The Gabelli Global Small and Mid Cap Value Trust (GGZ) N-CSRS Certified semi-annual shareholder report (management investment company)

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            811-22884                    

                    The Gabelli Global Small and Mid Cap Value Trust                    

(Exact name of registrant as specified in charter)

One Corporate Center

                    Rye, New York 10580-1422                    

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

                    Rye, New York 10580-1422                    

(Name and address of agent for service)

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

Date of fiscal year end:  December 31

Date of reporting period:  June 30, 2014

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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

The Gabelli Dividend & Income Trust

Semiannual Report — June 30, 2014

(Y)our Portfolio Management Team

To Our Shareholders,

For six months ended June 30, 2014, the net asset value (“NAV”) total return of The Gabelli Dividend & Income Trust (the “Fund”) was 8.6%, compared with a total return of 7.1% for the Standard & Poor’s (“S&P”) 500 Index. The total return for the Fund’s publicly traded shares was 7.0%. The Fund’s NAV per share was $24.44, while the price of the publicly traded shares closed at $21.90 on the New York Stock Exchange (“NYSE”). See below for additional performance information.

Enclosed are the schedule of investments and financial statements as of June 30, 2014.

Comparative Results

Average Annual Returns through June 30, 2014 (a) (Unaudited)								Since Inception (11/28/03)
	Year to Date	1 Year		5 Year		10 Year
Gabelli Dividend & Income Trust
NAV Total Return (b)	8.62%		26.88%		21.82%		9.50%		9.21%
Investment Total Return (c)	7.03		26.11		24.90		10.28		8.56
S&P 500 Index	7.14		24.61		18.83		7.78		8.20
Dow Jones Industrial Average	2.66		15.46		17.76		7.62		7.96(d)
Nasdaq Composite Index	6.18		30.98		20.57		9.20		9.16

(a)	Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will  fluctuate. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the  performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for  periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of  the Fund before investing. The Dow Jones Industrial Average is an unmanaged index of 30 large capitalization stocks. The S&P 500 and the Nasdaq Composite Indices are unmanaged indicators of stock market performance. Dividends are considered reinvested except for the Nasdaq Composite Index. You cannot invest directly in an index.
(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 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 and reinvestment of distributions. Since inception return is based on an initial offering price of $20.00.
(d)	From November 30, 2003, the date closest to the Fund’s inception for which data is available.

The Gabelli Global Small and Mid Cap Value Trust

Semiannual Report — June 30, 2014

(Y)our Portfolio Management Team

To Our Shareholders,

For the period June 23, 2014 through June 30, 2014, the net asset value (“NAV”) total return of The Gabelli Global Small and Mid Cap Trust (the “Fund” or “Global Trust”) was 0.1%, compared with a total return of 0.4% for the Morgan Stanley Capital International (“MSCI”) World SMID Cap Index. The total return for the Fund’s publicly traded shares was (10.2)%. The Fund’s NAV per share was $12.01, while the price of the publicly traded shares closed at $10.78 on the New York Stock Exchange (“NYSE”). See below for additional performance information.

Enclosed are the schedule of investments and financial statements as of June 30, 2014.

Comparative Results

Average Annual Returns through June 30, 2014 (a) (Unaudited)	Since
	Inception (06/23/14)
Gabelli Global Small and Mid Cap Value Trust
NAV Total Return (b)		0.08%
Investment Total Return (c)		(10.17)
MSCI World SMID Cap Index		0.41

(a)	Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will  fluctuate. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the  performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for  periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of  the Fund before investing. The MSCI World SMID Cap Index captures mid and small cap representation across 23 developed markets. Dividends are considered reinvested. You cannot invest directly in an index.
(b)	Total returns reflect changes in the NAV per share. Since inception return is based on an initial NAV of $12.00.
(c)	Total returns reflect changes in closing market values on the NYSE. Since inception return is based on an initial offering price of $12.00.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total investments as of June 30, 2014:

The Gabelli Dividend & Income Trust

Financial Services	15.8	%
Food and Beverage	11.0	%
Energy and Utilities: Oil	9.6	%
Health Care	8.7	%
Retail	5.0	%
Telecommunications	4.4	%
Diversified Industrial	4.3	%
Energy and Utilities: Services	3.6	%
Energy and Utilities: Integrated	3.2	%
Consumer Products	2.8	%
Cable and Satellite	2.7	%
Aerospace	2.5	%
U.S. Government Obligations	2.3	%
Entertainment	2.0	%
Energy and Utilities: Natural Gas	1.9	%
Automotive: Parts and Accessories	1.9	%
Equipment and Supplies	1.9	%
Specialty Chemicals	1.8	%
Metals and Mining	1.6	%
Electronics	1.3	%
Business Services	1.2	%
Automotive	1.2	%

Environmental Services	1.1	%
Computer Software and Services	1.1	%
Machinery	1.1	%
Energy and Utilities: Electric	0.9	%
Computer Hardware	0.8	%
Transportation	0.7	%
Wireless Communications	0.7	%
Communications Equipment	0.5	%
Energy and Utilities: Water	0.4	%
Consumer Services	0.4	%
Paper and Forest Products	0.4	%
Hotels and Gaming	0.4	%
Energy and Utilities	0.3	%
Building and Construction	0.2	%
Agriculture	0.1	%
Publishing	0.1	%
Broadcasting	0.1	%
Real Estate	0.0	%*
Aviation: Parts and Services	0.0	%*
	100.0	%

* Amount represents less than 0.05%.

3

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total investments as of June 30, 2014:

The Gabelli Global Small and Mid Cap Value Trust

U.S. Government Obligations	79.4	%
Food and Beverage	5.2	%
Health Care	1.9	%
Wireless Communications	1.5	%
Financial Services	1.5	%
Hotels and Gaming	1.4	%
Business Services	1.3	%
Electronics	0.8	%
Equipment and Supplies	0.8	%
Consumer Products	0.7	%
Energy and Utilities: Water	0.7	%
Telecommunications	0.6	%
Diversified Industrial	0.6	%
Energy and Utilities: Electric	0.4	%
Entertainment	0.4	%
Retail	0.4	%
Aerospace	0.4	%

Specialty Chemicals	0.3	%
Automotive: Parts and Accessories	0.3	%
Computer Software and Services	0.2	%
Cable and Satellite	0.2	%
Energy and Utilities: Integrated	0.2	%
Environmental Services	0.2	%
Metals and Mining	0.2	%
Closed-End Business Development Company	0.2	%
Machinery	0.1	%
Consumer Services	0.1	%
Publishing	0.0	%*
Energy and Utilities: Natural Gas	0.0	%*
Aviation: Parts and Services	0.0	%*
	100.0	%

* Amount represents less than 0.05%.

4

The Gabelli Dividend & Income Trust

Schedule of Investments — June 30, 2014 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 96.6%
		Aerospace — 2.3%
	143,000	Exelis Inc.	$	1,706,921	$	2,428,140
	32,000	Kaman Corp.		594,408		1,367,360
	107,000	Rockwell Automation Inc.		4,661,464		13,392,120
	1,325,000	Rolls-Royce Holdings plc		9,932,407		24,240,570
	180,096,000	Rolls-Royce Holdings plc, Cl. C†(a)		302,164		308,215
	112,000	The Boeing Co.		8,637,891		14,249,760
				25,835,255		55,986,165
		Agriculture — 0.1%
	75,000	Archer Daniels Midland Co.		1,867,615		3,308,250
	1,000	Bunge Ltd.		78,107		75,640
				1,945,722		3,383,890
		Automotive — 1.2%
	375,000	Ford Motor Co.		5,299,890		6,465,000
	213,000	General Motors Co.		7,041,367		7,731,900
	289,000	Navistar International Corp.†		7,341,142		10,831,720
	83,000	PACCAR Inc.		3,661,107		5,214,890
				23,343,506		30,243,510
		Automotive: Parts and Accessories — 1.9%
	170,000	Dana Holding Corp.		3,332,907		4,151,400
	20,000	Federal-Mogul Holdings Corp.†		366,230		404,600
	357,000	Genuine Parts Co.		16,188,867		31,344,600
	133,000	Johnson Controls Inc.		4,671,616		6,640,690
	33,561	O’Reilly Automotive Inc.†		4,299,355		5,054,287
				28,858,975		47,595,577
		Aviation: Parts and Services — 0.0%
	3,500	B/E Aerospace Inc.†		269,904		323,715
		Broadcasting — 0.1%
	6,000	Dolby Laboratories Inc., Cl. A†		239,559		259,200
	8,000	Liberty Media Corp., Cl. A†		826,886		1,093,440
				1,066,445		1,352,640
		Building and Construction — 0.2%
	78,000	Fortune Brands Home & Security Inc.		1,037,580		3,114,540
	115,000	Layne Christensen Co.†		2,491,473		1,529,500
				3,529,053		4,644,040
		Business Services — 1.2%
	100,000	ACCO Brands Corp.†		754,699		641,000
	37,800	Aramark		917,119		978,264
	90,500	Diebold Inc.		2,853,928		3,635,385
	150,000	Fly Leasing Ltd., ADR		2,036,969		2,173,500
	3,200	Jardine Matheson Holdings Ltd.		198,137		189,792

Shares			Cost		Market Value
	139,000	Macquarie Infrastructure Co. LLC	$	6,994,459	$	8,669,430
	188,000	MasterCard Inc., Cl. A		2,903,147		13,812,360
	31,000	The Brink’s Co.		794,559		874,820
				17,453,017		30,974,551
		Cable and Satellite — 2.7%
	70,000	AMC Networks Inc., Cl. A†		1,844,293		4,304,300
	461,000	Cablevision Systems Corp., Cl. A		6,832,509		8,136,650
	15,000	Cogeco Inc.		296,908		773,300
	80,000	Comcast Corp., Cl. A, Special		2,636,451		4,266,400
	92,000	DIRECTV†		4,797,929		7,820,920
	185,000	DISH Network Corp., Cl. A†		4,818,858		12,039,800
	51,000	EchoStar Corp., Cl. A†		1,315,223		2,699,940
	44,000	Intelsat SA†		826,001		828,960
	41,032	Liberty Global plc, Cl. A†		510,236		1,814,435
	150,574	Liberty Global plc, Cl. C†		2,673,592		6,370,786
	180,000	Rogers Communications Inc., Cl. B		3,721,582		7,245,000
	50,000	Scripps Networks Interactive Inc., Cl. A		3,840,105		4,057,000
	45,500	Time Warner Cable Inc.		5,468,466		6,702,150
				39,582,153		67,059,641
		Communications Equipment — 0.5%
	110,000	Cisco Systems Inc.		2,700,340		2,733,500
	384,000	Corning Inc.		4,703,885		8,428,800
				7,404,225		11,162,300
		Computer Hardware — 0.8%
	178,500	Apple Inc.		11,978,134		16,588,005
	10,000	International Business Machines Corp.		1,755,473		1,812,700
	8,000	SanDisk Corp.		55,794		835,440
				13,789,401		19,236,145
		Computer Software and Services — 1.1%
	25,000	Blucora Inc.†		371,605		471,750
	15,000	CyrusOne Inc.		312,567		373,500
	90,000	EarthLink Holdings Corp.		522,465		334,800
	4,000	eBay Inc.†		121,970		200,240
	10,000	Google Inc., Cl. A†		2,656,297		5,846,700
	10,000	Google Inc., Cl. C†		2,656,297		5,752,800
	22,000	Internap Network Services Corp.†		167,016		155,100
	70,000	MedAssets Inc.†		1,416,944		1,598,800
	223,000	Microsoft Corp.		6,485,520		9,299,100
	12,000	RealD Inc.†		124,957		153,120
	123,000	Yahoo! Inc.†		2,360,763		4,320,990
				17,196,401		28,506,900
		Consumer Products — 2.8%
	15,000	Altria Group Inc.		321,235		629,100

See accompanying notes to financial statements.

5

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2014 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Consumer Products (Continued)
	304,600	Avon Products Inc.	$	6,148,215	$	4,450,206
	5,000	Church & Dwight Co. Inc.		312,042		349,750
	88,000	Coty Inc., Cl. A		1,489,178		1,507,440
	2,700	Energizer Holdings Inc.		322,723		329,481
	40,000	Hanesbrands Inc.		842,292		3,937,600
	57,500	Harman International Industries Inc.		2,309,584		6,177,225
	57,000	Kimberly-Clark Corp.		3,402,265		6,339,540
	32,000	Philip Morris International Inc.		1,586,367		2,697,920
	7,000	Stanley Black & Decker Inc.		544,312		614,740
	885,000	Swedish Match AB		12,211,252		30,729,397
	145,000	The Procter & Gamble Co.		8,103,680		11,395,550
				37,593,145		69,157,949
		Consumer Services — 0.4%
	65,000	Liberty Interactive Corp., Cl. A†		1,223,741		1,908,400
	4,000	Liberty Ventures, Cl. A†		92,099		295,200
	246,500	The ADT Corp.		7,924,126		8,612,710
				9,239,966		10,816,310
		Diversified Industrial — 3.9%
	92,000	Bouygues SA		3,213,947		3,828,399
	68,000	Eaton Corp. plc		3,486,996		5,248,240
	992,000	General Electric Co.		21,647,279		26,069,760
	347,000	Honeywell International Inc.		14,330,748		32,253,650
	56,000	ITT Corp.		1,056,566		2,693,600
	5,600	Jardine Strategic Holdings Ltd.		199,457		200,088
	20,000	Pentair plc		778,525		1,442,400
	5,500	Sulzer AG		543,213		771,538
	252,000	Textron Inc.		1,826,603		9,649,080
	100,000	Toray Industries Inc.		670,600		657,421
	310,000	Tyco International Ltd.		6,845,118		14,136,000
				54,599,052		96,950,176
		Electronics — 1.3%
	524,900	Intel Corp.		10,755,156		16,219,410
	400,000	Sony Corp., ADR		7,831,242		6,708,000
	70,000	TE Connectivity Ltd.		2,377,312		4,328,800
	100,000	Texas Instruments Inc.		2,905,588		4,779,000
				23,869,298		32,035,210
		Energy and Utilities: Electric — 0.9%
	18,000	ALLETE Inc.		589,264		924,300
	23,000	American Electric Power Co. Inc.		763,145		1,282,710
	18,000	Edison International		643,886		1,045,980
	12,000	El Paso Electric Co.		404,638		482,520
	80,000	Electric Power Development Co. Ltd.		2,082,658		2,598,095

Shares			Cost		Market Value
	86,000	Great Plains Energy Inc.	$	1,671,307	$	2,310,820
	34,000	Integrys Energy Group Inc.		1,609,910		2,418,420
	185,208	Northeast Utilities		3,275,478		8,754,782
	5,000	Pepco Holdings Inc.		99,045		137,400
	18,000	Pinnacle West Capital Corp.		702,877		1,041,120
	45,000	The AES Corp.		492,617		699,750
				12,334,825		21,695,897
		Energy and Utilities: Integrated — 3.2%
	2,000	Alliant Energy Corp.		54,848		121,720
	35,000	Avista Corp.		648,077		1,173,200
	29,000	Black Hills Corp.		761,115		1,780,310
	30,000	Chubu Electric Power Co. Inc.†		542,087		372,834
	560,000	CONSOL Energy Inc.		21,095,277		25,799,200
	16,000	Consolidated Edison Inc.		640,100		923,840
	8,000	Dominion Resources Inc.		281,390		572,160
	18,000	Duke Energy Corp.		885,495		1,335,420
	100,000	Edison SpA†		220,882		68,670
	20,000	Endesa SA		506,664		773,655
	240,000	Enel SpA		1,127,668		1,398,001
	24,000	FirstEnergy Corp.		839,395		833,280
	41,000	Hawaiian Electric Industries Inc.		945,389		1,038,120
	401,000	Hera SpA		792,954		1,142,106
	16,000	Hokkaido Electric Power Co. Inc.†		222,674		123,666
	29,000	Hokuriku Electric Power Co.		471,904		384,453
	50,000	Iberdrola SA, ADR		1,114,952		1,535,000
	132,000	Korea Electric Power Corp., ADR		1,828,384		2,428,800
	49,000	Kyushu Electric Power Co. Inc.†		822,393		551,888
	34,000	MGE Energy Inc.		729,585		1,343,340
	27,000	National Grid plc, ADR		1,223,561		2,008,260
	114,000	NextEra Energy Inc.		4,747,154		11,682,720
	60,000	NiSource Inc.		1,249,133		2,360,400
	67,000	OGE Energy Corp.		786,977		2,618,360
	22,000	Ormat Technologies Inc.		330,000		634,260
	34,000	Public Service Enterprise Group Inc.		1,026,890		1,386,860
	63,000	Shikoku Electric Power Co. Inc.†		1,156,811		879,345
	56,000	The Chugoku Electric Power Co. Inc.		981,903		763,950
	40,000	The Empire District Electric Co.		860,829		1,027,200
	22,000	The Kansai Electric Power Co. Inc.†		319,069		207,394
	50,000	Tohoku Electric Power Co. Inc.		749,961		586,842
	37,000	Vectren Corp.		1,040,975		1,572,500

See accompanying notes to financial statements.

6

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2014 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities: Integrated (Continued)
	78,000	Westar Energy Inc.	$	1,616,177	$	2,978,820
	41,000	Wisconsin Energy Corp.		670,733		1,923,720
	140,000	Xcel Energy Inc.		2,316,806		4,512,200
				53,608,212		78,842,494
		Energy and Utilities: Natural Gas — 1.9%
	11,000	AGL Resources Inc.		429,547		605,330
	50,000	Delta Natural Gas Co. Inc.		667,803		1,098,000
	123,374	Kinder Morgan Inc.		3,267,792		4,473,541
	314,000	National Fuel Gas Co.		9,371,536		24,586,200
	11,500	ONE Gas Inc.		160,476		434,125
	23,000	ONEOK Inc.		798,602		1,565,840
	98,000	Sempra Energy		2,986,581		10,261,580
	14,000	South Jersey Industries Inc.		404,407		845,740
	62,000	Southwest Gas Corp.		1,639,012		3,272,980
	1,000	The Laclede Group Inc.		30,951		48,550
				19,756,707		47,191,886
		Energy and Utilities: Oil — 9.6%
	85,000	Anadarko Petroleum Corp.		5,486,866		9,304,950
	51,000	Apache Corp.		3,012,621		5,131,620
	215,000	BG Group plc, ADR		1,741,038		4,590,250
	178,000	BP plc, ADR		7,853,027		9,389,500
	69,000	Chesapeake Energy Corp.		1,382,910		2,144,520
	162,000	Chevron Corp.		12,269,883		21,149,100
	303,700	ConocoPhillips		15,012,128		26,036,201
	124,000	Devon Energy Corp.		6,533,900		9,845,600
	135,000	Eni SpA, ADR		5,018,895		7,411,500
	194,000	Exxon Mobil Corp.		12,743,974		19,531,920
	47,000	Hess Corp.		2,031,593		4,647,830
	331,000	Marathon Oil Corp.		7,392,995		13,213,520
	138,000	Marathon Petroleum Corp.		4,335,408		10,773,660
	80,000	Murphy Oil Corp.		3,670,311		5,318,400
	211,000	Occidental Petroleum Corp.		10,781,443		21,654,930
	200	PetroChina Co. Ltd., ADR		12,118		25,110
	14,000	Petroleo Brasileiro SA, ADR		311,100		204,820
	184,350	Phillips 66		9,506,850		14,827,271
	220,000	Repsol SA, ADR		4,579,194		5,830,000
	220,000	Royal Dutch Shell plc, Cl. A, ADR		11,028,128		18,121,400
	615,000	Statoil ASA, ADR		9,566,391		18,960,450
	153,000	Total SA, ADR		6,870,844		11,046,600
				141,141,617		239,159,152
		Energy and Utilities: Services — 3.6%
	94,000	ABB Ltd., ADR		1,023,613		2,163,880
	77,000	Cameron International Corp.†		1,522,350		5,213,670
	80,000	Diamond Offshore Drilling Inc.		4,329,501		3,970,400
	40,000	Dresser-Rand Group Inc.†		2,333,727		2,549,200
	488,600	Halliburton Co.		15,629,235		34,695,486

Shares			Cost		Market Value
	10,000	Noble Corp. plc	$	254,820	$	335,600
	24,000	Oceaneering International Inc.		489,219		1,875,120
	76,000	Rowan Companies plc, Cl. A		2,738,432		2,426,680
	115,000	Schlumberger Ltd.		3,860,342		13,564,250
	80,000	Transocean Ltd.		4,249,492		3,602,400
	804,000	Weatherford International plc†		13,778,544		18,492,000
				50,209,275		88,888,686
		Energy and Utilities: Water — 0.4%
	16,000	American States Water Co.		204,365		531,680
	109,000	American Water Works Co. Inc.		2,238,386		5,390,050
	74,000	Aqua America Inc.		998,965		1,940,280
	30,000	Severn Trent plc		764,139		991,922
	64,000	SJW Corp.		1,157,425		1,740,800
	9,000	The York Water Co.		117,059		187,380
	6,000	United Utilities Group plc, ADR		168,600		181,140
				5,648,939		10,963,252
		Entertainment — 2.0%
	55,000	Take-Two Interactive Software Inc.†		648,794		1,223,200
	93,000	The Madison Square Garden Co., Cl. A†		1,972,750		5,807,850
	225,000	Time Warner Inc.		6,628,573		15,806,250
	150,000	Twenty-First Century Fox Inc., Cl. B		3,786,855		5,134,500
	121,000	Viacom Inc., Cl. B		5,962,541		10,494,330
	406,600	Vivendi SA		10,885,628		9,949,256
	21,000	World Wrestling Entertainment Inc., Cl. A		228,326		250,530
				30,113,467		48,665,916
		Environmental Services — 1.1%
	170,200	Progressive Waste Solutions Ltd.		3,567,164		4,369,034
	250,000	Republic Services Inc.		7,625,344		9,492,500
	23,000	Veolia Environnement SA		275,698		438,238
	8,000	Waste Connections Inc.		285,494		388,400
	310,000	Waste Management Inc.		11,915,537		13,866,300
				23,669,237		28,554,472
		Equipment and Supplies — 1.9%
	93,000	CIRCOR International Inc.		2,086,876		7,173,090
	50,000	Graco Inc.		2,633,008		3,904,000
	170,000	Mueller Industries Inc.		3,689,272		4,999,700
	705,000	RPC Inc.		3,059,996		16,560,450
	124,000	Sealed Air Corp.		2,852,936		4,237,080
	80,000	Tenaris SA, ADR		3,479,720		3,772,000
	100,000	The Timken Co.		5,468,492		6,784,000
				23,270,300		47,430,320

See accompanying notes to financial statements.

7

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2014 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services — 15.8%
	8,000	Alleghany Corp.†	$	2,949,449	$	3,504,960
	436,200	American Express Co.		18,792,328		41,382,294
	675,000	American International Group Inc.		22,214,437		36,841,500
	310,000	Bank of America Corp.		2,043,743		4,764,700
	9,000	Berkshire Hathaway Inc., Cl. B†		891,117		1,139,040
	70,000	Blackhawk Network Holdings Inc., Cl. B†		1,633,326		1,879,500
	21,000	BlackRock Inc.		3,177,923		6,711,600
	140,000	Citigroup Inc.		5,246,149		6,594,000
	110,000	CME Group Inc.		7,082,901		7,804,500
	15,322	Credit Acceptance Corp.†		1,996,523		1,886,138
	15,000	Cullen/Frost Bankers Inc.		1,150,602		1,191,300
	120,000	Discover Financial Services		1,813,182		7,437,600
	100,000	Fidelity National Financial Inc., Cl. A†		1,848,451		3,276,000
	235,000	First Niagara Financial Group Inc.		3,049,842		2,053,900
	55,000	H&R Block Inc.		970,098		1,843,600
	25,000	Hong Kong Exchanges and Clearing Ltd.		402,742		466,105
	50,000	HSBC Holdings plc, ADR		2,949,940		2,540,000
	210,000	Invesco Ltd.		5,026,220		7,927,500
	580,700	JPMorgan Chase & Co.		21,806,677		33,459,934
	40,000	Kinnevik Investment AB, Cl. B		874,004		1,704,994
	89,250	KKR & Co. LP		2,025,975		2,171,452
	378,950	Legg Mason Inc.		9,722,968		19,443,924
	43,000	M&T Bank Corp.		2,824,121		5,334,150
	275,000	Morgan Stanley		5,578,087		8,890,750
	72,000	National Australia Bank Ltd., ADR		854,233		1,114,560
	200,000	Navient Corp.		1,692,303		3,542,000
	170,000	New York Community Bancorp Inc.		2,844,696		2,716,600
	114,000	Northern Trust Corp.		5,341,292		7,319,940
	44,093	Protective Life Corp.		3,062,905		3,056,968
	235,000	SLM Corp.		1,349,417		1,952,850
	219,000	State Street Corp.		9,371,562		14,729,940
	172,000	T. Rowe Price Group Inc.		9,166,935		14,518,520
	756,000	The Bank of New York Mellon Corp.		21,875,632		28,334,880
	200,000	The Blackstone Group LP		6,617,050		6,688,000
	200,000	The Hartford Financial Services Group Inc.		6,337,167		7,162,000
	287,000	The PNC Financial Services Group Inc.		16,205,798		25,557,350
	136,000	The Travelers Companies Inc.		6,470,934		12,793,520
	130,000	U.S. Bancorp		3,910,683		5,631,600
	53,000	W. R. Berkley Corp.		2,016,528		2,454,430

Shares			Cost		Market Value
	138,000	Waddell & Reed Financial Inc., Cl. A	$	2,932,522	$	8,637,420
	653,500	Wells Fargo & Co.		20,148,768		34,347,960
	20,000	Willis Group Holdings plc		616,950		866,000
				246,886,180		391,673,979
		Food and Beverage — 11.0%
	5,000	Brown-Forman Corp., Cl. B		341,437		470,850
	115,000	Campbell Soup Co.		3,812,255		5,268,150
	500,000	China Mengniu Dairy Co. Ltd.		1,245,706		2,312,784
	10,000	Chr Hansen Holding A/S		427,541		421,132
	231,000	ConAgra Foods Inc.		6,105,662		6,856,080
	35,000	Constellation Brands Inc., Cl. A†		621,761		3,084,550
	241,918	Danone SA		12,144,463		17,967,455
	2,000,000	Davide Campari-Milano SpA		11,447,762		17,307,956
	10,000	Diageo plc, ADR		908,150		1,272,700
	245,000	Dr Pepper Snapple Group Inc.		6,850,961		14,352,100
	549,000	General Mills Inc.		16,774,299		28,844,460
	18,000	Heineken Holding NV		747,987		1,183,445
	275,000	ITO EN Ltd.		6,055,387		7,049,751
	45,000	Kellogg Co.		2,317,412		2,956,500
	375,000	Kikkoman Corp.		4,483,113		7,810,572
	206,666	Kraft Foods Group Inc.		6,593,156		12,389,627
	793,000	Mondelēz International Inc., Cl. A		15,959,778		29,824,730
	150,000	Morinaga Milk Industry Co. Ltd.		588,860		540,447
	28,000	Nestlé SA		1,838,460		2,169,147
	35,000	Nestlé SA, ADR		2,563,158		2,718,450
	168,000	NISSIN FOODS HOLDINGS CO. LTD.		5,735,429		8,640,047
	1,600,000	Parmalat SpA		4,796,266		5,472,819
	339,450	Parmalat SpA, GDR(b)(c)		981,615		1,160,953
	219,000	PepsiCo Inc.		14,173,217		19,565,460
	62,000	Pernod Ricard SA		5,311,274		7,445,433
	10,000	Post Holdings Inc.†		540,050		509,100
	23,800	Remy Cointreau SA		1,300,263		2,189,678
	18,000	Suntory Beverage & Food Ltd.		573,702		706,283
	630,000	The Coca-Cola Co.		14,678,982		26,686,800
	299,000	The Hillshire Brands Co.		8,051,704		18,627,700
	5,000	The J.M. Smucker Co.		492,577		532,850
	30,000	Unilever plc, ADR		960,480		1,359,300
	324,000	Yakult Honsha Co. Ltd.		8,320,490		16,407,087
				167,743,357		274,104,396
		Health Care — 8.6%
	134,000	Abbott Laboratories		3,939,023		5,480,600
	50,000	AbbVie Inc.		1,467,786		2,822,000
	76,000	Actavis plc†		11,312,220		16,951,800
	46,655	Aetna Inc.		3,018,187		3,782,787
	75,000	Akorn Inc.†		1,686,149		2,493,750
	115,000	Alere Inc.†		4,009,377		4,303,300

See accompanying notes to financial statements.

8

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2014 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	35,000	AmerisourceBergen Corp.	$	1,623,918	$	2,543,100
	25,000	Amgen Inc.		2,488,356		2,959,250
	40,000	Baxter International Inc.		2,752,545		2,892,000
	401,952	BioScrip Inc.†		2,720,205		3,352,280
	68,676	Bristol-Myers Squibb Co.		2,041,209		3,331,473
	17,000	Chemed Corp.		1,125,225		1,593,240
	35,000	Cigna Corp.		2,672,827		3,218,950
	226,000	Covidien plc		10,308,157		20,380,680
	45,000	DaVita HealthCare Partners Inc.†		2,734,777		3,254,400
	100,000	Eli Lilly & Co.		4,323,602		6,217,000
	12,000	Endo International plc†		385,340		840,240
	85,000	Express Scripts Holding Co.†		5,455,455		5,893,050
	40,000	Gerresheimer AG		2,664,055		2,759,414
	60,000	Gilead Sciences Inc.†		4,346,331		4,974,600
	50,000	HCA Holdings Inc.†		2,530,246		2,819,000
	12,500	Henry Schein Inc.†		1,417,250		1,483,375
	10,000	Humana Inc.		826,081		1,277,200
	9,500	ICU Medical Inc.†		685,642		577,695
	97,000	Johnson & Johnson		6,396,439		10,148,140
	13,500	Laboratory Corp. of America Holdings†		1,184,428		1,382,400
	100,000	Lexicon Pharmaceuticals Inc.†		214,261		161,000
	25,000	McKesson Corp.		3,634,946		4,655,250
	25,000	Mead Johnson Nutrition Co.		1,182,016		2,329,250
	32,000	Medivation Inc.†		2,183,400		2,466,560
	35,000	Medtronic Inc.		2,073,050		2,231,600
	231,000	Merck & Co. Inc.		8,328,525		13,363,350
	70,000	Mylan Inc.†		2,209,726		3,609,200
	200,000	Nordion Inc.†		2,481,461		2,512,000
	20,000	Orthofix International NV†		734,773		725,000
	112,500	Owens & Minor Inc.		2,399,108		3,822,750
	99,000	Patterson Companies Inc.		3,422,563		3,911,490
	657,303	Pfizer Inc.		12,776,286		19,508,753
	75,000	Quality Systems Inc.		1,458,375		1,203,750
	75,000	Sanofi, ADR		2,849,575		3,987,750
	60,000	St. Jude Medical Inc.		2,434,163		4,155,000
	40,000	Stryker Corp.		2,574,935		3,372,800
	35,000	Tenet Healthcare Corp.†		1,452,547		1,642,900
	6,000	Teva Pharmaceutical Industries Ltd., ADR		315,182		314,520
	25,000	The Cooper Companies Inc.		3,107,057		3,388,250
	61,000	UnitedHealth Group Inc.		3,572,389		4,986,750
	30,000	WellPoint Inc.		2,692,976		3,228,300
	20,000	Zimmer Holdings Inc.		1,551,002		2,077,200
	283,202	Zoetis Inc.		7,188,947		9,138,929
				154,952,093		214,524,076
		Hotels and Gaming — 0.4%
	19,000	Accor SA		654,124		988,375

Shares			Cost		Market Value
	120,000	Boyd Gaming Corp.†	$	805,607	$	1,455,600
	800,000	Ladbrokes plc		7,280,309		1,920,865
	53,000	Las Vegas Sands Corp.		2,245,077		4,039,660
	270,000	Mandarin Oriental International Ltd.		495,804		514,350
	6,000	Wyndham Worldwide Corp.		424,345		454,320
				11,905,266		9,373,170
		Machinery — 1.1%
	689,040	CNH Industrial NV		4,309,631		7,041,989
	90,500	Deere & Co.		5,168,640		8,194,775
	10,000	Kennametal Inc.		404,329		462,800
	275,000	Xylem Inc.		7,760,346		10,747,000
				17,642,946		26,446,564
		Metals and Mining — 1.6%
	67,000	Agnico Eagle Mines Ltd.		2,501,948		2,566,100
	230,000	Alcoa Inc.		2,266,458		3,424,700
	20,000	Alliance Holdings GP LP		461,803		1,295,800
	100,000	Barrick Gold Corp.		1,822,740		1,830,000
	8,000	BHP Billiton Ltd., ADR		217,549		547,600
	30,000	Franco-Nevada Corp.		1,141,089		1,722,037
	495,000	Freeport-McMoRan Copper & Gold Inc.		12,859,718		18,067,500
	18,000	Labrador Iron Ore Royalty Corp.		608,908		517,539
	354,000	Newmont Mining Corp.		16,097,281		9,005,760
	40,000	Peabody Energy Corp.		677,113		654,000
				38,654,607		39,631,036
		Paper and Forest Products — 0.4%
	204,000	International Paper Co.		9,400,885		10,295,880
		Publishing — 0.1%
	107,000	News Corp., Cl. B†		1,606,462		1,867,150
	21,250	Time Inc.†		201,604		514,675
				1,808,066		2,381,825
		Real Estate — 0.0%
	13,000	Brookfield Asset Management Inc., Cl. A		133,677		572,260
	16,000	QTS Realty Trust Inc., Cl. A		347,357		458,080
				481,034		1,030,340
		Retail — 5.0%
	225,000	Best Buy Co. Inc.		5,852,620		6,977,250
	75,000	CST Brands Inc.		2,416,125		2,587,500
	371,000	CVS Caremark Corp.		14,470,700		27,962,270
	170,000	Hertz Global Holdings Inc.†		4,607,763		4,765,100
	142,000	Ingles Markets Inc., Cl. A		1,615,209		3,741,700
	25,000	Kohl’s Corp.		1,268,183		1,317,000
	185,000	Lowe’s Companies Inc.		4,481,836		8,878,150
	110,000	Macy’s Inc.		1,425,110		6,382,200
	47,000	Murphy USA Inc.†		1,745,364		2,297,830

See accompanying notes to financial statements.

9

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2014 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Retail (Continued)
	38,000	Outerwall Inc.†	$	1,902,081	$	2,255,300
	94,800	Rush Enterprises Inc., Cl. B†		1,729,030		2,981,460
	350,000	Safeway Inc.		8,643,715		12,019,000
	265,000	Sally Beauty Holdings Inc.†		3,990,867		6,646,200
	120,000	Seven & i Holdings Co. Ltd.		3,637,248		5,055,624
	73,000	The Home Depot Inc.		2,703,984		5,910,080
	221,000	Walgreen Co.		7,895,905		16,382,730
	30,000	Wal-Mart Stores Inc.		1,472,276		2,252,100
	150,000	Whole Foods Market Inc.		5,686,652		5,794,500
				75,544,668		124,205,994
		Specialty Chemicals — 1.8%
	51,000	Air Products & Chemicals Inc.		4,469,072		6,559,620
	52,000	Airgas Inc.		3,446,025		5,663,320
	74,000	Ashland Inc.		2,044,364		8,046,760
	51,385	Chemtura Corp.†		1,290,154		1,342,690
	138,000	E. I. du Pont de Nemours and Co.		6,417,839		9,030,720
	500,000	Ferro Corp.†		3,761,790		6,280,000
	95,000	Olin Corp.		1,739,175		2,557,400
	5,000	Praxair Inc.		556,243		664,200
	94,000	The Dow Chemical Co.		3,601,870		4,837,240
				27,326,532		44,981,950
		Telecommunications — 4.3%
	378,000	AT&T Inc.		10,866,554		13,366,080
	225,000	BCE Inc.		5,607,343		10,206,000
	39,000	Belgacom SA		1,195,261		1,294,215
	40,000	Bell Aliant Inc.(c)		1,082,414		1,045,040
	500,000	Deutsche Telekom AG, ADR		8,537,565		8,760,000
	195,000	Hellenic Telecommunications Organization SA, ADR†		1,323,723		1,443,000
	38,000	Loral Space & Communications Inc.†		1,642,866		2,762,220
	50,000	Orange SA, ADR		1,066,613		790,000
	170,000	Portugal Telecom SGPS SA		1,886,052		622,922
	50,084	Telefonica SA, ADR		718,792		859,441
	170,000	Telekom Austria AG		1,850,610		1,662,057
	23,000	Telenet Group Holding NV†		1,046,305		1,310,776
	128,870	Telephone & Data Systems Inc.		3,924,458		3,364,796
	110,000	Telstra Corp. Ltd., ADR		2,014,389		2,706,000
	140,000	TELUS Corp.		1,453,591		5,213,600
	858,866	Verizon Communications Inc.		34,885,936		42,024,313
	40,000	VimpelCom Ltd., ADR		230,241		336,000
	258,181	Vodafone Group plc, ADR		12,443,191		8,620,664
				91,775,904		106,387,124
		Transportation — 0.7%
	239,000	GATX Corp.		7,194,307		15,998,660

Shares			Cost		Market Value
	17,000	Kansas City Southern	$	285,424	$	1,827,670
				7,479,731		17,826,330
		Wireless Communications — 0.7%
	2,000,000	Cable & Wireless Communications plc		1,520,002		1,685,720
	73,779	Crown Castle International Corp.		2,349,294		5,478,829
	50,000	QUALCOMM Inc.		3,604,707		3,960,000
	124,000	United States Cellular Corp.†		5,499,141		5,059,200
				12,973,144		16,183,749
		TOTAL COMMON STOCKS		1,529,902,510		2,399,867,207
		CONVERTIBLE PREFERRED STOCKS — 0.4%
		Broadcasting — 0.0%
	12,588	Emmis Communications Corp., 6.250%, Ser. A †		453,121		219,535
		Energy and Utilities — 0.3%
	128,000	El Paso Energy Capital Trust I, 4.750%		4,617,789		7,078,400
		Financial Services — 0.0%
	1,500	Doral Financial Corp., 4.750% †		202,379		28,500
		Telecommunications — 0.1%
	54,000	Cincinnati Bell Inc., 6.750%, Ser. B		1,848,738		2,591,946
		TOTAL CONVERTIBLE PREFERRED STOCKS		7,122,027		9,918,381
		PREFERRED STOCKS — 0.1%
		Health Care — 0.1%
	93,066	The Phoenix Companies Inc., 7.450%		2,045,363		2,280,117
		WARRANTS — 0.0%
		Energy and Utilities: Natural Gas — 0.0%
	312,800	Kinder Morgan Inc., expire 05/25/17†		532,926		869,584
		Food and Beverage — 0.0%
	650	Parmalat SpA, GDR, expire 12/31/15†(b)(c)		0		402
		TOTAL WARRANTS		532,926		869,986

See accompanying notes to financial statements.

10

The Gabelli Dividend & Income Trust

Schedule of Investments (Continued) — June 30, 2014 (Unaudited)

Principal Amount		Cost		Market Value
	CORPORATE BONDS — 0.6%
	Aerospace — 0.2%
$2,500,000	GenCorp Inc., Sub. Deb., 4.063%, 12/31/39	$	3,363,223	$	5,326,562
	Diversified Industrial — 0.4%
8,800,000	Griffon Corp., Sub. Deb., 4.000%, 01/15/17(c)		8,800,000		10,191,500
	Financial Services — 0.0%
500,000	Janus Capital Group Inc., 3.250%, 07/15/14		499,937		499,937
	Real Estate — 0.0%
450,000	Palm Harbor Homes Inc., 3.250%, 05/15/24†		422,927		72,562
	TOTAL CORPORATE BONDS		13,086,087		16,090,561
	U.S. GOVERNMENT OBLIGATIONS — 2.3%
56,281,000	U.S. Treasury Bills, 0.015% to 0.080%††, 07/03/14 to 12/18/14		56,275,268		56,276,818
TOTAL INVESTMENT — 100.0%		$	1,608,964,181		2,485,303,070
Other Assets and Liabilities (Net)					(2,927,273	)
PREFERRED STOCK (5,603,095 preferred shares outstanding)					(459,257,875	)
NET ASSETS — COMMON STOCK (82,774,478 common shares outstanding)				$	2,023,117,922
NET ASSET VALUE PER COMMON SHARE ($2,023,117,922 ÷ 82,774,478 shares outstanding)				$	24.44

(a) At June 30, 2014, the Fund held an investment in a restricted and illiquid security amounting to $308,215 or 0.01% of total investments, which was valued under methods approved by the Board of Trustees as follows:

Acquisition     Shares	Issuer	Acquisition       Date	Acquisition       Cost	06/30/14 Carrying Value Per Share
180,096,000	Rolls-Royce Holdings plc, Cl. C	04/23/14	$302,164		$0.0017

(b) Illiquid security.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2014, the market value of Rule 144A securities amounted to $12,397,895 or 0.50% of total investments. Except as noted in (b), these securities are liquid.

† Non-income producing security.

†† Represents annualized yield at date of purchase.

ADR American Depositary Receipt

GDR Global Depositary Receipt

Geographic Diversification	% of Total Investments			Market Value
North America		82.4	%		$	2,047,891,644
Europe		14.7				365,932,718
Japan		2.4				60,043,699
Asia/Pacific		0.4				10,505,189
Latin America		0.1				929,820
Total Investments		100.0	%		$	2,485,303,070

See accompanying notes to financial statements.

11

The Gabelli Global Small and Mid Cap Value Trust

Schedule of Investments — June 30, 2014 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 20.6%
		Aerospace — 0.4%
	47,800	BBA Aviation plc	$	245,907	$	252,776
	2,800	Kaman Corp.		118,514		119,644
				364,421		372,420
		Automotive: Parts and Accessories — 0.3%
	3,000	Brembo SpA		113,319		109,517
	7,000	Dana Holding Corp.		164,009		170,940
				277,328		280,457
		Aviation: Parts and Services — 0.0%
	1,500	GenCorp Inc.†		29,100		28,650
		Business Services — 1.3%
	2,000	Aramark		51,107		51,760
	12,000	Fly Leasing Ltd., ADR		173,022		173,880
	15,000	Havas SA		123,818		123,175
	13,000	JC Decaux SA		484,928		485,075
	9,100	Loomis AB, Cl. B		279,371		279,883
	700	Macquarie Infrastructure Co. LLC		42,668		43,659
	2,000	Stroeer Media AG		44,280		44,119
	2,000	The Brink’s Co.		53,847		56,440
	5,000	The Interpublic Group of Companies Inc.		97,230		97,550
	5,000	TNT Express NV		44,507		45,255
				1,394,778		1,400,796
		Cable and Satellite — 0.2%
	700	AMC Networks Inc., Cl. A†		42,546		43,043
	1,000	Cogeco Cable Inc.		55,068		55,377
	4,000	Com Hem Holding AB†		37,550		37,716
	5,000	Intelsat SA†		94,265		94,200
				229,429		230,336
		Closed-End Business Development Company — 0.2%
	13,000	MVC Capital Inc.		162,180		168,350
		Computer Software and Services — 0.2%
	1,400	Computer Task Group Inc.		22,829		23,044
	2,000	Global Sources Ltd.†		15,763		16,560
	2,000	InterXion Holding NV†		54,027		54,760
	6,000	MedAssets Inc.†		136,791		137,040
				229,410		231,404
		Consumer Products — 0.7%
	600	Church & Dwight Co. Inc.		41,766		41,970
	3,000	Coty Inc., Cl. A		50,311		51,390
	1,200	Energizer Holdings Inc.		145,974		146,436
	200	Kaba Holding AG		98,379		98,895
	4,000	Shiseido Co. Ltd.		75,322		72,928
	10,500	Swedish Match AB		360,044		364,586
				771,796		776,205

Shares			Cost		Market Value
		Consumer Services — 0.1%
	1,000	Allegion plc	$	55,769	$	56,680
	1,200	The ADT Corp.		41,340		41,928
				97,109		98,608
		Diversified Industrial — 0.6%
	500	Crane Co.		37,197		37,180
	4,000	Meggitt plc		34,746		34,639
	1,500	Smiths Group plc		32,630		33,295
	2,000	Sulzer AG		282,404		280,559
	4,200	Wartsila OYJ Abp		211,072		208,303
				598,049		593,976
		Electronics — 0.8%
	200,000	Cobra Automotive Technologies SpA†		401,906		406,408
	3,000	Datalogic SpA		37,933		37,834
	800	Hittite Microwave Corp.		62,464		62,360
	5,000	Sparton Corp.†		144,523		138,700
	6,000	Wacom Co. Ltd.		34,133		34,174
	50,000	Wolfson Microelectronics plc†		197,529		198,094
				878,488		877,570
		Energy and Utilities: Electric — 0.4%
	26,200	Algonquin Power & Utilities Corp.		199,625		202,077
	1,000	El Paso Electric Co.		39,410		40,210
	6,600	Fortis Inc.		198,159		200,836
				437,194		443,123
		Energy and Utilities: Integrated — 0.2%
	68,000	Hera SpA		197,914		193,674
	400	Murphy USA Inc.†		19,672		19,556
				217,586		213,230
		Energy and Utilities: Natural Gas — 0.0%
	300	National Fuel Gas Co.		23,145		23,490
	400	Southwest Gas Corp.		21,128		21,116
				44,273		44,606
		Energy and Utilities: Water — 0.7%
	60,600	Beijing Enterprises Water Group Ltd.		40,697		40,502
	1,200	Consolidated Water Co. Ltd.		14,309		14,124
	19,000	Severn Trent plc		620,401		628,217
				675,407		682,843
		Entertainment — 0.4%
	1,400	Rentrak Corp.†		72,388		73,430
	40,000	Societe d’Edition de Canal +		334,978		339,586
				407,366		413,016

See accompanying notes to financial statements.

12

The Gabelli Global Small and Mid Cap Value Trust

Schedule of Investments (Continued) — June 30, 2014 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Environmental Services — 0.2%
	7,500	Progressive Waste Solutions Ltd.	$	192,425	$	192,525
	2,000	Tomra Systems ASA		16,918		16,270
				209,343		208,795
		Equipment and Supplies — 0.8%
	8,000	Interpump Group SpA		111,411		110,092
	48,300	Kentz Corp. Ltd.		761,147		765,433
				872,558		875,525
		Financial Services — 1.5%
	1,250	Credit Acceptance Corp.†		156,104		153,875
	31,100	GAM Holding AG		578,998		592,682
	1,200	Kinnevik Investment AB, Cl. A		48,507		51,635
	17,000	Kinnevik Investment AB, Cl. B		666,464		724,622
				1,450,073		1,522,814
		Food and Beverage — 5.2%
	3,000	Boulder Brands Inc.†		43,879		42,540
	6,700	Chr Hansen Holding A/S		279,197		282,158
	43,000	Davide Campari-Milano SpA		374,165		372,121
	1,500	Dean Foods Co.		26,587		26,385
	25,400	ITO EN Ltd.		641,140		651,141
	2,600	Kerry Group plc, Cl. A		197,133		194,279
	29,200	Kikkoman Corp.		613,301		608,183
	80	Lindt & Spruengli AG		407,134		407,217
	86,000	Maple Leaf Foods Inc.		1,593,594		1,600,637
	1,500	Post Holdings Inc.†		75,087		76,365
	400	Remy Cointreau SA		36,917		36,801
	800	Snyder’s-Lance Inc.		21,216		21,168
	3,000	The Hillshire Brands Co.		186,327		186,900
	5,200	Tsingtao Brewery Co. Ltd., Cl. H		40,165		40,659
	100,000	Vitasoy International Holdings Ltd.		129,045		127,606
	16,000	Yakult Honsha Co. Ltd.		811,579		810,227
				5,476,466		5,484,387
		Health Care — 1.9%
	7,000	Alere Inc.†		262,710		261,940
	7,437	BioScrip Inc.†		60,822		62,025
	4,000	Gerresheimer AG		276,280		275,941
	2,500	ICU Medical Inc.†		152,425		152,025
	6,000	iKang Healthcare Group Inc., ADR†		106,058		104,040
	7,000	Innate Pharma SA†		84,660		85,595
	25,000	Liberator Medical Holdings Inc.		100,724		93,750
	600	Mallinckrodt plc†		46,284		48,012
	50,000	NeoGenomics Inc.†		160,655		166,000
	25,000	Nordion Inc.†		318,750		314,000
	3,495	Orthofix International NV†		120,475		126,694

Shares			Cost		Market Value
	5,000	Rhoen Klinikum AG	$	164,017	$	165,138
	1,250	The Cooper Companies Inc.		169,856		169,413
				2,023,716		2,024,573
		Hotels and Gaming — 1.4%
	3,000	International Game Technology		47,610		47,730
	625,000	Mandarin Oriental International Ltd.		1,190,611		1,190,625
	153,500	The Hongkong & Shanghai Hotels Ltd.		217,348		218,652
				1,455,569		1,457,007
		Machinery — 0.1%
	200	Bucher Industries AG		67,655		68,674
	1,700	Xylem Inc.		67,333		66,436
				134,988		135,110
		Metals and Mining — 0.2%
	2,000	Labrador Iron Ore Royalty Corp.		57,014		57,504
	1,500	Randgold Resources Ltd., ADR		125,262		126,900
				182,276		184,404
		Publishing — 0.0%
	4,000	United Business Media plc		44,716		45,557
		Retail — 0.4%
	5,100	CST Brands Inc.		177,026		175,950
	3,000	Kohl’s Corp.		158,548		158,040
	500	Outerwall Inc.†		29,932		29,675
	800	Sally Beauty Holdings Inc.†		19,976		20,064
				385,482		383,729
		Specialty Chemicals — 0.3%
	8,500	Chemtura Corp.†		220,859		222,105
	400	International Flavors & Fragrances Inc.		41,596		41,712
	800	Sensient Technologies Corp.		43,771		44,576
				306,226		308,393
		Telecommunications — 0.6%
	2,000	Hellenic Telecommunications Organization SA, ADR†		15,390		14,800
	14,000	Jazztel plc†		201,094		199,370
	52,000	Portugal Telecom SGPS SA		199,800		190,541
	6,000	Sky Deutschland AG†		54,634		55,276
	3,500	Ziggo NV		160,374		161,844
				631,292		621,831
		Wireless Communications — 1.5%
	1,140,000	Cable & Wireless Communications plc		949,245		960,861

See accompanying notes to financial statements.

13

The Gabelli Global Small and Mid Cap Value Trust

Schedule of Investments (Continued) — June 30, 2014 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Wireless Communications (Continued)
6,400	Millicom International Cellular SA, SDR	$	583,726	$	586,211
			1,532,971		1,547,072
	TOTAL COMMON STOCKS		21,519,590		21,654,787
Principal Amount
	U.S. GOVERNMENT OBLIGATIONS — 79.4%
$83,560,000	U.S. Treasury Bills, 0.005% to 0.108%††, 07/10/14 to 10/30/14		83,556,994		83,556,541
TOTAL INVESTMENTS — 100.0%		$	105,076,584		105,211,328
Other Assets and Liabilities (Net)					(5,842,865	)
NET ASSETS — COMMON STOCK
(8,271,048 common shares outstanding)				$	99,368,463
NET ASSET VALUE PER COMMON SHARE
($99,368,463 ÷ 8,271,048 shares outstanding)				$	12.01

†  Non-income producing security.

††  Represents annualized yield at date of purchase.

ADR  American Depositary Receipt

SDR  Swedish Depositary Receipt

Geographic Diversification	% of Total Investments			Market Value
North America		85.6	%		$	90,084,069
Europe		10.5				11,071,145
Japan		2.1				2,176,652
Asia/Pacific		1.6				1,722,084
Latin America		0.2				157,378
Total Investments		100.0	%		$	105,211,328

See accompanying notes to financial statements.

14

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Statements of Assets and Liabilities

June 30, 2014 (Unaudited)

	The Gabelli    Dividend &     Income Trust			The Gabelli   Global Small  and Mid Cap    Value Trust
Assets:
Investments, at value (cost $1,608,964,181 and $105,076,584, respectively)		$2,485,303,070			$105,211,328
Cash		4,554			—
Receivable for investments sold		896,308			—
Dividends and interest receivable		4,250,974			2,674
Deferred offering expense		145,829			—
Prepaid expenses		17,880			—
Total Assets		2,490,618,615			105,214,002
Liabilities:
Payable to custodian		—			54,085
Distributions payable		203,241			—
Payable for Fund shares repurchased		—			69,621
Payable for investments purchased		511,738			5,692,479
Payable for investment advisory fees		3,988,380			19,051
Payable for payroll expenses		128,843			581
Payable for accounting fees		11,250			1,000
Payable for auction agent fees		2,840,609			—
Payable for spin-off expenses		302,679			—
Other accrued expenses		256,078			8,722
Total Liabilities		8,242,818			5,845,539
Cumulative Preferred Shares:
Series A Preferred Shares (5.875%, $25 liquidation value, $0.001 par value, 3,200,000 shares authorized with 3,048,019 shares issued and outstanding)		76,200,475
Series B Preferred Shares (Auction Market, $25,000 liquidation value, $0.001 par value, 4,000 shares authorized with 3,600 shares issued and outstanding)		90,000,000
Series C Preferred Shares (Auction Market, $25,000 liquidation value, $0.001 par value, 4,800 shares authorized with 4,320 shares issued and outstanding)		108,000,000
Series D Preferred Shares (6.000%, $25 liquidation value, $0.001 par value, 2,600,000 shares authorized with 2,542,296 shares issued and outstanding)		63,557,400
Series E Preferred Shares (Auction Rate, $25,000 liquidation value, $0.001 par value, 5,400 shares authorized with 4,860 shares issued and outstanding)		121,500,000
Total Preferred Shares		459,257,875
Net Assets Attributable to Common Shareholders		$2,023,117,922			$  99,368,463
Net Assets Attributable to Common Shareholders Consist of:
Paid-in capital		$1,159,071,010			$  99,259,752
Accumulated net investment income/(loss)		2,610,695			(25,991	)
Accumulated net realized loss on investments and foreign currency transactions		(14,907,330	)		(53	)
Net unrealized appreciation on investments		876,338,889			134,744
Net unrealized appreciation on foreign currency translations		4,658			11
Net Assets		$2,023,117,922			$  99,368,463
Net Asset Value per Common Share:
Net Assets		$2,023,117,922			$  99,368,463
Shares outstanding ($0.001 par value; unlimited number of shares authorized)		82,774,478			8,271,048
Net Asset Value per Common Share		$24.44			$12.01

See accompanying notes to financial statements.

15

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Statements of Operations

	The Gabelli Dividend & Income Trust For the Six Months Ended June 30, 2014 (Unaudited)				The Gabelli Global Small and Mid Cap Value Trust For the Period Ended June 30, 2014 (Unaudited)(a)
Investment Income:
Dividends (net of foreign withholding taxes of $894,357 and $400, respectively)		$	36,225,815			$	2,663
Interest			259,872				696
Total Investment Income			36,485,687				3,359
Expenses:
Investment advisory fees			12,211,678				19,051
Global Trust spin-off expenses			700,000				—
Shareholder communications expenses			196,179				4,255
Custodian fees			145,692				638
Trustees’ fees			124,078				953
Payroll expenses			96,487				581
Legal and audit fees			46,751				1,422
Shareholder services fees			22,789				733
Accounting fees			22,500				1,000
Interest expense			2,150				—
Miscellaneous expenses			145,349				717
Total Expenses			13,713,653				29,350
Net Investment Income/(Loss)			22,772,034				(25,991	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain/(loss) on investments			78,533,852				(43	)
Net realized loss on foreign currency transactions			(39,735	)			(10	)
Net realized gain/(loss) on investments and foreign currency transactions			78,494,117				(53	)
Net change in unrealized appreciation:
on investments			75,305,099				134,744
on foreign currency translations			6,184				11
Net change in unrealized appreciation on investments and foreign currency translations			75,311,283				134,755
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency			153,805,400				134,702
Net Increase in Net Assets Resulting from Operations			176,577,434				108,711
Total Distributions to Preferred Shareholders			(7,337,557	)			—
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations		$	169,239,877			$	108,711

(a) The Gabelli Global Small and Mid Cap Value Trust commenced investment operations on June 23, 2014.

See accompanying notes to financial statements.

16

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Statements of Changes in Net Assets Attributable to Common Shareholders

	The Gabelli Dividend & Income Trust								The Gabelli Global Small and Mid Cap Value Trust
	Six Months Ended June 30, 2014 (Unaudited)				Year Ended December 31, 2013				Period Ended June 30, 2014 (Unaudited)(a)
Operations:
Net investment income/(loss)		$	22,772,034			$	29,739,500			$	(25,991	)
Net realized gain/(loss) on investments and foreign currency transactions			78,494,117				174,857,302				(53	)
Net change in unrealized appreciation on investments and foreign currency translations			75,311,283				359,066,285				134,755
Net Increase in Net Assets Resulting from Operations			176,577,434				563,663,087				108,711
Distributions to Preferred Shareholders:
Net investment income			(1,784,103	)*			(4,483,368	)			—
Net realized capital gain			(5,553,454	)*			(10,402,917	)			—
Total Distributions to Preferred Shareholders			(7,337,557	)			(14,886,285	)			—
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations			169,239,877				548,776,802				108,711
Distributions to Common Shareholders:
Net investment Income			(20,627,400	)*			(25,687,928	)			—
Net realized capital gain			(69,249,128	)*			(59,607,256	)			—
Return of capital			(57,462,042	)*			—				—
Total Distributions to Common Shareholders			(147,338,570	)			(85,295,184	)			—
Fund Share Transactions:
Net increase in net assets from common shares issued in offering			—				—				99,329,373
Net decrease from repurchase of common shares			—				(1,064,150	)			(69,621	)
Net Increase/(Decrease) in Net Assets from Fund Share Transactions			—				(1,064,150	)			99,259,752
Net Increase in Net Assets Attributable to Common Shareholders			21,901,307				462,417,468				99,368,463
Net Assets Attributable to Common Shareholders:
Beginning of period			2,001,216,615				1,538,799,147				—
End of period (including undistributed net investment income of $2,610,695, $2,250,164, and $0, respectively)		$	2,023,117,922			$	2,001,216,615			$	99,368,463

* Based on year to date book income. Amounts are subject to change and recharacterization at year end.

(a) The Gabelli Global Small and Mid Cap Value Trust commenced investment operations on June 23, 2014.

See accompanying notes to financial statements.

17

The Gabelli Dividend & Income Trust

Financial Highlights

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

	Six Months Ended June 30, 2014			Year Ended December 31,
	(Unaudited)			2013			2012			2011			2010			2009
Operating Performance:
Net asset value, beginning of year		$       24.18			$       18.58			$       17.24			$       17.64			$       15.58			$       12.68
Net investment income		0.28			0.36			0.47			0.38			0.34			0.41
Net realized and unrealized gain on investments, swap contracts, and foreign currency transactions		1.85			6.45			2.00			0.28			2.63			3.64
Total from investment operations		2.13			6.81			2.47			0.66			2.97			4.05
Distributions to Preferred Shareholders: (a)
Net investment income		(0.02	)*		(0.05	)		(0.09	)		(0.11	)		(0.16	)		(0.16	)
Net realized gain		(0.07	)*		(0.13	)		(0.08	)		(0.05	)		—			—
Total distributions to preferred shareholders		(0.09	)		(0.18	)		(0.17	)		(0.16	)		(0.16	)		(0.16	)
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations		2.04			6.63			2.30			0.50			2.81			3.89
Distributions to Common Shareholders:
Net investment income		(0.25	)*		(0.31	)		(0.37	)		(0.27	)		(0.16	)		(0.21	)
Net realized gain on investments		(0.84	)*		(0.72	)		(0.31	)		(0.14	)		—			—
Return of capital		(0.69	)*		—			(0.28	)		(0.49	)		(0.60	)		(0.78	)
Total distributions to common shareholders		(1.78	)		(1.03	)		(0.96	)		(0.90	)		(0.76	)		(0.99	)
Fund Share Transactions:
Increase in net asset value from repurchase of common shares		—			0.00(b	)		0.00(b	)		0.00(b	)		0.01			0.00	(b)
Increase in net asset value from repurchase of preferred shares		—			—			—			—			—			0.00	(b)
Total from Fund share transactions		—			0.00	(b)		0.00	(b)		0.00	(b)		0.01			0.00	(b)
Net Asset Value Attributable to Common Shareholders, End of Period		$       24.44			$       24.18			$       18.58			$       17.24			$       17.64			$       15.58
NAV total return †		8.62	%		36.47	%		14.40	%		3.61	%		19.73	%		35.49	%
Market value, end of period		$       21.90			$       22.17			$       16.18			$       15.42			$       15.36			$       13.11
Investment total return ††		7.03	%		44.38	%		11.38	%		6.42	%		23.90	%		40.35	%
Ratios to Average Net Assets and Supplemental Data:
Net assets including liquidation value of preferred shares, end of period (in 000’s)		$2,482,375			$2,460,474			$1,998,057			$1,888,654			$1,924,427			$1,759,526
Net assets attributable to common shares, end of period (in 000’s)		$2,023,118			$2,001,217			$1,538,799			$1,429,397			$1,465,169			$1,300,268
Ratio of net investment income to average net assets attributable to common shares before preferred share distributions		2.29	%(c)		1.65	%		2.62	%		2.12	%		2.18	%		3.18	%
Ratio of operating expenses to average net assets attributable to common shares before fees waived		1.38	%(c)		1.34	%		1.41	%		1.50	%		1.53	%		1.66	%
Ratio of operating expenses to average net assets attributable to common shares net of advisory fee reduction, if any		1.38	%(c)		1.34	%		1.41	%		1.40	%		1.53	%		1.66	%
Ratio of operating expenses to average net assets including liquidation value of preferred shares before fees waived		1.12	%(c)		1.07	%		1.08	%		1.14	%		1.14	%		1.16	%
Ratio of operating expenses to average net assets including liquidation value of preferred shares net of advisory fee reduction, if any		1.12	%(c)		1.07	%		1.08	%		1.07	%		1.14	%		1.16	%
Portfolio turnover rate		8.7	%		15.8	%		14.5	%		15.0	%		19.0	%		13.3	%

See accompanying notes to financial statements.

18

The Gabelli Dividend & Income Trust

Financial Highlights (Continued)

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

	Six Months Ended June 30, 2014			Year Ended December 31,
	(Unaudited)			2013			2012			2011			2010			2009
5.875% Series A Cumulative Preferred Shares
Liquidation value, end of period (in 000’s)		$  76,200			$  76,200			$  76,200			$  76,200			$  76,201			$  76,201
Total shares outstanding (in 000’s)		3,048			3,048			3,048			3,048			3,048			3,048
Liquidation preference per share		$    25.00			$    25.00			$    25.00			$    25.00			$    25.00			$    25.00
Average market value (d)		$    25.18			$    25.31			$    25.72			$    25.30			$    24.98			$    23.34
Asset coverage per share		$  135.13			$  133.94			$  108.77			$  102.81			$  104.76			$    95.78
Series B Auction Market Cumulative Preferred Shares
Liquidation value, end of period (in 000’s)		$  90,000			$  90,000			$  90,000			$  90,000			$  90,000			$  90,000
Total shares outstanding (in 000’s)		4			4			4			4			4			4
Liquidation preference per share		$  25,000			$  25,000			$  25,000			$  25,000			$  25,000			$  25,000
Liquidation value (e)		$  25,000			$  25,000			$  25,000			$  25,000			$  25,000			$  25,000
Asset coverage per share		$135,130			$133,938			$108,766			$102,810			$104,757			$  95,781
Series C Auction Market Cumulative Preferred Shares
Liquidation value, end of period (in 000’s)		$108,000			$108,000			$108,000			$108,000			$108,000			$108,000
Total shares outstanding (in 000’s)		4			4			4			4			4			4
Liquidation preference per share		$  25,000			$  25,000			$  25,000			$  25,000			$  25,000			$  25,000
Liquidation value (e)		$  25,000			$  25,000			$  25,000			$  25,000			$  25,000			$  25,000
Asset coverage per share		$135,130			$133,938			$108,766			$102,810			$104,757			$  95,781
6.000% Series D Cumulative Preferred Shares
Liquidation value, end of period (in 000’s)		$  63,557			$  63,557			$  63,557			$  63,557			$  63,557			$  63,557
Total shares outstanding (in 000’s)		2,542			2,542			2,542			2,542			2,542			2,542
Liquidation preference per share		$    25.00			$    25.00			$    25.00			$    25.00			$    25.00			$    25.00
Average market value (d)		$    25.56			$    26.25			$    26.79			$    26.09			$    25.52			$    24.44
Asset coverage per share		$  135.13			$  133.94			$  108.77			$  102.81			$  104.76			$    95.78
Series E Auction Rate Cumulative Preferred Shares
Liquidation value, end of period (in 000’s)		$121,500			$121,500			$121,500			$121,500			$121,500			$121,500
Total shares outstanding (in 000’s)		5			5			5			5			5			5
Liquidation preference per share		$  25,000			$  25,000			$  25,000			$  25,000			$  25,000			$  25,000
Liquidation value (e)		$  25,000			$  25,000			$  25,000			$  25,000			$  25,000			$  25,000
Asset coverage per share		$135,130			$133,938			$108,766			$102,810			$104,757			$  95,781
Asset Coverage (f)		541	%		536	%		435	%		411	%		419	%		383	%

† For six months ended June 30, 2014 and the year ended 2013 based on net asset value per share and reinvestment of distributions at net asset value on the ex-dividend date. The years ended 2012, 2011, 2010, and 2009 were based on net asset value per share, adjusted for reinvestment of distributions at prices obtained under the Fund’s dividend reinvestment plan. Total return for a period of less than one year is not annualized.

†† Based on market value per share, adjusted for reinvestment of distributions at prices obtained under the Fund’s dividend reinvestment plan. Total return for a period of less than one year is not annualized.

* Based on year to date book income. Amounts are subject to change and recharacterization at year end.

(a) Calculated based upon average common shares outstanding on the record dates throughout the period.

(b) Amount represents less than $0.005 per share.

(c) Annualized.

(d) Based on weekly prices.

(e) 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 auction.

(f) Asset coverage is calculated by combining all series of preferred shares.

See accompanying notes to financial statements.

19

The Gabelli Global Small and Mid Cap Value Trust

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the period:

	Period Ended  June 30, 2014(a)  (Unaudited)
Operating Performance:
Net asset value, beginning of period		$  12.00
Net investment loss		(0.00	)(b)
Net realized and unrealized gain on investments and foreign currency transactions		0.01
Total from investment operations		0.01
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations		0.01
Fund Share Transactions:
Increase in net asset value from repurchase of common shares		0.00	(b)
Total from Fund share transactions		0.00	(b)
Net Asset Value Attributable to Common Shareholders, End of Period		$  12.01
NAV total return †		0.08	%
Market value, end of period		$  10.78
Investment total return ††		(10.17	)%
Ratios to Average Net Assets and Supplemental Data:
Net assets end of period (in 000’s)		$99,368
Ratio of net investment income to average net assets		(1.36	)%(c)
Ratio of operating expenses to average net assets		1.54	%(c)
Portfolio turnover rate		0.0	%

† Based on net asset value per share. Total return for a period of less than one year is not annualized.

†† Based on market value per share. Total return for a period of less than one year is not annualized.

(a) The Gabelli Global Small and Mid Cap Value Trust commenced investment operations on June 23, 2014.

(b) Amount represents less than $0.005 per share.

(c) Annualized.

See accompanying notes to financial statements.

20

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Dividend & Income Trust (“Dividend Trust”) 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.

Dividend Trust’s investment objective is to provide a high level of total return on its assets with an emphasis on dividends and income. Dividend Trust 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).

The Gabelli Global Small and Mid Cap Value Trust (“Global Trust”) is a diversified closed-end management investment company organized as a Delaware statutory trust on August 19, 2013 and registered under the 1940 Act. Investment operations commenced on June 23, 2014. Global Trust had no operations prior to June 23, 2014, other than matters relating to its organization and registration as a closed end management company under the 1940 Act, and the sale of 8,333 common shares for $100,000 on January 22, 2014 to Dividend Trust. On June 23, 2014, Dividend Trust contributed $99,229,373 in cash in exchange for 8,269,115 shares of Global Trust, and on the same date distributed such shares to the holders of record on June 16, 2014 at the rate of one common share of Global Trust for every ten common shares of Dividend Trust.

Global Trust’s investment objective is to seek long term growth of capital. Global Trust will attempt to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities (such as common stock and preferred stock) of companies with small or medium sized market capitalizations (“small cap” and “mid cap” companies, respectively) and at least 40% of its total assets in the equity securities of companies located outside the U.S. and in at least three countries.

2. Significant Accounting Policies. Dividend Trust and Global Trust (each a “Fund”, collectively, the “Funds”) financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Funds in the preparation of its financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees for Dividend Trust or the Board of Trustees for Global Trust (the “Board” or the “Boards”) 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”).

21

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Notes to Financial Statements (Unaudited) (Continued)

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the 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 Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

22

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Notes to Financial Statements (Unaudited) (Continued)

The summary of Dividend Trust’s investments in securities by inputs used to value its investments as of June 30, 2014 is as follows:

	Dividend Trust
	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 6/30/14
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Aerospace		$     55,677,950		—		$308,215		$     55,986,165
Energy and Utilities: Integrated		78,773,824		—		68,670		78,842,494
Telecommunications		105,342,084		$  1,045,040		—		106,387,124
Other Industries (a)		2,158,651,424		—		—		2,158,651,424
Total Common Stocks		2,398,445,282		1,045,040		376,885		2,399,867,207
Preferred Stocks (a)		2,280,117		—		—		2,280,117
Convertible Preferred Stocks
Financial Services		—		—		28,500		28,500
Other Industries (a)		9,889,881		—		—		9,889,881
Total Preferred Stocks and Convertible Preferred Stocks		12,169,998		—		28,500		12,198,498
Warrants
Energy and Utilities: Natural Gas		869,584		—		—		869,584
Food and Beverage		—		402		—		402
Total Warrants		869,584		402		—		869,986
Corporate Bonds		—		16,017,999		72,562		16,090,561
U.S. Government Obligations		—		56,276,818		—		56,276,818
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$2,411,484,864		$73,340,259		$477,947		$2,485,303,070

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

The summary of Global Trust’s investments in securities by inputs used to value its investments as of June 30, 2014 is as follows:

	Global Trust
	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 6/30/14
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$21,654,787		—		$  21,654,787
U.S. Government Obligations		—		$83,556,541		83,556,541
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$21,654,787		$83,556,541		$105,211,328

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

Dividend Trust did not have material transfers among Level 1, Level 2, and Level 3 during the six months ended June 30, 2014. Global Trust did not have transfers among Level 1 and Level 2 during the period ended June 30, 2014. The Funds’ policy is to recognize transfers among Levels as of the beginning of the reporting period.

23

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Notes to Financial Statements (Unaudited) (Continued)

Additional Information to Evaluate Qualitative Information.

General. The Funds use recognized industry pricing services – approved by the Boards and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds is ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common and preferred equities, warrants, options, rights, and fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of 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 Boards the results of the application of fair valuation policies and procedures. These include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

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

The Funds’ derivative contracts held at June 30, 2014, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

24

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Notes to Financial Statements (Unaudited) (Continued)

Limitations on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. Subject to the guidelines of the Board, a Fund may engage in “commodity interest” transactions (generally, transactions in futures, certain options, certain currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance with the rules and regulations of the Commodity Futures Trading Commission (“CFTC”). Pursuant to amendments by the CFTC to Rule 4.5 under the Commodity Exchange Act (“CEA”), the Adviser has filed a notice of exemption from registration as a “commodity pool operator” with respect to the Fund. A Fund and the Adviser are therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund as of January 1, 2013. These trading restrictions permit a Fund to engage in commodity interest transactions that include (i) “bona fide hedging” transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of a Fund’s assets committed to margin and options premiums and (ii) non-bona fide hedging transactions, provided that a Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, either (a) the sum of the amount of initial margin deposits on a Fund’s existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market value of a Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of a Fund’s commodity interest transactions would not exceed 100% of the market value of a Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions. Therefore, in order to claim the Rule 4.5 exemption, a Fund is limited in its ability to invest in commodity futures, options, and certain types of swaps (including securities futures, broad based stock index futures, and financial futures contracts). As a result, in the future, a Fund will be more limited in its ability to use these instruments than in the past, and these limitations may have a negative impact on the ability of the Adviser to manage a Fund, and on a Fund’s performance.

Foreign Currency Translations. The books and records of each 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. Each 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.

25

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Notes to Financial Statements (Unaudited) (Continued)

Foreign Taxes. The Funds 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 Funds are not subject to an independent limitation on the amount it may invest in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Boards. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Boards will monitor their liquidity. For the restricted securities the Funds held as of June 30, 2014, refer to the Schedules 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 the 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 a Fund becomes aware of such dividends.

Custodian Fee Credits. When cash balances are maintained in the custody account, the Funds receive 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.”

Distributions to Shareholders. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to shareholders 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 and foreign currency transactions held by a Fund, timing differences, and differing characterizations of distributions made by a 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. These reclassifications have no impact on the NAV of the Funds.

Under Dividend Trust’s 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. The Fund’s current distribution policy may restrict the Fund’s ability to pass through to shareholders all of its net realized long term capital gains as a Capital Gain Distribution, subject to the maximum federal income tax rate and may cause such gains to be treated as ordinary income. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return

26

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Notes to Financial Statements (Unaudited) (Continued)

from an investment in the Fund. The Board will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s NAV and the financial market environment. The Fund’s distribution policy is subject to modification by the Board at any time.

Distributions to shareholders of Dividend Trust’s 5.875% Series A Preferred Shares, Series B Auction Market Preferred Shares, Series C Auction Market Preferred Shares, 6.000% Series D Preferred Shares, and Series E Auction Rate 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 year ended December 31, 2013 for Dividend Trust was as follows:

	Common		Preferred
Distributions paid from:
Ordinary income	$	26,125,755	$	4,559,641
Net long term capital gains		59,169,429		10,326,644
Total distributions paid	$	85,295,184	$	14,886,285

Global Trust expects to distribute its net investment income and net realized capital gains, if any, annually.

Provision for Income Taxes. Dividend Trust intends to continue to qualify as, and Global Trust intends to qualify as, regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). It is the policy of each 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.

As of December 31, 2013, the components of accumulated earnings/losses on a tax basis for Dividend Trust were net unrealized appreciation on investments and foreign currency translations of $784,683,563.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward for an unlimited period capital losses incurred. As a result of the rule, post enactment capital losses that are carried forward will retain their character as either short term or long term capital losses rather than being considered all short term as under previous law.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2014:

	Dividend Trust
	Cost		Gross Unrealized Appreciation	Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$1,619,608,423		$906,448,170		$(40,753,523	)	$865,694,647
		Global Trust
		Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments		$105,076,584	$206,936		$(72,192)		$134,744

The Funds are 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

27

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Notes to Financial Statements (Unaudited) (Continued)

applicable tax authority. Income tax and related interest and penalties would be recognized by the Funds 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 six months ended June 30, 2014, Dividend Trust did not incur any income tax, interest, or penalty. As of June 30, 2014, the Adviser has reviewed all open tax years and concluded that there was no impact to Dividend Trust’s net assets or results of operations. Dividend Trust’s federal and state tax returns for the prior three fiscal years remain open, subject to examination by these taxing authorities. As of June 30, 2014, there were no open tax years for Global Trust. On an ongoing basis, the Adviser will monitor the Funds’ tax positions to determine if adjustments to this conclusion are necessary.

3. Agreements and Transactions with Affiliates. Each 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 Fund’s average weekly net assets including the liquidation value of preferred shares. In accordance with the Advisory Agreements, the Adviser provides a continuous investment program for each Fund’s portfolio and oversees the administration of all aspects of the Fund’s business and affairs.

The Adviser has agreed to reduce the management fee on the incremental assets attributable to Dividend Trust’s Preferred Shares if the total return of the NAV of the common shares of Dividend Trust, 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. Dividend Trust’s 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 of each particular series of Preferred Shares for the period. For the six months ended June 30, 2014, Dividend Trust’s total return on the NAV of the common shares exceeded the stated dividend rate of the outstanding Preferred Shares. Thus, advisory fees were accrued on these assets.

During the six months ended June 30, 2014, Dividend Trust and Global Trust paid brokerage commissions on security trades of $140,441 and $3,317, respectively, to G.research, Inc., an affiliate of the Adviser.

The cost of calculating each Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended June 30, 2014, Dividend Trust and Global Trust paid or accrued $22,500 and $1,000, respectively, to the Adviser in connection with the cost of computing each Fund’s NAV.

As per the approval of the Boards, Dividend Trust and Global Trust compensate officers of each 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 six months ended June 30, 2014, Dividend Trust and Global Trust paid or accrued $96,487 and $581 in payroll expenses in the Statement of Operations, respectively.

Dividend Trust 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, the Proxy Voting Committee Chairman receives an annual fee of $1,500, the Nominating Committee Chairman and the Lead Trustee each receive an annual fee of $2,000. A Trustee may receive a single meeting fee, allocated among the participating funds, for participation

28

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Notes to Financial Statements (Unaudited) (Continued)

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.

Global Trust pays each Trustee who is not considered an affiliated person an annual retainer of $3,000 plus $1,000 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 $500 per meeting attended, the Audit Committee Chairman receives an annual fee of $2,000, the Proxy Voting Committee Chairman receives an annual fee of $1,000, the Nominating Committee Chairman and the Lead Trustee each receive an annual fee of $1,000. 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 six months ended June 30, 2014, other than short term securities and U.S. Government obligations, aggregated $204,240,511 and $226,720,980, respectively, for Dividend Trust and $21,519,589 and $0, respectively, for Global Trust.

5. Capital. Dividend Trust 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 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 six months ended June 30, 2014 and the year ended December 31, 2013, Dividend Trust did not repurchase common shares of beneficial interest in the open market.

Global Trust 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 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 period ended June 30, 2014, Global Trust repurchased and retired 6,400 of its common shares at a cost of $69,621 and an average discount of 9.37% from its liquidation preference.

Transactions in common shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)		Year Ended December 31, 2013
	Dividend Trust		Dividend Trust
	Shares	Amount	Shares			Amount
Net decrease from repurchase of common shares	—	$—		(53,241	)	$	(1,064,150	)

	Period Ended June 30, 2014 (Unaudited)
	Global Trust
	Shares			Amount
Initial seed capital		8,333			$     100,000
Additional shares issued in conjunction with the spin-off from Dividend Trust		8,269,115			99,229,373
Decrease from repurchase of common shares		(6,400	)		(69,621	)
Net increase from issuance and repurchase of common shares		8,271,048			$99,259,752

29

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Notes to Financial Statements (Unaudited) (Continued)

A shelf registration for Dividend Trust authorizing the offering of an additional $500 million of common or preferred shares or notes was declared effective by the SEC on July 11, 2013.

Dividend Trust’s 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 D, and Series E Preferred Shares at redemption prices of $25, $25,000, $25,000, $25, and $25,000, 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 Dividend Trust’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on Dividend Trust’s 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%, respectively, of the seven day Telerate/British Bankers Association 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. There were no redemptions of Series B, Series C, and Series E Preferred Shares during the six months ended June 30, 2014.

Dividend Trust may redeem in whole or in part the 5.875% Series A and 6.000% Series D Preferred Shares at the redemption price at any time. The Board has authorized the repurchase of Series A and Series D Preferred Shares in the open market at prices less than the $25 liquidation value per share. During the six months ended June 30, 2014, Dividend Trust did not repurchase any shares of Series A or Series D Preferred Shares.

30

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Notes to Financial Statements (Unaudited) (Continued)

The following table summarizes Cumulative Preferred Stock information of Dividend Trust:

Series	Issue Date	Issued/ Authorized		Number of Shares   Outstanding at   06/30/14	Net Proceeds		2014 Dividend   Rate Range	Dividend Rate at 06/30/14	Accrued     Dividend at 06/30/2014
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	1.616% to 1.626%	1.624%	24,360
C Auction Market	October 12, 2004		4,800	4,320		118,630,341	1.618% to 1.629%	1.623%	19,476
D 6.000%	November 3, 2005		2,600,000	2,542,296		62,617,239	Fixed Rate	6.000%	52,965
E Auction Rate	November 3, 2005		5,400	4,860		133,379	2.618% to 2.625%	2.623%	44,263

The holders of Dividend Trust Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of Dividend Trust 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 Dividend Trust’s 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 Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies.

6. Indemnifications. Each Fund enters into contracts that contain a variety of indemnifications. The Fund’s 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 Fund’s existing contracts and expects the risk of loss to be remote.

7. Other Matters. On April 24, 2008, the Adviser entered into a settlement with the SEC to resolve an inquiry regarding prior frequent trading in shares of the GAMCO Global Growth Fund (the “Global Growth Fund”) by one investor who was banned from the Global Growth Fund in August 2002. Under the terms of the settlement, the Adviser, without admitting or denying the SEC’s findings and allegations, paid $16 million (which included a $5 million civil monetary penalty). On the same day, the SEC filed a civil action in the U.S. District Court for the Southern District of New York (the “Court”) against the Executive Vice President and Chief Operating Officer (the “Officer”) of the Adviser, alleging violations of certain federal securities laws arising from the same matter. On May 2, 2014, the SEC filed with the Court a stipulation of voluntary dismissal of the civil action against the Officer, and on June 19, 2014, the Court approved the stipulation and entered an order of dismissal of the action against the Officer. The settlement by the Adviser and the disposition of the action against the Officer did not have a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

31

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Notes to Financial Statements (Unaudited) (Continued)

8. Subsequent Events. Management has evaluated the impact on the Funds of all other subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

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. The financial statements and investment portfolio are mailed separately from the commentary. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

The Dividend Trust Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “General Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “General Equity Funds.”

The Global Trust Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “World Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “World Equity Funds.”

The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.

NASDAQ symbol for the Net Asset Value: Dividend Trust - “XGDVX” Global Trust - “XGGZX”

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that each Fund may from time to time purchase its common shares in the open market when each Fund’s shares are trading at a discount of 7.5% or more from the net asset value of the shares. The Dividend Trust 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.

32

The Gabelli Dividend & Income Trust and The Gabelli Global Small and Mid Cap Value Trust

Notes to Financial Statements (Unaudited) (Continued)

The Funds file 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-Q. 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-Q 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 Funds file 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 the 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.

Shareholder Meeting – May 12, 2014 – Final Results

The Dividend Trust’s Annual Meeting of Shareholders was held on May 12, 2014 at the Greenwich Library in Greenwich, Connecticut. At that meeting, common and preferred shareholders, voting together as a single class, elected Frank J. Fahrenkopf, Jr., Anthonie C. van Ekris, and Salvatore J. Zizza as Trustees of the Dividend Trust. A total of 76,740,653 votes, 76,752,362 votes, and 76,810,730 votes were cast in favor of these Trustees and a total of 1,115,889 votes, 1,104,180 votes, and 1,045,812 votes were withheld for these Trustees, respectively. In addition, preferred shareholders, voting as a separate class, elected Anthony J. Colavita as a Trustee of the Fund. A total of 4,694,463 votes were cast in favor of this Trustee and a total of 200,015 votes were withheld for this Trustee.

Mario J. Gabelli, CFA, James P. Conn, Mario d’Urso, Michael J. Melarkey, Salvatore M. Salibello CPA, and Edward T. Tokar continue to serve in their capacities as Trustees of the Fund.

We thank you for your participation and appreciate your continued support.

Certifications

The Dividend Trust’s Chief Executive Officer has certified to the New York Stock Exchange (“NYSE”) that, as of June 11, 2014, he was not aware of any violation by the Fund of applicable NYSE corporate governance listing standards. The Fund reports to the SEC on Form N-CSR which contains certifications by the Fund’s principal executive officer and principal financial officer that relate to the Fund’s disclosure in such reports and that are required by Rule 30a-2(a) under the 1940 Act.

33

THE GABELLI DIVIDEND & INCOME TRUST

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Mario J. Gabelli, CFA, is Chairman and Chief Executive Officer of GAMCO Investors, Inc. that he founded in 1977 and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

Christopher J. Marangi joined Gabelli in 2003 as a research analyst. He currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Funds Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA with honors from Columbia Business School.

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

Robert D. Leininger, CFA, joined GAMCO Investors, Inc. in 1993 as an equity analyst. Subsequently, he was a partner and portfolio manager at Rorer Asset Management before rejoining GAMCO in 2010 where he currently serves as a portfolio manager of Gabelli Funds, LLC and co-manages the Fund. Mr. Leininger is a magna cum laude graduate of Amherst College with a degree in Economics and holds an MBA from the Wharton School at the University of Pennsylvania.

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

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

THE GABELLI GLOBAL SMALL AND MID CAP VALUE TRUST

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Mario J. Gabelli, CFA, is Chairman and Chief Executive Officer of GAMCO Investors, Inc. that he founded in 1977 and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

Christopher J. Marangi joined Gabelli in 2003 as a research analyst. He currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Funds Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA with honors from Columbia Business School.

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

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

THE GABELLI DIVIDEND & INCOME TRUST

THE GABELLI GLOBAL SMALL AND MID CAP VALUE TRUST

One Corporate Center

Rye, NY 10580-1422

t	800-GABELLI (800-422-3554)
f	914-921-5118
e	info@gabelli.com
	GABELLI.COM

TRUSTEES	TRUSTEES
GDV	GGZ
Mario J. Gabelli, CFA Chairman & Chief Executive Officer, GAMCO Investors, Inc. Anthony J. Colavita President, Anthony J. Colavita, P.C. James P. Conn Former Managing Director & Chief Investment Officer, Financial Security Assurance Holdings Ltd. Mario d’Urso Former Italian Senator Frank J. Fahrenkopf, Jr. Former President & Chief Executive Officer, American Gaming Association Michael J. Melarkey Partner, Avansino, Melarkey, Knobel, Mulligan & McKenzie Salvatore M. Salibello, CPA Partner, Salibello & Company Edward T. Tokar Senior Managing Director, Beacon Trust Company Anthonie C. van Ekris Chairman, BALMAC International, Inc. Salvatore J. Zizza Chairman, Zizza & Associates Corp.	Mario J. Gabelli, CFA Chairman & Chief Executive Officer, GAMCO Investors, 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 Kuni Nakamura President, Advanced Polymer, Inc. Salvatore J. Zizza Chairman, Zizza & Associates Corp.

GDV, GGZ Q2/2014

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

PORTFOLIO MANAGEMENT

Mario J. Gabelli, CFA, is Chairman and Chief Executive Officer of GAMCO Investors, Inc. that he founded in 1977 and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

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

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

Christopher J. Marangi joined Gabelli in 2003 as a research analyst. He currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Funds Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA with honors from Columbia Business School.

MANAGEMENT OF OTHER ACCOUNTS

The table below shows the number of other accounts managed by the portfolio managers and the total assets in each of the following categories: registered investment companies, other paid investment vehicles and other accounts as of June 30, 2014. For each category, the table also shows the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on account performance.

Name of Portfolio Manager	Type of Accounts	Total No. of Accounts Managed	Total Assets	No. of Accounts where Advisory Fee is Based on Performance	Total Assets in Accounts where Advisory Fee is Based on Performance
Mario J. Gabelli	Registered Investment Companies:	25	27.3B	6	5.3B
	Other Pooled Investment Vehicles:	15	637.7M	13	629.8M
	Other Accounts:	1,628	18.3B	23	2.5B
Kevin V. Dreyer	Registered Investment Companies:	6	8.4B	2	4.2B
	Other Pooled Investment Vehicles:	0	0	0	0

	Other Accounts:	308	1.3B	1	9.3M
Christopher J. Marangi	Registered Investment Companies:	6	9.2B	3	4.4B
	Other Pooled Investment Vehicles:	0	0	0	0
	Other Accounts:	314	1.3B	2	20.9M
4. Jeff Jonas	Registered Investment Companies:	3	6.5B	1	2.5B
	Other Pooled Investment Vehicles:	0	0	0	0
	Other Accounts:	73	181.5M	2	23.1M

POTENTIAL CONFLICTS OF INTEREST

As reflected above, the Portfolio Managers manage accounts in addition to the Trust. Actual or apparent conflicts of interest may arise when a Portfolio Manager also has day-to-day management responsibilities with respect to one or more other accounts. These potential conflicts include:

ALLOCATION OF LIMITED TIME AND ATTENTION.    As indicated above, the Portfolio Managers manage multiple accounts. As a result, he will not be able to devote all of his time to the management of the Trust. The Portfolio Managers, therefore, may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts as might be the case if he were to devote all of his attention to the management of only the Trust.

ALLOCATION OF LIMITED INVESTMENT OPPORTUNITIES.    As indicated above, the Portfolio Managers manage managed accounts with investment strategies and/or policies that are similar to the Trust. In these cases, if the Portfolio Manager identifies an investment opportunity that may be suitable for multiple accounts, a fund may not be able to take full advantage of that opportunity because the opportunity may be allocated among all or many of these accounts or other accounts managed primarily by other Portfolio Managers of the Adviser, and their affiliates. In addition, in the event a Portfolio Manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions.

SELECTION OF BROKER/DEALERS.  Because of Mr. Gabelli’s indirect majority ownership interest in G.research, Inc., he may have an incentive to use G.research to execute portfolio transactions for a fund.

PURSUIT OF DIFFERING STRATEGIES.  At times, the Portfolio Managers may determine that an investment opportunity may be appropriate for only some of the accounts for which he exercises investment responsibility, or may decide that certain of the funds or accounts should take differing positions with respect to a particular security. In these cases, the Portfolio Manager may execute

differing or opposite transactions for one or more accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment of one or more other accounts.

VARIATION IN COMPENSATION.    A conflict of interest may arise where the financial or other benefits available to the Portfolio Manager differs among the accounts that he manages. If the structure of the Adviser’s management fee or the Portfolio Manager’s compensation differs among accounts (such as where certain accounts pay higher management fees or performance-based management fees), the Portfolio Manager may be motivated to favor certain accounts over others. The Portfolio Manager also may be motivated to favor accounts in which they have an investment interest, or in which the Adviser, or their affiliates have investment interests. Similarly, the desire to maintain assets under management or to enhance a Portfolio Manager’s performance record or to derive other rewards, financial or otherwise, could influence the Portfolio Manager in affording preferential treatment to those accounts that could most significantly benefit the Portfolio Manager. For example, as reflected above, if the Portfolio Manager manages accounts which have performance fee arrangements, certain portions of his compensation will depend on the achievement of performance milestones on those accounts. The Portfolio Manager could be incented to afford preferential treatment to those accounts and thereby be subject to a potential conflict of interest.

The Adviser, and the funds have adopted compliance policies and procedures that are designed to address the various conflicts of interest that may arise for the Adviser and their staff members. However, there is no guarantee that such policies and procedures will be able to detect and prevent every situation in which an actual or potential conflict may arise.

COMPENSATION STRUCTURE FOR MARIO J. GABELLI

Mr. Gabelli receives incentive-based variable compensation based on a percentage of net revenues received by the Adviser for managing the Trust. Net revenues are determined by deducting from gross investment management fees the firm’s expenses (other than Mr. Gabelli’s compensation) allocable to this Trust. Five closed-end registered investment companies managed by Mr. Gabelli have arrangements whereby the Adviser will only receive its investment advisory fee attributable to the liquidation value of outstanding preferred stock (and Mr. Gabelli would only receive his percentage of such advisory fee) if certain performance levels are met. Additionally, he receives similar incentive based variable compensation for managing other accounts within the firm and its affiliates. This method of compensation is based on the premise that superior long-term performance in managing a portfolio should be rewarded with higher compensation as a result of growth of assets through appreciation and net investment activity. The level of compensation is not determined with specific reference to the performance of any account against any specific benchmark. One of the other registered investment companies managed by Mr. Gabelli has a performance (fulcrum) fee arrangement for which his compensation is adjusted up or down based on the performance of the investment company relative to an index. Mr. Gabelli manages other accounts with performance fees. Compensation for managing these accounts has two components. One component is based on a percentage of net revenues to the investment adviser for managing the account. The second component is based on absolute performance of the account, with respect to which a percentage of such performance fee is paid to Mr. Gabelli. As an executive officer of the Adviser’s parent company, GBL, Mr. Gabelli also receives ten percent of the net operating profits of the parent company. He receives no base salary, no annual bonus, and no stock options.

COMPENSATION STRUCTURE FOR THE PORTFOLIO MANAGERS OTHER THAN MR. GABELLI

The compensation for the Portfolio Managers other than Mr. Gabelli for the Trust is structured to enable the Adviser to attract and retain highly qualified professionals in a competitive environment. The Portfolio Managers other than Mr. Gabelli receive a compensation package that includes a minimum draw or base salary, equity-based incentive compensation via awards of restricted stock, and incentive based variable compensation based on a percentage of net revenue received by the Adviser for managing the Trust to the extent that the amount exceeds a minimum level of compensation. Net revenues are determined by deducting from gross investment management fees certain of the firm’s expenses (other than the Portfolio Managers’ compensation) allocable to the Trust (the incentive-based variable compensation for managing other accounts is also based on a percentage of net revenues to the investment adviser for managing the account). This method of compensation is based on the premise that superior long-term performance in managing a portfolio should be rewarded with higher compensation as a result of growth of assets through appreciation and net investment activity. The level of equity-based incentive and incentive-based variable compensation is based on an evaluation by the Adviser’s parent, GBL, of quantitative and qualitative performance evaluation criteria. This evaluation takes into account, in a broad sense, the performance of the accounts managed by the Portfolio Managers, but the level of compensation is not determined with specific reference to the performance of any account against any specific benchmark. Generally, greater consideration is given to the performance of larger accounts and to longer term performance over smaller accounts and short-term performance.

OWNERSHIP OF SHARES IN THE FUND

Mario J. Gabelli, Kevin V. Dreyer, Jeffrey J. Jonas, and Christopher J. Marangi each owned $500,001 - $1,000,000, $1 - $10,000, $1 – $10,000, and $10,001 - $50,000, respectively, of shares of the Trust as of June 30, 2014.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

REGISTRANT PURCHASES OF EQUITY SECURITIES

Period	(a) Total Number of Shares (or Units) Purchased	(b) Average Price Paid per Share (or Unit)	(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that  May Yet Be Purchased Under the Plans or Programs
Month #1 01/01/14 through 01/31/14	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A
Month #2 02/01/14 through 02/28/14	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A

Month #3 03/01/14 through 03/31/14	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A
Month #4 04/01/14 through 04/30/14	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A
Month 05/01/14 through05 05/31/14	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A	Common – N/A Preferred– N/A
Month #6 06/01/14 through 06/30/14	Common – 6,400 Preferred– N/A	Common – $10.8784 Preferred– N/A	Common – 6,400 Preferred– N/A	Common – 8,277,448 – 6,400 = 8,271,048 Preferred– N/A
Total	Common – 6,400 Preferred– N/A	Common – $10.8784 Preferred – N/A	Common – 6,400 Preferred – N/A	8,271,048

Footnote columns (c) and (d) of the table, by disclosing the following information in the aggregate for all plans or programs publicly announced:

a. The date each plan or program was announced – The notice of the potential repurchase of common and preferred shares occurs quarterly in the Fund’s quarterly report in accordance with Section 23(c) of the Investment Company Act of 1940, as amended.

b. The dollar amount (or share or unit amount) approved – Any or all common shares outstanding may be repurchased when the Fund’s common shares are trading at a discount of 7.5% or more from the net asset value of the shares.

Any or all preferred shares outstanding may be repurchased when the Fund’s preferred shares are trading at a discount to the liquidation value of $25.00.

c. The expiration date (if any) of each plan or program – The Fund’s repurchase plans are ongoing.

d. Each plan or program that has expired during the period covered by the table – The Fund’s repurchase plans are ongoing.

e. Each plan or program the registrant has determined to terminate prior to expiration, or under which the registrant does not intend to make further purchases. – The Fund’s repurchase plans are ongoing.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)  The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)  There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)     The Gabelli Global Small and Mid Cap Value Trust

By (Signature and Title)*	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

Date     9/4/2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

Date     9/4/2014

By (Signature and Title)*	/s/ Agnes Mullady
	Agnes Mullady, Principal Financial Officer and Treasurer

Date     9/4/2014

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