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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number        811-21423              

 

  The Gabelli Dividend & Income Trust  
  (Exact name of registrant as specified in charter)  

 

 

One Corporate Center

Rye, New York 10580-1422

 
  (Address of principal executive offices) (Zip code)  

 

 

John C. Ball

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

 
  (Name and address of agent for service)  

 

Registrant’s telephone number, including area code: 1-800-422-3554

 

Date of fiscal year end: December 31

 

Date of reporting period: December 31, 2022

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

 

 

Item 1. Reports to Stockholders.

 

(a)The Report to Shareholders is attached herewith.

 

   
 

 

 

The Gabelli Dividend & Income Trust

Annual Report December 31, 2022

 

To Our Shareholders,

 

For the year ended December 31, 2022, the net asset value (NAV) total return of The Gabelli Dividend & Income Trust (the Fund) was (14.4)%, compared with a total return of (18.1)% for the Standard & Poor’s (S&P) 500 Index. The total return for the Fund’s publicly traded shares was (18.6)%. The Fund’s NAV per share was $24.07, while the price of the publicly traded shares closed at $20.61 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.

 

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2022.

 

Investment Objective (Unaudited)

 

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

 

Performance Discussion (Unaudited)

 

In 2021, the Federal Reserve was saying the inflation was “transitory”. By the end of the first quarter of 2022, with inflation numbers hitting 40-year highs, almost nobody believed that inflation is “transitory”, including the Federal Reserve. In fact, the Federal Reserve started to take aggressive steps to both raise short term interest rates and to reduce the size of the Federal Reserve’s balance sheet in an effort to fight inflation. Energy costs and food prices have risen dramatically.

 

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

 

 

There were only two sectors in the S&P 500 Index that were up in the first quarter; the energy sector, which rose a huge 39%, and the utility sector which was up 5%. The other nine sectors were all down in the first quarter. The 5-year U.S. Treasury note yield moved up from 1.07% at the end of 2021 to 2.51% at the end of the first quarter. We continued to focus on companies that we believe will be able to raise prices and adjust to an inflationary environment.

 

Although the Fund was down in the first quarter, American Express, the credit card company that caters to a high end clientele, saw strong returns. With COVID restrictions easing across the country and world, more leisure travelers started to get out and travel once again. Another strong performer was Newmont, the gold mining company. With inflation concerns accelerating, many investors are looking to gold stocks as a way to hedge against inflation. Conoco Phillips was also a strong performer, as rising oil and natural gas prices helped the outlook for this energy company.

 

One of the stocks that did not perform well during the quarter was Sony, the Japanese based conglomerate with interests in media, entertainment, and electronics. Rising interest rates and a flattening yield curve put pressure on JPMorgan Chase, the large U.S. based bank. Each of these companies were down by over 10% in the first quarter.

 

The second quarter of 2022 saw a major pullback in all the stock market indices. For over two years, the American economy has been dealing with a global pandemic, and the massive amount of both fiscal and monetary stimuli that has been employed to address the pandemic, as well as supply chain disruptions, has generated sustained inflationary pressures. The Federal Funds target rate ended the second quarter at 1.75%, up from 0.25% at the end of 2021. Expectations are that the Federal Reserve will continue to raise interest rates.

 

On a total return basis, all eleven sectors of the S&P 500 Index were down during the second quarter. The worst performing sector was Discretionary, down about 26%, followed by Communication Services, which was down by about 21%. The three sectors that fell the least were Staples, Utilities, and Energy, all down by about 5%.

 

Although the Fund was down double digits in the second quarter, along with the overall stock market, there were some stocks that did well in the quarter. The stock with by far the best contribution to the Fund in the quarter was Swedish Match, the smokeless tobacco company based in Sweden. In May, Philip Morris International made an all cash offer to buy the company for a 39% premium to where the stock was trading before market speculation about a buyout started. Other stocks that performed relatively well were Genuine Parts and Eli Lilly. Some of the biggest underperformers were American Express, the credit card company, and two large technology companies, Alphabet and Microsoft.

 

The third quarter of 2022 was the third consecutive quarter of the S&P 500 Index declining. Although the U.S. economy was getting back to normal after more than two years of global pandemic shutdowns and supply chain disruptions, inflation remains the main concern for investors. For 13 years, we have had central bankers work very hard to keep interest rates low. As amazing as this may sound, in December of 2021, the world had $18 trillion dollars of negative yielding sovereign debt. The price of all of this central bank liquidity is now coming due in the form of inflation. At the end of the third quarter, the Federal Funds target rate stood at 3.25%, a full 300 basis points above where it was just one year ago.

 

Most sectors that make up the S&P 500 Index were down during the third quarter, with the communication services sector down the most at just over 12%. The S&P/Citigroup Growth Index was down about 4%, while the S&P/Citigroup Value Index was down by about 6%, driven in part by the many value stocks in the communication services sector.

 

2 

 

Although the Fund was down in line with the S&P 500 Index during the third quarter, there were also a number of stocks that were up. One of the strong performers was Genuine Parts, the auto parts supply company that owns the NAPA brand. The company beat sales and earnings expectations, as consumers hold on to their cars and trucks for longer and spend more to maintain them. Sales for the full year should be up double digits for Genuine Parts as they are able to pass along price increases to their customers. Higher oil prices also helped two energy companies perform well during the quarter; they were ConocoPhillips and Marathon Petroleum, both U.S. based energy companies with a heavy exposure to the price of oil.

 

There were, of course, many stocks that did not perform well in the third quarter with many down by double digits. One of the leading detractors to performance was Alphabet, parent company to Google. Higher interest rates have hurt the stock price of many high growth technology companies, Alphabet among them. Another company in the technology area, the Japanese conglomerate Sony, was also a weak performer in the quarter. In addition, Verizon, the communication services company, was also a detractor in the third quarter.

 

After a very difficult first three quarters of the year, the fourth quarter of 2022 saw broad stock market averages rise. Although there are ongoing concerns about a slowing economy and a possible recession in 2023, the stock market had a few hopeful dynamics to focus on during the fourth quarter. First, inflation started to come down, no small feat. For years, inflation had been rising at a very manageable level, close to the Federal Reserve’s 2% inflation goal. However, 2022 was the year inflation jumped up in a big way, rising into the high single digits. The Federal Reserve was slow to react to the rising threat of inflation, even referring to it as “transitory inflation”. The reality is, inflation is far more than transitory when the government has had over 12 years of aggressive quantitative easing and many years of huge fiscal stimulus. Fortunately, the Federal Reserve began to meaningfully raise the Federal Funds target rate in 2022 and, in the fourth quarter, started to slow the pace of increases from 75 basis points to 50 basis points. Expectations are that rate increases will stop in the first half of 2023. Another dynamic the stock market is starting to focus on is that the Federal Reserve balance sheet is finally starting to shrink, helping to bring inflation down and allowing the Federal Reserve to stop raising short term interest rates sooner. Back in 2008, the balance sheet of the Federal Reserve stood at $800 billion but, by the start of 2022, it had grown to about $9 trillion! Now some of those assets on the balance sheet are starting to roll off, and the balance sheet is starting the process quantitative easing.

 

Another positive statistic that the stock market could look to in the fourth quarter was that the labor market was starting to come into better balance. When the economy went into lock down during the early days of the COVID crisis, many employees dropped out of the workforce for early retirement, or other reasons, and stayed out of the workforce. Slowly, more workers are now starting to enter the workforce and supply chain bottlenecks are beginning to loosen.

 

Most of the sectors that make up the S&P 500 Index were up in the fourth quarter, with the energy sector up the most at over 22%. Only two sectors were down in the quarter, with discretionary down about 10% and communication services down just over 1%. With interest rates rising in the quarter, value stocks significantly outperformed growth stocks as investors started to favor companies with good free cash flow and dividends. The S&P/Citigroup Value Index was up over 13%, while the S&P /Citigroup Growth Index was only up about 1% during the fourth quarter.

 

One of the stocks that benefited fund performance the most during the fourth quarter was JPMorgan Chase, the large bank with a strong balance sheet and dominant market share in various business lines. Credit quality remains high for JPMorgan, and we believe the bank’s capital levels are very strong. Another company that performed well was Mastercard. Some investors think of Mastercard as a financial company, but it is really a technology company. Mastercard does not actually loan funds to customers who charge purchases to their

 

3 

 

Mastercard accounts; actual banks do that. Mastercard is a technology company that runs the transaction system, but takes on no credit risk.

 

The biggest detractors to performance during the fourth quarter were growth-orientated technology companies that were hurt by rising interest rates. Big underperformers during the quarter include Amazon, Tesla, and Alphabet.

 

For the full fiscal year ended December 31, (y)our portfolio was down (14.4%), while the broad market, as measured by the S&P 500 Index, was down much more (18.1%). The major concern of investors over the past year has been the historic rise in inflation. Early last year, inflation was just starting to become a concern, despite 13 years of the Federal Reserve keeping short term rates very low. As inflation numbers started to hit 40-year highs the Federal Reserve rapidly increased short term rates. The Federal Funds target rate went from 0.25% to 4.5% and the 10-year U.S. Treasury Note went from 1.44% to 3.87%. This rapid increase in the cost of money helped to drive the stock market down over the past year.

 

The best contributor to positive performance in the Fund for the full year was Swedish Match (no longer held), a tobacco company that agreed to be acquired for a premium price by Phillip Morris. Two other top performing stocks for the year were ConocoPhillips (1.0% of total investments as of December 31, 2022), and Marathon Petroleum (0.6%), both of which are leading companies in the energy industry. Oil and natural gas prices rose during the year as the global economy continued to re-open, and the war in Ukraine disrupted energy supplies from Russia.

 

Much like for the fourth quarter, most of the top detractors to performance over the past year for the Fund were growth oriented technology names that were hurt by rising interest rates. Specifically, Alphabet (1.4%) and Microsoft (1.7%) were top under performers, while Sony (1.2%), the Japanese technology and media conglomerate, was also a top detractor.

 

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

 

We appreciate your confidence and trust.

 

The views expressed reflect the opinions of the Fund’s portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

4 

 

Comparative Results

Average Annual Returns through December 31, 2022 (a) (Unaudited)

 

   1 Year   5 year   10 year   15 year   Since
Inception
(11/28/03)
 
The Gabelli Dividend & Income Trust (GDV)                         
NAV Total Return (b)   (14.37)%   5.14%   9.10%   6.46%   7.67%
Investment Total Return (c)   (18.58)   3.81    9.52    7.06    7.29 
S&P 500 Index   (18.11)   9.42    12.56    8.81    9.13 
Dow Jones Industrial Average   (6.87)   8.40    12.29    8.96    9.23 

 

(a)Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund’s use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. The S&P 500 Index is an unmanaged indicator of stock market performance. The Dow Jones Industrial Average is an unmanaged index of 30 large capitalization stocks. Dividends are considered reinvested. You cannot invest directly in an index.

(b)Total returns and average annual returns reflect changes in the NAV per share and reinvestment of distributions at NAV on the ex-dividend date and adjustment for the spin-off and are net of expenses. Since inception return is based on an initial NAV of $19.06.

(c)Total returns and average annual returns reflect changes in closing market values on the NYSE, reinvestment of distributions and adjustment for the spin-off. Since inception return is based on an initial offering price of $20.00.

 

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.

5 

 

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE GABELLI DIVIDEND & INCOME TRUST (INVESTMENT TOTAL RETURN) AND S&P 500 INDEX
(Unaudited)

 

Average Annual Total Returns*

  1 Year 5 Year 10 Year

Investment

(18.58)% 3.81% 9.52%

 

 (graphic)

 

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

 

6 

 

Summary of Portfolio Holdings (Unaudited)

 

The following table presents portfolio holdings as a percent of total investments as of December 31, 2022:

 

The Gabelli Dividend & Income Trust

Financial Services   15.1%
Health Care   10.9%
Food and Beverage   10.7%
U.S. Government Obligations   5.8%
Computer Software and Services   5.1%
Energy and Utilities: Oil   4.6%
Retail   4.2%
Diversified Industrial   3.6%
Automotive: Parts and Accessories   3.2%
Machinery   3.0%
Business Services   2.7%
Electronics   2.7%
Specialty Chemicals   2.4%
Environmental Services   2.2%
Telecommunications   2.1%
Energy and Utilities: Integrated   1.9%
Aerospace   1.9%
Entertainment   1.8%
Equipment and Supplies   1.7%
Building and Construction   1.6%
Consumer Products   1.4%
Energy and Utilities: Natural Gas   1.3%
Metals and Mining   1.2%
Cable and Satellite   1.1%
Energy and Utilities: Services   0.9%
Transportation   0.9%
Automotive   0.8%
Computer Hardware   0.7%
Energy and Utilities: Electric   0.7%
Broadcasting   0.6%
Semiconductors   0.6%
Aviation: Parts and Services   0.5%
Real Estate   0.5%
Hotels and Gaming   0.4%
Consumer Services   0.4%
Energy and Utilities: Water   0.3%
Communications Equipment   0.3%
Energy and Utilities   0.2%
Wireless Communications   0.0%*
Publishing   0.0%*
Agriculture   0.0%*
Closed-End Funds   0.0%*
Paper and Forest Products   0.0%*
    100.0%

 

 

* Amount represents less than 0.05%.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

 

Proxy Voting

 

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

 

7 

 

The Gabelli Dividend & Income Trust

Schedule of Investments — December 31, 2022

 

Shares      Cost   Market
Value
 
    COMMON STOCKS — 93.8%        
    Aerospace — 1.9%        
230,000   Aerojet Rocketdyne Holdings Inc.†   $5,589,772   $12,863,900 
13,500   HEICO Corp.   1,198,756    2,074,140 
75,000   Howmet Aerospace Inc.   1,535,205    2,955,750 
35,000   Kaman Corp.   975,797    780,500 
67,000   Rockwell Automation Inc.   2,361,773    17,257,190 
1,050,000   Rolls-Royce Holdings plc†   2,031,725    1,183,079 
53,000   The Boeing Co.†   8,003,363    10,095,970 
        21,696,391    47,210,529 
               
    Agriculture — 0.0%          
5,000   Corteva Inc.   156,047    293,900 
               
    Automotive — 0.8%          
15,000   Daimler Truck Holding AG†   440,480    464,762 
50,000   Ford Motor Co.   639,713    581,500 
231,500   General Motors Co.   10,247,652    7,787,660 
306,000   Iveco Group NV†   1,618,532    1,820,566 
67,000   PACCAR Inc.   3,066,905    6,630,990 
26,300   Tesla Inc.†   5,936,613    3,239,634 
46,000   Traton SE   858,253    695,771 
        22,808,148    21,220,883 
               
    Automotive: Parts and Accessories — 3.2% 
51,176   Aptiv plc†   3,252,213    4,766,021 
327,632   Dana Inc.   6,143,500    4,957,072 
135,000   Garrett Motion Inc.†   823,758    1,028,700 
279,400   Genuine Parts Co.   19,453,927    48,478,694 
6,000   Lear Corp.   713,500    744,120 
18,000   Monro Inc.   872,831    813,600 
20,000   O’Reilly Automotive Inc.†   4,727,092    16,880,600 
14,000   Visteon Corp.†   1,377,102    1,831,620 
        37,363,923    79,500,427 
      
    Aviation: Parts and Services — 0.5% 
2,428   Astronics Corp.†   21,872    25,008 
65,000   L3Harris Technologies Inc.   7,421,857    13,533,650 
        7,443,729    13,558,658 
               
    Broadcasting — 0.6%          
525,000   Grupo Televisa SAB, ADR   5,494,005    2,394,000 
31,121   Liberty Broadband Corp., Cl. C†   2,546,614    2,373,599 
323,000   Liberty Global plc, Cl. C†   7,596,909    6,275,890 
85,000   Liberty Media Corp.- Liberty SiriusXM, Cl. C†   3,316,387    3,326,050 
120,000   Sinclair Broadcast Group          
    Inc., Cl. A   3,310,594    1,861,200 
        22,264,509    16,230,739 
               
    Building and Construction — 1.6% 
8,000   Arcosa Inc.   258,158    434,720 
Shares      Cost   Market
Value
 
26,000   Carrier Global Corp.  $949,152   $1,072,500 
78,200   Fortune Brands Innovations Inc.   1,261,127    4,466,002 
4,000   H&E Equipment Services Inc.   150,225    181,600 
120,193   Herc Holdings Inc.   5,323,296    15,813,793 
207,700   Johnson Controls International plc   8,815,023    13,292,800 
78,200   Masterbrand Inc.†   202,818    590,410 
11,000   Sika AG   1,412,765    2,637,430 
6,500   United Rentals Inc.†   1,071,749    2,310,230 
        19,444,313    40,799,485 
               
    Business Services — 2.7%          
25,000   Diebold Nixdorf Inc.†   89,927    35,500 
5,000   HP Inc.   138,100    134,350 
15,000   Jardine Matheson Holdings Ltd.   873,589    763,500 
60,000   JCDecaux SE†   1,454,019    1,138,103 
157,000   Mastercard Inc., Cl. A   13,575,463    54,593,610 
29,000   Rentokil Initial plc, ADR   983,653    893,490 
30,003   Steel Partners Holdings LP†   295,994    1,284,128 
25,000   Stericycle Inc.†   1,395,097    1,247,250 
38,100   Visa Inc., Cl. A   5,493,041    7,915,656 
        24,298,883    68,005,587 
               
    Cable and Satellite — 1.1%          
15,000   AMC Networks Inc., Cl. A†   330,650    235,050 
7,445   Charter Communications Inc., Cl. A†   2,096,249    2,524,599 
15,000   Cogeco Inc.   296,908    704,247 
413,000   Comcast Corp., Cl. A   16,914,002    14,442,610 
250,090   DISH Network Corp., Cl. A†   6,182,009    3,511,264 
10,000   EchoStar Corp., Cl. A†   303,596    166,800 
1,000   Liberty Latin America Ltd., Cl. A†   8,112    7,530 
69,000   Liberty Latin America Ltd., Cl. C†   935,780    524,400 
90,000   Rogers Communications Inc., Cl. B   2,537,885    4,215,600 
90,000   WideOpenWest Inc.†   618,543    819,900 
        30,223,734    27,152,000 
               
    Communications Equipment — 0.3%      
24,000   Arista Networks Inc.†   1,343,279    2,912,400 
76,000   Corning Inc.   930,977    2,427,440 
7,500   QUALCOMM Inc.   982,475    824,550 
80,000   Radius Global Infrastructure Inc., Cl. A†   1,067,177    945,600 
101,000   Telesat Corp.†   3,910,660    757,500 
        8,234,568    7,867,490 
               
    Computer Hardware — 0.7%          
137,800   Apple Inc.   7,195,487    17,904,354 

See accompanying notes to financial statements.

 

8 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — December 31, 2022

 

Shares      Cost   Market
Value
 
    COMMON STOCKS (Continued)          
    Computer Hardware (Continued)      
17,500   Micron Technology Inc.  $972,900   $874,650 
        8,168,387    18,779,004 
               
    Computer Software and Services — 5.1% 
5,000   3D Systems Corp.†   42,500    37,000 
26,000   Activision Blizzard Inc.   1,832,941    1,990,300 
8,300   Adobe Inc.†   2,269,248    2,793,199 
1,000   Alibaba Group Holding Ltd., ADR†   216,505    88,090 
88,780   Alphabet Inc., Cl. A†   3,850,750    7,833,059 
319,500   Alphabet Inc., Cl. C†   20,107,010    28,349,235 
174,900   Amazon.com Inc.†   18,197,353    14,691,600 
5,000   Avid Technology Inc.†   121,430    132,950 
4,520   Backblaze Inc., Cl. A†   71,153    27,798 
25,000   Black Knight Inc.†   712,882    1,543,750 
4,000   Check Point Software Technologies Ltd.†   454,950    504,640 
23,000   Cisco Systems Inc.   963,885    1,095,720 
36,000   Cloudflare Inc., Cl. A†   1,734,296    1,627,560 
17,000   CrowdStrike Holdings Inc., Cl. A†   2,581,252    1,789,930 
10,000   Dell Technologies Inc., Cl. C   395,440    402,200 
30,000   eBay Inc.   678,428    1,244,100 
150,610   Edgio Inc.†   291,042    170,189 
5,000   Fastly Inc., Cl. A†   42,275    40,950 
6,600   Fiserv Inc.†   711,903    667,062 
2,500   Gen Digital Inc.   57,350    53,575 
500,000   Hewlett Packard Enterprise Co.   6,827,746    7,980,000 
2,790   Intuit Inc.   1,185,686    1,085,924 
61,000   Kyndryl Holdings Inc.†   1,067,180    678,320 
178,849   Microsoft Corp.   16,956,609    42,891,567 
10,500   MKS Instruments Inc.   1,119,650    889,665 
75,000   N-able Inc.†   988,506    771,000 
2,500   Oracle Corp.   186,535    204,350 
200   Qualtrics International Inc., Cl. A†   1,952    2,076 
4,500   SAP SE, ADR   580,385    464,355 
7,400   ServiceNow Inc.†   2,317,303    2,873,198 
17,800   Snowflake Inc., Cl. A†   3,002,899    2,555,012 
90,354   SolarWinds Corp.†   1,501,203    845,714 
12,000   Stratasys Ltd.†   192,659    142,320 
39,514   Vimeo Inc.†   695,244    135,533 
8,000   VMware Inc., Cl. A†   941,402    982,080 
        92,897,552    127,584,021 
               
    Consumer Products — 1.4%          
115,000   Authentic Equity Acquisition Corp., Cl. A†   1,148,004    1,163,225 
30,000   Church & Dwight Co. Inc.   1,199,580    2,418,300 
359,000   Edgewell Personal Care Co.   15,840,786    13,835,860 
Shares      Cost   Market
Value
 
 57,000   Energizer Holdings Inc.  $2,111,686   $1,912,350 
 99,000   Hanesbrands Inc.   471,699    629,640 
 16,000   Kimball International Inc., Cl. B   214,842    104,000 
 3,000   Kimberly-Clark Corp.   319,775    407,250 
 3,995   Nintendo Co. Ltd., ADR   40,182    41,628 
 9,000   The Estee Lauder Companies Inc., Cl. A   1,751,585    2,232,990 
 73,000   The Procter & Gamble Co.   4,253,112    11,063,880 
 5,000   The Scotts Miracle-Gro Co.   235,610    242,950 
         27,586,861    34,052,073 
                
     Consumer Services — 0.3%          
 86,530   Arlo Technologies Inc.†   418,163    303,720 
 22,000   Ashtead Group plc   423,833    1,255,374 
 31,850   Meta Platforms Inc., Cl. A†   8,754,450    3,832,829 
 150,000   Rentokil Initial plc   1,060,106    921,220 
 7,000   Travel + Leisure Co.   238,201    254,800 
 72   Vroom Inc.†   225    73 
         10,894,978    6,568,016 
                
     Diversified Industrial — 3.6%          
 5,555   American Outdoor Brands Inc.†   75,185    55,661 
 237,000   Ampco-Pittsburgh Corp.†   600,996    594,870 
 7,000   AZZ Inc.   265,213    281,400 
 95,000   Bouygues SA   3,295,487    2,851,465 
 4,500   Crane Holdings Co.   428,255    452,025 
 22,700   Eaton Corp. plc   880,958    3,562,765 
 9,900   General Electric Co.   793,636    829,521 
 700   General Electric Co., New York†   44,383    45,080 
 181,000   Griffon Corp.   3,433,927    6,477,990 
 194,800   Honeywell International Inc.   23,313,325    41,745,640 
 15,000   Hyster-Yale Materials Handling Inc.   551,060    379,650 
 42,500   ITT Inc.   917,537    3,446,750 
 10,000   nVent Electric plc   140,660    384,700 
 15,000   Pentair plc   425,273    674,700 
 10,678   Proto Labs Inc.†   694,953    272,609 
 2,000   Smiths Group plc   37,698    38,650 
 6,500   Sulzer AG   415,548    506,138 
 294,000   Textron Inc.   12,294,427    20,815,200 
 14,900   The Sherwin-Williams Co.   2,614,522    3,536,217 
 300,000   Toray Industries Inc.   2,270,748    1,683,785 
 36,000   Trinity Industries Inc.   739,138    1,064,520 
         54,232,929    89,699,336 
                
     Electronics — 2.7%          
 13,000   Bel Fuse Inc., Cl. B   200,392    427,960 
 50,000   Flex Ltd.†   906,871    1,073,000 
 58,000   Intel Corp.   3,059,830    1,532,940 
 160,000   Resideo Technologies Inc.†   1,354,245    2,632,000 

See accompanying notes to financial statements.

9 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — December 31, 2022

 

Shares      Cost   Market
Value
 
     COMMON STOCKS (Continued)          
     Electronics (Continued)          
 382,000   Sony Group Corp., ADR  $13,076,644   $29,138,960 
 38,000   TE Connectivity Ltd.   1,106,583    4,362,400 
 78,000   Texas Instruments Inc.   2,546,970    12,887,160 
 27,000   Thermo Fisher Scientific Inc.   9,129,749    14,868,630 
 3,500   Universal Display Corp.   557,137    378,140 
         31,938,421    67,301,190 
                
     Energy and Utilities — 0.0%          
 100,000   PetroChina Co. Ltd., Cl. H   40,300    45,737 
                
     Energy and Utilities: Electric — 0.6% 
 11,000   ALLETE Inc.   360,106    709,610 
 5,000   American Electric Power Co. Inc.   184,350    474,750 
 29,000   Electric Power Development Co. Ltd.   607,454    463,152 
 178,000   Evergy Inc.   9,885,625    11,201,540 
 12,000   Pinnacle West Capital Corp.   468,584    912,480 
 5,000   Portland General Electric Co.   245,790    245,000 
 60,000   The AES Corp.   617,140    1,725,600 
 6,500   WEC Energy Group Inc.   438,633    609,440 
         12,807,682    16,341,572 
                
     Energy and Utilities: Integrated — 1.9% 
 110,000   Avangrid Inc.   4,982,179    4,727,800 
 20,000   Chubu Electric Power Co. Inc.   307,625    207,558 
 20,000   Endesa SA   506,664    377,548 
 228,000   Enel SpA   1,036,727    1,227,635 
 50,000   Eversource Energy   4,178,779    4,192,000 
 23,000   Hawaiian Electric Industries Inc.   594,426    962,550 
 410,000   Hera SpA   822,663    1,105,550 
 16,000   Hokkaido Electric Power Co. Inc.   102,051    56,812 
 45,000   Iberdrola SA, ADR   952,490    2,104,200 
 115,000   Korea Electric Power Corp., ADR†   1,568,135    993,600 
 23,000   Kyushu Electric Power Co. Inc.   228,450    130,387 
 28,000   MGE Energy Inc.   599,144    1,971,200 
 145,500   NextEra Energy Inc.   10,305,873    12,163,800 
 65,000   NextEra Energy Partners LP   2,746,940    4,555,850 
 49,000   NiSource Inc.   397,054    1,343,580 
 4,000   NorthWestern Corp.   240,880    237,360 
 57,500   OGE Energy Corp.   685,360    2,274,125 
 11,000   Ormat Technologies Inc.   165,000    951,280 
 260,000   PG&E Corp.†   2,616,544    4,227,600 
 20,000   PNM Resources Inc.   979,725    975,800 
Shares      Cost   Market
Value
 
 30,000   Public Service Enterprise Group Inc.  $906,080   $1,838,100 
 50,000   Shikoku Electric Power Co. Inc.   878,676    291,451 
 44,000   The Chugoku Electric Power Co. Inc.   628,607    226,303 
 18,000   The Kansai Electric Power Co. Inc.   217,251    175,419 
 50,000   Tohoku Electric Power Co. Inc.   645,500    263,258 
         37,292,823    47,580,766 
                
     Energy and Utilities: Natural Gas — 1.3% 
 16,000   APA Corp.   185,550    746,880 
 200,000   Enterprise Products Partners LP   3,515,915    4,824,000 
 46,000   Kinder Morgan Inc.   1,039,193    831,680 
 166,500   National Fuel Gas Co.   8,169,490    10,539,450 
 30,000   National Grid plc   469,640    361,742 
 22,000   National Grid plc, ADR   1,086,982    1,327,040 
 14,300   ONEOK Inc.   535,389    939,510 
 37,500   Sempra Energy   1,199,552    5,795,250 
 30,000   South Jersey Industries Inc.   476,644    1,065,900 
 52,000   Southwest Gas Holdings Inc.   1,819,497    3,217,760 
 74,000   UGI Corp.   2,877,555    2,743,180 
         21,375,407    32,392,392 
                
     Energy and Utilities: Oil — 4.6% 
 84,000   Chevron Corp.   7,915,759    15,077,160 
 208,000   ConocoPhillips   12,486,668    24,544,000 
 65,000   Devon Energy Corp.   856,057    3,998,150 
 123,000   Eni SpA, ADR   4,396,603    3,525,180 
 40,000   Enviva Inc.   2,360,247    2,118,800 
 375,000   Equinor ASA, ADR   6,897,752    13,428,750 
 119,000   Exxon Mobil Corp.   6,801,294    13,125,700 
 15,700   Hess Corp.   975,265    2,226,574 
 135,500   Marathon Petroleum Corp.   4,297,799    15,770,845 
 46,000   Occidental Petroleum Corp.   2,442,155    2,897,540 
 25,000   Petroleo Brasileiro SA, ADR   276,028    266,250 
 52,000   Phillips 66   4,107,965    5,412,160 
 75,000   Repsol SA, ADR   1,487,593    1,194,750 
 90,000   Shell plc, ADR   4,793,618    5,125,500 
 1,000   Texas Pacific Land Corp.   1,205,174    2,344,230 
 70,000   TotalEnergies SE, ADR   3,318,049    4,345,600 
 2,891   Woodside Energy Group Ltd., ADR   66,493    69,991 
         64,684,519    115,471,180 
                
     Energy and Utilities: Services — 0.9% 
 20,000   Dril-Quip Inc.†   505,272    543,400 
 297,000   Halliburton Co.   9,188,962    11,686,950 

See accompanying notes to financial statements.

 

10 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — December 31, 2022

 

Shares      Cost   Market
Value
 
    COMMON STOCKS (Continued)        
    Energy and Utilities: Services (Continued) 
116,000   Oceaneering International Inc.†  $1,620,362   $2,028,840 
166,000   Schlumberger Ltd.   6,077,015    8,874,360 
        17,391,611    23,133,550 
               
    Energy and Utilities: Water — 0.3% 
11,000   American States Water Co.   138,388    1,018,050 
6,000   American Water Works Co. Inc.   715,889    914,520 
14,000   Essential Utilities Inc.   613,003    668,220 
178,000   Mueller Water Products Inc., Cl. A   1,665,399    1,915,280 
36,000   Severn Trent plc   927,080    1,153,774 
22,000   SJW Group   383,583    1,786,180 
7,500   The York Water Co.   97,903    337,350 
8,000   United Utilities Group plc, ADR   212,760    188,800 
        4,754,005    7,982,174 
               
    Entertainment — 1.8%          
3,000   Caesars Entertainment Inc.†   136,457    124,800 
61,333   Fox Corp., Cl. A   1,949,372    1,862,683 
46,000   Fox Corp., Cl. B   1,493,096    1,308,700 
209,077   Liberty Media Corp.- Liberty Braves, Cl. A†   5,743,664    6,830,545 
64,880   Madison Square Garden Entertainment Corp.†   3,060,053    2,917,654 
46,500   Madison Square Garden Sports Corp.   3,836,163    8,524,845 
13,800   Netflix Inc.†   5,134,855    4,069,344 
72,800   Paramount Global, Cl. A   2,528,335    1,427,608 
223,000   Paramount Global, Cl. B   6,021,274    3,764,240 
5,000   Penn Entertainment Inc.†   171,246    148,500 
17,400   Take-Two Interactive Software Inc.†   2,745,985    1,811,862 
45,000   The Walt Disney Co.†   5,115,611    3,909,600 
125,000   Universal Music Group NV   2,320,658    3,011,979 
549,000   Vivendi SE   6,239,543    5,238,553 
100,000   Warner Bros Discovery Inc.†   1,996,804    948,000 
        48,493,116    45,898,913 
               
    Environmental Services — 2.2%          
181,000   Republic Services Inc.   6,793,280    23,347,190 
27,380   Veolia Environnement SA   391,008    703,414 
97,222   Waste Connections Inc.   4,631,690    12,887,748 
118,000   Waste Management Inc.   4,910,581    18,511,840 
        16,726,559    55,450,192 
               
    Equipment and Supplies — 1.7%          
80,000   CIRCOR International Inc.†   2,168,542    1,916,800 
3,000   CTS Corp.   108,270    118,260 
Shares      Cost   Market
Value
 
27,800   Danaher Corp.  $5,674,382   $7,378,676 
89,000   Flowserve Corp.   3,361,599    2,730,520 
126,000   Graco Inc.   2,536,686    8,474,760 
135,000   Mueller Industries Inc.   2,930,268    7,965,000 
430,000   RPC Inc.   854,378    3,822,700 
90,000   Sealed Air Corp.   2,301,314    4,489,200 
25,800   The L.S. Starrett Co., Cl. A†   125,379    189,888 
96,000   The Timken Co.   3,641,177    6,784,320 
        23,701,995    43,870,124 
               
    Financial Services — 15.1%          
299,108   American Express Co.   27,265,923    44,193,207 
75,000   American International Group Inc.   4,455,075    4,743,000 
403,000   Bank of America Corp.   8,332,284    13,347,360 
55,000   Berkshire Hathaway Inc., Cl. B†   10,460,548    16,989,500 
18,800   BlackRock Inc.   4,260,534    13,322,244 
80,000   Blackstone Inc.   3,374,514    5,935,200 
25,000   Block Inc.†   2,835,099    1,571,000 
7,174   Brookfield Asset Management Ltd., Cl. A†   25,030    205,679 
28,500   Brookfield Corp.   105,525    896,610 
196   Brookfield Reinsurance Ltd.   10,388    6,133 
22,000   Cannae Holdings Inc.†   275,343    454,300 
220,000   Citigroup Inc.   10,521,712    9,950,600 
50,000   Cohen & Steers Inc.   1,856,317    3,228,000 
145,000   Counter Press Acquisition Corp.†   1,443,837    1,487,700 
18,500   Cullen/Frost Bankers Inc.   1,345,682    2,473,450 
11,000   EXOR NV†   671,170    804,229 
1,496   F&G Annuities & Life Inc.†   32,912    29,935 
124   Farmers & Merchants Bank of Long Beach   974,373    925,660 
37,000   Fidelity National Financial Inc.   375,359    1,391,940 
41,000   Franklin Resources Inc.   1,296,864    1,081,580 
80,000   FTAI Aviation Ltd.   1,323,086    1,369,600 
180,000   Graf Acquisition Corp. IV†   1,794,490    1,791,000 
40,000   H&R Block Inc.   722,109    1,460,400 
7,000   HSBC Holdings plc, ADR   253,796    218,120 
22,249   Interactive Brokers Group Inc., Cl. A   839,448    1,609,715 
155,000   Invesco Ltd.   3,318,821    2,788,450 
12,500   Janus Henderson Group plc   416,014    294,000 
325,417   JPMorgan Chase & Co.   22,944,955    43,638,420 
65,000   KeyCorp.   856,314    1,132,300 
30,000   Kinnevik AB, Cl. B†   402,728    411,697 
55,000   KKR & Co. Inc.   1,110,737    2,553,100 
76,000   Loews Corp.   4,746,475    4,433,080 
42,000   M&T Bank Corp.   3,349,636    6,092,520 
190,226   Morgan Stanley   5,277,694    16,173,015 

See accompanying notes to financial statements.

 

11 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — December 31, 2022

 

Shares      Cost   Market
Value
 
    COMMON STOCKS (Continued) 
    Financial Services (Continued) 
4,000   MSCI Inc.  $1,262,476   $1,860,680 
70,000   National Australia Bank Ltd., ADR   810,381    711,900 
130,000   Navient Corp.   927,744    2,138,500 
60,000   New York Community Bancorp Inc.   887,993    516,000 
91,000   Northern Trust Corp.   4,076,449    8,052,590 
429,952   Oaktree Specialty Lending Corp.   2,677,038    2,953,770 
55,800   PayPal Holdings Inc.†   6,665,191    3,974,076 
80,000   Resona Holdings Inc.   381,969    440,841 
13,500   S&P Global Inc.   4,719,069    4,521,690 
90,000   SLM Corp.   453,093    1,494,000 
179,000   State Street Corp.   10,506,782    13,885,030 
128,000   T. Rowe Price Group Inc.   9,229,048    13,959,680 
620,000   The Bank of New York Mellon Corp.   20,242,305    28,222,400 
48,500   The Charles Schwab Corp.   3,923,977    4,038,110 
36,000   The Goldman Sachs Group Inc.   8,199,765    12,361,680 
90,000   The Hartford Financial Services Group Inc.   3,212,358    6,824,700 
146,500   The PNC Financial Services Group Inc.   10,734,153    23,138,210 
76,700   The Travelers Companies Inc.   5,601,413    14,380,483 
140,000   Trine II Acquisition Corp., Cl. A†   1,381,901    1,442,700 
93,750   W. R. Berkley Corp.   3,347,910    6,803,437 
549,500   Wells Fargo & Co.   19,002,184    22,688,855 
2,500   Willis Towers Watson plc   191,258    611,450 
        245,709,249    382,023,526 
               
    Food and Beverage — 10.7%          
12,000   Ajinomoto Co. Inc.   205,201    368,577 
87,050   BellRing Brands Inc.†   1,968,479    2,231,962 
12,500   Brown-Forman Corp., Cl. B   439,792    821,000 
73,000   Campbell Soup Co.   2,746,178    4,142,750 
950,000   China Mengniu Dairy Co. Ltd.   1,162,305    4,308,528 
59,000   Chr. Hansen Holding A/S   2,401,869    4,244,012 
341,000   Conagra Brands Inc.   9,041,323    13,196,700 
8,000   Constellation Brands Inc., Cl. A   283,846    1,854,000 
157,500   Danone SA   7,638,676    8,299,975 
2,027,000   Davide Campari-Milano NV   6,192,659    20,578,404 
100,000   Diageo plc, ADR   13,993,638    17,819,000 
70,954   Flowers Foods Inc.   1,053,433    2,039,218 
194,200   General Mills Inc.   10,856,523    16,283,670 
18,000   Heineken Holding NV   747,987    1,388,267 

Shares      Cost   Market
Value
 
260,000   ITO EN Ltd.  $5,640,538   $9,489,485 
120,000   Keurig Dr Pepper Inc.   1,412,776    4,279,200 
332,000   Kikkoman Corp.   3,992,942    17,556,233 
8,000   Lamb Weston Holdings Inc.   543,854    714,880 
10,000   Lifecore Biomedical Inc.†   102,407    64,800 
108,000   Maple Leaf Foods Inc.   2,081,739    1,950,222 
6,000   McCormick & Co. Inc.   290,905    493,020 
35,000   Molson Coors Beverage Co., Cl. B   1,574,287    1,803,200 
522,000   Mondelēz International Inc., Cl. A   19,704,748    34,791,300 
30,000   Morinaga Milk Industry Co. Ltd.   588,860    1,141,801 
10,000   Nathan’s Famous Inc.   591,370    672,100 
4,000   National Beverage Corp.†   183,131    186,120 
22,000   Nestlé SA   1,644,475    2,549,159 
35,000   Nestlé SA, ADR   2,563,158    4,036,900 
128,000   Nissin Foods Holdings Co. Ltd.   4,370,561    10,162,755 
69,982   Nomad Foods Ltd.†   1,810,557    1,206,490 
70,000   PepsiCo Inc.   8,819,306    12,646,200 
61,000   Pernod Ricard SA   5,202,267    11,998,406 
51,000   Post Holdings Inc.†   3,042,850    4,603,260 
24,500   Remy Cointreau SA   1,360,469    4,133,221 
18,000   Suntory Beverage & Food Ltd.   573,702    617,190 
265,000   The Coca-Cola Co.   10,300,790    16,856,650 
116,525   The Hain Celestial Group Inc.†   3,613,747    1,885,374 
269,000   The Kraft Heinz Co.   9,917,534    10,950,990 
25,000   Unilever plc, ADR   800,393    1,258,750 
235,000   Yakult Honsha Co. Ltd.   5,651,870    15,327,644 
        155,111,145    268,951,413 
               
    Health Care — 10.9%          
30,500   Abbott Laboratories   1,791,668    3,348,595 
57,500   AbbVie Inc.   5,840,377    9,292,575 
51,723   AmerisourceBergen Corp.   3,675,437    8,571,018 
42,486   AstraZeneca plc, ADR   2,346,406    2,880,551 
185,987   Avantor Inc.†   5,102,432    3,922,466 
89,727   Bausch + Lomb Corp.†   1,444,237    1,391,666 
80,000   Baxter International Inc.   4,635,355    4,077,600 
10,000   Becton, Dickinson and Co.   2,317,130    2,543,000 
2,500   BioMarin Pharmaceutical Inc.†   195,120    258,725 
9,000   Bio-Rad Laboratories Inc., Cl. A†   3,506,140    3,784,410 
130,000   Bristol-Myers Squibb Co.   7,597,204    9,353,500 
15,119   Cardiovascular Systems Inc.†   405,364    205,921 
55,000   Catalent Inc.†   5,120,367    2,475,550 

See accompanying notes to financial statements.

 

12 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — December 31, 2022

 

Shares      Cost   Market
Value
 
    COMMON STOCKS (Continued)          
    Health Care (Continued)          
9,000   Charles River Laboratories International Inc.†  $2,010,958   $1,961,100 
14,500   Chemed Corp.   4,657,300    7,401,235 
52,000   Cigna Corp.   9,658,221    17,229,680 
35,000   DaVita Inc.†   2,192,140    2,613,450 
1,000   Demant A/S†   38,808    27,718 
100,000   DENTSPLY SIRONA Inc.   5,007,874    3,184,000 
38,700   Edwards Lifesciences Corp.†   2,587,908    2,887,407 
55,000   Elanco Animal Health Inc.†   694,558    672,100 
13,000   Elevance Health Inc.   2,548,777    6,668,610 
46,900   Eli Lilly & Co.   5,108,383    17,157,896 
191,140   Evolent Health Inc., Cl. A†   2,028,669    5,367,211 
15,000   Gerresheimer AG   977,229    1,008,364 
24,271   Gilead Sciences Inc.   1,727,270    2,083,665 
42,500   HCA Healthcare Inc.   4,118,997    10,198,300 
37,000   Henry Schein Inc.†   2,512,045    2,955,190 
30,000   ICU Medical Inc.†   6,460,525    4,724,400 
8,400   Incyte Corp.†   652,564    674,688 
47,371   Integer Holdings Corp.†   2,516,334    3,243,019 
15,900   Intuitive Surgical Inc.†   3,862,682    4,219,065 
106,100   Johnson & Johnson   10,929,566    18,742,565 
24,500   Laboratory Corp. of America Holdings   3,097,127    5,769,260 
12,000   McKesson Corp.   2,014,046    4,501,440 
2,000   Medmix AG   45,401    38,068 
40,000   Medtronic plc   4,203,444    3,108,800 
143,000   Merck & Co. Inc.   8,504,583    15,865,850 
190,000   Option Care Health Inc.†   2,153,041    5,717,100 
1,000   Organon & Co.   34,571    27,930 
100,000   Pacific Biosciences of California Inc.†   2,600,360    818,000 
68,000   Patterson Cos. Inc.   1,622,455    1,906,040 
173,000   Perrigo Co. plc   6,701,588    5,897,570 
75,000   PetIQ Inc.†   1,958,817    691,500 
388,588   Pfizer Inc.   9,289,323    19,911,249 
11,127   QuidelOrtho Corp.†   1,017,670    953,250 
10,000   Silk Road Medical Inc.†   517,641    528,500 
17,500   Stryker Corp.   2,525,243    4,278,575 
4,000   Teladoc Health Inc.†   160,904    94,600 
134,000   Tenet Healthcare Corp.†   5,929,539    6,537,860 
12,000   The Cooper Companies Inc.   2,234,608    3,968,040 
13,000   UnitedHealth Group Inc.   6,954,527    6,892,340 
10,000   Vertex Pharmaceuticals Inc.†   1,942,839    2,887,800 
25,000   Viatris Inc.   370,628    278,250 
40,000   Zimmer Biomet Holdings Inc.   4,049,182    5,100,000 
Shares     Cost   Market
Value
 
95,038   Zoetis Inc.  $3,445,226   $13,927,819 
        185,640,808    274,825,081 
               
    Hotels and Gaming — 0.4%          
19,000   Accor SA†   654,124    474,905 
80,000   Boyd Gaming Corp.   400,623    4,362,400 
20,000   Entain plc   259,138    319,526 
19,500   Las Vegas Sands Corp.†   1,108,060    937,365 
400,000   Mandarin Oriental International Ltd.†   680,880    768,000 
47,000   MGM Resorts International   1,285,948    1,575,910 
15,000   Ryman Hospitality          
    Properties Inc., REIT   683,117    1,226,700 
5,000   Wyndham Hotels & Resorts  Inc.   191,090    356,550 
        5,262,980    10,021,356 
               
    Machinery — 3.0%          
26,000   Astec Industries Inc.   961,704    1,057,160 
140,000   CNH Industrial NV   911,179    2,242,700 
1,378,000   CNH Industrial NV, New York   9,981,535    22,130,680 
67,000   Deere & Co.   4,907,121    28,726,920 
5,500   Otis Worldwide Corp.   301,870    430,705 
40,000   Twin Disc Inc.†   355,151    388,800 
192,905   Xylem Inc.   9,319,742    21,329,506 
        26,738,302    76,306,471 
               
    Metals and Mining — 1.2%          
65,000   Agnico Eagle Mines Ltd.   2,061,450    3,379,350 
20,000   Alliance Resource Partners LP   66,683    406,400 
4,000   Arconic Corp.†   51,912    84,640 
110,000   Barrick Gold Corp.   2,140,229    1,889,800 
8,000   BHP Group Ltd., ADR   217,549    496,400 
36,000   Franco-Nevada Corp.   1,500,629    4,907,326 
200,000   Freeport-McMoRan Inc.   3,752,940    7,600,000 
267,000   Newmont Corp.   10,450,427    12,602,400 
        20,241,819    31,366,316 
               
    Paper and Forest Products — 0.0% 
200   Keweenaw Land Association Ltd.   16,004    4,050 
               
    Publishing — 0.0%          
1,200   Graham Holdings Co., Cl. B   632,929    725,052 
               
    Real Estate — 0.5%          
27,220   American Tower Corp., REIT   7,050,122    5,766,829 
14,000   Crown Castle Inc., REIT   1,722,517    1,898,960 
4,000   Equinix Inc., REIT   1,559,051    2,620,120 

See accompanying notes to financial statements.

 

13 

 

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — December 31, 2022

 

Shares      Cost   Market
Value
 
    COMMON STOCKS (Continued)          
    Real Estate (Continued)          
85,000   Weyerhaeuser Co., REIT  $2,681,578   $2,635,000 
        13,013,268    12,920,909 
               
    Retail — 4.2%          
18,500   Advance Auto Parts Inc.   2,892,874    2,720,055 
114,000   AutoNation Inc.†   5,903,837    12,232,200 
1,300   AutoZone Inc.†   1,435,000    3,206,034 
19,000   Bassett Furniture Industries Inc.   96,034    330,220 
20,000   CarMax Inc.†   2,113,885    1,217,800 
1,040   Chipotle Mexican Grill Inc.†   1,610,690    1,442,990 
200,000   Conn’s Inc.†   4,850,850    1,376,000 
10,900   Costco Wholesale Corp.   5,744,707    4,975,850 
308,000   CVS Health Corp.   22,600,962    28,702,520 
43,700   EVgo Inc.†   436,337    195,339 
99,000   Ingles Markets Inc., Cl. A   1,388,373    9,549,540 
36,400   Lowe’s Companies Inc.   817,400    7,252,336 
6,000   Macy’s Inc.   146,945    123,900 
7,500   MSC Industrial Direct Co. Inc., Cl. A   528,088    612,750 
27,100   NIKE Inc., Cl. B   2,551,859    3,170,971 
37,500   Rush Enterprises Inc., Cl. B   599,173    2,110,125 
247,000   Sally Beauty Holdings Inc.†   3,735,266    3,092,440 
120,000   Seven & i Holdings Co. Ltd.   3,834,291    5,175,251 
88,000   Starbucks Corp.   7,391,615    8,729,600 
12,000   The Home Depot Inc.   2,899,029    3,790,320 
50,000   Walgreens Boots Alliance Inc.   1,842,832    1,868,000 
20,000   Walmart Inc.   970,066    2,835,800 
        74,390,113    104,710,041 
               
    Semiconductors — 0.6%          
31,000   Advanced Micro Devices Inc.†   2,437,206    2,007,870 
4,600   ASML Holding NV   1,250,245    2,513,440 
3,000   Entegris Inc.   246,781    196,770 
57,000   Lattice Semiconductor Corp.†   3,261,431    3,698,160 
37,000   NVIDIA Corp.   1,814,826    5,407,180 
1,500   NXP Semiconductors NV   274,055    237,045 
3,000   SkyWater Technology Inc.†   25,260    21,330 
11,000    Taiwan Semiconductor Manufacturing Co. Ltd., ADR   868,070    819,390 
        10,177,874    14,901,185 
               
    Specialty Chemicals — 2.4%          
18,000   Air Products and Chemicals Inc.   3,256,660    5,548,680 
30,000   Ashland Inc.   1,880,763    3,225,900 
Shares      Cost   Market
Value
 
10,000   Axalta Coating Systems Ltd.†  $251,294   $254,700 
5,000   Dow Inc.   223,651    251,950 
401,000   DuPont de Nemours Inc.   22,916,310    27,520,630 
19,000   FMC Corp.   1,964,555    2,371,200 
114,000   International Flavors & Fragrances Inc.   13,116,728    11,951,760 
83,000   Olin Corp.   1,490,430    4,394,020 
15,000   Rogers Corp.†   1,850,988    1,790,100 
5,000   Sensient Technologies Corp.   315,608    364,600 
115,810   Valvoline Inc.   2,353,221    3,781,197 
        49,620,208    61,454,737 
               
    Telecommunications — 2.1% 
153,000   AT&T Inc.   3,090,380    2,816,730 
168,000   BCE Inc.   4,665,969    7,383,600 
15,000   Comtech Telecommunications Corp.   280,540    182,100 
430,000   Deutsche Telekom AG, ADR   7,239,214    8,591,400 
195,000   Hellenic Telecommunications Organization SA, ADR   1,323,723    1,515,930 
50,000   Orange SA, ADR   1,004,466    494,000 
50,000   Pharol SGPS SA†   14,182    2,799 
42,000   Proximus SA   1,132,809    404,450 
30,000   Telefonica SA, ADR   141,447    107,100 
295,000   Telekom Austria AG   1,968,837    1,825,224 
28,000   Telenet Group Holding NV   774,077    457,082 
105,000   Telephone and Data Systems Inc.   2,397,032    1,101,450 
110,000   Telstra Group Ltd., ADR†   2,014,389    1,476,200 
270,000   TELUS Corp.   1,405,698    5,213,700 
50,000   T-Mobile US Inc.†   3,644,240    7,000,000 
200,000   VEON Ltd., ADR†   257,201    98,000 
336,086   Verizon Communications Inc.   16,017,104    13,241,789 
41,000   Vodafone Group plc, ADR   694,559    414,920 
        48,065,867    52,326,474 
               
    Transportation — 0.9%          
28,840   Canadian Pacific Railway Ltd.   167,897    2,151,176 
185,000   GATX Corp.   5,991,993    19,672,900