N-Q 1 d56888dnq.htm GABELLI DIVIDEND & INCOME TRUST Gabelli Dividend & Income Trust



Washington, D.C. 20549




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: September 30, 2015

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 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. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

The Gabelli Dividend & Income Trust

Third Quarter Report — September 30, 2015

(Y)our Portfolio Management Team



To Our Shareholders,

For the quarter ended September 30, 2015, the net asset value (“NAV”) total return of The Gabelli Dividend & Income Trust (the “Fund”) was (11.7)%, compared with a total return of (6.4)% for the Standard & Poor’s (“S&P”) 500 Index. The total return for the Fund’s publicly traded shares was (14.2)%. The Fund’s NAV per share was $20.29, while the price of the publicly traded shares closed at $17.56 on the New York Stock Exchange (“NYSE”). See below for additional performance information.

Enclosed is the schedule of investments as of September 30, 2015.

Comparative Results



Average Annual Returns through September 30, 2015 (a) (Unaudited)




1 Year


5 Year


10 Year



Gabelli Dividend & Income Trust


NAV Total Return (b)

      (11.70 )%       (8.23 )%       11.42 %       6.18 %       7.10 %

Investment Total Return (c)

      (14.24 )       (12.60 )       12.04         7.12         6.28  

S&P 500 Index

      (6.44 )       (0.61 )       13.34         6.80         7.35  

Dow Jones Industrial Average

      (6.97 )       (2.12 )       11.31         7.13         7.07 (d)

Nasdaq Composite Index

      (7.07 )       4.16         15.75         9.15         8.73  

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. 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. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The Dow Jones Industrial Average is an unmanaged index of 30 large capitalization stocks. The S&P 500 and the Nasdaq Composite Indices are unmanaged indicators of stock market performance. Dividends are considered reinvested except for the Nasdaq Composite Index. You cannot invest directly in an index.


Total returns and average annual returns reflect changes in the NAV per share, 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.


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.


From November 30, 2003, the date closest to the Fund’s inception for which data is available.


The Gabelli Dividend & Income Trust

Schedule of Investments — September 30, 2015 (Unaudited)








  COMMON STOCKS — 96.6%   
  Aerospace — 1.8%   
  34,000      Kaman Corp.    $ 1,218,900   
  107,000      Rockwell Automation Inc.      10,857,290   
  1,325,000      Rolls-Royce Holdings plc      13,569,700   
  94,000      The Boeing Co.      12,309,300   






  Agriculture — 0.1%   
  75,000      Archer Daniels Midland Co.      3,108,750   
  1,000      Bunge Ltd.      73,300   






  Automotive — 0.8%   
  325,000      Ford Motor Co.      4,410,250   
  205,000      General Motors Co.      6,154,100   
  231,000      Navistar International Corp.†      2,938,320   
  83,000      PACCAR Inc.      4,330,110   






  Automotive: Parts and Accessories — 2.1%   
  200,000      Dana Holding Corp.      3,176,000   
  90,068      Federal-Mogul Holdings Corp.†      615,164   
  340,000      Genuine Parts Co.      28,182,600   
  133,000      Johnson Controls Inc.      5,500,880   
  25,000      O’Reilly Automotive Inc.†      6,250,000   
  5,363      Remy International Inc.      156,868   
  17,000      Visteon Corp.†      1,721,080   






  Aviation: Parts and Services — 0.3%   
  94,000      B/E Aerospace Inc.      4,126,600   
  39,000      KLX Inc.†      1,393,860   






  Broadcasting — 0.5%   
  24,500      CBS Corp., Cl. A, Voting      1,100,050   
  8,000      Dolby Laboratories Inc., Cl. A      260,800   
  9,000      Liberty Broadband Corp., Cl. C†      460,530   
  41,032      Liberty Global plc, Cl. A†      1,761,914   
  150,574      Liberty Global plc, Cl. C†      6,176,545   
  8,000      Liberty Media Corp., Cl. A†      285,760   
  16,000      Liberty Media Corp., Cl. C†      551,360   






  Building and Construction — 0.2%   
  78,000      Fortune Brands Home & Security Inc.      3,702,660   
  95,000      Layne Christensen Co.†      617,500   






  Business Services — 1.6%   
  34,400      Aramark      1,019,616   
  85,000      Diebold Inc.      2,530,450   
  150,000      Fly Leasing Ltd., ADR      1,980,000   
  3,200      Jardine Matheson Holdings Ltd.      151,200   





  150,700      Macquarie Infrastructure Corp.    $ 11,251,262   
  179,000      MasterCard Inc., Cl. A      16,131,480   
  29,000      The Brink’s Co.      783,290   






  Cable and Satellite — 2.1%   
  69,000      AMC Networks Inc., Cl. A†      5,048,730   
  400      Cable One Inc.†      167,768   
  450,000      Cablevision Systems Corp., Cl. A      14,611,500   
  15,000      Cogeco Inc.      599,663   
  80,000      Comcast Corp., Cl. A, Special      4,579,200   
  181,000      DISH Network Corp., Cl. A†      10,559,540   
  49,000      EchoStar Corp., Cl. A†      2,108,470   
  1,801      Liberty Global plc LiLAC, Cl. A†      60,676   
  7,528      Liberty Global plc LiLAC, Cl. C†      257,759   
  9,241      Liberty Ventures, Cl. A†      372,874   
  176,000      Rogers Communications Inc., Cl. B      6,068,480   
  5,000      Time Warner Cable Inc.      896,850   






  Communications Equipment — 0.6%   
  235,000      Cisco Systems Inc.      6,168,750   
  384,000      Corning Inc.      6,574,080   






  Computer Hardware — 0.9%   
  179,000      Apple Inc.      19,743,700   
  5,000      SanDisk Corp.      271,650   






  Computer Software and Services — 1.5%   
  25,000      Blucora Inc.†      344,250   
  15,000      CyrusOne Inc.      489,900   
  90,000      EarthLink Holdings Corp.      700,200   
  185,000      eBay Inc.†      4,521,400   
  10,000      Google Inc., Cl. A†      6,383,700   
  12,027      Google Inc., Cl. C†      7,317,467   
  22,000      Internap Corp.†      134,860   
  25,000      MedAssets Inc.†      501,500   
  195,000      Microsoft Corp.      8,630,700   
  110,000      Yahoo! Inc.†      3,180,100   






  Consumer Products — 3.1%   
  3,000      Altria Group Inc.      163,200   
  222,000      Avon Products Inc.      721,500   
  5,000      Church & Dwight Co. Inc.      419,500   
  70,000      Coty Inc., Cl. A      1,894,200   
  95,000      Edgewell Personal Care Co.      7,752,000   
  65,000      Energizer Holdings Inc.      2,516,150   
  100,000      Hanesbrands Inc.      2,894,000   
  42,000      Harman International Industries Inc.      4,031,580   
  47,000      Kimberly-Clark Corp.      5,124,880   
  29,000      Philip Morris International Inc.      2,300,570   


See accompanying notes to schedule of investments.



The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — September 30, 2015 (Unaudited)








  COMMON STOCKS (Continued)   
  Consumer Products (Continued)   
  7,000      Stanley Black & Decker Inc.    $ 678,860   
  875,000      Swedish Match AB      26,417,422   
  145,000      The Procter & Gamble Co.      10,431,300   






  Consumer Services — 0.4%   

Liberty Interactive Corp. QVC Group,
Cl. A†

  200,500      The ADT Corp.      5,994,950   






  Diversified Industrial — 4.1%   
  92,000      Bouygues SA      3,261,886   
  55,000      Eaton Corp. plc      2,821,500   
  992,000      General Electric Co.      25,018,240   
  334,000      Honeywell International Inc.      31,626,460   
  56,000      ITT Corp.      1,872,080   
  5,600      Jardine Strategic Holdings Ltd.      150,304   
  20,000      Pentair plc      1,020,800   
  5,000      Sulzer AG      489,945   
  252,000      Textron Inc.      9,485,280   
  300,000      Toray Industries Inc.      2,577,002   
  310,000      Tyco International plc      10,372,600   






  Electronics — 1.5%   
  12,000      Agilent Technologies Inc.      411,960   
  13,000      Emerson Electric Co.      574,210   
  240,000      Intel Corp.      7,233,600   
  425,000      Sony Corp., ADR†      10,412,500   
  70,000      TE Connectivity Ltd.      4,192,300   
  100,000      Texas Instruments Inc.      4,952,000   
  30,000      Thermo Fisher Scientific Inc.      3,668,400   






  Energy and Utilities: Electric — 0.7%   
  14,000      ALLETE Inc.      706,860   
  13,000      American Electric Power Co. Inc.      739,180   
  105,000      Cleco Corp.      5,590,200   
  15,000      Edison International      946,050   
  17,000      El Paso Electric Co.      625,940   
  70,000      Electric Power Development Co. Ltd.      2,126,870   
  40,000      Great Plains Energy Inc.      1,080,800   
  5,000      Pepco Holdings Inc.      121,100   
  14,000      Pinnacle West Capital Corp.      897,960   
  45,000      The AES Corp.      440,550   
  44,000      WEC Energy Group Inc.      2,297,680   






  Energy and Utilities: Integrated — 2.0%   
  2,000      Alliant Energy Corp.      116,980   
  27,000      Avista Corp.      897,750   
  13,000      Black Hills Corp.      537,420   





  26,000      Chubu Electric Power Co. Inc.    $ 381,661   
  369,000      CONSOL Energy Inc.      3,616,200   
  10,000      Duke Energy Corp.      719,400   
  100,000      Edison SpA†      56,038   
  20,000      Endesa SA      421,038   
  230,000      Enel SpA      1,024,929   
  95,208      Eversource Energy      4,819,429   
  39,000      Hawaiian Electric Industries Inc.      1,118,910   
  401,000      Hera SpA      1,040,441   
  10,000      Hokkaido Electric Power Co. Inc.†      96,612   
  24,000      Hokuriku Electric Power Co.      321,294   
  45,000      Iberdrola SA, ADR      1,196,550   
  127,000      Korea Electric Power Corp., ADR      2,602,230   
  40,000      Kyushu Electric Power Co. Inc.†      433,793   
  30,000      MGE Energy Inc.      1,235,700   
  27,000      National Grid plc, ADR      1,880,010   
  66,000      NextEra Energy Inc.      6,438,300   
  49,000      NiSource Inc.      908,950   
  57,000      OGE Energy Corp.      1,559,520   
  14,000      Ormat Technologies Inc.      476,420   
  31,000      Public Service Enterprise Group Inc.      1,306,960   
  58,000      Shikoku Electric Power Co. Inc.      940,358   
  50,000      The Chugoku Electric Power Co. Inc.      686,450   
  32,000      The Empire District Electric Co.      704,960   
  20,000      The Kansai Electric Power Co. Inc.†      221,231   
  45,000      Tohoku Electric Power Co. Inc.      606,552   
  28,000      Vectren Corp.      1,176,280   
  65,000      Westar Energy Inc.      2,498,600   
  100,000      Xcel Energy Inc.      3,541,000   






  Energy and Utilities: Natural Gas — 1.6%   
  46,400      California Resources Corp.      120,640   
  49,000      Columbia Pipeline Group Inc.      896,210   
  50,000      Delta Natural Gas Co. Inc.      1,023,000   
  105,000      Kinder Morgan Inc.      2,906,400   
  306,000      National Fuel Gas Co.      15,293,880   
  10,000      ONE Gas Inc.      453,300   
  13,500      ONEOK Inc.      434,700   
  94,500      Sempra Energy      9,140,040   
  30,000      South Jersey Industries Inc.      757,500   
  48,000      Southwest Gas Corp.      2,799,360   






  Energy and Utilities: Oil — 6.5%   
  87,000      Anadarko Petroleum Corp.      5,253,930   
  53,000      Apache Corp.      2,075,480   
  215,000      BG Group plc, ADR      3,132,550   
  171,000      BP plc, ADR      5,225,760   
  68,000      Chesapeake Energy Corp.      498,440   
  156,000      Chevron Corp.      12,305,280   
  247,700      ConocoPhillips      11,879,692   
  74,000      Devon Energy Corp.      2,744,660   


See accompanying notes to schedule of investments.



The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — September 30, 2015 (Unaudited)








  COMMON STOCKS (Continued)   
  Energy and Utilities: Oil (Continued)   
  130,000      Eni SpA, ADR    $ 4,078,100   
  188,200      Exxon Mobil Corp.      13,992,670   
  47,000      Hess Corp.      2,352,820   
  331,000      Marathon Oil Corp.      5,097,400   
  276,000      Marathon Petroleum Corp.      12,787,080   
  80,000      Murphy Oil Corp.      1,936,000   
  200,000      Occidental Petroleum Corp.      13,230,000   
  200      PetroChina Co. Ltd., ADR      13,940   
  11,000      Petroleo Brasileiro SA, ADR†      47,850   
  186,350      Phillips 66      14,319,134   
  210,000      Repsol SA, ADR      2,446,500   
  220,000      Royal Dutch Shell plc, Cl. A, ADR      10,425,800   
  540,000      Statoil ASA, ADR      7,862,400   
  145,000      Total SA, ADR      6,482,950   






  Energy and Utilities: Services — 2.1%   
  62,000      ABB Ltd., ADR      1,095,540   
  77,000      Cameron International Corp.†      4,721,640   
  72,000      Diamond Offshore Drilling Inc.      1,245,600   
  423,600      Halliburton Co.      14,974,260   
  10,000      Noble Corp. plc      109,100   
  24,000      Oceaneering International Inc.      942,720   
  110,000      Schlumberger Ltd.      7,586,700   
  4,928      Seventy Seven Energy Inc.†      6,801   
  1,755,000      Weatherford International plc†      14,882,400   






  Energy and Utilities: Water — 0.3%   
  12,000      American States Water Co.      496,800   
  36,000      American Water Works Co. Inc.      1,982,880   
  74,000      Aqua America Inc.      1,958,780   
  30,000      Severn Trent plc      991,150   
  50,000      SJW Corp.      1,537,500   
  9,000      The York Water Co.      189,180   
  6,000      United Utilities Group plc, ADR      167,520   






  Entertainment — 2.1%   
  40,000      Take-Two Interactive Software Inc.†      1,149,200   

The Madison Square Garden Co.,
Cl. A†

  175,000      Time Warner Inc.      12,031,250   
  208,000      Twenty-First Century Fox Inc., Cl. A      5,611,840   
  150,000      Twenty-First Century Fox Inc., Cl. B      4,060,500   
  121,000      Viacom Inc., Cl. B      5,221,150   
  410,000      Vivendi SA      9,680,422   






  Environmental Services — 1.3%   
  176,200      Progressive Waste Solutions Ltd.      4,655,204   
  250,000      Republic Services Inc.      10,300,000   
  23,000      Veolia Environnement SA      525,058   





  8,000      Waste Connections Inc.    $ 388,640   
  260,000      Waste Management Inc.      12,950,600   






  Equipment and Supplies — 1.3%   
  93,000      CIRCOR International Inc.      3,731,160   
  52,000      Graco Inc.      3,485,560   
  170,000      Mueller Industries Inc.      5,028,600   
  705,000      RPC Inc.      6,239,250   
  124,000      Sealed Air Corp.      5,813,120   
  60,000      Tenaris SA, ADR      1,446,600   
  90,000      The Timken Co.      2,474,100   






  Financial Services — 18.3%   
  8,000      Alleghany Corp.†      3,744,880   
  473,200      American Express Co.      35,078,316   
  675,000      American International Group Inc.      38,353,500   
  310,000      Bank of America Corp.      4,829,800   
  9,000      Berkshire Hathaway Inc., Cl. B†      1,173,600   
  70,000      Blackhawk Network Holdings Inc.†      2,967,300   
  20,000      BlackRock Inc.      5,949,400   
  140,000      Citigroup Inc.      6,945,400   
  110,000      CME Group Inc.      10,201,400   
  4,000      Credit Acceptance Corp.†      787,480   
  33,000      Cullen/Frost Bankers Inc.      2,098,140   
  120,000      Discover Financial Services      6,238,800   
  232,146      Fifth Street Finance Corp.      1,432,341   
  210,000      First Niagara Financial Group Inc.      2,144,100   
  95,000      FNF Group      3,369,650   
  30,000      FNFV Group†      351,600   
  75,000      H&R Block Inc.      2,715,000   
  30,000      Hennessy Capital Acquisition Corp. II†      295,800   
  25,000      Hong Kong Exchanges and Clearing Ltd.      570,319   
  38,000      HSBC Holdings plc, ADR      1,439,440   
  200,000      Invesco Ltd.      6,246,000   
  580,700      JPMorgan Chase & Co.      35,405,279   
  30,000      Kinnevik Investment AB, Cl. B      856,278   
  89,250      KKR & Co. LP      1,497,615   
  440,103      Legg Mason Inc.      18,312,686   
  43,000      M&T Bank Corp.      5,243,850   
  275,000      Morgan Stanley      8,662,500   
  72,000      National Australia Bank Ltd., ADR      757,440   
  190,000      Navient Corp.      2,135,600   
  170,000      New York Community Bancorp Inc.      3,070,200   
  114,000      Northern Trust Corp.      7,770,240   
  190,000      PayPal Holdings Inc.†      5,897,600   
  30,000      Resona Holdings Inc.      151,619   
  205,000      SLM Corp.†      1,517,000   
  30,000      StanCorp. Financial Group Inc.      3,426,000   
  219,000      State Street Corp.      14,718,990   
  172,000      T. Rowe Price Group Inc.      11,954,000   
  874,000      The Bank of New York Mellon Corp.      34,217,100   


See accompanying notes to schedule of investments.



The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — September 30, 2015 (Unaudited)








  COMMON STOCKS (Continued)   
  Financial Services (Continued)   
  141,000      The Blackstone Group LP    $ 4,465,470   

The Hartford Financial Services Group Inc.


The PNC Financial Services Group Inc.

  123,000      The Travelers Companies Inc.      12,242,190   
  130,000      U.S. Bancorp      5,331,300   
  53,000      W. R. Berkley Corp.      2,881,610   
  138,000      Waddell & Reed Financial Inc., Cl. A      4,798,260   
  653,500      Wells Fargo & Co.      33,557,225   
  20,000      Willis Group Holdings plc      819,400   






  Food and Beverage — 12.6%   
  8,000      Ajinomoto Co. Inc.      167,716   
  208,168      Boulder Brands Inc.†      1,704,896   
  5,000      Brown-Forman Corp., Cl. B      484,500   
  115,000      Campbell Soup Co.      5,828,200   
  500,000      China Mengniu Dairy Co. Ltd.      1,754,827   
  66,000      Chr. Hansen Holding A/S      3,686,792   
  269,000      ConAgra Foods Inc.      10,897,190   
  36,000      Constellation Brands Inc., Cl. A      4,507,560   
  237,222      Danone SA      14,955,433   
  2,000,000      Davide Campari-Milano SpA      15,911,859   
  21,141      Diageo plc, ADR      2,278,788   
  239,000      Dr Pepper Snapple Group Inc.      18,892,950   
  524,000      General Mills Inc.      29,412,120   
  18,000      Heineken Holding NV      1,279,810   
  279,000      ITO EN Ltd.      5,811,870   
  42,800      Kellogg Co.      2,848,340   
  375,000      Kikkoman Corp.      10,252,990   
  90,000      Maple Leaf Foods Inc.      1,485,725   
  793,000      Mondelēz International Inc., Cl. A      33,202,910   
  150,000      Morinaga Milk Industry Co. Ltd.      621,431   
  32,000      Nestlé SA      2,405,089   
  35,000      Nestlé SA, ADR      2,633,400   


  1,600,000      Parmalat SpA      4,126,356   
  339,450      Parmalat SpA, GDR(a)      874,525   
  212,000      PepsiCo Inc.      19,991,600   
  62,000      Pernod Ricard SA      6,247,595   
  10,000      Post Holdings Inc.†      591,000   
  25,000      Remy Cointreau SA      1,638,955   
  18,000      Suntory Beverage & Food Ltd.      687,951   
  201,666      The Kraft Heinz Co.      14,233,586   
  577,000      The Coca-Cola Co.      23,149,240   
  7,000      The J.M. Smucker Co.      798,630   
  30,000      Unilever plc, ADR      1,223,400   
  324,000      Yakult Honsha Co. Ltd.      16,042,679   






  Health Care — 10.3%   
  134,000      Abbott Laboratories      5,389,480   





  50,000      AbbVie Inc.    $ 2,720,500   
  41,655      Aetna Inc.      4,557,474   
  70,000      Akorn Inc.†      1,995,350   
  140,000      Alere Inc.†      6,741,000   
  60,000      Allergan plc†      16,308,600   
  32,000      AmerisourceBergen Corp.      3,039,680   
  25,000      Amgen Inc.      3,458,000   
  25,000      Anthem Inc.      3,500,000   
  144,866      Baxalta Inc.      4,564,728   
  144,866      Baxter International Inc.      4,758,848   
  10,000      Becton, Dickinson and Co.      1,326,600   
  525,000      BioScrip Inc.†      981,750   
  68,676      Bristol-Myers Squibb Co.      4,065,619   
  7,000      Chemed Corp.      934,290   
  35,000      Cigna Corp.      4,725,700   
  45,000      DaVita HealthCare Partners Inc.†      3,254,850   
  100,000      Eli Lilly & Co.      8,369,000   
  10,000      Express Scripts Holding Co.†      809,600   
  40,000      Gerresheimer AG      2,915,982   
  60,000      Gilead Sciences Inc.      5,891,400   
  60,000      HCA Holdings Inc.†      4,641,600   
  12,500      Henry Schein Inc.†      1,659,000   
  15,000      Humana Inc.      2,685,000   
  8,000      ICU Medical Inc.†      876,000   
  115,000      Johnson & Johnson      10,735,250   
  100,000      Kindred Healthcare Inc.      1,575,000   
  13,500      Laboratory Corp. of America Holdings†      1,464,345   
  525,000      Liberator Medical Holdings Inc.      1,233,750   
  25,000      McKesson Corp.      4,625,750   
  22,000      Mead Johnson Nutrition Co.      1,548,800   
  188,620      Medtronic plc      12,626,223   
  251,000      Merck & Co. Inc.      12,396,890   
  60,000      Mylan NV†      2,415,600   
  50,000      Myriad Genetics Inc.†      1,874,000   
  45,000      Orthofix International NV†      1,518,750   
  112,500      Owens & Minor Inc.      3,593,250   
  94,000      Patterson Companies Inc.      4,065,500   
  669,548      Pfizer Inc.      21,030,503   
  69,000      Quality Systems Inc.      861,120   
  91,000      Sigma-Aldrich Corp.      12,641,720   
  30,000      St. Jude Medical Inc.      1,892,700   
  40,000      Stryker Corp.      3,764,000   
  40,000      Tenet Healthcare Corp.†      1,476,800   
  20,000      The Cooper Companies Inc.      2,977,200   
  52,000      UnitedHealth Group Inc.      6,032,520   
  20,000      Zimmer Biomet Holdings Inc.      1,878,600   
  197,159      Zoetis Inc.      8,119,008   






  Hotels and Gaming — 0.3%   
  19,000      Accor SA      886,594   
  120,000      Boyd Gaming Corp.†      1,956,000   


See accompanying notes to schedule of investments.



The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — September 30, 2015 (Unaudited)








  COMMON STOCKS (Continued)   
  Hotels and Gaming (Continued)   
  400,000      Ladbrokes plc    $ 579,079   
  53,000      Las Vegas Sands Corp.      2,012,410   
  400,000      Mandarin Oriental International Ltd.      610,000   
  10,000      Ryman Hospitality Properties Inc.      492,300   
  6,000      Wyndham Worldwide Corp.      431,400   






  Machinery — 1.0%   
  689,040      CNH Industrial NV      4,492,541   
  90,500      Deere & Co.      6,697,000   
  279,000      Xylem Inc.      9,165,150   






  Metals and Mining — 0.9%   
  70,000      Agnico Eagle Mines Ltd.      1,772,400   
  230,000      Alcoa Inc.      2,221,800   
  20,000      Alliance Holdings GP LP      619,200   
  100,000      Barrick Gold Corp.      636,000   
  8,000      BHP Billiton Ltd., ADR      252,960   
  30,000      Franco-Nevada Corp.      1,322,068   
  560,000      Freeport-McMoRan Inc.      5,426,400   
  13,000      Labrador Iron Ore Royalty Corp.      139,303   
  334,000      Newmont Mining Corp.      5,367,380   
  60,000      Peabody Energy Corp.†      82,800   
  3,200      South32 Ltd., ADR†      15,232   
  50,000      TimkenSteel Corp.      506,000   






  Paper and Forest Products — 0.4%   
  204,000      International Paper Co.      7,709,160   



  Publishing — 0.1%   
  400      Graham Holdings Co., Cl. B      230,800   
  107,000      News Corp., Cl. B      1,371,740   






  Real Estate — 0.4%   
  19,500      Brookfield Asset Management Inc., Cl. A      613,080   
  24,000      Communications Sales & Leasing Inc.†      429,600   
  71,779      Crown Castle International Corp.      5,661,210   
  18,000      Forest City Enterprises Inc., Cl. A†      362,340   
  16,000      QTS Realty Trust Inc., Cl. A      699,040   






  Retail — 5.5%   
  250,000      Best Buy Co. Inc.      9,280,000   
  75,000      CST Brands Inc.      2,524,500   
  356,000      CVS Health Corp.      34,346,880   
  265,000      Hertz Global Holdings Inc.†      4,433,450   
  139,300      Ingles Markets Inc., Cl. A      6,662,719   
  5,182      J Alexander’s Holdings Inc.†      51,661   
  25,000      Kohl’s Corp.      1,157,750   
  90,000      Lowe’s Companies Inc.      6,202,800   





  104,000      Macy’s Inc.    $ 5,337,280   
  50,000      Murphy USA Inc.†      2,747,500   
  26,000      Outerwall Inc.      1,480,180   
  94,800      Rush Enterprises Inc., Cl. B†      2,209,788   
  264,000      Sally Beauty Holdings Inc.†      6,270,000   
  120,000      Seven & i Holdings Co. Ltd.      5,445,588   
  73,000      The Home Depot Inc.      8,430,770   
  178,500      Walgreens Boots Alliance Inc.      14,833,350   
  20,000      Wal-Mart Stores Inc.      1,296,800   
  137,000      Whole Foods Market Inc.      4,336,050   






  Semiconductors — 0.1%   
  46,000      Altera Corp.      2,303,680   



  Specialty Chemicals — 1.8%   
  51,000      Air Products & Chemicals Inc.      6,506,580   
  49,000      Airgas Inc.      4,377,170   
  36,000      Ashland Inc.      3,622,320   
  85,000      Chemtura Corp.†      2,432,700   
  134,000      E. I. du Pont de Nemours and Co.      6,458,800   
  500,000      Ferro Corp.†      5,475,000   
  75,000      H.B. Fuller Co.      2,545,500   
  89,000      Olin Corp.      1,496,090   
  5,000      Praxair Inc.      509,300   
  11,000      The Chemours Co.      71,170   
  94,000      The Dow Chemical Co.      3,985,600   






  Telecommunications — 4.5%   
  463,900      AT&T Inc.      15,113,862   
  238,479      BCE Inc.      9,768,100   
  480,000      Deutsche Telekom AG, ADR      8,529,600   
  37,357      Harris Corp.      2,732,665   

Hellenic Telecommunications Organization SA, ADR

  40,500      Loral Space & Communications Inc.†      1,906,740   
  50,000      Orange SA, ADR      756,000   
  50,000      Pharol SGPS SA†      14,917   
  39,000      Proximus      1,344,843   
  50,084      Telefonica SA, ADR      603,011   
  295,000      Telekom Austria AG      1,663,007   
  23,000      Telenet Group Holding NV†      1,317,656   
  150,000      Telephone & Data Systems Inc.      3,744,000   
  110,000      Telstra Corp. Ltd., ADR      2,161,500   
  135,000      TELUS Corp.      4,257,900   
  833,086      Verizon Communications Inc.      36,247,572   
  40,000      VimpelCom Ltd., ADR      164,600   
  171,545      Vodafone Group plc, ADR      5,444,838   






  Transportation — 0.6%   
  239,000      GATX Corp.      10,551,850   


See accompanying notes to schedule of investments.



The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — September 30, 2015 (Unaudited)








  COMMON STOCKS (Continued)   
  Transportation (Continued)   

Kansas City Southern

   $ 1,499,520   






  Wireless Communications — 0.3%   

Cable & Wireless Communications plc


United States Cellular Corp.†












  Broadcasting — 0.0%   

Emmis Communications Corp., 6.250%, Ser. A




  Energy and Utilities — 0.3%   

El Paso Energy Capital Trust I, 4.750%




  Financial Services — 0.0%   

Doral Financial Corp., 4.750%




  Telecommunications — 0.1%   

Cincinnati Bell Inc., 6.750%, Ser. B









  Health Care — 0.1%   

The Phoenix Companies Inc., 7.450%




  RIGHTS — 0.0%   
  Retail — 0.0%   

Safeway Casa Ley, CVR, expire 01/30/19†


Safeway PDC, CVR, expire 01/30/17†












  WARRANTS — 0.0%   
  Energy and Utilities: Natural Gas — 0.0%   

Kinder Morgan Inc., expire 05/25/17†




  Food and Beverage — 0.0%   

Parmalat SpA, GDR, expire 12/31/15†(a)















  Aerospace — 0.2%   
$ 2,500,000     

Aerojet Rocketdyne Holdings Inc., Sub. Deb., 4.063%, 12/31/39

   $ 4,492,187   



  Diversified Industrial — 0.5%   

Griffon Corp., Sub. Deb.,
4.000%, 01/15/17(b)




  Real Estate — 0.0%   

Palm Harbor Homes Inc.,
3.250%, 05/15/24










U.S. Treasury Bills,
0.000% to 0.260%††,
10/08/15 to 03/31/16





(Cost $1,613,108,093)

   $ 2,136,988,988   



  Aggregate tax cost    $ 1,629,963,997   




Gross unrealized appreciation

   $ 637,595,808   

Gross unrealized depreciation





Net unrealized appreciation/depreciation

   $ 507,024,991   







At September 30, 2015, the Fund held investments in restricted and illiquid securities amounting to $874,525 or 0.04% of total investments, which were valued under methods approved by the Board of Trustees as follows:





Per Share
  339,450      Parmalat SpA, GDR   12/02/03   $ 981,615      $ 2.5763   

Parmalat SpA, GDR, expire 12/31/15




Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2015, the market value of the Rule 144A security amounted to $9,455,313 or 0.44% of total investments.

Non-income producing security.


Represents annualized yield at date of purchase.



American Depositary Receipt


Contingent Value Right


Global Depositary Receipt



See accompanying notes to schedule of investments.



The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — September 30, 2015 (Unaudited)




Geographic Diversification


% of Total





North America

     83.2   $ 1,778,851,329   


     12.4        265,806,097   


     3.1        65,674,410   

Latin America

     1.0        20,283,531   


     0.3        6,373,621   







Total Investments

     100.0   $ 2,136,988,988   








See accompanying notes to schedule of investments.



The Gabelli Dividend & Income Trust

Notes to Schedule of Investments (Unaudited)




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 schedule of investments. 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 schedule of investments.

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 instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, 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. Debt instruments having a maturity greater than sixty days 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 security is valued using the closing bid price. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.

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).



The Gabelli Dividend & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)




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 September 30, 2015 is as follows:


     Valuation Inputs     
     Level 1
Quoted Prices
   Level 2 Other Significant
Observable Inputs
   Level 3 Significant
Unobservable Inputs
   Total Market Value
at 9/30/15



ASSETS (Market Value):


Common Stocks:


Energy and Utilities: Integrated

       $    43,525,928                   $  56,038          $     43,581,966  

Food and Beverage

       267,443,630          $    874,525                   268,318,155  

Other Industries (a)

       1,751,388,980                            1,751,388,980  

Total Common Stocks

       2,062,358,538          874,525          56,038          2,063,289,101  

Preferred Stocks (a)

       2,482,938                            2,482,938  

Convertible Preferred Stocks


Financial Services

                         1,125          1,125  

Other Industries (a)

       8,854,692                            8,854,692  

Total Preferred Stocks and Convertible Preferred Stocks

       11,337,630                   1,125          11,338,755  

Rights (a)

                         199,520          199,520  

Warrants (a)

       281,888          0                   281,888  

Corporate Bonds (a)

                13,947,500          67,207          14,014,707  

U.S. Government Obligations

                47,865,017                   47,865,017  


       $2,073,978,056          $62,687,042          $323,890          $2,136,988,988  



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

The Fund did not have material transfers among Level 1, Level 2, and Level 3 during the period ended September 30, 2015. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

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 is 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 and preferred equities, warrants, options, rights, and 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. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of



The Gabelli Dividend & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)




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 include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purposes of achieving additional return or of hedging the value of the Fund’s portfolio, increasing the income of the Fund, hedging or protecting its exposure to interest rate movements and movements in the securities markets, managing risks, protecting the value of its portfolio against uncertainty in the level of future currency exchange rates, or hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

The Fund’s derivative contracts held at September 30, 2015, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Limitations on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. Subject to the guidelines of the Board, the Fund may engage in “commodity interest” transactions (generally, transactions in futures, certain options, certain currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance with the rules and regulations of the Commodity Futures Trading Commission (“CFTC”). Pursuant to amendments by the CFTC to Rule 4.5 under the Commodity Exchange Act (“CEA”), the Adviser has filed a notice of exemption from registration as a “commodity pool operator” with respect to the Fund. The Fund and the Adviser are therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund as of January 1, 2013. These trading restrictions permit the Fund to engage in commodity interest transactions that include (i) “bona fide hedging” transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund’s assets committed to margin and options premiums and (ii) non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, either (a) the sum of the amount of initial margin deposits on the Fund’s existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any



The Gabelli Dividend & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)




such transactions, or (b) the aggregate net notional value of the Fund’s commodity interest transactions would not exceed 100% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions. Therefore, in order to claim the Rule 4.5 exemption, the Fund is limited in its ability to invest in commodity futures, options, and certain types of swaps (including securities futures, broad based stock index futures, and financial futures contracts). As a result, in the future, the Fund will be more limited in its ability to use these instruments than in the past, and these limitations may have a negative impact on the ability of the Adviser to manage the Fund, and on the Fund’s performance.

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. Securities sold short at September 30, 2015 are reflected within the Schedule of Investments.

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.



The Gabelli Dividend & Income Trust

Notes to Schedule of Investments (Unaudited) (Continued)




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 does 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 as of September 30, 2015, refer to the Schedule of Investments.

Tax Information. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.





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 content of the portfolio managers’ commentary is 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.




One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Mario J. Gabelli, CFA, is Chairman and Chief Executive Officer of GAMCO Investors, Inc. that he founded in 1977 and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management 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. He currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO 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 with honors from Columbia Business School.

Barbara G. Marcin, CFA, joined GAMCO Investors, Inc. in 1999 and currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Fund Complex. Prior to joining GAMCO, Ms. Marcin was head of value investments at Citibank Global Asset Management. Ms. Marcin graduated with Distinction as an Echols Scholar from the University of Virginia and holds an MBA degree from Harvard University’s Graduate School of Business.

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 and co-manages the Fund. Mr. Leininger is a magna cum laude graduate of Amherst College with a degree in Economics and holds an MBA from the Wharton School at the University of Pennsylvania.

Jeffrey J. Jonas, CFA, joined Gabelli in 2003 as a research analyst. He focuses on companies in the cardiovascular, healthcare services, and pharmacy benefits management sectors, among others. He also serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Fund Complex. Mr. Jonas was a Presidential Scholar at Boston College, where he received a BS in Finance and Management Information Systems.

Kevin V. Dreyer joined Gabelli in 2005 as a research analyst covering companies within the consumer sector. He currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Fund Complex. Mr. Dreyer received a BSE from the University of Pennsylvania and an MBA from Columbia Business School.


One Corporate Center

Rye, NY 10580-1422

t  800-GABELLI (800-422-3554)

f  914-921-5118

e  info@gabelli.com






Mario J. Gabelli, CFA

Chairman &

Chief Executive Officer,

GAMCO Investors, Inc.


Anthony J. Colavita


Anthony J. 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


Salvatore M. Salibello, CPA


Salibello & Company


Edward T. Tokar

Senior Managing Director,

Beacon Trust Company


Anthonie C. van Ekris


BALMAC International, Inc.


Salvatore J. Zizza


Zizza & Associates Corp.


Bruce N. Alpert



Andrea R. Mango

Secretary &

Vice President


Agnes Mullady



Richard J. Walz

Chief Compliance Officer


Carter W. Austin

Vice President & Ombudsman


Laurissa M. Martire

Vice President & Ombudsman


David I. Schachter

Vice President




Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422




State Street Bank and Trust





Skadden, Arps, Slate, Meagher &

Flom LLP





Computershare Trust Company, N.A.




GDV Q3/2015



Item 2. Controls and Procedures.



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)).



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.


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.




    The Gabelli Dividend & Income Trust


By (Signature and Title)*


  /s/ Bruce N. Alpert


      Bruce N. Alpert, Principal Executive Officer





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






By (Signature and Title)*


  /s/ Agnes Mullady


       Agnes Mullady, Principal Financial Officer and Treasurer





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