Gabelli Global Small & Mid Cap Value Trust

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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.

For the quarter ended March 31, 2015, the net asset value (“NAV”) total return of The Gabelli Global Small and Mid Cap Value Trust (the “Fund”) was 2.7%, compared with a total return of 5.6% for the Morgan Stanley Capital International (“MSCI”) World SMID Cap Index. The total return for the Fund’s publicly traded shares was 1.3%. The Fund’s NAV per share was $12.18, while the price of the publicly traded shares closed at $10.58 on the New York Stock Exchange (“NYSE”). See below for additional performance information.


Average Annual Returns through March 31, 2015 (a) (Unaudited)				Since
	Quarter			Inception (06/23/14)
Gabelli Global Small and Mid Cap Value Trust
NAV Total Return (b)		2.70	%		1.50	%
Investment Total Return (c)		1.34			(11.83	)
MSCI World SMID Cap Index		5.58			1.54	(d)

(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.

(d)

From June 30, 2014, the date closest to the Fund’s inception for which data is available.


Shares			Market Value
		COMMON STOCKS — 79.9%
		Aerospace — 1.0%
	70,000	BBA Aviation plc	$	349,517
	15,500	Kaman Corp.		657,665

				1,007,182


		Automotive — 0.1%
	2,500	General Motors Co.		93,750

		Automotive: Parts and Accessories — 5.2%
	11,500	Brembo SpA		470,130
	42,000	Dana Holding Corp.		888,720
	14,647	Federal-Mogul Holdings Corp.†		194,952
	14,000	Modine Manufacturing Co.†		188,580
	55,000	The Pep Boys - Manny, Moe & Jack†		529,100
	14,000	TRW Automotive Holdings Corp.†		1,467,900
	15,300	Visteon Corp.†		1,474,920

				5,214,302


		Aviation: Parts and Services — 1.1%
	8,900	B/E Aerospace Inc.		566,218
	800	Curtiss-Wright Corp.		59,152
	9,000	GenCorp Inc.†		208,710
	6,000	KLX Inc.†		231,240

				1,065,320


		Broadcasting — 0.3%
	8,300	Beasley Broadcast Group Inc., Cl. A		42,413
	10,000	Entravision Communications Corp., Cl. A		63,300
	20,000	ITV plc		75,030
	500	Liberty Broadband Corp., Cl. A†		28,240
	1,603	Liberty Broadband Corp., Cl. C†		90,730
	3,000	Pandora Media Inc.†		48,630

				348,343


		Building and Construction — 0.2%
	20,000	Vicwest Inc.		198,492


		Business Services — 3.7%
	3,000	Aramark		94,890
	5,000	Ascent Capital Group Inc., Cl. A†		199,050
	1,000	Core-Mark Holding Co. Inc.		64,320
	15,000	Diebold Inc.		531,900
	13,000	Fly Leasing Ltd., ADR		189,280
	23,000	Havas SA		174,598
	21,500	JC Decaux SA		725,783
	12,200	Loomis AB, Cl. B		373,842
	6,300	Macquarie Infrastructure Co. LLC		518,427
	15,000	Recall Holdings Ltd.		88,427
	5,000	Ströeer Media SE		171,421
	4,000	The Brink’s Co.		110,520
	12,000	The Interpublic Group of Companies Inc.		265,440
	17,500	TNT Express NV		111,414


Shares			Market Value
	9,000	UBM plc	$	70,624

				3,689,936


		Cable and Satellite — 1.2%
	2,400	AMC Networks Inc., Cl. A†		183,936
	2,000	Cogeco Cable Inc.		107,236
	4,000	Intelsat SA†		48,000
	1,683	Liberty Global plc, Cl. A†		86,624
	5,859	Liberty Global plc, Cl. C†		291,837
	30,000	Sky plc		441,903

				1,159,536


		Closed-End Business Development Company — 0.1%
	13,000	MVC Capital Inc.		123,240


		Computer Software and Services — 1.2%
	5,000	Advent Software Inc.		220,550
	10,000	Blucora Inc.†		136,600
	10,000	Carbonite Inc.†		143,000
	5,000	Computer Task Group Inc.		36,550
	10,000	EarthLink Holdings Corp.		44,400
	5,000	EMC Corp.		127,800
	36,200	Global Sources Ltd.†		212,132
	4,000	Internap Corp.†		40,920
	3,000	InterXion Holding NV†		84,600
	6,000	MedAssets Inc.†		112,920
	500	Rocket Internet SE†		24,776

				1,184,248


		Consumer Products — 2.5%
	1,500	Avon Products Inc.		11,985
	5,000	Blyth Inc.		37,950
	1,200	Church & Dwight Co. Inc.		102,504
	4,000	Coty Inc., Cl. A		97,080
	5,400	Energizer Holdings Inc.		745,470
	15,600	Hunter Douglas NV		640,760
	200	Kaba Holding AG		120,498
	300	L’Oreal SA		55,273
	12,017	Marine Products Corp.		102,986
	6,000	Shiseido Co. Ltd.		106,708
	17,000	Swedish Match AB		500,595

				2,521,809


		Consumer Services — 0.2%
	1,700	Allegion plc		103,989
	1,200	The ADT Corp.		49,824

				153,813


		Diversified Industrial — 3.2%
	12,000	Ampco-Pittsburgh Corp.		209,520
	1,500	Crane Co.		93,615
	12,000	Griffon Corp.		209,160
	1,200	Haynes International Inc.		53,532
	6,000	Meggitt plc		48,818


Shares			Market Value
		COMMON STOCKS (Continued)
		Diversified Industrial (Continued)
	18,000	Myers Industries Inc.	$	315,540
	10,000	Polypore International Inc.†		589,000
	2,691	Raven Industries Inc.		55,058
	2,000	Smiths Group plc		33,169
	8,500	Sulzer AG		935,892
	36,000	Toray Industries Inc.		302,264
	7,100	Wartsila OYJ Abp		314,684

				3,160,252


		Electronics — 0.2%
	7,000	Datalogic SpA		80,536
	1,200	Dolby Laboratories Inc., Cl. A		45,792
	5,000	Sparton Corp.†		122,500

				248,828


		Energy and Utilities: Electric — 1.4%
	30,200	Algonquin Power & Utilities Corp.		223,183
	14,000	Cleco Corp.		763,280
	5,000	El Paso Electric Co.		193,200
	6,600	Fortis Inc.		201,041

				1,380,704

		Energy and Utilities: Integrated — 3.9%
	10,000	Hawaiian Electric Industries Inc.		321,200
	85,000	Hera SpA		199,791
	440,000	Talisman Energy Inc.		3,379,200

				3,900,191


		Energy and Utilities: Natural Gas — 0.5%
	3,400	National Fuel Gas Co.		205,122
	1,200	Southwest Gas Corp.		69,804
	8,000	Whiting Petroleum Corp.†		247,200

				522,126


		Energy and Utilities: Services — 0.9%
	11,000	Cameron International Corp.†		496,320
	4,500	Dresser-Rand Group Inc.†		361,575
	7,000	Weatherford International plc†		86,100

				943,995


		Energy and Utilities: Water — 0.8%
	60,600	Beijing Enterprises Water Group Ltd.		41,272
	1,400	Consolidated Water Co. Ltd.		14,378
	23,500	Severn Trent plc		717,762

				773,412


		Entertainment — 1.7%
	4,000	Life Time Fitness Inc.†		283,840
	12,093	Media General Inc.†		199,414
	2,800	Rentrak Corp.†		155,568
	53,000	Societe d’Edition de Canal +		355,035
	2,100	The Madison Square Garden Co., Cl. A†		177,765


Shares			Market Value
	19,000	Vivendi SA	$	472,436

				1,644,058


		Environmental Services — 0.5%
	16,500	Progressive Waste Solutions Ltd.		484,770
	6,000	Tomra Systems ASA		50,461

				535,231


		Equipment and Supplies — 0.9%
	10,000	Blount International Inc.†		128,800
	1,400	Graco Inc.		101,024
	16,000	Interpump Group SpA		260,295
	12,000	Mueller Industries Inc.		433,560

				923,679


		Financial Services — 5.5%
	350	Alleghany Corp.†		170,450
	1,000	Credit Acceptance Corp.†		195,000
	20,000	Flushing Financial Corp.		401,400
	54,200	GAM Holding AG		1,126,610
	1,000	H&R Block Inc.		32,070
	41,000	Kinnevik Investment AB, Cl. A		1,379,655
	56,000	Kinnevik Investment AB, Cl. B		1,873,353
	46,000	Resona Holdings Inc.		228,821
	2,000	Silver Eagle Acquisition Corp.†		24,000

				5,431,359


		Food and Beverage — 14.3%
	8,700	Boulder Brands Inc.†		82,911
	5,000	Britvic plc		54,478
	280	Chocoladefabriken Lindt & Sprungli AG		1,502,573
	52,000	Chr. Hansen Holding A/S		2,388,723
	5,000	Coca-Cola Amatil Ltd.		41,053
	2,000	Coca-Cola HBC AG		36,046
	60,000	Cott Corp.		562,200
	146,000	Davide Campari-Milano SpA		1,019,623
	3,000	Dean Foods Co.		49,590
	1,200	Diageo plc, ADR		132,684
	10,000	Greencore Group plc		47,825
	1,000	Heineken Holding NV		68,923
	36,000	ITO EN Ltd.		777,721
	600	J & J Snack Foods Corp.		64,020
	10,000	Kerry Group plc, Cl. A		670,631
	40,200	Kikkoman Corp.		1,278,718
	134,000	Maple Leaf Foods Inc.		2,452,426
	60,000	Parmalat SpA		160,513
	11,000	Post Holdings Inc.†		515,240
	1,400	Remy Cointreau SA		103,116
	1,500	SABMiller plc		78,768
	1,600	Snyder’s-Lance Inc.		51,136
	1,800	Symrise AG		113,881
	400	The J.M. Smucker Co.		46,292
	7,000	Treasury Wine Estates Ltd.		27,297


Shares			Market Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	600	TreeHouse Foods Inc.†	$	51,012
	32,000	Tsingtao Brewery Co. Ltd., Cl. H		214,430
	215,000	Vitasoy International Holdings Ltd.		336,117
	18,800	Yakult Honsha Co. Ltd.		1,312,011

				14,239,958


		Health Care — 8.9%
	49,174	AdCare Health Systems Inc.†		215,382
	3,500	Akorn Inc.†		166,285
	12,000	Alere Inc.†		586,800
	388	Becton, Dickinson and Co.		55,713
	30,000	BioScrip Inc.†		132,900
	10,000	BioTelemetry Inc.†		88,500
	600	Draegerwerk AG & Co. KGaA		53,470
	1,724	Endo International plc†		154,643
	4,000	Gerresheimer AG		220,898
	3,500	Health Net Inc.†		211,715
	22,000	Hospira Inc.†		1,932,480
	1,000	ICU Medical Inc.†		93,140
	7,500	iKang Healthcare Group Inc., ADR†		121,650
	10,000	Innate Pharma SA†		86,557
	36,200	Liberator Medical Holdings Inc.		126,700
	1,550	Mallinckrodt plc†		196,308
	4,000	Medivir AB, Cl. B†		36,344
	4,500	Mindray Medical International Ltd., ADR		123,075
	4,500	Myriad Genetics Inc.†		159,300
	35,000	NeoGenomics Inc.†		163,450
	5,000	Orthofix International NV†		179,450
	500	Patterson Companies Inc.		24,395
	1,250	Perrigo Co. plc		206,938
	7,000	Quality Systems Inc.		111,860
	5,000	Rhoen Klinikum AG		124,352
	10,000	Salix Pharmaceuticals Ltd.†		1,728,100
	13,000	SurModics Inc.†		338,390
	14,300	Synergy Health plc		493,191
	2,000	Tenet Healthcare Corp.†		99,020
	1,250	The Cooper Companies Inc.		234,275
	4,500	Trinity Biotech plc, ADR		86,625
	30,000	Uroplasty Inc.†		36,600
	5,000	WuXi PharmaTech Cayman Inc., ADR†		193,900
	1,000	Zoetis Inc.		46,290

				8,828,696


		Hotels and Gaming — 2.0%
	10,000	International Game Technology		174,100
	685,000	Mandarin Oriental International Ltd.		1,089,150
	7,000	Ryman Hospitality Properties Inc.		426,370
	220,000	The Hongkong & Shanghai Hotels Ltd.		309,881

				1,999,501


Shares			Market Value
		Machinery — 0.7%
	4,500	Astec Industries Inc.	$	192,960
	600	Bucher Industries AG		144,845
	16,000	CNH Industrial NV		131,094
	7,500	Xylem Inc.		262,650

				731,549


		Manufactured Housing and Recreational Vehicles — 0.2%
	2,000	Cavco Industries Inc.†		150,120


		Metals and Mining — 0.1%
	1,500	Randgold Resources Ltd., ADR		103,905


		Publishing — 2.0%
	1,750	Graham Holdings Co., Cl. B		1,836,853
	7,000	Journal Communications Inc., Cl. A†		103,740
	6,000	News Corp., Cl. B†		95,220

				2,035,813


		Real Estate — 0.2%
	1,785	Deutsche Annington Immobilien SE		60,266
	3,000	Forest City Enterprises Inc., Cl. A†		76,560
	2,299	Griffin Land & Nurseries Inc.		71,476

				208,302


		Retail — 2.0%
	800	AutoNation Inc.†		51,464
	400	Biglari Holdings Inc.†		165,640
	2,000	Copart Inc.†		75,140
	8,000	CST Brands Inc.		350,640
	500	FTD Companies Inc.†		14,970
	1,900	Groupe Fnac†		118,124
	25,500	Hertz Global Holdings Inc.†		552,840
	3,000	Kohl’s Corp.		234,750
	1,200	Murphy USA Inc.†		86,844
	1,300	Outerwall Inc.		85,956
	2,800	Penske Automotive Group Inc.		144,172
	2,000	Sally Beauty Holdings Inc.†		68,740

				1,949,280


		Semiconductors — 0.7%
	30,000	Aruba Networks Inc.†		734,700


		Specialty Chemicals — 2.9%
	10,000	Auriga Industries A/S, Cl. B†		449,728
	44,500	Chemtura Corp.†		1,214,405
	600	FMC Corp.		34,350
	6,000	H.B. Fuller Co.		257,220
	13,000	Huntsman Corp.		288,210
	4,000	International Flavors & Fragrances Inc.		469,600
	1,500	Sensient Technologies Corp.		103,320
	5,000	SGL Carbon SE†		81,611

				2,898,444


Shares			Market Value
		COMMON STOCKS (Continued)
		Telecommunications — 3.3%
	97,700	Eltek ASA	$	141,898
	5,000	Gogo Inc.†		95,300
	6,000	Hellenic Telecommunications Organization SA, ADR†		26,310
	142,000	Jazztel plc†		1,936,808
	800	Loral Space & Communications Inc.†		54,752
	100,000	Portugal Telecom SGPS SA		58,063
	109,000	Sky Deutschland AG†		794,745
	30,000	Telekom Austria AG		215,157

				3,323,033


		Transportation — 1.3%
	5,500	GATX Corp.		318,890
	31,500	Navistar International Corp.†		929,250

				1,248,140


		Wireless Communications — 5.0%
	3,850,000	Cable & Wireless Communications plc		3,480,893
	20,100	Millicom International Cellular SA, SDR		1,456,361

				4,937,254


		TOTAL COMMON STOCKS		79,612,501


		PREFERRED STOCKS — 0.0%
		Financial Services — 0.0%
	1,518	The Phoenix Companies Inc., 7.450%†		37,571


		RIGHTS — 0.1%
		Health Care — 0.0%
	28,000	Prosensa Holding, CVR†		27,720


		Hotels and Gaming — 0.1%
	171,250	Mandarin Oriental International Ltd., expire 04/08/15†		44,525


		TOTAL RIGHTS		72,245


Principal Amount			Market Value
		U.S. GOVERNMENT OBLIGATIONS — 20.0%
	$19,923,000	U.S. Treasury Bills, 0.000% to 0.125%††, 04/02/15 to 09/24/15	$	19,920,387


		TOTAL INVESTMENTS — 100.0% (Cost $97,717,298)	$	99,642,704


		Aggregate tax cost	$	97,731,596

		Gross unrealized appreciation	$	5,586,825
		Gross unrealized depreciation		(3,675,717	)

		Net unrealized appreciation/depreciation	$	1,911,108

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

CVR	Contingent Value Right

SDR	Swedish Depositary Receipt


	% of Total			Market
Geographic Diversification	Investments			Value
North America		62.7	%		$	62,472,355
Europe		30.2				30,127,369
Japan		4.0				4,006,242
Asia/Pacific		2.7				2,630,778
Latin America		0.4				405,960

Total Investments		100.0	%		$	99,642,704

As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (“GAAP”) that may require the use of management estimates and assumptions in the preparation of its schedule of investments. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its schedule of investments.

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 (the “Board”) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the “Adviser”).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt 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 Fund’s investments are summarized into three levels as described in the hierarchy below:

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. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

The Fund did not have transfers among Level 1, Level 2, and Level 3 during the period ended March 31, 2015. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds 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 Board 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 Fund 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 the Fund’s portfolio, increasing the income of the 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, the 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 the 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 the Fund’s ability to pay distributions.

Limitations on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. Subject to the guidelines of the Board, the 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. The 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 the 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 the Fund’s assets committed to margin and options premiums and (ii) non-bona fide hedging transactions, provided that the 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 the Fund’s existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market value of the 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 the Fund’s commodity interest transactions would not exceed 100% of the market value of the 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, the 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, the 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 the Fund, and on the Fund’s performance.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund is not subject to an independent limitation on the amount it may invest in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than 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 Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. The Fund held no restricted securities at March 31, 2015.

Tax Information. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

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 Fund Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA 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 Fund 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 Fund Complex. Mr. Dreyer received a BSE from the University of Pennsylvania and an MBA from Columbia Business School.

The 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.

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

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.

OFFICERS

Bruce N. Alpert

President

Andrea R. Mango

Secretary & Vice President

Agnes Mullady

Treasurer

Richard J. Walz

Chief Compliance Officer

Wayne C. Pinsent, CFA

Vice President & Ombudsman

Camillo Schmidt-Chiari

Assistant Vice President &

Ombudsman

INVESTMENT ADVISER

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

CUSTODIAN

State Street Bank and Trust

Company

COUNSEL

Skadden, Arps, Slate, Meagher &

Flom LLP

TRANSFER AGENT AND

REGISTRAR

Computershare Trust Company, N.A.

GGZ Q1/2015

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

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.

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.


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 3/31/15
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$79,612,501		—		—		$79,612,501
Preferred Stocks (a)		37,571		—		—		37,571
Rights (a)		—		—		$72,245		72,245
U.S. Government Obligations		—		$19,920,387		—		19,920,387
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$79,650,072		$19,920,387		$72,245		$99,642,704


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


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


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


Date		5/18/2015


Date		5/18/2015


Date		5/18/2015