N-CSR 1 gdv-ncsr_123121.htm CERTIFIED ANNUAL SHAREHOLDER REPORT

 

 

 

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: December 31, 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

Annual Report — December 31, 2021

 

To Our Shareholders,

 

For the year ended December 31, 2021, the net asset value (NAV) total return of The Gabelli Dividend & Income Trust (the Fund) was 24.7%, compared with a total return of 28.7% for the Standard & Poor’s (S&P) 500 Index. The total return for the Fund’s publicly traded shares was 32.8%. The Fund’s NAV per share was $29.73, while the price of the publicly traded shares closed at $27.00 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.

 

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2021.

 

Investment Objective (Unaudited)

 

The Gabelli Dividend & Income Trust is a diversified, closed-end management investment company. The Fund’s investment objective is to seek a high level of total return with an emphasis on dividends and income. In making stock selections, the Fund’s investment adviser looks for securities that have a superior yield and capital gains potential. 

 

Performance Discussion (Unaudited)

 

During the first quarter of 2021, there were a number of strong performers in (y)our portfolio. One of the best performers was Herc, an equipment rental supplier. Herc has benefited from an economy that is gradually reopening, and also from expectations of a large infrastructure spending bill from the Biden administration. Two other top performers during the quarter were financial stocks American Express and JP Morgan, both of which were helped by a gradual uptick in long-term interest rates and the prospects of a growing economy. After performing well during the full year 2020, both Amazon and Apple were laggards in the first quarter of 2021.

 

During the second quarter of 2021, y(our) portfolio generated healthy gains as the overall stock market continued to perform well. Growth stocks in general performed better than value stocks during the quarter, and that was also true within y(our) portfolio. Given the huge amount of fiscal and monetary stimulus in 2021 to deal with the COVID global pandemic, earnings in 2021 remained very strong. Stocks that did well in the second quarter included Alphabet, the parent company of Google, and Microsoft, the multinational technology company. Underperformers included Sony, the Japanese conglomerate with substantial positions in the electronics and entertainment industries, and Deere, the farm equipment company, Energizer, the battery company, and Hewlett-Packard Enterprises, the information technology company.

 

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.

 

 

 

Growth stocks generally outperformed value stocks in the third quarter and the overall stock market, as measured by the S&P 500 total return, was up by less than 1%. The Federal Reserve indicated that it would soon start the process of tapering the bond buying program as the economy continues to heal and inflation becomes more of an issue. During the third quarter, the 10-year U.S. Treasury Note shifted from 1.4% at the end of the second quarter to 1.46% at the end of the third quarter.

 

In the fourth quarter of 2021, as has been the recent trend, growth stocks generally outperformed value stocks. Large caps stocks significantly outperformed small cap stocks in the fourth quarter as the Russell 2000 Index, a proxy for small cap stocks, was up a mere 2.1%. The Federal Reserve indicated that their bond buying program would end in March, and many expect that the Fed will begin to raise short term interest rates at that time to help combat inflationary pressures. During the fourth quarter, the 10-year U.S. Treasury bond yield stayed about the same, ending the quarter at 1.44%.

 

The top contributors to performance in 2021 included Alphabet Inc., Cl. A and Cl. C (2.96% of net assets as of December 31, 2021), the parent company of Google which saw its largest gain since 2009 as consumers increasingly relied on Google’s digital products and services throughout the Covid-19 pandemic. Microsoft Corp. (2.54%), continued to see strong growth in the intelligent cloud, productivity and business processes, and it’s Windows software. American Express Co. (1.92%), benefitted from increased travel and entertainment spending as pandemic restrictions eased in 2021.

 

The top detractors for 2021 included PayPal Holdings Inc. (0.91%), which saw the impact of global supply chain shortages, weakened consumer confidence in the absence of stimulus payments, and more people shopping in-store. ITO EN Ltd. (0.51%), a Japanese multinational drinks company specializing in tea production, distribution, and sales which saw weaker than expected earnings and profit margins, hampered by the strength of the U.S. dollar. And lastly, Verizon Communications Inc. (0.95%), which disappointed in the highly competitive wireless business with sluggish sales growth and lower company revenues.

 

Thank you for your investment in The Gabelli Dividend & Income Trust.

 

We appreciate your confidence and trust.

 

 2

 

Comparative Results

 

Average Annual Returns through December 31, 2021 (a) (Unaudited)

 

           Since
           Inception
   1 Year  5 year  10 year  15 year  (11/28/03)
The Gabelli Dividend & Income Trust (GDV)                    
NAV Total Return (b)  24.74%  11.71   11.93%  7.83%  8.87%
Investment Total Return (c)  32.81   12.96   13.02   8.84   8.95‌ 
S&P 500 Index  28.71   18.47   16.55   10.66   10.88‌ 
Dow Jones Industrial Average  20.80   15.50   14.17   10.09   10.18‌ 

 

(a)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. 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.

  

 3

 

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN
THE GABELLI DIVIDEND & INCOME TRUST (INVESTMENT TOTAL RETURN) AND S&P 500 INDEX
(Unaudited)

 

Average Annual Total Returns*
  1 Year 5 Year 10 Year
Investment 32.81% 12.96% 13.02%

 

 

 

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

  

 4

 

Summary of Portfolio Holdings (Unaudited)

 

The following table presents portfolio holdings as a percent of total investments as of December 31, 2021:

 

The Gabelli Dividend & Income Trust

 

Financial Services  15.6%
Health Care  9.7%
Food and Beverage  9.6%
Computer Software and Services  7.9%
U.S. Government Obligations  6.9%
Retail  3.7%
Consumer Products  3.6%
Electronics  3.5%
Diversified Industrial  3.3%
Specialty Chemicals  2.5%
Machinery  2.5%
Automotive: Parts and Accessories  2.4%
Business Services  2.3%
Telecommunications  2.2%
Energy and Utilities: Oil  2.2%
Entertainment  2.0%
Environmental Services  2.0%
Building and Construction  1.6%
Equipment and Supplies  1.5%
Energy and Utilities: Integrated  1.4%
Aerospace  1.4%
Semiconductors  1.3%
Cable and Satellite  1.3%
Metals and Mining  1.2%
Consumer Services  1.1%
Computer Hardware  1.0%
Broadcasting  1.0%
Energy and Utilities: Natural Gas  1.0%
Transportation  0.8%
Automotive  0.6%
Energy and Utilities: Electric  0.6%
Aviation: Parts and Services  0.4%
Hotels and Gaming  0.4%
Communications Equipment  0.3%
Real Estate  0.3%
Energy and Utilities: Services  0.3%
Energy and Utilities: Water  0.3%
Energy and Utilities  0.2%
Wireless Communications  0.1%
Publishing  0.0%*
Paper and Forest Products  0.0%*
Closed-End Funds  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.

 

 5

 

The Gabelli Dividend & Income Trust

Schedule of Investments — December 31, 2021

 

           Market 
Shares      Cost   Value 
     COMMON STOCKS — 92.5%          
     Aerospace — 1.4%          
 146,500   Aerojet Rocketdyne          
     Holdings Inc.  $2,170,486   $6,850,340 
 14,000   HEICO Corp.   1,239,818    2,019,080 
 70,000   Howmet Aerospace Inc.   1,357,386    2,228,100 
 25,000   Kaman Corp.   742,013    1,078,750 
 67,500   Rockwell Automation Inc.   2,385,009    23,547,375 
 1,240,000   Rolls-Royce Holdings plc†   2,399,371    2,062,420 
 25,800   The Boeing Co.†   4,065,575    5,194,056 
         14,359,658    42,980,121 
     Agriculture — 0.0%          
 5,000   Corteva Inc.   156,047    236,400 
                
     Automotive — 0.6%          
 10,000   Daimler Truck Holding AG†   317,866    367,621 
 50,000   Ford Motor Co.   639,713    1,038,500 
 169,000   General Motors Co.†   8,220,149    9,908,470 
 76,000   PACCAR Inc.   3,489,307    6,707,760 
 12,000   Traton SE   325,029    302,477 
         12,992,064    18,324,828 
                
     Automotive: Parts and Accessories — 2.4%          
 48,676   Aptiv plc†   2,983,377    8,029,106 
 314,132   Dana Inc.   5,891,698    7,168,492 
 125,700   Garrett Motion Inc.†   763,501    1,009,371 
 295,000   Genuine Parts Co.   20,235,563    41,359,000 
 6,000   Lear Corp.   713,500    1,097,700 
 20,000   O’Reilly Automotive Inc.†   4,727,092    14,124,600 
 185,600   Tenneco Inc., Cl. A†   1,717,046    2,097,280 
 10,200   Visteon Corp.†   854,259    1,133,628 
         37,886,036    76,019,177 
                
     Aviation: Parts and Services — 0.4%          
 61,000   L3Harris Technologies Inc.   6,525,210    13,007,640 
                
     Broadcasting — 1.0%          
 433,700   Grupo Televisa SAB, ADR   4,883,199    4,063,769 
 50,121   Liberty Broadband Corp.,          
     Cl. C†   4,280,722    8,074,493 
 15,000   Liberty Global plc, Cl. A†   382,640    416,100 
 420,070   Liberty Global plc, Cl. C†   10,787,450    11,799,766 
 100,000   Liberty Media Corp.- Liberty          
     SiriusXM, Cl. C†   3,638,083    5,085,000 
 90,000   Sinclair Broadcast Group          
     Inc., Cl. A   2,690,052    2,378,700 
         26,662,146    31,817,828 
                
     Building and Construction — 1.6%          
 12,000   Arcosa Inc.   382,951    632,400 
 22,000   Carrier Global Corp.   793,731    1,193,280 
 79,000   Fortune Brands Home &          
     Security Inc.   1,473,551    8,445,100 
           Market 
Shares      Cost   Value 
 101,075   Herc Holdings Inc.  $2,877,774   $15,823,291 
 205,700   Johnson Controls          
     International plc   8,686,543    16,725,467 
 11,200   Sika AG   1,438,180    4,673,222 
 5,200   United Rentals Inc.†   664,069    1,727,908 
         16,316,799    49,220,668 
                
     Business Services — 2.3%          
 27,000   Diebold Nixdorf Inc.†   125,487    244,350 
 5,000   HP Inc.   138,100    188,350 
 8,000   IHS Markit Ltd.   794,737    1,063,360 
 15,000   Jardine Matheson Holdings          
     Ltd.   873,589    825,150 
 50,000   JCDecaux SA†   1,470,120    1,252,350 
 161,500   Mastercard Inc., Cl. A   14,051,631    58,030,180 
 30,003   Steel Partners Holdings LP†   295,994    1,260,126 
 25,000   Stericycle Inc.†   1,395,097    1,491,000 
 34,600   Visa Inc., Cl. A   4,742,503    7,498,166 
         23,887,258    71,853,032 
                
     Cable and Satellite — 1.2%          
 14,500   AMC Networks Inc., Cl. A†   387,912    499,380 
 2,445   Charter Communications          
     Inc., Cl. A†   347,387    1,594,067 
 15,000   Cogeco Inc.   296,908    963,240 
 418,000   Comcast Corp., Cl. A   17,408,806    21,037,940 
 184,090   DISH Network Corp., Cl. A†   5,329,050    5,971,880 
 8,000   EchoStar Corp., Cl. A†   255,156    210,800 
 2,622   Liberty Latin America Ltd.,          
     Cl. A†   45,148    30,572 
 57,621   Liberty Latin America Ltd.,          
     Cl. C†   914,650    656,879 
 90,000   Rogers Communications          
     Inc., Cl. B   2,537,884    4,286,700 
 85,000   WideOpenWest Inc.†   569,820    1,829,200 
         28,092,721    37,080,658 
                
     Communications Equipment — 0.3%          
 24,000   Arista Networks Inc.†   1,343,278    3,450,000 
 76,000   Corning Inc.   930,977    2,829,480 
 5,000   QUALCOMM Inc.   682,308    914,350 
 47,500   Telesat Corp.†   1,689,486    1,361,825 
 75,932   Telesat Corp., New York†   3,620,896    2,176,971 
         8,266,945    10,732,626 
                
     Computer Hardware — 1.0%          
 170,600   Apple Inc.   9,519,515    30,293,442 
 17,500   Micron Technology Inc.   972,900    1,630,125 
 18,000   NCR Corp.†   761,170    723,600 
         11,253,585    32,647,167 
                
     Computer Software and Services — 7.9%          
 26,500   Activision Blizzard Inc.   1,902,269    1,763,045 
 18,800   Adobe Inc.†   6,062,870    10,660,728 

 

See accompanying notes to financial statements.

 

 6

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — December 31, 2021

 

           Market 
Shares      Cost   Value 
    COMMON STOCKS (Continued)        
     Computer Software and Services (Continued)          
 1,000   Alibaba Group Holding Ltd.,          
     ADR†  $216,505   $118,790 
 4,439   Alphabet Inc., Cl. A†   3,850,750    12,859,960 
 23,025   Alphabet Inc., Cl. C†   30,090,839    66,624,910 
 8,445   Amazon.com Inc.†   17,641,379    28,158,501 
 48,300   Applied Materials Inc.   3,799,721    7,600,488 
 4,000   Backblaze Inc., Cl. A†   68,720    67,560 
 24,000   Black Knight Inc.†   440,553    1,989,360 
 4,000   Check Point Software          
     Technologies Ltd.†   454,950    466,240 
 20,000   Cisco Systems Inc.   839,275    1,267,400 
 32,000   Cloudflare Inc., Cl. A†   1,492,052    4,208,000 
 24,000   CrowdStrike Holdings Inc.,          
     Cl. A†   3,779,505    4,914,000 
 20,000   CyrusOne Inc., REIT   548,519    1,794,400 
 30,000   eBay Inc.   678,428    1,995,000 
 6,000   Fiserv Inc.†   656,793    622,740 
 500,000   Hewlett Packard Enterprise          
     Co.   6,827,746    7,885,000 
 50,000   Kyndryl Holdings Inc.†   1,135,460    905,000 
 46,897   Limelight Networks Inc.†   121,229    160,857 
 60,000   Mandiant Inc.†   847,000    1,052,400 
 1,000   McAfee Corp., Cl. A   20,000    25,790 
 202,849   Microsoft Corp.   17,675,378    68,222,176 
 4,000   MKS Instruments Inc.   592,007    696,680 
 75,000   N-able Inc.†   988,507    832,500 
 1,000   Oracle Corp.   87,280    87,210 
 165,800   Otonomo Technologies          
     Ltd.†   1,071,382    678,122 
 4,500   SAP SE, ADR   580,385    630,495 
 10,400   ServiceNow Inc.†   3,260,379    6,750,744 
 15,300   Snowflake Inc., Cl. A†   4,489,162    5,182,875 
 95,031   SolarWinds Corp.   1,824,504    1,348,490 
 18,000   Trimble Inc.†   1,533,285    1,569,420 
 3,000   Unity Software Inc.†   239,283    428,970 
 19,757   Vimeo Inc.†   617,500    354,836 
 8,000   VMware Inc., Cl. A   1,074,040    927,040 
 101,500   ZoomInfo Technologies          
     Inc.†   5,784,444    6,516,300 
        121,292,099    249,366,027 
                
     Consumer Products — 3.6%          
 150,000   Authentic Equity Acquisition          
     Corp.†   1,500,000    1,502,250 
 30,000   Church & Dwight Co. Inc.   1,199,580    3,075,000 
 448,000   Edgewell Personal Care Co.   23,277,328    20,478,080 
 141,000   Energizer Holdings Inc.   5,553,199    5,654,100 
 99,000   Hanesbrands Inc.   471,699    1,655,280 
 16,000   Kimball International Inc.,          
     Cl. B   214,842    163,680 
           Market 
Shares      Cost   Value 
 3,000   Kimberly-Clark Corp.  $319,775   $428,760 
 5,000   Spectrum Brands Holdings          
     Inc.   394,980    508,600 
 8,220,000   Swedish Match AB   12,474,171    65,514,752 
 9,000   The Estee Lauder          
     Companies Inc., Cl. A   1,751,585    3,331,800 
 74,000   The Procter & Gamble Co.   4,308,080    12,104,920 
         51,465,239    114,417,222 
                
     Consumer Services — 1.0%          
 22,000   Ashtead Group plc   423,833    1,769,415 
 21,700   Blink Charging Co.†   678,860    575,267 
 60,050   Meta Platforms Inc., Cl. A†   16,879,971    20,197,817 
 325,000   Qurate Retail Inc., Cl. A   2,762,404    2,470,000 
 90,000   Terminix Global Holdings          
     Inc.†   2,793,153    4,070,700 
 7,000   Travel + Leisure Co.   238,201    386,890 
 133,372   Vroom Inc.†   2,386,447    1,439,084 
         26,162,869    30,909,173 
                
     Diversified Industrial — 3.3%          
 8,000   American Outdoor Brands          
     Inc.†   194,325    159,440 
 47,000   Ampco-Pittsburgh Corp.†   124,571    235,000 
 97,500   Ardagh Metal Packaging          
     SA†   970,849    880,425 
 93,000   Bouygues SA   3,237,800    3,334,177 
 2,000   Crane Co.   190,580    203,460 
 22,700   Eaton Corp. plc   880,958    3,923,014 
 36,000   Emerson Electric Co.   3,007,658    3,346,920 
 8,750   General Electric Co.   708,469    826,613 
 200,000   Griffon Corp.   3,718,158    5,696,000 
 198,000   Honeywell International Inc.   23,494,069    41,284,980 
 3,000   Hyster-Yale Materials          
     Handling Inc.   140,910    123,300 
 51,000   ITT Inc.   973,582    5,211,690 
 12,000   Li-Cycle Holdings Corp.†   131,672    119,520 
 10,000   nVent Electric plc   140,660    380,000 
 15,000   Pentair plc   425,273    1,095,450 
 8,000   Proto Labs Inc.†   629,945    410,800 
 5,000   Sulzer AG   308,034    493,031 
 330,000   Textron Inc.   12,208,127    25,476,000 
 19,500   The Sherwin-Williams Co.   3,495,769    6,867,120 
 300,000   Toray Industries Inc.   2,270,748    1,778,145 
 36,000   Trinity Industries Inc.   739,138    1,087,200 
 15,000   Vantage Towers AG   435,502    549,895 
         58,426,797    103,482,180 
                
     Electronics — 3.5%          
 18,300   Analog Devices Inc.   2,698,102    3,216,591 
 64,500   ChargePoint Holdings Inc.†   1,425,514    1,228,725 
 50,000   Flex Ltd.†   906,871    916,500 
 119,000   Intel Corp.   6,786,954    6,128,500 

 

See accompanying notes to financial statements.

 

 7

 

The Gabelli Dividend & Income Trust 

Schedule of Investments (Continued) — December 31, 2021

 

           Market 
Shares      Cost   Value 
     COMMON STOCKS (Continued)          
     Electronics (Continued)          
 74,300   Mirion Technologies Inc.†  $746,690   $777,921 
 160,000   Resideo Technologies Inc.†   1,354,245    4,164,800 
 426,000   Sony Group Corp., ADR   16,446,937    53,846,400 
 38,000   TE Connectivity Ltd.   1,106,583    6,130,920 
 78,500   Texas Instruments Inc.   2,559,822    14,794,895 
 25,000   Thermo Fisher Scientific          
     Inc.   8,104,519    16,681,000 
 2,500   Universal Display Corp.   444,760    412,575 
         42,580,997    108,298,827 
                
     Energy and Utilities: Electric — 0.6%          
 11,000   ALLETE Inc.   360,106    729,850 
 5,000   American Electric Power Co.          
     Inc.   184,350    444,850 
 21,000   Electric Power Development          
     Co. Ltd.   489,023    278,771 
 189,000   Evergy Inc.   10,110,570    12,967,290 
 12,000   Pinnacle West Capital Corp.   468,584    847,080 
 60,000   The AES Corp.   617,140    1,458,000 
 7,000   WEC Energy Group Inc.   460,120    679,490 
         12,689,893    17,405,331 
                
     Energy and Utilities: Integrated — 1.4%          
 145,000   Avangrid Inc.   6,779,819    7,232,600 
 22,000   Chubu Electric Power Co.          
     Inc.   354,517    231,800 
 20,000   Endesa SA   506,664    459,954 
 228,000   Enel SpA   1,036,727    1,828,987 
 50,000   Eversource Energy   4,178,779    4,549,000 
 23,000   Hawaiian Electric Industries          
     Inc.   594,426    954,500 
 410,000   Hera SpA   822,663    1,708,900 
 12,000   Hokkaido Electric Power Co.          
     Inc.   87,044    53,517 
 45,000   Iberdrola SA, ADR   952,490    2,124,450 
 115,000   Korea Electric Power Corp.,          
     ADR†   1,568,135    1,051,100 
 26,000   Kyushu Electric Power Co.          
     Inc.   288,709    193,706 
 28,000   MGE Energy Inc.   599,144    2,303,000 
 48,000   NextEra Energy Inc.   2,156,472    4,481,280 
 65,000   NextEra Energy Partners LP   3,107,215    5,486,000 
 49,000   NiSource Inc.   397,054    1,352,890 
 1,000   NorthWestern Corp.   64,660    57,160 
 57,500   OGE Energy Corp.   685,360    2,206,850 
 11,000   Ormat Technologies Inc.   165,000    872,300 
 260,000   PG&E Corp.†   2,616,544    3,156,400 
 30,000   PNM Resources Inc.   1,469,605    1,368,300 
 30,000   Public Service Enterprise          
     Group Inc.   906,080    2,001,900 
           Market 
Shares      Cost   Value 
 47,000   Shikoku Electric Power Co.          
     Inc.  $857,121   $330,957 
 35,000   The Chugoku Electric Power          
     Co. Inc.   581,072    283,274 
 16,000   The Kansai Electric Power          
     Co. Inc.   197,975    149,387 
 40,000   Tohoku Electric Power Co.          
     Inc.   575,383    283,752 
         31,548,658    44,721,964 
                
     Energy and Utilities: Natural Gas — 1.0%          
 16,000   APA Corp.   185,550    430,240 
 200,000   Enterprise Products          
     Partners LP   3,891,915    4,392,000 
 61,000   Kinder Morgan Inc.   1,536,983    967,460 
 167,000   National Fuel Gas Co.   8,190,299    10,677,980 
 30,000   National Grid plc   469,640    430,348 
 22,000   National Grid plc, ADR   1,086,983    1,591,040 
 14,000   ONEOK Inc.   567,297    822,640 
 38,000   Sempra Energy   1,214,017    5,026,640 
 30,000   South Jersey Industries Inc.   476,644    783,600 
 42,000   Southwest Gas Holdings          
     Inc.   1,103,049    2,942,100 
 69,000   UGI Corp.   2,701,156    3,167,790 
         21,423,533    31,231,838 
                
     Energy and Utilities: Oil — 2.2%          
 86,000   Chevron Corp.   8,052,653    10,092,100 
 144,000   ConocoPhillips   6,544,256    10,393,920 
 65,000   Devon Energy Corp.   856,057    2,863,250 
 123,000   Eni SpA, ADR   4,396,603    3,400,950 
 19,200   Enviva Inc.   934,079    1,352,064 
 375,000   Equinor ASA, ADR   6,897,752    9,873,750 
 117,000   Exxon Mobil Corp.   6,643,234    7,159,230 
 15,700   Hess Corp.   975,265    1,162,271 
 140,000   Marathon Petroleum Corp.   4,389,406    8,958,600 
 24,000   Occidental Petroleum Corp.   301,085    695,760 
 1,000   PetroChina Co. Ltd., ADR   40,300    44,210 
 20,000   Petroleo Brasileiro SA, ADR   205,518    219,600 
 52,000   Phillips 66   4,107,964    3,767,920 
 75,000   Repsol SA, ADR   1,487,593    888,338 
 82,000   Royal Dutch Shell plc, Cl. A,          
     ADR   4,354,358    3,558,800 
 600   Texas Pacific Land Corp.   738,666    749,322 
 70,000   TotalEnergies SE, ADR   3,318,049    3,462,200 
         54,242,838    68,642,285 
                
     Energy and Utilities: Services — 0.3%          
 10,000   Dril-Quip Inc.†   198,072    196,800 
 205,000   Halliburton Co.   6,658,734    4,688,350 
 90,000   Oceaneering International          
     Inc.†   1,355,805    1,017,900 

 

See accompanying notes to financial statements.

 

 8

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — December 31, 2021

 

           Market 
Shares      Cost   Value 
     COMMON STOCKS (Continued)          
     Energy and Utilities: Services (Continued)          
 135,000   Schlumberger NV  $4,675,970   $4,043,250 
         12,888,581    9,946,300 
                
                
     Energy and Utilities: Water — 0.3%          
 11,000   American States Water Co.   138,388    1,137,840 
 6,000   American Water Works Co.          
     Inc.   715,889    1,133,160 
 14,000   Essential Utilities Inc.   613,002    751,660 
 191,000   Mueller Water Products          
     Inc., Cl. A   1,817,558    2,750,400 
 36,000   Severn Trent plc   927,080    1,436,008 
 24,000   SJW Group   428,495    1,756,800 
 7,500   The York Water Co.   97,903    373,350 
 6,000   United Utilities Group plc,          
     ADR   168,600    176,460 
         4,906,915    9,515,678 
                
     Entertainment — 2.0%          
 5,000   Discovery Inc., Cl. A†   117,878    117,700 
 70,000   Discovery Inc., Cl. C†   2,304,248    1,603,000 
 61,333   Fox Corp., Cl. A   1,949,372    2,263,188 
 58,000   Fox Corp., Cl. B   1,905,227    1,987,660 
 131,631   Liberty Media Corp.- Liberty          
     Braves, Cl. A†   3,635,950    3,784,391 
 60,280   Madison Square Garden          
     Entertainment Corp.†   2,844,443    4,240,095 
 45,000   Madison Square Garden          
     Sports Corp.†   3,596,801    7,817,850 
 19,400   Netflix Inc.†   8,104,112    11,687,336 
 17,400   Take-Two Interactive          
     Software Inc.†   2,897,301    3,092,328 
 65,500   The Walt Disney Co.†   8,406,300    10,145,295 
 100,000   Universal Music Group NV   1,816,756    2,821,203 
 40,500   ViacomCBS Inc., Cl. A   1,605,724    1,351,485 
 225,000   ViacomCBS Inc., Cl. B   6,340,841    6,790,500 
 350,000   Vivendi SE   3,954,825    4,737,868 
         49,479,778    62,439,899 
                
     Environmental Services — 2.0%          
 188,000   Republic Services Inc.   6,981,261    26,216,600 
 27,380   Veolia Environnement SA   391,008    1,005,613 
 97,222   Waste Connections Inc.   4,631,690    13,248,442 
 129,000   Waste Management Inc.   5,313,975    21,530,100 
         17,317,934    62,000,755 
                
     Equipment and Supplies — 1.5%          
 57,000   CIRCOR International Inc.†   1,714,975    1,549,260 
 26,800   Danaher Corp.   5,392,549    8,817,468 
 83,000   Flowserve Corp.   3,173,739    2,539,800 
 143,000   Graco Inc.   2,822,553    11,528,660 
 144,000   Mueller Industries Inc.   3,129,018    8,547,840 
 437,000   RPC Inc.†   868,698    1,983,980 
           Market 
Shares      Cost   Value 
 90,000   Sealed Air Corp.  $2,301,314   $6,072,300 
 25,800   The L.S. Starrett Co., Cl. A†   125,379    241,230 
 94,000   The Timken Co.   3,524,661    6,513,260 
         23,052,886    47,793,798 
                
                
     Financial Services — 15.6%          
 7,000   Alleghany Corp.†   2,577,465    4,673,130 
 316,108   American Express Co.   28,067,436    51,715,269 
 80,000   American International          
     Group Inc.   4,752,080    4,548,800 
 393,000   Bank of America Corp.   7,877,199    17,484,570 
 55,000   Berkshire Hathaway Inc.,          
     Cl. B†   10,460,548    16,445,000 
 20,400   BlackRock Inc.   4,495,468    18,677,424 
 75,000   Blackstone Inc.   3,161,650    9,704,250 
 28,500   Brookfield Asset          
     Management Inc., Cl. A   128,980    1,720,830 
 196   Brookfield Asset          
     Management          
     Reinsurance Partners          
     Ltd., Cl. A   10,388    12,275 
 22,000   Cannae Holdings Inc.†   275,343    773,300 
 180,000   Citigroup Inc.   8,532,456    10,870,200 
 50,000   Cohen & Steers Inc.   1,856,317    4,625,500 
 19,000   Cullen/Frost Bankers Inc.   1,383,862    2,395,330 
 9,000   EXOR NV   536,309    809,064 
 18   Farmers & Merchants Bank          
     of Long Beach   126,871    144,540 
 42,000   Fidelity National Financial          
     Inc.   430,073    2,191,560 
 21,000   Franklin Resources Inc.   701,954    703,290 
 200,000   Graf Acquisition Corp. IV†   2,000,000    1,990,000 
 40,000   H&R Block Inc.   722,109    942,400 
 13,000   HSBC Holdings plc, ADR   522,136    391,950 
 22,249   Interactive Brokers Group          
     Inc., Cl. A   839,448    1,767,016 
 155,000   Invesco Ltd.   3,318,821    3,568,100 
 100,000   Janus Henderson Group plc   3,167,496    4,194,000 
 345,417   JPMorgan Chase & Co.   23,179,424    54,696,782 
 65,000   KeyCorp.   856,314    1,503,450 
 30,000   Kinnevik AB, Cl. B†   402,728    1,071,523 
 55,000   KKR & Co. Inc.   1,110,737    4,097,500 
 41,000   M&T Bank Corp.   3,185,346    6,296,780 
 262,226   Morgan Stanley   8,263,235    25,740,104 
 3,400   MSCI Inc.   982,837    2,083,146 
 70,000   National Australia Bank Ltd.,          
     ADR   810,381    738,500 
 130,000   Navient Corp.   927,744    2,758,600 
 85,000   New York Community          
     Bancorp Inc.   1,323,378    1,037,850 
 91,000   Northern Trust Corp.   4,076,449    10,884,510 

 

See accompanying notes to financial statements.

 

 9

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — December 31, 2021

 

           Market 
Shares      Cost   Value 
     COMMON STOCKS (Continued)          
     Financial Services (Continued)          
 402,177   Oaktree Specialty Lending          
     Corp.  $2,486,554   $3,000,240 
 129,700   PayPal Holdings Inc.†   14,049,151    24,458,826 
 80,000   Resona Holdings Inc.   381,969    311,154 
 10,000   S&P Global Inc.   3,387,551    4,719,300 
 90,000   SLM Corp.   453,093    1,770,300 
 179,000   State Street Corp.   10,506,782    16,647,000 
 138,000   T. Rowe Price Group Inc.   9,963,533    27,136,320 
 620,000   The Bank of New York          
     Mellon Corp.   20,242,305    36,009,600 
 53,100   The Goldman Sachs Group          
     Inc.   12,139,086    20,313,405 
 92,500   The Hartford Financial          
     Services Group Inc.   3,081,390    6,386,200 
 153,000   The PNC Financial Services          
     Group Inc.   11,083,294    30,679,560 
 92,500   The Travelers Companies          
     Inc.   6,196,278    14,469,775 
 200,000   Trine II Acquisition Corp.†   2,000,000    2,026,000 
 32,500   W. R. Berkley Corp.   860,415    2,677,675 
 584,500   Wells Fargo & Co.   20,823,716    28,044,310 
 3,000   Willis Towers Watson plc   229,509    712,470 
        248,947,608    490,618,678 
                
     Food and Beverage — 9.6%          
 12,000   Ajinomoto Co. Inc.   205,201    364,809 
 12,500   Brown-Forman Corp., Cl. B   439,792    910,750 
 73,000   Campbell Soup Co.   2,746,178    3,172,580 
 980,000   China Mengniu Dairy Co.          
     Ltd.   1,211,207    5,555,078 
 60,500   Chr. Hansen Holding A/S   2,467,586    4,773,647 
 572,000   Conagra Brands Inc.   16,951,947    19,533,800 
 8,000   Constellation Brands Inc.,          
     Cl. A   283,846    2,007,760 
 158,000   Danone SA   7,665,422    9,819,813 
 2,125,000   Davide Campari-Milano NV   6,472,347    31,100,262 
 90,000   Diageo plc, ADR   12,153,552    19,812,600 
 70,954   Flowers Foods Inc.   1,053,433    1,949,106 
 203,000   General Mills Inc.   11,346,632    13,678,140 
 18,000   Heineken Holding NV   747,987    1,663,007 
 260,000   ITO EN Ltd.   5,640,538    13,652,091 
 49,000   Kellogg Co.   3,585,719    3,156,580 
 120,000   Keurig Dr Pepper Inc.   1,412,776    4,423,200 
 330,000   Kikkoman Corp.   3,882,314    27,741,459 
 20,000   Lamb Weston Holdings Inc.   1,283,044    1,267,600 
 6,000   Landec Corp.†   64,811    66,600 
 108,000   Maple Leaf Foods Inc.   2,081,739    2,498,186 
 6,000   McCormick & Co. Inc.   290,905    572,341 
 30,000   Molson Coors Beverage Co.,          
     Cl. B   1,304,670    1,390,500 
           Market 
Shares      Cost   Value 
 531,000   Mondel z International Inc.,          
     Cl. A  $19,872,042   $35,210,610 
 30,000   Morinaga Milk Industry Co.          
     Ltd.   588,860    1,423,976 
 5,015   Nathan’s Famous Inc.   332,015    292,826 
 22,000   Nestlé SA   1,644,475    3,076,910 
 35,000   Nestlé SA, ADR   2,563,158    4,912,950 
 130,000   Nissin Foods Holdings Co.          
     Ltd.   4,438,279    9,481,874 
 69,982   Nomad Foods Ltd.†   1,810,557    1,776,843 
 72,000   PepsiCo Inc.   9,015,335    12,507,120 
 61,000   Pernod Ricard SA   5,202,267    14,688,358 
 49,000   Post Holdings Inc.†   4,053,663    5,523,770 
 24,500   Remy Cointreau SA   1,360,469    5,969,155 
 18,000   Suntory Beverage & Food          
     Ltd.   573,702    650,961 
 278,000   The Coca-Cola Co.   10,675,489    16,460,380 
 120,000   The Hain Celestial Group          
     Inc.†   3,634,648    5,113,200 
 24,000   The Kraft Heinz Co.   716,243    861,600 
 25,000   Unilever plc, ADR   800,393    1,344,750 
 237,000   Yakult Honsha Co. Ltd.   5,710,597    12,361,992 
         156,283,838    300,767,184 
                
                
     Health Care — 9.5%          
 30,500   Abbott Laboratories   1,791,668    4,292,570 
 45,196   AbbVie Inc.   4,028,482    6,119,538 
 59,000   AmerisourceBergen Corp.   4,199,339    7,840,510 
 13,000   Anthem Inc.   2,548,777    6,026,020 
 45,000   Arena Pharmaceuticals          
     Inc.†   4,090,260    4,182,300 
 42,486   AstraZeneca plc, ADR   2,346,406    2,474,810 
 150,000   Aurinia Pharmaceuticals          
     Inc.†   2,272,486    3,430,500 
 215,000   Bausch Health Cos. Inc.†   5,038,638    5,936,150 
 65,000   Baxter International Inc.   3,469,285    5,579,600 
 22,000   Becton, Dickinson and Co.   5,005,502    5,532,560 
 1,000   BioMarin Pharmaceutical          
     Inc.†   76,290    88,350 
 6,000   Bio-Rad Laboratories Inc.,          
     Cl. A†   1,855,100    4,533,420 
 135,000   Bristol-Myers Squibb Co.   7,862,628    8,417,250 
 34,393   Cardiovascular Systems          
     Inc.†   956,576    645,901 
 10,000   CareDx Inc.†   530,200    454,800 
 35,000   Catalent Inc.†   3,776,861    4,481,050 
 3,000   Charles River Laboratories          
     International Inc.†   311,640    1,130,340 
 12,000   Chemed Corp.   3,525,178    6,348,480 
 63,000   Cigna Corp.   11,773,940    14,466,690 
 35,000   DaVita Inc.†   2,192,140    3,981,600 
 500   Demant A/S†   26,059    25,651 

 

See accompanying notes to financial statements.

 

 10

 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) December 31, 2021

 

 

              Market 
Shares       Cost   Value 
       COMMON STOCKS (Continued)          
       Health Care (Continued)          
  75,000    DENTSPLY SIRONA Inc.  $4,145,672   $4,184,250 
  66,700    Edwards Lifesciences Corp.†   5,924,948    8,640,985 
  45,000    Elanco Animal Health Inc.†   464,472    1,277,100 
  43,000    Eli Lilly & Co.   1,600,952    11,877,460 
  185,000    Evolent Health Inc., Cl. A†   1,856,727    5,118,950 
  15,000    Gerresheimer AG   977,229    1,446,464 
  24,271    Gilead Sciences Inc.   1,727,270    1,762,317 
  42,500    HCA Healthcare Inc.   4,118,997    10,919,100 
  25,000    Henry Schein Inc.†   1,543,763    1,938,250 
  22,000    ICU Medical Inc.†   4,616,498    5,221,480 
  3,400    Illumina Inc.†   932,366    1,293,496 
  9,000    Incyte Corp.†   710,304    660,600 
  35,000    Integer Holdings Corp.†   1,517,403    2,995,650 
  9,900    Intuitive Surgical Inc.†   2,145,457    3,557,070 
  108,100    Johnson & Johnson   10,509,814    18,492,667 
  25,000    Laboratory Corp. of America Holdings†   3,139,224    7,855,250 
  17,500    McKesson Corp.   2,757,397    4,349,975 
  5,000    Medmix AG†   154,471    247,805 
  50,340    Medtronic plc   4,623,336    5,207,673 
  163,000    Merck & Co. Inc.   9,579,836    12,492,320 
  20,000    NeoGenomics Inc.†   149,976    682,400 
  220,000    Option Care Health Inc.†   2,886,959    6,256,800 
  1,000    Organon & Co.   34,571    30,450 
  42,781    Orthofix Medical Inc.†   1,376,440    1,330,061 
  100,000    Pacific Biosciences of California Inc.†   2,600,360    2,046,000 
  73,000    Patterson Cos. Inc.   1,798,342    2,142,550 
  80,000    Perrigo Co. plc   3,647,679    3,112,000 
  50,000    Personalis Inc.†   498,350    713,500 
  59,000    PetIQ Inc.†   1,589,037    1,339,890 
  395,588    Pfizer Inc.   9,406,566    23,359,471 
  6,000    Quidel Corp.†   801,562    809,940 
  4,500    Regeneron Pharmaceuticals Inc.†   2,101,495    2,841,840 
  15,000    Silk Road Medical Inc.†   776,461    639,150 
  15,000    Stryker Corp.   1,929,225    4,011,300 
  500    Teladoc Health Inc.†   53,510    45,910 
  65,000    Tenet Healthcare Corp.†   1,687,480    5,309,850 
  9,000    The Cooper Companies Inc.   1,097,258    3,770,460 
  4,000    UnitedHealth Group Inc.   1,181,519    2,008,560 
  12,000    Vertex Pharmaceuticals Inc.†   2,333,817    2,635,200 
  25,000    Viatris Inc.   370,628    338,250 
  43,000    Zimmer Biomet Holdings Inc.   4,341,287    5,462,720 
  105,038    Zoetis Inc.   3,753,014    25,632,423 
           175,139,127    300,045,677 

 

              Market 
Shares       Cost   Value 
       Hotels and Gaming — 0.4%          
  19,000    Accor SA†  $654,124   $615,416 
  80,000    Boyd Gaming Corp.†   400,623    5,245,600 
  20,000    Entain plc†   259,138    455,605 
  22,000    Las Vegas Sands Corp.†   1,307,662    828,080 
  400,000    Mandarin Oriental International Ltd.†   680,880    896,000 
  64,000    MGM Resorts International   1,702,634    2,872,320 
  15,000    Ryman Hospitality Properties Inc., REIT†   683,116    1,379,400 
  5,000    Wyndham Hotels & Resorts Inc.   191,090    448,250 
           5,879,267    12,740,671 
       Machinery — 2.5%          
  21,000    Astec Industries Inc.   752,860    1,454,670 
  140,000    CNH Industrial NV   1,047,705    2,720,787 
  1,350,000    CNH Industrial NV, New York   11,009,828    26,230,500 
  66,500    Deere & Co.   4,732,050    22,802,185 
  6,000    Otis Worldwide Corp.   333,099    522,420 
  30,312    Twin Disc Inc.†   255,228    332,219 
  192,905    Xylem Inc.   9,319,743    23,133,168 
           27,450,513    77,195,949 
       Metals and Mining — 1.2%          
  65,000    Agnico Eagle Mines Ltd.   2,061,450    3,454,100 
  20,000    Alliance Resource Partners LP   96,683    252,800 
  14,000    Arconic Corp.†   165,291    462,140 
  147,588    Barrick Gold Corp.   2,890,725    2,804,172 
  8,000    BHP Group Ltd., ADR   217,549    482,800 
  36,000    Franco-Nevada Corp.   1,500,629    4,978,726 
  195,000    Freeport-McMoRan Inc.   3,605,383    8,137,350 
  272,000    Newmont Corp.   10,720,296    16,869,440 
           21,258,006    37,441,528 
       Paper and Forest Products — 0.0%          
  6,000    International Paper Co.   259,622    281,880 
  200    Keweenaw Land Association Ltd.   16,004    21,360 
  545    Sylvamo Corp.†   13,959    15,200 
           289,585    318,440 
       Publishing — 0.0%          
  1,000    Graham Holdings Co., Cl. B   515,325    629,830 
                  
       Real Estate — 0.3%          
  14,000    Crown Castle International Corp., REIT   1,788,199    2,922,360 
  5,000    Equinix Inc., REIT   1,978,269    4,229,200 
  85,000    Weyerhaeuser Co., REIT   2,681,578    3,500,300 
           6,448,046    10,651,860 

 

See accompanying notes to financial statements.

 

 11

 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — December 31, 2021

 

 

              Market 
Shares       Cost   Value 
       COMMON STOCKS (Continued)          
       Retail — 3.7%          
  24,000    Advance Auto Parts Inc.  $3,616,841   $5,757,120 
  114,000    AutoNation Inc.†   5,903,837    13,320,900 
  2,500    AutoZone Inc.†   2,530,951    5,240,975 
  19,000    Bassett Furniture Industries Inc.   96,034    318,630 
  24,500    CarMax Inc.†   2,179,401    3,190,635 
  100,000    Conn’s Inc.†   2,297,560    2,352,000 
  303,000    CVS Health Corp.   22,093,500    31,257,480 
  43,700    EVgo Inc.†   436,337    434,378 
  112,500    Ingles Markets Inc., Cl. A   1,605,230    9,713,250 
  36,400    Lowe’s Companies Inc.   817,400    9,408,672 
  3,500    Macy’s Inc.   98,428    91,630 
  7,500    MSC Industrial Direct Co. Inc., Cl. A   528,088    630,450 
  51,100    NIKE Inc., Cl. B   4,939,792    8,516,837 
  37,500    Rush Enterprises Inc., Cl. B   599,173    2,023,875 
  247,000    Sally Beauty Holdings Inc.†   3,735,266    4,559,620 
  110,000    Seven & i Holdings Co. Ltd.   3,335,405    4,834,913 
  50,000    Starbucks Corp.   3,629,439    5,848,500 
  12,000    The Home Depot Inc.   2,899,029    4,980,120 
  45,000    Walgreens Boots Alliance Inc.   1,654,405    2,347,200 
  20,000    Walmart Inc.   970,066    2,893,800 
           63,966,182    117,720,985 
       Semiconductors — 1.3%          
  20,000    Advanced Micro Devices Inc.†   1,629,710    2,878,000 
  8,200    ASML Holding NV   3,235,871    6,528,348 
  9,600    KLA Corp.   1,845,414    4,129,056 
  5,700    Lam Research Corp.   1,620,609    4,099,155 
  42,000    Marvell Technology Inc.   3,277,188    3,674,580 
  63,600    NVIDIA Corp.   3,435,827    18,705,396 
  1,500    NXP Semiconductors NV   274,055    341,670 
  10,000    Taiwan Semiconductor Manufacturing Co. Ltd., ADR   1,169,806    1,203,100 
           16,488,480    41,559,305 
       Specialty Chemicals — 2.5%          
  18,000    Air Products and Chemicals Inc.   3,256,660    5,476,680 
  30,000    Ashland Global Holdings Inc.   1,880,763    3,229,800 
  10,000    Axalta Coating Systems Ltd.†   251,294    331,200 
  5,000    Dow Inc.   223,651    283,600 
  422,000    DuPont de Nemours Inc.   24,661,997    34,089,160 
  322,000    Ferro Corp.†   3,060,662    7,029,260 
  19,000    FMC Corp.   1,964,555    2,087,910 

 

              Market 
Shares       Cost   Value 
  102,000    GCP Applied Technologies Inc.†  $2,359,979   $3,229,320 
  76,000    International Flavors & Fragrances Inc.   9,286,513    11,449,400 
  86,000    Olin Corp.   1,545,352    4,946,720 
  8,000    Sensient Technologies Corp.   518,037    800,480 
  115,810    Valvoline Inc.   2,353,221    4,318,555 
           51,362,684    77,272,085 
       Telecommunications — 2.2%          
  153,000    AT&T Inc.   4,043,204    3,763,800 
  168,000    BCE Inc.   4,665,969    8,742,720 
  20,151    Comtech Telecommunications Corp.   469,797    477,377 
  430,000    Deutsche Telekom AG, ADR   7,239,214    7,959,300 
  195,000    Hellenic Telecommunications Organization SA, ADR   1,323,723    1,781,325 
  45,000    Orange SA, ADR   942,030    474,750 
  50,000    Pharol SGPS SA†   14,182    4,275 
  34,000    Proximus SA   994,663    663,472 
  50,000    Telefonica SA, ADR   460,701    212,000 
  295,000    Telekom Austria AG   1,968,837    2,559,234 
  23,000    Telenet Group Holding NV   1,046,305    839,507 
  125,000    Telephone and Data Systems Inc.   3,224,571    2,518,750 
  110,000    Telstra Corp. Ltd., ADR   2,014,389    1,667,600 
  270,000    TELUS Corp.   1,405,698    6,363,900 
  50,000    T-Mobile US Inc.†   3,644,240    5,799,000 
  150,000    VEON Ltd., ADR†   382,930    256,500 
  493,086    Verizon Communications Inc.   23,091,497    25,620,749 
  35,000    Vodafone Group plc, ADR   647,042    522,550 
           57,578,992    70,226,809 
       Transportation — 0.8%          
  28,840    Canadian Pacific Railway Ltd.   167,897    2,074,750 
  212,000    GATX Corp.   6,689,211    22,088,280 
           6,857,108    24,163,030 
       Wireless Communications — 0.1%          
  45,000    United States Cellular Corp.†   1,768,105    1,418,400 
                  
       TOTAL COMMON STOCKS   1,554,110,352    2,906,861,853 

 

See accompanying notes to financial statements.

 

 12

 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — December 31, 2021

 

 

            Market 
Shares       Cost   Value 
      CLOSED-END FUNDS — 0.0% 
 40,000    Altaba Inc., Escrow†  $4,526   $238,000 
                 
      PREFERRED STOCKS — 0.2% 
      Consumer Services — 0.1% 
 50,450    Qurate Retail Inc., 8.000%, 03/15/31   5,275,282    5,207,449 
                 
      Health Care — 0.1% 
 133,681    The Phoenix Companies Inc., 7.450%, 01/15/32   2,857,138    2,479,047 
 2,296    XOMA Corp., Ser. A, 8.625%   57,446    60,718 
          2,914,584    2,539,765 
                 
      TOTAL PREFERRED STOCKS   8,189,866    7,747,214 
                 
      CONVERTIBLE PREFERRED STOCKS  — 0.0% 
      Automotive: Parts and Accessories — 0.0% 
 123,160    Garrett Motion Inc., Ser. A, 11.000%   646,590    1,032,081 
                 
      MANDATORY CONVERTIBLE SECURITIES(a) — 0.3% 
      Energy and Utilities — 0.2% 
 124,000    El Paso Energy Capital Trust I, 4.750%, 03/31/28   4,492,931    6,273,160 
                 
      Health Care — 0.1% 
 25,000    Avantor Inc., Ser. A, 6.250%, 05/15/22   1,490,250    3,230,250 
                 
      TOTAL MANDATORY CONVERTIBLE SECURITIES   5,983,181    9,503,410 
                 
      WARRANTS — 0.0% 
      Diversified Industrial — 0.0% 
 32,000    Ampco-Pittsburgh Corp., expire 08/01/25†   21,863    18,874 
                 
      Energy and Utilities: Oil — 0.0% 
 12,257    Occidental Petroleum Corp., expire 08/03/27†   60,672    154,561 
                 
      Energy and Utilities: Services — 0.0% 
 3,081    Weatherford International plc, expire 12/13/23†   0    1,540 
                 
      TOTAL WARRANTS   82,535    174,975 

 

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   $1,613,390 
                 
      U.S. GOVERNMENT OBLIGATIONS — 6.9% 
 217,139,000    U.S. Treasury Bills, 0.035% to 0.130% ††, 01/06/22 to 06/16/22   217,123,244    217,124,137 
                 
TOTAL INVESTMENTS — 100.0%.  $1,787,840,294    3,144,295,060 
                 
Other Assets and Liabilities (Net)    (5,444,702)
                 
PREFERRED SHARES      
(12,006,064 preferred shares outstanding)        (451,600,000)
                 
NET ASSETS — COMMON SHARES      
(90,402,079 common shares outstanding).       $2,687,250,358 
                 
NET ASSET VALUE PER COMMON SHARE      
($2,687,250,358 ÷ 90,402,079 shares outstanding)   $29.73 

 

 

(a)  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.

ADRAmerican Depositary Receipt

REITReal Estate Investment Trust

 

   % of Total  Market 
Geographic Diversification  Investments  Value 
North America   85.1%  $2,674,943,816 
Europe   10.3    324,232,609 
Japan   4.1    128,252,938 
Asia/Pacific   0.4    12,582,328 
Latin America   0.1    4,283,369 
Total Investments   100.0%  $3,144,295,060 

 

See accompanying notes to financial statements.

 

 13

 

 

The Gabelli Dividend & Income Trust

 

Statement of Assets and Liabilities

December 31, 2021

 
Assets:    
Investments, at value (cost $1,787,840,294)  $3,144,295,060 
Foreign currency, at value (cost $12,922)   13,063 
Cash   20,302 
Receivable for investments sold   299,882 
Dividends and interest receivable   3,048,414 
Deferred offering expense   375,997 
Prepaid expenses   8,849 
Total Assets   3,148,061,567 
Liabilities:     
Distributions payable.   5,658,203 
Payable for investments purchased   156,000 
Payable for investment advisory fees   2,678,185 
Payable for payroll expenses   73,193 
Payable for accounting fees   3,750 
Payable for preferred offering expenses   71,341 
Series J Cumulative Preferred Stock, callable and mandatory redemption 03/26/28 (See Notes 2 and 5)   145,100,000 
Other accrued expenses   570,537 
Total Liabilities   154,311,209 
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 
Series K (4.250%, $25 liquidation value, 6,000,000 shares authorized with 6,000,000 shares issued and outstanding)   150,000,000 
Total Preferred Shares   306,500,000 
Net Assets Attributable to Common Shareholders  $2,687,250,358 
Net Assets Attributable to Common Shareholders Consist of:     
Paid-in capital  $1,336,878,364 
Total distributable earnings   1,350,371,994 
Net Assets  $2,687,250,358 
Net Asset Value per Common Share at $0.001 par value:     
($2,687,250,358 ÷ 90,402,079 shares outstanding; unlimited number of shares authorized)  $29.73 

 

Statement of Operations

For the Year Ended December 31, 2021

 
Investment Income:    
Dividends (net of foreign withholding taxes of $1,971,948)  $48,363,395 
Interest   116,922 
Total Investment Income   48,480,317 
Expenses:     
Investment advisory fees.   28,986,017 
Interest expense on preferred stock   1,719,838 
Shareholder communications expenses   600,101 
Custodian fees   330,391 
Trustees’ fees   302,403 
Payroll expenses.   196,291 
Legal and audit fees   161,417 
Shelf offering expense.   64,934 
Shareholder services fees   51,121 
Accounting fees   45,000 
Interest expense   1,384 
Miscellaneous expenses   299,121 
Total Expenses   32,758,018 
Less:     
Expenses paid indirectly by broker (See Note 5)   (13,623)
Net Expenses   32,744,395 
Net Investment Income   15,735,922 
Net Realized and Unrealized Gain/(Loss) on     
Investments and Foreign Currency:    
Net realized gain on investments   126,664,379 
Net realized gain on foreign currency transactions   18,258 
Net realized gain on investments and foreign currency transactions   126,682,637 
Net change in unrealized appreciation/depreciation:     
on investments   417,251,144 
on foreign currency translations   (30,862)
      
Net change in unrealized appreciation/depreciation on investments and foreign currency translations   417,220,282 
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency   543,902,919 
Net Increase in Net Assets Resulting from Operations   559,638,841 
Total Distributions to Preferred Shareholders   (10,498,973)
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations  $549,139,868 

 

See accompanying notes to financial statements

 

 14

 

 

The Gabelli Dividend & Income Trust

Statement of Changes in Net Assets Attributable to Common Shareholders

 

 

   Year Ended  Year Ended
   December 31, 2021  December 31, 2020
             
Operations:              
Net investment income    $15,735,922     $23,746,116 
Net realized gain on investments and foreign currency transactions     126,682,637      110,915,945 
Net change in unrealized appreciation/depreciation on investments and foreign currency translations     417,220,282      66,269,663 
Net Increase in Net Assets Resulting from Operations     559,638,841      200,931,724 
Distributions to Preferred Shareholders     (10,498,973)     (15,279,706)
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations     549,139,868      185,652,018 
               
Distributions to Common Shareholders:              
Accumulated earnings     (124,779,564)     (118,886,275)
Return of capital           (639,170)
               
Total Distributions to Common Shareholders     (124,779,564)     (119,525,445)
               
Fund Share Transactions:              
Net decrease from repurchase of common shares     (1,763,361)     (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           (96,871)
Offering costs and adjustments to offering costs for preferred shares charged to paid-in capital     (5,095,253)      
Net Increase/(Decrease) in Net Assets from Fund Share Transactions     (747,632)     10,808,890 
               
Net Increase in Net Assets Attributable to Common Shareholders     423,612,672      76,935,463 
               
Net Assets Attributable to Common Shareholders:              
Beginning of year     2,263,637,686      2,186,702,223 
End of year    $2,687,250,358     $2,263,637,686 

 

See accompanying notes to financial statements.

 

 15

 

 

The Gabelli Dividend & Income Trust

 

Statement of Cash Flows
December 31, 2021

 

 

Net increase in net assets attributable to common shareholders resulting from operations  $549,139,868 
Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash from Operating     
Activities:     
Purchase of long term investment securities   (319,470,917)
Proceeds from sales of long term investment securities   465,242,191 
Net purchases of short term investment securities   (172,077,126)
Net realized gain on investments   (126,664,379)
Net change in unrealized appreciation on investments   (417,251,144)
Net amortization of discount   (50,000)
Decrease in receivable for investments sold   147,969 
Increase in dividends and interest receivable   (11,008)
Increase in deferred offering expense   (273,158)
Decrease in prepaid expenses   37,194 
Decrease in payable for investments purchased   (209,478)
Increase in distributions payable   5,523,752 
Decrease in payable for investment advisory fees   (928,864)
Increase in payable for payroll expenses   11,688 
Increase in payable for preferred offering expenses   71,341 
Decrease in other accrued expenses   (19,480)
Net cash used in operating activities   (16,781,551)
      
Net increase in net assets resulting from financing activities:     
Cash in lieu of fractional shares of tender offer   (1,564,018)
Issuance of Series K Cumulative Preferred Shares   150,000,000 
Offering costs for preferred shares charged to paid-in capital   (5,095,253)
Distributions to common shareholders   (124,779,564)
Decrease from repurchase of common shares   (1,763,361)
Net cash provided by financing activities   16,797,804 
Net increase in cash   16,253 
Cash (including foreign currency):     
Beginning of year   17,112 
End of year  $33,365 

 

 

Supplemental disclosure of cash flo w information:    
Interest paid on preferred shares  $1,685,578 
Interest paid on bank overdrafts   1,384 
Issuance of Series J Cumulative Preferred Shares (Refer to Note 6)   145,100,000 
Value of shares received as part of mergers of certain Fund investments   12,338,213 
Value of shares received as part of an exchange offer from one of the Fund’s investments   17,611,824 
      
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 December 31, 2021:
      
Cash  $20,302 
Foreign currency, at value   13,063 
   $33,365 

 

See accompanying notes to financial statements.

 

 16

 

 

The Gabelli Dividend & Income Trust

Financial Highlights

 

Selected data for a common share of beneficial interest outstanding throughout each year:

 

   Year Ended December 31, 
   2021   2020   2019   2018   2017 
Operating Performance:                         
Net asset value, beginning of year  $25.02   $24.12   $20.51   $25.11   $22.30 
Net investment income   0.18    0.26    0.35    0.45    0.32 
Net realized and unrealized gain/(loss) on investments, securities sold short, and foreign currency transactions   6.02    1.97    5.25    (3.43)   4.09 
Total from investment operations   6.20    2.23    5.60    (2.98)   4.41 
Distributions to Preferred Shareholders: (a)                         
Net investment income   (0.02)   (0.03)   (0.07)   (0.08)   (0.06)
Net realized gain   (0.10)   (0.14)   (0.23)   (0.22)   (0.22)
Total distributions to preferred shareholders   (0.12)   (0.17)   (0.30)   (0.30)   (0.28)
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations   6.08    2.06    5.30    (3.28)   4.13 
Distributions to Common Shareholders:                         
Net investment income   (0.21)   (0.23)   (0.29)   (0.37)   (0.28)
Net realized gain   (1.17)   (1.08)   (0.99)   (0.93)   (0.97)
Return of capital       (0.01)   (0.04)   (0.02)   (0.07)
Total distributions to common shareholders   (1.38)   (1.32)   (1.32)   (1.32)   (1.32)
Fund Share Transactions:                         
Decrease in net asset value from common share transactions           (0.34)        
Increase in net asset value from repurchase of common shares   0.00(b)   0.01             
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   (0.06)       (0.02)       0.00(b)
Offering costs and adjustment to offering costs for common shares charged to paid-in capital       0.00(b)   (0.01)        
Total Fund share transactions   0.01    0.16    (0.37)       0.00(b)
Net Asset Value Attributable to Common Shareholders,                         
End of Year  $29.73   $25.02   $24.12   $20.51   $25.11 
NAV total return †   24.74%   10.47%   22.82%   (13.75)%   19.14%
Market value, end of year  $27.00   $21.46   $21.95   $18.30   $23.41 
Investment total return ††   32.81%   5.06%   28.13%   (17.10)%   24.11%
Ratios to Average Net Assets and Supplemental Data:                         
Net assets including liquidation value of preferred shares, end of year (in 000’s)  $3,138,850   $2,572,913   $2,660,903   $2,197,065   $2,629,129 
Net assets attributable to common shares, end of year (in 000’s)  $2,687,250   $2,263,638   $2,186,702   $1,691,086   $2,069,871 
Ratio of net investment income to average net assets attributable to common shares before preferred share distributions   0.62%   1.22%   1.50%   1.87%   1.38%
Ratio of operating expenses to average net assets attributable to common shares before fees waived (c)(d)   1.28%   1.30%   1.21%(e)  1.35%   1.38%
Ratio of operating expenses to average net assets attributable to common shares net of advisory fee reduction, if any (c)   1.28%   1.25%(f)  1.21%(e)(f)  1.13%(f)  1.38%(f)
Portfolio turnover rate   12%   16%   16%   11%   13%

 

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 year:

 

   Year Ended December 31, 
   2021   2020   2019   2018   2017 
Cumulative Preferred Shares:                    
5.875% Series A Preferred                         
Liquidation value, end of year (in 000’s)          $76,201   $76,201   $76,201 
Total shares outstanding (in 000’s)           3,048    3,048    3,048 
Liquidation preference per share          $25.00   $25.00   $25.00 
Average market value (g)          $26.09   $25.66   $26.31 
Asset coverage per share (h)          $140.28   $108.56   $117.53 
Auction Market Series B Preferred                         
Liquidation value, end of year (in 000’s)  $2,050   $66,175   $90,000   $90,000   $90,000 
Total shares outstanding (in 000’s)   0(i)   3    4    4    4 
Liquidation preference per share  $25,000   $25,000   $25,000   $25,000   $25,000 
Liquidation value (j)  $25,000   $25,000   $25,000   $25,000   $25,000 
Asset coverage per share (h)  $173,763   $207,979   $140,284   $108,555   $117,528 
Auction Market Series C Preferred   1,350,000    (81,100,000)            
Liquidation value, end of year (in 000’s)  $1,350   $81,100   $108,000   $108,000   $108,000 
Total shares outstanding (in 000’s)   0(i)   3    4    4    4 
Liquidation preference per share  $25,000   $25,000   $25,000   $25,000   $25,000 
Liquidation value (j)  $25,000   $25,000   $25,000   $25,000   $25,000 
Asset coverage per share (h)  $173,763   $207,979   $140,284   $108,555   $117,528 
6.000% Series D Preferred                         
Liquidation value, end of year (in 000’s)              $31,779   $63,557 
Total shares outstanding (in 000’s)               1,271    2,542 
Liquidation preference per share              $25.00   $25.00 
Average market value (g)              $25.83   $26.57 
Asset coverage per share (h)              $108.56   $117.53 
Auction Rate Series E Preferred                        
Liquidation value, end of year (in 000’s)  $3,100   $12,000   $50,000   $100,000   $121,500 
Total shares outstanding (in 000’s)   0(i)   0(i)   2    4    5 
Liquidation preference per share  $25,000   $25,000   $25,000   $25,000   $25,000 
Liquidation value (j)  $25,000   $25,000             
Asset coverage per share (h)  $173,763   $207,979   $140,284   $108,555   $117,528 
5.250% Series G Preferred   100,000,000                  
Liquidation value, end of year (in 000’s)  $100,000   $100,000   $100,000   $100,000   $100,000