GDV-G Gabelli Dividend and Income Trust

 

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)

 

	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

 

Date of reporting period: June 30, 2021

 

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, 2021

 

To Our Shareholders,

 

For the six months ended June 30, 2021, the net asset value (NAV) total return of The Gabelli Dividend & Income Trust (the Fund) was 17.9%, compared with a total return of 15.3% for the Standard & Poor’s (S&P) 500 Index. The total return for the Fund’s publicly traded shares was 26.0%. The Fund’s NAV per share was $28.80, while the price of the publicly traded shares closed at $26.31 on the New York Stock Exchange (NYSE). See page 2 for additional performance information.

 

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2021.

 

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.

 

 

 

 

Comparative Results

		Average Annual Returns through June 30, 2021 (a) (Unaudited)
																						Since
		Year to																				Inception
		Date				1 Year				5 year				10 year				15 year				(11/28/03)
The Gabelli Dividend & Income Trust (GDV)
NAV Total Return (b)			17.92	%			49.79	%			11.86	%			10.62	%			8.28	%			8.79	%
Investment Total Return (c)			25.97				58.93				13.58				11.94				9.85				8.89
S&P 500 Index			15.25				40.79				17.65				14.84				10.73				10.51
Dow Jones Industrial Average			13.83				36.53				16.67				13.47				10.55				10.12

 

(a)

Performance returns for periods of less than one year are not annualized. 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.

 

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.

 

2

 

 

Summary of Portfolio Holdings (Unaudited)

 

The following tables present portfolio holdings as a percent of net assets as of June 30, 2021:

 

The Gabelli Dividend & Income Trust

Financial Services			17.0	%
Food and Beverage			10.0	%
Health Care			9.7	%
Computer Software and Services			7.4	%
Consumer Products			4.4	%
Diversified Industrial			3.4	%
Business Services			3.4	%
Retail			3.4	%
Electronics			3.3	%
Telecommunications			3.0	%
Machinery			2.5	%
U.S. Government Obligations			2.5	%
Specialty Chemicals			2.5	%
Automotive: Parts and Accessories			2.3	%
Entertainment			2.3	%
Energy and Utilities: Oil			2.1	%
Equipment and Supplies			1.8	%
Environmental Services			1.8	%
Cable and Satellite			1.6	%
Aerospace			1.5	%
Building and Construction			1.5	%
Energy and Utilities: Integrated			1.4	%
Metals and Mining			1.3	%

Consumer Services			1.2	%
Energy and Utilities: Natural Gas			1.1	%
Computer Hardware			1.0	%
Broadcasting			0.9	%
Semiconductors			0.9	%
Transportation			0.9	%
Automotive			0.7	%
Energy and Utilities: Electric			0.6	%
Aviation: Parts and Services			0.5	%
Hotels and Gaming			0.5	%
Energy and Utilities: Services			0.4	%
Real Estate			0.4	%
Energy and Utilities: Water			0.3	%
Energy and Utilities			0.2	%
Communications Equipment			0.2	%
Wireless Communications			0.1	%
Publishing			0.0	%*
Closed-End Funds			0.0	%*
Paper and Forest Products			0.0	%*
Agriculture			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.

 

3

 

 

The Gabelli Dividend & Income Trust

Schedule of Investments — June 30, 2021 (Unaudited)

 

										Market
Shares						Cost				Value
				COMMON STOCKS — 96.7%
				Aerospace — 1.5%
	148,000			Aerojet Rocketdyne Holdings Inc.		$	2,183,570			$	7,146,920
	12,000			HEICO Corp.			979,419				1,673,040
	70,000			Howmet Aerospace Inc.†			1,357,386				2,412,900
	25,000			Kaman Corp.			742,013				1,260,000
	1,000			Raytheon Technologies Corp.			57,803				85,310
	68,000			Rockwell Automation Inc.			2,408,245				19,449,360
	1,240,000			Rolls-Royce Holdings plc†			2,399,371				1,696,767
	38,800			The Boeing Co.†			8,587,382				9,294,928
							18,715,189				43,019,225
				Agriculture — 0.0%
	5,000			Corteva Inc.			156,047				221,750
				Automotive — 0.7%
	4,000			EVgo Inc.†			63,069				60,080
	50,000			Ford Motor Co.†			639,713				743,000
	113,000			General Motors Co.†			5,425,921				6,686,210
	152,000			Navistar International Corp.†			3,574,014				6,764,000
	74,000			PACCAR Inc.			3,329,867				6,604,500
	12,000			Traton SE			325,029				380,483
							13,357,613				21,238,273
				Automotive: Parts and Accessories — 2.3%
	48,676			Aptiv plc†			2,983,377				7,658,195
	237,932			Dana Inc.			4,146,398				5,653,264
	85,000			Garrett Motion Inc.†			471,707				678,300
	297,000			Genuine Parts Co.			20,303,002				37,561,590
	6,000			Lear Corp.			713,500				1,051,680
	20,000			O’Reilly Automotive Inc.†			4,727,092				11,324,200
	160,000			Tenneco Inc., Cl. A†			1,452,335				3,091,200
	7,000			Visteon Corp.†			525,664				846,580
							35,323,075				67,865,009
				Aviation: Parts and Services — 0.5%
	61,000			L3Harris Technologies Inc.			6,525,210				13,185,150
				Broadcasting — 0.9%
	145,000			Grupo Televisa SAB, ADR			1,853,147				2,070,600
	54,121			Liberty Broadband Corp., Cl. C†			4,454,688				9,398,653
	15,000			Liberty Global plc, Cl. A†			382,640				407,400
	286,070			Liberty Global plc, Cl. C†			6,893,774				7,735,333
	100,000			Liberty Media Corp.- Liberty SiriusXM, Cl. C†			3,638,083				4,639,000
	40,000			MSG Networks Inc., Cl. A†			595,734				583,200
	80,000			Sinclair Broadcast Group Inc., Cl. A			2,392,852				2,657,600
							20,210,918				27,491,786

Shares						Cost				Market Value
				Building and Construction — 1.5%
	12,000			Arcosa Inc.		$	382,951			$	704,880
	22,000			Carrier Global Corp.			793,731				1,069,200
	79,000			Fortune Brands Home & Security Inc.			1,473,551				7,869,190
	116,975			Herc Holdings Inc.†			3,156,370				13,109,388
	205,700			Johnson Controls International plc.			8,686,543				14,117,191
	11,200			Sika AG			1,438,180				3,661,713
	6,500			United Rentals Inc.†			830,086				2,073,565
							16,761,412				42,605,127
				Business Services — 3.4%
	20,000			Aramark.			526,281				745,000
	49,000			Diebold Nixdorf Inc.†			415,645				629,160
	129,546			Fly Leasing Ltd., ADR†			1,720,513				2,194,509
	5,000			IHS Markit Ltd.			437,843				563,300
	10,000			Jardine Matheson Holdings Ltd.			597,559				639,200
	50,000			JCDecaux SA†			1,470,120				1,386,142
	610,000			Macquarie Infrastructure Corp.			25,255,662				23,344,700
	161,500			Mastercard Inc., Cl. A			14,051,632				58,962,035
	25,803			Steel Partners Holdings LP†			174,572				751,383
	25,000			Stericycle Inc.†			1,395,097				1,788,750
	28,600			Visa Inc., Cl. A			3,471,281				6,687,252
							49,516,205				97,691,431
				Cable and Satellite — 1.5%
	19,500			AMC Networks Inc., Cl. A†			689,111				1,302,600
	2,445			Charter Communications Inc., Cl. A†			347,387				1,763,945
	15,000			Cogeco Inc.			296,908				1,163,359
	418,000			Comcast Corp., Cl. A			17,326,854				23,834,360
	197,090			DISH Network Corp., Cl. A†			5,961,445				8,238,362
	29,000			EchoStar Corp., Cl. A†			788,553				704,410
	2,622			Liberty Latin America Ltd., Cl. A†			45,149				36,341
	53,621			Liberty Latin America Ltd., Cl. C†			870,720				756,056
	95,000			Rogers Communications Inc., Cl. B			2,601,018				5,048,300
	100,000			WideOpenWest Inc.†			761,078				2,071,000
							29,688,223				44,918,733
				Communications Equipment — 0.2%
	6,000			Arista Networks Inc.†			1,343,278				2,173,860
	76,000			Corning Inc.			930,977				3,108,400
	5,000			QUALCOMM Inc.			682,309				714,650
							2,956,564				5,996,910
				Computer Hardware — 1.0%
	204,600			Apple Inc.			12,598,619				28,022,016
	17,500			Micron Technology Inc.†			972,900				1,487,150

 

See accompanying notes to financial statements.

 

4

 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2021 (Unaudited)

 

										Market
Shares						Cost				Value
				COMMON STOCKS (Continued)
				Computer Hardware (Continued)
	3,000			NCR Corp.†		$	135,067			$	136,830
							13,706,586				29,645,996
				Computer Software and Services — 7.4%
	11,000			Activision Blizzard Inc.			1,118,215				1,049,840
	18,800			Adobe Inc.†			6,062,870				11,010,032
	1,000			Alibaba Group Holding Ltd., ADR†			216,505				226,780
	4,439			Alphabet Inc., Cl. A†			3,850,750				10,839,106
	23,275			Alphabet Inc., Cl. C†			30,370,401				58,334,598
	8,445			Amazon.com Inc.†			17,641,379				29,052,151
	34,300			Applied Materials Inc.			1,881,337				4,884,320
	24,000			Black Knight Inc.†			440,553				1,871,520
	4,000			Check Point Software Technologies Ltd.†			454,950				464,520
	20,000			Cisco Systems Inc.			839,275				1,060,000
	51,000			Cloudflare Inc., Cl. A†			2,748,623				5,397,840
	24,000			CrowdStrike Holdings Inc., Cl. A†			3,779,505				6,031,440
	20,000			CyrusOne Inc., REIT			548,519				1,430,400
	30,000			eBay Inc.			678,428				2,106,300
	50,000			FireEye Inc.†			679,000				1,011,000
	550,000			Hewlett Packard Enterprise Co.			7,512,526				8,019,000
	1,000			McAfee Corp., Cl. A			20,000				28,020
	208,849			Microsoft Corp.			17,845,289				56,577,194
	4,000			MKS Instruments Inc.			592,007				711,800
	2,500			Proofpoint Inc.†			433,600				434,400
	4,500			SAP SE, ADR			580,385				632,070
	10,400			ServiceNow Inc.†			3,260,379				5,715,320
	11,800			Snowflake Inc., Cl. A†			3,496,522				2,853,240
	150,000			SolarWinds Corp.†			2,430,059				2,533,500
	3,000			Unity Software Inc.†			239,283				329,490
	8,000			VMware Inc., Cl. A†			1,074,040				1,279,760
	2,800			Zoom Video Communications Inc., Cl. A†			1,158,217				1,083,684
							109,952,617				214,967,325
				Consumer Products — 4.4%
	150,000			Authentic Equity Acquisition Corp.†			1,500,000				1,516,500
	30,000			Church & Dwight Co. Inc.			1,199,580				2,556,600
	383,000			Edgewell Personal Care Co.			20,931,564				16,813,700
	285,000			Energizer Holdings Inc.			12,126,673				12,249,300
	99,000			Hanesbrands Inc.			471,699				1,848,330
	16,000			Kimball International Inc., Cl. B			214,842				210,400
	11,000			Kimberly-Clark Corp.			1,062,477				1,471,580
	3,000			Newell Brands Inc.			41,190				82,410
	8,230,000			Swedish Match AB			12,506,818				70,182,096

										Market
Shares						Cost				Value
	9,000			The Estee Lauder Companies Inc., Cl. A		$	1,751,585			$	2,862,720
	74,000			The Procter & Gamble Co.			4,308,080				9,984,820
	640,395			Topps Company Inc.†			6,500,009				7,181,390
							62,614,517				126,959,846
				Consumer Services — 1.0%
	22,000			Ashtead Group plc			423,833				1,632,405
	54,900			Facebook Inc., Cl. A†			13,848,628				19,089,279
	300,000			Qurate Retail Inc., Cl. A			2,543,734				3,927,000
	80,000			Terminix Global Holdings Inc.†			2,412,646				3,816,800
	7,000			Travel + Leisure Co.			238,201				416,150
							19,467,042				28,881,634
				Diversified Industrial — 3.4%
	46,284			Ampco-Pittsburgh Corp.†			121,084				280,944
	37,000			Ardagh Group SA			669,374				907,240
	93,000			Bouygues SA			3,237,800				3,439,469
	22,700			Eaton Corp. plc			880,958				3,363,686
	36,000			Emerson Electric Co.			3,007,658				3,464,640
	70,000			General Electric Co.			708,469				942,200
	200,000			Griffon Corp.			3,718,158				5,126,000
	200,000			Honeywell International Inc.			23,607,034				43,870,000
	51,000			ITT Inc.			973,582				4,671,090
	10,000			nVent Electric plc			140,660				312,400
	15,000			Pentair plc			425,273				1,012,350
	3,000			Proto Labs Inc.†			284,190				275,400
	5,000			Sulzer AG			462,738				690,624
	337,000			Textron Inc.			12,253,623				23,175,490
	19,500			The Sherwin-Williams Co.			3,495,769				5,312,775
	300,000			Toray Industries Inc.			2,270,748				1,995,859
	36,000			Trinity Industries Inc.			739,138				968,040
	15,000			Vantage Towers AG†			435,502				483,075
							57,431,758				100,291,282
				Electronics — 3.3%
	18,300			Analog Devices Inc.			2,698,102				3,150,528
	3,000			ChargePoint Holdings Inc.†			98,987				104,220
	10,000			EXFO Inc.†			69,424				59,500
	50,000			Flex Ltd.†			906,870				893,500
	244,000			Intel Corp.			11,131,892				13,698,160
	160,000			Resideo Technologies Inc.†			1,354,245				4,800,000
	2,000			Roku Inc.†			882,688				918,500
	431,000			Sony Group Corp., ADR			15,955,328				41,901,820
	48,000			TE Connectivity Ltd.			1,503,686				6,490,080
	78,500			Texas Instruments Inc.			2,559,822				15,095,550
	19,600			Thermo Fisher Scientific Inc.			4,232,932				9,887,612
	1,000			Universal Display Corp.			189,420				222,330
							41,583,396				97,221,800
				Energy and Utilities: Electric — 0.6%
	11,000			ALLETE Inc.			360,106				769,780

 

See accompanying notes to financial statements.

 

5

 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2021 (Unaudited)

 

										Market
Shares						Cost				Value
				COMMON STOCKS (Continued)
				Energy and Utilities: Electric (Continued)
	5,000			American Electric Power Co. Inc.		$	184,350			$	422,950
	29,000			Electric Power Development Co. Ltd.			698,586				413,745
	189,000			Evergy Inc.			10,110,570				11,421,270
	12,000			Pinnacle West Capital Corp.			468,584				983,640
	60,000			The AES Corp.			617,140				1,564,200
	7,000			WEC Energy Group Inc.			460,121				622,650
							12,899,457				16,198,235
				Energy and Utilities: Integrated — 1.4%
	130,000			Avangrid Inc.			6,026,856				6,685,900
	22,000			Chubu Electric Power Co. Inc.			354,517				268,923
	20,000			Endesa SA			506,664				485,209
	228,000			Enel SpA			1,036,727				2,117,389
	50,000			Eversource Energy			4,178,779				4,012,000
	23,000			Hawaiian Electric Industries Inc.			594,426				972,440
	410,000			Hera SpA			822,663				1,693,773
	10,000			Hokkaido Electric Power Co. Inc.			77,930				45,277
	45,000			Iberdrola SA, ADR			952,490				2,198,475
	115,000			Korea Electric Power Corp., ADR			1,568,135				1,242,000
	26,000			Kyushu Electric Power Co. Inc.			288,709				200,099
	28,000			MGE Energy Inc.			599,144				2,084,320
	48,000			NextEra Energy Inc.			2,156,472				3,517,440
	65,000			NextEra Energy Partners LP			3,107,215				4,963,400
	49,000			NiSource Inc.			397,054				1,200,500
	1,000			NorthWestern Corp.			64,660				60,220
	57,500			OGE Energy Corp.			685,360				1,934,875
	11,000			Ormat Technologies Inc.			165,000				764,830
	260,000			PG&E Corp.†			2,616,544				2,644,200
	25,000			PNM Resources Inc.			1,026,545				1,219,250
	30,000			Public Service Enterprise Group Inc.			906,080				1,792,200
	49,000			Shikoku Electric Power Co. Inc.			896,059				333,444
	45,000			The Chugoku Electric Power Co. Inc.			763,445				410,729
	16,000			The Kansai Electric Power Co. Inc.			197,975				152,590
	45,000			Tohoku Electric Power Co. Inc.			663,612				352,401
							30,653,061				41,351,884
				Energy and Utilities: Natural Gas — 1.1%
	16,000			APA Corp.			185,550				346,080

										Market
Shares						Cost				Value
	160,000			Enterprise Products
				Partners LP.		$	3,169,524			$	3,860,800
	66,000			Kinder Morgan Inc.			1,736,189				1,203,180
	196,000			National Fuel Gas Co.			9,421,631				10,241,000
	30,000			National Grid plc			469,640				382,123
	22,000			National Grid plc, ADR			1,086,983				1,406,680
	14,000			ONEOK Inc.			567,297				778,960
	51,000			Sempra Energy			1,590,107				6,756,480
	30,000			South Jersey Industries Inc.			476,644				777,900
	42,000			Southwest Gas Holdings Inc.			1,103,049				2,779,980
	69,000			UGI Corp.			2,701,155				3,195,390
							22,507,769				31,728,573
				Energy and Utilities: Oil — 2.1%
	105,022			Chevron Corp.			9,241,148				11,000,005
	120,500			ConocoPhillips.			4,994,261				7,338,450
	66,112			Devon Energy Corp.			867,239				1,929,809
	140,000			Eni SpA, ADR			5,084,692				3,414,600
	15,000			Enviva Partners LP.			730,348				786,150
	375,000			Equinor ASA, ADR			6,897,752				7,950,000
	67,000			Exxon Mobil Corp.			3,929,686				4,226,360
	15,700			Hess Corp.			975,265				1,370,924
	143,000			Marathon Petroleum Corp.			4,438,778				8,640,060
	28,000			Occidental Petroleum Corp.			353,138				875,560
	1,000			PetroChina Co. Ltd., ADR			40,300				49,030
	20,000			Petroleo Brasileiro SA, ADR			205,518				244,600
	52,000			Phillips 66			4,107,965				4,462,640
	169,000			Repsol SA, ADR			3,512,296				2,146,300
	92,000			Royal Dutch Shell plc, Cl. A, ADR			4,989,847				3,716,800
	70,000			TotalEnergies SE, ADR			3,318,049				3,168,200
							53,686,282				61,319,488
				Energy and Utilities: Services — 0.4%
	300,000			Halliburton Co.			11,541,142				6,936,000
	55,000			Oceaneering International Inc.†			911,069				856,350
	155,000			Schlumberger NV			5,492,683				4,961,550
							17,944,894				12,753,900
				Energy and Utilities: Water — 0.3%
	11,000			American States Water Co.			138,388				875,160
	11,000			American Water Works Co. Inc.			1,168,030				1,695,430
	14,000			Essential Utilities Inc.			613,002				639,800
	191,000			Mueller Water Products Inc., Cl. A			1,817,558				2,754,220
	36,000			Severn Trent plc			927,080				1,245,468
	24,000			SJW Group			428,495				1,519,200
	7,500			The York Water Co.			97,903				339,750

 

See accompanying notes to financial statements.

 

6

 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2021 (Unaudited)

 

										Market
Shares						Cost				Value
				COMMON STOCKS (Continued)
				Energy and Utilities: Water (Continued)
	6,000			United Utilities Group plc, ADR		$	168,600			$	164,910
							5,359,056				9,233,938
				Entertainment — 2.3%
	70,000			Discovery Inc., Cl. C†			2,304,248				2,028,600
	61,333			Fox Corp., Cl. A			1,949,372				2,277,294
	53,000			Fox Corp., Cl. B			1,729,207				1,865,600
	80,000			Liberty Media Corp.- Liberty Braves, Cl. A†			2,171,367				2,257,600
	53,400			Madison Square Garden Entertainment Corp.†			2,248,709				4,483,998
	38,333			Madison Square Garden Sports Corp.†			2,386,926				6,615,126
	19,400			Netflix Inc.†			8,104,112				10,247,274
	38,700			Take-Two Interactive Software Inc.†			3,841,338				6,850,674
	70,500			The Walt Disney Co.†			9,337,761				12,391,785
	60,000			ViacomCBS Inc., Cl. A			2,936,606				2,907,000
	190,000			ViacomCBS Inc., Cl. B			5,101,246				8,588,000
	175,000			Vivendi SE			4,514,248				5,878,652
	300,000			Wow Unlimited Media Inc.†(a)(b)			345,198				232,333
							46,970,338				66,623,936
				Environmental Services — 1.8%
	188,000			Republic Services Inc.			6,981,260				20,681,880
	23,000			Veolia Environnement SA			275,698				694,624
	91,222			Waste Connections Inc.			3,867,597				10,894,644
	137,000			Waste Management Inc.			5,607,353				19,195,070
							16,731,908				51,466,218
				Equipment and Supplies — 1.8%
	57,000			CIRCOR International Inc.†			1,714,975				1,858,200
	12,000			Cummins Inc.			2,815,099				2,925,720
	20,800			Danaher Corp.			3,460,584				5,581,888
	87,500			Flowserve Corp.			3,360,374				3,528,000
	143,000			Graco Inc.			2,822,553				10,825,100
	144,000			Mueller Industries Inc.			3,129,018				6,236,640
	12,500			Parker-Hannifin Corp.			3,371,803				3,838,875
	535,000			RPC Inc.†			2,728,430				2,648,250
	130,000			Sealed Air Corp.			3,131,382				7,702,500
	25,800			The L.S. Starrett Co., Cl. A†			125,379				240,972
	94,000			The Timken Co.			3,524,661				7,575,460
							30,184,258				52,961,605
				Financial Services — 17.0%
	7,000			Alleghany Corp.†			2,577,465				4,669,490
	331,108			American Express Co.			28,982,932				54,708,975
	88,000			American International Group Inc.			5,227,288				4,188,800
	373,000			Bank of America Corp.			7,005,049				15,378,790

										Market
Shares						Cost				Value
	55,000			Berkshire Hathaway Inc., Cl. B†		$	10,460,548			$	15,285,600
	20,400			BlackRock Inc.			4,495,468				17,849,388
	28,500			Brookfield Asset Management Inc., Cl. A			128,980				1,452,930
	196			Brookfield Asset Management Reinsurance Partners Ltd., Cl. A†			10,388				10,196
	22,000			Cannae Holdings Inc.†			275,343				746,020
	200,000			Citigroup Inc.			10,112,638				14,150,000
	50,000			Cohen & Steers Inc.			1,856,317				4,104,500
	19,000			Cullen/Frost Bankers Inc.			1,383,862				2,128,000
	9,000			EXOR NV			536,309				720,983
	18			Farmers & Merchants Bank of Long Beach			126,871				147,600
	42,000			Fidelity National Financial Inc.			430,073				1,825,320
	200,000			Graf Acquisition Corp. IV†			2,000,000				1,990,000
	130,000			H&R Block Inc.			2,914,383				3,052,400
	19,000			HSBC Holdings plc, ADR			834,887				548,150
	22,249			Interactive Brokers Group Inc., Cl. A			839,448				1,462,427
	155,000			Invesco Ltd.			3,318,821				4,143,150
	100,000			Janus Henderson Group plc			3,167,496				3,881,000
	348,417			JPMorgan Chase & Co.			23,289,752				54,192,780
	65,000			KeyCorp.			856,314				1,342,250
	30,000			Kinnevik AB, Cl. B			663,872				1,200,967
	55,000			KKR & Co. Inc.			1,110,737				3,258,200
	34,000			M&T Bank Corp.			2,124,148				4,940,540
	262,226			Morgan Stanley			8,263,235				24,043,502
	3,400			MSCI Inc.			982,837				1,812,472
	70,000			National Australia Bank Ltd., ADR			810,381				691,250
	130,000			Navient Corp.			927,744				2,512,900
	100,000			New York Community Bancorp Inc.			1,584,609				1,102,000
	91,000			Northern Trust Corp.			4,076,449				10,521,420
	386,781			Oaktree Specialty Lending Corp.			2,379,116				2,587,565
	143,700			PayPal Holdings Inc.†			15,060,977				41,885,676
	20,000			Pershing Square Tontine Holdings Ltd., Cl. A†			419,095				455,200
	80,000			Resona Holdings Inc.			381,969				307,629
	10,000			S&P Global Inc.			3,387,551				4,104,500
	90,000			SLM Corp.			453,093				1,884,600
	70,000			Software Acquisition Group Inc. II, Cl. A†			771,800				696,500
	135,000			Spartacus Acquisition Corp., Cl. A†			1,260,920				1,356,750
	179,000			State Street Corp.			10,506,782				14,728,120
	142,000			T. Rowe Price Group Inc.			10,200,441				28,111,740

 

See accompanying notes to financial statements.

 

7

 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2021 (Unaudited)

 

										Market
Shares						Cost				Value
				COMMON STOCKS (Continued)
				Financial Services (Continued)
	620,000			The Bank of New York Mellon Corp.		$	20,242,305			$	31,762,600
	75,000			The Blackstone Group Inc.			3,161,650				7,285,500
	53,100			The Goldman Sachs Group Inc.			12,139,086				20,153,043
	92,500			The Hartford Financial Services Group Inc.			3,081,390				5,732,225
	174,000			The PNC Financial Services Group Inc.			12,339,980				33,192,240
	92,500			The Travelers Companies Inc.			6,196,278				13,848,175
	47,500			W. R. Berkley Corp.			1,236,432				3,535,425
	564,500			Wells Fargo & Co.			19,881,788				25,566,205
	4,000			Willis Towers Watson plc			324,515				920,080
							254,799,812				496,175,773
				Food and Beverage — 10.0%
	12,000			Ajinomoto Co. Inc.			205,201				311,517
	12,500			Brown-Forman Corp., Cl. B			439,792				936,750
	56,000			Campbell Soup Co.			2,019,743				2,553,040
	980,000			China Mengniu Dairy Co. Ltd.			1,211,207				5,925,969
	60,500			Chr. Hansen Holding A/S			2,467,586				5,460,315
	664,000			Conagra Brands Inc.			20,114,644				24,156,320
	8,000			Constellation Brands Inc., Cl. A			283,846				1,871,120
	158,000			Danone SA			7,665,422				11,122,881
	2,180,000			Davide Campari-Milano NV			6,614,968				29,196,841
	80,000			Diageo plc, ADR			10,252,610				15,335,200
	70,954			Flowers Foods Inc.			1,053,433				1,717,087
	203,000			General Mills Inc.			11,346,632				12,368,790
	18,000			Heineken Holding NV			747,987				1,813,130
	260,000			ITO EN Ltd.			5,640,538				15,422,836
	1,000			JDE Peet’s NV†			35,094				36,284
	50,000			Kellogg Co.			3,659,664				3,216,500
	120,000			Keurig Dr Pepper Inc.			1,412,776				4,228,800
	334,000			Kikkoman Corp.			3,934,037				22,037,175
	10,000			Lamb Weston Holdings Inc.			603,226				806,600
	5,000			Landec Corp.†			55,220				56,250
	108,000			Maple Leaf Foods Inc.			2,081,739				2,241,723
	6,000			McCormick & Co. Inc.			290,905				528,182
	110,000			Molson Coors Beverage Co., Cl. B†			6,120,701				5,905,900
	531,000			Mondelez International Inc., Cl. A			19,872,042				33,155,640
	30,000			Morinaga Milk Industry Co. Ltd.			588,860				1,563,527
	22,000			Nestlé SA			1,644,475				2,739,627
	35,000			Nestlé SA, ADR			2,563,158				4,365,900

										Market
Shares						Cost				Value
	130,000			Nissin Foods Holdings Co. Ltd.		$	4,438,279			$	9,361,357
	60,000			Nomad Foods Ltd.†			1,550,944				1,696,200
	76,000			PepsiCo Inc.			9,400,604				11,260,920
	61,000			Pernod Ricard SA			5,202,267				13,540,317
	45,000			Post Holdings Inc.†			3,612,212				4,881,150
	24,500			Remy Cointreau SA			1,360,469				5,057,757
	18,000			Suntory Beverage & Food Ltd.			573,702				677,258
	287,500			The Coca-Cola Co.			10,991,067				15,556,625
	65,000			The Hain Celestial Group Inc.†			1,333,889				2,607,800
	24,000			The Kraft Heinz Co.			716,243				978,720
	25,000			Unilever plc, ADR			800,393				1,462,500
	237,000			Yakult Honsha Co. Ltd.			5,710,597				13,418,516
							158,616,172				289,573,024
				Health Care — 9.5%
	30,000			Abbott Laboratories.			1,733,658				3,477,900
	40,196			AbbVie Inc.			3,463,715				4,527,677
	20,000			Alexion Pharmaceuticals Inc.†			2,346,406				3,674,200
	59,000			AmerisourceBergen Corp.			4,199,339				6,754,910
	13,000			Anthem Inc.			2,548,777				4,963,400
	120,000			Aurinia Pharmaceuticals Inc.†			1,722,153				1,555,200
	175,000			Bausch Health Cos. Inc.†			3,953,194				5,131,000
	45,000			Baxter International Inc.			1,893,609				3,622,500
	22,000			Becton, Dickinson and Co.			5,005,502				5,350,180
	1,000			BioMarin Pharmaceutical Inc.†			76,290				83,440
	8,000			Bio-Rad Laboratories Inc., Cl. A†			2,559,160				5,154,320
	160,000			Bristol-Myers Squibb Co.			9,179,743				10,691,200
	45,000			Cardiovascular Systems Inc.†			1,274,517				1,919,250
	20,000			CareDx Inc.†			1,287,020				1,830,400
	25,000			Catalent Inc.†			2,565,651				2,703,000
	11,000			Charles River Laboratories International Inc.†			1,172,330				4,069,120
	5,000			Chemed Corp.			323,860				2,372,500
	63,000			Cigna Corp.			11,773,940				14,935,410
	40,000			DaVita Inc.†			2,525,358				4,817,200
	25,000			DENTSPLY SIRONA Inc.			1,232,965				1,581,500
	46,700			Edwards Lifesciences Corp.†			3,348,849				4,836,719
	15,000			eHealth Inc.†			1,096,663				876,000
	41,000			Elanco Animal Health Inc.†			347,072				1,422,290
	45,000			Eli Lilly & Co.			1,666,392				10,328,400
	225,000			Evolent Health Inc., Cl. A†			2,509,412				4,752,000
	15,000			Gerresheimer AG.			977,229				1,658,568
	34,271			Gilead Sciences Inc.			2,462,091				2,359,901

 

See accompanying notes to financial statements.

 

8

 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2021 (Unaudited)

 

										Market
Shares						Cost				Value
				COMMON STOCKS (Continued)
				Health Care (Continued)
	40,000			GlaxoSmithKline plc, ADR		$	1,827,420			$	1,592,800
	45,000			HCA Healthcare Inc.			4,454,821				9,303,300
	15,000			Henry Schein Inc.†			778,688				1,112,850
	10,000			ICU Medical Inc.†			1,916,238				2,058,000
	3,400			Illumina Inc.†			932,366				1,608,914
	5,000			Incyte Corp.†			416,219				420,650
	35,000			Integer Holdings Corp.†			1,517,403				3,297,000
	3,300			Intuitive Surgical Inc.†			2,145,457				3,034,812
	108,100			Johnson & Johnson			10,509,814				17,808,394
	25,000			Laboratory Corp. of America Holdings†			3,139,224				6,896,250
	17,500			McKesson Corp.			2,757,397				3,346,700
	73,300			Medtronic plc			7,483,519				9,098,729
	198,339			Merck & Co. Inc.			12,100,395				15,424,824
	20,000			NeoGenomics Inc.†			149,976				903,400
	200,000			Option Care Health Inc.†			2,476,631				4,374,000
	9,333			Organon & Co.†			316,401				282,417
	42,781			Orthofix Medical Inc.†			1,376,440				1,715,946
	73,000			Patterson Cos. Inc.			1,798,342				2,218,470
	94,100			Perrigo Co. plc			4,991,040				4,314,485
	50,000			Personalis Inc.†			498,350				1,265,000
	59,000			PetIQ Inc.†			1,589,037				2,277,400
	377,588			Pfizer Inc.			8,265,426				14,786,346
	38,061			PPD Inc.†			1,312,766				1,754,231
	6,000			Quidel Corp.†			801,562				768,720
	4,500			Regeneron Pharmaceuticals Inc.†			2,101,495				2,513,430
	30,000			Silk Road Medical Inc.†			1,564,256				1,435,800
	15,000			Stryker Corp.			1,929,225				3,895,950
	125,850			Takeda Pharmaceutical Co. Ltd., ADR			2,433,939				2,118,056
	3,500			Teladoc Health Inc.†			932,396				582,015
	75,000			Tenet Healthcare Corp.†			2,179,280				5,024,250
	9,000			The Cooper Companies Inc.			1,097,258				3,566,430
	125,000			Trillium Therapeutics Inc.†			1,986,995				1,212,500
	5,500			UnitedHealth Group Inc.			1,627,421				2,202,420
	4,725			Vertex Pharmaceuticals Inc.†			918,228				952,702
	27,481			Viatris Inc.			408,811				392,703
	43,000			Zimmer Biomet Holdings Inc.			4,341,287				6,915,260
	105,038			Zoetis Inc.			3,753,014				19,574,882
							172,073,432				275,498,221
				Hotels and Gaming — 0.5%
	19,000			Accor SA†			654,124				709,446
	88,000			Boyd Gaming Corp.†			450,609				5,411,120
	20,000			Entain plc†			259,138				482,910
	22,000			Las Vegas Sands Corp.†			1,307,662				1,159,180

										Market
Shares						Cost				Value
	400,000			Mandarin Oriental International Ltd.†		$	680,880			$	800,000
	69,000			MGM Resorts International			1,830,635				2,942,850
	15,000			Ryman Hospitality Properties Inc., REIT†			683,116				1,184,400
	5,000			Wyndham Hotels & Resorts Inc.			191,090				361,450
							6,057,254				13,051,356
				Machinery — 2.5%
	21,000			Astec Industries Inc.			752,860				1,321,740
	140,000			CNH Industrial NV			1,047,704				2,311,619
	1,330,000			CNH Industrial NV, New York			10,685,182				22,237,600
	66,200			Deere & Co.			4,498,105				23,349,402
	6,000			Otis Worldwide Corp.			333,099				490,620
	15,000			Twin Disc Inc.†			94,452				213,450
	192,905			Xylem Inc.			9,319,743				23,140,884
							26,731,145				73,065,315
				Metals and Mining — 1.3%
	65,000			Agnico Eagle Mines Ltd.			2,061,450				3,929,250
	20,000			Alliance Resource Partners LP			102,683				144,200
	14,000			Arconic Corp.†			165,291				498,680
	167,588			Barrick Gold Corp.			3,255,274				3,465,720
	8,000			BHP Group Ltd., ADR			217,549				582,640
	36,000			Franco-Nevada Corp.			1,500,629				5,224,298
	180,000			Freeport-McMoRan Inc.			3,096,951				6,679,800
	278,666			Newmont Corp.			11,076,969				17,661,851
							21,476,796				38,186,439
				Paper and Forest Products — 0.0%
	8,000			International Paper Co.			364,790				490,480
				Publishing — 0.0%
	1,000			Graham Holdings Co., Cl. B			515,325				633,900
				Real Estate — 0.4%
	14,000			Crown Castle International Corp., REIT			1,788,199				2,731,400
	5,000			Equinix Inc., REIT			1,978,269				4,013,000
	10,000			QTS Realty Trust Inc., Cl. A, REIT			199,466				773,000
	85,000			Weyerhaeuser Co., REIT			2,681,578				2,925,700
							6,647,512				10,443,100
				Retail — 3.4%
	26,500			Advance Auto Parts Inc.			3,970,393				5,436,210
	115,000			AutoNation Inc.†			5,901,419				10,903,150
	2,500			AutoZone Inc.†			2,530,951				3,730,550
	19,000			Bassett Furniture Industries Inc.			96,034				462,650
	20,000			CarMax Inc.†			1,580,351				2,583,000

 

See accompanying notes to financial statements.

 

9

 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2021 (Unaudited)

 

										Market
Shares						Cost				Value
				COMMON STOCKS (Continued)
				Retail (Continued)
	283,000			CVS Health Corp.		$	20,392,858			$	23,613,520
	120,000			Ingles Markets Inc., Cl. A			1,966,551				6,992,400
	36,400			Lowe’s Companies Inc.			817,400				7,060,508
	7,500			MSC Industrial Direct Co. Inc., Cl. A			528,089				672,975
	51,100			NIKE Inc., Cl. B			4,939,792				7,894,439
	37,500			Rush Enterprises Inc., Cl. B			599,173				1,430,250
	247,000			Sally Beauty Holdings Inc.†			3,735,266				5,451,290
	110,000			Seven & i Holdings Co. Ltd.			3,335,405				5,244,791
	50,000			Starbucks Corp.			3,629,439				5,590,500
	12,000			The Home Depot Inc.			2,899,029				3,826,680
	70,000			Walgreens Boots Alliance Inc.			3,319,857				3,682,700
	20,000			Walmart Inc.			970,066				2,820,400
							61,212,073				97,396,013
				Semiconductors — 0.9%
	20,000			Advanced Micro Devices Inc.†			1,629,710				1,878,600
	6,600			ASML Holding NV.			1,957,758				4,559,544
	9,600			KLA Corp.			1,845,414				3,112,416
	5,700			Lam Research Corp.			1,620,609				3,708,990
	15,900			NVIDIA Corp.			3,435,827				12,721,590
	1,000			NXP Semiconductors NV			182,620				205,720
	10,000			Taiwan Semiconductor Manufacturing Co. Ltd., ADR			1,169,806				1,201,600
							11,841,744				27,388,460
				Specialty Chemicals — 2.5%
	16,000			Air Products and Chemicals Inc.			2,692,788				4,602,880
	45,000			Ashland Global Holdings Inc.			2,311,413				3,937,500
	10,000			Axalta Coating Systems Ltd.†			251,294				304,900
	25,000			Dow Inc.			1,254,516				1,582,000
	424,000			DuPont de Nemours Inc.			24,873,302				32,821,840
	337,000			Ferro Corp.†			3,124,213				7,269,090
	90,000			GCP Applied Technologies Inc.†			2,089,965				2,093,400
	76,000			International Flavors & Fragrances Inc.			9,286,513				11,354,400
	86,000			Olin Corp.			1,545,352				3,978,360
	9,000			Sensient Technologies Corp.			585,514				779,040
	116,810			Valvoline Inc.			2,355,283				3,791,653
							50,370,153				72,515,063
				Telecommunications — 2.9%
	272,000			AT&T Inc.			7,959,802				7,828,160
	178,000			BCE Inc.			4,925,573				8,778,960

										Market
Shares						Cost				Value
	4,964			Comtech Telecommunications Corp.		$	117,662			$	119,930
	430,000			Deutsche Telekom AG, ADR			7,239,214				9,141,800
	195,000			Hellenic Telecommunications Organization SA, ADR			1,323,723				1,694,550
	123,000			Loral Space & Communications Inc.			4,374,878				4,778,550
	45,000			Orange SA, ADR			942,030				514,800
	50,000			Pharol SGPS SA†			14,182				5,988
	34,000			Proximus SA			994,663				656,740
	50,000			Telefonica SA, ADR			460,701				235,000
	295,000			Telekom Austria AG			1,968,837				2,518,533
	23,000			Telenet Group Holding NV			1,046,305				865,621
	140,000			Telephone and Data Systems Inc.			3,685,661				3,172,400
	110,000			Telstra Corp. Ltd., ADR			2,014,389				1,544,125
	270,000			TELUS Corp.			1,405,698				6,056,100
	50,000			T-Mobile US Inc.†			3,644,240				7,241,500
	150,000			VEON Ltd., ADR†			382,930				274,500
	496,086			Verizon Communications Inc.			23,207,324				27,795,699
	125,000			Vodafone Group plc, ADR			2,830,746				2,141,250
							68,538,558				85,364,206
				Transportation — 0.9%
	212,000			GATX Corp.			6,689,211				18,755,640
	10,000			Kansas City Southern			167,897				2,833,700
	100,000			Uber Technologies Inc.†			5,966,720				5,012,000
							12,823,828				26,601,340
				Wireless Communications — 0.1%
	92,000			United States Cellular Corp.†			3,967,812				3,340,520
				TOTAL COMMON STOCKS			1,590,939,801				2,815,562,264
				CLOSED-END FUNDS — 0.0%
	40,000			Altaba Inc., Escrow†			30,596				582,000
				PREFERRED STOCKS — 0.3%
				Automotive: Parts and Accessories — 0.0%
	38,160			Garrett Motion Inc., Ser. A			200,340				328,176
				Consumer Services — 0.2%
	50,450			Qurate Retail Inc., 8.000%, 03/15/31			5,275,282				5,461,212
				Health Care — 0.1%
	133,681			The Phoenix Companies Inc., 7.450%, 01/15/32			2,857,138				2,331,063

 

See accompanying notes to financial statements.

 

10

 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2021 (Unaudited)

 

 

										Market
Shares						Cost				Value
				PREFERRED STOCKS (Continued)
				Health Care (Continued)
	2,296			XOMA Corp., Ser. A, 8.625%		$	57,446			$	61,257
							2,914,584				2,392,320
				TOTAL PREFERRED STOCKS			8,390,206				8,181,708
				CONVERTIBLE PREFERRED STOCKS — 0.1%
				Automotive: Parts and Accessories — 0.0%
	85,000			Garrett Motion Inc., Ser. A, 11.000%			446,250				731,000
				Telecommunications — 0.1%
	44,000			Cincinnati Bell Inc., Ser. B, 6.750%			1,080,366				2,200,440
				TOTAL CONVERTIBLE PREFERRED STOCKS			1,526,616				2,931,440
				MANDATORY CONVERTIBLE SECURITIES(c) — 0.3%
				Energy and Utilities — 0.2%
	124,900			El Paso Energy Capital Trust I,
				4.750%, 03/31/28			4,521,024				6,276,225
				Health Care — 0.1%
	25,000			Avantor Inc., Ser. A,
				6.250%, 05/15/22			1,490,250				2,739,000
				TOTAL MANDATORY CONVERTIBLE SECURITIES			6,011,274				9,015,225
				WARRANTS — 0.0%
				Diversified Industrial — 0.0%
	32,000			Ampco-Pittsburgh Corp., expire 08/01/25†			21,863				28,800
				Energy and Utilities: Oil — 0.0%
	12,257			Occidental Petroleum Corp., expire 08/03/27†			60,672				170,495
				Energy and Utilities: Services — 0.0%
	3,081			Weatherford International plc, expire 12/13/23†			0				1,355
				Financial Services — 0.0%
	60,000			Spartacus Acquisition Corp.,
				expire 10/31/27†			79,182				73,800
				TOTAL WARRANTS			161,717				274,450

Principal											Market
Amount							Cost				Value
				CONVERTIBLE CORPORATE BONDS — 0.1%
				Cable and Satellite — 0.1%
$	1,700,000			DISH Network Corp.,
				3.375%, 08/15/26		$	1,700,000			$	1,739,100
				Computer Software and Services — 0.0%
	300,000			Limelight Networks Inc.,
				3.500%, 08/01/25(b)			300,000				272,695
				TOTAL CONVERTIBLE CORPORATE BONDS			2,000,000				2,011,795
				U.S. GOVERNMENT OBLIGATIONS — 2.5%
	72,683,000			U.S. Treasury Bills,
				0.002% to 0.090%††,
				07/01/21 to 12/16/21			72,676,059				72,674,937
TOTAL INVESTMENTS — 100.0%						$	1,681,736,269				2,911,233,819
Other Assets and Liabilities (Net)											(5,777,322	)
PREFERRED SHARES
(6,006,064 preferred shares outstanding)											(301,600,000	)
NET ASSETS — COMMON SHARES
(90,409,429 common shares outstanding)										$	2,603,856,497
NET ASSET VALUE PER COMMON SHARE
($2,603,856,497 ÷ 90,409,429 shares outstanding)										$	28.80

 

 

(a)

At June 30, 2021, the Fund held an investment in a restricted and illiquid security amounting to $232,333 or 0.01% of total investments, which was valued under methods approved by the Board of Trustees as follows:

 

06/30/21

Carrying

Acquisition

Acquisition

Acquisition

Value

Shares

Issuer

Date

Cost

Per Share

300,000

Wow Unlimited Media Inc.

06/5/18

$

345,198

$

0.7744

 

(b)

Securities 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.

(c)

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

 

See accompanying notes to financial statements.

 

11 

 

 

The Gabelli Dividend & Income Trust
Schedule of Investments (Continued) — June 30, 2021 (Unaudited)

 

		% of Total				Market
Geographic Diversification		Investments				Value
North America			84.7	%		$	2,465,157,466
Europe			10.8				314,321,010
Japan			4.0				116,537,549
Asia/Pacific			0.4				12,902,594
Latin America			0.1				2,315,200
Total Investments			100.0	%		$	2,911,233,819

 

See accompanying notes to financial statements.

 

12 

 

 

The Gabelli Dividend & Income Trust

 

Statement of Assets and Liabilities

June 30, 2021 (Unaudited)

 

Assets:
Investments, at value (cost $1,681,736,269)		$	2,911,233,819
Cash			66,692
Receivable for investments sold			1,716,052
Dividends and interest receivable			3,259,680
Deferred offering expense			400,900
Prepaid expenses			22,434
Total Assets			2,916,699,577
Liabilities:
Foreign currency overdraft, at value (cost $37,809)			37,615
Distributions payable			147,221
Payable for investments purchased			8,095,549
Payable for investment advisory fees			2,416,412
Payable for payroll expenses			40,461
Payable for accounting fees			3,750
Series J Cumulative Preferred Stock (1.700%, $25,000 liquidation value, 5,804 shares authorized with 5,804 shares issued and outstanding)			145,100,000
Other accrued expenses			502,072
Total Liabilities			156,343,080
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 G (5.250%, $25 liquidation value, 4,000,000 shares authorized with 4,000,000 shares issued and outstanding)			100,000,000
Series H (5.375%, $25 liquidation value, $2,000,000 shares authorized with 2,000,000 shares issued and outstanding)			50,000,000
Total Preferred Shares			156,500,000
Net Assets Attributable to Common Shareholders		$	2,603,856,497
Net Assets Attributable to Common Shareholders Consist of:
Paid-in capital		$	1,342,816,643
Total distributable earnings			1,261,039,854
Net Assets		$	2,603,856,497
Net Asset Value per Common Share at $0.001 par value:
($2,603,856,497 ÷ 90,409,429 shares outstanding; unlimited number of shares authorized)		$	28.80

Statement of Operations

For the Six Months Ended June 30, 2021 (Unaudited)

 

Investment Income:
Dividends (net of foreign withholding taxes of $763,376)		$	29,660,883
Interest			53,177
Total Investment Income			29,714,060
Expenses:
Investment advisory fees			13,755,747
Interest expense on preferred stock			486,488
Shareholder communications expenses			275,508
Custodian fees			156,133
Trustees’ fees			144,216
Payroll expenses			88,438
Legal and audit fees			49,871
Shareholder services fees			24,807
Accounting fees			22,500
Shelf offering expense			18,444
Interest expense			119
Miscellaneous expenses			146,202
Total Expenses			15,168,473
Less:
Expenses paid indirectly by broker (See Note 3)			(9,082)
Net Expenses			15,159,391
Net Investment Income			14,554,669
Net Realized and Unrealized Gain/(Loss) on
Investments and Foreign Currency:
Net realized gain on investments			95,434,722
Net realized gain on foreign currency transactions			16,497
Net realized gain on investments and foreign currency transactions			95,451,219
Net change in unrealized appreciation/depreciation:
on investments			290,293,928
on foreign currency translations			(20,096)
Net change in unrealized appreciation/depreciation
on investments and foreign currency translations			290,273,832
Net Realized and Unrealized Gain/(Loss) on
Investments and Foreign Currency			385,725,051
Net Increase in Net Assets Resulting from
Operations			400,279,720
Total Distributions to Preferred Shareholders			(4,949,673)
Net Increase in Net Assets Attributable to
Common Shareholders Resulting from
Operations		$	395,330,047

 

See accompanying notes to financial statements.

 

13 

 

 

The Gabelli Dividend & Income Trust

Statement of Changes in Net Assets Attributable to Common Stockholders

 

 

		Six Months Ended
		June 30, 2021						Year Ended
		(Unaudited)						December 31, 2020
Operations:
Net investment income			$	14,554,669					$	23,746,116
Net realized gain on investments and foreign currency transactions				95,451,219						110,915,945
Net change in unrealized appreciation/depreciation on investments and foreign
currency translations				290,273,832						66,269,663
Net Increase in Net Assets Resulting from Operations				400,279,720						200,931,724
Distributions to Preferred Shareholders				(4,949,673	)*					(15,279,706	)
Net Increase in Net Assets Attributable to Common Shareholders Resulting from
Operations				395,330,047						185,652,018
Distributions to Common Shareholders:
Accumulated earnings				(59,686,443	)*					(118,886,275	)
Return of capital				—						(639,170	)
Total Distributions to Common Shareholders				(59,686,443	)					(119,525,445	)
Fund Share Transactions:
Net decrease from repurchase of common shares				(1,565,972	)					(2,721,114	)
Net increase in net assets from repurchase of preferred shares				6,110,982						13,626,875
Adjustment of offering costs for common shares charged to paid-in capital				20,893						(96,871	)
Adjustment of offering costs for preferred shares charged to paid-in capital				9,304						—
Net Increase in Net Assets from Fund Share Transactions				4,575,207						10,808,890
Net Increase in Net Assets Attributable to Common Shareholders				340,218,811						76,935,463
Net Assets Attributable to Common Shareholders:
Beginning of year				2,263,637,686						2,186,702,223
End of period			$	2,603,856,497					$	2,263,637,686

 

 

 

*

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, 2021 (Unaudited)

 

 

Net increase in net assets attributable to common shareholders resulting from operations		$	395,330,047
Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash from Operating Activities:
Purchase of long term investment securities			(167,611,982)
Proceeds from sales of long term investment securities			243,787,110
Net purchases of short term investment securities			(27,638,328)
Net realized gain on investments			(95,434,722)
Net change in unrealized appreciation on investments			(290,293,928)
Net amortization of discount			(18,284)
Increase in receivable for investments sold			(1,268,201)
Increase in dividends and interest receivable			(222,274)
Increase in deferred offering expense			(298,061)
Decrease in prepaid expenses			23,609
Increase in payable for investments purchased			7,730,071
Increase in distributions payable			12,770
Decrease in payable for shareholder communications expenses			(220,434)
Decrease in payable for investment advisory fees			(1,190,637)
Decrease in payable for payroll expenses			(21,044)
Increase in other accrued expenses			132,489
Net cash provided by operating activities			62,798,201
Net decrease in net assets resulting from financing activities:
Redemption of Series B Auction Market Cumulative Preferred Shares			(64,125,000)
Redemption of Series C Auction Market Cumulative Preferred Shares			(79,750,000)
Redemption of Series E Auction Rate Cumulative Preferred Shares			(8,900,000	)
Issuance of Series J Cumulative Preferred Shares			145,100,000
Offering costs for preferred shares charged to paid-in capital			9,304
Increase in offering cost charged to paid in capital			20,893
Distributions to Common Shareholders			(59,686,443)
Decrease from repurchase of common shares			(1,565,972)
Increase from repurchase of preferred shares			6,110,982
Net cash used in financing activities			(62,786,236)
Net increase in cash			11,965
Cash (including foreign currency):
Beginning of year			17,112
End of period		$	29,077

 

 

Supplemental disclosure of cash flow information:
Interest paid on preferred shares		$	452,228
Interest paid on bank overdrafts			119
Value of shares received as part of mergers of certain Fund investments			3,539,624
Value of shares received as part of an exchange offer from one of the Fund’s investments			13,457,063
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, 2021:
Cash		$	66,692
Foreign currency overdraft, at value.			(37,615)
		$	29,077

 

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, 2021				Year Ended December 31,
		(Unaudited)				2020				2019				2018				2017				2016
Operating Performance:
Net asset value, beginning of year		$	25.02			$	24.12			$	20.51			$	25.11			$	22.30			$	21.07
Net investment income			0.16				0.26				0.35				0.45				0.32				0.36
Net realized and unrealized gain/(loss) on investments, securities sold short, and foreign currency transactions			4.26				1.97				5.25				(3.43	)			4.09				2.45
Total from investment operations			4.42				2.23				5.60				(2.98	)			4.41				2.81
Distributions to Preferred Shareholders: (a)
Net investment income			(0.01	)*			(0.03	)			(0.07	)			(0.08	)			(0.06	)			(0.05	)
Net realized gain			(0.04	)*			(0.14	)			(0.23	)			(0.22	)			(0.22	)			(0.17	)
Total distributions to preferred shareholders			(0.05	)			(0.17	)			(0.30	)			(0.30	)			(0.28	)			(0.22	)
Net Increase/(Decrease) in Net Assets
Attributable to Common Shareholders Resulting from Operations			4.37				2.06				5.30				(3.28	)			4.13				2.59
Distributions to Common Shareholders:
Net investment income			(0.11	)*			(0.23	)			(0.29	)			(0.37	)			(0.28	)			(0.31	)
Net realized gain			(0.55	)*			(1.08	)			(0.99	)			(0.93	)			(0.97	)			(1.01	)
Return of capital			—				(0.01	)			(0.04	)			(0.02	)			(0.07	)			—
Total distributions to common shareholders			(0.66	)			(1.32	)			(1.32	)			(1.32	)			(1.32	)			(1.32	)
Fund Share Transactions:
Increase in net asset value from repurchase of common shares			0.00	(b)			0.01				—				—				—				0.00	(b)
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			0.00	(b)			—				(0.02	)			—				0.00	(b)			(0.04	)
Offering costs and adjustment to offering costs for common shares charged to paid-in capital			(0.00	)(b)			0.00	(b)			(0.01	)			—				—				—
Decrease in net asset value from common shares issued in rights offering			—				—				(0.34	)			—				—				—
Total Fund share transactions			0.07				0.16				(0.37	)			—				0.00	(b)			(0.04	)
Net Asset Value Attributable to Common
Shareholders, End of Period		$	28.80			$	25.02			$	24.12			$	20.51			$	25.11			$	22.30
NAV total return †			17.92	%			10.47	%			22.82	%			(13.75	)%			19.14	%			12.70	%
Market value, end of period		$	26.31			$	21.46			$	21.95			$	18.30			$	23.41			$	20.04
Investment total return ††			25.97	%			5.06	%			28.13	%			(17.10	)%			24.11	%			16.47	%
Ratios to Average Net Assets and Supplemental Data:
Net assets including liquidation value of preferred shares, end of period (in 000’s)		$	2,905,456			$	2,572,913			$	660,903			$	2,197,065			$	2,629,129			$	2,397,663
Net assets attributable to common shares, end of period (in 000’s)		$	2,603,856			$	2,263,638			$	2,186,702			$	1,691,086			$	2,069,871			$	1,838,405
Ratio of net investment income to average net assets attributable to common shares before preferred share distributions			1.19	%(c)			1.22	%			1.50	%			1.87	%			1.38	%			1.69	%

 

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, 2021				Year Ended December 31,
		(Unaudited)				2020				2019				2018				2017				2016
Ratio of operating expenses to average net assets attributable to common shares before fees waived (d)(e)			1.24	%(c)			1.30	%			1.21	%(f)			1.35	%			1.38	%			1.39	%
Ratio of operating expenses to average net assets attributable to common shares net of advisory fee reduction, if any (d)(g)			1.24	%(c)			1.25	%			1.21	%(f)			1.13	%			1.38	%			1.39	%
Portfolio turnover rate			6	%			16	%			16	%			11	%			13	%			16	%
Cumulative Preferred Shares:
5.875% Series A Preferred
Liquidation value, end of period (in 000’s)			—				—			$	76,201			$	76,201			$	76,201			$	76,201
Total shares outstanding (in 000’s)			—				—				3,048				3,048				3,048				3,048
Liquidation preference per share			—				—			$	25.00			$	25.00			$	25.00			$	25.00
Average market value (h)			—				—			$	26.09			$	25.66			$	26.31			$	26.32
Asset coverage per share (i)			—				—			$	140.28			$	108.56			$	117.53			$	107.18
Auction Market Series B Preferred
Liquidation value, end of period (in 000’s)		$	2,050			$	66,175			$	90,000			$	90,000			$	90,000			$	90,000
Total shares outstanding (in 000’s)			0	(j)			3				4				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)		$	240,837			$	207,979			$	140,284			$	108,555			$	117,528			$	107,181
Auction Market Series C Preferred
Liquidation value, end of period (in 000’s)		$	1,350			$	81,100			$	108,000			$	108,000			$	108,000			$	108,000
Total shares outstanding (in 000’s)			0	(j)			3				4				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)		$	240,837			$	207,979			$	140,284			$	108,555			$	117,528			$	107,181
6.000% Series D Preferred
Liquidation value, end of period (in 000’s)			—				—				—			$	31,779			$	63,557			$	63,557
Total shares outstanding (in 000’s)			—				—				—				1,271				2,542				2,542
Liquidation preference per share			—				—				—			$	25.00			$	25.00			$	25.00
Average market value (h)			—				—				—			$	25.83			$	26.57			$	26.58
Asset coverage per share (i)			—				—				—			$	108.56			$	117.53			$	107.18
Auction Rate Series E Preferred
Liquidation value, end of period (in 000’s)		$	3,100			$	12,000			$	50,000			$	100,000			$	121,500			$	121,500
Total shares outstanding (in 000’s)			0	(j)			0	(j)			2				4				5				5
Liquidation preference per share		$	25,000			$	25,000			$	25,000			$	25,000			$	25,000			$	25,000
Liquidation value (k)		$	25,000			$	25,000				—				—				—				—
Asset coverage per share (i)		$	240,837			$	207,979			$	140,284			$	108,555			$	117,528			$	107,181
5.250% Series G Preferred
Liquidation value, end of period (in 000’s)		$	100,000			$	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				4,000
Liquidation preference per share		$	25.00			$	25.00			$	25.00			$	25.00			$	25.00			$	25.00
Average market value (h)		$	25.71			$	25.77			$	25.40			$	24.83			$	25.29			$	25.20
Asset coverage per share (i)		$	240.84			$	207.98			$	140.28			$	108.56			$	117.53			$	107.18

 

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, 2021				Year Ended December 31,
		(Unaudited)				2020				2019				2018				2017				2016
5.375% Series H Preferred (l)
Liquidation value, end of period (in 000’s)		$	50,000			$	50,000				50,000				—				—				—
Total shares outstanding (in 000’s)			2,000				2,000				2,000				—				—				—
Liquidation preference per share		$	25.00			$	25.00				25.00				—				—				—
Average market value (h)		$	27.68			$	26.49				26.08				—				—				—
Asset coverage per share (i)		$	240.84			$	207.98				140.28				—				—				—
1.700% Series J Preferred
Liquidation value, end of period (in 000’s)		$	145,100				—				—				—				—				—
Total shares outstanding (in 000’s)			6				—				—				—				—				—
Liquidation preference per share		$	25,000				—				—				—				—				—
Average market value (h)		$	25,000				—				—				—				—				—
Asset coverage per share (i)		$	240,837				—				—				—				—				—
Asset Coverage (m)			963	%			832	%			561	%			434	%			470	%			429	%

 

 

†

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.

(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, 2021 and the years ended December 31, 2020, 2019, 2018, 2017, and 2016 would have been 1.46%, 1.07%, 0.96%, 1.06%, 1.07%, 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, 2021 and the years ended December 31, 2020, 2019, 2018, 2017, and 2016 would have been 1.46%, 1.03%, 0.96%, 0.89%, 1.07%, 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 5.375% Series H Preferred was issued June 7, 2019.

(m)

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

 

See accompanying notes to financial statements.

 

18 

 

 

The Gabelli Dividend & Income Trust

Notes to Financial Statements (Unaudited)

 

 

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

 

19 

 

 

The Gabelli Dividend & Income Trust
Notes to Financial Statements (Unaudited) (Continued)

 

 

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.

 

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, 2021 is as follows:

 

		Valuation Inputs
		Level 1				Level 2 Other Significant				Total Market Value
		Quoted Prices				Observable Inputs				at 06/30/21
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Consumer Products		$	119,778,456			$	7,181,390			$	126,959,846
Entertainment			66,391,603				232,333				66,623,936
Other Industries (a)			2,621,978,482				—				2,621,978,482
Total Common Stocks			2,808,148,541				7,413,723				2,815,562,264
Closed-End Funds			—				582,000				582,000
Preferred Stocks (a)			5,850,645				2,331,063				8,181,708
Convertible Preferred Stocks (a)			2,931,440				—				2,931,440
Mandatory Convertible Securities (a)			9,015,225				—				9,015,225
Warrants (a)			274,450				—				274,450
Convertible Corporate Bonds (a)			—				2,011,795				2,011,795
U.S. Government Obligations			—				72,674,937				72,674,937
TOTAL INVESTMENTS IN SECURITIES — ASSETS		$	2,826,220,301			$	85,013,518			$	2,911,233,819

 

 

 

(a)

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

 

20 

 

 

The Gabelli Dividend & Income Trust
Notes to Financial Statements (Unaudited) (Continued)

 

 

The Fund held no level 3 investments at June 30, 2021 or December 31, 2020.

 

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.

 

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 port on of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2021, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was 1 basis point.

 

21 

 

 

The Gabelli Dividend & Income Trust
Notes to Financial Statements (Unaudited) (Continued)

 

 

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. For the restricted securities the Fund held at June 30, 2021, refer to the Schedule of Investments.

 

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.

 

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

 

22 

 

 

The Gabelli Dividend & Income Trust
Notes to Financial Statements (Unaudited) (Continued)

 

 

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, 5.250% Series G Preferred Shares, 5.375% Series H Preferred Shares, and 1.70% Series J Preferred Shares (Preferred Shares) are recorded on a daily basis and are determined as described in Note 5.

 

The tax character of distributions paid during the year ended December 31, 2020 was as follows:

 

		Common				Preferred
Distributions paid from:
Ordinary income (inclusive of short term capital gains)		$	22,340,720			$	2,871,312
Net long term capital gains			96,545,555				12,408,394
Return of capital			639,170				—
Total distributions paid		$	119,525,445			$	15,279,706

 

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.

 

23 

 

 

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, 2021:

 

						Gross				Gross
						Unrealized				Unrealized				Net Unrealized
		Cost				Appreciation				Depreciation				Appreciation
Investments		$	1,694,476,764			$	1,261,870,045			$	(45,112,990	)		$	1,216,757,055

 

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, 2021, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2021, 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, 2021, the Fund’s total return on the NAV of the common shares exceeded the stated dividend rate on the Preferred Shares. Advisory fees were accrued on the Series G, Series H and Series J Preferred Shares.

 

During the six months ended June 30, 2021, the Fund paid $4,165 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

 

During the six months ended June 30, 2021, 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 $9,082.

 

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.

 

24 

 

 

The Gabelli Dividend & Income Trust
Notes to Financial Statements (Unaudited) (Continued)

 

 

During the six months ended June 30, 2021, 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, 2021, the Fund accrued $88,438 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.

 

4. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2021, other than short term securities and U.S. Government obligations, aggregated $168,516,243 and $243,504,089, respectively. Purchases and sales of U.S. Government Obligations for the six months ended June 30, 2021, aggregated $183,643,702 and $156,005,374, respectively.

 

5. 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, 2021, the Fund repurchased and retired 67,306 common shares in the open market at an investment of $1,565,972 and an average discount of approximately 12.16% from its NAV. During the year ended December 31, 2020, the Fund repurchased and retired 198,934 common shares in the open market at an investment of $2,721,114 and an average discount of approximately 18.65% from its NAV.

 

Transactions in shares of common stock were as follows:

 

		Six Months Ended
		June 30, 2021								Year Ended
		(Unaudited)								December 31, 2020
		Shares				Amount				Shares				Amount
Net decrease from repurchase of common shares			(67,306	)		$	(1,565,972	)			(198,934	)		$	(2,721,114	)

 

The Fund has an effective shelf registration initially authorizing the offering of an additional $500 million of common or preferred shares or notes under the current shelf registration. As of June 30, 2021, after considering the common shares rights offering, the Fund has approximately $335 million available for issue under the current shelf registration.

 

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

 

25 

 

 

The Gabelli Dividend & Income Trust
Notes to Financial Statements (Unaudited) (Continued)

 

 

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 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 G, Series H and Series J Preferred Shares at redemption prices of $25,000, $25,000, $25,000, $25, $25 and $25,000, 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 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, as set by the auction process that is generally held every seven days, are 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. 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. During the year ended December 31, 2020 the Fund repurchased and retired 953 shares of Series B

 

26 

 

 

The Gabelli Dividend & Income Trust
Notes to Financial Statements (Unaudited) (Continued)

 

 

Preferred, 1,076 shares of Series C Preferred, and 1,520 shares of Series E Preferred plus dividends accrued to the dates of redemption.

 

Commencing July 1, 2021 and June 10, 2024 and at any time thereafter, the Fund, at its option, may redeem the 5.250% Series G Cumulative Preferred Shares and the 5.375% Series H Cumulative Preferred Shares, respectively, in whole or in part at the redemption price. The Board has authorized the repurchase of Series G and Series H Preferred Shares in the open market at prices less than the $25 liquidation value per share. On May 6, 2020, the Fund redeemed and retired 1,524,010 shares of the Series A Preferred at the liquidation value of $25 per share plus accrued and unpaid dividends. On September 25, 2020, the Fund redeemed and retired all remaining outstanding shares of Series A Preferred at the liquidation value of $25 per share plus accrued and unpaid dividends. During the six months ended June 30, 2021 and year ended December 31, 2020, the Fund did not repurchase any Series G 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 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.

 

The following table summarizes Cumulative Preferred Shares information:

 

								Number of
								Shares										Dividend				Accrued
								Outstanding at								2021 Dividend		Rate at				Dividends at
Series		Issue Date		Authorized				6/30/2021				Net Proceeds				Rate Range		6/30/2021				6/30/2021
B Auction Rate		October 12, 2004			4,000				82			$	98,858,617			1.585% to 2.091%			2.091	%		$	117
C Auction Rate		October 12, 2004			4,800				54				118,630,341			1.587% to 2.091%			2.091	%			464
E Auction Rate		November 3, 2005			5,400				124				133,379,387			2.591% to 3.594%			3.594	%			2,137
G 5.250%		July 1, 2016			4,000,000				4,000,000				96,634,565			Fixed Rate			5.250	%			72,917
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			5,804				5,804				145,000,000			Fixed Rate			1.700	%			34,260

 

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 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.

 

27 

 

 

The Gabelli Dividend & Income Trust
Notes to Financial Statements (Unaudited) (Continued)

 

 

6. 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.

 

7. Subsequent Events. Management has evaluated the impact on the Fund of all other subsequent events occurring through the date the financial statements were issued and has determined that there were no other 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 7, 2021, 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 10, 2021 – Final Results

 

The Fund’s Annual Meeting of Shareholders was held virtually on May 10, 2021. At that meeting, common and preferred shareholders, voting together as a single class, elected Elizabeth C. Bogan, Agnes Mullady, and Salvatore M. Salibello as Trustees of the Fund, with 79,531,748 votes, 79,641,197 votes, and 79,514,345 votes, cast in favor of these Trustees, and 3,410,590 votes, 3,301,141 votes, and 3,427,993 votes withheld for these Trustees, respectively.

 

In addition, preferred shareholders, voting as a separate class, re-elected James P. Conn as a Trustee of the Fund, with 4,055,802 votes cast in favor of this Trustee and 78,713 votes withheld for this Trustee.

 

Mario J. Gabelli, Anthony S. Colavita, Frank J. Fahrenkopf, Jr., Michael J. Melarkey, Kuni Nakamura, Anthonie C. van Ekris, Susan V. Watson 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.

 

28 

 

 

THE GABELLI DIVIDEND AND INCOME TRUST 

One Corporate Center

Rye, NY 10580-1422

 

 

 

Portfolio Management Team Biographies

  

	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.
	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.
	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.
	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.

 

 

 

 

	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.
	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.
	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.
	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.
	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.

 

 

 

 

	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 from the Wharton School of Business.
	Gordon Grender recently joined GAMCO UK, having previously served as the portfolio manager for a US equity fund at GAM International Ltd.

 

 

We have separated the portfolio managers’ commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the contents of the portfolio managers’ commentary are unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

 

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.

 

 

 

 

THE GABELLI DIVIDEND & INCOME TRUST 

One Corporate Center

Rye, New York 10580-1422

 

t

800-GABELLI (800-422-3554)

f

914-921-5118

e

info@gabelli.com

GABELLI.COM

 

BOARD OF TRUSTEES   Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. Executive Chairman, Associated Capital Group Inc.   Elizabeth C. Bogan Senior Lecturer in Economics at Princeton University   Anthony S. Colavita President, Anthony S. Colavita, P.C.   James P. Conn Former Managing Director & Chief Investment Officer, Financial Security Assurance Holdings Ltd.   Frank J. Fahrenkopf, Jr. Former President & Chief Executive Officer, American Gaming Association   Michael J. Melarkey Of Counsel, McDonald Carano Wilson LLP   Agnes Mullady Former Senior Vice President of GAMCO Investors, Inc.   Kuni Nakamura President, Advanced Polymer, Inc.   Salvatore M. Salibello Senior Partner, Bright Side Consulting   Anthonie C. van Ekris Chairman, BALMAC International, Inc.	Susan V. Watson Former President, Investor Relations Association   Salvatore J. Zizza Chairman, Zizza & Associates Corp.   OFFICERS   Bruce N. Alpert President   John C. Ball Treasurer   Peter Goldstein Secretary & Vice President   Richard J. Walz Chief Compliance Officer   Carter W. Austin Vice President & Ombudsman   Laurissa M. Martire Vice President & Ombudsman   David I. Schachter Vice President   INVESTMENT ADVISER   Gabelli Funds, LLC One Corporate Center Rye, New York 10580-1422   CUSTODIAN   State Street Bank and Trust Company   COUNSEL   Skadden, Arps, Slate, Meagher & Flom LLP   TRANSFER AGENT AND REGISTRAR   Computershare Trust Company, N.A.
GDV Q2/2021

 

 

 

 

(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.

 

Effective August 1, 2021, Tony Bancroft was added to the Fund’s portfolio management team.

 

Lieutenant Colonel Tony Bancroft, 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.

 

Information provided as of December 31, 2020

 

 

 

 

The table below shows the number of other accounts managed by the portfolio manager and the total assets in each of the following categories: registered investment companies, other paid investment vehicles and other accounts. For each category, the table also shows the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on account performance.

 

Name of Portfolio Manager	Type of accounts	Total # managed	Total assets	No. of Accounts where Advisory Fee is Based on Performance	Total Assets with Advisory Fee Based on Performance
Tony Bancroft	Registered Investment Companies	0	$0	0	$0
	Other Pooled Investment Vehicles	0	$0	0	$0
	Other accounts	4	$0.7 million	0	$0

 

 

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 01/01/2021 through 01/31/2021	Common – 26,400 Preferred Series G – N/A Preferred Series H – N/A	Common – $22.18 Preferred Series G – N/A Preferred Series H – N/A	Common – 26,400 Preferred Series G – N/A Preferred Series H – N/A	Common –90,476,735 - 26,400 = 90,450,335 Preferred Series G – 4,000,000 Preferred Series H – 2,000,000
Month #2 02/01/2021 through 02/28/2021	Common – 10,400 Preferred Series G – N/A Preferred Series H – N/A	Common – $22.49 Preferred Series G – N/A Preferred Series H – N/A	Common – 10,400 Preferred Series G – N/A Preferred Series H – N/A	Common – 90,450,335 - 10,400 = 90,439,935 Preferred Series G – 4,000,000 Preferred Series H – 2,000,000
Month #3 03/01/2021 through 03/31/2021	Common – 9,706 Preferred Series G – N/A Preferred Series H – N/A	Common – $23.52 Preferred Series G – N/A Preferred Series H – N/A	Common – 9,706 Preferred Series G – N/A Preferred Series H – N/A	Common – 90,439,935 - 9,706 = 90,430,229 Preferred Series H – 2,000,000 Preferred Series G – 4,000,000
Month #4 04/01/2021 through 04/30/2021	Common – 17,400 Preferred Series J – N/A Preferred Series H – N/A Preferred Series G – N/A	Common – $24.82 Preferred Series J – N/A Preferred Series H – N/A Preferred Series G – N/A	Common – 17,400 Preferred Series J – N/A Preferred Series H – N/A Preferred Series G – N/A	Common – 90,430,229  - 17,400 = 90,412,829 Preferred Series J – 5,804 Preferred Series H – 2,000,000 Preferred Series G – 4,000,000
Month #5 05/01/2021 through 05/31/2021	Common – 3,400 Preferred Series J – N/A Preferred Series H – N/A Preferred Series G – N/A	Common – $25.72 Preferred Series J – N/A Preferred Series H – N/A Preferred Series G – N/A	Common – 3,400 Preferred Series J – N/A Preferred Series H – N/A Preferred Series G – N/A	Common – 90,412,829 - 3,400 = 90,409,429 Preferred Series J – 5,804 Preferred Series H – 2,000,000 Preferred Series G – 4,000,000
Month #6 06/01/2021 through 06/30/2021	Common – N/A Preferred Series J – N/A Preferred Series G – N/A Preferred Series H – N/A	Common – N/A Preferred Series J – N/A Preferred Series G – N/A Preferred Series H – N/A	Common – N/A Preferred Series J – N/A Preferred Series G – N/A Preferred Series H – N/A	Common – 90,409,429 Preferred Series J – 5,804 Preferred Series G – 4,000,000 Preferred Series H – 2,000,000
Total	Common – 87,506 Preferred Series J – N/A Preferred Series G – N/A Preferred Series H – N/A	Common – $23.80 Preferred Series J – N/A Preferred Series G – N/A Preferred Series H – N/A	Common – 87,506 Preferred Series J – N/A Preferred Series G – 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 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 preferred shares outstanding may be repurchased when the Fund’s preferred shares are trading at a discount to the liquidation value of $25.00.

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)(3)

Not applicable.

 

(a)(4)

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/ Bruce N. Alpert
		Bruce N. Alpert, Principal Executive Officer

 

Date			September 3, 2021

 

 

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			September 3, 2021

 

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

Date			September 3, 2021

 

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