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
-----------
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, 2004
--------------------
Date of reporting period: September 30, 2004
--------------------
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule of Investments is attached herewith.
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS -- 75.3%
AEROSPACE -- 0.6%
10,000 Goodrich Corp. .............. $ 313,600
696,400 Titan Corp.+ ................ 9,728,708
--------------
10,042,308
--------------
AUTOMOTIVE -- 0.4%
300,000 Adesa Inc.+ ................. 4,929,000
50,000 General Motors Corp. ........ 2,124,000
--------------
7,053,000
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 1.7%
581,600 Dana Corp. .................. 10,288,504
450,000 Genuine Parts Co. ........... 17,271,000
--------------
27,559,504
--------------
BROADCASTING -- 0.0%
12,000 Liberty Corp. ............... 476,880
--------------
BUSINESS SERVICES -- 0.0%
10,000 InVision Technologies Inc.+ . 449,900
--------------
CABLE AND SATELLITE -- 0.2%
51,000 DIRECTV Group Inc.+ ......... 897,090
50,000 EchoStar Communications Corp.,
Cl. A+ .................... 1,556,000
--------------
2,453,090
--------------
COMPUTER SOFTWARE AND SERVICES -- 1.4%
812,000 Microsoft Corp. ............. 22,451,800
--------------
CONSUMER PRODUCTS -- 1.5%
20,000 Altria Group Inc. ........... 940,800
6,600 Del Laboratories Inc.+ ...... 217,800
90,000 Eastman Kodak Co. ........... 2,899,800
87,000 Gallaher Group plc, ADR ..... 4,042,890
1,000 Kimberly-Clark Corp. ........ 64,590
70,000 Procter & Gamble Co. ........ 3,788,400
569,500 Swedish Match AB ............ 6,023,392
147,700 UST Inc. .................... 5,946,402
--------------
23,924,074
--------------
DIVERSIFIED INDUSTRIAL -- 2.3%
250,000 Bouygues SA ................. 9,377,135
9,000 Brascan Corp., Cl. A ........ 271,800
50,000 Cooper Industries Ltd., Cl. A 2,950,000
180,000 GATX Corp. .................. 4,798,800
300,000 General Electric Co. ........ 10,074,000
200,000 Honeywell International Inc. 7,172,000
100,000 Sonoco Products Co. ......... 2,644,000
1,000 Textron Inc. ................ 64,270
--------------
37,352,005
--------------
MARKET
SHARES VALUE*
------ ------
ENERGY AND UTILITIES: ELECTRIC -- 2.5%
300,000 American Electric
Power Co. Inc. ............ $ 9,588,000
20,000 Cleco Corp. ................. 344,800
375,000 DPL Inc. .................... 7,717,500
17,500 DTE Energy Co. .............. 738,325
280,000 Duquesne Light Holdings Inc. 5,028,800
601,000 Great Plains Energy Inc. .... 17,519,150
--------------
40,936,575
--------------
ENERGY AND UTILITIES: INTEGRATED -- 15.4%
30,000 Allegheny Energy Inc.+ ...... 478,800
100,000 ALLETE Inc. ................. 3,250,000
10,000 Alliant Energy Corp. ........ 248,800
420,000 Ameren Corp. ................ 19,383,000
25,000 Avista Corp. ................ 452,500
30,000 Burlington Resources Inc. ... 1,224,000
22,800 Central Vermont Public
Service Corp. ............. 458,508
32,100 CH Energy Group Inc. ........ 1,470,180
48,000 Chubu Electric Power Co. Inc. 1,014,744
54,000 Chugoku Electric Power
Co. Inc. .................. 920,129
320,000 Cinergy Corp. ............... 12,672,000
170,000 CONSOL Energy Inc. .......... 5,931,300
240,000 Consolidated Edison Inc. .... 10,089,600
2,000 Dominion Resources Inc. ..... 130,500
300,000 Duke Energy Corp. ........... 6,867,000
2,800 Empire District Electric Co. 57,540
300,000 Enel SpA .................... 2,451,717
47,000 Enel SpA, ADR ............... 1,903,500
145,100 Energy East Corp. ........... 3,653,618
173,100 FirstEnergy Corp. ........... 7,110,948
78,000 FPL Group Inc. .............. 5,328,960
122,500 Hawaiian Electric
Industries Inc. ........... 3,251,150
250,000 Hera SpA .................... 636,527
54,000 Hokkaido Electric
Power Co. Inc. ............ 966,674
54,000 Hokuriku Electric Power Co. . 889,262
54,000 Kansai Electric Power Co. Inc. 951,976
54,000 Kyushu Electric Power Co. Inc. 1,011,750
20,500 Maine & Maritimes Corp. ..... 594,500
40,000 National Grid Transco plc, ADR 1,713,200
260,000 NiSource Inc. ............... 5,462,600
300,000 NSTAR ....................... 14,730,000
500,000 OGE Energy Corp. ............ 12,615,000
570,000 Pepco Holdings Inc. ......... 11,343,000
220,000 Pinnacle West Capital Corp. . 9,130,000
320,000 Progress Energy Inc. ........ 13,548,800
251,000 Public Service Enterprise
Group Inc. ................ 10,692,600
170,000 Scottish Power plc, ADR ..... 5,242,800
54,000 Shikoku Electric
Power Co. Inc. ............ 935,317
500,000 Southern Co. ................ 14,990,000
2,000 TECO Energy Inc. ............ 27,060
54,000 Tohoku Electric Power Co. Inc. 890,732
48,000 Tokyo Electric Power Co. Inc. 1,032,164
1,000 TXU Corp. ................... 47,920
610,800 Unisource Energy Corp. ...... 14,872,980
2
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: INTEGRATED (CONTINUED)
51,000 Vectren Corp. ............... $ 1,284,180
350,000 Westar Energy Inc. .......... 7,070,000
80,000 Wisconsin Energy Corp. ...... 2,552,000
150,000 WPS Resources Corp. ......... 6,748,500
1,250,000 Xcel Energy Inc. ............ 21,650,000
--------------
249,978,036
--------------
ENERGY AND UTILITIES: NATURAL GAS -- 4.1%
8,500 AGL Resources Inc. .......... 261,545
80,000 Atmos Energy Corp. .......... 2,015,200
12,000 Delta Natural Gas Co. Inc. .. 323,760
3,000 Energen Corp. ............... 154,650
390,000 KeySpan Corp. ............... 15,288,000
22,000 Kinder Morgan Energy
Partners LP ............... 1,030,480
50,000 Laclede Group Inc. .......... 1,461,500
300,000 National Fuel Gas Co. ....... 8,499,000
215,000 Nicor Inc. .................. 7,890,500
58,200 NUI Corp. ................... 776,388
223,500 ONEOK Inc. .................. 5,815,470
250,000 Peoples Energy Corp. ........ 10,420,000
270,000 SEMCO Energy Inc. ........... 1,482,300
211,300 Sempra Energy ............... 7,646,947
12,000 South Jersey Industries Inc. 573,000
95,000 Southwest Gas Corp. ......... 2,275,250
--------------
65,913,990
--------------
ENERGY AND UTILITIES: OIL -- 10.1%
1,000 Amerada Hess Corp. .......... 89,000
6,000 Anadarko Petroleum Corp. .... 398,160
30,000 Apache Corp. ................ 1,503,300
20,000 Baker Hughes Inc. ........... 874,400
150,000 BP plc, ADR ................. 8,629,500
300,000 ChevronTexaco Corp. ......... 16,092,000
1,000 Cimarex Energy Co.+ ......... 34,940
210,000 ConocoPhillips .............. 17,398,500
5,000 Devon Energy Corp. .......... 355,050
300,000 Diamond Offshore Drilling Inc. 9,897,000
75,000 Eni SpA, ADR ................ 8,422,500
190,000 Exxon Mobil Corp. ........... 9,182,700
200,000 Halliburton Co. ............. 6,738,000
125,000 Kerr-McGee Corp. ............ 7,156,250
283,000 Marathon Oil Corp. .......... 11,682,240
35,000 Murphy Oil Corp. ............ 3,036,950
190,000 Occidental Petroleum Corp. .. 10,626,700
280,000 Repsol YPF SA, ADR .......... 6,137,600
200,000 Royal Dutch Petroleum Co. ... 10,320,000
40,000 Schlumberger Ltd. ........... 2,692,400
960,000 Statoil ASA, ADR ............ 13,862,400
100,000 Sunoco Inc. ................. 7,398,000
100,000 Total SA, ADR ............... 10,217,000
20,000 Yukos ADR ................... 320,800
--------------
163,065,390
--------------
MARKET
SHARES VALUE*
------ ------
ENERGY AND UTILITIES: WATER -- 0.2%
3,000 American States Water Co. ... $ 74,700
38,000 Aqua America Inc. ........... 840,180
3,000 Artesian Resources Corp.,
Cl. A ..................... 81,540
2,000 California Water Service Group 58,740
2,000 Connecticut Water Service Inc. 52,880
5,000 Middlesex Water Co. ......... 89,600
4,000 Pennichuck Corp. ............ 97,600
40,000 SJW Corp. ................... 1,320,800
6,000 Southwest Water Co. ......... 73,500
22,000 United Utilities plc, ADR ... 447,920
5,000 York Water Co. .............. 86,700
--------------
3,224,160
--------------
ENTERTAINMENT -- 1.2%
10,000 Grupo Televisa SA, ADR ...... 527,300
500,000 The Walt Disney Co. ......... 11,275,000
400,000 Time Warner Inc.+ ........... 6,456,000
45,000 Viacom Inc., Cl. A .......... 1,530,000
--------------
19,788,300
--------------
ENVIRONMENTAL SERVICES -- 0.0%
10,000 Veolia Environnement ........ 287,772
--------------
EQUIPMENT AND SUPPLIES -- 0.4%
106,600 CIRCOR International Inc. ... 2,078,700
15,000 Lufkin Industries Inc. ...... 558,300
25,000 Mueller Industries Inc. ..... 1,073,750
140,000 RPC Inc. .................... 2,503,200
5,000 Weatherford International
Ltd.+ ..................... 255,100
--------------
6,469,050
--------------
FINANCIAL SERVICES -- 11.3%
390,000 Alliance Capital Management
Holding LP ................ 13,845,000
260,000 American Express Co. ........ 13,379,600
70,000 American International
Group Inc. ................ 4,759,300
100,000 AmSouth Bancorporation ...... 2,440,000
510,000 Bank of America Corp. ....... 22,098,300
361,400 Bank of New York Co. Inc. ... 10,542,038
400,000 Citigroup Inc. .............. 17,648,000
25,000 Deutsche Bank AG, ADR ....... 1,798,500
20,000 Eaton Vance Corp. ........... 807,800
30,000 First National Bankshares of
Florida Inc. .............. 736,500
500,000 JPMorgan Chase & Co. ........ 19,865,000
358,000 KeyCorp ..................... 11,312,800
50,000 Morgan Stanley .............. 2,465,000
20,000 North Fork Bancorporation Inc. 889,000
238,500 PNC Financial Services Group 12,902,850
40,000 Popular Inc. ................ 1,052,000
1,000 Progressive Corp. ........... 84,750
10,000 Riggs National Corp. ........ 222,000
3
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
FINANCIAL SERVICES (CONTINUED)
190,000 St. Paul Travelers
Companies Inc. ............ $ 6,281,400
10,000 Sterling Bancorp ............ 270,500
50,000 T. Rowe Price Group Inc. .... 2,547,000
5,000 Unitrin Inc. ................ 207,850
245,000 Wachovia Corp. .............. 11,502,750
200,000 Waddell & Reed Financial
Inc., Cl. A ............... 4,400,000
150,000 Washington Mutual Inc. ...... 5,862,000
93,400 Waypoint Financial Corp. .... 2,575,038
3,500 Webster Financial Corp. ..... 172,865
130,000 Wells Fargo & Co. ........... 7,751,900
72,500 Wilmington Trust Corp. ...... 2,625,225
38,000 Zions Bancorporation ........ 2,319,520
--------------
183,364,486
--------------
FOOD AND BEVERAGE -- 3.5%
500,000 Archer-Daniels-Midland Co. .. 8,490,000
100,000 Coca-Cola Co. ............... 4,005,000
140,000 ConAgra Foods Inc. .......... 3,599,400
410,800 Dreyer's Grand Ice Cream
Holdings Inc., Cl. A ...... 32,852,087
60,000 Heinz (H.J.) Co. ............ 2,161,200
1,000 Kellogg Co. ................. 42,660
270,000 Sara Lee Corp. .............. 6,172,200
1,000 Wrigley (Wm.) Jr. Co. ....... 63,310
--------------
57,385,857
--------------
HEALTH CARE -- 1.5%
140,000 Bristol-Myers Squibb Co. .... 3,313,800
100,000 Eli Lilly & Co. ............. 6,005,000
150,000 Merck & Co. Inc. ............ 4,950,000
61,000 Owens & Minor Inc. .......... 1,549,400
280,000 Pfizer Inc. ................. 8,568,000
2,000 WellPoint Health
Networks Inc.+ ............ 210,180
--------------
24,596,380
--------------
HOTELS AND GAMING -- 1.4%
1,000,000 Hilton Group plc ............ 5,007,960
450,000 Hilton Hotels Corp. ......... 8,478,000
95,000 Mandalay Resort Group ....... 6,521,750
200,000 Prime Hospitality Corp.+ .... 2,434,000
--------------
22,441,710
--------------
MACHINERY -- 1.9%
350,000 CNH Global NV ............... 6,853,000
375,000 Deere & Co. ................. 24,206,250
--------------
31,059,250
--------------
METALS AND MINING -- 0.4%
10,000 Arch Coal Inc. .............. 354,900
3,000 Fording Canadian Coal Trust . 167,910
MARKET
SHARES VALUE*
------ ------
120,000 Freeport-McMoRan Copper &
Gold Inc., Cl. B .......... $ 4,860,000
10,000 Massey Energy Co. ........... 289,300
6,000 Peabody Energy Corp. ........ 357,000
3,000 Westmoreland Coal Co.+ ...... 76,800
--------------
6,105,910
--------------
PUBLISHING -- 0.2%
200,000 Reader's Digest
Association Inc. .......... 2,918,000
--------------
REAL ESTATE -- 0.1%
15,000 LNR Property Corp. .......... 928,650
--------------
REAL ESTATE INVESTMENT TRUSTS -- 0.8%
185,000 Rouse Co. ................... 12,372,800
--------------
RETAIL -- 1.4%
380,000 Albertson's Inc. ............ 9,093,400
60,000 Blockbuster Inc., Cl. A ..... 455,400
151,500 Ingles Markets Inc., Cl. A .. 1,827,090
560,000 Safeway Inc.+ ............... 10,813,600
45,000 Saks Inc.+ .................. 542,250
--------------
22,731,740
--------------
SPECIALTY CHEMICALS -- 1.6%
65,000 Ashland Inc. ................ 3,645,200
1,000 Celanese AG ................. 54,847
200,000 Dow Chemical Co. ............ 9,036,000
200,000 E.I. du Pont de Nemours
and Co. ................... 8,560,000
61,100 Ferro Corp. ................. 1,332,591
160,000 Olin Corp. .................. 3,200,000
--------------
25,828,638
--------------
TELECOMMUNICATIONS -- 9.0%
520,000 AT&T Corp. .................. 7,446,400
2,400,000 AT&T Wireless Services Inc.+ 35,472,000
800,000 BCE Inc. .................... 17,320,000
200,000 BellSouth Corp. ............. 5,424,000
74,000 BT Group plc, ADR ........... 2,438,300
150,000 CenturyTel Inc. ............. 5,136,000
400,000 Citizens Communications Co. . 5,356,000
50,000 Compania de Telecomunicaciones de
Chile SA, ADR ............. 554,500
90,000 Deutsche Telekom AG, ADR+ ... 1,679,400
55,000 France Telecom SA, ADR ...... 1,375,000
240,000 Hellenic Telecommunications
Organization SA, ADR ...... 1,603,200
90,000 Manitoba Telecom Services Inc. 3,018,135
55,000 MCI Inc. .................... 921,250
225,000 Qwest Communications
International Inc.+ ....... 749,250
31,000 Rogers Wireless Communications Inc.,
Cl. B+ .................... 973,710
4
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS (CONTINUED)
320,000 SBC Communications Inc. ..... $ 8,304,000
840,000 Sprint Corp. ................ 16,909,200
346,800 TDC A/S, ADR ................ 6,114,084
12,000 Telecom Corp. of New Zealand
Ltd., ADR ................. 381,720
42,000 Telecom Italia SpA, ADR ..... 1,291,920
25,000 Telefonica SA, ADR .......... 1,124,750
165,000 Telefonos de Mexico SA de CV,
Cl. L, ADR ................ 5,324,563
160,000 Telstra Corp. Ltd., ADR ..... 2,708,800
160,000 TELUS Corp., Non-Voting, ADR 3,097,467
300,000 Verizon Communications Inc. . 11,814,000
--------------
146,537,649
--------------
TRANSPORTATION -- 0.2%
8,000 Frontline Ltd. .............. 377,520
3,400 Ship Finance
International Ltd. ........ 68,340
30,000 Stelmar Shipping Ltd. ....... 1,134,300
45,000 Teekay Shipping Corp. ....... 1,939,050
--------------
3,519,210
--------------
TOTAL COMMON STOCKS ......... 1,221,216,114
--------------
PREFERRED STOCKS -- 0.1%
CLOSED-END FUNDS -- 0.1%
75,000 General American Investors Co. Inc.,
5.950% Cumulative Pfd.,
Ser. B .................... 1,856,250
--------------
CONVERTIBLE PREFERRED STOCKS -- 4.5%
AEROSPACE -- 0.1%
8,315 Northrop Grumman Corp.,
7.000% Cv. Pfd., Ser. B ... 1,089,265
--------------
AUTOMOTIVE -- 0.0%
25,000 General Motors Corp.,
4.500% Cv. Pfd., Ser. A ... 635,250
--------------
AVIATION: PARTS AND SERVICES -- 0.1%
10,500 Sequa Corp.,
$5.00 Cv. Pfd. ............ 1,013,250
--------------
BROADCASTING -- 0.7%
17,460 Emmis Communications Corp.,
6.250% Cv. Pfd., Ser. A ... 731,574
265,000 Sinclair Broadcast Group Inc.,
6.000% Cv. Pfd., Ser. D ... 10,660,950
--------------
11,392,524
--------------
MARKET
SHARES VALUE*
------ ------
BUILDING AND CONSTRUCTION -- 0.0%
200 Fleetwood Capital Trust,
6.000% Cv. Pfd.+ .......... $ 9,075
--------------
BUSINESS SERVICES -- 0.1%
15,000 Allied Waste Industries Inc.,
6.250% Cv. Pfd. ........... 765,000
--------------
CONSUMER PRODUCTS -- 0.4%
138,900 Newell Financial Trust,
5.250% Cv. Pfd. ........... 6,094,237
--------------
DIVERSIFIED INDUSTRIAL -- 0.5%
179,400 Owens-Illinois Inc.,
4.750% Cv. Pfd. ........... 6,252,090
80,502 Smurfit-Stone Container Corp.,
7.000% Cv. Pfd., Ser. A ... 2,004,500
1,000 US Steel Corp.,
7.000% Cv. Pfd., Ser. B ... 123,500
--------------
8,380,090
--------------
ENERGY AND UTILITIES -- 1.2%
9,750 Arch Coal Inc.,
5.000% Cv. Pfd. ........... 892,613
160,600 Calpine Capital Trust,
5.750% Cv. Pfd. ........... 8,070,150
Chesapeake Energy Corp.,
20,000 5.000% Cv. Pfd. ........... 2,306,000
1,000 6.750% Cv. Pfd. ........... 102,090
2,700 6.000% Cv. Pfd. ........... 216,000
20,000 CMS Energy Corp.,
4.500% Cv. Pfd. (a) ....... 1,185,000
130,000 El Paso Corp.,
4.750% Cv. Pfd. ........... 4,511,000
42,615 Hanover Compressor,
7.250% Cv. Pfd. ........... 2,210,653
--------------
19,493,506
--------------
ENTERTAINMENT -- 0.2%
168,000 Six Flags Inc.,
7.250% Cv. Pfd. ........... 3,460,800
--------------
FINANCIAL SERVICES -- 0.5%
3,920 Doral Financial Corp.,
4.750% Cv. Pfd. (a) ....... 1,175,020
215,000 National Australia Bank Ltd.,
7.875% Cv. Pfd., Ser. UNIT 7,292,800
5,100 United Fire & Casualty Co.,
6.375% Cv. Pfd., Ser. A ... 184,620
--------------
8,652,440
--------------
5
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
CONVERTIBLE PREFERRED STOCKS (CONTINUED)
HEALTH CARE -- 0.2%
57,436 McKesson Financing Trust,
5.000% Cv. Pfd. ........... $ 2,805,749
10,000 Omnicare Inc.,
4.000% Cv. Pfd. ........... 475,000
--------------
3,280,749
--------------
METALS AND MINING -- 0.1%
6,000 Phelps Dodge Corp.,
6.750% Cv. Pfd. ........... 1,162,440
--------------
REAL ESTATE INVESTMENT TRUSTS -- 0.0%
2,100 Equity Office Properties Trust,
5.250% Cv. Pfd., Ser. B ... 106,942
--------------
TELECOMMUNICATIONS -- 0.4%
38,600 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B ... 1,621,200
121,000 Crown Castle International Corp.,
6.250% Cv. Pfd. ........... 5,550,875
--------------
7,172,075
--------------
TRANSPORTATION -- 0.0%
1,500 GATX Corp.,
$2.50 Cv. Pfd. ............ 187,500
982 Kansas City Southern,
4.250% Cv. Pfd. ........... 575,908
--------------
763,408
--------------
TOTAL CONVERTIBLE
PREFERRED STOCKS .......... 73,471,051
--------------
PRINCIPAL
AMOUNT
-------
CONVERTIBLE CORPORATE BONDS -- 1.0%
AEROSPACE -- 0.1%
$ 1,200,000 GenCorp Inc., Sub. Deb. Cv.,
5.750%, 04/15/07 .......... 1,233,000
--------------
AGRICULTURE -- 0.1%
750,000 Bunge Ltd. Financial Corp., Cv.,
3.750%, 11/15/22 .......... 1,014,375
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.0%
500,000 Standard Motor Products Inc.,
Sub. Deb. Cv.,
6.750%, 07/15/09 .......... 495,000
--------------
PRINCIPAL MARKET
AMOUNT VALUE*
--------- ------
BUSINESS SERVICES -- 0.2%
Trans-Lux Corp., Sub. Deb. Cv.,
$ 950,000 8.250%, 03/01/2012 ........ $ 920,312
2,000,000 7.500%, 12/01/2006 ........ 2,005,000
--------------
2,925,312
--------------
COMMUNICATIONS EQUIPMENT -- 0.2%
1,700,000 Agere Systems Inc., Sub. Deb. Cv.,
6.500%, 12/15/09 .......... 1,710,625
2,000,000 TriQuint Semiconductor Inc.,
Sub. Deb. Cv.,
4.000%, 03/01/07 .......... 1,935,000
--------------
3,645,625
--------------
ENTERTAINMENT -- 0.1%
1,000,000 The Walt Disney Co., Cv.,
2.125%, 04/15/23 .......... 1,031,250
--------------
EQUIPMENT AND SUPPLIES -- 0.0%
700,000 Robbins & Myers Inc., Sub. Deb. Cv.,
8.000%, 01/31/08 .......... 735,000
--------------
FINANCIAL SERVICES -- 0.0%
250,000 AON Corp., Sub. Deb. Cv.,
3.500%, 11/15/12 .......... 353,437
--------------
FOOD AND BEVERAGE -- 0.0%
2,000,000 Parmalat Soparfi SA, Sub. Deb. Cv.,
6.125%, 05/23/32+ (b) ..... 811,340
--------------
HEALTH CARE -- 0.0%
300,000 Quest Diagnostics Inc., Deb. Cv.,
1.750%, 11/30/21 .......... 324,000
--------------
REAL ESTATE -- 0.1%
1,000,000 Palm Harbor Homes Inc., Cv.,
3.250%, 05/15/24 (a) ...... 958,750
--------------
TRANSPORTATION -- 0.2%
2,700,000 GATX Corp., Cv.,
7.500%, 02/01/07 .......... 3,078,000
--------------
TOTAL CONVERTIBLE
CORPORATE BONDS ........... 16,605,089
--------------
CORPORATE BONDS -- 0.1%
DIVERSIFIED INDUSTRIAL -- 0.1%
1,000,000 WHX Corp.,
10.500%, 04/15/05 ......... 955,000
--------------
6
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE*
--------- ------
U.S. GOVERNMENT OBLIGATIONS -- 8.2%
$132,824,000 U.S. Treasury Bills,
1.116% to 1.705%++,
10/07/04 to 12/30/04 ...... $ 132,451,295
--------------
SHORT-TERM OBLIGATIONS -- 10.8%
REPURCHASE AGREEMENTS -- 10.8%
100,000,000 ABN Amro, 1.750%,
dated 09/30/04, due 10/01/04,
proceeds at maturity,
$100,004,861 (c) .......... 100,000,000
75,000,000 State Street Bank and Trust Co.,
1.650%, dated 09/30/04, due
10/01/04, proceeds at maturity,
$75,003,438 (d) ........... 75,000,000
TOTAL SHORT-TERM
OBLIGATIONS ............... 175,000,000
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $1,569,312,163) ................. 1,621,554,799
LIABILITIES IN EXCESS OF OTHER ASSETS ... (1,999,565)
--------------
NET ASSETS -- COMMON STOCK
(84,842,505 common shares outstanding) $1,619,555,234
==============
NET ASSET VALUE PER COMMON SHARE
($1,619,555,234 / 84,842,505
shares outstanding) ................... $19.09
======
MARKET
VALUE*
------
--------------
For Federal tax purposes:
Aggregate Cost ................. $1,569,312,163
==============
Gross unrealized appreciation .. $ 84,700,116
Gross unrealized depreciation .. (32,457,480)
--------------
Net unrealized appreciation
(depreciation) ............... $ 52,242,636
==============
--------------
(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, 2004, the Rule 144A securities are considered liquid and the
market value amounted to $958,750 or 0.006% of total net assets.
(b) Security in default.
(c) Collateralized by U.S. Treasury Bonds, 6.125%, 7.250% and 8.125%, due
08/15/21, 08/15/22 and 11/15/27, market value $101,608,775.
(d) Collateralized by U.S. Treasury Bond, 8.875%, due 02/15/19, market value
$76,503,375.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
* Portfolio securities are valued at the last quoted sale price or closing
values. If this is 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.
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 has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Dividend & Income Trust
------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date November 26, 2004
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date November 26, 2004
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Richard C. Sell, Jr.
-------------------------------------------------------
Richard C. Sell, Jr.,
Principal Financial Officer
Date November 26, 2004
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.