The Gabelli Dividend & Income Trust
Schedule of Investments (Continued) December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Total
|
|
Market
|
Geographic Diversification
|
|
Investments
|
|
Value
|
|
|
|
Long Positions
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
85.0
|
%
|
|
|
$
|
2,265,944,871
|
|
Europe
|
|
|
|
10.4
|
|
|
|
|
278,149,138
|
|
Japan
|
|
|
|
4.2
|
|
|
|
|
110,928,348
|
|
Asia/Pacific
|
|
|
|
0.4
|
|
|
|
|
9,287,862
|
|
Latin America
|
|
|
|
0.0
|
*
|
|
|
|
318,800
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
|
|
100.0
|
%
|
|
|
$
|
2,664,629,019
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Amount represents less than 0.05%.
|
See accompanying notes to financial
statements.
10
The Gabelli Dividend & Income Trust
Statement of Assets and Liabilities
December 31, 2019
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
Investments, at value (cost $1,791,671,528)
|
|
$
|
2,664,629,019
|
|
Foreign currency, at value (cost $8,495)
|
|
|
8,542
|
|
Cash
|
|
|
111,536
|
|
Dividends and interest receivable
|
|
|
3,746,367
|
|
Deferred offering expense
|
|
|
102,839
|
|
Prepaid expenses
|
|
|
2,902
|
|
|
|
|
|
|
Total Assets
|
|
|
2,668,601,205
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
Distributions payable
|
|
|
288,986
|
|
Payable for investments purchased
|
|
|
1,365,781
|
|
Payable for investment advisory fees
|
|
|
5,521,204
|
|
Payable for payroll expenses
|
|
|
80,604
|
|
Payable for accounting fees
|
|
|
11,250
|
|
Other accrued expenses
|
|
|
430,682
|
|
|
|
|
|
|
Total Liabilities
|
|
|
7,698,507
|
|
|
|
|
|
|
|
Cumulative Preferred Shares, each at $0.001 par value:
|
|
Series A (5.875%, $25 liquidation value, 3,200,000 shares authorized with 3,048,019 shares issued and
outstanding)
|
|
|
76,200,475
|
|
Series B (Auction Market, $25,000 liquidation value, 4,000 shares authorized with 3,600 shares issued and
outstanding)
|
|
|
90,000,000
|
|
Series C (Auction Market, $25,000 liquidation value, 4,800 shares authorized with 4,320 shares issued and
outstanding)
|
|
|
108,000,000
|
|
Series E (Auction Rate, $25,000 liquidation value, 5,400 shares authorized with 2,000 shares issued and
outstanding)
|
|
|
50,000,000
|
|
Series G (5.250%, $25 liquidation value, 4,000,000 shares authorized with 4,000,000 shares issued and
outstanding)
|
|
|
100,000,000
|
|
Series H (5.375%, $25 liquidation value, 2,000,000 shares authorized with 2,000,000 shares issued and
outstanding)
|
|
|
50,000,000
|
|
|
|
|
|
|
Total Preferred Shares
|
|
|
474,200,475
|
|
|
|
|
|
|
Net Assets Attributable to Common Shareholders
|
|
$
|
2,186,702,223
|
|
|
|
|
|
|
|
|
Net Assets Attributable to Common Shareholders Consist of:
|
|
|
|
|
Paid-in capital
|
|
$
|
1,328,487,552
|
|
Total distributable earnings
|
|
|
858,214,671
|
|
|
|
|
|
|
Net Assets
|
|
$
|
2,186,702,223
|
|
|
|
|
|
|
|
Net Asset Value per Common Share at $0.001 par value:
|
|
($2,186,702,223 ÷ 90,675,669 shares outstanding; unlimited number of shares authorized)
|
|
|
$24.12
|
|
Statement of Operations
For
the Year Ended December 31, 2019
|
|
|
|
|
|
|
Investment Income:
|
|
|
|
|
Dividends (net of foreign withholding taxes of $1,212,652)
|
|
$
|
51,249,551
|
|
Interest
|
|
|
1,092,166
|
|
|
|
|
|
|
Total Income
|
|
|
52,341,717
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
Investment advisory fees.
|
|
|
24,346,608
|
|
Shareholder communications expenses
|
|
|
432,604
|
|
Trustees fees
|
|
|
283,000
|
|
Custodian fees
|
|
|
270,924
|
|
Payroll expenses
|
|
|
243,969
|
|
Legal and audit fees
|
|
|
79,943
|
|
Shelf registration expense
|
|
|
77,712
|
|
Shareholder services fees
|
|
|
64,392
|
|
Accounting fees
|
|
|
45,000
|
|
Interest expense
|
|
|
9,778
|
|
Auction agent fees (See Note 5)
|
|
|
(2,644,548
|
)
|
Miscellaneous expenses
|
|
|
271,638
|
|
|
|
|
|
|
Total Expenses
|
|
|
23,481,020
|
|
|
|
|
|
|
Less:
|
|
|
|
|
Expenses paid indirectly by broker (See Note 3)
|
|
|
(16,799
|
)
|
|
|
|
|
|
Net Expenses
|
|
|
23,464,221
|
|
|
|
|
|
|
Net Investment Income
|
|
|
28,877,496
|
|
|
|
|
|
|
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
|
|
|
|
|
Net realized gain on investments
|
|
|
102,592,921
|
|
Net realized loss on foreign currency transactions
|
|
|
(12,104
|
)
|
|
|
|
|
|
Net realized gain on investments and foreign currency transactions
|
|
|
102,580,817
|
|
|
|
|
|
|
Net change in unrealized appreciation/depreciation:
|
|
on investments
|
|
|
336,623,212
|
|
on foreign currency translations
|
|
|
4,217
|
|
|
|
|
|
|
Net change in unrealized appreciation/ depreciation on investments and foreign currency translations
|
|
|
336,627,429
|
|
|
|
|
|
|
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency
|
|
|
439,208,246
|
|
|
|
|
|
|
Net Increase in Net Assets Resulting from Operations
|
|
|
468,085,742
|
|
|
|
|
|
|
Total Distributions to Preferred Shareholders
|
|
|
(24,833,499
|
)
|
|
|
|
|
|
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations
|
|
$
|
443,252,243
|
|
|
|
|
|
|
See accompanying notes to financial
statements.
11
The Gabelli Dividend & Income Trust
Statements of Changes in Net Assets Attributable to Common Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2019
|
|
Year Ended
December 31, 2018
|
Operations:
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
$
|
28,877,496
|
|
|
|
$
|
37,346,475
|
|
Net realized gain on investments and foreign currency transactions
|
|
|
|
102,580,817
|
|
|
|
|
97,492,947
|
|
Net change in unrealized appreciation/depreciation on investments and foreign currency translations
|
|
|
|
336,627,429
|
|
|
|
|
(379,831,180
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets Resulting from Operations
|
|
|
|
468,085,742
|
|
|
|
|
(244,991,758
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Preferred Shareholders
|
|
|
|
(24,833,499
|
)
|
|
|
|
(24,982,635
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from
Operations
|
|
|
|
443,252,243
|
|
|
|
|
(269,974,393
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Common Shareholders:
|
|
|
|
|
|
|
|
|
|
|
Accumulated earnings
|
|
|
|
(106,634,718
|
)
|
|
|
|
(107,123,557
|
)
|
Return of capital
|
|
|
|
(3,082,841
|
)
|
|
|
|
(1,687,245
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total Distributions to Common Shareholders
|
|
|
|
(109,717,559
|
)
|
|
|
|
(108,810,802
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Share Transactions:
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from common shares issued in rights offering
|
|
|
|
164,864,860
|
|
|
|
|
|
|
Offering costs for common shares charged to paid-in capital
|
|
|
|
(928,331
|
)
|
|
|
|
|
|
Offering costs for preferred shares charged to paid-in
capital
|
|
|
|
(1,854,595
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase in Net Assets from Fund Share Transactions
|
|
|
|
162,081,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders
|
|
|
|
495,616,618
|
|
|
|
|
(378,785,195
|
)
|
Net Assets Attributable to Common Shareholders:
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
|
1,691,085,605
|
|
|
|
|
2,069,870,800
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year
|
|
|
$
|
2,186,702,223
|
|
|
|
$
|
1,691,085,605
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial
statements.
12
The Gabelli Dividend & Income Trust
Financial Highlights
Selected data for a common share of beneficial interest outstanding throughout each year:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
Operating Performance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of year
|
|
|
|
$
|
20.51
|
|
|
|
|
|
|
$
|
25.11
|
|
|
|
|
|
|
$
|
22.30
|
|
|
|
|
|
|
$
|
21.07
|
|
|
|
|
|
|
$
|
23.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
|
|
0.35
|
|
|
|
|
|
|
|
0.45
|
|
|
|
|
|
|
|
0.32
|
|
|
|
|
|
|
|
0.36
|
|
|
|
|
|
|
|
0.30
|
|
Net realized and unrealized gain/(loss) on investments, securities sold short, and foreign currency
transactions
|
|
|
|
|
5.25
|
|
|
|
|
|
|
|
(3.43
|
)
|
|
|
|
|
|
|
4.09
|
|
|
|
|
|
|
|
2.45
|
|
|
|
|
|
|
|
(1.39
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations
|
|
|
|
|
5.60
|
|
|
|
|
|
|
|
(2.98
|
)
|
|
|
|
|
|
|
4.41
|
|
|
|
|
|
|
|
2.81
|
|
|
|
|
|
|
|
(1.09
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Preferred Shareholders: (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
|
|
(0.07
|
)
|
|
|
|
|
|
|
(0.08
|
)
|
|
|
|
|
|
|
(0.06
|
)
|
|
|
|
|
|
|
(0.05
|
)
|
|
|
|
|
|
|
(0.06
|
)
|
Net realized gain
|
|
|
|
|
(0.23
|
)
|
|
|
|
|
|
|
(0.22
|
)
|
|
|
|
|
|
|
(0.22
|
)
|
|
|
|
|
|
|
(0.17
|
)
|
|
|
|
|
|
|
(0.12
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to preferred shareholders
|
|
|
|
|
(0.30
|
)
|
|
|
|
|
|
|
(0.30
|
)
|
|
|
|
|
|
|
(0.28
|
)
|
|
|
|
|
|
|
(0.22
|
)
|
|
|
|
|
|
|
(0.18
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from
Operations
|
|
|
|
|
5.30
|
|
|
|
|
|
|
|
(3.28
|
)
|
|
|
|
|
|
|
4.13
|
|
|
|
|
|
|
|
2.59
|
|
|
|
|
|
|
|
(1.27
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Common Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
|
|
(0.29
|
)
|
|
|
|
|
|
|
(0.37
|
)
|
|
|
|
|
|
|
(0.28
|
)
|
|
|
|
|
|
|
(0.31
|
)
|
|
|
|
|
|
|
(0.31
|
)
|
Net realized gain
|
|
|
|
|
(0.99
|
)
|
|
|
|
|
|
|
(0.93
|
)
|
|
|
|
|
|
|
(0.97
|
)
|
|
|
|
|
|
|
(1.01
|
)
|
|
|
|
|
|
|
(0.65
|
)
|
Return of capital
|
|
|
|
|
(0.04
|
)
|
|
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
(0.07
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.28
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to common shareholders
|
|
|
|
|
(1.32
|
)
|
|
|
|
|
|
|
(1.32
|
)
|
|
|
|
|
|
|
(1.32
|
)
|
|
|
|
|
|
|
(1.32
|
)
|
|
|
|
|
|
|
(1.24
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Share Transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in net asset value from common shares issued in rights offering
|
|
|
|
|
(0.34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in net asset value from repurchase of common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00
|
(b)
|
|
|
|
|
|
|
0.01
|
|
Offering costs and adjustment to offering costs for common shares charged to
paid-in capital
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offering costs and adjustment to offering costs for preferred shares charged to paid-in capital
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
|
|
|
|
|
|
(0.04
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from Fund share transactions
|
|
|
|
|
(0.37
|
)
|
|
|
|
|
|
|
0.00
|
|
|
|
|
|
|
|
0.00
|
(b)
|
|
|
|
|
|
|
(0.04
|
)
|
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value Attributable to Common Shareholders, End of Year
|
|
|
|
$
|
24.12
|
|
|
|
|
|
|
$
|
20.51
|
|
|
|
|
|
|
$
|
25.11
|
|
|
|
|
|
|
$
|
22.30
|
|
|
|
|
|
|
$
|
21.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV total return
|
|
|
|
|
22.82
|
%
|
|
|
|
|
|
|
(13.75
|
)%
|
|
|
|
|
|
|
19.14
|
%
|
|
|
|
|
|
|
12.70
|
%
|
|
|
|
|
|
|
(5.59
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value, end of year
|
|
|
|
$
|
21.95
|
|
|
|
|
|
|
$
|
18.30
|
|
|
|
|
|
|
$
|
23.41
|
|
|
|
|
|
|
$
|
20.04
|
|
|
|
|
|
|
$
|
18.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment total return
|
|
|
|
|
28.13
|
%
|
|
|
|
|
|
|
(17.10
|
)%
|
|
|
|
|
|
|
24.11
|
%
|
|
|
|
|
|
|
16.47
|
%
|
|
|
|
|
|
|
(9.32
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets and Supplemental Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets including liquidation value of preferred shares, end of year (in 000s)
|
|
|
|
$
|
2,660,903
|
|
|
|
|
|
|
$
|
2,197,065
|
|
|
|
|
|
|
$
|
2,629,129
|
|
|
|
|
|
|
$
|
2,397,663
|
|
|
|
|
|
|
$
|
2,198,198
|
|
Net assets attributable to common shares, end of year (in 000s)
|
|
|
|
$
|
2,186,702
|
|
|
|
|
|
|
$
|
1,691,086
|
|
|
|
|
|
|
$
|
2,069,871
|
|
|
|
|
|
|
$
|
1,838,405
|
|
|
|
|
|
|
$
|
1,738,940
|
|
Ratio of net investment income to average net assets attributable to common shares before preferred share
distributions
|
|
|
|
|
1.50
|
%
|
|
|
|
|
|
|
1.87
|
%
|
|
|
|
|
|
|
1.38
|
%
|
|
|
|
|
|
|
1.69
|
%
|
|
|
|
|
|
|
1.60
|
%
|
Ratio of operating expenses to average net assets attributable to common shares before fees
waived(c)(d)
|
|
|
|
|
1.21
|
%(e)
|
|
|
|
|
|
|
1.35
|
%
|
|
|
|
|
|
|
1.38
|
%
|
|
|
|
|
|
|
1.39
|
%
|
|
|
|
|
|
|
1.33
|
%
|
Ratio of operating expenses to average net assets attributable to common shares net of advisory fee
reduction, if any (c)(f)
|
|
|
|
|
1.21
|
%(e)
|
|
|
|
|
|
|
1.13
|
%
|
|
|
|
|
|
|
1.38
|
%
|
|
|
|
|
|
|
1.39
|
%
|
|
|
|
|
|
|
1.09
|
%
|
Portfolio turnover rate
|
|
|
|
|
16.0
|
%
|
|
|
|
|
|
|
10.8
|
%
|
|
|
|
|
|
|
13.3
|
%
|
|
|
|
|
|
|
15.6
|
%
|
|
|
|
|
|
|
8.1
|
%
|
See accompanying notes to financial
statements.
13
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,
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
Cumulative Preferred Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.875% Series A Preferred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation value, end of year (in 000s)
|
|
|
|
$
|
76,201
|
|
|
|
|
|
|
$
|
76,201
|
|
|
|
|
|
|
$
|
76,201
|
|
|
|
|
|
|
$
|
76,201
|
|
|
|
|
|
|
$
|
76,201
|
|
Total shares outstanding (in 000s)
|
|
|
|
|
3,048
|
|
|
|
|
|
|
|
3,048
|
|
|
|
|
|
|
|
3,048
|
|
|
|
|
|
|
|
3,048
|
|
|
|
|
|
|
|
3,048
|
|
Liquidation preference per share
|
|
|
|
$
|
25.00
|
|
|
|
|
|
|
$
|
25.00
|
|
|
|
|
|
|
$
|
25.00
|
|
|
|
|
|
|
$
|
25.00
|
|
|
|
|
|
|
$
|
25.00
|
|
Average market value (g)
|
|
|
|
$
|
26.09
|
|
|
|
|
|
|
$
|
25.66
|
|
|
|
|
|
|
$
|
26.31
|
|
|
|
|
|
|
$
|
26.32
|
|
|
|
|
|
|
$
|
25.63
|
|
Asset coverage per share(h)
|
|
|
|
$
|
140.28
|
|
|
|
|
|
|
$
|
108.56
|
|
|
|
|
|
|
$
|
117.53
|
|
|
|
|
|
|
$
|
107.18
|
|
|
|
|
|
|
$
|
119.66
|
|
Series B Auction Market Preferred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation value, end of year (in 000s)
|
|
|
|
$
|
90,000
|
|
|
|
|
|
|
$
|
90,000
|
|
|
|
|
|
|
$
|
90,000
|
|
|
|
|
|
|
$
|
90,000
|
|
|
|
|
|
|
$
|
90,000
|
|
Total shares outstanding (in 000s)
|
|
|
|
|
4
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
4
|
|
Liquidation preference per share
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
Liquidation value (i)
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
Asset coverage per share(h)
|
|
|
|
$
|
140,284
|
|
|
|
|
|
|
$
|
108,555
|
|
|
|
|
|
|
$
|
117,528
|
|
|
|
|
|
|
$
|
107,181
|
|
|
|
|
|
|
$
|
119,660
|
|
Series C Auction Market Preferred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation value, end of year (in 000s)
|
|
|
|
$
|
108,000
|
|
|
|
|
|
|
$
|
108,000
|
|
|
|
|
|
|
$
|
108,000
|
|
|
|
|
|
|
$
|
108,000
|
|
|
|
|
|
|
$
|
108,000
|
|
Total shares outstanding (in 000s)
|
|
|
|
|
4
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
4
|
|
Liquidation preference per share
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
Liquidation value (i)
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
Asset coverage per share(h)
|
|
|
|
$
|
140,284
|
|
|
|
|
|
|
$
|
108,555
|
|
|
|
|
|
|
$
|
117,528
|
|
|
|
|
|
|
$
|
107,181
|
|
|
|
|
|
|
$
|
119,660
|
|
6.000% Series D Preferred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation value, end of year (in 000s)
|
|
|
|
|
|
|
|
|
|
|
|
$
|
31,779
|
|
|
|
|
|
|
$
|
63,557
|
|
|
|
|
|
|
$
|
63,557
|
|
|
|
|
|
|
$
|
63,557
|
|
Total shares outstanding (in 000s)
|
|
|
|
|
|
|
|
|
|
|
|
|
1,271
|
|
|
|
|
|
|
|
2,542
|
|
|
|
|
|
|
|
2,542
|
|
|
|
|
|
|
|
2,542
|
|
Liquidation preference per share
|
|
|
|
|
|
|
|
|
|
|
|
$
|
25.00
|
|
|
|
|
|
|
$
|
25.00
|
|
|
|
|
|
|
$
|
25.00
|
|
|
|
|
|
|
$
|
25.00
|
|
Average market value (g)
|
|
|
|
|
|
|
|
|
|
|
|
$
|
25.83
|
|
|
|
|
|
|
$
|
26.57
|
|
|
|
|
|
|
$
|
26.58
|
|
|
|
|
|
|
$
|
25.70
|
|
Asset coverage per share(h)
|
|
|
|
|
|
|
|
|
|
|
|
$
|
108.56
|
|
|
|
|
|
|
$
|
117.53
|
|
|
|
|
|
|
$
|
107.18
|
|
|
|
|
|
|
$
|
119.66
|
|
See accompanying notes to financial
statements.
14
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,
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
Series E Auction Rate Preferred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation value, end of year (in 000s)
|
|
|
|
|
|
$
|
50,000
|
|
|
|
|
|
|
$
|
100,000
|
|
|
|
|
|
|
$
|
121,500
|
|
|
|
|
|
|
$
|
121,500
|
|
|
|
|
|
|
$
|
121,500
|
|
Total shares outstanding (in 000s)
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
5
|
|
Liquidation preference per share
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
Liquidation value (i)
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
|
|
|
|
|
$
|
25,000
|
|
Asset coverage per share(h)
|
|
|
|
|
|
$
|
140,284
|
|
|
|
|
|
|
$
|
108,555
|
|
|
|
|
|
|
$
|
117,528
|
|
|
|
|
|
|
$
|
107,181
|
|
|
|
|
|
|
$
|
119,660
|
|
5.250% Series G Preferred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation value, end of year (in 000s)
|
|
|
|
|
|
$
|
100,000
|
|
|
|
|
|
|
$
|
100,000
|
|
|
|
|
|
|
$
|
100,000
|
|
|
|
|
|
|
$
|
100,000
|
|
|
|
|
|
|
|
|
|
Total shares outstanding (in 000s)
|
|
|
|
|
|
|
4,000
|
|
|
|
|
|
|
|
4,000
|
|
|
|
|
|
|
|
4,000
|
|
|
|
|
|
|
|
4,000
|
|
|
|
|
|
|
|
|
|
Liquidation preference per share
|
|
|
|
|
|
$
|
25.00
|
|
|
|
|
|
|
$
|
25.00
|
|
|
|
|
|
|
$
|
25.00
|
|
|
|
|
|
|
$
|
25.00
|
|
|
|
|
|
|
|
|
|
Average market value (g)
|
|
|
|
|
|
$
|
25.40
|
|
|
|
|
|
|
$
|
24.83
|
|
|
|
|
|
|
$
|
25.29
|
|
|
|
|
|
|
$
|
25.20
|
|
|
|
|
|
|
|
|
|
Asset coverage per share(h)
|
|
|
|
|
|
$
|
140.28
|
|
|
|
|
|
|
$
|
108.56
|
|
|
|
|
|
|
$
|
117.53
|
|
|
|
|
|
|
$
|
107.18
|
|
|
|
|
|
|
|
|
|
5.375% Series H Preferred (j)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation value, end of year (in 000s)
|
|
|
|
|
|
$
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares outstanding (in 000s)
|
|
|
|
|
|
|
2,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation preference per share
|
|
|
|
|
|
$
|
25.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average market value (g)
|
|
|
|
|
|
$
|
26.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset coverage per share(h)
|
|
|
|
|
|
$
|
140.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Coverage (k)
|
|
|
|
|
|
|
561
|
%
|
|
|
|
|
|
|
434
|
%
|
|
|
|
|
|
|
470
|
%
|
|
|
|
|
|
|
429
|
%
|
|
|
|
|
|
|
479
|
%
|
|
Based on net asset value per share and reinvestment of distributions at net asset value on the ex-dividend date.
|
|
Based on market value per share, adjusted for reinvestment of distributions at prices obtained under the Funds
dividend reinvestment plan.
|
(a)
|
Calculated based on average common shares outstanding on the record dates throughout the years.
|
(b)
|
Amount represents less than $0.005 per share.
|
(c)
|
The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended
December 31, 2019, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.
|
(d)
|
Ratio of operating expenses to average net assets including liquidation value of preferred shares before fee waived for
the years ended December 31, 2019, 2018, 2017, 2016, and 2015 would have been 0.96%, 1.06%, 1.07%, 1.07%, and 1.07%, respectively.
|
(e)
|
Ratio of operating expenses to average net assets includes reversal of auction agent fees from earlier periods as
disclosed on the Statement of Operations. The ratio of operating expenses to average net assets attributable to common shares and the ratio of operating expenses to average net assets including liquidation value of preferred shares, excluding the
reversal of auction agent fees, were 1.35% and 1.07%, respectively, for the year ended December 31, 2019. See Note 5 for disclosure.
|
(f)
|
Ratio of operating expenses to average net assets including liquidation value of preferred shares net of advisory fee
reduction for the years ended December 31, 2019, 2018, 2017, 2016, and 2015 would have been 0.96%, 0.89%, 1.07%, 1.07%, and 0.88%, respectively.
|
(g)
|
Based on weekly prices.
|
(h)
|
Asset coverage per share is calculated by combining all series of preferred shares.
|
(i)
|
Since February 2008, the weekly auctions have failed. Holders that have submitted orders have not been able to sell any or
all of their shares in the auctions.
|
(j)
|
The 5.375% Series H Preferred was initially issued June 7, 2019.
|
(k)
|
Asset coverage is calculated by combining all series of preferred shares.
|
See accompanying notes to financial
statements.
15
The Gabelli Dividend & Income Trust
Notes to Financial Statements
1. Organization. The Gabelli Dividend & Income Trust (the Fund) currently operates as a diversified
closed-end management investment company organized as a Delaware statutory trust on November 18, 2003 and registered under the Investment Company Act of 1940, as amended (the 1940 Act). Investment
operations commenced on November 28, 2003.
The Funds investment objective is to provide a high level of total return on its assets with
an emphasis on dividends and income. The Fund will attempt to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in dividend paying securities (such as common and preferred stock) or other
income producing securities (such as fixed income debt securities and securities that are convertible into equity securities).
2. Significant
Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and
assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
New Accounting Pronouncements. To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board
recently issued Accounting Standard Update (ASU) 2018-13, Fair Value Measurement Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU 2018-13 is effective for interim and annual reporting periods beginning
after December 15, 2019; early adoption of the additions relating to ASU 2018-13 is not required, even if early adoption is elected for the removals and modifications under ASU 2018-13. Management has early adopted the removals and modifications set forth in ASU 2018-13 in these financial statements and has not early adopted the additions set forth
in ASU 2018-13.
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 markets official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked
prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the Board) so
determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most
representative market, as determined by Gabelli Funds, LLC (the Adviser).
Portfolio securities primarily traded on a foreign market are generally
valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to
the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the
securities are valued using the closing bid price, unless the Board determines such amount does not reflect the securities fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued
principally using dealer quotations. Futures contracts are valued at
16
The Gabelli Dividend & Income Trust
Notes to Financial Statements (Continued)
the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available
will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.
Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and
procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar
securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of
the security.
The inputs and valuation techniques used to measure fair value of the Funds 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 Boards determinations as to the fair value of
investments).
|
A financial instruments 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 Funds investments in securities by inputs used to value the Funds investments as of December 31, 2019 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
Level 1
Quoted Prices
|
|
Level 2 Other Significant
Observable Inputs
|
|
Level 3 Significant
Unobservable Inputs
|
|
Total Market Value
at 12/31/19
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
|
$
|
61,543,892
|
|
|
|
$
|
86,828
|
|
|
|
|
|
|
|
|
$
|
61,630,720
|
|
Entertainment
|
|
|
|
60,603,694
|
|
|
|
|
123,599
|
|
|
|
|
|
|
|
|
|
60,727,293
|
|
Financial Services
|
|
|
|
469,505,648
|
|
|
|
|
1,072,500
|
|
|
|
|
|
|
|
|
|
470,578,148
|
|
Other Industries (a)
|
|
|
|
1,944,030,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,944,030,792
|
|
Total Common Stocks
|
|
|
|
2,535,684,026
|
|
|
|
|
1,282,927
|
|
|
|
|
|
|
|
|
|
2,536,966,953
|
|
Closed-End Funds
|
|
|
|
|
|
|
|
|
830,000
|
|
|
|
|
|
|
|
|
|
830,000
|
|
Convertible Preferred Stocks (a)
|
|
|
|
2,422,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,422,500
|
|
Mandatory Convertible Securities (a)
|
|
|
|
6,483,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,483,960
|
|
Preferred Stocks (a)
|
|
|
|
52,960
|
|
|
|
|
2,162,290
|
|
|
|
|
|
|
|
|
|
2,215,250
|
|
Rights (a)
|
|
|
|
228,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
228,760
|
|
Warrants (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0
|
|
|
|
|
0
|
|
Convertible Corporate Bonds (a)
|
|
|
|
|
|
|
|
|
1,639,480
|
|
|
|
|
|
|
|
|
|
1,639,480
|
|
Corporate Bonds (a)
|
|
|
|
|
|
|
|
|
51,330
|
|
|
|
|
|
|
|
|
|
51,330
|
|
U.S. Government Obligations
|
|
|
|
|
|
|
|
|
113,790,786
|
|
|
|
|
|
|
|
|
|
113,790,786
|
|
TOTAL INVESTMENTS IN SECURITIES ASSETS
|
|
|
$
|
2,544,872,206
|
|
|
|
$
|
119,756,813
|
|
|
|
$
|
0
|
|
|
|
$
|
2,664,629,019
|
|
(a)
|
Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.
|
17
The Gabelli Dividend & Income Trust
Notes to Financial Statements (Continued)
During the year ended 2019, the Fund did not have transfers into or out of Level 3.
Additional Information to Evaluate Qualitative Information.
General. The Fund uses recognized industry pricing services approved by the Board and unaffiliated with the Adviser
to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities,
international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by
external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer
that trades that security or similar securities.
Fair Valuation. Fair valued securities may be common or preferred
equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not
available, or which are restricted as to transfer. 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
valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3
securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.
The
Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously
recognized.
Securities Sold Short. The Fund may enter into short sale transactions. Short selling involves selling securities that may
or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund
records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By
entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend
date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates.
Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities
that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro
rata portion of the periodic expenses of the Acquired Funds in addition to the Funds expenses. For the year ended December 31, 2019, the Funds pro rata portion of the periodic expenses charged by the Acquired Funds was less than 1
basis point.
18
The Gabelli Dividend & Income Trust
Notes to Financial Statements (Continued)
Foreign Currency Translations. The books and records of the Fund are maintained in U.S.
dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing
on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and
foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign
currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates
between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.
Foreign Securities.
The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of
currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid
and their prices more volatile than securities of comparable U.S. issuers.
Foreign Taxes. The Fund may be subject to foreign taxes on
income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets
in which it invests.
Restricted Securities. The Fund is not subject to an independent limitation on the amount it may invest in
securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher
brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the
over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely
saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that
of publicly traded securities, and, accordingly, the Board will monitor their liquidity. For the restricted securities the Fund held at December 31, 2019, refer to the Schedule of Investments.
Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on
investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective
yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the
ex-dividend date as the Fund becomes aware of such dividends.
Custodian Fee Credits. When cash
balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the
corresponding expense offset, if any, shown as Custodian fee credits.
19
The Gabelli Dividend & Income Trust
Notes to Financial Statements (Continued)
Distributions to Shareholders. Distributions to common shareholders are recorded on the ex-dividend date. The characterization of distributions are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as
determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Fund, timing differences, and differing characterizations of distributions made by the Fund.
Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are
permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to the tax treatment of reclassification of capital gains on investments in passive foreign
investment companies and reversal of prior year real estate investment trust capital gain. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2019, reclassifications were made to decrease paid-in capital by $75,176, with an offsetting adjustment to total distributable earnings.
Under the Funds
current common share distribution policy, the Fund declares and pays monthly distributions from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined
after the end of the calendar year. Pursuant to this policy, distributions during the year may be made in excess of required distributions. To the extent such distributions are made from current earnings and profits, they are considered ordinary
income or long term capital gains. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board will continue to monitor
the Funds distribution level, taking into consideration the Funds NAV and the financial market environment. The Funds distribution policy is subject to modification by the Board at any time.
Distributions to shareholders of the Funds 5.875% Series A Preferred Shares, Series B Auction Market Preferred Shares, Series C Auction Market
Preferred Shares, Series E Auction Rate Preferred Shares, 5.250% Series G Preferred Shares, and 5.375% Series H Preferred Shares (Preferred Shares) are recorded on a daily basis and are determined as described in Note 5.
The tax character of distributions paid during the years ended December 31, 2019 and 2018 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
December 31, 2019
|
|
|
December 31, 2018
|
|
|
|
Common
|
|
|
Preferred
|
|
|
Common
|
|
|
Preferred
|
|
Distributions paid from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary income (inclusive of short term capital gains)
|
|
$
|
27,072,100
|
|
|
$
|
6,304,653
|
|
|
$
|
30,323,004
|
|
|
$
|
7,071,727
|
|
Net long term capital gains
|
|
|
79,562,618
|
|
|
|
18,528,846
|
|
|
|
76,800,553
|
|
|
|
17,910,908
|
|
Return of capital
|
|
|
3,082,841
|
|
|
|
|
|
|
|
1,687,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions paid
|
|
$
|
109,717,559
|
|
|
$
|
24,833,499
|
|
|
$
|
108,810,802
|
|
|
$
|
24,982,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net
investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.
20
The Gabelli Dividend & Income Trust
Notes to Financial Statements (Continued)
As of December 31, 2019, the components of accumulated earnings/losses on a tax basis were as follows:
|
|
|
|
|
Net Unrealized Appreciation
|
|
$
|
858,503,657
|
|
Other temporary differences*
|
|
|
(288,986
|
)
|
|
|
|
|
|
Total
|
|
$
|
858,214,671
|
|
|
|
|
|
|
*
|
Other temporary differences are due to preferred share class distributions payable.
|
At December 31, 2019, the temporary differences between book basis and tax basis unrealized appreciation on investments were primarily due to the
deferral of losses from wash sales for tax purposes.
The following summarizes the tax cost of investments and the related net unrealized
appreciation at December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
|
|
Gross
|
|
|
|
|
|
|
Unrealized
|
|
Unrealized
|
|
Net Unrealized
|
|
|
Cost
|
|
Appreciation
|
|
Depreciation
|
|
Appreciation
|
Investments
|
|
|
$
|
1,806,126,877
|
|
|
|
$
|
953,256,567
|
|
|
|
$
|
(94,754,425
|
)
|
|
|
$
|
858,502,142
|
|
The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Funds
tax returns to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by
the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the year ended December 31, 2019, the Fund did not incur any
income tax, interest, or penalty. As of December 31, 2019, the Adviser has reviewed all open tax years and concluded that there was no impact to the Funds net assets or results of operations. The Funds federal and state tax returns
for the prior three years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Funds tax positions to determine if adjustments to this conclusion are necessary.
3. Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the Advisory Agreement) with
the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on an annual basis to 1.00% of the value of the Funds average weekly net assets including the liquidation value of preferred shares.
In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Funds portfolio and oversees the administration of all aspects of the Funds business and affairs.
The Adviser has agreed to reduce the management fee on the incremental assets attributable to the Series A, Series B, Series C, and Series E Preferred
Shares if the total return of the NAV of the common shares of the Fund, including distributions and advisory fee subject to reduction, does not exceed the stated dividend rate of each particular series of the Preferred Shares for the year. The
Funds total return on the NAV of the common shares is monitored on a monthly basis to assess whether the total return on the NAV of the common shares exceeds the stated dividend rate or corresponding swap rate of each particular series of
Preferred Shares for the period. For the year ended December 31, 2019, the Funds total return on the NAV of the common shares exceeded the stated dividend rate on each of the outstanding Preferred Shares. Thus, advisory fees with respect
to the liquidation value of the Preferred Shares were accrued. Advisory fees were also accrued on the Series G and Series H Preferred Shares.
During
the year ended December 31, 2019, the Fund paid $130,655 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.
21
The Gabelli Dividend & Income Trust
Notes to Financial Statements (Continued)
During the year ended December 31, 2019, the Fund received credits from a designated broker who
agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $16,799.
The cost of calculating the Funds NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the
sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Funds NAV. The Fund reimburses the Adviser for this service. During the year ended
December 31, 2019, the Fund accrued $45,000 in accounting fees in the Statement of Operations.
As per the approval of the Board, the Fund
compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). During the year ended December 31,
2019, the Fund accrued $243,969 in payroll expenses in the Statement of Operations.
The Fund pays each Trustee who is not considered an affiliated
person an annual retainer of $18,000 plus $2,000 for each Board meeting attended. Each Trustee is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended,
the Audit Committee Chairman receives an annual fee of $3,000, and the Nominating Committee Chairman and the Lead Trustee each receives an annual fee of $2,000. A Trustee may receive a single meeting fee, allocated among the participating funds, for
participation in certain meetings held on behalf of multiple funds. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.
4. Portfolio Securities. Purchases and sales of securities during the year ended December 31, 2019, other than short term securities and U.S.
Government obligations, aggregated $381,073,100, and $432,675,250, respectively.
5. Capital. The Fund is authorized to issue an unlimited
number of common shares of beneficial interest (par value $0.001). The Board has authorized the repurchase and retirement of its common shares on the open market when the shares are trading at a discount of 7.5% or more (or such other percentage as
the Board may determine from time to time) from the NAV of the shares. During the years ended December 31, 2019 and 2018, the Fund did not repurchase any common shares.
The Fund has an effective shelf registration initially authorizing the offering of an additional $500 million of common or preferred shares or notes
under the current shelf registration. As of December 31, 2019, after considering the common shares rights offering, the Fund has approximately $335 million available for issue under the current shelf registration.
During the year ended December 31, 2019, the Fund completed a rights offering whereby one transferable right was issued for each common share held
as of October 7, 2019. Ten rights were required to purchase one additional common share at the subscription price of $20.00. On November 21, 2019, the Fund issued 8,243,243 common shares receiving net proceeds of $163,936,529, after the
deduction of estimated offering expenses of $548,000 and solicitation fees of $380,331. The NAV of the Fund was reduced by $(0.34) per share on the day the additional common shares were issued due to the additional common shares being issued below
NAV.
22
The Gabelli Dividend & Income Trust
Notes to Financial Statements (Continued)
On June 7, 2019, the Fund issued 2,000,000 shares of Series H Preferred, receiving $48,145,405
after the deduction of estimated offering expenses of $279,595 and underwriting fees of $1,575,000. The liquidation value of the Series H Preferred is $25 per share. The Series H Preferred has an annual dividend rate of 5.375%. The Series H
Preferred is noncallable before June 7, 2024.
The Funds Declaration of Trust, as amended, authorizes the issuance of an unlimited number
of shares of $0.001 par value Preferred Shares. The Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common
shareholders. Dividends on the Preferred Shares are cumulative. The Fund is required by the 1940 Act and by the Statements of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these
requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series A, Series B, Series C, Series E, Series G, and Series H Preferred Shares at redemption prices of $25, $25,000, $25,000, $25,000, $25,
and $25, respectively, per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could
restrict the Funds ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Funds assets may vary in a manner unrelated to the fixed and variable
rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders.
For Series B,
Series C, and Series E Preferred Shares, the dividend rates, as set by the auction process that is generally held every seven days, are expected to vary with short term interest rates. Since February 2008, the number of Series B, Series C, and
Series E Preferred Shares subject to bid orders by potential holders has been less than the number of shares of Series B, Series C, and Series E Preferred Shares subject to sell orders. Holders that have submitted sell orders have not been able to
sell any or all of the Series B, Series C, and Series E Preferred Shares for which they have submitted sell orders. Therefore the weekly auctions have failed, and the dividend rate has been the maximum rate. The current maximum rate for Series B,
Series C, and Series E Preferred Shares is 150, 150, and 250 basis points, respectively, greater than the seven day ICE LIBOR rate on the date of such auction. Existing Series B, Series C, and Series E Preferred shareholders may submit an order to
hold, bid, or sell such shares on each auction date, or trade their shares in the secondary market. During the years ended December 31, 2019 and 2018, the Fund redeemed and retired 2,000 and 860 shares of its outstanding Series E Auction Rate
Preferred Shares at the liquidation value of $50,000,000 and $21,500,000, respectively. There were no redemptions of Series B or Series C Preferred Shares during the year ended December 31, 2019.
In earlier fiscal years, the Fund recorded auction agent fees based on estimated costs of the weekly auctions. As recent auctions have failed, these
accruals of estimated fees were reversed.
The Fund may redeem in whole or in part the 5.875% Series A Preferred Shares at the redemption price at
any time. Commencing July 1, 2021 and June 10, 2024 and at any time thereafter, the Fund, at its option, may redeem the 5.250% Series G Cumulative Preferred Shares and the 5.375% Series H Cumulative Preferred Shares, respectively, in whole
or in part at the redemption price. The Board has authorized the repurchase of Series A, Series G, and Series H Preferred Shares in the open market at prices less than the $25 liquidation value per share. On December 26, 2019, the Fund redeemed
and retired 1,271,148 shares of the Series D
23
The Gabelli Dividend & Income Trust
Notes to Financial Statements (Continued)
Preferred Stock at the liquidation value of $25 per share plus accrued interest and accrued and unpaid dividends. During the years ended December 31, 2019 and 2018, the Fund did not
repurchase any Series A or Series G Preferred Shares.
The Fund has the authority to purchase its auction rate and auction market preferred shares
through negotiated private transactions. The Fund is not obligated to purchase any dollar amount or number of auction rate or auction market preferred shares, and the timing and amount of any auction rate or auction market preferred shares purchased
will depend on market conditions, share price, capital availability, and other factors. The Fund is not soliciting holders to sell these shares nor recommending that holders offer them to the Fund. Any offers can be accepted or rejected in the
Funds discretion.
The following table summarizes Cumulative Preferred Share information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares
|
|
|
|
|
|
Dividend
|
|
Accrued
|
|
|
|
|
|
|
Outstanding at
|
|
Net
|
|
2019 Dividend
|
|
Rate at
|
|
Dividend at
|
Series
|
|
Issue Date
|
|
Authorized
|
|
12/31/19
|
|
Proceeds
|
|
Rate Range
|
|
12/31/19
|
|
12/31/19
|
A 5.875%
|
|
October 12, 2004
|
|
|
|
3,200,000
|
|
|
|
|
3,048,019
|
|
|
|
$
|
77,280,971
|
|
|
Fixed Rate
|
|
|
|
5.875
|
%
|
|
|
$
|
62,177
|
|
B Auction Market
|
|
October 12, 2004
|
|
|
|
4,000
|
|
|
|
|
3,600
|
|
|
|
|
98,858,617
|
|
|
3.076% to 3.925%
|
|
|
|
3.109
|
%
|
|
|
|
45,996
|
|
C Auction Market
|
|
October 12, 2004
|
|
|
|
4,800
|
|
|
|
|
4,320
|
|
|
|
|
118,630,341
|
|
|
3.070% to 3.916%
|
|
|
|
3.109
|
%
|
|
|
|
36,797
|
|
E Auction Rate
|
|
November 3, 2005
|
|
|
|
5,400
|
|
|
|
|
2,000
|
|
|
|
|
133,379,387
|
|
|
4.033% to 6.067%
|
|
|
|
4.109
|
%
|
|
|
|
33,773
|
|
G 5.250%
|
|
July 1, 2016
|
|
|
|
4,000,000
|
|
|
|
|
4,000,000
|
|
|
|
|
96,634,565
|
|
|
Fixed Rate
|
|
|
|
5.250
|
%
|
|
|
|
72,917
|
|
H 5.375%
|
|
June 7, 2019
|
|
|
|
2,000,000
|
|
|
|
|
2,000,000
|
|
|
|
|
48,145,405
|
|
|
Fixed Rate
|
|
|
|
5.375
|
%
|
|
|
|
37,326
|
|
The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of
shareholders of the Fund and will vote together with holders of common shares as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Trustees and under certain circumstances
are entitled to elect a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the Preferred Shares, voting as a single class, will be required to
approve any plan of reorganization adversely affecting the Preferred Shares, and the approval of two-thirds of each class, voting separately, of the Funds outstanding voting stock must approve the
conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding Preferred Shares
and a majority (as defined in the 1940 Act) of the Funds outstanding voting securities are required to approve certain other actions, including changes in the Funds investment objectives or fundamental investment policies.
6. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Funds maximum exposure under these
arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds existing contracts and expects the risk of loss to be remote.
7. Subsequent Events. Management has evaluated the impact on the Fund of all other subsequent events occurring through the date the financial
statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.
24
The Gabelli Dividend & Income Trust
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of
The Gabelli Dividend & Income Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Gabelli Dividend &
Income Trust (the Fund) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets attributable to common shareholders for each of the two years in
the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the financial statements). In our
opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets attributable to common
shareholders for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the
United States of America.
Basis for Opinion
These financial statements are the responsibility of the Funds management. Our responsibility is to express an opinion on the Funds financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these
financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to
error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by
correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
New York, New York
February 27, 2020
We have served as the
auditor of one or more investment companies in Gabelli/GAMCO Fund Complex since 1986.
25
The Gabelli Dividend & Income Trust
Additional Fund Information (Unaudited)
The business and affairs of the Fund are managed under the direction of the Funds Board of Trustees. Information pertaining to the Trustees and officers of the Fund
is set forth below. The Funds Statement of Additional Information includes additional information about the Funds Trustees and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The Gabelli Dividend & Income Trust at One Corporate Center, Rye, NY 10580-1422.
|
|
|
|
|
|
|
|
|
Name, Position(s)
|
|
Term of Office
|
|
Number of Funds
|
|
|
|
|
Address1
|
|
and Length of
|
|
in Fund Complex
|
|
Principal Occupation(s)
|
|
Other Directorships
|
and Age
|
|
Time Served2
|
|
Overseen by Trustee
|
|
During Past Five Years
|
|
Held by Trustee3
|
|
|
|
|
INTERESTED TRUSTEES4:
|
|
|
|
|
|
|
|
|
|
|
|
Mario J. Gabelli, CFA
Chairman and Chief
Investment Officer
Age: 77
|
|
Since 2003***
|
|
33
|
|
Chairman, Chief Executive Officer, and Chief Investment Officer Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/
Trustee or Chief Investment Officer of other registered investment companies within the Gabelli/GAMCO Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.
|
|
Director of Morgan Group Holdings, Inc. (holding company) (2001-2019); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and
wireless communications); Director of ICTC Group Inc. (communications) (2013-2018)
|
|
|
|
|
|
Edward T. Tokar
Trustee
Age: 72
|
|
Since 2003**
|
|
2
|
|
Private investor; Senior Managing Director of Beacon Trust Company (trust services) (2004-2016); Chief Executive Officer of Allied Capital Management LLC (1977- 2004); Vice President of Honeywell International Inc. (1977-2004)
|
|
Trustee of William & Mary Business School Foundation; Director of CH Energy Group (energy services) (2009-2013); Director, Teton Advisors, Inc. (financial services) (2008-2010)
|
|
|
|
|
INDEPENDENT TRUSTEES5:
|
|
|
|
|
|
|
|
|
|
|
|
Anthony J. Colavita6,9
Trustee
Age: 84
|
|
Since 2003*
|
|
20
|
|
President of the law firm of
Anthony J. Colavita, P.C.
|
|
|
|
|
|
|
|
James P. Conn6
Trustee
Age: 81
|
|
Since 2003**
|
|
24
|
|
Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (1992-1998)
|
|
|
|
|
|
|
|
Frank J. Fahrenkopf, Jr.7
Trustee
Age: 80
|
|
Since 2003*
|
|
12
|
|
Co-Chairman of the Commission on Presidential Debates; Former President and Chief Executive Officer of the American Gaming Association (1995-2013); Former Chairman of the Republican National
Committee (1983- 1989)
|
|
Director of First Republic Bank (banking); Director of Eldorado Resorts, Inc. (casino entertainment company)
|
|
|
|
|
|
Michael J. Melarkey
Trustee
Age: 70
|
|
Since 2003***
|
|
21
|
|
Of Counsel in the law firm of McDonald Carano Wilson LLP; Partner in the law firm of Avansino, Melarkey, Knobel, Mulligan & McKenzie (1980-2015)
|
|
Chairman of Southwest Gas Corporation (natural gas utility)
|
|
|
|
|
|
Kuni Nakamura
Trustee
Age: 51
|
|
Since 2018***
|
|
33
|
|
President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate)
|
|
|
|
|
|
|
|
Salvatore M. Salibello
Trustee
Age: 74
|
|
Since 2003**
|
|
6
|
|
Senior Partner of Bright Side Consulting (consulting); Certified Public Accountant and Managing Partner of the certified public accounting firm of Salibello & Broder LLP (1978-2012); Partner of BDO Seidman, LLP
(2012-2013)
|
|
Director of Nine West, Inc. (consumer products) (2002-2014)
|
|
|
|
|
|
Anthonie C. van Ekris7
Trustee
Age: 85
|
|
Since 2003*
|
|
23
|
|
Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/export company)
|
|
|
|
|
|
|
|
Susan V. Watson
Trustee
Age: 67
|
|
Since 2017***
|
|
1
|
|
Executive Search Associate with Spencer Stuart (2010- 2016); President of Investor Relations Association (1998- 2000)
|
|
|
|
|
|
|
|
Salvatore J. Zizza8
Trustee
Age: 74
|
|
Since 2003*
|
|
31
|
|
President of Zizza & Associates Corp. (private holding company); President of Bergen Cove Realty Inc.; Chairman of Harbor Diversified, Inc. (pharmaceuticals) (2009-2018); Chairman of BAM (semiconductor and aerospace
manufacturing) (2000-2018); Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)
|
|
Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018)
|
26
The Gabelli Dividend & Income Trust
Additional Fund Information (Continued) (Unaudited)
|
|
|
|
|
|
|
Name, Position(s)
Address1
and Age
|
|
Term of Office
and Length of
Time Served2
|
|
|
|
Principal Occupation(s)
During Past Five Years
|
|
|
|
|
OFFICERS:
|
|
|
|
|
|
|
|
|
|
|
Bruce N. Alpert
President
Age: 68
|
|
Since 2003
|
|
|
|
Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Gabelli/GAMCO Fund Complex; Senior Vice President of GAMCO Investors, Inc. since
2008
|
|
|
|
|
John C. Ball
Treasurer
Age: 43
|
|
Since 2017
|
|
|
|
Treasurer of funds within the Gabelli/GAMCO Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Vice President of State Street Corporation, 2007-2014
|
|
|
|
|
Agnes Mullady
Vice President
Age: 61
|
|
Since 2006
|
|
|
|
Officer of registered investment companies within the Gabelli/GAMCO Fund Complex since 2006; President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC since 2015; Chief Executive Officer of G.distributors, LLC
since 2010; Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Executive Vice President of Associated Capital Group, Inc. since 2016
|
|
|
|
|
Andrea R. Mango
Secretary and Vice President
Age: 47
|
|
Since 2013
|
|
|
|
Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Vice President of closed-end funds within the Gabelli/GAMCO Fund Complex since 2014
|
|
|
|
|
Richard J. Walz
Chief Compliance Officer
Age: 60
|
|
Since 2013
|
|
|
|
Chief Compliance Officer of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013
|
27
The Gabelli Dividend & Income Trust
Additional Fund Information (Continued) (Unaudited)
|
|
|
|
|
|
|
Name, Position(s)
Address1
and Age
|
|
Term of Office
and Length of
Time Served2
|
|
|
|
Principal Occupation(s)
During Past Five Years
|
|
|
|
|
Carter W. Austin
Vice President and Ombudsman
Age: 53
|
|
Since 2003
|
|
|
|
Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Senior Vice President (since 2015) and Vice President (1996-2015) of Gabelli Funds, LLC
|
|
|
|
|
Laurissa M. Martire
Vice President and Ombudsman
Age: 43
|
|
Since 2011
|
|
|
|
Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Senior Vice President (since 2019) and other positions (2003-2019) of GAMCO Investors, Inc.
|
|
|
|
|
David I. Schachter
Vice President
Age: 66
|
|
Since 2011
|
|
|
|
Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Senior Vice President (since 2015) and Vice President (1999-2015) of G.research, LLC
|
1
|
Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.
|
2
|
The Funds Board of Trustees is divided into three classes, each class having a term of three years. Each year the
term of office of one class expires and the successor or successors elected to such class serve for a three year term. The three year term for each class expires as follows:
|
|
*
|
Term expires at the Funds 2020 Annual Meeting of Shareholders or until their successors are duly elected and
qualified.
|
|
**
|
Term expires at the Funds 2021 Annual Meeting of Shareholders or until their successors are duly elected and
qualified.
|
|
***
|
Term expires at the Funds 2022 Annual Meeting of Shareholders or until their successors are duly elected and
qualified.
|
|
For officers, includes time served in prior officer positions with the Fund. Each officer will hold office for an
indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.
|
3
|
This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of
1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.
|
4
|
Interested person of the Fund, as defined in the 1940 Act. Mr. Gabelli is considered an
interested person because of his affiliation with Gabelli Funds, LLC which acts as the Funds investment adviser. Mr. Tokar is considered an interested person because of his sons employment by an affiliate of
the investment adviser.
|
5
|
Trustees who are not interested persons are considered Independent Trustees.
|
6
|
This Trustee is elected solely by and represents the shareholders of the preferred shares issued by this Fund.
|
7
|
Mr. Fahrenkopfs daughter, Leslie F. Foley, serves as a director of other funds in the Fund Complex.
Mr. van Ekris is an independent director of Gabelli International Ltd., Gabelli Fund LDC, Gama Capital Opportunities Master Ltd., and GAMCO International SICAV, all of which may be deemed to be controlled by Mario J. Gabelli and/or affiliates
and, in that event, would be deemed to be under common control with the Funds Adviser.
|
8
|
Mr. Zizza is an independent director of Gabelli International Ltd., which may be deemed to be controlled by Mario
J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Funds Adviser. On September 9, 2015, Mr. Zizza entered into a settlement with the SEC to resolve an inquiry relating to an alleged
violation regarding the making of false statements or omissions to the accountants of a company concerning a related party transaction. The company in question is not an affiliate of, nor has any connection to, the Fund. Under the terms of the
settlement, Mr. Zizza, without admitting or denying the SECs findings and allegation, paid $150,000 and agreed to cease and desist committing or causing any future violations of Rule 13b2-2 of the
Securities Exchange Act of 1934, as amended. The Board has discussed this matter and has determined that it does not disqualify Mr. Zizza from serving as an Independent Trustee.
|
9
|
Mr. Colavitas father, Anthony J. Colavita, serve as a director of other funds in the Fund Complex.
|
28
THE GABELLI DIVIDEND & INCOME TRUST
INCOME TAX INFORMATION (Unaudited)
December 31, 2019
Cash Dividends and Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
|
|
|
Long Term
|
|
|
|
|
|
Total Amount
|
|
|
Dividend
|
|
Payable
|
|
|
Record
|
|
|
Investment
|
|
|
Capital
|
|
|
Return of
|
|
|
Paid
|
|
|
Reinvestment
|
|
Date
|
|
|
Date
|
|
|
Income(a)
|
|
|
Gains
|
|
|
Capital(b)
|
|
|
Per Share(c)
|
|
|
Price
|
|
|
Common Shares
|
|
|
|
|
|
|
|
|
|
|
01/24/19
|
|
|
|
01/16/19
|
|
|
|
$ 0.02721
|
|
|
|
$ 0.07979
|
|
|
|
$0.00300
|
|
|
|
$ 0.11000
|
|
|
|
$20.20340
|
|
|
02/21/19
|
|
|
|
02/13/19
|
|
|
|
0.02721
|
|
|
|
0.07979
|
|
|
|
0.00300
|
|
|
|
0.11000
|
|
|
|
21.47370
|
|
|
03/22/19
|
|
|
|
03/15/19
|
|
|
|
0.02721
|
|
|
|
0.07979
|
|
|
|
0.00300
|
|
|
|
0.11000
|
|
|
|
21.06170
|
|
|
04/23/19
|
|
|
|
04/15/19
|
|
|
|
0.02721
|
|
|
|
0.07979
|
|
|
|
0.00300
|
|
|
|
0.11000
|
|
|
|
21.75990
|
|
|
05/23/19
|
|
|
|
05/16/19
|
|
|
|
0.02721
|
|
|
|
0.07979
|
|
|
|
0.00300
|
|
|
|
0.11000
|
|
|
|
21.22760
|
|
|
06/21/19
|
|
|
|
06/14/19
|
|
|
|
0.02721
|
|
|
|
0.07979
|
|
|
|
0.00300
|
|
|
|
0.11000
|
|
|
|
21.78590
|
|
|
07/24/19
|
|
|
|
07/17/19
|
|
|
|
0.02721
|
|
|
|
0.07979
|
|
|
|
0.00300
|
|
|
|
0.11000
|
|
|
|
22.16180
|
|
|
08/23/19
|
|
|
|
08/16/19
|
|
|
|
0.02721
|
|
|
|
0.07979
|
|
|
|
0.00300
|
|
|
|
0.11000
|
|
|
|
20.63680
|
|
|
09/23/19
|
|
|
|
09/16/19
|
|
|
|
0.02721
|
|
|
|
0.07979
|
|
|
|
0.00300
|
|
|
|
0.11000
|
|
|
|
21.59610
|
|
|
10/24/19
|
|
|
|
10/17/19
|
|
|
|
0.02721
|
|
|
|
0.07979
|
|
|
|
0.00300
|
|
|
|
0.11000
|
|
|
|
20.71760
|
|
|
11/21/19
|
|
|
|
11/14/19
|
|
|
|
0.02721
|
|
|
|
0.07979
|
|
|
|
0.00300
|
|
|
|
0.11000
|
|
|
|
20.72380
|
|
|
12/20/19
|
|
|
|
12/13/19
|
|
|
|
0.02721
|
|
|
|
0.07979
|
|
|
|
0.00300
|
|
|
|
0.11000
|
|
|
|
21.84880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.32652
|
|
|
|
$ 0.95748
|
|
|
|
$0.03600
|
|
|
|
$ 1.32000
|
|
|
|
|
|
|
|
|
|
5.875% Series A Cumulative Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
03/26/19
|
|
|
|
03/19/19
|
|
|
|
$0.0933651
|
|
|
|
$0.2738224
|
|
|
|
|
|
|
|
$0.3671875
|
|
|
|
|
|
|
06/26/19
|
|
|
|
06/19/19
|
|
|
|
0.0933651
|
|
|
|
0.2738224
|
|
|
|
|
|
|
|
0.3671875
|
|
|
|
|
|
|
09/26/19
|
|
|
|
09/19/19
|
|
|
|
0.0933651
|
|
|
|
0.2738224
|
|
|
|
|
|
|
|
0.3671875
|
|
|
|
|
|
|
12/26/19
|
|
|
|
12/18/19
|
|
|
|
0.0933651
|
|
|
|
0.2738224
|
|
|
|
|
|
|
|
0.3671875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.3734604
|
|
|
|
$1.0952896
|
|
|
|
|
|
|
|
$1.4687500
|
|
|
|
|
|
|
|
|
|
6.000% Series D Cumulative Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
03/26/19
|
|
|
|
03/19/19
|
|
|
|
$0.09535
|
|
|
|
$ 0.27965
|
|
|
|
|
|
|
|
$ 0.37500
|
|
|
|
|
|
|
06/26/19
|
|
|
|
06/19/19
|
|
|
|
0.09535
|
|
|
|
0.27965
|
|
|
|
|
|
|
|
0.37500
|
|
|
|
|
|
|
09/26/19
|
|
|
|
09/19/19
|
|
|
|
0.09535
|
|
|
|
0.27965
|
|
|
|
|
|
|
|
0.37500
|
|
|
|
|
|
|
12/26/19
|
|
|
|
12/18/19
|
|
|
|
0.09535
|
|
|
|
0.27965
|
|
|
|
|
|
|
|
0.37500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.38140
|
|
|
|
$ 1.11860
|
|
|
|
|
|
|
|
$ 1.50000
|
|
|
|
|
|
|
|
|
|
5.250% Series G Cumulative Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
03/26/19
|
|
|
|
03/19/19
|
|
|
|
$0.0834320
|
|
|
|
$0.2446930
|
|
|
|
|
|
|
|
$0.3281250
|
|
|
|
|
|
|
06/26/19
|
|
|
|
06/19/19
|
|
|
|
0.0834320
|
|
|
|
0.2446930
|
|
|
|
|
|
|
|
0.3281250
|
|
|
|
|
|
|
09/26/19
|
|
|
|
09/19/19
|
|
|
|
0.0834320
|
|
|
|
0.2446930
|
|
|
|
|
|
|
|
0.3281250
|
|
|
|
|
|
|
12/26/19
|
|
|
|
12/18/19
|
|
|
|
0.0834320
|
|
|
|
0.2446930
|
|
|
|
|
|
|
|
0.3281250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.3337280
|
|
|
|
$0.9787720
|
|
|
|
|
|
|
|
$1.3125000
|
|
|
|
|
|
|
|
|
|
5.375% Series H Cumulative Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
09/26/19
|
|
|
|
09/19/19
|
|
|
|
$0.1034521
|
|
|
|
$0.3034055
|
|
|
|
|
|
|
|
$0.4068576
|
|
|
|
|
|
|
12/26/19
|
|
|
|
12/18/19
|
|
|
|
0.0854192
|
|
|
|
0.2505183
|
|
|
|
|
|
|
|
0.3359375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.1888713
|
|
|
|
$0.5539238
|
|
|
|
|
|
|
|
$0.7427951
|
|
|
|
|
|
Series B and C Auction Market Cumulative and Series E Auction Rate Cumulative Preferred Shares
Auction Market and Auction Rate Preferred Shares pay dividends weekly based on the maximum rate. The distributions derived from long
term capital gains for the Series B, Series C, or Series E Auction Preferred Shares were $18,528,846 for the year ended December 31, 2019.
A Form 1099-DIV has been mailed to all shareholders of record for the distributions mentioned
above, setting forth specific amounts to be included in the 2019 tax returns. Ordinary income distributions include net investment income and realized net short term capital gains, if any. Ordinary income is reported in box 1a of Form 1099-DIV. Capital gain distributions are reported in box 2a of Form 1099-DIV. The long term gain distributions on common shares for the year ended December 31, 2019 were
$79,562,618.
Corporate Dividends Received Deduction, Qualified Dividend Income, and U.S. Government Securities Income
In 2019, the Fund paid to common, 5.875% Series A, 6.000% Series D, 5.250% Series G, and 5.375% Series H Cumulative Preferred
shareholders ordinary income dividends of $0.32652, $0.37346, $0.38140, $0.33373, and $0.18887 per share, respectively. The Fund paid weekly distributions to Series B, C, and E preferred shareholders at varying rates throughout the year, including
ordinary income dividends totaling $212.87, $213.30, and $251.56 per share, respectively. For the year ended December 31, 2019, 100% of the ordinary dividend qualified for the dividends received deduction available to corporations and 100% of
the ordinary income distribution was deemed qualified dividend income, 100% of the ordinary income distribution was qualified short term capital gain, and 2.08% of the ordinary income distribution was deemed qualified interest income. The percentage
of U.S. Treasury securities held as of December 31, 2019 was 4.3%.
29
THE GABELLI DIVIDEND & INCOME TRUST
INCOME TAX INFORMATION (Unaudited) (Continued)
December 31, 2019
Historical Distribution Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Term
|
|
|
Long Term
|
|
|
|
|
|
|
|
|
Adjustment
|
|
|
|
Investment
|
|
|
Capital
|
|
|
Capital
|
|
|
Return of
|
|
|
Total
|
|
|
to Cost
|
|
|
|
Income(a)
|
|
|
Gains(a)
|
|
|
Gains
|
|
|
Capital(b)
|
|
|
Distributions(c)
|
|
|
Basis(d)
|
|
Common Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
$ 0.29580
|
|
|
|
$ 0.03072
|
|
|
|
$ 0.95748
|
|
|
|
$0.03600
|
|
|
|
$ 1.32000
|
|
|
|
$0.03600
|
|
2018
|
|
|
0.36840
|
|
|
|
|
|
|
|
0.93120
|
|
|
|
0.02040
|
|
|
|
1.32000
|
|
|
|
0.02040
|
|
2017
|
|
|
0.28190
|
|
|
|
|
|
|
|
0.96370
|
|
|
|
0.07440
|
|
|
|
1.32000
|
|
|
|
0.07440
|
|
2016
|
|
|
0.30600
|
|
|
|
0.00840
|
|
|
|
1.00560
|
|
|
|
|
|
|
|
1.32000
|
|
|
|
|
|
2015
|
|
|
0.30852
|
|
|
|
0.02780
|
|
|
|
0.62160
|
|
|
|
0.28208
|
|
|
|
1.24000
|
|
|
|
0.28208
|
|
2014(e)
|
|
|
0.38937
|
|
|
|
0.06471
|
|
|
|
1.90232
|
|
|
|
0.02360
|
|
|
|
2.38000
|
|
|
|
0.02360
|
|
2013
|
|
|
0.31020
|
|
|
|
0.00550
|
|
|
|
0.71430
|
|
|
|
|
|
|
|
1.03000
|
|
|
|
|
|
2012
|
|
|
0.37632
|
|
|
|
0.30588
|
|
|
|
|
|
|
|
0.27780
|
|
|
|
0.96000
|
|
|
|
0.27780
|
|
2011
|
|
|
0.26832
|
|
|
|
0.13452
|
|
|
|
|
|
|
|
0.49716
|
|
|
|
0.90000
|
|
|
|
0.49716
|
|
2010
|
|
|
0.16120
|
|
|
|
|
|
|
|
|
|
|
|
0.59880
|
|
|
|
0.76000
|
|
|
|
0.59880
|
|
5.875% Series A Cumulative Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
$0.3383752
|
|
|
|
$0.0350852
|
|
|
|
$1.0952896
|
|
|
|
|
|
|
|
$1.4687500
|
|
|
|
|
|
2018
|
|
|
0.4158524
|
|
|
|
|
|
|
|
1.0528976
|
|
|
|
|
|
|
|
1.4687500
|
|
|
|
|
|
2017
|
|
|
0.33224
|
|
|
|
|
|
|
|
1.13651
|
|
|
|
|
|
|
|
1.46875
|
|
|
|
|
|
2016
|
|
|
0.34045
|
|
|
|
0.00930
|
|
|
|
1.11900
|
|
|
|
|
|
|
|
1.46875
|
|
|
|
|
|
2015
|
|
|
0.47310
|
|
|
|
0.04264
|
|
|
|
0.95301
|
|
|
|
|
|
|
|
1.46875
|
|
|
|
|
|
2014
|
|
|
0.24271
|
|
|
|
0.04031
|
|
|
|
1.18573
|
|
|
|
|
|
|
|
1.46875
|
|
|
|
|
|
2013
|
|
|
0.44235
|
|
|
|
0.00795
|
|
|
|
1.01845
|
|
|
|
|
|
|
|
1.46875
|
|
|
|
|
|
2012
|
|
|
0.81025
|
|
|
|
0.65850
|
|
|
|
|
|
|
|
|
|
|
|
1.46875
|
|
|
|
|
|
2011
|
|
|
0.97821
|
|
|
|
0.49054
|
|
|
|
|
|
|
|
|
|
|
|
1.46875
|
|
|
|
|
|
2010
|
|
|
1.46875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.46875
|
|
|
|
|
|
6.000% Series D Cumulative Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
$ 0.34556
|
|
|
|
$ 0.03584
|
|
|
|
$ 1.11860
|
|
|
|
|
|
|
|
$ 1.50000
|
|
|
|
|
|
2018
|
|
|
0.42472
|
|
|
|
|
|
|
|
1.07528
|
|
|
|
|
|
|
|
1.50000
|
|
|
|
|
|
2017
|
|
|
0.33930
|
|
|
|
|
|
|
|
1.16070
|
|
|
|
|
|
|
|
1.50000
|
|
|
|
|
|
2016
|
|
|
0.34768
|
|
|
|
0.00952
|
|
|
|
1.14280
|
|
|
|
|
|
|
|
1.50000
|
|
|
|
|
|
2015
|
|
|
0.48316
|
|
|
|
0.04356
|
|
|
|
0.97328
|
|
|
|
|
|
|
|
1.50000
|
|
|
|
|
|
2014
|
|
|
0.24788
|
|
|
|
0.04116
|
|
|
|
1.21096
|
|
|
|
|
|
|
|
1.50000
|
|
|
|
|
|
2013
|
|
|
0.45176
|
|
|
|
0.00812
|
|
|
|
1.04012
|
|
|
|
|
|
|
|
1.50000
|
|
|
|
|
|
2012
|
|
|
0.82760
|
|
|
|
0.67240
|
|
|
|
|
|
|
|
|
|
|
|
1.50000
|
|
|
|
|
|
2011
|
|
|
0.99920
|
|
|
|
0.50080
|
|
|
|
|
|
|
|
|
|
|
|
1.50000
|
|
|
|
|
|
2010
|
|
|
1.50000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.50000
|
|
|
|
|
|
5.250% Series G Cumulative Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
$0.3023760
|
|
|
|
$0.0313520
|
|
|
|
$0.9787720
|
|
|
|
|
|
|
|
$1.3125000
|
|
|
|
|
|
2018
|
|
|
0.3716128
|
|
|
|
|
|
|
|
0.9408872
|
|
|
|
|
|
|
|
1.3125000
|
|
|
|
|
|
2017
|
|
|
0.29689
|
|
|
|
|
|
|
|
1.01561
|
|
|
|
|
|
|
|
1.31250
|
|
|
|
|
|
2016
|
|
|
0.14789
|
|
|
|
0.00404
|
|
|
|
0.48609
|
|
|
|
|
|
|
|
0.63802
|
|
|
|
|
|
5.375% Series H Cumulative Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
$0.1711274
|
|
|
|
$0.0177439
|
|
|
|
$0.5539238
|
|
|
|
|
|
|
|
$0.7427951
|
|
|
|
|
|
30
THE GABELLI DIVIDEND & INCOME TRUST
INCOME TAX INFORMATION (Unaudited) (Continued)
December 31, 2019
Historical Distribution Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Term
|
|
|
Long Term
|
|
|
|
|
|
|
|
|
|
Investment
|
|
|
Capital
|
|
|
Capital
|
|
|
Return of
|
|
|
Total
|
|
|
|
Income(a)
|
|
|
Gains(a)
|
|
|
Gains
|
|
|
Capital(b)
|
|
|
Distributions(c)
|
|
Auction Market/Rate Cumulative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 Class B Shares
|
|
|
$212.87165
|
|
|
|
$ 22.07221
|
|
|
|
$689.04614
|
|
|
|
|
|
|
|
$ 923.99000
|
|
2019 Class C Shares
|
|
|
213.29786
|
|
|
|
22.11640
|
|
|
|
690.42574
|
|
|
|
|
|
|
|
925.84000
|
|
2019 Class E Shares
|
|
|
251.55758
|
|
|
|
26.08347
|
|
|
|
814.26895
|
|
|
|
|
|
|
|
1,091.91000
|
|
2018 Class B Shares
|
|
|
247.46148
|
|
|
|
|
|
|
|
626.54852
|
|
|
|
|
|
|
|
874.01000
|
|
2018 Class C Shares
|
|
|
242.70483
|
|
|
|
|
|
|
|
614.50517
|
|
|
|
|
|
|
|
857.21000
|
|
2018 Class E Shares
|
|
|
341.12203
|
|
|
|
|
|
|
|
863.68797
|
|
|
|
|
|
|
|
1,204.81000
|
|
2017 Class B Shares
|
|
|
146.74851
|
|
|
|
|
|
|
|
499.55149
|
|
|
|
|
|
|
|
646.30000
|
|
2017 Class C Shares
|
|
|
147.18673
|
|
|
|
|
|
|
|
501.04327
|
|
|
|
|
|
|
|
648.23000
|
|
2017 Class E Shares
|
|
|
204.25358
|
|
|
|
|
|
|
|
695.30642
|
|
|
|
|
|
|
|
899.56000
|
|
2016 Class B Shares
|
|
|
113.64000
|
|
|
|
3.11000
|
|
|
|
373.52000
|
|
|
|
|
|
|
|
490.27000
|
|
2016 Class C Shares
|
|
|
113.83000
|
|
|
|
3.11000
|
|
|
|
374.13000
|
|
|
|
|
|
|
|
491.07000
|
|
2016 Class E Shares
|
|
|
172.25000
|
|
|
|
4.71000
|
|
|
|
566.16000
|
|
|
|
|
|
|
|
743.12000
|
|
2015 Class B Shares
|
|
|
135.24823
|
|
|
|
12.19058
|
|
|
|
272.44119
|
|
|
|
|
|
|
|
419.88000
|
|
2015 Class C Shares
|
|
|
135.44794
|
|
|
|
12.20858
|
|
|
|
272.84348
|
|
|
|
|
|
|
|
420.50000
|
|
2015 Class E Shares
|
|
|
216.66839
|
|
|
|
19.52938
|
|
|
|
436.45223
|
|
|
|
|
|
|
|
672.65000
|
|
2014 Class B Shares
|
|
|
67.75947
|
|
|
|
11.25488
|
|
|
|
331.03565
|
|
|
|
|
|
|
|
410.05000
|
|
2014 Class C Shares
|
|
|
69.08641
|
|
|
|
11.47528
|
|
|
|
337.51831
|
|
|
|
|
|
|
|
418.08000
|
|
2014 Class E Shares
|
|
|
109.54380
|
|
|
|
18.19527
|
|
|
|
535.17093
|
|
|
|
|
|
|
|
662.91000
|
|
2013 Class B Shares
|
|
|
125.97838
|
|
|
|
2.26456
|
|
|
|
290.04706
|
|
|
|
|
|
|
|
418.29000
|
|
2013 Class C Shares
|
|
|
126.00248
|
|
|
|
2.26499
|
|
|
|
290.10253
|
|
|
|
|
|
|
|
418.37000
|
|
2013 Class E Shares
|
|
|
206.03966
|
|
|
|
3.70373
|
|
|
|
474.37661
|
|
|
|
|
|
|
|
684.12000
|
|
2012 Class B Shares
|
|
|
221.40190
|
|
|
|
179.93810
|
|
|
|
|
|
|
|
|
|
|
|
401.34000
|
|
2012 Class C Shares
|
|
|
216.87831
|
|
|
|
176.26169
|
|
|
|
|
|
|
|
|
|
|
|
393.14000
|
|
2012 Class E Shares
|
|
|
299.97988
|
|
|
|
243.80012
|
|
|
|
|
|
|
|
|
|
|
|
543.78000
|
|
2011 Class B Shares
|
|
|
243.86841
|
|
|
|
122.29159
|
|
|
|
|
|
|
|
|
|
|
|
366.16000
|
|
2011 Class C Shares
|
|
|
243.76851
|
|
|
|
122.24149
|
|
|
|
|
|
|
|
|
|
|
|
366.01000
|
|
2011 Class E Shares
|
|
|
285.90068
|
|
|
|
143.36932
|
|
|
|
|
|
|
|
|
|
|
|
429.27000
|
|
2010 Class B Shares
|
|
|
381.65000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
381.65000
|
|
2010 Class C Shares
|
|
|
381.65000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
381.65000
|
|
2010 Class E Shares
|
|
|
444.84000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
444.84000
|
|
2009 Class B Shares
|
|
|
388.12000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
388.12000
|
|
2009 Class C Shares
|
|
|
388.02000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
388.02000
|
|
2009 Class E Shares
|
|
|
451.10000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
451.10000
|
|
(a) Taxable as ordinary
income for Federal tax purposes.
(b) Non-taxable.
(c) Total amounts may differ due to rounding.
(d) Decrease in cost basis.
(e) Includes the spin-off of the Gabelli Global Small and Mid Cap Value Trust (GGZ). On June 23, 2014, the
Fund distributed shares of GGZ valued at $12.00 per share. Common shareholders of GDV received one share of GGZ for every ten shares owned of GDV.
All designations are
based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the
regulations thereunder.
The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading General Equity
Funds, in Mondays The Wall Street Journal. It is also listed in Barrons 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.
31
THE GABELLI DIVIDEND & INCOME TRUST
ANNUAL APPROVAL OF CONTINUANCE OF INVESTMENT ADVISORY AGREEMENT (Unaudited)
During the six months ended December 31, 2019, the Board of Trustees of the Trust approved the continuation of the investment advisory agreement
with the Adviser for the Trust on the basis of the recommendation by the trustees (the Independent Board Members) who are not interested persons of the Trust. The following paragraphs summarize the material information and factors considered by the
Independent Board Members as well as their conclusions relative to such factors.
Nature, Extent, and Quality of Services. The Independent
Board Members considered information regarding the portfolio managers, the depth of the analyst pool available to the Adviser and the portfolio managers, the scope of administrative, shareholder, and other services supervised or provided by the
Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio managers.
Investment Performance. The Independent Board Members reviewed the performance of the Fund over the one, three, and five year periods (as of
September 30, 2019) against a peer group of thirteen other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a larger peer group of 23 closed-end funds constituting
the Funds Lipper category (Objective Equity Funds) (the Lipper Peer Group). The Independent Board Members noted that the Funds performance was in the fourth quartile for the one, three, and five year periods for the Adviser
Peer Group, and in the third quartile for the one, three, and five year periods for the Lipper Peer Group.
Profitability. The Independent
Board Members reviewed summary data regarding the profitability of the Fund to the Adviser.
Economies of Scale. The Independent Board
Members discussed the major elements of the Advisers cost structure, the relationship of those elements to potential economies of scale and reviewed data provided by the Adviser. The Independent Board Members noted that the Fund was a closed-end fund trading at a discount to net asset value and accordingly unlikely to achieve growth of the type that might lead to economies of scale that the shareholders would not participate in.
Sharing of Economies Scale. The Independent Board Members noted that the investment management fee schedule for the Fund does not take into
account any potential economies of scale.
Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the
investment management fee, other expenses, and total expenses of the Fund with similar expense ratios of the Adviser Peer Group and the Lipper Peer Group. The Independent Board Members noted that the Advisers management fee includes
substantially all administrative services of the Fund as well as investment advisory services. The Independent Board Members noted that the Fund was larger than average within each peer group and that its expense ratios were either roughly average
or above average within each peer group. The Independent Board Members also noted that the management fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with, but did not attach
significance to, information comparing the management fee with the fee for other types of accounts managed by an affiliate of the Adviser.
Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary
services, and an acceptable performance record. The Independent Board Members also concluded that the Funds expense ratios and the profitability to the Adviser of managing the Fund were reasonable, and that economies of scale were not a
significant factor in their thinking. The Independent
32
THE GABELLI DIVIDEND & INCOME TRUST
ANNUAL APPROVAL OF CONTINUANCE OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)
Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single
conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.
Based on a
consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Funds advisory fee was fair and reasonable with respect to the quality of services provided and in
light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Funds Advisory Agreement. The Board Members based their decision on evaluations of all
these factors as a whole and did not consider any one factor as all important or controlling.
33
AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS
Under the Funds Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan (the Plan), a Shareholder whose
shares of common stock are registered in his or her own name will have all distributions reinvested automatically by Computershare Trust Company, N.A. (Computershare), which is an agent under the Plan, unless the shareholder elects to
receive cash. Distributions with respect to shares registered in the name of a broker-dealer or other nominee (that is, in street name) will be reinvested by the broker or nominee in additional shares under the Plan, unless the service
is not provided by the broker or nominee or the shareholder elects to receive distributions in cash. Investors who own shares of common stock registered in street name should consult their broker-dealers for details regarding reinvestment. All
distributions to investors who do not participate in the Plan will be paid by check mailed directly to the record holder by Computershare as dividend-disbursing agent.
Enrollment in the Plan
It is the policy of
The Gabelli Dividend & Income Trust (the Fund) to automatically reinvest dividends payable to common shareholders. As a registered shareholder you automatically become a participant in the Funds Automatic
Dividend Reinvestment Plan (the Plan). The Plan authorizes the Fund to credit common shares to participants upon an income dividend or a capital gains distribution regardless of whether the shares are trading at a discount or a premium
to net asset value. All distributions to shareholders whose shares are registered in their own names will be automatically reinvested pursuant to the Plan in additional shares of the Fund. Plan participants may send their common shares certificates
to Computershare Trust Company, N.A. (Computershare) to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distributions in cash may submit this request through the Internet, by telephone or
in writing to:
The Gabelli Dividend & Income Trust
c/o Computershare
P.O. Box 505000
Louisville, KY 40233-5000
Telephone: (800) 336-6983
Website: www.computershare.com/investor
Shareholders requesting this cash election must include the shareholders name and address as they appear on the Funds
records. Shareholders with additional questions regarding the Plan or requesting a copy of the terms of the Plan, may contact Computershare at the website or telephone number above.
If your shares are held in the name of a broker, bank, or nominee, you should contact such institution. If such institution is not
participating in the Plan, your account will be credited with a cash dividend. In order to participate in the Plan through such institution, it may be necessary for you to have your shares taken out of street name and re-registered in your own name. Once registered in your own name your distributions will be automatically reinvested. Certain brokers participate in the Plan. Shareholders holding shares in street name
at participating institutions will have dividends automatically reinvested. Shareholders wishing a cash dividend at such institution must contact their broker to make this change.
The number of shares of common shares distributed to participants in the Plan in lieu of cash dividends is determined in the following
manner. Under the Plan, whenever the market price of the Funds common shares is equal to or exceeds net asset value at the time shares are valued for purposes of determining the number of shares equivalent to the cash dividends or capital
gains distribution, participants are issued shares of common shares valued at the greater of (i) the net asset value as most recently determined or (ii) 95% of the then current market price of the Funds common shares. The valuation date
is the dividend or distribution payment date or, if that date is not a New York Stock Exchange (NYSE) trading day, the next trading day. If the net asset value of the common shares at the time of valuation exceeds the market price of the
common shares, participants will receive shares from the Fund valued at market price. If the Fund should declare a dividend or capital gains distribution payable only in cash, Computershare will buy shares of common shares in the open market, or on
the NYSE or elsewhere, for the participants accounts, except that Computershare will endeavor to terminate purchases in the open market and cause the Fund to issue shares at net asset value if, following the commencement of such purchases, the
market value of the common shares exceeds the then current net asset value.
The automatic reinvestment of dividends and capital
gains distributions will not relieve participants of any income tax which may be payable on such distributions. A participant in the Plan will be treated for federal income tax purposes as having received, on a dividend payment date, a dividend or
distribution in an amount equal to the cash the participant could have received instead of shares.
Voluntary Cash Purchase Plan
The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders to increase their investment in the Fund. In order to
participate in the Voluntary Cash Purchase Plan, shareholders must have their shares registered in their own name.
Participants in
the Voluntary Cash Purchase Plan have the option of making additional cash payments to Computershare for investments in the Funds shares at the then current market price. shareholders may send an amount from $250 to $10,000. Computershare will
use these funds to purchase shares in the open market on or about the 1st and 15th of each month. Computershare will charge each shareholder who participates $0.75, plus a per share fee (currently $0.02 per share). Per share fees include any
applicable brokerage commissions Computershare is required to pay and fees for such purchases are expected to be less than the usual fees for such transactions. It is suggested that any voluntary cash payments be sent to Computershare, P.O. Box
6006, Carol Stream, IL 60197-6006 such that Computershare receives such payments approximately two business days before the 1st and 15th of the month. Funds not received at least two business days before the investment date shall be held for
investment
34
AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS
(Continued)
until the next purchase date. A payment may be withdrawn without charge if notice is received by Computershare at least two business days before such payment is to be invested.
Shareholders wishing to liquidate shares held at Computershare may do so through the Internet, in writing or by telephone to the
above-mentioned website, address or telephone number. Include in your request your name, address, and account number. Computershare will sell such shares through a broker-dealer selected by Computershare within 5 business days of receipt of the
request. The sale price will equal the weighted average price of all shares sold through the Plan on the day of the sale, less applicable fees . Participants should note that Computershare is unable to accept instructions to sell on a specific date
or at a specific price. The cost to liquidate shares is $2.50 per transaction as well as the per share fee (currently $0.10 per share) Per share fees include any applicable brokerage commissions Computershare is required to pay and are expected to
be less than the usual fees for such transactions.
More information regarding the Automatic Dividend Reinvestment Plan and
Voluntary Cash Purchase Plan is available by calling (914) 921-5070 or by writing directly to the Fund.
The Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or
distribution paid subsequent to written notice of the change sent to the members of the Plan at least 30 days before the record date for such dividend or distribution. The Plan also may be amended or terminated by Computershare on at least 30 days
written notice to participants in the Plan.
35
THE GABELLI DIVIDEND & INCOME TRUST
AND YOUR PERSONAL PRIVACY
Who are we?
The Gabelli Dividend & Income Trust is a closed-end management investment company registered with the
Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company that has subsidiaries that provide investment advisory
services for a variety of clients.
What kind of non-public information do we collect about you if you become a Fund
shareholder?
When you purchase shares of the Fund on the New York Stock Exchange, you have the option of registering directly with our transfer
agent in order, for example, to participate in our dividend reinvestment plan.
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Information you give us on your application form. This could include your name, address, telephone number, social
security number, bank account number, and other information.
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Information about your transactions with us. This would include information about the shares that you buy or
sell; it may also include information about whether you sell or exercise rights that we have issued from time to time. If we hire someone else to provide services like a transfer agent we will also have information about the
transactions that you conduct through them.
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What information do we disclose and to whom do we disclose it?
We do not disclose any non-public personal information about our customers or former customers to anyone other
than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are
in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.
What do we do to protect your personal information?
We restrict access to non-public personal information about you to the people who need to know that information
in order to provide services to you or the Fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.
THE GABELLI DIVIDEND & INCOME TRUST
One Corporate Center
Rye, NY 10580-1422
Portfolio Management Team Biographies
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Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value
Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a
summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.
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Christopher J. Marangi joined Gabelli in 2003 as a research analyst. Currently he is a Managing Director
and Co-Chief Investment Officer for GAMCO Investors, Inc.s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the 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 degree with honors from Columbia Business School.
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Kevin V. Dreyer joined Gabelli in 2005 as a research analyst covering companies within the consumer
sector. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several
funds within the Gabelli/GAMCO Fund Complex. Mr. Dreyer received a BSE from the University of Pennsylvania and an MBA degree from Columbia Business School.
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Sarah Donnelly joined Gabelli in 1999 as a junior research analyst working with the consumer staples and
media analysts. Currently she is a portfolio manager of Gabelli Funds, LLC, a Senior Vice President, and the Food, Household, and Personal Care products research analyst for Gabelli & Company. In 2013, she was named the Health &
Wellness research platform leader. Ms. Donnelly received a BS in Business Administration with a concentration in Finance and minor in History from Fordham University.
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Robert D. Leininger, CFA, joined GAMCO Investors, Inc. in 1993 as an equity analyst. Subsequently, he was
a partner and portfolio manager at Rorer Asset Management before rejoining GAMCO in 2010 where he currently serves as a portfolio manager of Gabelli Funds, LLC. Mr. Leininger is a magna cum laude graduate of Amherst College with a degree in
Economics and holds an MBA degree from the Wharton School at the University of Pennsylvania.
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Jeffrey J. Jonas, CFA, joined Gabelli in 2003 as a research analyst focusing on companies across the
healthcare industry. In 2006, he began serving as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Fund Complex. Mr. Jonas was a Presidential Scholar at Boston College, where he received a BS in
Finance and Management Information Systems.
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Brian C. Sponheimer is a portfolio manager and research analyst, responsible for coverage of automotive,
trucking, and machinery stocks. In 2010, 2011, and 2016, Mr. Sponheimer was recognized by various financial publications, including the Wall Street Journal and the Financial Times, as a Best on the Street analyst. He began his
business career in institutional equities at CIBC World Markets in New York and Boston. Mr. Sponheimer graduated cum laude from Harvard University with a BA in Government and received an MBA in Finance and Economics from Columbia Business
School.
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Regina M. Pitaro is a Managing Director and Head of Institutional Marketing at GAMCO Investors, Inc.
Ms. Pitaro joined the firm in 1984 and coordinates the organizations focus with consultants and plan sponsors. She also serves as a Managing Director and Director of GAMCO Asset Management, Inc., and serves as a portfolio manager for
Gabelli Funds, LLC. Ms. Pitaro holds an MBA in Finance from the Columbia University Graduate School of Business, a Masters degree in Anthropology from Loyola University of Chicago, and a Bachelors degree from Fordham
University.
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Howard F. Ward, CFA, joined Gabelli Funds in 1995 and currently serves as GAMCOs Chief Investment
Officer of Growth Equities as well as a Gabelli Funds, LLC portfolio manager for several funds within the Gabelli/GAMCO Fund Complex. Prior to joining Gabelli, Mr. Ward served as Managing Director and Lead Portfolio Manager for several Scudder
mutual funds. He also was an Investment Officer in the Institutional Investment Department with Brown Brothers, Harriman & Co. Mr. Ward received his BA in Economics from Northwestern University.{}
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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 Mondays The Wall Street Journal. It is also listed in Barrons 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 Funds shares are trading at a discount of 7.5% or more from the net asset value of the shares. The Fund may also from time to time purchase its
preferred shares in the open market when the preferred shares are trading at a discount to the liquidation value.
THE GABELLI DIVIDEND & INCOME TRUST
One Corporate Center
Rye, NY 10580-1422
t
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800-GABELLI
(800-422-3554)
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TRUSTEES
Mario J. Gabelli, CFA
Chairman and
Chief Executive Officer,
GAMCO Investors, Inc.
Executive Chairman,
Associated Capital Group, Inc.
Anthony J. Colavita
President,
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
Kuni Nakamura
President,
Advanced Polymer, Inc.
Salvatore M. Salibello
Senior Partner,
Bright Side Consulting
Edward T. Tokar
Former Chief Executive
Officer of Allied
Capital Management, LLC, &
Vice President of Honeywell International, Inc.
Anthonie C. van Ekris
Chairman,
BALMAC International, Inc.
Susan V. Watson
Former President,
Investor Relations Association
Salvatore J. Zizza
Chairman,
Zizza & Associates Corp.
OFFICERS
Bruce N. Alpert
President
John C. Ball
Treasurer
Agnes Mullady
Vice President
Andrea R. Mango
Secretary &
Vice President
Richard J. Walz
Chief Compliance Officer
Carter W. Austin
Vice President & Ombudsman
Laurissa M. Martire
Vice President & Ombudsman
David I. Schachter
Vice President
INVESTMENT ADVISER
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
CUSTODIAN
State Street Bank and Trust
Company
COUNSEL
Skadden, Arps, Slate, Meagher &
Flom LLP
TRANSFER AGENT AND
REGISTRAR
Computershare Trust Company, N.A.
GDV Q4/2019