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, 2005
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ --------
COMMON STOCKS -- 79.6%
AEROSPACE -- 0.1%
10,000 Goodrich Corp. .................$ 443,400
30,000 Kaman Corp., Cl. A ............. 613,500
100,000 Rolls-Royce Group plc+ ......... 658,776
--------------
1,715,676
--------------
AGRICULTURE -- 0.6%
480,000 Archer-Daniels-Midland Co. ..... 11,836,800
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 1.2%
600,000 Dana Corp. ..................... 5,646,000
455,000 Genuine Parts Co. .............. 19,519,500
--------------
25,165,500
--------------
BROADCASTING -- 0.0%
20,000 Liberty Corp. .................. 937,800
--------------
BUSINESS SERVICES -- 0.1%
130,000 Intermix Media Inc.+ ........... 1,554,800
--------------
CABLE AND SATELLITE -- 1.2%
14,200 Cogeco Inc. .................... 332,860
100,000 DIRECTV Group Inc.+ ............ 1,498,000
285,000 EchoStar Communications
Corp., Cl. A ................. 8,427,450
90,000 Liberty Global Inc., Cl. A+ .... 2,437,200
90,000 Liberty Global Inc., Cl. C+ .... 2,317,500
110,000 PanAmSat Holding Corp. ......... 2,662,000
205,000 Rogers Communications Inc.,
Cl. B ........................ 8,087,250
--------------
25,762,260
--------------
COMMUNICATIONS EQUIPMENT -- 0.0%
20,000 Thomas & Betts Corp.+ .......... 688,200
--------------
COMPUTER SOFTWARE AND SERVICES -- 1.0%
2,000,000 Siebel Systems Inc. ............ 20,660,000
--------------
CONSUMER PRODUCTS -- 1.4%
60,000 Action Performance
Companies Inc. ............... 750,000
15,000 Altria Group Inc. .............. 1,105,650
80,000 Avon Products Inc. ............. 2,160,000
30,000 Eastman Kodak Co. .............. 729,900
135,000 Gallaher Group plc, ADR ........ 8,382,150
1,000 Kimberly-Clark Corp. ........... 59,530
120,000 Maytag Corp. ................... 2,191,200
90,000 Procter & Gamble Co. ........... 5,351,400
700,000 Swedish Match AB ............... 8,350,367
--------------
29,080,197
--------------
DIVERSIFIED INDUSTRIAL -- 2.6%
250,000 Bouygues SA .................... 11,618,893
130,000 Cooper Industries Ltd., Cl. A .. 8,988,200
350,000 General Electric Co. ........... 11,784,500
MARKET
SHARES VALUE*
------ --------
210,000 Honeywell International Inc. ...$ 7,875,000
30,000 ITT Industries Inc. ............ 3,408,000
100,000 Sonoco Products Co. ............ 2,731,000
1,000 Textron Inc. ................... 71,720
1,051,000 Tomkins plc .................... 5,357,324
20,000 Tomkins plc, ADR ............... 411,600
110,000 WHX Corp.+ ..................... 1,210,000
20,000 York International Corp. ....... 1,121,400
--------------
54,577,637
--------------
ENERGY AND UTILITIES: ELECTRIC -- 6.0%
30,000 Allegheny Energy Inc.+ ......... 921,600
120,000 ALLETE Inc. .................... 5,497,200
305,000 American Electric
Power Co. Inc. ............... 12,108,500
20,000 Cleco Corp. .................... 471,600
380,000 DPL Inc. ....................... 10,564,000
17,500 DTE Energy Co. ................. 802,550
270,000 Duquesne Light Holdings Inc. ... 4,646,700
237,000 Electric Power Development
Co. Ltd. ..................... 7,912,526
210,000 FPL Group Inc. ................. 9,996,000
610,000 Great Plains Energy Inc. ....... 18,245,100
600,000 Pepco Holdings Inc. ............ 13,962,000
220,000 Pinnacle West Capital Corp. .... 9,697,600
490,000 Southern Co. ................... 17,522,400
398,100 Unisource Energy Corp. ......... 13,232,844
--------------
125,580,620
--------------
ENERGY AND UTILITIES: INTEGRATED -- 13.6%
12,000 Alliant Energy Corp. ........... 349,560
410,000 Ameren Corp. ................... 21,930,900
35,000 Avista Corp. ................... 679,000
11,000 Black Hills Corp. .............. 477,070
22,800 Central Vermont Public
Service Corp. ................ 399,000
33,000 CH Energy Group Inc. ........... 1,566,840
108,000 Chubu Electric Power Co. Inc. .. 2,635,307
121,500 Chugoku Electric Power
Co. Inc. ..................... 2,504,493
345,000 Cinergy Corp. .................. 15,321,450
160,000 CONSOL Energy Inc. ............. 12,203,200
200,000 Consolidated Edison Inc. ....... 9,710,000
20,000 Dominion Resources Inc. ........ 1,722,800
180,000 Duke Energy Corp. .............. 5,250,600
430,000 Edison SpA+ .................... 958,656
150,000 El Paso Corp. .................. 2,085,000
42,000 Electrabel SA .................. 21,049,216
6,500 Empire District Electric Co. ... 148,655
605,000 Endesa SA ...................... 16,192,957
300,000 Enel SpA ....................... 2,585,181
47,000 Enel SpA, ADR .................. 2,016,770
139,500 Energy East Corp. .............. 3,514,005
220,000 FirstEnergy Corp. .............. 11,466,400
130,000 Hawaiian Electric
Industries Inc. .............. 3,624,400
250,000 Hera SpA ....................... 703,083
121,500 Hokkaido Electric
Power Co. Inc. ............... 2,584,765
2
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ --------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: INTEGRATED (CONTINUED)
121,500 Hokuriku Electric Power Co. ....$ 2,509,844
121,500 Kansai Electric Power Co. Inc. . 2,681,091
80,500 Korea Electric Power
Corp., ADR ................... 1,425,655
121,500 Kyushu Electric
Power Co. Inc. ............... 2,702,497
25,000 Maine & Maritimes Corp. ........ 492,500
10,000 MGE Energy Inc. ................ 365,100
35,102 National Grid plc, ADR ......... 1,648,039
255,000 NiSource Inc. .................. 6,183,750
600,000 NSTAR .......................... 17,352,000
500,000 OGE Energy Corp. ............... 14,050,000
50,000 Ormat Technologies Inc. ........ 1,106,500
330,000 Progress Energy Inc. ........... 14,767,500
310,000 Public Service Enterprise
Group Inc. ................... 19,951,600
220,000 Scottish Power plc, ADR ........ 8,852,800
121,500 Shikoku Electric
Power Co. Inc. ............... 2,632,928
5,000 TECO Energy Inc. ............... 90,100
121,500 Tohoku Electric Power Co. Inc. . 2,702,497
108,000 Tokyo Electric Power Co. Inc. .. 2,730,444
1,000 TXU Corp. ...................... 112,880
69,800 Vectren Corp. .................. 1,978,830
460,000 Westar Energy Inc. ............. 11,099,800
90,000 Wisconsin Energy Corp. ......... 3,592,800
150,000 WPS Resources Corp. ............ 8,670,000
800,000 Xcel Energy Inc. ............... 15,688,000
--------------
285,066,463
--------------
ENERGY AND UTILITIES: NATURAL GAS -- 3.6%
8,500 AGL Resources Inc. ............. 315,435
100,000 Atmos Energy Corp. ............. 2,825,000
14,800 Delta Natural Gas Co. Inc. ..... 394,568
6,000 Energen Corp. .................. 259,560
380,000 KeySpan Corp. .................. 13,976,400
20,000 Kinder Morgan Energy
Partners LP .................. 1,057,000
50,000 Laclede Group Inc. ............. 1,624,500
300,000 National Fuel Gas Co. .......... 10,260,000
215,000 Nicor Inc. ..................... 9,036,450
220,000 ONEOK Inc. ..................... 7,484,400
260,000 Peoples Energy Corp. ........... 10,238,800
300,000 SEMCO Energy Inc.+ ............. 1,977,000
200,000 Sempra Energy .................. 9,412,000
24,000 South Jersey Industries Inc. ... 699,360
42,000 Southern Union Co.+ ............ 1,082,340
180,000 Southwest Gas Corp. ............ 4,930,200
--------------
75,573,013
--------------
ENERGY AND UTILITIES: OIL -- 14.0%
10,000 Amerada Hess Corp. ............. 1,375,000
7,000 Anadarko Petroleum Corp. ....... 670,250
40,000 Apache Corp. ................... 3,008,800
20,000 Baker Hughes Inc. .............. 1,193,600
46,900 BG Group plc, ADR .............. 2,236,661
MARKET
SHARES VALUE*
------ --------
160,000 BP plc, ADR ....................$ 11,336,000
80,000 Burlington Resources Inc. ...... 6,505,600
5,000 Chesapeake Energy Corp. ........ 191,250
319,888 Chevron Corp. .................. 20,706,350
1,000 Cimarex Energy Co.+ ............ 45,330
320,000 ConocoPhillips ................. 22,371,200
20,000 Cooper Cameron Corp.+ .......... 1,478,600
65,000 Devon Energy Corp. ............. 4,461,600
290,000 Diamond Offshore Drilling Inc. . 17,762,500
75,000 Eni SpA, ADR ................... 11,107,500
225,000 Exxon Mobil Corp. .............. 14,296,500
200,000 Halliburton Co. ................ 13,704,000
89,994 Kerr-McGee Corp. ............... 8,739,317
298,366 Marathon Oil Corp. ............. 20,566,369
200,000 Murphy Oil Corp. ............... 9,974,000
2,000 Nabors Industries Ltd.+ ........ 143,660
5,000 Noble Corp. .................... 342,300
190,000 Occidental Petroleum Corp. ..... 16,231,700
10,000 PetroChina Co. Ltd., ADR ....... 833,700
18,000 PetroKazakhstan Inc., Cl. A .... 979,740
280,000 Repsol YPF SA, ADR ............. 9,046,800
200,000 Royal Dutch Shell plc,
Cl. A, ADR ................... 13,128,000
50,000 Schlumberger Ltd. .............. 4,219,000
1,000 Seitel Inc.+ ................... 1,520
300,000 Spinnaker Exploration Co.+ ..... 19,407,000
940,000 Statoil ASA, ADR ............... 23,208,600
200,000 Sunoco Inc. .................... 15,640,000
102,000 Total SA, ADR .................. 13,853,640
75,000 Transocean Inc.+ ............... 4,598,250
--------------
293,364,337
--------------
ENERGY AND UTILITIES: WATER -- 0.3%
11,000 American States Water Co. ...... 368,060
40,000 Aqua America Inc. .............. 1,520,800
4,000 Artesian Resources Corp.,
Cl. A ........................ 120,320
3,000 California Water Service
Group ........................ 123,600
6,000 Connecticut Water
Service Inc. ................. 148,320
6,000 Middlesex Water Co. ............ 134,700
21,466 Pennichuck Corp. ............... 458,084
45,000 SJW Corp. ...................... 2,172,600
16,000 Southwest Water Co. ............ 232,000
36,000 United Utilities plc, ADR ...... 843,480
11,000 Veolia Environnement ........... 464,167
6,000 York Water Co. ................. 155,040
--------------
6,741,171
--------------
ENTERTAINMENT -- 1.3%
2,000 Grupo Televisa SA, ADR ......... 143,420
500,000 The Walt Disney Co. ............ 12,065,000
400,000 Time Warner Inc. ............... 7,244,000
250,000 Vivendi Universal SA, ADR ...... 8,182,500
--------------
27,634,920
--------------
3
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ --------
COMMON STOCKS (CONTINUED)
ENVIRONMENTAL SERVICES -- 0.1%
100,000 Waste Management Inc. ..........$ 2,861,000
--------------
EQUIPMENT AND SUPPLIES -- 0.6%
115,000 CIRCOR International Inc. ...... 3,156,750
29,000 Lufkin Industries Inc. ......... 1,262,950
45,000 Mueller Industries Inc. ........ 1,249,650
196,000 RPC Inc. ....................... 5,048,960
11,000 Weatherford
International Ltd.+ .......... 755,260
--------------
11,473,570
--------------
FINANCIAL SERVICES -- 12.5%
360,000 Alliance Capital
Management Holding LP ........ 17,226,000
90,000 Amegy Bancorporation Inc. ...... 2,036,700
370,000 American Express Co. ........... 21,252,800
270,000 American International
Group Inc. ................... 16,729,200
140,000 AmSouth Bancorporation ......... 3,536,400
310,000 Bank of America Corp. .......... 13,051,000
361,400 Bank of New York Co. Inc. ...... 10,628,774
5,000 BlackRock Inc., Cl. A .......... 443,100
460,000 Citigroup Inc. ................. 20,939,200
20,000 Commerce Bancorp Inc. .......... 613,800
270,000 Commercial Federal Corp. ....... 9,217,800
30,000 Deutsche Bank AG, ADR .......... 2,805,600
40,000 Fidelity National
Financial Inc. ............... 1,780,800
145,000 Fifth Third Bancorp ............ 5,325,850
100,000 First Horizon National Corp. ... 3,635,000
30,000 Flushing Financial Corp. ....... 491,100
27,000 Hartford Financial Services
Group Inc. ................... 2,083,590
60,000 Janus Capital Group Inc. ....... 867,000
500,000 JPMorgan Chase & Co. ........... 16,965,000
840,000 MBNA Corp. ..................... 20,697,600
15,000 Merrill Lynch & Co. Inc. ....... 920,250
135,000 Morgan Stanley ................. 7,281,900
180,000 New York Community
Bancorp Inc. ................. 2,952,000
20,000 NewAlliance Bancshares Inc. .... 292,800
30,000 North Fork Bancorporation Inc. . 765,000
210,000 PNC Financial Services
Group Inc. ................... 12,184,200
170,000 Popular Inc. ................... 4,117,400
1,000 Progressive Corp. .............. 104,770
329,010 Sovereign Bancorp Inc. ......... 7,251,381
290,000 St. Paul Travelers
Companies Inc. ............... 13,012,300
15,000 Sterling Bancorp ............... 337,650
60,000 T. Rowe Price Group Inc. ....... 3,918,000
5,000 Unitrin Inc. ................... 237,300
14,490 Valley National Bancorp ........ 331,821
220,000 Wachovia Corp. ................. 10,469,800
350,000 Waddell & Reed Financial
Inc., Cl. A .................. 6,776,000
32,000 Washington Mutual Inc. ......... 1,255,040
3,500 Webster Financial Corp. ........ 157,360
150,000 Wells Fargo & Co. .............. 8,785,500
MARKET
SHARES VALUE*
------ --------
90,000 Wilmington Trust Corp. .........$ 3,280,500
97,300 Zions Bancorporation ........... 6,928,733
--------------
261,686,019
--------------
FOOD AND BEVERAGE -- 3.7%
140,000 Anheuser-Busch Companies Inc. .. 6,025,600
25,000 Campbell Soup Co. .............. 743,750
220,000 Coca-Cola Co. .................. 9,501,800
200,000 ConAgra Foods Inc. ............. 4,950,000
455,000 Dreyer's Grand Ice Cream
Holdings Inc., Cl. A ......... 37,350,950
150,000 General Mills Inc. ............. 7,230,000
120,000 Heinz (H.J.) Co. ............... 4,384,800
1,000 Kellogg Co. .................... 46,130
40,000 Kraft Foods Inc., Cl. A ........ 1,223,600
300,000 Sara Lee Corp. ................. 5,685,000
1,000 Wrigley (Wm.) Jr. Co. .......... 71,880
--------------
77,213,510
--------------
HEALTH CARE -- 2.5%
515,000 Beverly Enterprises Inc.+ ...... 6,308,750
145,000 Bristol-Myers Squibb Co. ....... 3,488,700
16,800 Chiron Corp.+ .................. 732,816
190,000 Eli Lilly & Co. ................ 10,168,800
42,700 Eyetech Pharmaceuticals Inc.+ .. 766,892
115,000 IMS Health Inc. ................ 2,894,550
220,000 Merck & Co. Inc. ............... 5,986,200
50,000 Owens & Minor Inc. ............. 1,467,500
630,000 Pfizer Inc. .................... 15,731,100
110,000 Renal Care Group Inc.+ ......... 5,205,200
10,000 Wyeth .......................... 462,700
--------------
53,213,208
--------------
HOTELS AND GAMING -- 0.9%
60,000 Argosy Gaming Co.+ ............. 2,819,400
30,000 GTECH Holdings Corp. ........... 961,800
2,000,000 Hilton Group plc ............... 11,094,252
190,000 Hilton Hotels Corp. ............ 4,240,800
--------------
19,116,252
--------------
MACHINERY -- 0.7%
333,500 CNH Global NV .................. 6,569,950
145,000 Deere & Co. .................... 8,874,000
--------------
15,443,950
--------------
METALS AND MINING -- 0.6%
10,000 Arch Coal Inc. ................. 675,000
8,000 BHP Billiton Ltd., ADR ......... 273,440
3,000 Fording Canadian Coal Trust .... 127,710
120,000 Freeport-McMoRan Copper
& Gold Inc., Cl. B ........... 5,830,800
24,000 Inco Ltd. ...................... 1,136,400
10,000 Massey Energy Co. .............. 510,700
4
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ --------
COMMON STOCKS (CONTINUED)
METALS AND MINING (CONTINUED)
12,000 Peabody Energy Corp. ...........$ 1,012,200
12,000 Phelps Dodge Corp. ............. 1,559,160
1,000 Rio Tinto plc, ADR ............. 164,300
3,000 Westmoreland Coal Co.+ ......... 82,980
--------------
11,372,690
--------------
PUBLISHING -- 0.2%
200,000 Reader's Digest
Association Inc. ............. 3,194,000
--------------
REAL ESTATE -- 0.0%
8,000 Brascan Corp., Cl. A ........... 372,800
--------------
RETAIL -- 2.4%
750,000 Albertson's Inc. ............... 19,237,500
160,000 Ingles Markets Inc., Cl. A ..... 2,528,000
110,000 Neiman Marcus Group Inc.,
Cl. A ........................ 10,994,500
38,700 Neiman Marcus Group Inc.,
Cl. B ........................ 3,863,421
25,000 Reebok International Ltd. ...... 1,414,250
475,000 Safeway Inc. ................... 12,160,000
--------------
50,197,671
--------------
SPECIALTY CHEMICALS -- 1.1%
65,000 Ashland Inc. ................... 3,590,600
165,200 Dow Chemical Co. ............... 6,883,884
130,000 E.I. du Pont de Nemours
and Co. ...................... 5,092,100
200,000 Ferro Corp. .................... 3,664,000
140,000 Olin Corp. ..................... 2,658,600
--------------
21,889,184
--------------
TELECOMMUNICATIONS -- 6.5%
1,000,000 AT&T Corp. ..................... 19,800,000
650,000 BCE Inc. ....................... 17,836,000
205,000 BellSouth Corp. ................ 5,391,500
74,000 BT Group plc, ADR .............. 2,933,360
20,000 CenturyTel Inc. ................ 699,600
50,000 Compania de Telecomunicaciones
de Chile SA, ADR ............. 542,500
100,000 Deutsche Telekom AG, ADR ....... 1,824,000
55,000 France Telecom SA, ADR ......... 1,581,250
215,000 Hellenic Telecommunications
Organization SA, ADR+ ........ 2,162,900
250,000 MCI Inc. ....................... 6,342,500
220,000 Qwest Communications
International Inc.+ .......... 902,000
300,000 SBC Communications Inc. ........ 7,191,000
840,000 Sprint Nextel Corp. ............ 19,975,200
190,000 TDC A/S ........................ 10,220,236
370,000 TDC A/S, ADR ................... 9,982,600
12,000 Telecom Corp. of New
Zealand Ltd., ADR ............ 403,200
42,000 Telecom Italia SpA, ADR ........ 1,369,200
26,000 Telefonica SA, ADR ............. 1,282,320
MARKET
SHARES VALUE*
------ --------
290,000 Telefonos de Mexico SA de
CV, Cl. L, ADR ...............$ 6,168,300
150,000 Telstra Corp. Ltd., ADR ........ 2,335,500
100,000 TELUS Corp., Non-Voting ........ 4,079,786
400,000 Verizon Communications Inc. .... 13,076,000
--------------
136,098,952
--------------
TRANSPORTATION -- 0.5%
8,000 Frontline Ltd. ................. 352,960
210,000 GATX Corp. ..................... 8,305,500
24,000 Golden Ocean Group Ltd.+ ....... 20,478
4,000 Ship Finance
International Ltd. ........... 80,000
42,000 Teekay Shipping Corp. .......... 1,808,100
--------------
10,567,038
--------------
WIRELESS COMMUNICATIONS -- 0.3%
18,598 Crown Castle
International Corp.+ ......... 458,069
120,000 O2 plc ......................... 333,886
110,000 United States Cellular Corp.+ .. 5,876,200
3,000 Vimpel-Communications, ADR+ .... 133,320
--------------
6,801,475
--------------
TOTAL COMMON STOCKS ............ 1,667,440,713
--------------
CONVERTIBLE PREFERRED STOCKS -- 2.9%
AEROSPACE -- 0.1%
5,000 Coltec Capital Trust,
5.250% Cv. Pfd. .............. 248,750
8,315 Northrop Grumman Corp.,
7.000% Cv. Pfd., Ser. B ...... 1,006,115
--------------
1,254,865
--------------
AUTOMOTIVE -- 0.0%
20,000 General Motors Corp.,
4.500% Cv. Pfd., Ser. A ...... 476,600
--------------
AVIATION: PARTS AND SERVICES -- 0.1%
33,100 Sequa Corp.,
$5.00 Cv. Pfd. ............... 3,227,250
--------------
BROADCASTING -- 0.0%
20,460 Emmis Communications Corp.,
6.250% Cv. Pfd., Ser. A ...... 889,498
--------------
BUILDING AND CONSTRUCTION -- 0.0%
200 Fleetwood Capital Trust,
6.000% Cv. Pfd.+ ............. 10,550
--------------
BUSINESS SERVICES -- 0.1%
35,000 Allied Waste Industries Inc.,
6.250% Cv. Pfd. .............. 1,708,350
--------------
DIVERSIFIED INDUSTRIAL -- 0.4%
179,400 Owens-Illinois Inc.,
4.750% Cv. Pfd. .............. 6,619,860
5
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ --------
CONVERTIBLE PREFERRED STOCKS (CONTINUED)
DIVERSIFIED INDUSTRIAL (CONTINUED)
80,502 Smurfit-Stone Container Corp.,
7.000% Cv. Pfd., Ser. A ......$ 1,843,496
1,000 U.S. Steel Corp.,
7.000% Cv. Pfd., Ser. B ...... 135,810
--------------
8,599,166
--------------
ENERGY AND UTILITIES -- 0.7%
Chesapeake Energy Corp.,
5,000 5.000% Cv. Pfd. (a) .......... 827,500
20,000 5.000% Cv. Pfd. .............. 4,648,800
2,700 6.000% Cv. Pfd. .............. 444,487
20,000 CMS Energy Corp.,
4.500% Cv. Pfd., Ser. B ...... 1,745,000
130,000 El Paso Corp. Capital Trust I,
4.750% Cv. Pfd., Ser. C ...... 5,252,000
40,000 Hanover Compressor Capital Trust,
7.250% Cv. Pfd. .............. 2,040,000
--------------
14,957,787
--------------
ENTERTAINMENT -- 0.2%
160,000 Six Flags Inc.,
7.250% Cv. Pfd., Ser. B ...... 3,824,000
--------------
FINANCIAL SERVICES -- 0.8%
5,420 Doral Financial Corp.,
4.750% Cv. Pfd. (a) .......... 864,490
215,000 National Australia Bank Ltd.,
7.875% Cv. Pfd. .............. 8,815,000
138,900 Newell Financial Trust,
5.250% Cv. Pfd. .............. 6,125,490
--------------
15,804,980
--------------
HEALTH CARE -- 0.0%
10,000 Omnicare Inc.,
4.000% Cv. Pfd., Ser. B ...... 730,000
--------------
METALS AND MINING -- 0.1%
9,750 Arch Coal Inc.,
5.000% Cv. Pfd. .............. 1,593,638
--------------
REAL ESTATE INVESTMENT TRUSTS -- 0.0%
2,100 Equity Office Properties Trust,
5.250% Cv. Pfd., Ser. B ...... 107,604
--------------
TELECOMMUNICATIONS -- 0.4%
41,000 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B ...... 1,791,700
121,000 Crown Castle International Corp.,
6.250% Cv. Pfd. .............. 6,062,100
--------------
7,853,800
--------------
TRANSPORTATION -- 0.0%
1,500 GATX Corp.,
$2.50 Cv. Pfd. ............... 296,250
MARKET
SHARES VALUE*
------ --------
982 Kansas City Southern,
4.250% Cv. Pfd. ..............$ 799,321
--------------
1,095,571
--------------
TOTAL CONVERTIBLE
PREFERRED STOCKS ............. 62,133,659
--------------
PRINCIPAL
AMOUNT
-------
CONVERTIBLE CORPORATE BONDS -- 1.8%
AEROSPACE -- 0.1%
$ 1,000,000 GenCorp Inc., Sub. Deb. Cv.,
5.750%, 04/15/07 ............. 1,098,750
--------------
AGRICULTURE -- 0.0%
600,000 Bunge Ltd. Financial Corp., Cv.,
3.750%, 11/15/22 ............. 985,500
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.0%
500,000 Standard Motor Products Inc.,
Sub. Deb. Cv.,
6.750%, 07/15/09 ............. 445,000
--------------
BROADCASTING -- 0.6%
13,240,000 Sinclair Broadcast Group Inc.,
Sub. Deb. Cv.,
6.000%, 09/15/12 ............. 11,651,200
--------------
BUSINESS SERVICES -- 0.1%
Trans-Lux Corp.,
Sub. Deb. Cv.,
950,000 8.250%, 03/01/12 ............. 932,187
2,000,000 7.500%, 12/01/06 ............. 1,995,000
--------------
2,927,187
--------------
COMMUNICATIONS EQUIPMENT -- 0.3%
5,000,000 Agere Systems Inc.,
Sub. Deb. Cv.,
6.500%, 12/15/09 ............. 5,025,000
2,000,000 TriQuint Semiconductor Inc.,
Sub. Deb. Cv.,
4.000%, 03/01/07 ............. 1,947,500
--------------
6,972,500
--------------
DIVERSIFIED INDUSTRIAL -- 0.0%
500,000 EDO Corp., Sub. Deb. Cv.,
5.250%, 04/15/07 ............. 514,375
--------------
ENTERTAINMENT -- 0.1%
1,500,000 The Walt Disney Co., Cv.,
2.125%, 04/15/23 ............. 1,531,875
--------------
EQUIPMENT AND SUPPLIES -- 0.1%
1,000,000 Robbins & Myers Inc.,
Sub. Deb. Cv.,
8.000%, 01/31/08 ............. 1,051,250
--------------
FINANCIAL SERVICES -- 0.0%
250,000 AON Corp., Deb. Cv.,
3.500%, 11/15/12 ............. 382,813
--------------
6
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE*
-------- --------
CONVERTIBLE CORPORATE
BONDS (CONTINUED)
FOOD AND BEVERAGE -- 0.0%
$ 1,550,000 Parmalat Soparfi SA, Sub. Deb. Cv.,
6.125%, 05/23/32+ (b) ........$ 856,920
--------------
METALS AND MINING -- 0.0%
400,000 Inco Ltd., Cv.,
Zero Coupon, 03/29/21 ........ 505,000
--------------
REAL ESTATE -- 0.1%
Palm Harbor Homes Inc., Cv.,
100,000 3.250%, 05/15/24 ............. 90,250
1,000,000 3.250%, 05/15/24 (a) ......... 902,500
--------------
992,750
--------------
TELECOMMUNICATIONS -- 0.2%
4,000,000 Nortel Networks Corp., Cv.,
4.250%, 09/01/08 ............. 3,785,000
--------------
TRANSPORTATION -- 0.2%
2,700,000 GATX Corp., Cv.,
7.500%, 02/01/07 ............. 3,375,000
--------------
TOTAL CONVERTIBLE
CORPORATE BONDS .............. 37,075,120
--------------
SHORT-TERM OBLIGATIONS -- 15.7%
REPURCHASE AGREEMENTS -- 8.4%
100,000,000 ABN Amro, 3.200%,
dated 09/30/05, due 10/03/05,
proceeds at maturity,
$100,026,667 (c) ............. 100,000,000
75,000,000 Barclays Capital Inc., 3.200%,
dated 09/30/05, due 10/03/05,
proceeds at maturity,
$75,020,000 (d) .............. 75,000,000
--------------
175,000,000
--------------
U.S. TREASURY BILLS -- 7.3%
154,419,000 U.S. Treasury Bills,
3.137% to 3.825%++,
10/06/05 to 03/09/06 ......... 153,792,881
--------------
TOTAL SHORT-TERM
OBLIGATIONS .................. 328,792,881
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $1,876,091,557) ....................$2,095,442,373
==============
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE*
--------- -------------- --------
--------------
For Federal tax purposes:
Aggregate cost ....................$1,876,091,557
==============
Gross unrealized appreciation .....$ 250,491,036
Gross unrealized depreciation ..... (31,140,220)
--------------
Net unrealized appreciation
(depreciation) ..................$ 219,350,816
==============
WRITTEN CALL OPTION -- SHORT POSITION -- (0.0)%
450 Albertson's Inc. Dec. 05/25 ..$ 87,750
==============
--------------
(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, 2005, the Rule 144A securities are considered liquid
and the market value amounted to $2,594,490 or 0.12% of total
investments.
(b) Security in default.
(c) Collateralized by U.S. Treasury Bonds, 8.125% and 8.750%, due 05/15/21
and 05/15/17 respectively, market values $45,821,460 and $56,178,540,
respectively.
(d) Collateralized by U.S. Treasury Bonds, 6.375%, due 08/15/27, market
value $76,500,000.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
* Portfolio securities are valued at the last quoted sale price or
closing values. If these are unavailable, then the average of the
closing bid and asked prices is used. If there is no asked price, the
security is valued at the closing bid price on that day. Debt
instruments are valued at the average of the closing bid and asked
prices. If the security matures in 60 days or less and is not
credit-impaired, it is valued at amortized cost. All securities and
assets for which market quotations are not readily available or any
security that the Board determines does not reflect its fair market
value are valued in good faith under procedures established by the
Board.
% OF
MARKET MARKET
VALUE VALUE
------ -------
GEOGRAPHIC DIVERSIFICATION
North America .................. 85.8% $1,796,792,904
Europe ......................... 11.4 239,726,254
Latin America .................. 1.1 22,055,327
Japan .......................... 1.5 31,596,393
Asia/Pacific ................... 0.2 5,271,495
------ --------------
Total Investments .............. 100.0% $2,095,442,373
====== ==============
7
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of
1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
effective, as of a date within 90 days of the filing date of the
report that includes the disclosure required by this paragraph,
based on their evaluation of these controls and procedures
required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b)
or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940
Act (17 CFR 270.30a-3(d)) that occurred during the registrant's
last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Dividend & Income Trust
--------------------------------------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date November 28, 2005
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date November 28, 2005
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Richard C. Sell
-------------------------------------------------------
Richard C. Sell, Jr., Principal Financial
Officer & Treasurer
Date November 28, 2005
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.