Saba Capital Management LP

10/08/2024 | Press release | Distributed by Public on 10/08/2024 13:34

Amendment to Beneficial Ownership Report - Form SC 13D/A

Saba Capital Management, L.P.: Form SC 13D/A - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

THE GABELLI DIVIDEND & INCOME TRUST

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

36242H104

(CUSIP Number)

Saba Capital Management, L.P.

405 Lexington Avenue

58th Floor

New York, NY 10174

Attention: Michael D'Angelo

(212) 542-4635

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

October 7, 2024

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [ ]

(Page 1 of 7 Pages)

______________________________

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 36242H104 SCHEDULE 13D Page2of 7 Pages

1

NAME OF REPORTING PERSON

Saba Capital Management, L.P.

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐

(b) ☐

3

SEC USE ONLY

4

SOURCE OF FUNDS

OO (see Item 3)

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:

7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

5,474,107

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

5,474,107

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

5,474,107

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

6.09%

14

TYPE OF REPORTING PERSON

PN; IA

The percentages used herein are calculated based upon 89,842,584 shares of common stock outstanding as of 6/30/24, as disclosed in the company's N-CSRS filed 9/6/24

CUSIP No. 36242H104 SCHEDULE 13D Page3of 7 Pages

1

NAME OF REPORTING PERSON

Boaz R. Weinstein

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐

(b) ☐

3

SEC USE ONLY

4

SOURCE OF FUNDS

OO (see Item 3)

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:

7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

5,474,107

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

5,474,107

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

5,474,107

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

6.09%

14

TYPE OF REPORTING PERSON

IN

The percentages used herein are calculated based upon 89,842,584 shares of common stock outstanding as of 6/30/24, as disclosed in the company's N-CSRS filed 9/6/24

CUSIP No. 36242H104 SCHEDULE 13D Page4of 7 Pages

1

NAME OF REPORTING PERSON

Saba Capital Management GP, LLC

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐

(b) ☐

3

SEC USE ONLY

4

SOURCE OF FUNDS

OO (see Item 3)

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:

7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

5,474,107

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

5,474,107

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

5,474,107

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

6.09%

14

TYPE OF REPORTING PERSON

OO

The percentages used herein are calculated based upon 89,842,584 shares of common stock outstanding as of 6/30/24, as disclosed in the company's N-CSRS filed 9/6/24

CUSIP No. 36242H104 SCHEDULE 13D Page5of 7 Pages

Item 1.

SECURITY AND ISSUER

This Amendment No. 1 amends and supplements the statement on Schedule 13D filed with the SEC on 8/1/24 with respect to the common shares of THE GABELLI DIVIDEND & INCOME TRUST. This Amendment No. 1 amends Items 3 and 5, as set forth below.

Item 3.

SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $123,684,370 was paid to acquire the Common Shares reported herein.


Item 5.

INTEREST IN SECURITIES OF THE ISSUER

(a)

See rows (11) and (13) of the cover pages to this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 89,842,584 shares of common stock outstanding as of 6/30/24, as disclosed in the company's N-CSRS filed 9/6/24

(b)

See rows (7) through (10) of the cover pages to this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.


(c)

The transactions in the Common Shares effected within the past sixty days by the Reporting Persons, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.

(d)

The funds and accounts advised by Saba Capital have the right to receive the dividends from and proceeds of sales from the Common Shares.

(e)

Not applicable.


CUSIP No. 36242H104 SCHEDULE 13D Page6of 7 Pages

SIGNATURES

After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: October 8, 2024

SABA CAPITAL MANAGEMENT, L.P.

By: /s/ Michael D'Angelo

Name: Michael D'Angelo

Title: Chief Compliance Officer

SABA CAPITAL MANAGEMENT GP, LLC

By: /s/ Michael D'Angelo

Name:Michael D'Angelo

Title:Authorized Signatory

BOAZ R. WEINSTEIN

By: /s/ Michael D'Angelo

Name: Michael D'Angelo

Title: Attorney-in-fact*


* Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823


CUSIP No. 36242H104 SCHEDULE 13D Page7of 7 Pages

Schedule A

This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital during the past sixty days. All transactions were effectuated in the open market through a broker.

Trade Date Buy/Sell Shares Price
8/9/2024 Buy 1,813 22.76
8/14/2024 Buy 6,560 22.97
8/15/2024 Buy 16,465 23.27
8/19/2024 Buy 7,647 23.43
8/21/2024 Buy 6,070 23.50
8/22/2024 Buy 130,043 23.52
8/23/2024 Buy 21,795 23.68
8/26/2024 Buy 42,955 23.86
8/27/2024 Buy 4,297 23.81
8/28/2024 Buy 7,587 23.79
8/29/2024 Buy 1,172 23.84
8/30/2024 Buy 1,000 23.94
9/3/2024 Buy 50,913 23.87
9/10/2024 Buy 9,426 23.37
9/11/2024 Buy 25,337 23.19
9/13/2024 Buy 15,802 23.80
9/16/2024 Buy 24,102 23.91
9/17/2024 Buy 49,466 24.06
9/18/2024 Buy 4,900 24.19
9/19/2024 Buy 11,380 24.33
9/20/2024 Buy 35,199 24.34
9/23/2024 Buy 41,057 24.32
9/24/2024 Buy 16,441 24.39
9/25/2024 Buy 46,495 24.35
9/26/2024 Buy 54,523 24.40
9/27/2024 Buy 24,653 24.37
9/30/2024 Buy 28,627 24.38
10/1/2024 Buy 74,272 24.28
10/2/2024 Buy 34,083 24.30
10/3/2024 Buy 19,912 24.21
10/4/2024 Buy 1,200 24.29
10/7/2024 Buy 49,308 24.31