UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

 

Investment Company Act file number 811-21423

 

 

The Gabelli Dividend & Income Trust
(Exact name of registrant as specified in charter)
 
One Corporate Center
Rye, New York 10580-1422
(Address of principal executive offices) (Zip code)
 
John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
(Name and address of agent for service)

 

Registrant's telephone number, including area code: 1-800-422-3554

 

Date of fiscal year end: December 31

 

Date of reporting period: June 30, 2022

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. § 3507.

 

 

 

 

Item 1. Reports to Stockholders.

 

(a)The Report to Shareholders is attached herewith.

 

 

 

 

The Gabelli Dividend & Income Trust

Semiannual Report — June 30, 2022

 

To Our Shareholders,

 

For the six months ended June 30, 2022, the net asset value (NAV) total return of The Gabelli Dividend & Income Trust (the Fund) was (19.4)%, compared with a total return of (20.0)% for the Standard & Poor’s (S&P) 500 Index. The total return for the Fund’s publicly traded shares was (22.1)%. The Fund’s NAV per share was $23.37, while the price of the publicly traded shares closed at $20.45 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.

 

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2022.

 

Investment Objective (Unaudited)

 

The Gabelli Dividend & Income Trust is a diversified, closed-end management investment company. The Fund’s investment objective is to seek a high level of total return with an emphasis on dividends and income. In making stock selections, the Fund’s investment adviser looks for securities that have a superior yield and capital gains potential.

 

Performance Discussion (Unaudited)

 

During the first half of the year, all major North American stock indices were down. Markets came under pressure as concerns about inflation, sparked by loose monetary and fiscal policies, supply chain issues, and oil and agricultural products shock exacerbated by the war in Ukraine, morphed into worries about an economic downturn triggered largely by central bank tightening meant to control inflation. All of the sectors in the S&P 500 Index fell in the first half, with the exception of energy, which was actually up by about 32%, due to the large spike in oil and gas prices during the first quarter. The worst performing sector for the first half of the year was Discretionary, which was down by about 33%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

 

 

 

 

Swedish Match AB (3.11% of total investments as of June 30, 2022) was again the biggest positive contributor to returns during the first half year, as a result of the takeover offer from Philip Morris International. Other stocks that did well in the first half were Exxon Mobil Corp. (0.41%), the energy company, and Merck & Co. Inc. (0.55%), the large pharmaceutical company. On the negative side, the largest detractor to performance was Sony Group Corp., ADR (1.38%), the Japanese conglomerate that is a major player in media and electronics. Others stocks that underperformed during the first half of the year were financial services company JPMorgan Chase & Co. (1.49%), and Alphabet Inc., Cl. A and Cl. C (2.24%), which was also a major underperformer in the second quarter. These companies were all hurt by rising interest rates and fears that the global economy might be headed for a recession.

 

Thank you for your investment in The Gabelli Dividend & Income Trust.

 

We appreciate your confidence and trust.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The views expressed reflect the opinions of the Fund’s portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

2 

 

Comparative Results

 

Average Annual Returns through June 30, 2022 (a) (Unaudited)

 

   Six
Months		  1 Year  5 year  10 year  15 year  Since
Inception
(11/28/03)
The Gabelli Dividend & Income Trust (GDV)                  
NAV Total Return (b)     (19.42)%     (14.76)%       6.07%      9.27%     5.91%     7.53%
Investment Total Return (c)  (22.05)  (17.82)    5.00   9.84  6.56  7.25
S&P 500 Index  (19.96)  (10.62)  11.31  12.96  8.54  9.26
Dow Jones Industrial Average  (14.46)    (9.09)  10.00  11.68  8.35  8.99

 

 

(a)Performance returns for periods of less than one year are not annualized. Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund's use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. 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. The S&P 500 Index is an unmanaged indicator of stock market performance. The Dow Jones Industrial Average is an unmanaged index of 30 large capitalization stocks. Dividends are considered reinvested. You cannot invest directly in an index.

(b)Total returns and average annual returns reflect changes in the NAV per share and reinvestment of distributions at NAV on the ex-dividend date and adjustment for the spin-off 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 NYSE, reinvestment of distributions and adjustment for the spin-off. Since inception return is based on an initial offering price of $20.00.

 

 

 

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.

 

3 

 

Summary of Portfolio Holdings (Unaudited)

 

The following table presents portfolio holdings as a percent of total investments as of June 30, 2022:

 

The Gabelli Dividend & Income Trust

 

Financial Services   14.8%
Health Care   11.2%
Food and Beverage   10.6%
Computer Software and Services   6.7%
Consumer Products   4.7%
Retail   3.8%
Energy and Utilities: Oil   3.6%
U.S. Government Obligations   3.6%
Diversified Industrial   3.2%
Electronics   3.0%
Telecommunications   2.8%
Automotive: Parts and Accessories   2.6%
Business Services   2.5%
Environmental Services   2.3%
Entertainment   2.3%
Machinery   2.2%
Specialty Chemicals   2.0%
Energy and Utilities: Integrated   1.6%
Equipment and Supplies   1.6%
Aerospace   1.4%
Energy and Utilities: Natural Gas   1.4%
Metals and Mining   1.3%
Cable and Satellite   1.3%
Building and Construction   1.2%
Broadcasting   1.0%
Computer Hardware   0.9%
Transportation   0.8%
Semiconductors   0.8%
Consumer Services   0.8%
Energy and Utilities: Electric   0.7%
Aviation: Parts and Services   0.6%
Energy and Utilities: Services   0.6%
Automotive   0.6%
Hotels and Gaming   0.4%
Real Estate   0.3%
Energy and Utilities: Water   0.3%
Communications Equipment   0.3%
Energy and Utilities   0.2%
Wireless Communications   0.0%*
Publishing   0.0%*
Agriculture   0.0%*
Closed-End Funds   0.0%*
Paper and Forest Products   0.0%*
    100.0%

 

 

*       Amount represents less than 0.05%.


 

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

 

Proxy Voting

 

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

 

 4

 

 

The Gabelli Dividend & Income Trust

Schedule of Investments — June 30, 2022 (Unaudited)

 

 

Shares      Cost   Market
Value		 
     COMMON STOCKS — 95.9%          
     Aerospace  — 1.4%          
 170,000   Aerojet Rocketdyne Holdings Inc.†  $3,039,551  $6,902,000 
 14,000   HEICO Corp.   1,239,818    1,835,680 
 75,000   Howmet Aerospace Inc.   1,535,205    2,358,750 
 25,000   Kaman Corp.   742,013    781,250 
 67,500   Rockwell Automation Inc.   2,385,009    13,453,425 
 1,240,000   Rolls-Royce Holdings plc†   2,399,371    1,252,090 
 50,500   The Boeing Co.†   7,847,597    6,904,360 
         19,188,564    33,487,555 
                
     Agriculture — 0.0%          
 5,000   Corteva Inc.   156,047    270,700 
                
     Automotive — 0.6%          
 12,000   Daimler Truck Holding AG†   366,053    313,253 
 50,000   Ford Motor Co.   639,713    556,500 
 169,000   General Motors Co.†   8,220,149    5,367,440 
 298,000   Iveco Group NV†   1,577,122    1,574,562 
 73,000   PACCAR Inc.   3,354,292    6,010,820 
 23,000   Traton SE   518,596    336,476 
         14,675,925    14,159,051 
                
     Automotive: Parts and Accessories — 2.6%          
 51,176   Aptiv plc†   3,252,213    4,558,247 
 324,132   Dana Inc.   6,089,920    4,560,537 
 125,700   Garrett Motion Inc.†   763,501    971,661 
 286,000   Genuine Parts Co.   19,932,086    38,038,000 
 6,000   Lear Corp.   713,500    755,340 
 18,000   Monro Inc.   872,831    771,840 
 20,000   O'Reilly Automotive Inc.†   4,727,092    12,635,200 
 15,000   Visteon Corp.†   1,452,016    1,553,700 
         37,803,159    63,844,525 
                
     Aviation: Parts and Services — 0.6%          
 64,000   L3Harris Technologies Inc.   7,202,542    15,468,800 
                
     Broadcasting — 1.0%          
 505,000   Grupo Televisa SAB, ADR   5,609,068    4,130,900 
 49,121   Liberty Broadband Corp., Cl. C†   4,454,623    5,680,352 
 15,000   Liberty Global plc, Cl. A†   382,640    315,750 
 434,000   Liberty Global plc, Cl. C†   11,165,667    9,587,060 
 85,000   Liberty Media Corp.- Liberty SiriusXM, Cl. C†   3,316,387    3,064,250 
 100,000   Sinclair Broadcast Group Inc., Cl. A   2,926,912    2,040,000 
         27,855,297    24,818,312 
                
     Building and Construction — 1.2%          
 10,000   Arcosa Inc.   320,554    464,300 
 24,000   Carrier Global Corp.   873,331    855,840 
Shares      Cost   Market
Value		 
 78,200   Fortune Brands Home & Security Inc.  $1,463,944  $4,682,616 
 4,000   H&E Equipment Services Inc.   150,225    115,880 
 114,219   Herc Holdings Inc.   4,724,407    10,296,843 
 205,700   Johnson Controls International plc   8,686,543    9,848,916 
 11,000   Sika AG   1,412,766    2,534,960 
 6,500   United Rentals Inc.†   1,071,749    1,578,915 
         18,703,519    30,378,270 
                
     Business Services — 2.5%          
 29,000   Diebold Nixdorf Inc.†   131,527    65,830 
 5,000   HP Inc.   138,100    163,900 
 15,000   Jardine Matheson Holdings Ltd.   873,589    788,400 
 60,000   JCDecaux SA†   1,660,916    1,007,918 
 159,000   Mastercard Inc., Cl. A   13,925,590    50,161,320 
 30,003   Steel Partners Holdings LP†   295,994    1,259,376 
 25,000   Stericycle Inc.†   1,395,097    1,096,250 
 37,600   Visa Inc., Cl. A   5,398,122    7,403,064 
         23,818,935    61,946,058 
                
     Cable and Satellite — 1.2%          
 15,000   AMC Networks Inc., Cl. A†   405,971    436,800 
 2,445   Charter Communications Inc., Cl. A†   347,387    1,145,556 
 15,000   Cogeco Inc.   296,908    795,331 
 418,000   Comcast Corp., Cl. A   17,408,806    16,402,320 
 179,790   DISH Network Corp., Cl. A†   5,218,462    3,223,635 
 10,000   EchoStar Corp., Cl. A†   303,596    193,000 
 3,622   Liberty Latin America Ltd., Cl. A†   29,383    28,252 
 71,621   Liberty Latin America Ltd., Cl. C†   1,031,485    557,927 
 90,000   Rogers Communications Inc., Cl. B   2,537,884    4,311,000 
 80,000   WideOpenWest Inc.†   521,247    1,456,800 
         28,101,129    28,550,621 
                
     Communications Equipment — 0.3%          
 24,000   Arista Networks Inc.†   1,343,279    2,249,760 
 76,000   Corning Inc.   930,977    2,394,760 
 5,000   QUALCOMM Inc.   682,309    638,700 
 33,000   Radius Global Infrastructure Inc., Cl. A†   510,333    503,580 
 11,875   Telesat Corp.†   422,371    132,644 
 114,125   Telesat Corp., New York†   4,873,990    1,274,776 
         8,763,259    7,194,220 
                
     Computer Hardware — 0.9%          
 158,800   Apple Inc.   8,972,821    21,711,136 
 17,500   Micron Technology Inc.   972,900    967,400 

See accompanying notes to financial statements.

 

 5

 

 

The Gabelli Dividend & Income Trust 

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

 

 

Shares      Cost   Market
Value		 
     COMMON STOCKS (Continued)          
     Computer Hardware (Continued)          
 18,000   NCR Corp.†  $761,170   $559,980 
         10,706,891    23,238,516 
                
     Computer Software and Services — 6.7%        
 26,000   Activision Blizzard Inc.   1,832,941    2,024,360 
 18,800   Adobe Inc.†   6,062,870    6,881,928 
 1,000   Alibaba Group Holding Ltd., ADR†   216,505    113,680 
 4,439   Alphabet Inc., Cl. A†   3,850,750    9,673,735 
 20,775   Alphabet Inc., Cl. C†   27,574,774    45,444,274 
 168,900   Amazon.com Inc.†   17,641,379    17,938,869 
 22,300   Applied Materials Inc.   1,176,212    2,028,854 
 4,000   Backblaze Inc., Cl. A†   68,720    20,920 
 25,000   Black Knight Inc.†   712,882    1,634,750 
 4,000   Check Point Software Technologies Ltd.†   454,950    487,120 
 22,000   Cisco Systems Inc.   922,115    938,080 
 58,000   Cloudflare Inc., Cl. A†   3,517,622    2,537,500 
 28,500   CrowdStrike Holdings Inc., Cl. A†   4,802,367    4,803,960 
 30,000   eBay Inc.   678,428    1,250,100 
 46,897   Edgio Inc.†   121,229    108,332 
 6,300   Fiserv Inc.†   684,297    560,511 
 500,000   Hewlett Packard Enterprise Co.   6,827,746    6,630,000 
 58,000   Kyndryl Holdings Inc.†   1,167,299    567,240 
 60,000   Mandiant Inc.†   847,000    1,309,200 
 178,849   Microsoft Corp.   16,956,609    45,933,789 
 4,000   MKS Instruments Inc.   592,007    410,520 
 75,000   N-able Inc.†   988,506    675,000 
 1,000   Oracle Corp.   87,280    69,870 
 4,500   SAP SE, ADR   580,385    408,240 
 11,400   ServiceNow Inc.†   3,772,809    5,420,928 
 15,300   Snowflake Inc., Cl. A†   4,489,162    2,127,618 
 107,000   SolarWinds Corp.   1,972,952    1,096,750 
 3,000   Unity Software Inc.†   239,283    110,460 
 19,757   Vimeo Inc.†   617,500    118,937 
 8,000   VMware Inc., Cl. A   941,402    911,840 
 101,500   ZoomInfo Technologies Inc.†   5,784,444    3,373,860 
         116,182,425    165,611,225 
                
     Consumer Products — 4.7%          
 150,000   Authentic Equity Acquisition Corp.†   1,500,000    1,483,500 
 30,000   Church & Dwight Co. Inc.   1,199,580    2,779,800 
 458,000   Edgewell Personal Care Co.   23,658,832    15,810,160 
 126,000   Energizer Holdings Inc.   4,935,468    3,572,100 
 99,000   Hanesbrands Inc.   471,699    1,018,710 
 16,000   Kimball International Inc., Cl. B   214,842    122,720 
Shares       Cost   Market
Value		 
 3,000   Kimberly-Clark Corp.   $319,775  $405,450 
 5,000   Spectrum Brands Holdings Inc.    394,981    410,100 
 7,500,000   Swedish Match AB    11,776,272    76,394,829 
 9,000   The Estee Lauder Companies Inc., Cl. A    1,751,585    2,292,030 
 74,000   The Procter & Gamble Co.    4,308,080    10,640,460 
          50,531,114    114,929,859 
                 
     Consumer Services — 0.6%           
 22,000   Ashtead Group plc    423,833    920,985 
 21,700   Blink Charging Co.†    678,860    358,701 
 45,050   Meta Platforms Inc., Cl. A†    13,378,158    7,264,312 
 150,000   Rentokil Initial plc    1,060,106    866,596 
 95,000   Terminix Global Holdings Inc.†    3,008,474    3,861,750 
 7,000   Travel + Leisure Co.    238,201    271,740 
 150,072   Vroom Inc.†    476,646    187,590 
          19,264,278    13,731,674 
                 
     Diversified Industrial — 3.2%           
 11,900   American Outdoor Brands Inc.†    258,947    113,169 
 47,000   Ampco-Pittsburgh Corp.†    124,572    181,890 
 97,500   Ardagh Metal Packaging SA    970,849    594,750 
 93,000   Bouygues SA    3,237,800    2,861,406 
 4,500   Crane Holdings Co.    428,255    394,020 
 22,700   Eaton Corp. plc    880,958    2,859,973 
 9,400   General Electric Co.    758,363    598,498 
 200,000   Griffon Corp.    3,718,158    5,606,000 
 197,000   Honeywell International Inc.    23,437,586    34,240,570 
 9,000   Hyster-Yale Materials Handling Inc.    358,197    289,980 
 48,500   ITT Inc.    1,017,117    3,261,140 
 20,000   Li-Cycle Holdings Corp.†    189,342    137,600 
 10,000   nVent Electric plc    140,660    313,300 
 15,000   Pentair plc    425,273    686,550 
 8,000   Proto Labs Inc.†    629,945    382,720 
 2,000   Smiths Group plc    37,699    34,072 
 6,500   Sulzer AG    415,548    403,761 
 305,000   Textron Inc.    12,055,988    18,626,350 
 19,500   The Sherwin-Williams Co.    3,495,769    4,366,245 
 300,000   Toray Industries Inc.    2,270,748    1,683,078 
 36,000   Trinity Industries Inc.    739,138    871,920 
 20,000   Vantage Towers AG    596,274    557,509 
          56,187,186    79,064,501 
                 
     Electronics — 3.0%           
 13,000   Bel Fuse Inc., Cl. B    200,392    202,280 
 60,000   ChargePoint Holdings Inc.†    1,274,407    821,400 
 50,000   Flex Ltd.†    906,871    723,500 
 119,000   Intel Corp.    6,786,954    4,451,790 
 90,000   Mirion Technologies Inc.†    880,086    518,400 

See accompanying notes to financial statements.

 

 6

 

 

The Gabelli Dividend & Income Trust 

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

 

 

Shares      Cost   Market
Value		 
     COMMON STOCKS (Continued)          
     Electronics (Continued)          
 160,000   Resideo Technologies Inc.†  $1,354,245   $3,107,200 
 415,000   Sony Group Corp., ADR   15,943,542    33,934,550 
 38,000   TE Connectivity Ltd.   1,106,583    4,299,700 
 78,000   Texas Instruments Inc.   2,546,970    11,984,700 
 27,000   Thermo Fisher Scientific Inc.   9,129,749    14,668,560 
 2,500   Universal Display Corp.   444,760    252,850 
         40,574,559    74,964,930 
                
     Energy and Utilities: Electric — 0.7%          
 11,000   ALLETE Inc.   360,106    646,580 
 5,000   American Electric Power Co. Inc.   184,350    479,700 
 29,000   Electric Power Development Co. Ltd.   607,454    479,628 
 179,000   Evergy Inc.   9,906,125    11,679,750 
 12,000   Pinnacle West Capital Corp.   468,584    877,440 
 4,500   Portland General Electric Co.   222,155    217,485 
 60,000   The AES Corp.   617,140    1,260,600 
 7,000   WEC Energy Group Inc.   460,120    704,480 
         12,826,034    16,345,663 
                
     Energy and Utilities: Integrated — 1.6%          
 135,000   Avangrid Inc.   6,274,888    6,226,200 
 22,000   Chubu Electric Power Co. Inc.   354,517    221,492 
 20,000   Endesa SA   506,664    377,262 
 228,000   Enel SpA   1,036,727    1,247,228 
 50,000   Eversource Energy   4,178,779    4,223,500 
 23,000   Hawaiian Electric Industries Inc.   594,426    940,700 
 410,000   Hera SpA   822,663    1,185,860 
 16,000   Hokkaido Electric Power Co. Inc.   102,051    58,373 
 45,000   Iberdrola SA, ADR   952,490    1,861,650 
 115,000   Korea Electric Power Corp., ADR†   1,568,135    1,009,700 
 26,000   Kyushu Electric Power Co. Inc.   288,709    167,099 
 28,000   MGE Energy Inc.   599,144    2,179,240 
 55,000   NextEra Energy Inc.   2,686,884    4,260,300 
 65,000   NextEra Energy Partners LP   2,941,290    4,820,400 
 49,000   NiSource Inc.   397,054    1,445,010 
 2,000   NorthWestern Corp.   125,482    117,860 
 57,500   OGE Energy Corp.   685,360    2,217,200 
 11,000   Ormat Technologies Inc.   165,000    861,850 
 260,000   PG&E Corp.†   2,616,544    2,594,800 
 24,500   PNM Resources Inc.   1,202,155    1,170,610 
 30,000   Public Service Enterprise Group Inc.   906,079    1,898,400 
Shares      Cost   Market
Value		 
 50,000   Shikoku Electric Power Co. Inc.  $878,676   $291,495 
 46,000   The Chugoku Electric Power Co. Inc.   665,082    295,976 
 16,000   The Kansai Electric Power Co. Inc.   197,975    158,490 
 50,000   Tohoku Electric Power Co. Inc.   645,500    267,910 
         31,392,274    40,098,605 
                
     Energy and Utilities: Natural Gas — 1.4%          
 16,000   APA Corp.   185,550    558,400 
 200,000   Enterprise Products Partners LP   3,705,915    4,874,000 
 61,000   Kinder Morgan Inc.   1,496,796    1,022,360 
 166,500   National Fuel Gas Co.   8,169,490    10,997,325 
 30,000   National Grid plc   469,640    384,180 
 22,000   National Grid plc, ADR   1,086,983    1,423,180 
 14,300   ONEOK Inc.   556,898    793,650 
 37,500   Sempra Energy   1,199,552    5,635,125 
 30,000   South Jersey Industries Inc.   476,644    1,024,200 
 42,000   Southwest Gas Holdings Inc.   1,103,049    3,657,360 
 74,000   UGI Corp.   2,877,555    2,857,140 
         21,328,072    33,226,920 
                
     Energy and Utilities: Oil — 3.6%          
 84,200   Chevron Corp.   7,940,189    12,190,476 
 173,500   ConocoPhillips   9,158,027    15,582,035 
 65,000   Devon Energy Corp.   856,057    3,582,150 
 123,000   Eni SpA, ADR   4,396,603    2,928,630 
 35,000   Enviva Inc.   2,056,026    2,002,700 
 375,000   Equinor ASA, ADR   6,897,752    13,035,000 
 119,000   Exxon Mobil Corp.   6,801,294    10,191,160 
 15,700   Hess Corp.   975,265    1,663,258 
 136,000   Marathon Petroleum Corp.   4,323,266    11,180,560 
 11,000   Occidental Petroleum Corp.   361,355    647,680 
 1,000   PetroChina Co. Ltd., ADR   40,300    46,640 
 25,000   Petroleo Brasileiro SA, ADR   276,028    292,000 
 52,000   Phillips 66   4,107,965    4,263,480 
 75,000   Repsol SA, ADR   1,487,593    1,097,250 
 82,000   Shell plc, ADR   4,354,358    4,287,780 
 1,000   Texas Pacific Land Corp.   1,205,174    1,488,020 
 70,000   TotalEnergies SE, ADR   3,318,049    3,684,800 
 2,891   Woodside Energy Group Ltd., ADR   66,493    62,330 
         58,621,794    88,225,949 
                
     Energy and Utilities: Services — 0.6%         
 20,000   Dril-Quip Inc.†   505,272    516,000 
 274,000   Halliburton Co.   8,552,147    8,592,640 
 102,000   Oceaneering International Inc.†   1,490,150    1,089,360 

See accompanying notes to financial statements.

 

 7

 

 

The Gabelli Dividend & Income Trust 

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

 

 

Shares      Cost   Market
Value		 
    COMMON STOCKS (Continued)        
     Energy and Utilities: Services (Continued)          
 143,000   Schlumberger NV  $4,986,054   $5,113,680 
         15,533,623    15,311,680 
                
     Energy and Utilities: Water —  0.3%          
 11,000   American States Water Co.   138,388    896,610 
 6,000   American Water Works Co. Inc.   715,889    892,620 
 14,000   Essential Utilities Inc.   613,003    641,900 
 186,000   Mueller Water Products Inc., Cl. A   1,758,408    2,181,780 
 36,000   Severn Trent plc   927,080    1,191,542 
 24,000   SJW Group   428,495    1,497,840 
 7,500   The York Water Co.   97,903    303,225 
 6,000   United Utilities Group plc, ADR   168,600    151,920 
         4,847,766    7,757,437 
                
     Entertainment — 2.3%          
 61,333   Fox Corp., Cl. A   1,949,372    1,972,469 
 58,000   Fox Corp., Cl. B   1,905,227    1,722,600 
 194,077   Liberty Media Corp.- Liberty Braves, Cl. A†   5,336,993    4,881,037 
 60,280   Madison Square Garden Entertainment Corp.†   2,844,444    3,171,934 
 46,500   Madison Square Garden Sports Corp.†   3,836,163    7,021,500 
 19,500   Netflix Inc.†        8,143,113    3,409,965 
 50,000   Paramount Global, Cl. A   1,928,377    1,363,000 
 250,000   Paramount Global, Cl. B   7,128,093    6,170,000 
 55,400   Take-Two Interactive Software Inc.†   8,894,280    6,788,162 
 103,500   The Walt Disney Co.†   13,340,752    9,770,400 
 120,000   Universal Music Group NV   2,218,498    2,406,177 
 482,000   Vivendi SE   5,610,326    4,897,565 
 139,225   Warner Bros Discovery Inc.†   3,918,027    1,868,399 
         67,053,665    55,443,208 
                
     Environmental Services —  2.3%          
 184,000   Republic Services Inc.   6,874,129    24,080,080 
 27,380   Veolia Environnement SA†   391,008    668,257 
 97,222   Waste Connections Inc.   4,631,690    12,051,639 
 122,000   Waste Management Inc.   5,057,270    18,663,560 
         16,954,097    55,463,536 
                
     Equipment and Supplies — 1.6%          
 70,000   CIRCOR International Inc.†   1,969,842    1,147,300 
 27,800   Danaher Corp.   5,674,383    7,047,856 
 89,000   Flowserve Corp.   3,361,599    2,548,070 
 126,000   Graco Inc.   2,536,686    7,485,660 
 144,000   Mueller Industries Inc.   3,129,018    7,673,760 
 437,000   RPC Inc.†   868,698    3,019,670 
Shares      Cost   Market
Value		 
 90,000   Sealed Air Corp.  $2,301,314   $5,194,800 
 25,800   The L.S. Starrett Co., Cl. A†   125,379    181,116 
 96,000   The Timken Co.   3,641,177    5,092,800 
         23,608,096    39,391,032 
                
     Financial Services — 14.8%          
 7,000   Alleghany Corp.†   2,577,465    5,831,700 
 299,108   American Express Co.   27,265,923    41,462,351 
 76,000   American International Group Inc.   4,514,476    3,885,880 
 403,000   Bank of America Corp.   8,332,284    12,545,390 
 55,000   Berkshire Hathaway Inc., Cl. B†   10,460,548    15,016,100 
 19,300   BlackRock Inc.   4,333,951    11,754,472 
 75,000   Blackstone Inc.   3,116,650    6,842,250 
 26,000   Block Inc.†   2,962,294    1,597,960 
 28,500   Brookfield Asset Management Inc., Cl. A   128,980    1,267,395 
 196   Brookfield Asset Management Reinsurance
Partners Ltd., Cl. A		   10,388    8,738 
 22,000   Cannae Holdings Inc.†   275,343    425,480 
 220,000   Citigroup Inc.   10,521,711    10,117,800 
 50,000   Cohen & Steers Inc.   1,856,317    3,179,500 
 175,000   Counter Press Acquisition Corp.†   1,750,000    1,748,250 
 18,500   Cullen/Frost Bankers Inc.   1,345,682    2,154,325 
 10,000   EXOR NV   608,373    623,321 
 120   Farmers & Merchants Bank of Long Beach   943,123    915,120 
 42,000   Fidelity National Financial Inc.   430,073    1,552,320 
 41,000   Franklin Resources Inc.   1,296,864    955,710 
 200,000   Graf Acquisition Corp. IV†   2,000,000    1,948,000 
 40,000   H&R Block Inc.   722,109    1,412,800 
 13,000   HSBC Holdings plc, ADR   522,136    424,710 
 22,249   Interactive Brokers Group Inc., Cl. A   839,448    1,223,918 
 155,000   Invesco Ltd.   3,318,821    2,500,150 
 104,000   Janus Henderson Group plc   3,276,906    2,445,040 
 325,417   JPMorgan Chase & Co.   22,944,955    36,645,208 
 65,000   KeyCorp.   856,314    1,119,950 
 30,000   Kinnevik AB, Cl. B†   402,728    483,296 
 55,000   KKR & Co. Inc.   1,110,737    2,545,950 
 55,000   Loews Corp.   3,560,246    3,259,300 
 52,000   M&T Bank Corp.   5,044,536    8,288,280 
 190,226   Morgan Stanley   5,277,694    14,468,590 
 3,400   MSCI Inc.   982,837    1,401,310 
 70,000   National Australia Bank Ltd., ADR   810,381    656,460 
 130,000   Navient Corp.   927,744    1,818,700 

See accompanying notes to financial statements.

 

 8

 

 

The Gabelli Dividend & Income Trust 

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

 

 

Shares      Cost   Market
Value		 
     COMMON STOCKS (Continued)          
     Financial Services (Continued)          
 85,000   New York Community Bancorp Inc.  $1,323,378   $776,050 
 91,000   Northern Trust Corp.   4,076,449    8,779,680 
 408,719   Oaktree Specialty Lending Corp.   2,538,405    2,677,109 
 61,800   PayPal Holdings Inc.†   7,334,240    4,316,112 
 80,000   Resona Holdings Inc.   381,969    299,587 
 15,500   S&P Global Inc.   5,396,579    5,224,430 
 90,000   SLM Corp.   453,093    1,434,600 
 179,000   State Street Corp.   10,506,782    11,035,350 
 133,000   T. Rowe Price Group Inc.   9,606,741    15,110,130 
 620,000   The Bank of New York Mellon Corp.   20,242,305    25,860,200 
 36,000   The Goldman Sachs Group Inc.   8,199,765    10,692,720 
 85,000   The Hartford Financial Services Group Inc.   2,836,767    5,561,550 
 146,500   The PNC Financial Services Group Inc.   10,734,153    23,113,305 
 85,000   The Travelers Companies Inc.   5,942,594    14,376,050 
 200,000   Trine II Acquisition Corp.†   2,000,000    1,990,000 
 93,750   W. R. Berkley Corp.   3,347,910    6,399,375 
 589,500   Wells Fargo & Co.   21,065,935    23,090,715 
 2,500   Willis Towers Watson plc   191,258    493,475 
         251,506,360    363,756,162 
                
     Food and Beverage — 10.6%          
 12,000   Ajinomoto Co. Inc.   205,201    291,863 
 82,050   BellRing Brands Inc.†   1,856,313    2,042,225 
 12,500   Brown-Forman Corp., Cl. B   439,792    877,000 
 73,000   Campbell Soup Co.   2,746,178    3,507,650 
 950,000   China Mengniu Dairy Co. Ltd.   1,162,305    4,739,830 
 60,500   Chr. Hansen Holding A/S   2,467,586    4,403,534 
 396,000   Conagra Brands Inc.   10,511,933    13,559,040 
 8,000   Constellation Brands Inc., Cl. A   283,846    1,864,480 
 157,500   Danone SA   7,638,676    8,790,676 
 2,070,000   Davide Campari-Milano NV   6,330,469    21,768,489 
 100,000   Diageo plc, ADR   13,993,638    17,412,000 
 70,954   Flowers Foods Inc.   1,053,433    1,867,509 
 202,500   General Mills Inc.   11,321,719    15,278,625 
 18,000   Heineken Holding NV   747,987    1,310,042 
 260,000   ITO EN Ltd.   5,640,538    11,650,944 
 49,000   Kellogg Co.   3,585,719    3,495,660 
 120,000   Keurig Dr Pepper Inc.   1,412,776    4,246,800 
 332,000   Kikkoman Corp.   3,992,942    17,617,925 
 20,000   Lamb Weston Holdings Inc.   1,283,044    1,429,200 
 10,000   Landec Corp.†   102,407    99,700 
Shares      Cost   Market
Value		 
 108,000   Maple Leaf Foods Inc.  $2,081,739   $2,123,586 
 6,000   McCormick & Co. Inc.   290,905    498,180 
 30,000   Molson Coors Beverage Co., Cl. B   1,304,670    1,635,300 
 529,000   Mondel z International Inc., Cl. A   19,834,865    32,845,610 
 30,000   Morinaga Milk Industry Co. Ltd.   588,860    1,074,587 
 10,000   Nathan's Famous Inc.   591,370    585,700 
 3,000   National Beverage Corp.   139,394    146,820 
 22,000   Nestlé SA   1,644,475    2,568,145 
 35,000   Nestlé SA, ADR   2,563,158    4,073,650 
 128,000   Nissin Foods Holdings Co. Ltd.   4,370,561    8,839,623 
 69,982   Nomad Foods Ltd.†   1,810,557    1,398,940 
 72,000   PepsiCo Inc.   9,015,335    11,999,520 
 61,000   Pernod Ricard SA   5,202,267    11,206,044 
 49,000   Post Holdings Inc.†   2,734,828    4,035,150 
 24,500   Remy Cointreau SA   1,360,469    4,279,985 
 18,000   Suntory Beverage & Food Ltd.   573,702    680,572 
 265,000   The Coca-Cola Co.   10,300,790    16,671,150 
 115,000   The Hain Celestial Group Inc.†   3,521,867    2,730,100 
 64,000   The Kraft Heinz Co.   2,286,059    2,440,960 
 25,000   Unilever plc, ADR   800,393    1,145,750 
 235,000   Yakult Honsha Co. Ltd.   5,651,870    13,561,689 
         153,444,636    260,794,253 
                
     Health Care — 11.2%          
 30,500   Abbott Laboratories   1,791,668    3,313,825 
 55,000   AbbVie Inc.   5,495,945    8,423,800 
 59,000   AmerisourceBergen Corp.   4,199,338    8,347,320 
 42,486   AstraZeneca plc, ADR   2,346,406    2,807,050 
 160,000   Aurinia Pharmaceuticals Inc.†   2,391,684    1,608,000 
 185,987   Avantor Inc.†   5,102,432    5,784,196 
 43,500   Bausch + Lomb Corp.†   731,419    662,940 
 225,000   Bausch Health Cos. Inc.†   5,212,648    1,881,000 
 80,000   Baxter International Inc.   4,635,355    5,138,400 
 10,000   Becton, Dickinson and Co.   2,317,130    2,465,300 
 2,500   BioMarin Pharmaceutical Inc.†   195,120    207,175 
 9,000   Bio-Rad Laboratories Inc., Cl. A†   3,506,140    4,455,000 
 130,000   Bristol-Myers Squibb Co.   7,597,204    10,010,000 
 34,393   Cardiovascular Systems Inc.†   956,576    493,883 
 10,000   CareDx Inc.†   530,200    214,800 
 40,000   Catalent Inc.†   4,376,961    4,291,600 
 9,000   Charles River Laboratories International Inc.†   2,010,958    1,925,730 

See accompanying notes to financial statements.

 

 9

 

 

The Gabelli Dividend & Income Trust 

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

 

 

Shares      Cost   Market
Value		 
     COMMON STOCKS (Continued)          
     Health Care (Continued)          
 14,000   Chemed Corp.   $4,426,215  $6,571,460 
 52,000   Cigna Corp.   9,658,221    13,703,040 
 35,000   DaVita Inc.†   2,192,140    2,798,600 
 500   Demant A/S†   26,059    18,760 
 80,000   DENTSPLY SIRONA Inc.   4,389,378    2,858,400 
 72,700   Edwards Lifesciences Corp.†   6,677,975    6,913,043 
 105,000   Elanco Animal Health Inc.†   2,021,991    2,061,150 
 13,000   Elevance Health Inc.   2,548,777    6,273,540 
 38,200   Eli Lilly & Co.   1,438,806    12,385,586 
 190,000   Evolent Health Inc., Cl. A†   1,997,214    5,834,900 
 15,000   Gerresheimer AG   977,229    974,593 
 24,271   Gilead Sciences Inc.   1,727,270    1,500,191 
 42,500   HCA Healthcare Inc.   4,118,997    7,142,550 
 27,500   Henry Schein Inc.†   1,765,098    2,110,350 
 32,000   ICU Medical Inc.†   6,922,180    5,260,480 
 3,400   Illumina Inc.†   932,366    626,824 
 8,400   Incyte Corp.†   652,564    638,148 
 47,371   Integer Holdings Corp.†   2,516,334    3,347,235 
 15,900   Intuitive Surgical Inc.†   3,862,682    3,191,289 
 101,100   Johnson & Johnson   10,048,696    17,946,261 
 24,500   Laboratory Corp. of America Holdings   3,097,127    5,741,820 
 14,100   McKesson Corp.   2,378,237    4,599,561 
 4,000   Medmix AG   126,472    88,577 
 66,000   Medtronic plc   6,603,574    5,923,500 
 148,000   Merck & Co. Inc.   8,910,593    13,493,160 
 20,000   NeoGenomics Inc.†   149,976    163,000 
 220,000   Option Care Health Inc.†   2,886,959    6,113,800 
 1,000   Organon & Co.   34,571    33,750 
 35,000   Orthofix Medical Inc.†   1,090,110    823,900 
 100,000   Pacific Biosciences of California Inc.†   2,600,360    442,000 
 68,000   Patterson Cos. Inc.   1,622,455    2,060,400 
 100,000   Perrigo Co. plc   4,370,608    4,057,000 
 50,000   Personalis Inc.†   498,350    172,500 
 75,000   PetIQ Inc.†   1,958,817    1,259,250 
 393,588   Pfizer Inc.   9,373,068    20,635,819 
 5,697   QuidelOrtho Corp.†   579,328    553,634 
 15,000   Silk Road Medical Inc.†   776,461    545,850 
 15,000   Stryker Corp.   1,929,225    2,983,950 
 4,000   Teladoc Health Inc.†   160,904    132,840 
 97,500   Tenet Healthcare Corp.†   4,070,626    5,124,600 
 8,000   The Cooper Companies Inc.   976,530    2,504,960 
 19,000   UnitedHealth Group Inc.   9,102,004    9,758,970 
 10,000   Vertex Pharmaceuticals Inc.†   1,942,839    2,817,900 
 25,000   Viatris Inc.   370,628    261,750 
 40,000   Zimmer Biomet Holdings Inc.   4,049,182    4,202,400 
Shares      Cost   Market
Value		 
 3,000   Zimvie Inc.†  $84,622   $48,030 
 95,038   Zoetis Inc.   3,445,226    16,336,082 
         195,486,228    275,065,422 
                
     Hotels and Gaming — 0.4%          
 19,000   Accor SA†   654,124    514,302 
 80,000   Boyd Gaming Corp.   400,623    3,980,000 
 20,000   Entain plc†   259,138    303,108 
 21,000   Las Vegas Sands Corp.†   1,215,316    705,390 
 400,000   Mandarin Oriental International Ltd.†   680,880    756,000 
 51,000   MGM Resorts International   1,347,032    1,476,450 
 15,000   Ryman Hospitality Properties Inc., REIT†   683,116    1,140,450 
 5,000   Wyndham Hotels & Resorts Inc.   191,090    328,600 
         5,431,319    9,204,300 
                
     Machinery — 2.2%          
 21,000   Astec Industries Inc.   752,860    856,380 
 140,000   CNH Industrial NV   911,179    1,616,777 
 1,360,000   CNH Industrial NV, New York   9,760,243    15,762,400 
 67,100   Deere & Co.   4,913,736    20,094,437 
 6,000   Otis Worldwide Corp.   333,099    424,020 
 35,000   Twin Disc Inc.†   309,328    317,100 
 192,905   Xylem Inc.   9,319,743    15,081,313 
         26,300,188    54,152,427 
                
     Metals and Mining — 1.3%          
 65,000   Agnico Eagle Mines Ltd.   2,061,450    2,974,400 
 20,000   Alliance Resource Partners LP   84,683    364,600 
 8,000   Arconic Corp.†   92,609    224,400 
 147,588   Barrick Gold Corp.   2,890,726    2,610,832 
 8,000   BHP Group Ltd., ADR   217,549    449,440 
 36,000   Franco-Nevada Corp.   1,500,629    4,735,488 
 200,000   Freeport-McMoRan Inc.   3,752,940    5,852,000 
 267,000   Newmont Corp.   10,450,426    15,931,890 
         21,051,012    33,143,050 
                
     Paper and Forest Products  — 0.0%          
 200   Keweenaw Land Association Ltd.   16,004    4,300 
                
     Publishing — 0.0%          
 1,200   Graham Holdings Co., Cl. B   632,929    680,208 
                
     Real Estate — 0.3%          
 14,000   Crown Castle International Corp., REIT   1,756,836    2,357,320 
 5,000   Equinix Inc., REIT   1,978,269    3,285,100 

See accompanying notes to financial statements.

 

 10

 

 

The Gabelli Dividend & Income Trust 

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

 

 

Shares      Cost   Market
Value		 
     COMMON STOCKS (Continued)          
     Real Estate (Continued)          
 85,000   Weyerhaeuser Co., REIT  $2,681,578   $2,815,200 
         6,416,683    8,457,620 
                
     Retail — 3.8%          
 20,500   Advance Auto Parts Inc.   3,172,466    3,548,345 
 114,000   AutoNation Inc.†   5,903,837    12,740,640 
 1,300   AutoZone Inc.†   1,435,000    2,793,856 
 19,000   Bassett Furniture Industries Inc.   96,034    344,280 
 37,000   CarMax Inc.†   3,409,222    3,347,760 
 200,000   Conn's Inc.†   4,850,850    1,604,000 
 308,000   CVS Health Corp.   22,600,962    28,539,280 
 43,700   EVgo Inc.†   436,337    262,637 
 103,500   Ingles Markets Inc., Cl. A   1,505,816    8,978,625 
 36,400   Lowe's Companies Inc.   817,400    6,357,988 
 4,000   Macy's Inc.   111,723    73,280 
 7,500   MSC Industrial Direct Co. Inc., Cl. A   528,089    563,325 
 27,100   NIKE Inc., Cl. B   2,551,859    2,769,620 
 37,500   Rush Enterprises Inc., Cl. B   599,173    1,860,375 
 247,000   Sally Beauty Holdings Inc.†   3,735,266    2,944,240 
 120,000   Seven & i Holdings Co. Ltd.   3,834,291    4,658,314 
 50,000   Starbucks Corp.   3,629,439    3,819,500 
 12,000   The Home Depot Inc.   2,899,029    3,291,240 
 45,000   Walgreens Boots Alliance Inc.   1,654,405    1,705,500 
 20,000   Walmart Inc.   970,066    2,431,600 
         64,741,264    92,634,405 
                
     Semiconductors — 0.8%          
 20,000   Advanced Micro Devices Inc.†   1,629,710    1,529,400 
 5,600   ASML Holding NV   1,831,567    2,664,928 
 45,000   Lattice Semiconductor Corp.†   2,558,052    2,182,500 
 62,000   Marvell Technology Inc.   4,699,156    2,698,860 
 60,600   NVIDIA Corp.   3,239,206    9,186,354 
 1,500   NXP Semiconductors NV   274,055    222,045 
 10,000   Taiwan Semiconductor Manufacturing Co. Ltd., ADR   1,169,806    817,500 
         15,401,552    19,301,587 
                
     Specialty Chemicals — 2.0%          
 18,000   Air Products and Chemicals Inc.   3,256,661    4,328,640 
 30,000   Ashland Global Holdings Inc.   1,880,763    3,091,500 
 10,000   Axalta Coating Systems Ltd.†   251,294    221,100 
 5,000   Dow Inc.   223,651    258,050 
Shares      Cost   Market
Value		 
 408,000   DuPont de Nemours Inc.  $23,459,535   $22,676,640 
 19,000   FMC Corp.   1,964,555    2,033,190 
 76,000   International Flavors & Fragrances Inc.   9,286,513    9,053,120 
 83,000   Olin Corp.   1,490,430    3,841,240 
 5,000   Sensient Technologies Corp.   315,608    402,800 
 115,810   Valvoline Inc.   2,353,221    3,338,802 
         44,482,231    49,245,082 
                
     Telecommunications — 2.8%          
 153,000   AT&T Inc.   3,090,380    3,206,880 
 168,000   BCE Inc.   4,665,969    8,262,240 
 20,151   Comtech Telecommunications Corp.   469,797    182,770 
 430,000   Deutsche Telekom AG, ADR   7,239,214    8,565,600 
 195,000   Hellenic Telecommunications Organization SA, ADR   1,323,723    1,772,550 
 50,000   Orange SA, ADR   1,004,466    588,500 
 50,000   Pharol SGPS SA†   14,182    4,181 
 42,000   Proximus SA   1,132,809    619,056 
 55,000   Telefonica SA, ADR   485,386    282,150 
 295,000   Telekom Austria AG   1,968,837    1,963,072 
 30,000   Telenet Group Holding NV   1,232,635    622,797 
 125,000   Telephone and Data Systems Inc.   3,224,571    1,973,750 
 110,000   Telstra Corp. Ltd., ADR   2,014,389    1,459,700 
 270,000   TELUS Corp.   1,405,698    6,015,600 
 50,000   T-Mobile US Inc.†   3,644,240    6,727,000 
 150,000   VEON Ltd., ADR†   382,930    69,000 
 493,086   Verizon Communications Inc.   23,091,497    25,024,114 
 46,000   Vodafone Group plc, ADR   826,009    716,680 
         57,216,732    68,055,640 
                
     Transportation — 0.8%          
 28,840   Canadian Pacific Railway Ltd.   167,897    2,014,186 
 185,000   GATX Corp.   5,991,993    17,419,600 
         6,159,890    19,433,786 
                
     Wireless Communications — 0.0%          
 43,000   United States Cellular Corp.†   1,676,934    1,245,280 
                
     TOTAL COMMON STOCKS   1,581,844,212    2,358,096,369 

See accompanying notes to financial statements.

 

 11

 

 

The Gabelli Dividend & Income Trust 

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

 

 

Shares      Cost   Market
Value		 
     CLOSED-END FUNDS — 0.0%          
 40,000   Altaba Inc., Escrow†  $1,556   $202,000 
                
     PREFERRED STOCKS — 0.2%          
     Consumer Services — 0.2%          
 64,450   Qurate Retail Inc., 8.000%, 03/15/31   6,431,415    3,767,102 
                
     Health Care — 0.0%          
 2,296   XOMA Corp., Ser. A, 8.625%   57,446    57,607 
                
     TOTAL PREFERRED STOCKS   6,488,861    3,824,709 
                
     CONVERTIBLE PREFERRED STOCKS — 0.0%          
     Automotive: Parts and Accessories — 0.0%          
 123,160   Garrett Motion Inc., Ser. A, 11.000%   646,590    1,012,375 
                
     MANDATORY CONVERTIBLE SECURITIES(a) — 0.2%          
     Energy and Utilities — 0.2%          
 123,200   El Paso Energy Capital Trust I, 4.750%, 03/31/28   4,467,959    5,722,640 
                
     WARRANTS — 0.0%          
     Diversified Industrial  — 0.0%          
 32,000   Ampco-Pittsburgh Corp., expire 08/01/25†   21,862    13,344 
                
     Energy and Utilities: Oil  — 0.0%          
 12,257   Occidental Petroleum Corp., expire 08/03/27†   60,672    453,141 
                
     Energy and Utilities: Services — 0.0%          
 3,081   Weatherford International plc, expire 12/13/23†   0    1,109 
                
     TOTAL WARRANTS   82,534    467,594 

 

Principal Amount            
     CONVERTIBLE CORPORATE BONDS — 0.1%          
     Cable and Satellite — 0.1%          
$1,700,000   DISH Network Corp., 3.375%, 08/15/26   1,700,000    1,152,600 
Principal Amount         Cost   Market
Value		 
       U.S. GOVERNMENT OBLIGATIONS — 3.6%           
$88,105,000     U.S. Treasury Bills, 0.220% to 1.725%††,
07/07/22 to 12/08/22		   $87,943,951   $87,904,902 
               
TOTAL INVESTMENTS — 100.0%   $1,683,175,663    2,458,383,189 
            
Other Assets and Liabilities (Net)         2,442,448 
            
PREFERRED SHARES           
(8,006,064 preferred shares outstanding)         (351,600,000)
            
NET ASSETS — COMMON SHARES           
(90,271,286 common shares outstanding)        $2,109,225,637 
            
NET ASSET VALUE PER COMMON SHARE           
($2,109,225,637 ÷ 90,271,286 shares outstanding)        $23.37 

 

 

(a) Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.
† Non-income producing security.
†† Represents annualized yields at dates of purchase.
   
ADR American Depositary Receipt
REIT Real Estate Investment Trust

 

Geographic Diversification  % of Total
Investments		    Market
Value		 
North America   84.0%    $2,065,021,939 
Europe   11.5      281,805,476 
Japan   3.9      96,233,194 
Asia/Pacific    0.4      10,899,680 
Latin America   0.2      4,422,900 
Total Investments   100.0%    $2,458,383,189 


See accompanying notes to financial statements.

 

 12

 

The Gabelli Dividend & Income Trust

 

Statement of Assets and Liabilities

June 30, 2022 (Unaudited)

 

Assets:    
Investments, at value (cost $1,683,175,663)  $2,458,383,189 
Cash   33,427 
Foreign currency, at value (cost $103,645)   103,330 
Receivable for investments sold   2,122,113 
Dividends and interest receivable   3,349,172 
Deferred offering expense   337,543 
Prepaid expenses   39,846 
Total Assets   2,464,368,620 
Liabilities:     
Distributions payable   161,202 
Payable for investments purchased   905,611 
Payable for Fund shares repurchased   40,850 
Payable for investment advisory fees   2,075,600 
Payable for payroll expenses   89,445 
Payable for accounting fees   7,500 
Payable for preferred offering expenses   8,238 
Series J Cumulative Preferred Stock, callable and mandatory redemption 03/26/28 ) (See Notes 2 and 6)   145,100,000 
Other accrued expenses   254,537 
Total Liabilities   148,642,983 
Cumulative Preferred Shares, each at $0.001 par value:     
Series B (Auction Market, $25,000 liquidation value, 4,000 shares authorized with 82 shares issued and outstanding)   2,050,000 
Series C (Auction Market, $25,000 liquidation value, 4,800 shares authorized with 54 shares issued and outstanding)   1,350,000 
Series E (Auction Rate, $25,000 liquidation value, 5,400 shares authorized with 124 shares issued and outstanding)   3,100,000 
Series H (5.375%, $25 liquidation value, 2,000,000 shares authorized with 2,000,000 shares issued and outstanding)   50,000,000 
Series K (4.250%, $25 liquidation value, 6,000,000 shares authorized with 6,000,000 shares issued and outstanding)   150,000,000 
Total Preferred Shares   206,500,000 
Net Assets Attributable to Common Shareholders  $2,109,225,637 
      
Net Assets Attributable to Common Shareholders  Consist of:     
Paid-in capital.  $1,333,851,470 
Total distributable earnings.   775,374,167 
Net Assets  $2,109,225,637 
      
Net Asset Value per Common Share at $0.001 par value:     
($2,109,225,637 ÷ 90,271,286 shares outstanding; unlimited number of shares authorized)  $23.37 

Statement of Operations

For the Six Months Ended June 30, 2022 (Unaudited)

 

Investment Income:    
Dividends (net of foreign withholding  taxes of $668,539)$ 23,270,449 
Interest  193,867 
Total Investment Income  23,464,316 
Expenses:    
Investment advisory fees  13,809,906 
Interest expense on preferred stock  1,233,350 
Shareholder communications expenses  280,167 
Custodian fees  165,567 
Trustees’ fees  151,811 
Payroll expenses  92,676 
Legal and audit fees  76,905 
Shelf offering expense  45,731 
Shareholder services fees  26,418 
Accounting fees  22,500 
Interest expense  787 
Service fees for securities sold short (See Note 2)  14 
Miscellaneous expenses  150,955 
Total Expenses  16,056,787 
Less:    
Advisory fee reimbursements (See Note 3)  (32,233)
Expenses paid indirectly by broker (See Note 5)  (10,929)
Total Credits and Reductions  (43,162)
Net Expenses  16,013,625 
Net Investment Income  7,450,691 
Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign  Currency:    
Net realized gain on investments  63,593,055 
Net realized gain on securities sold short  5,315 
Net realized loss on foreign currency transactions  (45,575)
Net realized gain on investments, securities sold short, and foreign currency transactions  63,552,795 
Net change in unrealized appreciation/depreciation:    
on investments  (581,247,240)
on foreign currency translations  (58,012)
Net change in unrealized appreciation/depreciation on investments, and foreign currency translations  (581,305,252)
Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign Currency  (517,752,457)
Net Decrease in Net Assets Resulting from Operations  (510,301,766)
Total Distributions to Preferred Shareholders  (5,059,973)
Net Decrease in Net Assets Attributable to Common Shareholders Resulting from Operations$ (515,361,739)

 

See accompanying notes to financial statements.

 

 13

 

The Gabelli Dividend & Income Trust

Statement of Changes in Net Assets Attributable to Common Shareholders

 

   Six Months Ended
June 30, 2022
(Unaudited)		   Year Ended
December 31, 2021		 
Operations:        
Net investment income  $ 7,450,691   $ 15,735,922 
Net realized gain on investments, securities sold short and foreign currency transactions    63,526,778     126,682,637 
Net change in unrealized appreciation/depreciation on investments and foreign currency translations   (581,279,235)   417,220,282 
Net Increase/(Decrease) in Net Assets Resulting from Operations   (510,301,766)   559,638,841 
           
Distributions to Preferred Shareholders from Accumulated Earnings   (5,059,973)*   (10,498,973)
           
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations   (515,361,739)   549,139,868 
           
Distributions to Common Shareholders:          
Accumulated Earnings   (59,636,088)*   (124,779,564)
           
 Total Distributions to Common Shareholders   (59,636,088)   (124,779,564)
           
Fund Share Transactions:          
Net decrease from repurchase of common shares   (2,997,594)   (1,763,361)
Net increase in net assets from repurchase of preferred shares   —    6,110,982 
Adjustment of offering costs for common shares charged to paid-in capital   (29,300)   — 
Offering costs and adjustments to offering costs for preferred shares charged to paid-in capital   —    (5,095,253)
Net Decrease in Net Assets from Fund Share Transactions   (3,026,894)   (747,632)
           
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders   (578,024,721)   423,612,672 
           
Net Assets Attributable to Common Shareholders:          
Beginning of year   2,687,250,358    2,263,637,686 
End of period  $2,109,225,637   $2,687,250,358 

 

 

*       Based on year to date book income. Amounts are subject to change and recharacterization at year end.

 

See accompanying notes to financial statements.

 

 14

 

The Gabelli Dividend & Income Trust

 

Statement of Cash Flows

For the Six Months Ended June 30, 2022 (Unaudited)

 

 

Net decrease in net assets attributable to common shareholders resulting from operations  $(515,361,739)
      
Adjustments to Reconcile Net Decrease in Net Assets Resulting from Operations to Net Cash from Operating Activities:   
Purchase of long term investment securities   (120,180,632)
Proceeds from sales of long term investment securities   159,267,038 
Proceeds from short sales of investment securities   (116,290)
Purchase of securities to cover short sales   121,605 
Net sales of short term investment securities   129,336,449 
Net realized gain on investments   (63,593,055)
Net realized gain on securities sold short   (5,315)
Net change in unrealized depreciation on investments   581,247,240 
Net amortization of discount   (165,169)
Increase in receivable for investments sold   (1,822,231)
Increase in dividends and interest receivable   (300,758)
Decrease in deferred offering expense   38,454 
Increase in prepaid expenses   (30,997)
Increase in payable for investments purchased   749,611 
Decrease in distributions payable   (5,497,001)
Decrease in payable for investment advisory fees   (602,585)
Increase in payable for payroll expenses   16,252 
Increase in payable for accounting fees   3,750 
Decrease in payable for preferred offering expenses   (63,103)
Decrease in other accrued expenses   (316,000)
Net cash provided by operating activities   162,725,524 
      
Net decrease in net assets resulting from financing activities:   
Redemption of Series G 5.25% Cumulative Preferred Stock   (100,000,000)
Increase in offering cost charged to paid in capital   (29,300)
Distributions to common shareholders   (59,636,088)
Increase in payable for Fund shares redeemed   40,850 
Decrease from repurchase of common shares   (2,997,594)
Net cash used in financing activities   (162,622,132)
Net increase in cash   103,392 
Cash (including foreign currency):     
Beginning of year   33,365 
End of period  $136,757 
      

 

Supplemental disclosure of cash flow information:     
Interest paid on preferred shares  $1,233,350 
Interest paid on bank overdrafts   787 
Value of shares received as part of mergers of certain Fund investments   7,828,222 
Value of shares received as part of an exchange offer from one of the Fund’s investments   5,288,436 
      
The following table provides a reconciliation of cash and foreign currency reported within the Statement of Assets and Liabilities that sum to the total of the same amount above at June 30, 2022:
 
Foreign currency, at value  $103,330 
Cash   33,427 
   $136,757 

 

See accompanying notes to financial statements.

 

 15

 

The Gabelli Dividend & Income Trust

Financial Highlights

 

Selected data for a common share of beneficial interest outstanding throughout each period:

 

   Six Months                     
   Ended June                     
   30, 2022   Year Ended December 31, 
   (Unaudited)   2021   2020   2019   2018   2017 
Operating Performance:                        
Net asset value, beginning of year  $29.73   $25.02   $24.12   $20.51   $25.11   $22.30 
Net investment income   0.08    0.18    0.26    0.35    0.45    0.32 
Net realized and unrealized gain/ (loss) on investments, securities sold short, and foreign currency transactions   (5.72)   6.02    1.97    5.25    (3.43)   4.09 
Total from investment operations   (5.64)   6.20    2.23    5.60    (2.98)   4.41 
Distributions to Preferred Shareholders: (a)                              
Net investment income   (0.04)*   (0.02)   (0.03)   (0.07)   (0.08)   (0.06)
Net realized gain   (0.02)*   (0.10)   (0.14)   (0.23)   (0.22)   (0.22)
                               
Total distributions to preferred shareholders   (0.06)   (0.12)   (0.17)   (0.30)   (0.30)   (0.28)
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations   (5.70)   6.08    2.06    5.30    (3.28)   4.13 
Distributions to Common Shareholders:                              
Net investment income   (0.08)*   (0.21)   (0.23)   (0.29)   (0.37)   (0.28)
Net realized gain   (0.58)*   (1.17)   (1.08)   (0.99)   (0.93)   (0.97)
Return of capital   —    —    (0.01)   (0.04)   (0.02)   (0.07)
                               
Total distributions to common shareholders   (0.66)   (1.38)   (1.32)   (1.32)   (1.32)   (1.32)
Fund Share Transactions:                              
Decrease in net asset value from common share transactions   —    —    —    (0.34)   —    — 
Increase in net asset value from repurchase of common shares   0.00(b)   0.00(b)   0.01    —    —    — 
Increase in net asset value from repurchase of preferred shares   —    0.07    0.15    —    —    — 
Offering costs and adjustment to offering costs for preferred shares charged to paid-in capital   —    (0.06)   —    (0.02)   —    0.00(b)
Offering costs and adjustment to offering costs for common shares charged to paid-in capital   (0.00)(b)   —    0.00(b)   (0.01)   —    — 
                               
Total Fund share transactions   0.00(b)   0.01    0.16    (0.37)   —    0.00(b)
Net Asset Value Attributable to Common Shareholders, End of Period  $23.37   $29.73   $25.02   $24.12   $20.51   $25.11 
NAV total return †   (19.42)%   24.74%   10.47%   22.82%   (13.75)%   19.14%
Market value, end of period  $20.45   $27.00   $21.46   $21.95   $18.30   $23.41 
Investment total return ††   (22.05)%   32.81%   5.06%   28.13%   (17.10)%   24.11%

 

See accompanying notes to financial statements.

 

 16

 

The Gabelli Dividend & Income Trust

Financial Highlights (Continued)

 

Selected data for a common share of beneficial interest outstanding throughout each period:

 

   Six Months                     
   Ended June                     
   30, 2022   Year Ended December 31, 
   (Unaudited)   2021   2020   2019   2018   2017 
Ratios to Average Net Assets and Supplemental Data:                              
Net assets including liquidation value of preferred shares, end of period (in 000’s)  $2,460,826   $3,138,850   $2,572,913   $2,660,903   $2,197,065   $2,629,129 
Net assets attributable to common shares, end of period (in 000’s)  $2,109,226   $2,687,250   $2,263,638   $2,186,702   $1,691,086   $2,069,871 
Ratio of net investment income to average net assets attributable to common shares before preferred share distributions   0.62%(c)  0.62%   1.22%   1.50%   1.87%   1.38%
Ratio of operating expenses to average net assets attributable to common shares before fees waived (d)(e)   1.34%(c)  1.28%   1.30%   1.21%(f)  1.35%   1.38%
Ratio of operating expenses to average net assets attributable to common shares net of advisory fee reduction, if any (d)   1.33%(c)(g)  1.28%   1.25%(g)  1.21%(f)(g)  1.13%(g)  1.38%(g)
Portfolio turnover rate   5%   12%   16%   16%   11%   13%
                               
Cumulative Preferred Shares:                              
5.875% Series A Preferred                              
Liquidation value, end of period (in 000’s)   —    —    —   $76,201   $76,201   $76,201 
Total shares outstanding (in 000’s)   —    —    —    3,048    3,048    3,048 
Liquidation preference per share   —    —    —   $25.00   $25.00   $25.00 
Average market value (h)   —    —    —   $26.09   $25.66   $26.31 
Asset coverage per share (i)   —    —    —   $140.28   $108.56   $117.53 
Auction Market Series B Preferred                              
Liquidation value, end of period (in 000’s)  $2,050   $2,050   $66,175   $90,000   $90,000   $90,000 
Total shares outstanding (in 000’s)   0(j)   0(j)   3    4    4    4 
Liquidation preference per share  $25,000   $25,000   $25,000   $25,000   $25,000   $25,000 
Liquidation value (k)  $25,000   $25,000   $25,000   $25,000   $25,000   $25,000 
Asset coverage per share (i)  $174,973   $173,763   $207,979   $140,284   $108,555   $117,528 
Auction Market Series C Preferred                              
Liquidation value, end of period (in 000’s)  $1,350   $1,350   $81,100   $108,000   $108,000   $108,000 
Total shares outstanding (in 000’s)   0(j)   0(j)   3    4    4    4 
Liquidation preference per share  $25,000   $25,000   $25,000   $25,000   $25,000   $25,000 
Liquidation value (k)  $25,000   $25,000   $25,000   $25,000   $25,000   $25,000 
Asset coverage per share (i)  $174,973   $173,763   $207,979   $140,284   $108,555   $117,528 

 

See accompanying notes to financial statements.

 

 17

 

The Gabelli Dividend & Income Trust

Financial Highlights (Continued)

 

Selected data for a common share of beneficial interest outstanding throughout each period:

 

   Six Months                     
   Ended June                     
   30, 2022   Year Ended December 31, 
   (Unaudited)   2021   2020   2019   2018   2017 
6.000% Series D Preferred                              
Liquidation value, end of period (in 000’s)   —    —    —    —   $31,779   $63,557 
Total shares outstanding (in 000’s)   —    —    —    —    1,271    2,542 
Liquidation preference per share   —    —    —    —   $25.00   $25.00 
Average market value (h)   —    —    —    —   $25.83   $26.57 
Asset coverage per share (i)   —    —    —    —   $108.56   $117.53 
Auction Rate Series E Preferred                              
Liquidation value, end of period (in 000’s)  $3,100   $3,100   $12,000   $50,000   $100,000   $121,500 
Total shares outstanding (in 000’s)   0(j)   0(j)   0(j)   2    4    5 
Liquidation preference per share  $25,000   $25,000   $25,000   $25,000   $25,000   $25,000 
Liquidation value (k)  $25,000   $25,000   $25,000    —    —    — 
Asset coverage per share (i)  $174,973   $173,763   $207,979   $140,284   $108,555   $117,528 
5.250% Series G Preferred(l)                              
Liquidation value, end of period (in 000’s)   —   $100,000   $100,000   $100,000   $100,000   $100,000 
Total shares outstanding (in 000’s)   —    4,000    4,000    4,000    4,000    4,000 
Liquidation preference per share   —   $25.00   $25.00   $25.00   $25.00   $25.00 
Average market value (h)   —   $25.60   $25.77   $25.40   $24.83   $25.29 
Asset coverage per share (i)   —   $173.76   $207.98   $140.28   $108.56   $117.53 
5.375% Series H Preferred                              
Liquidation value, end of period (in 000’s)  $50,000   $50,000   $50,000   $50,000    —    — 
Total shares outstanding (in 000’s)   2,000    2,000    2,000    2,000    —    — 
Liquidation preference per share  $25.00   $25.00   $25.00   $25.00    —    — 
Average market value (h)  $25.47   $27.46   $26.49   $26.08    —    — 
Asset coverage per share (i)  $174.97   $173.76   $207.98   $140.28    —    — 
1.700% Series J Preferred                              
Liquidation value, end of period (in  000’s)  $145,100   $145,100    —    —    —    — 
Total shares outstanding (in 000’s)   6    6    —    —    —    — 
Liquidation preference per share  $25,000   $25,000    —    —    —    — 
Average market value (h)  $25,000   $25,000    —    —    —    — 
Asset coverage per share (i)  $174,973   $173,763    —    —    —    — 
4.250% Series K Preferred                              
Liquidation value, end of period (in  000’s)  $150,000   $150,000    —    —    —    — 
Total shares outstanding (in 000’s)   6,000    6,000    —    —    —    — 
Liquidation preference per share  $25.00   $25.00    —    —    —    — 
Average market value(h)  $21.18   $25.38    —    —    —    — 
Asset coverage per share (i)  $174.97   $173.76    —    —    —    — 
Asset Coverage (m)   700%   695%   832%   561%   434%   470%

 

 

 

†Based on net asset value per share and reinvestment of distributions at net asset value on the ex-dividend date. Total return for a period of less than one year is not annualized.

††Based on market value per share, adjusted for reinvestment of distributions at prices determined under the Fund’s dividend reinvestment plan.

Total return for a period of less than one year is not annualized.

*Based on year to date book income. Amounts are subject to change and recharacterization at year end.

 

See accompanying notes to financial statements.

 

 18

 

The Gabelli Dividend & Income Trust

Financial Highlights (Continued)

 

(a)Calculated based on average common shares outstanding on the record dates throughout the periods.

(b)Amount represents less than $0.005 per share.

(c)Annualized.

(d)The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no impact on the expense ratios.

(e)Ratio of operating expenses to average net assets including liquidation value of preferred shares before fee waived for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, 2019, 2018, and 2017, would have been 1.16%, 1.13%, 1.07%, 0.96%, 1.06%, and 1.07%, respectively.

(f)In 2019, due to failed auctions relating to previous fiscal years, the Fund reversed accumulated auction agent fees. The 2019 ratio of operating expenses to average net assets attributable to common shares and the ratio of operating expenses to average net assets including the liquidation value of preferred shares, excluding the reversal of auction agent fees, were 1.35% and 1.07%, respectively.

(g)Ratio of operating expenses to average net assets including liquidation value of preferred shares net of advisory fee reduction for the six months ended June 30, 2022 and the years ended December 31, 2020, 2019, 2018, and 2017, would have been 1.16%, 1.03%, 0.96%, 0.89%, and 1.07%, respectively.

(h)Based on weekly prices.

(i)Asset coverage per share is calculated by combining all series of preferred shares.

(j)Actual number of shares outstanding is less than 1,000.

(k)Since February 2008, the weekly auctions have failed. Holders that have submitted orders have not been able to sell any or all of their shares in the auction.

(l)The Fund redeemed and retired all its outstanding Series A Preferred Shares on January 31, 2022.

(m)Asset coverage is calculated by combining all series of preferred shares.

 

See accompanying notes to financial statements.

 

 19

 

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited)

 

1.  Organization. The Gabelli Dividend & Income Trust (the Fund) was organized on November 18, 2003 as a Delaware statutory trust. The Fund is a diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund commenced investment operations on November 28, 2003.

 

The Fund’s investment objective is to provide a high level of total return on its assets with an emphasis on dividends and income. The Fund will attempt to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in dividend paying securities (such as common and preferred shares) or other income producing securities (such as fixed income debt securities and securities that are convertible into equity securities).

 

2.  Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

 

The global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions, and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objectives.

 

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

 

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations 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 securities are valued using the closing bid price, 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. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

 

 20

 

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued) 

 

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

 

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

●Level 1 — quoted prices in active markets for identical securities;

●Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

●Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

 

A  financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2022 is as follows:

 

   Valuation Inputs    
   Level 1
Quoted Prices		  Level 2 Other
Significant
Observable Inputs		  Total Market Value
at 06/30/22
INVESTMENTS IN SECURITIES:            
ASSETS (Market Value):            
Common Stocks               
Communications Equipment  $7,061,576   $132,644   $7,194,220 
Other Industries (a)   2,350,902,149    —    2,350,902,149 
Total Common Stocks   2,357,963,725    132,644    2,358,096,369 
Closed-End Funds   —    202,000    202,000 
Preferred Stocks (a)   3,824,709    —    3,824,709 
Convertible Preferred Stocks (a)   1,012,375    —    1,012,375 
Mandatory Convertible Securities (a)   5,722,640    —    5,722,640 
Warrants (a)   467,594    —    467,594 
Convertible Corporate Bonds (a)   —    1,152,600    1,152,600 
U.S. Government Obligations   —    87,904,902    87,904,902 
TOTAL INVESTMENTS IN SECURITIES – ASSETS  $2,368,991,043   $89,392,146   $2,458,383,189 

 

 

 

(a)Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

 

The Fund held no level 3 investments at June 30, 2022 or December 31, 2021.

 

 21

 

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

 

Additional Information to Evaluate Qualitative Information.

 

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

 

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

 

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

 

Series J Cumulative Preferred Stock. For financial reporting purposes only, the liquidation value of preferred stock that has a mandatory call date is classified as a liability within the Statement of Assets and Liabilities and the dividends paid on this preferred stock are included as a component of “Interest expense on preferred stock” within the Statement of Operations. Offering costs are amortized over the life of the preferred stock.

 

Securities Sold Short. The Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates.

 

Investments in other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Stockholders in the Fund would bear the pro rata portion of the periodic expenses of the

 

 22

 

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

 

Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2022, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was one basis point.

 

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

 

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

 

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

 

Restricted Securities. The Fund is not subject to an independent limitation on the amount it may invest in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and, accordingly, the Board will monitor their liquidity. At June 30, 2022, the Fund held no restricted securities.

 

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

 

 23

 

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

 

Custodian Fee Credits. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “Custodian fee credits.”

 

Distributions to Shareholders. Distributions to common stockholders are recorded on the ex-dividend date. Distributions to stockholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

 

Under the Fund’s current common share distribution policy, the Fund declares and pays quarterly distributions from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the year. Pursuant to this policy, distributions during the year may be made in excess of required distributions. To the extent such distributions are made from current earnings and profits, they are considered ordinary income or long term capital gains. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s NAV and the financial market environment. The Fund’s distribution policy is subject to modification by the Board at any time.

 

Distributions to shareholders of the Fund’s Series B Auction Market Preferred Shares, Series C Auction Market Preferred Shares, Series E Auction Rate Preferred Shares, 5.375% Series H Preferred Shares, Series J Cumulative Term Preferred Shares, and 4.250% Series K Preferred Shares (Preferred Shares) are recorded on a daily basis and are determined as described in Note 6.

 

The tax character of distributions paid during the year ended December 31, 2021 was as follows:

 

   Common   Preferred 
Distributions paid from:          
Ordinary income  $19,430,194   $1,634,860 
Net long term capital gains   105,349,370    8,864,113 
Total distributions paid  $124,779,564   $10,498,973 

 

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

 

 24

 

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

 

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2022:

 

    Cost  Gross
Unrealized
Appreciation		  Gross
Unrealized
Depreciation		  Net Unrealized
Appreciation
Investments                                            $1,693,689,476   $890,195,150   $(125,501,437)  $764,693,713 

 

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2022, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2022, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

 

3.  Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on an annual basis to 1.00% of the value of the Fund’s average weekly net assets including the liquidation value of preferred shares. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio and oversees the administration of all aspects of the Fund’s business and affairs.

 

The Adviser has agreed to reduce the management fee on the incremental assets attributable to the Series B, Series C, and Series E Preferred Shares if the total return of the NAV of the common shares of the Fund, including distributions and advisory fee subject to reduction, does not exceed the stated dividend rate of each particular series of the Preferred Shares for the year. The Fund’s total return on the NAV of the common shares is monitored on a monthly basis to assess whether the total return on the NAV of the common shares exceeds the stated dividend rate or corresponding swap rate of each particular series of Preferred Shares for the period. During the six months ended June 30, 2022, the Fund’s total return on the NAV of the common shares did not exceed the stated dividend rate on the Preferred Shares at the time of their redemption. Thus, advisory fees with respect to the liquidation value of the Preferred Shares were reduced by $32,233. Advisory fees were accrued on the Series H, Series J, and Series K Preferred Shares.

 

4.  Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2022, other than short term securities and U.S. Government obligations, aggregated $124,567,436 and $162,633,399, respectively. Purchases and sales of U.S. Government obligations for the six months ended June 30, 2022, aggregated $267,544,229 and $396,880,678, respectively.

 

5. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2022, the Fund paid $3,526 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

 

During the six months ended June 30, 2022, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $10,929.

 

 25

 

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

 

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2022, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

 

As per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). During the six months ended June 30, 2022, the Fund accrued $92,676 in payroll expenses in the Statement of Operations.

 

The Fund pays retainer and per meeting fees to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

 

6.  Capital. The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.001). The Board has authorized the repurchase and retirement of its common shares on the open market when the shares are trading at a discount of 7.5% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended June 30, 2022 and the year ended December 31, 2021, the Fund repurchased and retired 130,793 and 74,656 common shares in the open market at an investment of $2,997,594 and $1,763,361, respectively, an average discount of approximately 12.10% and 11.02% from its NAV.

 

Transactions in shares of common stock were as follows:

 

   Six Months Ended
June 30, 2022
(Unaudited)		   Year Ended
December 31, 2021		 
   Shares   Amount   Shares   Amount 
Net decrease from repurchase of common shares   (130,793)  $(2,997,594)   (74,656)  $(1,763,361)

 

The Fund has an effective shelf registration initially authorizing the offering of additional common or preferred shares or notes.

 

The Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred Shares. The Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividends on the Preferred Shares are cumulative. The Fund is required by the 1940 Act and by the Statements of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series B, Series C, Series E, Series H, Series J, and Series K Preferred Shares at redemption prices of $25,000, $25,000, $25,000, $25, $25,000 and $25, respectively, per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these

 

 26

 

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

 

requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders.

 

For Series B, Series C, and Series E Preferred Shares, the dividend rates are typically set by an auction process that is generally held every seven days, and are typically expected to vary with short term interest rates. Since February 2008, the number of Series B, Series C, and Series E Preferred Shares subject to bid orders by potential holders has been less than the number of shares of Series B, Series C, and Series E Preferred Shares subject to sell orders. Holders that have submitted sell orders have not been able to sell any or all of the Series B, Series C, and Series E Preferred Shares for which they have submitted sell orders. Therefore the weekly auctions have failed, and the dividend rate has been the maximum rate. The current maximum rate for Series B, Series C, and Series E Preferred Shares is 150, 150, and 250 basis points, respectively, greater than the seven day ICE LIBOR rate on the date of such auction.

 

In July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the end of 2021. Since December 31, 2021, all sterling, euro, Swiss franc and Japanese yen LIBOR settings and the 1-week and 2-month U.S. dollar LIBOR settings have ceased to be published or are no longer representative. As a result, since December 31, 2021, the seven day ICE LIBOR rate has ceased to be published and is no longer representative. Because the Series B, Series C, and Series E Preferred Shares have no other effective alternative rate setting provision, a last-resort fallback of fixing this LIBOR-based reference rate at its last published rate applies. The last published seven day ICE LIBOR rate was 0.076%, which results in a fixed maximum rate for Series B, Series C, and Series E Preferred Shares of 2.076%, 2.076% and 3.576%, respectively. In the absence of successful future auctions that establish dividend rates based on prevailing short term interest rates, this result could lead to economic results for the Fund and holders of the Series B, Series C and Series E Preferred Shares since the rates payable on the Series B, Series C and Series E Preferred Shares are no longer likely to be representative of prevailing market rates.

 

Existing Series B, Series C, and Series E Preferred shareholders may submit an order to hold, bid, or sell such shares on each auction date, or trade their shares in the secondary market.

 

On January 31, 2022, the Fund redeemed and retired all remaining outstanding shares of Series G Preferred at the liquidation value of $25 per share plus accrued and unpaid dividends.

 

Commencing June 10, 2024 and at any time thereafter, the Fund, at its option, may redeem the 5.375% Series H Cumulative Preferred Shares, in whole or in part at the redemption price. The Board has authorized the repurchase of Series H Preferred Shares in the open market at prices less than the $25 liquidation value per share. During the six months ended June 30, 2022 and the year ended December 31, 2021, the Fund did not repurchase any Series H Preferred Shares.

 

The Fund has the authority to purchase its auction rate and auction market preferred shares through negotiated private transactions. The Fund is not obligated to purchase any dollar amount or number of auction rate or auction market preferred shares, and the timing and amount of any auction rate or auction market preferred shares purchased will depend on market conditions, share price, capital availability, and other factors. The Fund

 

 27

 

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

 

is not soliciting holders to sell these shares nor recommending that holders offer them to the Fund. Any offers can be accepted or rejected in the Fund’s discretion.

 

On October 4, 2021, the Fund issued 6,000,000 shares of 4.25% Series K Cumulative Preferred Shares receiving $144,875,000 after the deduction of estimated offering expenses of $400,000 and underwriting fees of $4,725,000. The Series K Preferred has a liquidation value of $25 per share and an annual dividend rate of 4.25%. The Series K Preferred Shares are callable at the Fund’s option at any time after October 4, 2026.

 

On April 14, 2021 the Fund completed a tender offer (the Offer) under which holders of the Series B Auction Market Preferred Shares, Series C Auction Rate Preferred Shares, and Series E Auction Rate Preferred Shares (the Auction Rate Preferred Shares) could exchange each Auction Rate Preferred Share for 0.96 of each newly issued Series J Preferred Share. Shareholders tendered 2,565 Series B Auction Market Preferred Shares, 3,190 Series C Auction Market Preferred Shares, and 356 Series E Auction Rate Preferred Shares, in exchange for 5,804 Series J Preferred and cash in lieu of fractional shares.

 

Holders of Series J Preferred Shares will be entitled to receive, when, as and if declared by, or under authority granted by, the Board, out of funds legally available therefor, cumulative cash dividends and distributions, calculated separately for each dividend period, (i) at an annualized dividend rate of 1.70% of the $25,000 per share liquidation preference on the Series J Preferred Shares for the quarterly dividend periods ending on or prior to March 26, 2024 and (ii) at an annualized dividend rate of 4.50% of the $25,000 per share liquidation preference on the Series J Preferred Shares for all remaining quarterly dividend periods until the Series J Preferred Shares’ mandatory redemption date of March 26, 2028. Dividends and distributions on Series J Preferred Shares will be payable quarterly on March 26, June 26, September 26 and December 26 in each year commencing on June 26, 2021. The Series J Preferred Shares may be redeemed by the Fund, subject to certain restrictions, on March 26, 2024 and are subject to mandatory redemption by the Fund on March 26, 2028 and in certain other circumstances.

 

The following table summarizes Cumulative Preferred Shares information:

 

Series  Issue Date  Authorized   Number of
Shares
Outstanding at
6/30/2022		   Net Proceeds   2022 Dividend
Rate Range		  Dividend
Rate at
6/30/2022		   Accrued
Dividends at
6/30/2022		 
B Auction Market  October 12, 2004   4,000    82   $98,858,617   2.076%   2.076%  $233 
C Auction Market  October 12, 2004   4,800    54    118,630,341   2.076%   2.076%   537 
E Auction Rate  November 3, 2005   5,400    124    133,379,387   3.576%   3.576%   304 
H 5.375%  June 7, 2019   2,000,000    2,000,000    48,145,405   Fixed Rate   5.375%   37,326 
J 1.700%  April 14, 2021   6,116    5,804    145,100,000   Fixed Rate   1.700%   34,260 
K 4.250%  October 4, 2021   6,000,000    6,000,000    144,875,000   Fixed Rate   4.250%   88,542 

 

The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together with holders of common shares as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Trustees and under certain circumstances are entitled to elect a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the Preferred Shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the Preferred Shares, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding Preferred Shares and a

 

 28

 

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited) (Continued)

 

majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies.

 

7.  Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

 

8.  Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

 

 

 

 

 

 

 

 

 

Certifications

 

The Fund’s Chief Executive Officer has certified to the New York Stock Exchange (NYSE) that, as of June 3, 2022, he was not aware of any violation by the Fund of applicable NYSE corporate governance listing standards. The Fund reports to the SEC on Form N-CSR which contains certifications by the Fund’s principal executive officer and principal financial officer that relate to the Fund’s disclosure in such reports and that are required by Rule 30a-2(a) under the 1940 Act.

 

Shareholder Meeting – May 9, 2022 – Final Results

 

The Fund’s Annual Meeting of Shareholders was held virtually on May 9, 2022. At that meeting, common and preferred shareholders, voting together as a single class, re-elected Mario J. Gabelli, Michael J. Melarkey, Kuni Nakamura, Christina A. Peeney, and Susan V. Watson as Trustees of the Fund, with 44,436,832 votes, 81,287,294 votes, 80,981,533 votes, 81,497,407 votes, and 82,681,916 votes, cast in favor of these Trustees, and 39,588,978 votes, 2,738,517 votes, 3,044,277 votes, 2,528,403 votes, and 1,343,894 votes withheld for these Trustees, respectively.

 

Elizabeth C. Bogan, Anthony S. Colavita, James P. Conn, Frank J. Fahrenkopf, Jr., Agnes Mullady, Salvatore M. Salibello, Anthonie C. van Ekris, and Salvatore J. Zizza continue to serve in their capacities as Trustees of the Fund.

 

We thank you for your participation and appreciate your continued support.

 

 29

 

The Gabelli Dividend & Income Trust

Additional Fund Information (Unaudited)

 

Delaware Statutory Trust Act – Control Share Acquisitions

 

The Fund is organized as a Delaware statutory trust and thus is subject to the control share acquisition statute contained in Subchapter III of the Delaware Statutory Trust Act (the DSTA Control Share Statute). The DSTA Control Share Statute applies to any closed-end investment company organized as a Delaware statutory trust and listed on a national securities exchange, such as the Fund. The DSTA Control Share Statute became automatically applicable to the Fund on August 1, 2022.

 

The DSTA Control Share Statute defines “control beneficial interests” (referred to as “control shares” herein) by reference to a series of voting power thresholds and provides that a holder of control shares acquired in a control share acquisition has no voting rights under the Delaware Statutory Trust Act (DSTA) or the Fund’s Governing Documents (as used herein, “Governing Documents” means the Fund’s Agreement and Declaration of Trust and By-Laws, together with any amendments or supplements thereto, including any Statement of Preferences establishing a series of preferred shares) with respect to the control shares acquired in the control share acquisition, except to the extent approved by the Fund’s shareholders by the affirmative vote of two–thirds of all the votes entitled to be cast on the matter, excluding all interested shares (generally, shares held by the acquiring person and their associates and shares held by Fund insiders).

 

The DSTA Control Share Statute provides for a series of voting power thresholds above which shares are considered control shares. Whether one of these thresholds of voting power is met is determined by aggregating the holdings of the acquiring person as well as those of his, her or its “associates.” These thresholds are:

●10% or more, but less than 15% of all voting power;

●15% or more, but less than 20% of all voting power;

●20% or more, but less than 25% of all voting power;

●25% or more, but less than 30% of all voting power;

●30% or more, but less than a majority of all voting power; or

●a majority or more of all voting power.

 

Under the DSTA Control Share Statute, once a threshold is reached, an acquirer has no voting rights with respect to shares in excess of that threshold (i.e., the “control shares”) until approved by a vote of shareholders, as described above, or otherwise exempted by the Fund’s Board of Trustees. The DSTA Control Share Statute contains a statutory process for an acquiring person to request a shareholder meeting for the purpose of considering the voting rights to be accorded control shares. An acquiring person must repeat this process at each threshold level.

 

Under the DSTA Control Share Statute, an acquiring person’s “associates” are broadly defined to include, among others, relatives of the acquiring person, anyone in a control relationship with the acquiring person, any investment fund or other collective investment vehicle that has the same investment adviser as the acquiring person, any investment adviser of an acquiring person that is an investment fund or other collective investment vehicle and any other person acting or intending to act jointly or in concert with the acquiring person.

 

Voting power under the DSTA Control Share Statute is the power (whether such power is direct or indirect or through any contract, arrangement, understanding, relationship or otherwise) to directly or indirectly exercise or direct the exercise of the voting power of shares of the Fund in the election of the Fund’s Trustees (either

 

 30

 

The Gabelli Dividend & Income Trust

Additional Fund Information (Continued) (Unaudited)

 

 

generally or with respect to any subset, series or class of trustees, including any Trustees elected solely by a particular series or class of shares, such as the preferred shares). Thus, Fund preferred shares, including the Series B, C, E, H, J and K Preferred Shares, acquired in excess of the above thresholds would be considered control shares with respect to the preferred share class vote for two Trustees.

 

Any control shares of the Fund acquired before August 1, 2022 are not subject to the DSTA Control Share Statute; however, any further acquisitions on or after August 1, 2022 are considered control shares subject to the DSTA Control Share Statute.

 

The DSTA Control Share Statute requires shareholders to disclose to the Fund any control share acquisition within 10 days of such acquisition, and also permits the Fund to require a shareholder or an associate of such person to disclose the number of shares owned or with respect to which such person or an associate thereof can directly or indirectly exercise voting power. Further, the DSTA Control Share Statute requires a shareholder or an associate of such person to provide to the Fund within 10 days of receiving a request therefor from the Fund any information that the Fund’s Trustees reasonably believe is necessary or desirable to determine whether a control share acquisition has occurred.

 

The DSTA Control Share Statute permits the Fund’s Board of Trustees, through a provision in the Fund’s Governing Documents or by Board action alone, to eliminate the application of the DSTA Control Share Statute to the acquisition of control shares in the Fund specifically, generally, or generally by types, as to specifically identified or unidentified existing or future beneficial owners or their affiliates or associates or as to any series or classes of shares. The DSTA Control Share Statute does not provide that the Fund can generally “opt out” of the application of the DSTA Control Share Statute; rather, specific acquisitions or classes of acquisitions may be exempted by the Fund’s Board of Trustees, either in advance or retroactively, but other aspects of the DSTA Control Share Statute, which are summarized above, would continue to apply. The DSTA Control Share Statute further provides that the Board of Trustees is under no obligation to grant any such exemptions.

 

The foregoing is only a summary of the material terms of the DSTA Control Share Statute. Shareholders should consult their own counsel with respect to the application of the DSTA Control Share Statute to any particular circumstance.

 

 31

 

 

THE GABELLI DIVIDEND & INCOME TRUST 

AND YOUR PERSONAL PRIVACY

 

Who are we?

 

The Gabelli Dividend & Income Trust is a closed-end management investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company that has subsidiaries that provide investment advisory services for a variety of clients.

 

What kind of non-public information do we collect about you if you become a fund shareholder?

 

When you purchase shares of the Fund on the New York Stock Exchange, you have the option of registering directly with our transfer agent in order, for example, to participate in our dividend reinvestment plan.

 

●Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

 

●Information about your transactions with us. This would include information about the shares that you buy or sell; it may also include information about whether you sell or exercise rights that we have issued from time to time. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

 

What information do we disclose and to whom do we disclose it?

 

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www. sec.gov.

 

What do we do to protect your personal information?

 

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

 

 

 

 

THE GABELLI DIVIDEND AND INCOME TRUST 

One Corporate Center

Rye, NY 10580-1422

 

Portfolio Management Team Biographies

 

(graphic)Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

 

(graphic)Christopher J. Marangi joined Gabelli in 2003 as a research analyst. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA degree with honors from Columbia Business School.

 

(graphic)Kevin V. Dreyer joined Gabelli in 2005 as a research analyst covering companies within the consumer sector. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Dreyer received a BSE from the University of Pennsylvania and an MBA degree from Columbia Business School.

 

(graphic)Sarah Donnelly joined Gabelli in 1999 as a junior research analyst working with the consumer staples and media analysts. Currently she is a portfolio manager of Gabelli Funds, LLC, a Senior Vice President, and the Food, Household, and Personal Care products research analyst for Gabelli & Company. In 2013, she was named the Health & Wellness research platform leader. Ms. Donnelly received a BS in Business Administration with a concentration in Finance and minor in History from Fordham University.

 

 

 

(graphic)Robert D. Leininger, CFA, joined GAMCO Investors, Inc. in 1993 as an equity analyst. Subsequently, he was a partner and portfolio manager at Rorer Asset Management before rejoining GAMCO in 2010 where he currently serves as a portfolio manager of Gabelli Funds, LLC. Mr. Leininger is a magna cum laude graduate of Amherst College with a degree in Economics and holds an MBA degree from the Wharton School at the University of Pennsylvania.

 

(graphic)Jeffrey J. Jonas, CFA, joined Gabelli in 2003 as a research analyst focusing on companies across the healthcare industry. In 2006, he began serving as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Jonas was a Presidential Scholar at Boston College, where he received a BS in Finance and Management Information Systems.

 

(graphic)Brian C. Sponheimer is a portfolio manager and research analyst, responsible for coverage of automotive, trucking, and machinery stocks. In 2010, 2011, and 2016, Mr. Sponheimer was recognized by various financial publications, including the Wall Street Journal and the Financial Times, as a “Best on the Street” analyst. He began his business career in institutional equities at CIBC World Markets in New York and Boston. Mr.Sponheimer graduated cum laude from Harvard University with a BA in Government and received an MBA in Finance and Economics from Columbia Business School.

 

(graphic)Regina M. Pitaro is a Managing Director and Head of Institutional Marketing at GAMCO Investors, Inc. Ms. Pitaro joined the Firm in 1984 and coordinates the organization’s focus with consultants and plan sponsors. She also serves as a Managing Director and Director of GAMCO Asset Management, Inc., and serves as a portfolio manager for Gabelli Funds, LLC. Ms. Pitaro holds an MBA in Finance from the Columbia University Graduate School of Business, a Master’s degree in Anthropology from Loyola University of Chicago, and a Bachelor’s degree from Fordham University.

 

(graphic)Howard F. Ward, CFA, joined Gabelli Funds in 1995 and currently serves as GAMCO’s Chief Investment Officer of Growth Equities as well as a Gabelli Funds, LLC portfolio manager for several funds within the Fund Complex. Prior to joining Gabelli, Mr. Ward served as Managing Director and Lead Portfolio Manager for several Scudder mutual funds. He also was an Investment Officer in the Institutional Investment Department with Brown Brothers, Harriman & Co. Mr. Ward received his BA in Economics from Northwestern University.

 

 

 

(graphic)Hendi Susanto joined Gabelli in 2007 as the lead technology research analyst. He spent his early career in supply chain management consulting and operations in the technology industry. He currently is a portfolio manager of Gabelli Funds, LLC and a Vice President of Associated Capital Group Inc. Mr. Susanto received a BS degree summa cum laude from the University of Minnesota, an MS from Massachusetts Institute of Technology, and an MBA degree from the Wharton School of Business.

 

(graphic)Gordon Grender joined GAMCO UK in 2020 as a portfolio manager. Prior to joining the Firm, Mr. Grender served as the portfolio manager for a U.S. equity fund at GAM International Ltd.

 

(graphic)Tony Bancroft, Lieutenant Colonel in the United States Marine Corps Reserve, joined the firm in 2009 as an associate in the alternative investments division and is currently an analyst covering the aerospace and defense and environmental services sectors, with a focus on suppliers to the commercial, military and regional jet aircraft industry and waste services. He previously served in the United States Marine Corps as an F/A-18 Hornet fighter pilot. Tony graduated with distinction from the United States Naval Academy with a BS in systems engineering and holds an MBA in finance and economics from Columbia Business School.

 

 

 

 

 

 

 

 

 

 

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.

 

The NASDAQ symbol for the Net Asset Value is “XGDVX.”

 

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may from time to time purchase its common shares in the open market when the Fund’s shares are trading at a discount of 7.5% or more from the net asset value of the shares. The Fund may also from time to time purchase its preferred shares in the open market when the preferred shares are trading at a discount to the liquidation value.

 

 

 

 (graphic)

 

 

 

 

(b)Not applicable.

 

Item 2. Code of Ethics.

 

Not applicable.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6. Investments.

 

(a)Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

 

(b)Not applicable.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual report on Form N-CSR.

 

 

 

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

REGISTRANT PURCHASES OF EQUITY SECURITIES

 

Period (a) Total Number of Shares (or Units) Purchased) (b) Average Price Paid per Share (or Unit) (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet be Purchased Under the Plans or Programs
Month #1
01/01/2022 through 01/31/2022		 Common – 3,400

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common – $24.45

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common – 3,400

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common – 90,402,079 - 3,400 = 90,398,679

Preferred Series J – 5,804

Preferred Series K – 6,000,000

Preferred Series H – 2,000,000
Month #2
02/01/2022 through 02/28/2022		 Common – 9,400

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common – $24.73

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common – 9,400

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common – 90,398,679 - 9,400 = 90,389,279

Preferred Series J – 5,804

Preferred Series K – 6,000,000

Preferred Series H – 2,000,000
Month #3
03/01/2022 through 03/31/2022		 Common –16,900

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common – $24.30

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common – 16,900

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A

Common – 90,389,279 - 16,900 = 90,372,379

Preferred Series J – 5,804

Preferred Series K – 6,000,000

Preferred Series H – 2,000,000

 

Month #4
04/01/2022 through 04/30/2022

 

 Common – 46,105

Preferred Series J – N/A

Preferred Series H – N/A

Preferred Series K – N/A		 Common – $23.80

Preferred Series J – N/A

Preferred Series H – N/A

Preferred Series G – N/A		 Common – 46,105

Preferred Series J – N/A

Preferred Series H – N/A

Preferred Series K – N/A		 Common – 90,372,379 - 46,105 = 90,326,274

Preferred Series J – 5,804

Preferred Series H – 2,000,000

Preferred Series K – 6,000,000

 

 

 

 

Month #5
05/01/2022 through 05/31/2022		 Common –17,103

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common –$21.99

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common –17,103

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common – 90,326,274 - 17,103 = 90,309,171

Preferred Series J – 5,804

Preferred Series K – 6,000,000

Preferred Series H – 2,000,000
Month #6
06/01/2022 through 06/30/2022		 Common – 37,885

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common – $20.88

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common – 37,885

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common –  90,309,171 - 37,885 = 90,271,286

Preferred Series J – 5,804

Preferred Series K – 6,000,000

Preferred Series H – 2,000,000
Total Common – 130,793

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common – $23.00

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 Common – 130,793

Preferred Series J – N/A

Preferred Series K – N/A

Preferred Series H – N/A		 N/A

 

Footnote columns (c) and (d) of the table, by disclosing the following information in the aggregate for all plans or programs publicly announced:

 

a.The date each plan or program was announced – The notice of the potential repurchase of common and preferred shares occurs semiannually in the Fund’s shareholder reports in accordance with Section 23(c) of the Investment Company Act of 1940, as amended.

b.The dollar amount (or share or unit amount) approved – Any or all common shares outstanding may be repurchased when the Fund’s common shares are trading at a discount of 7.5% or more from the net asset value of the shares. Any or all shares outstanding may be repurchased when the respective preferred shares are trading at a discount to the liquidation values.

c.The expiration date (if any) of each plan or program – The Fund’s repurchase plans are ongoing.

d.Each plan or program that has expired during the period covered by the table – The Fund’s repurchase plans are ongoing.

e.Each plan or program the registrant has determined to terminate prior to expiration, or under which the registrant does not intend to make further purchases. – The Fund’s repurchase plans are ongoing.

 

 

 

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

 

Item 11. 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”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

 

(b)The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13. Exhibits.

 

(a)(1)Not applicable.

 

(a)(2)Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(a)(2)(1)Not applicable.

 

(a)(2)(2)Not applicable.

 

(b)Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 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/ John C. Ball  
   John C. Ball, Principal Executive Officer  

 

Date   September 7, 2022  

 

 

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/ John C. Ball  
   John C. Ball, Principal Executive Officer  

 

Date   September 7, 2022  

 

By (Signature and Title)*  /s/ John C. Ball  
   John C. Ball, Principal Financial Officer and Treasurer  

 

Date   September 7, 2022  

 

* Print the name and title of each signing officer under his or her signature.

 

 

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