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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

For the quarter ended March 31, 2017, the net asset value (“NAV”) total return of The Gabelli Global Small and Mid Cap Value Trust (the “Fund”) was 6.4%, compared with a total return of 5.9% for the Morgan Stanley Capital International (“MSCI”) World SMID Cap Index. The total return for the Fund’s publicly traded shares was 8.2%. The Fund’s NAV per share was $13.37, while the price of the publicly traded shares closed at $11.39 on the NYSE. See below for additional performance information.


Average Annual Returns through March 31, 2017 (a) (Unaudited)										Since Inception (06/23/14)

	Quarter			1 Year			2 Year
Gabelli Global Small and Mid Cap Value Trust
NAV Total Return (b)		6.36	%		8.42	%		5.27	%		4.33	%
Investment Total Return (c)		8.15			9.07			4.34			(1.47	)
MSCI World SMID Cap Index		5.91			15.45			5.46			4.37	(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 — 86.5%
		Aerospace — 1.7%
	10,000	Aerojet Rocketdyne Holdings Inc.†	$	217,000
	113,000	BBA Aviation plc		431,103
	16,500	Kaman Corp.		794,145
	100,000	Rolls-Royce Holdings plc		944,685

				2,386,933


		Automotive — 1.5%
	5,000	Ferrari NV		371,800
	72,000	Navistar International Corp.†		1,772,640

				2,144,440


		Automotive: Parts and Accessories — 2.9%
	859	Adient plc		62,424
	10,000	Brembo SpA		739,828
	87,000	Dana Inc.		1,679,970
	50,000	Federal-Mogul Holdings Corp.†		500,000
	4,000	Linamar Corp.		181,945
	13,000	Modine Manufacturing Co.†		158,600
	6,900	Visteon Corp.†		675,855

				3,998,622


		Aviation: Parts and Services — 1.2%
	5,000	Arconic Inc.		131,700
	12,900	B/E Aerospace Inc.		827,019
	1,000	Curtiss-Wright Corp.		91,260
	13,000	KLX Inc.†		581,100

				1,631,079


		Broadcasting — 0.8%
	9,000	Beasley Broadcast Group Inc., Cl. A		104,400
	8,000	Discovery Communications Inc., Cl. A†		232,720
	6,000	Entravision Communications Corp., Cl. A		37,200
	11,000	Grupo Televisa SAB, ADR		285,340
	45,000	ITV plc		123,417
	500	Liberty Broadband Corp., Cl. A†		42,545
	1,603	Liberty Broadband Corp., Cl. C†		138,499
	43,000	Sirius XM Canada Holdings Inc.		178,163

				1,142,284


		Building and Construction — 1.1%
	7,500	Armstrong Flooring Inc.†		138,150
	50,000	Hertz Global Holdings Inc.†		877,000
	10,505	Johnson Controls International plc		442,471

				1,457,621


		Business Services — 4.6%
	3,000	Aramark		110,610
	3,000	Ascent Capital Group Inc., Cl. A†		42,390
	3,000	Core-Mark Holding Co. Inc.		93,570
	1,000	Diebold Nixdorf AG		75,743
	39,000	Diebold Nixdorf Inc.		1,197,300
	4,000	Donnelley Financial Solutions, Inc.†		77,160


Shares			Market Value

	15,000	Fly Leasing Ltd., ADR†	$	196,800
	23,000	Havas SA		204,880
	36,001	Herc Holdings Inc.†		1,760,089
	2,300	Iron Mountain Inc.		80,585
	18,714	JC Decaux SA		658,618
	13,000	Loomis AB, Cl. B		411,443
	9,800	Macquarie Infrastructure Corp.		789,684
	4,000	RDM Corp.		16,363
	4,000	Ströeer SE & Co KGaA		222,663
	3,500	The Brink’s Co.		187,075
	12,000	The Interpublic Group of Companies Inc.		294,840

				6,419,813


		Cable and Satellite — 3.1%
	6,000	Altice NV, Cl. B†		135,697
	1,000	AMC Networks Inc., Cl. A†		58,680
	550	Cable One Inc.		343,460
	4,000	Cogeco Communications Inc.		213,708
	17,750	Liberty Global plc, Cl. A†		636,692
	46,413	Liberty Global plc, Cl. C†		1,626,311
	126	Liberty Global plc LiLAC, Cl. A†		2,802
	95,000	Sky plc		1,161,686
	7,000	Videocon d2h Ltd., ADR†		80,500

				4,259,536


		Closed-End Business Development Company — 0.1%
	13,000	MVC Capital Inc.		116,870


		Computer Hardware — 3.5%
	92,000	Brocade Communications Systems Inc.		1,148,160
	300,000	Nimble Storage Inc.†		3,750,000

				4,898,160


		Computer Software and Services — 0.9%
	16,000	Blucora Inc.†		276,800
	14,000	Carbonite Inc.†		284,200
	780	Dell Technologies Inc., Cl. V†		49,982
	38,000	Global Sources Ltd.†		313,500
	24,000	Internap Corp.†		89,280
	3,000	InterXion Holding NV†		118,680
	4,000	Rocket Internet SE†		68,403

				1,200,845


		Consumer Discretionary — 0.3%
	10,000	Kameda Seika Co. Ltd.		438,336


		Consumer Products — 4.0%
	2,400	Church & Dwight Co. Inc.		119,688
	4,000	Coty Inc., Cl. A.		72,520
	200	dormakaba Holding AG		159,137
	11,500	Edgewell Personal Care Co.†		841,110
	6,400	Energizer Holdings Inc.		356,800
	21,100	Hunter Douglas NV		1,418,327
	300	L’Oreal SA		57,655


Shares			Market Value
		COMMON STOCKS (Continued)
		Consumer Products (Continued)
	13,268	Marine Products Corp.	$	144,223
	600	Nintendo Co. Ltd., ADR†		17,412
	1,500	Salvatore Ferragamo SpA		44,934
	13,000	Scandinavian Tobacco Group A/S		227,243
	6,000	Shiseido Co. Ltd.		157,909
	62,000	Swedish Match AB		2,016,930

				5,633,888


		Consumer Services — 0.4%
	15,000	AA plc		49,915
	3,000	Allegion plc		227,100
	16,000	Ashtead Group plc		331,366

				608,381


		Diversified Industrial — 2.2%
	17,308	Ampco-Pittsburgh Corp.		243,177
	2,500	Crane Co.		187,075
	5,500	EnPro Industries Inc.		391,380
	10,000	Griffon Corp.		246,500
	3,000	Haynes International Inc.		114,360
	1,300	K2M Group Holdings Inc.†		26,663
	24,000	Myers Industries Inc.		380,400
	5,000	Raven Industries Inc.		145,250
	5,000	Smiths Group plc		101,422
	4,200	Sulzer AG.		439,435
	36,000	Toray Industries Inc.		319,159
	10,000	Tredegar Corp.		175,500
	5,500	Wartsila OYJ Abp		294,251

				3,064,572


		Educational Services — 0.0%
	10,000	Universal Technical Institute Inc.		34,500


		Electronics — 1.5%
	3,000	Agilent Technologies Inc.		158,610
	7,000	Datalogic SpA		179,895
	1,000	Dolby Laboratories Inc., Cl. A		52,410
	44,000	Sony Corp., ADR		1,484,120
	10,000	Sparton Corp.†		209,900

				2,084,935


		Energy and Utilities: Electric — 2.1%
	31,200	Algonquin Power & Utilities Corp.		297,958
	5,500	El Paso Electric Co.		277,750
	7,500	Fortis Inc.		248,543
	39,900	Westar Energy Inc.		2,165,373

				2,989,624


		Energy and Utilities: Integrated — 0.5%
	15,000	Hawaiian Electric Industries Inc.		499,650
	85,000	Hera SpA		236,489

				736,139


Shares			Market Value

		Energy and Utilities: Natural Gas — 0.8%
	8,000	National Fuel Gas Co.	$	476,960
	1,200	Southwest Gas Holdings Inc.		99,492
	52,000	Weatherford International plc†		345,800
	22,000	Whiting Petroleum Corp.†		208,120

				1,130,372


		Energy and Utilities: Water — 0.8%
	60,600	Beijing Enterprises Water Group Ltd.		44,915
	1,400	Consolidated Water Co. Ltd.		16,310
	13,000	Mueller Water Products Inc., Cl. A		153,660
	29,500	Severn Trent plc		880,398

				1,095,283


		Entertainment — 0.6%
	5,000	Borussia Dortmund GmbH & Co. KGaA		30,404
	7,000	Liberty Media Corp.-Liberty Braves, Cl. C†		165,550
	6,000	Manchester United plc, Cl. A		101,400
	1,700	The Madison Square Garden Co, Cl. A†		339,507
	13,000	Vivendi SA		252,752

				889,613


		Environmental Services — 0.8%
	3,000	Stericycle Inc.†		248,670
	6,000	Tomra Systems ASA		65,687
	9,315	Waste Connections Inc.		821,769

				1,136,126


		Equipment and Supplies — 1.5%
	2,400	A.O. Smith Corp.		122,784
	4,500	Graco Inc.		423,630
	19,000	Interpump Group SpA		441,870
	30,000	Mueller Industries Inc.		1,026,900

				2,015,184


		Financial Services — 5.9%
	350	Alleghany Corp.†		215,131
	11,000	Allied World Assurance Co. Holdings AG		584,100
	580	Biglari Holdings Inc.†		250,548
	1,250	Credit Acceptance Corp.†		249,264
	50,000	Delta Lloyd NV		284,943
	10,000	FCB Financial Holdings Inc., Cl. A†		495,500
	30,598	Fifth Street Finance Corp.		141,363
	49,000	FinecoBank Banca Fineco SpA		333,504
	32,000	Flushing Financial Corp.		859,840
	86,000	GAM Holding AG.		1,060,350
	1,000	Groupe Bruxelles Lambert SA		90,785
	32,000	H&R Block Inc.		744,000
	38,000	Kinnevik AB, Cl. A		1,133,132
	53,000	Kinnevik AB, Cl. B		1,413,625
	10,000	Nordnet AB, Cl. B		42,408


Shares			Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	64,000	Resona Holdings Inc.	$	343,713

				8,242,206

		Food and Beverage — 15.2%
	5,000	Arcus ASA†		28,243
	4,000	Britvic plc		32,450
	280	Chocoladefabriken Lindt & Sprungli AG		1,587,780
	46,000	Chr. Hansen Holding A/S		2,952,507
	6,000	Coca-Cola Amatil Ltd.		49,599
	3,000	Coca-Cola HBC AG		77,467
	100,000	Cott Corp.		1,236,000
	160,500	Davide Campari-Milano SpA		1,861,182
	3,000	Dean Foods Co.		58,980
	1,000	Diageo plc, ADR		115,580
	2,000	Fevertree Drinks plc		37,712
	1,200	Fomento Economico Mexicano SAB de CV, ADR		106,224
	15,000	Greencore Group plc		46,194
	1,000	Heineken Holding NV		79,552
	4,500	International Flavors & Fragrances Inc.		596,385
	5,000	Inventure Foods Inc.†		22,100
	39,000	ITO EN Ltd.		1,424,010
	600	J & J Snack Foods Corp.		81,336
	9,500	Kerry Group plc, Cl. A		751,787
	43,200	Kikkoman Corp.		1,290,218
	149,800	Maple Leaf Foods Inc.		3,636,157
	12,500	Massimo Zanetti Beverage Group SpA		103,680
	135,000	Parmalat SpA		441,561
	11,000	Post Holdings Inc.†		962,720
	550,000	Premier Foods plc†		303,201
	4,800	Remy Cointreau SA		469,923
	2,000	Snyder’s-Lance Inc.		80,620
	1,800	Symrise AG		119,708
	400	The J.M. Smucker Co.		52,432
	16,500	The WhiteWave Foods Co.†		926,475
	9,000	Treasury Wine Estates Ltd.		84,094
	1,000	TreeHouse Foods Inc.†		84,660
	35,000	Tsingtao Brewery Co. Ltd., Cl. H		161,230
	215,000	Vitasoy International Holdings Ltd.		427,150
	16,000	Yakult Honsha Co. Ltd.		888,170

				21,177,087


		Health Care — 5.9%
	3,500	Actelion Ltd.		987,820
	69,500	AdCare Health Systems Inc.†		88,960
	10,000	Air Methods Corp.†		430,000
	6,000	Akorn Inc.†		144,480
	19,000	Alere Inc.†		754,870
	55,000	BioScrip Inc.†		93,500
	8,000	Cardiovascular Systems Inc.†		226,200
	4,500	Centene Corp.†		320,670
	2,000	Charles River Laboratories International Inc.†		179,900


Shares			Market Value

	10,000	Depomed Inc.†	$	125,500
	3,000	Draegerwerk AG & Co. KGaA		233,630
	59,000	Endo International plc†		658,440
	7,000	Envision Healthcare Corp.†		429,240
	4,000	Gerresheimer AG		316,798
	1,500	ICU Medical Inc.†		229,050
	70,000	InfuSystems Holdings Inc.†		161,000
	10,000	Innate Pharma SA†		124,496
	10,000	Integer Holdings Corp.†		402,000
	2,500	iRadimed Corp.†		22,250
	22,000	Kindred Healthcare Inc.		183,700
	10,000	Lantheus Holdings Inc.†		125,000
	2,000	Ligand Pharmaceuticals Inc.†		211,680
	5,000	Mallinckrodt plc†		222,850
	4,000	Medivir AB, Cl. B†		31,359
	30,000	NeoGenomics Inc.†		236,700
	5,000	Orthofix International NV†		190,750
	3,000	PAREXEL International Corp.†		189,330
	1,500	Patterson Cos., Inc.		67,845
	8,800	SurModics Inc.†		211,640
	1,250	The Cooper Companies Inc.		249,864
	3,000	VCA Inc.†		274,500
	1,000	Zoetis Inc.		53,370

				8,177,392


		Hotels and Gaming — 1.4%
	1,819	International Game Technology plc		43,110
	856,250	Mandarin Oriental International Ltd.		1,113,125
	1,000	MGM Resorts International		27,400
	8,000	Ryman Hospitality Properties Inc.		494,640
	225,000	The Hongkong & Shanghai Hotels Ltd.		264,042

				1,942,317


		Machinery — 3.0%
	3,300	Astec Industries Inc.		202,934
	300	Bucher Industries AG		87,755
	215,000	CNH Industrial NV		2,072,600
	121,600	CNH Industrial NV, Borsa Italiana		1,172,698
	13,000	Xylem Inc.		652,860

				4,188,847


		Manufactured Housing and Recreational Vehicles — 0.2%
	2,000	Cavco Industries Inc.†		232,800


		Media — 0.0%
	1,500	Tribune Media Co., Cl. A		55,905


		Metals and Mining — 0.2%
	1,111	Alcoa Corp.		38,218
	2,000	Allegheny Technologies Inc.		35,920
	20,000	Cameco Corp.		221,400

				295,538


Shares			Market Value
		COMMON STOCKS (Continued)
		Publishing — 0.7%
	1,250	Graham Holdings Co., Cl. B	$	749,438
	2,000	Meredith Corp.		129,200
	3,623	The E.W. Scripps Co., Cl. A†		84,923
	3,000	Time Inc.		58,050

				1,021,611

		Real Estate — 1.5%
	3,000	Forest City Realty Trust Inc., Cl. A		65,340
	11,001	Griffin Industrial Realty Inc.		340,481
	100,000	Milestone Apartments Real Estate Investment Trust		1,622,739

				2,028,560

		Retail — 3.3%
	7,500	AutoNation Inc.†		317,175
	15,000	Avis Budget Group Inc.†		443,700
	2,500	Cabela’s Inc.†		132,775
	44,000	CST Brands Inc.		2,115,960
	2,500	FTD Companies Inc.†		50,350
	2,900	Groupe Fnac†		209,198
	3,000	Kohl’s Corp.		119,430
	7,000	Macy’s Inc.		207,480
	1,200	Murphy USA Inc.†		88,104
	4,000	Penske Automotive Group Inc.		187,240
	25,000	Rite Aid Corp.†		106,250
	2,000	Sally Beauty Holdings Inc.†		40,880
	6,000	United Natural Foods Inc.†		259,380
	10,000	Whole Foods Market Inc.		297,200

				4,575,122

		Semiconductors — 1.4%
	55,000	Exar Corp.†		715,550
	24,000	InvenSense Inc.†		303,120
	9,000	NXP Semiconductors NV†		931,500

				1,950,170

		Specialty Chemicals — 4.1%
	6,200	Ashland Global Holdings Inc.		767,622
	48,896	Chemtura Corp.†		1,633,126
	7,000	H.B. Fuller Co.		360,920
	18,000	Huntsman Corp.		441,720
	50,000	Platform Specialty Products Corp.†		651,000
	2,000	Sensient Technologies Corp.		158,520
	12,000	SGL Carbon SE†		122,128
	2,000	Takasago International Corp.		64,134
	13,000	The Valspar Corp.		1,442,220
	3,000	Valvoline Inc.		73,650

				5,715,040

		Telecommunications — 4.4%
	41,000	Communications Systems Inc.		180,400
	11,000	Gogo Inc.†		121,000


Shares			Market Value

	6,000	Harris Corp.	$	667,620
	6,000	Hellenic Telecommunications Organization SA, ADR		27,810
	200,000	Ixia†		3,930,000
	8,500	Loral Space & Communications Inc.†		334,900
	100,000	Pharol SGPS SA		40,112
	33,000	Telekom Austria AG		224,886
	21,000	Vodafone Group plc, ADR		555,030
	8,180	Windstream Holdings Inc.		44,581

				6,126,339


		Transportation — 0.5%
	11,000	GATX Corp.		670,560

		Wireless Communications — 1.9%
	45,000	Millicom International Cellular SA, SDR		2,509,472
	3,000	United States Cellular Corp.†		111,990

				2,621,462


		TOTAL COMMON STOCKS		120,534,112


		PREFERRED STOCKS — 0.5%
		Financial Services — 0.2%
	18,200	The Phoenix Companies Inc., 7.450%, 01/15/32		330,445

		Health Care — 0.3%
	15,000	AdCare Health Systems Inc., 10.875%, Ser. A		344,400


		TOTAL PREFERRED STOCKS		674,845


		RIGHTS — 0.0%
		Health Care — 0.0%
	12,000	Dyax Corp., CVR†		13,320
	1,500	Tobira Therapeutics Inc.†		20,610

		TOTAL RIGHTS		33,930


Principal Amount
		CORPORATE BONDS — 0.1%
		Equipment and Supplies — 0.1%
	$150,000	Mueller Industries Inc., 6.000%, 03/01/27		149,625


		U.S. GOVERNMENT OBLIGATIONS — 12.9%
	17,996,000	U.S. Treasury Bills, 0.495% to 0.914%††, 04/06/17 to 09/14/17		17,960,402


		TOTAL INVESTMENTS — 100.0% (Cost $126,603,998)	$	139,352,914


		Market Value

Aggregate tax cost	$		127,775,584

Gross unrealized appreciation	$		17,867,485
Gross unrealized depreciation			(6,290,155	)

Net unrealized appreciation/depreciation	$		11,577,330

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

CVR	Contingent Value Right

SDR	Swedish Depositary Receipt


Geographic Diversification	% of Total Investments			Market Value

United States		57.5	%		$	80,052,583
Europe		28.2				39,345,096
Canada		6.2				8,674,747
Japan		4.6				6,427,182
Latin America		2.7				3,786,691
Asia/Pacific		0.8				1,066,615


Total Investments		100.0	%		$	139,352,914

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 obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. Such debt obligations are valued through prices provided by a Pricing Service approved by the Board. 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, 2017 is as follows:

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

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

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

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

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

Restricted Securities. The Fund is not subject to an independent limitation on the amount it may invest in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At March 31, 2017, the Fund held no restricted securities.

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

Christopher J. Marangi joined Gabelli in 2003 as a research analyst. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Fund Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA degree with honors from Columbia Business School.

Kevin V. Dreyer joined Gabelli in 2005 as a research analyst covering companies within the consumer sector. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Fund Complex. Mr. Dreyer received a BSE from the University of Pennsylvania and an MBA degree from Columbia Business School.

Jeffrey J. Jonas, CFA, joined Gabelli in 2003 as a research analyst focusing on companies across the healthcare industry. In 2006, he began serving as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Fund Complex. Mr. Jonas was a Presidential Scholar at Boston College, where he received a BS in Finance and Management Information Systems.

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 and

Chief Executive Officer,

GAMCO Investors, Inc.

Executive Chairman,

Associated Capital Group Inc.

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

James P. Conn

Former Managing Director &

Chief Investment Officer,

Financial Security Assurance

Holdings Ltd.

Kevin V. Dreyer

Managing Director,

GAMCO Investors, Inc.

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 Q1/2017

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 3/31/17
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Automotive: Parts and Accessories		$	3,498,622			—		$	500,000		$	3,998,622
Financial Services			8,199,798			—			42,408			8,242,206
Other Industries (a)			108,293,284			—			—			108,293,284
Total Common Stocks			119,991,704			—			542,408			120,534,112
Corporate Bonds (a)					$	149,625						149,625
Preferred Stocks (a)			674,845			—			—			674,845
Rights (a)			—			—			33,930			33,930
U.S. Government Obligations			—			17,960,402			—			17,960,402
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	120,666,549		$	18,110,027		$	576,338		$	139,352,914


(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		5/25/2017


Date		5/25/2017


Date		5/25/2017