vimpel-Communications, ADR.................... 405,600
--------------
16,608,010
--------------
TOTAL COMMON STOCKS........................... 2,364,114,007
--------------
CONVERTIBLE PREFERRED STOCKS -- 1.5%
AEROSPACE -- 0.0%
8,200 Northrop Grumman Corp.,
7.000% Cv. Pfd., Ser. B..................... 1,184,490
--------------
AUTOMOTIVE -- 0.0%
12,000 General Motors Corp.,
4.500% Cv. Pfd., Ser. A..................... 251,460
--------------
BROADCASTING -- 0.0%
20,460 Emmis Communications Corp.,
6.250% Cv. Pfd., Ser. A..................... 777,582
--------------
See accompanying notes to schedule of investments.
6
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
MARKET
SHARES VALUE
-------- --------
CONVERTIBLE PREFERRED STOCKS (CONTINUED)
BUILDING AND CONSTRUCTION -- 0.0%
200 Fleetwood Capital Trust,
6.000% Cv. Pfd.............................. $ 6,000
--------------
DIVERSIFIED INDUSTRIAL -- 0.4%
178,400 Owens-Illinois Inc.,
4.750% Cv. Pfd.............................. 8,028,000
75,000 Smurfit-Stone Container Corp.,
7.000% Cv. Pfd., Ser. A..................... 1,560,000
--------------
9,588,000
--------------
ENERGY AND UTILITIES -- 0.3%
5,000 Chesapeake Energy Corp.,
5.000% Cv. Pfd. (a)......................... 732,500
20,000 CMS Energy Corp.,
4.500% Cv. Pfd., Ser. B..................... 1,760,000
129,900 El Paso Energy Capital Trust I,
4.750% Cv. Pfd., Ser. C..................... 5,350,581
--------------
7,843,081
--------------
ENTERTAINMENT -- 0.1%
80,000 Six Flags Inc.,
7.250% Cv. Pfd., Ser. B..................... 1,674,400
--------------
FINANCIAL SERVICES -- 0.2%
1,500 Doral Financial Corp.,
4.750% Cv. Pfd.............................. 183,750
137,000 Newell Financial Trust I,
5.250% Cv. Pfd.............................. 6,452,700
--------------
6,636,450
--------------
HEALTH CARE -- 0.0%
12,000 Omnicare Inc.,
4.000% Cv. Pfd., Ser. B..................... 555,000
--------------
TELECOMMUNICATIONS -- 0.4%
50,000 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B..................... 2,274,500
120,000 Crown Castle International Corp.,
6.250% Cv. Pfd.............................. 7,110,000
--------------
9,384,500
--------------
TRANSPORTATION -- 0.1%
1,500 GATX Corp.,
$2.50 Cv. Pfd. ............................. 326,250
982 Kansas City Southern,
4.250% Cv. Pfd.............................. 1,311,865
--------------
1,638,115
--------------
TOTAL CONVERTIBLE
PREFERRED STOCKS............................ 39,539,078
--------------
PRINCIPAL MARKET
AMOUNT VALUE
--------- --------
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%
100,000 Lin Television Corp., Sub. Deb. Cv.,
2.500%, 05/15/33............................ 97,750
13,000,000 Sinclair Broadcast Group Inc.,
Sub. Deb. Cv.,
6.000%, 09/15/12............................ 12,155,000
--------------
12,252,750
--------------
COMMUNICATIONS EQUIPMENT -- 0.4%
10,000,000 Agere Systems Inc., Sub. Deb. Cv.,
6.500%, 12/15/09............................ 10,150,000
--------------
ENTERTAINMENT -- 0.1%
1,500,000 The Walt Disney Co., Cv.,
2.125%, 04/15/23............................ 1,835,625
--------------
FINANCIAL SERVICES -- 0.0%
250,000 AON Corp., Deb. Cv.,
3.500%, 11/15/12............................ 522,500
--------------
REAL ESTATE -- 0.0%
Palm Harbor Homes Inc., Cv.,
100,000 3.250%, 05/15/24 77,500
1,000,000 3.250%, 05/15/24 (a) 775,000
--------------
852,500
--------------
TELECOMMUNICATIONS -- 0.2%
3,750,000 Nortel Networks Corp., Cv.,
4.250%, 09/01/08............................ 3,698,438
--------------
TOTAL CONVERTIBLE
CORPORATE BONDS............................. 29,790,563
--------------
SHARES
--------
WARRANTS -- 0.0%
FOOD AND BEVERAGE -- 0.0%
650 Parmalat SpA, GDR,
expire 12/31/15+ (a)(b)(c).................. 1,178
--------------
See accompanying notes to schedule of investments.
7
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
--------- --------
SHORT-TERM OBLIGATIONS -- 5.3%
REPURCHASE AGREEMENTS -- 5.0%
$87,573,000 Barclays Capital Inc.,
3.900%, dated 09/28/07,
due 10/01/07, proceeds at maturity,
$87,601,461 (e)............................. $ 87,573,000
40,000,000 Daiwa Securities America Inc.,
3.850%, dated 09/28/07,
due 10/01/07, proceeds at maturity,
$40,012,833 (f)............................. 40,000,000
--------------
127,573,000
--------------
U.S. TREASURY BILLS -- 0.3%
8,780,000 U.S. Treasury Bill,
4.952%++, 10/18/07.......................... 8,759,995
--------------
TOTAL SHORT-TERM
OBLIGATIONS ............................. 136,332,995
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $2,063,505,775)................................... $2,569,777,821
==============
--------------
Aggregate cost................................... $2,063,505,775
==============
Gross unrealized appreciation.................... $ 550,782,798
Gross unrealized depreciation.................... (44,510,752)
--------------
Net unrealized appreciation (depreciation) ...... $ 506,272,046
==============
(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 September
30, 2007, the market value of Rule 144A securities amounted to $4,228,744
or 0.16% of total investments. Except as noted in (c), these securities are
liquid.
(b) 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, 2007, the market value of fair
valued securities amounted to $1,519,184 or 0.06% of total investments.
(c) At September 30, 2007, the Fund held an investment in a restricted and
illiquid security amounting to $1,178 or 0.00% of total investments, which
was valued under methods approved by the Board, as follows:
09/30/07
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
SHARES ISSUER DATE COST PER UNIT
----------- ------ ----------- ----------- --------------
650 Parmalat SpA, GDR
warrants expire 12/31/15 ...11/09/05 $0.00 $1.8123
(d) Security considered an affiliated holding because the Fund owns at least 5%
of the outstanding shares.
(e) Collateralized by $77,275,000 U.S. Treasury Bond, 6.250%, due 08/15/23,
market value $89,324,460.
(f) Collateralized by $39,709,000 U.S. Treasury Note, 5.625%, due 05/15/08,
market value $40,800,998.
+ 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 .................... 79.7% $2,047,497,066
Europe............................ 14.3 366,104,437
Latin America..................... 2.7 69,207,915
Japan............................. 2.4 63,041,527
Asia/Pacific...................... 0.9 23,926,876
------ --------------
Total Investments ................ 100.0% $2,569,777,821
====== ==============
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.
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 payments owed to it pursuant to a swap contract. The creditworthiness
of the swap contract counterparties is closely monitored in
9
THE GABELLI DIVIDEND & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)
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 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 September 30, 2007 are as follows:
NET
NOTIONAL FLOATING RATE* TERMINATION UNREALIZED
AMOUNT FIXED RATE (RATE RESET MONTHLY) DATE APPRECIATION
------ ---------- -------------------- ---- ------------
$100,000,000 4.01% 5.72% 06/02/10 $1,413,899
----------------
* Based on Libor (London Interbank Offered Rate).
The Fund has entered into equity swaps with Bear, Stearns International Limited.
Details of the equity swaps at September 30, 2007 are as follows:
NET
UNREALIZED
NOTIONAL EQUITY SECURITY INTEREST RATE/ TERMINATION APPRECIATION/
AMOUNT RECEIVED EQUITY SECURITY PAID DATE (DEPRECIATION)
------ -------- -------------------- ----------- --------------
Market Value Overnight LIBOR plus
Appreciation on: Market Value Depreciation on:
$ 4,020,415 (344,000 Shares) Cadbury Schweppes plc Cadbury Schweppes plc 02/15/08 $(35,394)
23,303,430 (1,800,000 Shares) Imperial Chemical Industries plc Imperial Chemical Industries plc 05/15/08 203,309
---------
$167,915
========
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 December 31, 2006 were $449,565.
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
CHAIRMAN, MITTEL CAPITAL MARKETS SPA
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
James E. McKee
SECRETARY
Agnes Mullady
TREASURER
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: 83,888,570 3,200,000 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 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
THIRD QUARTER REPORT
SEPTEMBER 30, 2007
GDV Q3/2007
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 November 27, 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 November 27, 2007
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady,
Principal Financial Officer and Treasurer
Date November 27, 2007
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.