UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21423
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The Gabelli Dividend & Income Trust
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(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
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(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: March 31, 2006
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS -- 77.9%
AEROSPACE -- 0.7%
10,000 Goodrich Corp................. $ 436,100
30,000 Kaman Corp.................... 754,800
2,000,000 Rolls-Royce Group plc+........ 15,914,657
107,600,000 Rolls-Royce Group plc, Cl. B.. 190,684
--------------
17,296,241
--------------
AGRICULTURE -- 0.7%
470,000 Archer-Daniels-Midland Co..... 15,815,500
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.9%
450,000 Dana Corp..................... 679,500
455,000 Genuine Parts Co.............. 19,942,650
--------------
20,622,150
--------------
CABLE AND SATELLITE -- 1.2%
50,000 Cablevision Systems Corp.,
Cl. A+ ...................... 1,335,000
14,200 Cogeco Inc.................... 342,279
115,000 DIRECTV Group Inc.+........... 1,886,000
330,000 EchoStar Communications Corp.,
Cl. A+ ...................... 9,857,100
90,000 Liberty Global Inc., Cl. A+... 1,842,300
90,000 Liberty Global Inc., Cl. C+... 1,777,500
147,800 PanAmSat Holding Corp......... 3,668,396
200,000 Rogers Communications Inc.,
Cl. B ....................... 7,630,000
--------------
28,338,575
--------------
COMMUNICATIONS EQUIPMENT -- 0.0%
20,000 Thomas & Betts Corp.+......... 1,027,600
--------------
COMPUTER SOFTWARE AND SERVICES -- 0.5%
200,000 Anteon International Corp.+... 10,912,000
--------------
CONSUMER PRODUCTS -- 2.0%
240,000 Alberto-Culver Co............. 10,615,200
10,000 Altria Group Inc.............. 708,600
115,000 Avon Products Inc............. 3,584,550
400,000 Body Shop International plc... 2,060,566
33,000 Eastman Kodak Co.............. 938,520
135,000 Gallaher Group plc, ADR....... 7,850,250
1,000 Kimberly-Clark Corp........... 57,800
200,000 Mattel Inc.................... 3,626,000
100,000 Maytag Corp................... 2,133,000
90,000 Procter & Gamble Co........... 5,185,800
700,000 Swedish Match AB.............. 9,571,804
--------------
46,332,090
--------------
DIVERSIFIED INDUSTRIAL -- 2.7%
185,000 Bouygues SA................... 9,830,886
150,000 Cooper Industries Ltd., Cl. A. 13,035,000
465,000 General Electric Co........... 16,172,700
225,000 Honeywell International Inc... 9,623,250
60,000 ITT Industries Inc............ 3,373,200
MARKET
SHARES VALUE*
------ ------
116,000 Sonoco Products Co............ $ 3,928,920
1,000 Textron Inc................... 93,390
1,051,000 Tomkins plc................... 6,139,978
120,000 WHX Corp.+.................... 1,218,000
--------------
63,415,324
--------------
ENERGY AND UTILITIES: ELECTRIC -- 5.2%
30,000 Allegheny Energy Inc.+........ 1,015,500
120,000 ALLETE Inc.................... 5,592,000
310,000 American Electric Power
Co. Inc. .................... 10,546,200
410,000 DPL Inc....................... 11,070,000
17,500 DTE Energy Co................. 701,575
270,000 Duquesne Light Holdings Inc... 4,455,000
284,400 Electric Power Development
Co. Ltd. .................... 9,012,846
230,000 FPL Group Inc................. 9,232,200
610,000 Great Plains Energy Inc....... 17,171,500
600,000 Pepco Holdings Inc............ 13,674,000
220,000 Pinnacle West Capital Corp.... 8,602,000
490,000 Southern Co................... 16,057,300
390,000 Unisource Energy Corp......... 11,895,000
--------------
119,025,121
--------------
ENERGY AND UTILITIES: INTEGRATED -- 11.2%
12,000 Alliant Energy Corp........... 377,640
400,000 Ameren Corp................... 19,928,000
35,000 Avista Corp................... 722,750
11,000 Black Hills Corp.............. 374,000
24,000 Central Vermont Public
Service Corp. ............... 509,040
33,000 CH Energy Group Inc........... 1,584,000
108,000 Chubu Electric Power Co. Inc.. 2,706,882
121,500 Chugoku Electric Power
Co. Inc. .................... 2,529,099
345,000 Cinergy Corp.................. 15,666,450
139,000 CONSOL Energy Inc............. 10,308,240
200,000 Consolidated Edison Inc....... 8,700,000
20,000 Dominion Resources Inc........ 1,380,600
200,000 Duke Energy Corp.............. 5,830,000
430,000 Edison SpA+................... 851,475
200,000 El Paso Corp.................. 2,410,000
20,000 Empire District Electric Co... 444,400
500,000 Endesa SA..................... 16,141,933
99,800 Endesa SA, ADR................ 3,208,570
300,000 Enel SpA...................... 2,537,628
47,000 Enel SpA, ADR................. 1,985,280
139,500 Energy East Corp.............. 3,389,850
220,000 FirstEnergy Corp.............. 10,758,000
135,000 Hawaiian Electric
Industries Inc. ............. 3,662,550
250,000 Hera SpA...................... 755,896
121,500 Hokkaido Electric Power Co. Inc. 2,606,521
121,500 Hokuriku Electric Power Co.... 2,539,422
121,500 Kansai Electric Power Co. Inc. 2,699,426
80,500 Korea Electric Power Corp., ADR 1,738,800
121,500 Kyushu Electric Power Co. Inc. 2,740,718
25,000 Maine & Maritimes Corp........ 384,000
2
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: INTEGRATED (CONTINUED)
10,000 MGE Energy Inc................ $ 331,800
35,102 National Grid plc, ADR........ 1,742,112
255,000 NiSource Inc.................. 5,156,100
610,000 NSTAR......................... 17,452,100
500,000 OGE Energy Corp............... 14,500,000
40,000 Ormat Technologies Inc........ 1,524,000
330,000 Progress Energy Inc........... 14,513,400
300,000 Public Service Enterprise
Group Inc. .................. 19,212,000
220,000 Scottish Power plc, ADR....... 8,863,800
121,500 Shikoku Electric Power Co. Inc. 2,518,777
15,000 TECO Energy Inc............... 241,800
121,500 Tohoku Electric Power Co. Inc. 2,627,167
108,000 Tokyo Electric Power Co. Inc.. 2,693,118
2,000 TXU Corp...................... 89,520
69,800 Vectren Corp.................. 1,841,324
470,000 Westar Energy Inc............. 9,780,700
90,000 Wisconsin Energy Corp......... 3,599,100
150,000 WPS Resources Corp............ 7,383,000
750,000 Xcel Energy Inc............... 13,612,500
--------------
257,153,488
--------------
ENERGY AND UTILITIES: NATURAL GAS -- 3.4%
8,500 AGL Resources Inc............. 306,425
102,000 Atmos Energy Corp............. 2,685,660
14,800 Delta Natural Gas Co. Inc..... 393,532
6,000 Energen Corp.................. 210,000
450,000 KeySpan Corp.................. 18,391,500
20,000 Kinder Morgan Energy
Partners LP ................. 963,600
60,000 Laclede Group Inc............. 2,065,200
300,000 National Fuel Gas Co.......... 9,816,000
215,000 Nicor Inc..................... 8,505,400
220,000 ONEOK Inc..................... 7,095,000
260,000 Peoples Energy Corp........... 9,266,400
300,000 SEMCO Energy Inc.+............ 1,662,000
200,000 Sempra Energy................. 9,292,000
24,000 South Jersey Industries Inc... 654,480
50,000 Southern Union Co............. 1,241,500
180,000 Southwest Gas Corp............ 5,031,000
--------------
77,579,697
--------------
ENERGY AND UTILITIES: OIL -- 13.7%
10,000 Amerada Hess Corp............. 1,424,000
7,000 Anadarko Petroleum Corp....... 707,070
40,000 Apache Corp................... 2,620,400
20,000 Baker Hughes Inc.............. 1,368,000
46,900 BG Group plc, ADR............. 2,941,099
160,000 BP plc, ADR................... 11,030,400
140,000 Burlington Resources Inc...... 12,867,400
18,123 Chesapeake Energy Corp........ 569,244
319,888 Chevron Corp.................. 18,543,907
1,000 Cimarex Energy Co............. 43,260
MARKET
SHARES VALUE*
------ ------
320,000 ConocoPhillips................ $ 20,208,000
40,000 Cooper Cameron Corp.+......... 1,763,200
65,000 Devon Energy Corp............. 3,976,050
290,000 Diamond Offshore Drilling Inc. 25,955,000
187,500 Eni SpA, ADR.................. 10,683,750
225,000 Exxon Mobil Corp.............. 13,693,500
250,000 Halliburton Co................ 18,255,000
89,994 Kerr-McGee Corp............... 8,592,627
297,000 Marathon Oil Corp............. 22,622,490
200,000 Murphy Oil Corp............... 9,964,000
2,000 Nabors Industries Ltd.+....... 143,160
5,000 Noble Corp.................... 405,500
190,000 Occidental Petroleum Corp..... 17,603,500
7,000 Oceaneering International Inc.+ 401,100
30,000 PetroChina Co. Ltd., ADR...... 3,148,500
350,000 Remington Oil & Gas Corp.+.... 15,127,000
280,000 Repsol YPF SA, ADR............ 7,980,000
200,000 Royal Dutch Shell plc,
Cl. A, ADR .................. 12,452,000
60,000 Schlumberger Ltd.............. 7,594,200
1,000 Seitel Inc.+.................. 3,200
940,000 Statoil ASA, ADR.............. 26,771,200
200,000 Sunoco Inc.................... 15,514,000
100,000 Total SA, ADR................. 13,173,000
80,000 Transocean Inc.+.............. 6,424,000
--------------
314,568,757
--------------
ENERGY AND UTILITIES: WATER -- 0.3%
11,000 American States Water Co. .... 410,960
53,333 Aqua America Inc.............. 1,483,724
4,000 Artesian Resources Corp.,
Cl. A ....................... 133,600
3,000 California Water Service Group 135,150
6,000 Connecticut Water Service Inc. 157,320
6,000 Middlesex Water Co............ 113,640
21,466 Pennichuck Corp............... 540,943
90,000 SJW Corp...................... 2,416,500
16,800 Southwest Water Co. .......... 267,792
25,000 Suez SA ..................... 988,269
168,000 Suez SA, Strips+.............. 2,036
36,000 United Utilities plc, ADR .... 873,000
11,000 Veolia Environnement ......... 610,934
6,000 York Water Co................. 157,380
--------------
8,291,248
--------------
ENTERTAINMENT -- 1.1%
8,000 Grupo Televisa SA, ADR ....... 159,200
400,000 The Walt Disney Co. .......... 11,156,000
400,000 Time Warner Inc............... 6,716,000
220,000 Vivendi Universal SA, ADR .... 7,524,000
--------------
25,555,200
--------------
ENVIRONMENTAL SERVICES -- 0.1%
80,000 Waste Management Inc. ........ 2,824,000
--------------
3
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
EQUIPMENT AND SUPPLIES -- 0.8%
115,000 CIRCOR International Inc. .... $ 3,358,000
29,000 Lufkin Industries Inc. ....... 1,607,760
43,000 Mueller Industries Inc. ...... 1,534,670
280,000 RPC Inc. ..................... 6,398,000
22,000 Weatherford International Ltd.+ 1,006,500
250,000 Xerox Corp.+.................. 3,800,000
--------------
17,704,930
--------------
FINANCIAL SERVICES -- 13.6%
310,000 AllianceBernstein Holding LP . 20,537,500
370,000 American Express Co........... 19,443,500
260,000 American International
Group Inc. .................. 17,183,400
80,000 Ameriprise Financial Inc...... 3,604,800
285,000 AmSouth Bancorporation........ 7,709,250
630,000 Bank of America Corp.......... 28,690,200
361,400 Bank of New York Co. Inc...... 13,024,856
5,000 BlackRock Inc., Cl. A......... 700,000
500,000 Citigroup Inc................. 23,615,000
210,000 Commerce Bancorp Inc.......... 7,696,500
30,000 Deutsche Bank AG.............. 3,427,200
80,000 Fannie Mae.................... 4,112,000
40,000 Fidelity National Financial Inc. 1,421,200
7,000 Fidelity National Title Group
Inc., Cl. A ................. 159,390
165,000 Fifth Third Bancorp........... 6,494,400
100,000 First Horizon National Corp... 4,165,000
40,000 Flushing Financial Corp....... 698,400
44,300 Gold Banc Corp. Inc........... 811,576
27,000 Hartford Financial Services
Group Inc. .................. 2,174,850
520,000 JPMorgan Chase & Co........... 21,652,800
97,000 Merrill Lynch & Co. Inc....... 7,639,720
135,000 Morgan Stanley................ 8,480,700
200,000 New York Community Bancorp Inc. 3,504,000
21,000 NewAlliance Bancshares Inc.... 303,030
40,000 North Fork Bancorporation Inc. 1,153,200
210,000 PNC Financial Services
Group Inc. .................. 14,135,100
358,200 Popular Inc................... 7,436,232
1,000 Progressive Corp.............. 104,260
308,210 Sovereign Bancorp Inc......... 6,752,881
290,000 St. Paul Travelers
Companies Inc. .............. 12,119,100
20,750 Sterling Bancorp.............. 427,450
50,000 T. Rowe Price Group Inc....... 3,910,500
60,000 The Allstate Corp............. 3,126,600
5,000 Unitrin Inc................... 232,550
14,490 Valley National Bancorp....... 371,234
260,000 Wachovia Corp................. 14,573,000
350,000 Waddell & Reed Financial Inc.,
Cl. A ....................... 8,085,000
32,000 Washington Mutual Inc......... 1,363,840
3,500 Webster Financial Corp........ 169,610
225,000 Wells Fargo & Co.............. 14,370,750
85,200 Wilmington Trust Corp......... 3,693,420
157,000 Zions Bancorporation.......... 12,988,610
--------------
312,262,609
--------------
MARKET
SHARES VALUE*
------ ------
FOOD AND BEVERAGE -- 3.3%
160,000 Anheuser-Busch Companies Inc.. $ 6,843,200
50,000 Campbell Soup Co.............. 1,620,000
240,000 Coca-Cola Co.................. 10,048,800
200,000 ConAgra Foods Inc............. 4,292,000
220,000 General Mills Inc............. 11,149,600
210,000 Groupe Danone................. 25,728,932
180,000 H.J. Heinz Co................. 6,825,600
1,000 Kellogg Co.................... 44,040
50,000 Kraft Foods Inc., Cl. A....... 1,515,500
339,450 Parmalat SpA, GDR+ (a)........ 1,068,045
290,000 Sara Lee Corp................. 5,185,200
12,000 Wm. Wrigley Jr. Co............ 768,000
--------------
75,088,917
--------------
HEALTH CARE -- 4.5%
145,000 Bristol-Myers Squibb Co....... 3,568,450
1,000,000 Chiron Corp.+................. 45,810,000
195,000 Eli Lilly & Co................ 10,783,500
90,000 IMS Health Inc................ 2,319,300
220,000 Merck & Co. Inc............... 7,750,600
60,000 Owens & Minor Inc............. 1,966,200
670,000 Pfizer Inc.................... 16,696,400
108,900 Schering AG................... 11,321,810
30,000 Schering AG, ADR.............. 3,117,300
10,000 Wyeth......................... 485,200
5,000 Zimmer Holdings Inc.+......... 338,000
--------------
104,156,760
--------------
HOTELS AND GAMING -- 1.0%
110,000 Aztar Corp.+.................. 4,618,900
60,000 GTECH Holdings Corp........... 2,043,000
100,000 Hilton Hotels Corp............ 2,546,000
2,000,000 Ladbrokes plc................. 13,517,034
--------------
22,724,934
--------------
MACHINERY -- 0.4%
170,000 CNH Global NV................. 4,382,600
50,000 Deere & Co.................... 3,952,500
--------------
8,335,100
--------------
METALS AND MINING -- 0.6%
9,999 Arch Coal Inc................. 759,324
8,000 BHP Billiton Ltd., ADR ....... 318,800
3,000 Fording Canadian Coal Trust .. 113,970
120,000 Freeport-McMoRan Copper &
Gold Inc., Cl. B ............ 7,172,400
24,000 Inco Ltd...................... 1,197,360
10,000 Massey Energy Co.............. 360,700
24,000 Peabody Energy Corp. ......... 1,209,840
24,000 Phelps Dodge Corp. ........... 1,932,720
1,000 Rio Tinto plc, ADR ........... 207,000
3,000 Westmoreland Coal Co.+ ....... 78,750
--------------
13,350,864
--------------
4
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
PUBLISHING -- 0.4%
135,000 Dow Jones & Co. Inc. ......... $ 5,305,500
240,000 Reader's Digest
Association Inc. ............ 3,540,000
--------------
8,845,500
--------------
REAL ESTATE -- 0.6%
300,000 Arden Realty Inc. ............ 13,539,000
8,000 Brookfield Asset
Management Inc., Cl. A ...... 440,480
--------------
13,979,480
--------------
RETAIL -- 1.2%
550,000 Albertson's Inc............... 14,118,500
157,000 Ingles Markets Inc.,
Cl. A ....................... 2,797,740
430,000 Safeway Inc................... 10,801,600
--------------
27,717,840
--------------
SPECIALTY CHEMICALS -- 1.0%
75,000 Ashland Inc................... 5,331,000
165,200 Dow Chemical Co............... 6,707,120
90,000 E.I. du Pont de Nemours
and Co. ..................... 3,798,900
200,000 Ferro Corp.................... 4,000,000
115,000 Olin Corp..................... 2,469,050
18,146 Tronox Inc., Cl. B+........... 308,307
--------------
22,614,377
--------------
TELECOMMUNICATIONS -- 5.2%
800,000 AT&T Inc...................... 21,632,000
650,000 BCE Inc....................... 15,639,000
205,000 BellSouth Corp................ 7,103,250
74,000 BT Group plc, ADR............. 2,872,680
2,000 CenturyTel Inc................ 78,240
50,000 Compania de Telecomunicaciones
de Chile SA, ADR ............ 447,000
100,000 Deutsche Telekom AG, ADR...... 1,682,000
55,000 France Telecom SA, ADR........ 1,236,400
210,000 Hellenic Telecommunications
Organization SA, ADR+ ....... 2,307,900
200,000 Portugal Telecom SGPS SA...... 2,426,137
205,000 Qwest Communications
International Inc.+ ......... 1,394,000
840,000 Sprint Nextel Corp............ 21,705,600
12,000 Telecom Corp. of New Zealand
Ltd., ADR ................... 327,840
42,000 Telecom Italia SpA, ADR....... 1,226,400
26,000 Telefonica SA, ADR............ 1,221,220
275,000 Telefonos de Mexico SA de CV,
Cl. L, ADR .................. 6,182,000
150,000 Telstra Corp. Ltd., ADR....... 2,011,500
75,000 TELUS Corp., Non-Voting....... 2,903,952
810,000 Verizon Communications Inc.... 27,588,600
--------------
119,985,719
--------------
MARKET
SHARES VALUE*
------ ------
TRANSPORTATION -- 0.4%
4,000 Frontline Ltd................. $ 133,960
210,000 GATX Corp..................... 8,670,900
24,000 Golden Ocean Group Ltd.+...... 11,572
4,250 Ship Finance International Ltd. 72,930
35,000 Teekay Shipping Corp.......... 1,297,450
--------------
10,186,812
--------------
WIRELESS COMMUNICATIONS -- 1.2%
14,000 Crown Castle International
Corp.+ ...................... 396,900
700,000 Nextel Partners Inc., Cl. A+.. 19,824,000
110,000 United States Cellular Corp.+. 6,529,600
3,000 Vimpel-Communications, ADR+... 129,030
--------------
26,879,530
--------------
TOTAL COMMON STOCKS........... 1,792,590,363
--------------
CONVERTIBLE PREFERRED STOCKS -- 2.6%
AEROSPACE -- 0.0%
8,315 Northrop Grumman Corp.,
7.000% Cv. Pfd., Ser. B ..... 1,120,446
--------------
AUTOMOTIVE -- 0.0%
20,000 General Motors Corp.,
4.500% Cv. Pfd., Ser. A ..... 464,200
--------------
AVIATION: PARTS AND SERVICES -- 0.2%
34,200 Sequa Corp.,$5.00 Cv. Pfd.... 4,403,250
--------------
BROADCASTING -- 0.0%
20,460 Emmis Communications Corp.,
6.250% Cv. Pfd., Ser. A .... 819,464
--------------
BUILDING AND CONSTRUCTION -- 0.0%
200 Fleetwood Capital Trust,
6.000% Cv. Pfd. ............ 7,150
--------------
BUSINESS SERVICES -- 0.1%
35,000 Allied Waste Industries Inc.,
6.250% Cv. Pfd. ............ 2,107,350
--------------
DIVERSIFIED INDUSTRIAL -- 0.4%
179,400 Owens-Illinois Inc.,
4.750% Cv. Pfd. ............. 6,207,240
80,502 Smurfit-Stone Container Corp.,
7.000% Cv. Pfd., Ser. A ..... 1,823,370
1,000 U.S. Steel Corp.,
7.000% Cv. Pfd., Ser. B ..... 193,200
--------------
8,223,810
--------------
5
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
CONVERTIBLE PREFERRED STOCKS (CONTINUED)
ENERGY AND UTILITIES -- 0.6%
Chesapeake Energy Corp.,
5,000 5.000% Cv. Pfd. (a)......... $ 688,450
20,000 5.000% Cv. Pfd.............. 3,927,600
20,000 CMS Energy Corp.,
4.500% Cv. Pfd., Ser. B .... 1,507,500
130,000 El Paso Corp. Capital Trust I,
4.750% Cv. Pfd., Ser. C .... 4,680,000
40,000 Hanover Compressor Capital Trust,
7.250% Cv. Pfd. ............ 2,175,000
--------------
12,978,550
--------------
ENTERTAINMENT -- 0.1%
145,000 Six Flags Inc.,
7.250% Cv. Pfd., Ser. B .... 3,414,750
--------------
FINANCIAL SERVICES -- 0.7%
4,500 Doral Financial Corp.,
4.750% Cv. Pfd. ............ 744,750
215,000 National Australia Bank Ltd.,
7.875% Cv. Pfd. ............ 9,470,750
138,900 Newell Financial Trust I,
5.250% Cv. Pfd. ............ 5,937,975
--------------
16,153,475
--------------
HEALTH CARE -- 0.0%
10,000 Omnicare Inc.,
4.000% Cv. Pfd., Ser. B .... 723,550
--------------
REAL ESTATE INVESTMENT TRUSTS -- 0.0%
2,100 Equity Office Properties Trust,
5.250% Cv. Pfd., Ser. B .... 107,415
--------------
TELECOMMUNICATIONS -- 0.4%
50,000 Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B .... 2,162,500
121,000 Crown Castle International Corp.,
6.250% Cv. Pfd. ............ 6,570,300
--------------
8,732,800
--------------
TRANSPORTATION -- 0.1%
1,500 GATX Corp., $2.50 Cv. Pfd..... 310,875
982 Kansas City Southern,
4.250% Cv. Pfd. ............. 838,969
--------------
1,149,844
--------------
TOTAL CONVERTIBLE
PREFERRED STOCKS ........... 60,406,054
--------------
PRINCIPAL MARKET
AMOUNT VALUE*
--------- ------
CONVERTIBLE CORPORATE BONDS -- 1.9%
AEROSPACE -- 0.1%
$ 1,000,000 GenCorp Inc., Sub. Deb. Cv.,
5.750%, 04/15/07 ........... $ 1,127,500
--------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.0%
500,000 Standard Motor Products Inc.,
Sub. Deb. Cv.,
6.750%, 07/15/09 ........... 425,000
--------------
BROADCASTING -- 0.5%
100,000 Lin Television Corp.,
Sub. Deb. Cv.,
2.500%, 05/15/33 ........... 91,000
13,240,000 Sinclair Broadcast Group Inc.,
Sub. Deb. Cv.,
6.000%, 09/15/12 ........... 11,700,850
--------------
11,791,850
--------------
BUSINESS SERVICES -- 0.1%
Trans-Lux Corp., Sub. Deb. Cv.,
2,000,000 7.500%, 12/01/06........... 1,972,500
950,000 8.250%, 03/01/12........... 895,375
--------------
2,867,875
--------------
COMMUNICATIONS EQUIPMENT -- 0.5%
10,000,000 Agere Systems Inc., Sub. Deb. Cv.,
6.500%, 12/15/09 ........... 9,900,000
2,000,000 TriQuint Semiconductor Inc.,
Sub. Deb. Cv.,
4.000%, 03/01/07 ........... 1,965,000
--------------
11,865,000
--------------
ENTERTAINMENT -- 0.1%
1,500,000 The Walt Disney Co., Cv.,
2.125%, 04/15/23 ........... 1,618,125
--------------
EQUIPMENT AND SUPPLIES -- 0.1%
1,000,000 Robbins & Myers Inc.,
Sub. Deb. Cv.,
8.000%, 01/31/08 ........... 1,047,500
--------------
FINANCIAL SERVICES -- 0.0%
250,000 AON Corp., Deb. Cv.,
3.500%, 11/15/12 ........... 485,313
--------------
METALS AND MINING -- 0.0%
400,000 Inco Ltd., Cv.,
Zero Coupon, 03/29/21 ...... 531,000
--------------
REAL ESTATE -- 0.0%
Palm Harbor Homes Inc., Cv.,
100,000 3.250%, 05/15/24........... 93,625
1,000,000 3.250%, 05/15/24 (a)....... 936,250
--------------
1,029,875
--------------
6
THE GABELLI DIVIDEND & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE*
--------- ------
CONVERTIBLE CORPORATE BONDS (CONTINUED)
TELECOMMUNICATIONS -- 0.3%
$ 6,000,000 Nortel Networks Corp., Cv.,
4.250%, 09/01/08 ........... $ 5,692,500
--------------
TRANSPORTATION -- 0.2%
3,000,000 GATX Corp., Cv.,
7.500%, 02/01/07 ........... 3,817,500
--------------
TOTAL CONVERTIBLE
CORPORATE BONDS ............ 42,299,038
--------------
SHARES
-------
WARRANTS -- 0.0%
FOOD AND BEVERAGE -- 0.0%
650 Parmalat SpA, GDR,
expire 12/31/15+ (a)(e) .... 0
--------------
PRINCIPAL
AMOUNT
-------
SHORT-TERM OBLIGATIONS -- 17.6%
REPURCHASE AGREEMENTS -- 14.3%
$200,000,000 ABN Amro, 4.450%, dated 03/31/06,
due 04/03/06, proceeds
at maturity,
$200,074,167 (c) ........... 200,000,000
130,000,000 Barclays Capital Inc., 4.400%,
dated 03/31/06, due 04/03/06,
proceeds at maturity,
$130,047,667 (d) ........... 130,000,000
--------------
330,000,000
--------------
U.S. TREASURY BILLS -- 3.3%
75,457,000 U.S. Treasury Bills,
4.380% to 4.756%++,
04/06/06 to 09/07/06 ........ 74,980,789
--------------
TOTAL SHORT-TERM OBLIGATIONS.. 404,980,789
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $2,029,643,941) $2,300,276,244
==============
--------------
For Federal tax purposes:
Aggregate cost................... $2,029,643,941
==============
Gross unrealized appreciation.... $ 296,966,433
Gross unrealized depreciation.... (26,334,130)
--------------
Net unrealized appreciation
(depreciation) ................. $ 270,632,303
==============
--------------
(a) Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. At
March 31, 2006, the market value of Rule 144A securities amounted to
$2,692,745 or 0.12% of total investments. Except as noted in (e), these
securities are liquid.
(b) Security is in default.
(c) Collateralized by U.S. Treasury Bill, 4.640%, due 09/14/06, market value
$204,000,000.
(d) Collateralized by U.S. Treasury Bill, 4.562%, due 06/01/06, market value
$132,600,000.
(e) At March 31, 2006, the Fund held an investment in a restricted and
illiquid security amounting to $0 or 0.00% of net assets, which was
valued under methods approved by the Board, as follows:
03/31/06
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
SHARES ISSUER DATE COST PER UNIT
------ ------ ----------- ----------- --------------
650 Parmalat SpA, GDR
warrants expire 12/31/15 11/09/05 $0.00 $0.0000
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
GDR Global Depository Receipt
* Portfolio securities are valued at the last quoted sale price or closing
values. If these are unavailable, then the average of the closing bid
and asked prices is used. If there is no asked price, the security is
valued at the closing bid price on that day. Debt instruments are valued
at the average of the closing bid and asked prices. If the security
matures in 60 days or less and is not credit-impaired, it is valued at
amortized cost. All securities and assets for which market quotations
are not readily available or any security that the Board determines does
not reflect its fair market value are valued in good faith under
procedures established by the Board.
% OF
MARKET MARKET
VALUE VALUE
------- ------
GEOGRAPHIC DIVERSIFICATION
North America ..................... 85.6% $1,969,176,411
Europe ............................ 11.5 262,932,525
Japan ............................. 1.4 32,673,976
Latin America ..................... 1.2 27,947,892
Asia/Pacific ...................... 0.3 7,545,440
------ --------------
Total Investments .................100.0% $2,300,276,244
====== ==============
7
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are reasonably likely
to materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Dividend & Income Trust
--------------------------------------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-----------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date May 1, 2006
----------------------------------------------------------------------------
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 May 1, 2006
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-----------------------------------------------------
Agnes Mullady, Principal Financial Officer &
Treasurer
Date May 1, 2006
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.