The Gabelli Global Small and Mid Cap Value Trust

Schedule of Investments — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 89.8%
		Aerospace — 1.8%
	12,500	Aerojet Rocketdyne Holdings Inc.†	$	522,875
	6,000	Allied Motion Technologies Inc.		142,200
	9,000	Avio SpA		113,753
	16,000	Kaman Corp.		615,520
	1,000	L3Harris Technologies Inc.		180,120
	100,000	Rolls-Royce Holdings plc		423,058
	1,000	United Technologies Corp.		94,330
				2,091,856
		Automotive — 1.6%
	4,100	Ferrari NV		625,537
	72,000	Navistar International Corp.†		1,187,280
				1,812,817
		Automotive: Parts and Accessories — 1.3%
	92,000	Dana Inc.		718,520
	51,000	Freni Brembo SpA		382,205
	4,500	Linamar Corp.		93,146
	20,000	Modine Manufacturing Co.†		65,000
	50,000	Uni-Select Inc.		181,553
				1,440,424
		Aviation: Parts and Services — 0.7%
	16,000	AAR Corp.		284,160
	4,500	Arconic Inc.		72,270
	1,000	Curtiss-Wright Corp.		92,410
	4,800	Ducommun Inc.†		119,280
	102,400	Signature Aviation plc		209,865
				777,985
		Broadcasting — 1.6%
	33,766	Beasley Broadcast Group Inc., Cl. A		62,467
	100,000	Corus Entertainment Inc., Cl. B		178,356
	9,000	Discovery Inc., Cl. A†		174,960
	97,000	Grupo Televisa SAB, ADR		562,600
	295,000	ITV plc		241,910
	500	Liberty Broadband Corp., Cl. A†		53,500
	1,603	Liberty Broadband Corp., Cl. C†		177,484
	2,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†		63,380
	10,000	Sinclair Broadcast Group Inc., Cl. A		160,800
	25,000	Sirius XM Holdings Inc.		123,500
	6,000	TEGNA Inc.		65,160
				1,864,117
		Building and Construction — 1.1%
	10,000	Arcosa Inc.		397,400
	1,000	Bouygues SA		29,470
	28,000	GCP Applied Technologies Inc.†		498,400
	10,000	IES Holdings Inc.†		176,500

Shares			Market Value
	6,000	Johnson Controls International plc	$	161,760
				1,263,530
		Business Services — 3.8%
	5,000	Clarivate Analytics plc†		103,750
	90,000	Diebold Nixdorf Inc.†		316,800
	15,000	Fly Leasing Ltd., ADR†		105,600
	60,500	Herc Holdings Inc.†		1,237,830
	55,000	JCDecaux SA		1,000,882
	13,000	Loomis AB, Cl. B		265,452
	28,000	Macquarie Infrastructure Corp.		707,000
	20,000	Ocean Outdoor Ltd.†		111,000
	4,000	Ströeer SE & Co. KGaA		209,286
	2,500	The Brink’s Co.		130,125
	12,000	The Interpublic Group of Companies Inc.		194,280
				4,382,005
		Cable and Satellite — 1.6%
	150	Cable One Inc.		246,601
	5,000	Cogeco Communications Inc.		339,196
	15,520	Liberty Global plc, Cl. A†		256,235
	49,712	Liberty Global plc, Cl. C†		780,976
	2,000	Liberty Latin America Ltd., Cl. A†		21,040
	11,000	Liberty Latin America Ltd., Cl. C†		112,860
	20,000	WideOpenWest Inc.†		95,200
				1,852,108
		Computer Software and Services — 0.8%
	5,000	AVEVA Group plc		216,994
	6,000	Blucora Inc.†		72,300
	30,000	Computer Task Group Inc.†		114,900
	1,000	Perspecta Inc.		18,240
	4,000	Rocket Internet SE†		81,262
	2,000	Twitter Inc.†		49,120
	2,900	Zooplus AG†		356,303
				909,119
		Consumer Products — 6.2%
	1,000	Church & Dwight Co. Inc.		64,180
	200	dormakaba Holding AG		89,392
	19,000	Edgewell Personal Care Co.†		457,520
	14,500	Energizer Holdings Inc.		438,625
	4,700	Essity AB, Cl. B		145,382
	21,300	Hunter Douglas NV		963,163
	300	L’Oreal SA		79,045
	13,000	Marine Products Corp.		105,040
	13,000	Mattel Inc.†		114,530
	3,000	Nilfisk Holding A/S†		38,114
	600	Nintendo Co. Ltd., ADR		28,968
	2,500	Salvatore Ferragamo SpA		33,363
	43,000	Scandinavian Tobacco Group A/S		434,821
	6,000	Shiseido Co. Ltd.		356,122
	3,500	Spectrum Brands Holdings Inc.		127,295

1

The Gabelli Global Small and Mid Cap Value Trust

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Consumer Products (Continued)
	63,000	Swedish Match AB	$	3,617,268
				7,092,828
		Consumer Services — 0.7%
	185,000	AA plc		39,064
	3,000	Allegion plc		276,060
	17,500	Ashtead Group plc		383,761
	500	Boyd Group Services Inc.		52,050
				750,935
		Diversified Industrial — 5.9%
	39,000	Ampco-Pittsburgh Corp.†		97,500
	13,000	Ardagh Group SA		154,180
	270,000	Canfor Corp.†		1,400,554
	3,000	Colfax Corp.†		59,400
	3,600	Crane Co.		177,048
	28,300	EnPro Industries Inc.		1,120,114
	38,000	Greif Inc., Cl. A		1,181,420
	27,000	Griffon Corp.		341,550
	3,300	Haynes International Inc.		68,013
	3,000	Jardine Matheson Holdings Ltd.		150,000
	4,000	Jardine Strategic Holdings Ltd.		88,800
	1,400	Moog Inc., Cl. A		70,742
	24,200	Myers Industries Inc.		260,150
	5,000	Raven Industries Inc.		106,150
	5,000	Smiths Group plc		76,141
	5,000	Sulzer AG		317,403
	40,000	Toray Industries Inc.		174,471
	13,000	Tredegar Corp.		203,190
	12,000	Trinity Industries Inc.		192,840
	16,000	Ultra Electronics Holdings plc		399,061
	10,000	Wartsila OYJ Abp		73,784
				6,712,511
		Educational Services — 0.1%
	10,000	Universal Technical Institute Inc.†		59,500
		Electronics — 2.3%
	7,000	Datalogic SpA		82,453
	30,000	Resideo Technologies Inc.†		145,200
	40,000	Sony Corp., ADR		2,367,200
				2,594,853
		Energy and Utilities: Alternative Energy — 0.1%
	3,000	NextEra Energy Partners LP		129,000
		Energy and Utilities: Electric — 0.6%
	31,200	Algonquin Power & Utilities Corp.		420,124
	7,500	Fortis Inc.		289,224
				709,348
		Energy and Utilities: Integrated — 1.5%
	13,000	Avista Corp.		552,370

Shares			Market Value
	3,000	Emera Inc.	$	118,312
	15,000	Hawaiian Electric Industries Inc.		645,750
	100,000	Hera SpA		360,428
				1,676,860
		Energy and Utilities: Natural Gas — 1.4%
	21,500	AltaGas Canada Inc.		511,796
	26,000	National Fuel Gas Co.		969,540
	1,200	Southwest Gas Holdings Inc.		83,472
				1,564,808
		Energy and Utilities: Services — 0.4%
	16,000	Dril-Quip Inc.†		488,000
	20,000	KLX Energy Services Holdings Inc.†		14,000
				502,000
		Energy and Utilities: Water — 2.6%
	60,600	Beijing Enterprises Water Group Ltd.		23,684
	1,400	Consolidated Water Co. Ltd.		22,960
	17,000	Mueller Water Products Inc., Cl. A		136,170
	110,000	Primo Water Corp.		996,600
	62,500	Severn Trent plc		1,769,988
				2,949,402
		Entertainment — 6.0%
	41,000	Borussia Dortmund GmbH & Co. KGaA		245,991
	300,000	Central European Media Enterprises Ltd., Cl. A†		939,000
	6,000	Golden Entertainment Inc.†		39,660
	500,000	GVC Holdings plc		3,484,083
	20,000	Liberty Media Corp.- Liberty Braves, Cl. A†		390,000
	21,011	Liberty Media Corp.- Liberty Braves, Cl. C†		400,470
	6,000	Manchester United plc, Cl. A		90,300
	5,000	Reading International Inc., Cl. A†		19,450
	1,900	The Madison Square Garden Co., Cl. A†		401,679
	4,000	ViacomCBS Inc., Cl. A		71,320
	11,251	ViacomCBS Inc., Cl. B		157,627
	13,000	Vivendi SA		279,944
	275,000	William Hill plc		232,750
	175,000	Wow Unlimited Media Inc.†(a)(b)		27,357
				6,779,631
		Environmental Services — 1.0%
	90,000	Renewi plc		26,214
	2,000	Stericycle Inc.†		97,160
	10,000	Tomra Systems ASA		280,288
	9,500	Waste Connections Inc.		736,250
				1,139,912
		Equipment and Supplies — 2.9%
	2,000	A.O. Smith Corp.		75,620
	25,500	Flowserve Corp.		609,195
	13,000	Graco Inc.		633,490

2

The Gabelli Global Small and Mid Cap Value Trust

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Equipment and Supplies (Continued)
	19,000	Interpump Group SpA	$	460,593
	37,000	Mueller Industries Inc.		885,780
	7,000	Watts Water Technologies Inc., Cl. A		592,550
				3,257,228
		Financial Services — 3.7%
	500	Alleghany Corp.		276,175
	2,120	Digital Realty Trust Inc., REIT		294,489
	53,000	FinecoBank Banca Fineco SpA		484,581
	35,000	Flushing Financial Corp.		467,600
	110,000	GAM Holding AG†		208,686
	1,000	Groupe Bruxelles Lambert SA		78,990
	17,000	H&R Block Inc.		239,360
	6,000	I3 Verticals Inc., Cl. A†		114,540
	30,000	Kinnevik AB, Cl. A		500,377
	51,000	Kinnevik AB, Cl. B		851,156
	51,689	Oaktree Specialty Lending Corp.		167,472
	64,000	Resona Holdings Inc.		193,562
	18,000	Synovus Financial Corp.		316,080
				4,193,068
		Food and Beverage — 18.1%
	7,000	Britvic plc		60,993
	1,000	Campbell Soup Co.		46,160
	280	Chocoladefabriken Lindt & Spruengli AG		2,372,364
	42,500	Chr. Hansen Holding A/S		3,194,516
	6,000	Coca-Cola Amatil Ltd.		32,625
	3,000	Coca-Cola HBC AG		64,726
	315,000	Davide Campari-Milano SpA		2,275,560
	1,400	Diageo plc, ADR		177,968
	2,000	Fevertree Drinks plc		30,108
	1,800	Fomento Economico Mexicano SAB de CV, ADR		108,918
	1,000	Heineken Holding NV		77,038
	1,500	International Flavors & Fragrances Inc.		153,120
	39,000	ITO EN Ltd.		2,074,680
	600	J & J Snack Foods Corp.		72,600
	13,800	Kameda Seika Co. Ltd.		634,652
	10,000	Kerry Group plc, Cl. A		1,154,737
	43,200	Kikkoman Corp.		1,850,137
	1,000	Luckin Coffee Inc., ADR†		27,190
	101,000	Maple Leaf Foods Inc.		1,831,536
	11,000	Massimo Zanetti Beverage Group SpA		42,462
	35,000	Nomad Foods Ltd.†		649,600
	6,000	Post Holdings Inc.†		497,820
	800,000	Premier Foods plc†		239,973
	8,500	Remy Cointreau SA		934,184
	1,800	Symrise AG		168,744
	400	The J.M. Smucker Co.		44,400
	9,000	Treasury Wine Estates Ltd.		55,525
	40,000	Tsingtao Brewery Co. Ltd., Cl. H		204,057
	215,000	Vitasoy International Holdings Ltd.		651,704

Shares			Market Value
	16,000	Yakult Honsha Co. Ltd.	$	950,849
				20,678,946
		Health Care — 6.0%
	24,000	Bausch Health Cos. Inc.†		372,000
	1,600	Bio-Rad Laboratories Inc., Cl. A†		560,896
	150	Bio-Rad Laboratories Inc., Cl. B†		52,577
	4,500	BioTelemetry Inc.†		173,295
	5,027	Cantel Medical Corp.		180,469
	6,000	Cardiovascular Systems Inc.†		211,260
	2,000	Charles River Laboratories International Inc.†		252,420
	10,000	Clovis Oncology Inc.†		63,600
	8,004	Cutera Inc.†		104,532
	3,500	DaVita Inc.†		266,210
	4,000	DENTSPLY SIRONA Inc.		155,320
	2,000	Draegerwerk AG & Co. KGaA		149,112
	9,000	Endo International plc†		33,300
	35,000	Evolent Health Inc., Cl. A†		190,050
	3,000	Gerresheimer AG		191,243
	1,250	ICU Medical Inc.†		252,213
	4,000	Idorsia Ltd.†		104,727
	16,111	InfuSystem Holdings Inc.†		136,782
	4,000	Integer Holdings Corp.†		251,440
	2,500	Ligand Pharmaceuticals Inc.†		181,800
	21,250	Option Care Health Inc.†		201,238
	4,500	Orthofix Medical Inc.†		126,045
	46,000	Patterson Cos. Inc.		703,340
	7,000	Perrigo Co. plc		336,630
	17,000	Personalis Inc.†		137,190
	8,000	PPD Inc.†		142,480
	6,500	Ra Pharmaceuticals Inc.†		312,065
	5,000	Semler Scientific Inc.†		199,500
	6,000	SurModics Inc.†		199,920
	2,000	Teladoc Health Inc.†		310,020
	10,000	Tenet Healthcare Corp.†		144,000
	500	The Cooper Companies Inc.		137,835
	400	Zoetis Inc.		47,076
				6,880,585
		Hotels and Gaming — 2.6%
	5,000	Eldorado Resorts Inc.†		72,000
	24,000	Full House Resorts Inc.†		30,000
	63,000	International Game Technology plc		374,850
	866,250	Mandarin Oriental International Ltd.		1,108,800
	24,000	MGM Resorts International		283,200
	10,000	Red Rock Resorts Inc., Cl. A		85,500
	8,300	Ryman Hospitality Properties Inc., REIT		297,555
	260,000	The Hongkong & Shanghai Hotels Ltd.		207,255
	4,000	The Stars Group Inc.†		81,680
	7,000	Wynn Resorts Ltd.		421,330
				2,962,170

3

The Gabelli Global Small and Mid Cap Value Trust

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Machinery — 3.4%
	19,500	Astec Industries Inc.	$	681,915
	300	Bucher Industries AG		80,042
	170,031	CNH Industrial NV, Borsa Italiana		978,142
	260,000	CNH Industrial NV, New York		1,458,600
	11,000	Twin Disc Inc.†		76,780
	9,000	Xylem Inc.		586,170
				3,861,649
		Manufactured Housing and Recreational Vehicles — 0.3%
	2,000	Cavco Industries Inc.†		289,880
		Media — 0.0%
	14,000	Megacable Holdings SAB de CV		38,142
		Metals and Mining — 0.3%
	3,000	Allegheny Technologies Inc.†		25,500
	26,000	Cameco Corp.		198,640
	10,000	TimkenSteel Corp.†		32,300
	5,000	Wheaton Precious Metals Corp.		137,650
				394,090
		Publishing — 0.5%
	1,100	Graham Holdings Co., Cl. B		375,287
	3,600	Meredith Corp.		43,992
	19,000	The E.W. Scripps Co., Cl. A		143,260
				562,539
		Real Estate — 0.4%
	11,001	Griffin Industrial Realty Inc.		359,733
	20,000	Trinity Place Holdings Inc.†		36,400
				396,133
		Retail — 2.7%
	1,200	Aaron’s Inc.		27,336
	7,000	AutoNation Inc.†		196,420
	9,000	Avis Budget Group Inc.†		125,100
	800	Biglari Holdings Inc., Cl. A†		237,600
	2,000	Carvana Co.†		110,180
	800	Casey’s General Stores Inc.		105,992
	2,900	Fnac Darty†		75,674
	124,000	Hertz Global Holdings Inc.†		766,320
	6,000	Macy’s Inc.		29,460
	13,000	MarineMax Inc.†		135,460
	3,000	Movado Group Inc.		35,460
	4,000	Penske Automotive Group Inc.		112,000
	10,000	PetIQ Inc.†		232,300
	15,000	Qurate Retail Inc., Cl. A†		91,575
	6,000	Rush Enterprises Inc., Cl. B		183,060
	2,000	Sally Beauty Holdings Inc.†		16,160
	400,000	Sun Art Retail Group Ltd.		593,338
				3,073,435

Shares			Market Value
		Specialty Chemicals — 1.9%
	8,500	Ashland Global Holdings Inc.	$	425,595
	80,000	Element Solutions Inc.†		668,800
	5,750	H.B. Fuller Co.		160,597
	19,000	Huntsman Corp.		274,170
	18,000	SGL Carbon SE†		49,313
	6,000	T. Hasegawa Co. Ltd.		113,667
	2,000	Takasago International Corp.		37,517
	700	Treatt plc		3,391
	34,021	Valvoline Inc.		445,335
				2,178,385
		Telecommunications — 1.1%
	45,000	Communications Systems Inc.		200,700
	15,000	Gogo Inc.†		31,800
	6,000	Hellenic Telecommunications Organization SA, ADR		37,920
	10,000	Loral Space & Communications Inc.†		162,500
	100,000	Pharol SGPS SA†		7,522
	33,000	Telekom Austria AG		231,113
	10,000	Trilogy International Partners Inc.		11,369
	45,000	Vodafone Group plc, ADR		619,650
				1,302,574
		Transportation — 0.8%
	17,500	Fortress Transportation & Infrastructure Investors LLC		143,500
	13,000	GATX Corp.		813,280
				956,780
		Wireless Communications — 2.0%
	67,460	Millicom International Cellular SA, SDR		1,906,669
	14,500	United States Cellular Corp.†		424,705
				2,331,374
		TOTAL COMMON STOCKS		102,412,527
		CLOSED-END FUNDS — 0.1%
	25,000	MVC Capital Inc.		109,250
		MANDATORY CONVERTIBLE SECURITIES (c) — 0.3%
		Health Care — 0.3%
	7,000	Avantor Inc., 6.250%, Ser. A, 05/15/22		303,520
		PREFERRED STOCKS — 0.2%
		Financial Services — 0.2%
	18,200	The Phoenix Companies Inc., 7.450%, 01/15/32		204,750
		RIGHTS — 0.2%
		Health Care — 0.2%
	45,000	Achillion Pharmaceuticals Inc., CVR†		22,500
	55,000	Bristol-Myers Squibb Co., CVR†		209,000
	1,500	Tobira Therapeutics Inc., CVR†(d)		90
		TOTAL RIGHTS		231,590

4

The Gabelli Global Small and Mid Cap Value Trust

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		WARRANTS — 0.0%
		Energy and Utilities: Services — 0.0%
	539	Weatherford International plc, expire 12/13/23†	$	151
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 9.4%
$	10,715,000	U.S. Treasury Bills, 0.020% to 1.613%††, 04/23/20 to 09/17/20		10,713,242
		TOTAL INVESTMENTS — 100.0% (Cost $134,203,598)	$	113,975,030

(a) At March 31, 2020, the Fund held an investment in a restricted and illiquid security amounting to $27,357 or 0.02% of the Fund’s total investments, which was valued under methods approved by the Board of Trustees as follows:

Acquisition Shares	Issuer	Acquisition Dates	Acquisition Cost	03/31/20 Carrying Value Per Share
175,000	Wow Unlimited Media Inc.	06/05/18-03/18/19	$163,334	$0.1563

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.

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

† Non-income producing security.

†† Represents annualized yields at dates 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		48.0	%		$	54,740,900
Europe		35.7				40,715,533
Japan		7.7				8,781,825
Canada		5.2				5,861,173
Asia/Pacific		2.8				3,142,979
Latin America		0.6				732,620
Total Investments		100.0	%		$	113,975,030

5