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, 2018, the net asset value (“NAV”) total return of The Gabelli Global Small and Mid Cap Value Trust (the “Fund”) was (3.1)%, compared with a total return of (0.6)% for the Morgan Stanley Capital International (“MSCI”) World SMID Cap Index. The total return for the Fund’s publicly traded shares was (6.1)%. The Fund’s NAV per share was $14.18, while the price of the publicly traded shares closed at $11.96 on the New York Stock Exchange (“NYSE”). See below for additional performance information.


Shares			Market Value
		COMMON STOCKS — 89.9%
		Aerospace — 1.8%
	12,500	Aerojet Rocketdyne Holdings Inc.†	$	349,625
	113,000	BBA Aviation plc		507,958
	16,500	Kaman Corp.		1,024,980
	100,000	Rolls-Royce Holdings plc		1,222,852

				3,105,415

		Automotive — 1.7%
	4,500	Ferrari NV		542,340
	72,000	Navistar International Corp.†		2,517,840

				3,060,180

		Automotive: Parts and Accessories — 2.6%
	382	Adient plc		22,828
	49,000	Brembo SpA		756,063
	87,000	Dana Inc.		2,241,120
	50,000	Federal-Mogul Holdings Corp.†(a)		500,000
	4,000	Linamar Corp.		218,512
	13,000	Modine Manufacturing Co.†		274,950
	12,000	Uni-Select Inc.		186,285
	3,900	Visteon Corp.†		429,936

				4,629,694

		Aviation: Parts and Services — 1.9%
	5,000	Arconic Inc.		115,200
	1,000	Curtiss-Wright Corp.		135,070
	13,000	KLX Inc.†		923,780
	13,556	Orbital ATK Inc.		1,797,661
	3,000	Rockwell Collins Inc.		404,550

				3,376,261

		Broadcasting — 1.2%
	8,000	Beasley Broadcast Group Inc., Cl. A		90,400
	9,000	Discovery Inc., Cl. A†		192,870
	6,000	Entravision Communications Corp., Cl. A		28,200
	35,000	Grupo Televisa SAB, ADR		558,600
	210,000	ITV plc		424,708
	500	Liberty Broadband Corp., Cl. A†		42,400
	1,603	Liberty Broadband Corp., Cl. C†		137,361
	2,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†		82,200
	10,000	Sinclair Broadcast Group Inc., Cl. A		313,000
	32,392	Sirius XM Holdings Inc.		202,126

				2,071,865

		Building and Construction — 0.5%
	12,400	Armstrong Flooring Inc.†		168,268
	500	Bouygues SA		25,046
	4,000	GCP Applied Technologies Inc.†		116,200
	11,000	IES Holdings Inc.†		166,650
	10,505	Johnson Controls International plc		370,196

				846,360


Shares			Market Value
		Business Services — 3.8%
	3,000	Aramark	$	118,680
	8,000	Ascent Capital Group Inc., Cl. A†		29,440
	3,000	Core-Mark Holding Co. Inc.		63,780
	1,000	Diebold Nixdorf AG†		82,686
	40,000	Diebold Nixdorf Inc.		616,000
	13,000	Donnelley Financial Solutions, Inc.†		223,210
	15,000	Fly Leasing Ltd., ADR†		199,650
	37,000	Herc Holdings Inc.†		2,403,150
	2,300	Iron Mountain Inc.		75,607
	25,808	JCDecaux SA		897,410
	13,000	Loomis AB, Cl. B		467,700
	22,700	Macquarie Infrastructure Corp.		838,311
	4,000	Ströeer SE & Co KGaA		279,312
	2,500	The Brink’s Co.		178,375
	12,000	The Interpublic Group of Companies Inc.		276,360

				6,749,671

		Cable and Satellite — 2.5%
	1,000	AMC Networks Inc., Cl. A†		51,700
	450	Cable One Inc.		309,199
	5,000	Cogeco Communications Inc.		273,761
	15,834	Liberty Global plc, Cl. A†		495,763
	49,912	Liberty Global plc, Cl. C†		1,518,822
	126	Liberty Latin America Ltd., Cl. A†		2,451
	500	Rogers Communications Inc., Cl. B		22,340
	90,000	Sky plc		1,638,349
	10,000	Videocon d2h Ltd., ADR†		82,000

				4,394,385

		Computer Software and Services — 8.5%
	5,000	AVEVA Group plc		134,056
	9,000	Blucora Inc.†		221,400
	100,000	Callidus Software Inc.†		3,595,000
	14,000	Carbonite Inc.†		403,200
	20,000	CommerceHub Inc., Cl. C†		449,800
	165,000	CSRA Inc.		6,802,950
	500	Dell Technologies Inc., Cl. V†		36,605
	35,000	DST Systems Inc.		2,927,750
	9,000	Internap Corp.†		99,000
	3,000	InterXion Holding NV†		186,330
	4,000	Rocket Internet SE†		122,651
	2,000	Twitter Inc.†		58,020

				15,036,762

		Consumer Products — 4.3%
	2,400	Church & Dwight Co. Inc.		120,864
	4,000	Coty Inc., Cl. A		73,200
	200	dormakaba Holding AG		156,381
	10,500	Edgewell Personal Care Co.†		512,610
	6,400	Energizer Holdings Inc.		381,312
	20,300	Hunter Douglas NV		1,618,585
	300	L’Oreal SA		67,681


Shares			Market Value
		COMMON STOCKS (Continued)
		Consumer Products (Continued)
	13,268	Marine Products Corp.	$	185,885
	10,000	Mattel Inc.		131,500
	4,000	Nilfisk Holding A/S†		187,172
	600	Nintendo Co. Ltd., ADR		33,306
	1,500	Salvatore Ferragamo SpA		41,380
	50,000	Scandinavian Tobacco Group A/S		878,916
	6,000	Shiseido Co. Ltd.		382,764
	63,000	Swedish Match AB		2,848,272

				7,619,828

		Consumer Services — 0.5%
	90,000	AA plc		101,647
	3,000	Allegion plc		255,870
	17,500	Ashtead Group plc		476,317

				833,834

		Diversified Industrial — 3.9%
	20,008	Ampco-Pittsburgh Corp.		178,071
	2,500	Crane Co.		231,850
	12,000	EnPro Industries Inc.		928,560
	128,100	Fenner plc		1,094,518
	30,000	Greif Inc., Cl. A		1,567,500
	14,000	Griffon Corp.		255,500
	4,000	Haynes International Inc.		148,440
	1,500	Jardine Matheson Holdings Ltd.		92,430
	2,000	Jardine Strategic Holdings Ltd.		76,680
	500	Moog Inc., Cl. A†		41,205
	24,000	Myers Industries Inc.		507,600
	5,000	Raven Industries Inc.		175,250
	5,000	Smiths Group plc		106,172
	2,700	Sulzer AG		354,446
	36,000	Toray Industries Inc.		338,668
	13,000	Tredegar Corp.		233,350
	7,000	US Silica Holdings Inc.		178,640
	16,500	Wartsila OYJ Abp		364,429

				6,873,309

		Educational Services — 0.0%
	10,000	Universal Technical Institute Inc.†		29,400

		Electronics — 1.7%
	2,000	Agilent Technologies Inc.		133,800
	7,000	Datalogic SpA		219,205
	1,000	Dolby Laboratories Inc., Cl. A		63,560
	44,000	Sony Corp., ADR		2,126,960
	25,000	Sparton Corp.†		435,250

				2,978,775

		Energy and Utilities: Electric — 1.7%
	31,200	Algonquin Power & Utilities Corp.		309,251
	5,500	El Paso Electric Co.		280,500
	7,500	Fortis Inc.		253,173


Shares			Market Value
	40,000	Westar Energy Inc.	$	2,103,600

				2,946,524

		Energy and Utilities: Integrated — 0.6%
	20,000	Estre Ambiental Inc.†		199,800
	15,000	Hawaiian Electric Industries Inc.		515,700
	85,000	Hera SpA		311,046

				1,026,546

		Energy and Utilities: Natural Gas — 0.8%
	22,000	National Fuel Gas Co.		1,131,900
	1,200	Southwest Gas Holdings Inc.		81,156
	5,500	Whiting Petroleum Corp.†		186,120

				1,399,176

		Energy and Utilities: Services — 0.3%
	6,500	Dril-Quip Inc.†		291,200
	7,000	Forum Energy Technologies Inc.†		77,000
	82,000	Weatherford International plc†		187,780

				555,980

		Energy and Utilities: Water — 0.8%
	60,600	Beijing Enterprises Water Group Ltd.		33,820
	1,400	Consolidated Water Co. Ltd.		20,370
	17,000	Mueller Water Products Inc., Cl. A		184,790
	47,500	Severn Trent plc		1,228,885

				1,467,865

		Entertainment — 1.2%
	32,000	Borussia Dortmund GmbH & Co. KGaA		201,400
	70,000	Entertainment One Ltd.		275,969
	3,000	Liberty Media Corp.- Liberty Braves, Cl. A†		68,190
	7,000	Liberty Media Corp.- Liberty Braves, Cl. C†		159,740
	6,000	Manchester United plc, Cl. A		115,200
	7,500	National CineMedia Inc.		38,925
	5,000	Reading International Inc., Cl. A†		83,250
	1,850	The Madison Square Garden Co, Cl. A†		454,730
	10,000	Viacom Inc., Cl. B		310,600
	13,000	Vivendi SA		335,913

				2,043,917

		Environmental Services — 0.8%
	5,000	Stericycle Inc.†		292,650
	8,500	Tomra Systems ASA		177,833
	13,972	Waste Connections Inc.		1,002,351

				1,472,834

		Equipment and Supplies — 1.6%
	2,400	A.O. Smith Corp.		152,616
	10,000	Flowserve Corp.		433,300
	13,500	Graco Inc.		617,220
	19,000	Interpump Group SpA		641,976


Shares			Market Value
		COMMON STOCKS (Continued)
		Equipment and Supplies (Continued)
	35,000	Mueller Industries Inc.	$	915,600

				2,760,712

		Financial Services — 7.4%
	600	Alleghany Corp.		368,664
	600	Biglari Holdings Inc.†		245,046
	1,000	Credit Acceptance Corp.†		330,410
	10,000	FCB Financial Holdings Inc., Cl. A†		511,000
	53,000	FinecoBank Banca Fineco SpA		637,009
	32,000	Flushing Financial Corp.		862,720
	102,000	GAM Holding AG		1,712,448
	1,000	Groupe Bruxelles Lambert SA		114,186
	32,000	H&R Block Inc.		813,120
	7,500	Health Insurance Innovations Inc., Cl. A†		216,750
	15,000	HRG Group Inc.†		247,350
	38,000	Kinnevik AB, Cl. A		1,383,506
	53,000	Kinnevik AB, Cl. B		1,906,776
	32,342	Oaktree Specialty Lending Corp.		136,160
	20,000	Ocelot Partners Ltd.†		191,500
	64,000	Resona Holdings Inc.		339,773
	54,000	XL Group Ltd.		2,984,040

				13,000,458

		Food and Beverage — 17.4%
	5,000	Arcus ASA		28,065
	150,348	Blue Buffalo Pet Products Inc.†		5,985,354
	7,000	Britvic plc		67,028
	280	Chocoladefabriken Lindt & Spruengli AG		1,735,356
	46,000	Chr. Hansen Holding A/S		3,955,699
	6,000	Coca-Cola Amatil Ltd.		39,954
	3,000	Coca-Cola HBC AG		110,865
	110,000	Cott Corp.		1,619,200
	336,000	Davide Campari-Milano SpA		2,542,604
	6,000	Dean Foods Co.		51,720
	1,400	Diageo plc, ADR		189,588
	2,000	Fevertree Drinks plc		73,854
	1,500	Fomento Economico Mexicano SAB de CV, ADR		137,145
	1,000	Heineken Holding NV		102,989
	5,000	Hostess Brands Inc.†		73,950
	4,500	International Flavors & Fragrances Inc.		616,095
	39,000	ITO EN Ltd.		1,515,577
	600	J & J Snack Foods Corp.		81,936
	10,000	Kameda Seika Co. Ltd.		483,060
	10,000	Kerry Group plc, Cl. A		1,010,816
	43,200	Kikkoman Corp.		1,729,543
	143,000	Maple Leaf Foods Inc.		3,485,233
	15,500	Massimo Zanetti Beverage Group SpA		139,035
	12,000	Nomad Foods Ltd.†		188,880
	147,000	Parmalat SpA		541,725
	11,000	Post Holdings Inc.†		833,360


Shares			Market Value

	550,000	Premier Foods plc†	$	291,683
	5,000	Remy Cointreau SA		712,431
	1,800	Symrise AG		144,760
	400	The J.M. Smucker Co.		49,604
	9,000	Treasury Wine Estates Ltd.		116,544
	1,000	TreeHouse Foods Inc.†		38,270
	35,000	Tsingtao Brewery Co. Ltd., Cl. H		182,846
	215,000	Vitasoy International Holdings Ltd.		553,379
	16,000	Yakult Honsha Co. Ltd.		1,192,425

				30,620,573

		Health Care — 5.7%
	50,000	Ablynx NV†		2,742,676
	18,000	Akorn Inc.†		336,780
	100	Bio-Rad Laboratories Inc., Cl. A†		25,008
	150	Bio-Rad Laboratories Inc., Cl. B†		39,173
	50,000	BioScrip Inc.†		123,000
	8,000	BioTelemetry Inc.†		248,400
	15,000	Cardiovascular Systems Inc.†		328,950
	2,000	Charles River Laboratories International Inc.†		213,480
	3,000	Draegerwerk AG & Co. KGaA		221,112
	30,000	Electromed Inc.†		161,400
	65,000	Endo International plc†		386,100
	8,000	Envision Healthcare Corp.†		307,440
	20,000	Evolent Health Inc., Cl. A†		285,000
	4,000	Gerresheimer AG		328,038
	1,000	ICU Medical Inc.†		252,400
	4,000	Idorsia Ltd.†		95,900
	70,121	InfuSystems Holdings Inc.†		203,351
	6,000	Integer Holdings Corp.†		339,300
	6,300	K2M Group Holdings Inc.†		119,385
	27,300	Kindred Healthcare Inc.		249,795
	2,000	Ligand Pharmaceuticals Inc.†		330,320
	4,000	Medivir AB, Cl. B†		17,294
	35,000	NeoGenomics Inc.†		285,600
	2,000	Nevro Corp.†		173,340
	5,000	Orthofix International NV†		293,900
	13,000	Osiris Therapeutics Inc.†		114,400
	32,000	Patterson Cos., Inc.		711,360
	5,000	PetIQ Inc.†		133,000
	8,800	SurModics Inc.†		334,840
	1,500	The Cooper Companies Inc.		343,215
	10,000	Valeant Pharmaceuticals International Inc.†		159,200
	1,000	Zoetis Inc.		83,510

				9,986,667

		Hotels and Gaming — 2.1%
	13,000	International Game Technology plc		347,490
	866,250	Mandarin Oriental International Ltd.		2,070,337
	9,000	MGM Resorts International		315,180
	8,000	Ryman Hospitality Properties Inc., REIT		619,600


Shares			Market Value
		COMMON STOCKS (Continued)
		Hotels and Gaming (Continued)
	225,000	The Hongkong & Shanghai Hotels Ltd.	$	342,310

				3,694,917

		Machinery — 3.6%
	4,000	Astec Industries Inc.		220,720
	300	Bucher Industries AG		125,021
	170,031	CNH Industrial NV, Borsa Italiana		2,098,425
	235,000	CNH Industrial NV, New York		2,914,000
	13,000	Xylem Inc.		999,960

				6,358,126

		Manufactured Housing and Recreational Vehicles — 0.2%
	2,000	Cavco Industries Inc.†		347,500

		Media — 0.4%
	17,500	Tribune Media Co., Cl. A		708,925

		Metals and Mining — 0.3%
	3,000	Allegheny Technologies Inc.†		71,040
	30,000	Cameco Corp.		272,700
	10,000	TimkenSteel Corp.†		151,900

				495,640

		Paper and Forest Products — 0.7%
	37,713	KapStone Paper and Packaging Corp.		1,293,933

		Publishing — 0.6%
	1,250	Graham Holdings Co., Cl. B		752,813
	2,000	Meredith Corp.		107,600
	16,000	The E.W. Scripps Co., Cl. A		191,840

				1,052,253

		Real Estate — 0.4%
	3,000	Forest City Realty Trust Inc., Cl. A, REIT		60,780
	11,001	Griffin Industrial Realty Inc.		412,868
	40,000	Pure Industrial Real Estate Trust, REIT		249,622

				723,270

		Retail — 2.3%
	7,500	AutoNation Inc.†		350,850
	10,000	Avis Budget Group Inc.†		468,400
	2,900	Fnac Darty†		310,621
	60,000	Hertz Global Holdings Inc.†		1,191,000
	8,000	Macy’s Inc.		237,920
	15,000	MarineMax Inc.†		291,750
	4,000	Movado Group Inc.		153,600
	1,200	Murphy USA Inc.†		87,360
	4,000	Penske Automotive Group Inc.		177,320
	6,000	Rush Enterprises Inc., Cl. B†		242,280
	2,000	Sally Beauty Holdings Inc.†		32,900
	200,000	Sun Art Retail Group Ltd.		232,666
	6,000	United Natural Foods Inc.†		257,640

				4,034,307


Shares			Market Value
		Semiconductors — 0.0%
	500	NXP Semiconductors NV†	$	58,500

		Specialty Chemicals — 1.7%
	8,700	Ashland Global Holdings Inc.		607,173
	8,000	H.B. Fuller Co.		397,840
	9,000	Huntsman Corp.		263,250
	50,000	Platform Specialty Products Corp.†		481,500
	5,000	Sensient Technologies Corp.		352,900
	12,000	SGL Carbon SE†		169,064
	2,000	Takasago International Corp.		58,644
	700	Treatt plc		4,125
	30,021	Valvoline Inc.		664,365

				2,998,861

		Telecommunications — 1.4%
	500	BCE Inc.		21,520
	40,000	Communications Systems Inc.		146,800
	11,000	Gogo Inc.†		94,930
	6,000	Harris Corp.		967,680
	6,000	Hellenic Telecommunications Organization SA, ADR		40,560
	8,500	Loral Space & Communications Inc.†		354,025
	100,000	Pharol SGPS SA†		28,054
	33,000	Telekom Austria AG		314,282
	21,000	Vodafone Group plc, ADR		584,220

				2,552,071

		Transportation — 0.6%
	15,000	Fortress Transportation & Infrastructure Investors LLC		239,250
	12,500	GATX Corp.		856,125

				1,095,375

		Wireless Communications — 2.4%
	60,000	Millicom International Cellular SA, SDR		4,092,314
	4,500	United States Cellular Corp.†		180,855

				4,273,169

		TOTAL COMMON STOCKS		158,573,838

		CLOSED-END FUNDS — 0.1%
	25,000	MVC Capital Inc.		248,250

		PREFERRED STOCKS — 0.2%
		Financial Services — 0.2%
	18,200	The Phoenix Companies Inc., 7.450%, 01/15/32		343,525

		Real Estate — 0.0%
	11,100	Regional Health Properties Inc., 10.875%, Ser. A		89,910

		TOTAL PREFERRED STOCKS		433,435


Shares			Market Value
		RIGHTS — 0.0%
		Health Care — 0.0%
	12,000	Dyax Corp., CVR†(a)	$ 13,320
	1,500	Tobira Therapeutics Inc.†(a)	90

		TOTAL RIGHTS	13,410



Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 9.8%
$	17,264,000	U.S. Treasury Bills, 1.380% to 1.708%††, 04/05/18 to 07/05/18	17,207,514


		TOTAL INVESTMENTS — 100.0%
		(Cost $149,740,273)	$176,476,447

(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

CVR	Contingent Value Right

REIT	Real Estate Investment Trust

SDR	Swedish Depositary Receipt


Geographic Diversification	% of Total Investments	Market Value
United States	55.2%	$	97,382,993
Europe	29.6		52,210,529
Latin America	5.0		8,783,388
Canada	4.7		8,349,117
Japan	4.6		8,200,721
Asia/Pacific	0.9		1,549,699

Total Investments	100.0%	$	176,476,447

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, 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. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

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, 2018 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.

Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the “Acquired Funds”) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. At March 31, 2018, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was approximately 2 basis points.

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.

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		OFFICERS

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.		Bruce N. Alpert President John C. Ball Treasurer Agnes Mullady Vice President Andrea R. Mango Secretary & Vice President Richard J. Walz Chief Compliance Officer 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 Q1/2018

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.


	Average Annual Returns through March 31, 2018 (a) (Unaudited)										Since
											Inception
		Quarter			1 Year			3 Year			(06/23/14)
Gabelli Global Small and Mid Cap Value Trust
NAV Total Return (b)			(3.08	)%		13.56	%		7.97	%		6.70%
Investment Total Return (c)			(6.12	)		8.85			5.82			1.17
MSCI World SMID Cap Index			(0.65	)		15.45			8.68			7.21(d)


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 3/31/18
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Automotive: Parts and Accessories		$ 4,129,694		—		$500,000		$ 4,629,694
Financial Services		12,808,958		$ 191,500		—		13,000,458
Health Care		9,786,094		200,573		—		9,986,667
Other Industries (a)		130,957,019		—		—		130,957,019
Total Common Stocks		157,681,765		392,073		500,000		158,573,838
Closed-End Funds		248,250		—		—		248,250
Preferred Stocks:
Financial Services		—		343,525		—		343,525
Real Estate		89,910		—		—		89,910
Total Preferred Stocks		89,910		343,525		—		433,435
Rights (a)		—		—		13,410		13,410
U.S. Government Obligations		—		17,207,514		—		17,207,514
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$158,019,925		$17,943,112		$513,410		$176,476,447