UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21423
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The Gabelli Dividend & Income Trust
---------------------------------------------
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
---------------------------------------------
(Address of principal executive offices) (Zip code)
Bruce N. Alpert
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
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Date of reporting period: September 30, 2006
------------------
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS -- 78.9%
AEROSPACE -- 0.8%
10,000 Goodrich Corp. .................$ 405,200
60,000 Kaman Corp. .................... 1,080,600
2,000,000 Rolls-Royce Group plc+ ......... 16,963,437
--------------
18,449,237
--------------
AGRICULTURE -- 0.3%
150,000 Archer-Daniels-Midland Co. ..... 5,682,000
55,000 Delta & Pine Land Co. .......... 2,227,500
--------------
7,909,500
--------------
AUTOMOTIVE -- 0.2%
100,000 General Motors Corp. ........... 3,326,000
50,000 Navistar International Corp.+ .. 1,291,000
--------------
4,617,000
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.8%
100,000 Dana Corp. ..................... 104,000
455,000 Genuine Parts Co. .............. 19,624,150
--------------
19,728,150
--------------
AVIATION: PARTS AND SERVICES -- 0.2%
50,000 Sequa Corp., Cl. A+ ............ 4,693,000
--------------
BROADCASTING -- 0.2%
160,000 Univision Communications Inc.,
Cl. A+ ........................ 5,494,400
--------------
BUILDING AND CONSTRUCTION -- 0.0%
11,000 Layne Christensen Co.+ ......... 314,270
--------------
BUSINESS SERVICES -- 0.4%
265,000 Aramark Corp., Cl. B ........... 8,707,900
--------------
CABLE AND SATELLITE -- 1.1%
40,000 Cablevision Systems Corp.,
Cl. A+ ........................ 908,400
14,200 Cogeco Inc. .................... 298,546
330,000 EchoStar Communications
Corp., Cl. A+ ................. 10,804,200
81,734 Liberty Global Inc., Cl. A+ .... 2,103,833
34,318 Liberty Global Inc., Cl. C+ .... 860,009
155,000 Rogers Communications Inc.,
Cl. B ......................... 8,504,850
115,000 The DIRECTV Group Inc.+ ........ 2,263,200
--------------
25,743,038
--------------
UNITS
------
CLOSED-END FUNDS -- 0.1%
47,125 Bell Aliant Regional
Communications Income Fund .... 1,473,513
--------------
SHARES
------
COMMUNICATIONS EQUIPMENT -- 0.0%
20,000 Thomas & Betts Corp.+ .......... 954,200
--------------
COMPUTER SOFTWARE AND SERVICES -- 0.3%
20,000 Hummingbird Ltd.+ .............. 556,600
150,000 The Reynolds & Reynolds Co.,
Cl. A ......................... 5,926,500
--------------
6,483,100
--------------
MARKET
SHARES VALUE*
------ ------
CONSUMER PRODUCTS -- 2.4%
329,000 Alberto-Culver Co. .............$ 16,644,110
10,000 Altria Group Inc. .............. 765,500
125,000 Avon Products Inc. ............. 3,832,500
40,000 Eastman Kodak Co. .............. 896,000
135,000 Gallaher Group plc, ADR ........ 8,824,950
47,000 Hanesbrands Inc.+ .............. 1,057,970
1,000 Kimberly-Clark Corp. ........... 65,360
180,000 Mattel Inc. .................... 3,546,000
150,000 Procter & Gamble Co. ........... 9,297,000
700,000 Swedish Match AB ............... 11,391,006
--------------
56,320,396
--------------
DIVERSIFIED INDUSTRIAL -- 2.7%
180,000 Bouygues SA .................... 9,627,572
130,000 Cooper Industries Ltd.,
Cl. A ......................... 11,078,600
500,000 General Electric Co. ........... 17,650,000
250,000 Honeywell
International Inc. ............ 10,225,000
100,000 ITT Corp. ...................... 5,127,000
116,000 Sonoco Products Co. ............ 3,902,240
1,000 Textron Inc. ................... 87,500
1,051,000 Tomkins plc .................... 4,658,846
120,000 WHX Corp.+ ..................... 1,080,000
--------------
63,436,758
--------------
ELECTRONICS -- 0.7%
45,000 Freescale Semiconductor Inc.,
Cl. A+ ........................ 1,712,250
20,000 Intel Corp. .................... 411,400
1,000,000 Symbol Technologies Inc. ....... 14,860,000
--------------
16,983,650
--------------
ENERGY AND UTILITIES: ELECTRIC -- 5.3%
30,000 Allegheny Energy Inc.+ ......... 1,205,100
120,000 ALLETE Inc. .................... 5,214,000
310,000 American Electric
Power Co. Inc. ................ 11,274,700
425,000 DPL Inc. ....................... 11,526,000
17,500 DTE Energy Co. ................. 726,425
270,000 Duquesne Light
Holdings Inc. ................. 5,308,200
280,000 Electric Power Development
Co. Ltd. ...................... 9,979,259
230,000 FPL Group Inc. ................. 10,350,000
600,000 Great Plains Energy Inc. ....... 18,612,000
550,000 Pepco Holdings Inc. ............ 13,293,500
240,000 Pinnacle West Capital Corp. .... 10,812,000
450,200 The Southern Co. ............... 15,513,892
365,000 Unisource Energy Corp. ......... 12,165,450
--------------
125,980,526
--------------
ENERGY AND UTILITIES: INTEGRATED -- 10.6%
12,000 Alliant Energy Corp. ........... 428,760
385,000 Ameren Corp. ................... 20,324,150
50,000 Avista Corp. ................... 1,184,000
11,000 Black Hills Corp. .............. 369,710
33,000 CH Energy Group Inc. ........... 1,698,510
108,000 Chubu Electric
Power Co. Inc. ................ 2,806,857
2
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: INTEGRATED (CONTINUED)
278,000 CONSOL Energy Inc. .............$ 8,820,940
200,000 Consolidated Edison Inc. ....... 9,240,000
20,000 Dominion Resources Inc. ........ 1,529,800
690,000 Duke Energy Corp. .............. 20,838,000
430,000 Edison SpA ..................... 924,221
200,000 El Paso Corp. .................. 2,728,000
100,000 Endesa SA ...................... 4,254,321
67,000 Endesa SA, ADR ................. 2,854,200
300,000 Enel SpA ....................... 2,737,094
47,000 Enel SpA, ADR .................. 2,144,610
139,500 Energy East Corp. .............. 3,308,940
220,000 FirstEnergy Corp. .............. 12,289,200
130,000 Hawaiian Electric
Industries Inc. ............... 3,517,800
250,000 Hera SpA ....................... 933,605
121,500 Hokkaido Electric
Power Co. Inc. ................ 2,946,857
121,500 Hokuriku Electric
Power Co. ..................... 2,540,571
80,500 Korea Electric
Power Corp., ADR .............. 1,573,775
121,500 Kyushu Electric
Power Co. Inc. ................ 2,869,714
21,000 Maine & Maritimes Corp.+ ....... 351,750
74,000 MGE Energy Inc. ................ 2,396,120
35,102 National Grid plc, ADR ......... 2,200,544
255,000 NiSource Inc. .................. 5,543,700
605,000 NSTAR .......................... 20,182,800
490,000 OGE Energy Corp. ............... 17,693,900
38,000 Ormat Technologies Inc. ........ 1,243,360
330,000 Progress Energy Inc. ........... 14,975,400
200,000 Public Service
Enterprise Group Inc. ......... 12,238,000
174,603 Scottish Power plc, ADR ........ 8,478,722
121,500 Shikoku Electric
Power Co. Inc. ................ 2,648,572
15,000 TECO Energy Inc. ............... 234,750
121,500 The Chugoku Electric
Power Co. Inc. ................ 2,561,143
30,000 The Empire District
Electric Co. .................. 671,400
121,500 The Kansai Electric
Power Co. Inc. ................ 2,802,857
108,000 The Tokyo Electric
Power Co. Inc. ................ 3,108,572
121,500 Tohoku Electric
Power Co. Inc. ................ 2,658,857
2,000 TXU Corp. ...................... 125,040
202,600 Vectren Corp. .................. 5,439,810
470,000 Westar Energy Inc. ............. 11,049,700
90,000 Wisconsin Energy Corp. ......... 3,882,600
150,000 WPS Resources Corp. ............ 7,444,500
620,000 Xcel Energy Inc. ............... 12,803,000
--------------
253,598,732
--------------
ENERGY AND UTILITIES: NATURAL GAS -- 5.6%
8,500 AGL Resources Inc. ............. 310,250
100,000 Atmos Energy Corp. ............. 2,855,000
14,800 Delta Natural Gas Co. Inc. ..... 370,740
6,000 Energen Corp. .................. 251,220
500,000 KeySpan Corp. .................. 20,570,000
20,000 Kinder Morgan Energy
Partners LP ................... 877,600
450,000 Kinder Morgan Inc. ............. 47,182,500
MARKET
SHARES VALUE*
------ ------
300,000 National Fuel Gas Co. ..........$ 10,905,000
215,000 Nicor Inc. ..................... 9,193,400
220,000 ONEOK Inc. ..................... 8,313,800
300,000 Peoples Energy Corp. ........... 12,195,000
300,000 SEMCO Energy Inc.+ ............. 1,692,000
200,000 Sempra Energy .................. 10,050,000
30,000 South Jersey Industries Inc. ... 897,300
70,000 Southern Union Co. ............. 1,848,700
165,000 Southwest Gas Corp. ............ 5,497,800
60,000 The Laclede Group Inc. ......... 1,924,800
--------------
134,935,110
--------------
ENERGY AND UTILITIES: OIL -- 11.9%
20,000 Anadarko Petroleum Corp. ....... 876,600
40,000 Apache Corp. ................... 2,528,000
20,000 Baker Hughes Inc. .............. 1,364,000
46,900 BG Group plc, ADR .............. 2,859,493
160,000 BP plc, ADR .................... 10,492,800
40,000 Cameron International Corp.+ ... 1,932,400
140,000 Chesapeake Energy Corp. ........ 4,057,200
319,888 Chevron Corp. .................. 20,747,936
1,000 Cimarex Energy Co. ............. 35,190
420,996 ConocoPhillips ................. 25,061,892
78,000 Devon Energy Corp. ............. 4,925,700
290,000 Diamond Offshore
Drilling Inc. ................. 20,987,300
187,500 Eni SpA, ADR ................... 11,158,125
225,000 Exxon Mobil Corp. .............. 15,097,500
55,000 Giant Industries Inc.+ ......... 4,466,000
640,000 Halliburton Co. ................ 18,208,000
30,000 Hess Corp. ..................... 1,242,600
297,000 Marathon Oil Corp. ............. 22,839,300
180,000 Murphy Oil Corp. ............... 8,559,000
4,000 Nabors Industries Ltd.+ ........ 119,000
1,000 Niko Resources Ltd. ............ 59,494
5,000 Noble Corp. .................... 320,900
375,000 Occidental Petroleum Corp. ..... 18,041,250
14,000 Oceaneering
International Inc.+ ........... 431,200
30,000 PetroChina Co. Ltd., ADR ....... 3,229,500
280,000 Repsol YPF SA, ADR ............. 8,352,400
200,000 Royal Dutch Shell plc,
Cl. A, ADR .................... 13,220,000
120,000 Schlumberger Ltd. .............. 7,443,600
1,000 Seitel Inc.+ ................... 3,670
940,000 Statoil ASA, ADR ............... 22,390,800
200,000 Sunoco Inc. .................... 12,438,000
200,000 Total SA, ADR .................. 13,188,000
90,000 Transocean Inc.+ ............... 6,590,700
--------------
283,267,550
--------------
ENERGY AND UTILITIES: SERVICES -- 0.2%
135,000 ABB Ltd., ADR .................. 1,779,300
50,000 NS Group Inc.+ ................. 3,227,500
--------------
5,006,800
--------------
3
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: WATER -- 0.3%
11,000 American States Water Co. ......$ 420,750
53,333 Aqua America Inc. .............. 1,170,126
6,000 Artesian Resources
Corp., Cl. A .................. 112,860
3,000 California Water
Service Group ................. 110,790
10,000 Connecticut Water
Service Inc. .................. 220,800
1,000 Consolidated Water Co. Ltd. .... 24,570
6,000 Middlesex Water Co. ............ 115,380
21,466 Pennichuck Corp. ............... 397,765
90,000 SJW Corp. ...................... 2,691,900
16,800 Southwest Water Co. ............ 205,464
5,000 Suez SA ........................ 219,627
168,000 Suez SA, Strips+ ............... 2,130
36,000 United Utilities plc, ADR ...... 953,280
9,000 York Water Co. ................. 171,180
--------------
6,816,622
--------------
ENTERTAINMENT -- 0.8%
8,000 Grupo Televisa SA, ADR ......... 170,080
150,000 The Walt Disney Co. ............ 4,636,500
360,000 Time Warner Inc. ............... 6,562,800
220,000 Vivendi ........................ 7,931,170
--------------
19,300,550
--------------
ENVIRONMENTAL SERVICES -- 0.3%
300,000 Allied Waste Industries Inc.+ .. 3,381,000
11,000 Veolia Environnement ........... 664,093
75,000 Waste Management Inc. .......... 2,751,000
--------------
6,796,093
--------------
EQUIPMENT AND SUPPLIES -- 1.3%
115,000 CIRCOR International Inc. ...... 3,513,250
30,000 Lufkin Industries Inc. ......... 1,587,600
60,000 Mueller Industries Inc. ........ 2,110,200
280,000 RPC Inc. ....................... 5,129,600
315,000 Weatherford
International Ltd.+ ........... 13,141,800
300,000 Xerox Corp.+ ................... 4,668,000
--------------
30,150,450
--------------
FINANCIAL SERVICES -- 14.0%
305,000 AllianceBernstein Holding LP ... 21,041,950
380,000 American Express Co. ........... 21,310,400
260,000 American International
Group Inc. .................... 17,227,600
80,000 Ameriprise Financial Inc. ...... 3,752,000
285,000 AmSouth Bancorporation ......... 8,276,400
40,000 Astoria Financial Corp. ........ 1,232,800
510,000 Bank of America Corp. .......... 27,320,700
5,000 BlackRock Inc. ................. 745,000
20,000 Capital One Financial Corp. .... 1,573,200
550,000 Citigroup Inc. ................. 27,318,500
210,000 Commerce Bancorp Inc. .......... 7,709,100
30,000 Deutsche Bank AG ............... 3,621,000
80,000 Fannie Mae ..................... 4,472,800
40,000 Fidelity National
Financial Inc. ................ 1,666,000
MARKET
SHARES VALUE*
------ ------
7,000 Fidelity National Title
Group Inc., Cl. A .............$ 146,720
165,000 Fifth Third Bancorp ............ 6,283,200
100,000 First Horizon National Corp. ... 3,801,000
40,000 Flushing Financial Corp. ....... 700,000
27,000 Hartford Financial Services
Group Inc. .................... 2,342,250
10,000 Hudson City Bancorp Inc. ....... 132,500
520,000 JPMorgan Chase & Co. ........... 24,419,200
1,000 Legg Mason Inc. ................ 100,860
10,000 Lehman Brothers Holdings Inc. .. 738,600
15,000 Marshall & Ilsley Corp. ........ 722,700
112,000 Merrill Lynch & Co. Inc. ....... 8,760,640
135,000 Morgan Stanley ................. 9,842,850
200,000 New York Community
Bancorp Inc. .................. 3,276,000
40,000 NewAlliance Bancshares Inc. .... 586,000
40,000 North Fork
Bancorporation Inc. ........... 1,145,600
210,000 PNC Financial Services
Group Inc. .................... 15,212,400
332,000 Popular Inc. ................... 6,454,080
323,620 Sovereign Bancorp Inc. ......... 6,961,066
20,750 Sterling Bancorp ............... 407,945
100,000 T. Rowe Price Group Inc. ....... 4,785,000
60,000 The Allstate Corp. ............. 3,763,800
361,400 The Bank of New
York Co. Inc. ................. 12,742,964
4,000 The Progressive Corp. .......... 98,160
290,000 The St. Paul Travelers
Companies Inc. ................ 13,598,100
5,000 Unitrin Inc. ................... 220,850
15,214 Valley National Bancorp ........ 389,022
270,000 Wachovia Corp. ................. 15,066,000
405,000 Waddell & Reed Financial
Inc., Cl. A ................... 10,023,750
32,000 Washington Mutual Inc. ......... 1,391,040
3,500 Webster Financial Corp. ........ 164,885
450,000 Wells Fargo & Co. .............. 16,281,000
85,200 Wilmington Trust Corp. ......... 3,795,660
167,000 Zions Bancorporation ........... 13,328,270
--------------
334,949,562
--------------
FOOD AND BEVERAGE -- 4.2%
160,000 Anheuser-Busch Companies Inc. .. 7,601,600
50,000 Campbell Soup Co. .............. 1,825,000
185,000 ConAgra Foods Inc. ............. 4,528,800
300,000 General Mills Inc. ............. 16,980,000
50,000 Gold Kist Inc.+ ................ 1,042,000
210,000 Groupe Danone .................. 29,478,450
140,000 H.J. Heinz Co. ................. 5,870,200
1,000 Kellogg Co. .................... 49,520
50,000 Kraft Foods Inc., Cl. A ........ 1,783,000
339,450 Parmalat SpA, GDR+ (a) ......... 1,216,894
20,000 PepsiCo Inc. ................... 1,305,200
370,000 Sara Lee Corp. ................. 5,945,900
300,000 The Coca-Cola Co. .............. 13,404,000
100,000 The Hershey Co. ................ 5,345,000
62,000 Wm. Wrigley Jr. Co. ............ 2,855,720
3,000 Wm. Wrigley Jr. Co., Cl. B ..... 138,000
--------------
99,369,284
--------------
4
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
HEALTH CARE -- 2.4%
120,000 Bristol-Myers Squibb Co. .......$ 2,990,400
185,000 Eli Lilly & Co. ................ 10,545,000
90,000 IMS Health Inc. ................ 2,397,600
220,000 Merck & Co. Inc. ............... 9,218,000
60,000 Owens & Minor Inc. ............. 1,973,400
730,000 Pfizer Inc. .................... 20,702,800
120,000 Wyeth .......................... 6,100,800
44,000 Zimmer Holdings Inc.+ .......... 2,970,000
--------------
56,898,000
--------------
HOTELS AND GAMING -- 0.4%
40,000 Aztar Corp.+ ................... 2,120,400
100,000 Hilton Hotels Corp. ............ 2,785,000
705,882 Ladbrokes plc .................. 5,141,234
--------------
10,046,634
--------------
MACHINERY -- 0.1%
150,000 CNH Global NV .................. 3,481,500
--------------
MANUFACTURED HOUSING AND
RECREATIONAL VEHICLES -- 0.0%
1,100 Skyline Corp. .................. 42,031
--------------
METALS AND MINING -- 1.7%
44,000 Alcoa Inc. ..................... 1,233,760
10,000 Alliance Holdings GP LP ........ 193,100
20,000 Arch Coal Inc. ................. 578,200
8,000 BHP Billiton Ltd., ADR ......... 303,040
1,300,000 Excel Coal Ltd. ................ 9,204,467
3,000 Fording Canadian Coal Trust .... 79,590
120,000 Freeport-McMoRan Copper &
Gold Inc., Cl. B .............. 6,391,200
100,000 Inco Ltd., New York ............ 7,627,000
159,500 Inco Ltd., Toronto ............. 12,159,244
10,000 Massey Energy Co. .............. 209,400
25,000 Peabody Energy Corp. ........... 919,500
20,000 Phelps Dodge Corp. ............. 1,694,000
1,000 Rio Tinto plc, ADR ............. 189,630
3,000 Westmoreland Coal Co.+ ......... 59,010
--------------
40,841,141
--------------
PAPER AND FOREST PRODUCTS -- 0.3%
200,000 International Paper Co. ........ 6,926,000
--------------
PUBLISHING -- 0.3%
135,000 Dow Jones & Co. Inc. ........... 4,527,900
300,000 The Reader's Digest
Association Inc. .............. 3,888,000
--------------
8,415,900
--------------
REAL ESTATE -- 0.5%
12,000 Brookfield Asset
Management Inc., Cl. A ........ 532,080
1,000 Inmobiliaria Colonial SA ....... 77,541
30,000 Reckson Associates
Realty Corp. .................. 1,284,000
350,000 Trizec Properties Inc. ......... 10,118,500
--------------
12,012,121
--------------
MARKET
SHARES VALUE*
------ ------
RETAIL -- 0.9%
153,000 Ingles Markets Inc., Cl. A .....$ 4,036,140
425,000 Safeway Inc. ................... 12,898,750
22,000 Saks Inc. ...................... 380,160
136,300 SUPERVALU Inc. ................. 4,041,295
--------------
21,356,345
--------------
SPECIALTY CHEMICALS -- 1.7%
5,000 Arkema, ADR+ ................... 235,680
337,100 Ashland Inc. ................... 21,500,238
140,000 E.I. du Pont de
Nemours & Co. ................. 5,997,600
230,000 Ferro Corp. .................... 4,089,400
110,000 Olin Corp. ..................... 1,689,600
170,000 The Dow Chemical Co. ........... 6,626,600
18,146 Tronox Inc., Cl. B ............. 231,724
--------------
40,370,842
--------------
TELECOMMUNICATIONS -- 5.2%
580,000 AT&T Inc. ...................... 18,884,800
560,000 BCE Inc. ....................... 15,170,400
200,000 BellSouth Corp. ................ 8,550,000
74,000 BT Group plc, ADR .............. 3,742,180
2,000 CenturyTel Inc. ................ 79,340
50,000 Compania de Telecomunicaciones
de Chile SA, ADR .............. 353,500
100,000 Deutsche Telekom AG, ADR ....... 1,587,000
42,000 Embarq Corp. ................... 2,031,540
55,000 France Telecom SA, ADR ......... 1,282,050
210,000 Hellenic Telecommunications
Organization SA, ADR+ ......... 2,595,600
200,000 Portugal Telecom SGPS SA ....... 2,498,066
90,000 Qwest Communications
International Inc.+ ........... 784,800
840,000 Sprint Nextel Corp. ............ 14,406,000
15,000 Telecom Corp. of New
Zealand Ltd., ADR ............. 336,450
200,000 Telecom Italia SpA, ADR ........ 5,666,000
26,000 Telefonica SA, ADR ............. 1,347,060
260,000 Telefonos de Mexico SA de
CV, Cl. L, ADR ................ 6,650,800
140,000 Telstra Corp. Ltd., ADR ........ 1,926,400
68,000 TELUS Corp., Non-Voting ........ 3,815,534
805,000 Verizon Communications Inc. .... 29,889,650
100,000 Vodafone Group plc, ADR ........ 2,286,000
--------------
123,883,170
--------------
TRANSPORTATION -- 0.4%
4,000 Frontline Ltd. ................. 154,040
216,000 GATX Corp. ..................... 8,935,920
24,000 Golden Ocean Group Ltd.+ ....... 24,638
4,250 Ship Finance
International Ltd. ............ 84,575
30,000 Teekay Shipping Corp. .......... 1,233,300
--------------
10,432,473
--------------
5
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
WIRELESS COMMUNICATIONS -- 0.3%
14,000 Crown Castle
International Corp.+ ..........$ 493,360
110,000 United States Cellular Corp.+ .. 6,567,000
3,000 Vimpel-Communications, ADR+ .... 181,770
--------------
7,242,130
--------------
TOTAL COMMON STOCKS ............ 1,883,427,678
--------------
CONVERTIBLE PREFERRED STOCKS -- 2.1%
AEROSPACE -- 0.1%
8,315 Northrop Grumman Corp.,
7.000% Cv. Pfd., Ser. B ....... 1,105,895
--------------
AUTOMOTIVE -- 0.0%
16,000 General Motors Corp.,
4.500% Cv. Pfd., Ser. A ....... 395,840
--------------
BROADCASTING -- 0.0%
20,460 Emmis Communications Corp.,
6.250% Cv. Pfd., Ser. A ....... 813,285
--------------
BUILDING AND CONSTRUCTION -- 0.0%
200 Fleetwood Capital Trust,
6.000% Cv. Pfd. ............... 5,950
--------------
DIVERSIFIED INDUSTRIAL -- 0.3%
179,400 Owens-Illinois Inc.,
4.750% Cv. Pfd. ............... 6,287,970
80,000 Smurfit-Stone Container Corp.,
7.000% Cv. Pfd., Ser. A ....... 1,856,000
--------------
8,143,970
--------------
ENERGY AND UTILITIES -- 0.4%
5,000 Chesapeake Energy Corp.,
5.000% Cv. Pfd. (a) ........... 649,062
20,000 CMS Energy Corp.,
4.500% Cv. Pfd., Ser. B ....... 1,557,500
130,000 El Paso Corp. Capital Trust I,
4.750% Cv. Pfd., Ser. C ....... 4,839,900
40,000 Hanover Compressor
Capital Trust,
7.250% Cv. Pfd. ............... 2,210,000
--------------
9,256,462
--------------
ENTERTAINMENT -- 0.1%
120,000 Six Flags Inc.,
7.250% Cv. Pfd., Ser. B ....... 2,556,000
--------------
FINANCIAL SERVICES -- 0.7%
2,000 Doral Financial Corp.,
4.750% Cv. Pfd. ............... 268,000
210,000 National Australia Bank Ltd.,
7.875% Cv. Pfd. ............... 9,242,100
137,000 Newell Financial Trust I,
5.250% Cv. Pfd. ............... 6,267,750
--------------
15,777,850
--------------
MARKET
SHARES VALUE*
------ ------
HEALTH CARE -- 0.0%
10,000 Omnicare Inc.,
4.000% Cv. Pfd., Ser. B .......$ 583,750
--------------
REAL ESTATE INVESTMENT TRUSTS -- 0.0%
2,100 Equity Office Properties Trust,
5.250% Cv. Pfd., Ser. B ....... 121,464
--------------
TELECOMMUNICATIONS -- 0.4%
50,000 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B ....... 2,200,000
121,000 Crown Castle
International Corp.,
6.250% Cv. Pfd. ............... 6,957,500
--------------
9,157,500
--------------
TRANSPORTATION -- 0.1%
1,500 GATX Corp.,$2.50 Cv. Pfd. ...... 294,938
982 Kansas City Southern,
4.250% Cv. Pfd. ............... 919,246
--------------
1,214,184
--------------
TOTAL CONVERTIBLE
PREFERRED STOCKS .............. 49,132,150
--------------
PRINCIPAL
AMOUNT
-------
CONVERTIBLE CORPORATE BONDS -- 1.7%
AEROSPACE -- 0.1%
$ 1,000,000 GenCorp Inc., Sub. Deb. Cv.,
5.750%, 04/15/07 .............. 1,025,000
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.0%
500,000 Standard Motor Products Inc.,
Sub. Deb. Cv.,
6.750%, 07/15/09 .............. 475,000
--------------
BROADCASTING -- 0.5%
100,000 Lin Television Corp.,
Sub. Deb. Cv.,
2.500%, 05/15/33 .............. 92,750
13,240,000 Sinclair Broadcast Group Inc.,
Sub. Deb. Cv.,
6.000%, 09/15/12 .............. 11,833,250
--------------
11,926,000
--------------
BUSINESS SERVICES -- 0.0%
910,000 Trans-Lux Corp.,
Sub. Deb. Cv.,
8.250%, 03/01/12 .............. 823,550
--------------
COMMUNICATIONS EQUIPMENT -- 0.5%
10,000,000 Agere Systems Inc.,
Sub. Deb. Cv.,
6.500%, 12/15/09 .............. 10,075,000
2,000,000 TriQuint Semiconductor Inc.,
Sub. Deb. Cv.,
4.000%, 03/01/07 .............. 1,992,500
--------------
12,067,500
--------------
6
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE*
--------- ------
CONVERTIBLE CORPORATE BONDS (CONTINUED)
ENTERTAINMENT -- 0.1%
$ 1,500,000 The Walt Disney Co., Cv.,
2.125%, 04/15/23 ..............$ 1,695,000
--------------
FINANCIAL SERVICES -- 0.0%
250,000 AON Corp., Deb. Cv.,
3.500%, 11/15/12 .............. 398,750
--------------
METALS AND MINING -- 0.0%
400,000 Inco Ltd., Cv.,
Zero Coupon, 03/29/21 ......... 812,000
--------------
REAL ESTATE -- 0.0%
Palm Harbor Homes Inc., Cv.,
100,000 3.250%, 05/15/24 ............. 84,250
1,000,000 3.250%, 05/15/24 (a) ......... 842,500
--------------
926,750
--------------
TELECOMMUNICATIONS -- 0.3%
6,000,000 Nortel Networks Corp., Cv.,
4.250%, 09/01/08 .............. 5,760,000
--------------
TRANSPORTATION -- 0.2%
3,000,000 GATX Corp., Cv.,
7.500%, 02/01/07 .............. 3,675,000
--------------
TOTAL CONVERTIBLE
CORPORATE BONDS ............... 39,584,550
--------------
SHARES
-------
WARRANTS -- 0.0%
FOOD AND BEVERAGE -- 0.0%
650 Parmalat SpA, GDR,
expire 12/31/15+ (a)(b) ....... 0
--------------
PRINCIPAL
AMOUNT
-------
SHORT-TERM OBLIGATIONS -- 17.3%
REPURCHASE AGREEMENTS -- 13.0%
$160,000,000 ABN Amro, 4.850%, dated 9/29/06,
due 10/02/06, proceeds at
maturity, $160,064,667 (c) .... 160,000,000
150,000,000 Barclays Capital Inc.,
4.950%, dated 9/29/06,
due 10/02/06, proceeds
at maturity,
$150,061,875 (d) .............. 150,000,000
--------------
310,000,000
--------------
U.S. TREASURY BILLS -- 4.3%
105,131,000 U.S. Treasury Bills,
4.772% to 5.219%++,
10/12/06 to 03/08/07 .......... 103,369,233
--------------
TOTAL SHORT-TERM
OBLIGATIONS ................... 413,369,233
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $2,092,132,589) .....................$2,385,513,611
==============
--------------
Aggregate book cost ...............$2,092,132,589
==============
Gross unrealized appreciation .....$ 312,599,105
Gross unrealized depreciation ..... (19,218,083)
--------------
Net unrealized appreciation
(depreciation) ...................$ 293,381,022
==============
--------------
INTEREST RATE SWAP
FLOATING
NOTIONAL RATE RECEIVED+++ TERMINATION UNREALIZED
AMOUNT FIXED RATE PAID (RATE RESET MONTHLY) DATE APPRECIATION
------ --------------- ------------------- -------- ------------
$100,000,000 4.01% 5.33000% June 2, 2010 $3,247,591
(a) Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. At
September 30, 2006, the market value of Rule 144A securities amounted to
$2,708,456 or 0.11% of total investments. Except as noted in (b), these
securities are liquid.
(b) At September 30, 2006, the Fund held an investment in a restricted and
illiquid security amounting to $0 or 0.00% of total investments, which
was valued under methods approved by the Board, as follows:
09/30/06
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
SHARES ISSUER DATE COST PER UNIT
------- ------- ------- ------- -------
650 Parmalat SpA, GDR
warrants expire
12/31/15 ................ 11/09/05 $0.00 $0.0000
(c) Collateralized by $123,270,000 U.S. Treasury Bond, 7.875%, due 02/15/21,
market value $163,200,000.
(d) Collateralized by $114,975,000 U.S. Treasury Bond, 8.125%, due 08/15/19,
market value $153,000,000.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
+++ Based on Libor (London Interbank Offered Rate).
ADR American Depository Receipt
GDR Global Depository Receipt
* Portfolio securities are valued at the last quoted sale price or closing
values. If these are unavailable, then the average of the closing bid
and asked prices is used. If there is no asked price, the security is
valued at the closing bid price on that day. Debt instruments are valued
at the average of the closing bid and asked prices. If the security
matures in 60 days or less and is not credit impaired, it is valued at
amortized cost. All securities and assets for which market quotations
are not readily available or any security that the Board determines does
not reflect its fair market value are valued in good faith under
procedures established by the Board.
% OF
MARKET MARKET
VALUE VALUE
------- ----------
GEOGRAPHIC DIVERSIFICATION
North America ................. 85.6% $2,042,079,004
Europe ........................ 9.8 233,832,000
Latin America ................. 1.9 46,156,803
Japan ......................... 1.5 34,923,259
Asia/Pacific .................. 1.2 28,522,545
----- --------------
Total Investments ............. 100.0% $2,385,513,611
===== ==============
7
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's last fiscal
quarter that have materially affected, or are reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Dividend & Income Trust
--------------------------------------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date 11/03/06
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date 11/03/06
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady,
Principal Financial Officer & Treasurer
Date 11/03/06
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.