# EDGAR Filing Document

**Accession Number:** 0001585855
**File Stem:** 0001829126-25-007143
**Filing Date:** 2025-9
**Character Count:** 106247
**Document Hash:** 629e3a5ec6168b00a1779c861e3b0167
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-007143.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001829126-25-007143

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gabelli Global Small & Mid Cap Value Trust
- **CENTRAL INDEX KEY:** 0001585855

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22884
- **FILM NUMBER:** 251292585

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 914-921-5100

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22884</u>

**The Gabelli Global Small and Mid Cap Value Trust**

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-800-422-3554</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>June 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). <br>The Report to Shareholders is attached herewith.

**The Gabelli Global Small and Mid Cap Value Trust**

**Semiannual Report — June 30, 2025**

**(Y)our Portfolio Management Team**

---

| | | | |
|:---|:---|:---|:---|
| ![](ggz_001.jpg) | ![](ggz_002.jpg) | ![](ggz_003.jpg) | ![](ggz_004.jpg) |
| **Mario J. Gabelli, CFA** | **Christopher J. Marangi** | **Kevin V. Dreyer** | **Jeffrey J. Jonas, CFA** |
| *Chief Investment Officer* | *Co-Chief Investment Officer<br> BA, Williams College<br> MBA, Columbia<br> Business School* | *Co-Chief Investment Officer<br> BSE, University of<br> Pennsylvania<br> MBA, Columbia<br> Business School* | *Portfolio Manager<br> BS, Boston College* |

---

**To Our Shareholders,**

For the six months ended June 30, 2025, the net asset value (NAV) total return of The Gabelli Global Small and Mid Cap Value Trust (the Fund) was 13.2%, compared with a total return of 9.4% for the Morgan Stanley Capital International (MSCI) World SMID Cap Index. The total return for the Fund's publicly traded shares was 16.7%. The Fund's NAV per share was $15.78, while the price of the publicly traded shares closed at $13.32 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

**Investment Objective (Unaudited)**

The Fund is a diversified, closed-end management investment company whose primary investment objective is long term growth of capital. Under normal market conditions, the Fund will invest at least 80% of its total assets in equity securities of companies with small or medium sized market capitalizations ("small-cap" and "mid-cap" companies, respectively), and, under normal market conditions, will invest at least 40% of its total assets in the equity securities of companies located outside the United States and in at least three countries.

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.<br>

**Performance Discussion (Unaudited)**

The stock market got off to a challenging start to the year, driven by policy uncertainty and the threat of a trade war. Significant government spending cuts and layoffs are necessary, given our large debt and deficits, but may not have been carried out in the best planned or well thought out manner. Likewise, it is undeniable that there are significant imbalances in global trade, including tariff levels and other trade barriers, but an escalating trade war is harmful for everyone. These factors have caused the dollar to weaken this year, helping the value of our international holdings. Despite the policy uncertainty, the economy remained strong throughout the first quarter, particularly with the jobs and unemployment numbers. Inflation is moving towards the Federal Reserve's 2% goal, but at a very slow pace, prompting them to delay any potential interest rate cuts until further in the future. Lastly, while tensions in the Middle East eased significantly, the war in Ukraine continues despite some attempts to start peace talks. In these increasingly uncertain times, we are focusing even more on communicating with the companies we invest in, evaluating their exposure to numerous risks, and choosing only those with the largest margin of safety.

Global stocks rose throughout the second quarter as recession fears ebbed, despite continued policy uncertainty. Employment growth and most other measures of the economy remained strong in the United States, with gross domestic product likely bouncing back after a weak first quarter. Inflation continues to slow around the world, leading many central banks to begin cutting interest rates. Geopolitical tensions eased significantly in the Middle East, but the war in Ukraine continues with no end in sight. Fiscal and economic policy uncertainty remains high, especially in the United States. Congress was able to pass its large tax and spending bill after the quarter ended, extending and adding to several individual and business tax benefits. Tariff rates are still uncertain but increasing, with negotiations continuing for at least another month. This uncertainty is causing the Federal Reserve to postpone any potential interest rate cuts in the United States, weakening the dollar and boosting the value of our international holdings.

Top contributors to the portfolio for the first half of 2025 included Rolls-Royce Holdings plc (2.7% of total investments as of June 30, 2025), Chocoladefabriken Lindt & Spruengli AG Partizipsch (3.4%), and Iveco Group NV (2.2%).

Detractors from performance included Herc Holdings, Inc. (2.1%), Energizer Holdings, Inc. (0.5%), and Kikkoman Corporation (1.2%).

Thank you for your investment in The Gabelli Global Small and Mid Cap Value Trust.

We appreciate your confidence and trust.

The views expressed reflect the opinions of the Fund's portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.<br>

**Comparative Results**

**<u>Average Annual Returns through June 30, 2025 (a) (Unaudited)</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six<br> Months** | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Since<br> Inception <br> (6/23/14)** |
| **The Gabelli Global Small and Mid Cap Value Trust (GGZ)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**NAV Total Return (b)** | 13.22% | 22.52% | 11.88% | 12.79% | 6.61% | 6.25% |
| &nbsp;&nbsp;&nbsp;**Investment Total Return (c)** | 16.72 | 24.16 | 12.47 | 14.81 | 6.65 | 4.87 |
| MSCI World SMID Cap Index | 9.35 | 17.10 | 13.64 | 11.73 | 8.34 | 7.80 |

---

(a) Performance returns for periods of less than one year are not annualized. Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund's use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. 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. The MSCI World SMID Cap Index captures mid and small cap representation across developed markets. Dividends are considered reinvested. You cannot invest directly in an index.

(b) Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date, and adjustments for rights offerings and are net of expenses. Since inception return is based on an initial NAV of $12.00.

(c) Total returns and average annual returns reflect changes in closing market values on the NYSE, reinvestment of distributions, and adjustments for rights offerings. Since inception return is based on an initial offering price of $12.00.

**Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.**

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of total investments as of June 30, 2025:

**The Gabelli Global Small and Mid Cap Value Trust**

---

| | |
|:---|:---|
| Food and Beverage | 11.5% |
| Diversified Industrial | 6.2% |
| Equipment and Supplies | 5.6% |
| Health Care | 5.5% |
| Entertainment | 5.1% |
| Hotels and Gaming | 5.1% |
| Machinery | 4.8% |
| Automotive | 4.5% |
| Business Services | 4.4% |
| Metals and Mining | 3.9% |
| Electronics | 3.9% |
| Aerospace | 3.8% |
| Financial Services | 3.7% |
| Consumer Products | 3.4% |
| Automotive: Parts and Accessories | 3.1% |
| Wireless Telecommunication Services | 2.8% |
| Energy and Utilities: Natural Gas | 2.1% |
| Broadcasting | 2.0% |
| Retail | 1.9% |
| Aviation: Parts and Services | 1.8% |

---

---

| | | |
|:---|:---|:---|
| Specialty Chemicals | 1.8 | % |
| Cable and Satellite | 1.7 | % |
| Building and Construction | 1.6 | % |
| Energy and Utilities: Water | 1.6 | % |
| Telecommunication Services | 1.5 | % |
| Energy and Utilities: Electric | 1.3 | % |
| Educational Services | 1.2 | % |
| Energy and Utilities: Integrated | 1.1 | % |
| Transportation | 0.9 | % |
| U.S. Government Obligations | 0.6 | % |
| Consumer Services | 0.6 | % |
| Computer Software and Services | 0.5 | % |
| Real Estate | 0.3 | % |
| Agriculture | 0.1 | % |
| Publishing | 0.1 | % |
| Energy and Utilities: Alternative Energy | 0.0 | %\* |
| Energy and Utilities: Services | 0.0 | %\* |
|  | 100.0 | % |

---

\* Amount represents less than 0.05%.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund's Form N-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

**Proxy Voting**

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at www.sec.gov.

**The Gabelli Global Small and Mid Cap Value Trust Schedule of Investments — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 99.2%** |  |  |
|  | **Aerospace — 3.8%** |  |  |
| 16500 | Allient Inc. | $405544 | $599115 |
| 1500 | ATI Inc.† | 23134 | 129510 |
| 1000 | L3Harris Technologies Inc. | 79530 | 250840 |
| 2650 | Moog Inc., Cl. A | 187487 | 479570 |
| 290000 | Rolls-Royce Holdings plc | 649928 | 3851711 |
| 1500 | Spirit AeroSystems Holdings Inc., Cl. A† | 46345 | 57225 |
|  |  | 1391968 | 5367971 |
|  | **Agriculture — 0.1%** |  |  |
| 5000 | American Vanguard Corp. | 63068 | 19600 |
| 12000 | Limoneira Co. | 195742 | 187800 |
|  |  | 258810 | 207400 |
|  | **Automotive — 4.5%** |  |  |
| 2700 | Blue Bird Corp.† | 54325 | 116532 |
| 4000 | Daimler Truck Holding AG | 102037 | 189273 |
| 4100 | Ferrari NV | 157078 | 2012034 |
| 155800 | Iveco Group NV | 1120616 | 3064861 |
| 5000 | Rush Enterprises Inc., Cl. B | 93517 | 262400 |
| 23000 | Traton SE | 400775 | 745595 |
|  |  | 1928348 | 6390695 |
|  | **Automotive: Parts and Accessories — 3.1%** |  |  |
| 50013 | Brembo NV | 363195 | 478372 |
| 101000 | Dana Inc. | 1573601 | 1732150 |
| 46002 | Garrett Motion Inc. | 233723 | 483481 |
| 1200 | Linamar Corp. | 39879 | 57103 |
| 15600 | Modine Manufacturing Co.† | 201875 | 1536600 |
| 6200 | Monro Inc. | 126151 | 92442 |
|  |  | 2538424 | 4380148 |
|  | **Aviation: Parts and Services — 1.8%** |  |  |
| 14000 | AAR Corp.† | 437370 | 963060 |
| 1000 | Curtiss-Wright Corp. | 69929 | 488550 |
| 13500 | Ducommun Inc.† | 600219 | 1115505 |
|  |  | 1107518 | 2567115 |
|  | **Broadcasting — 2.0%** |  |  |
| 6500 | Beasley Broadcast Group Inc., Cl. A† | 93484 | 27040 |
| 100000 | Canal+ SA | 411412 | 312690 |
| 35000 | Corus Entertainment Inc., Cl. B† | 46547 | 2570 |
| 225000 | ITV plc | 382766 | 254644 |
| 95500 | Sinclair Inc. | 2310284 | 1319810 |
| 54500 | TEGNA Inc. | 949913 | 913420 |
|  |  | 4194406 | 2830174 |
|  | **Building and Construction — 1.6%** |  |  |
| 1000 | Amrize Ltd.† | 54961 | 49883 |
| 8500 | Arcosa Inc. | 285067 | 737035 |
| 3500 | Bouygues SA | 124314 | 158317 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 1000 | Carrier Global Corp. | $19630 | $73190 |
| 1000 | Holcim AG | 60314 | 74233 |
| 500 | IES Holdings Inc.† | 8752 | 148115 |
| 6000 | Johnson Controls International plc | 220391 | 633720 |
| 4000 | Knife River Corp.† | 153095 | 326560 |
| 3500 | Masterbrand Inc.† | 61447 | 38255 |
|  |  | 987971 | 2239308 |
|  | **Business Services — 4.4%** |  |  |
| 150000 | Havas NV | 296246 | 257618 |
| 22800 | Herc Holdings Inc. | 930008 | 3002532 |
| 64200 | JCDecaux SE | 1312283 | 1172178 |
| 13500 | Loomis AB | 399150 | 567345 |
| 42000 | Rentokil Initial plc | 301896 | 202990 |
| 4000 | Rentokil Initial plc, ADR | 120681 | 96000 |
| 4000 | Ströeer SE & Co. KGaA | 86799 | 239831 |
| 3400 | Waste Connections Inc. | 345378 | 634848 |
|  |  | 3792441 | 6173342 |
|  | **Cable and Satellite — 1.7%** |  |  |
| 1500 | Cogeco Communications Inc. | 77745 | 78263 |
| 549000 | Grupo Televisa SAB, ADR | 2149874 | 1202310 |
| 500 | Liberty Broadband Corp., Cl. A† | 25309 | 48910 |
| 103 | Liberty Broadband Corp., Cl. C† | 4934 | 10133 |
| 48000 | Liberty Global Ltd., Cl. A† | 547225 | 480480 |
| 31500 | Liberty Global Ltd., Cl. C† | 401016 | 324765 |
| 15000 | Megacable Holdings SAB de CV | 40761 | 41976 |
| 6500 | Sirius XM Holdings Inc. | 262104 | 149305 |
|  |  | 3508968 | 2336142 |
|  | **Computer Software and Services — 0.5%** |  |  |
| 3000 | Donnelley Financial Solutions Inc.† | 131310 | 184950 |
| 5000 | I3 Verticals Inc., Cl. A† | 117902 | 137400 |
| 5000 | PAR Technology Corp.† | 172612 | 346850 |
|  |  | 421824 | 669200 |
|  | **Consumer Products — 3.4%** |  |  |
| 9000 | BellRing Brands Inc.† | 199057 | 521370 |
| 1750 | Cavco Industries Inc.† | 304929 | 760253 |
| 7000 | Edgewell Personal Care Co. | 276964 | 163870 |
| 38000 | Energizer Holdings Inc. | 1232099 | 766080 |
| 5500 | Essity AB, Cl. B | 167500 | 152311 |
| 11500 | Marine Products Corp. | 81517 | 97865 |
| 15000 | Mattel Inc.† | 175676 | 295800 |
| 42500 | Nintendo Co. Ltd., ADR | 484252 | 1020850 |
| 9500 | Salvatore Ferragamo SpA† | 138813 | 55953 |
| 31500 | Scandinavian Tobacco Group A/S | 493840 | 417762 |

---

See accompanying notes to financial statements.

**The Gabelli Global Small and Mid Cap Value Trust Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Consumer Products (Continued)** |  |  |
| 6000 | Shiseido Co. Ltd. | $108513 | $107225 |
| 7000 | Spectrum Brands Holdings Inc. | 433087 | 371000 |
|  |  | 4096247 | 4730339 |
|  | **Consumer Services — 0.6%** |  |  |
| 11500 | Ashtead Group plc | 214712 | 737024 |
| 500 | Boyd Group Services Inc. | 72110 | 78538 |
| 3000 | Matthews International Corp., Cl. A | 68328 | 71730 |
|  |  | 355150 | 887292 |
|  | **Diversified Industrial — 6.2%** |  |  |
| 34700 | Ardagh Group SA† | 537225 | 211323 |
| 3500 | AZZ Inc. | 120481 | 330680 |
| 8000 | Enpro Inc. | 470284 | 1532400 |
| 6500 | FTAI Aviation Ltd. | 64438 | 747760 |
| 11200 | GATX Corp. | 761357 | 1719872 |
| 9000 | Griffon Corp. | 171834 | 651330 |
| 8500 | Jardine Matheson Holdings Ltd. | 478385 | 408510 |
| 5000 | Smiths Group plc | 95104 | 154149 |
| 22000 | Steel Partners Holdings LP† | 304830 | 870100 |
| 8200 | Sulzer AG | 502884 | 1479917 |
| 11400 | Trinity Industries Inc. | 228494 | 307914 |
| 10000 | Velan Inc. | 39878 | 107949 |
| 7000 | Wartsila OYJ Abp | 87437 | 165243 |
|  |  | 3862631 | 8687147 |
|  | **Educational Services — 1.2%** |  |  |
| 1350 | Graham Holdings Co., Cl. B | 598326 | 1277330 |
| 12700 | Universal Technical Institute Inc.† | 55191 | 430403 |
|  |  | 653517 | 1707733 |
|  | **Electronics — 3.9%** |  |  |
| 1000 | Flex Ltd.† | 12882 | 49920 |
| 20000 | Mirion Technologies Inc.† | 136861 | 430600 |
| 10000 | Resideo Technologies Inc.† | 103309 | 220600 |
| 181000 | Sony Group Corp., ADR | 1636228 | 4711430 |
|  |  | 1889280 | 5412550 |
|  | **Energy and Utilities: Alternative Energy — 0.0%** |  |  |
| 1500 | XPLR Infrastructure LP | 33284 | 12300 |
|  | **Energy and Utilities: Electric — 1.3%** |  |  |
| 150000 | Algonquin Power & Utilities Corp. | 184719 | 859500 |
| 6300 | Fortis Inc. | 185997 | 300808 |
| 2500 | RWE AG | 89836 | 104337 |
| 11200 | TXNM Energy Inc. | 523534 | 630784 |
|  |  | 984086 | 1895429 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **Energy and Utilities: Integrated — 1.1%** |  |  |
| 21000 | Avista Corp. | $881263 | $796950 |
| 3700 | Emera Inc. | 154204 | 169492 |
| 2500 | Hawaiian Electric Industries Inc.† | 41504 | 26575 |
| 100000 | Hera SpA | 300327 | 483195 |
|  |  | 1377298 | 1476212 |
|  | **Energy and Utilities: Natural Gas — 2.1%** |  |  |
| 39300 | Innovex International Inc.† | 920570 | 613866 |
| 25200 | National Fuel Gas Co. | 1288585 | 2134692 |
| 10000 | PrairieSky Royalty Ltd. | 168326 | 173453 |
|  |  | 2377481 | 2922011 |
|  | **Energy and Utilities: Water — 1.6%** |  |  |
| 70000 | Beijing Enterprises Water Group Ltd. | 44488 | 21134 |
| 1500 | Consolidated Water Co. Ltd. | 19581 | 45030 |
| 16000 | Mueller Water Products Inc., Cl. A | 142679 | 384640 |
| 47000 | Severn Trent plc | 1298740 | 1763828 |
|  |  | 1505488 | 2214632 |
|  | **Entertainment — 5.1%** |  |  |
| 30000 | Atlanta Braves Holdings Inc., Cl. A† | 769784 | 1476300 |
| 27011 | Atlanta Braves Holdings Inc., Cl. C† | 629413 | 1263304 |
| 1000 | Liberty Media Corp.-Liberty Formula One, Cl. A† | 85626 | 94960 |
| 500 | Liberty Media Corp.-Liberty Live, Cl. A† | 18604 | 39740 |
| 47 | Liberty Media Corp.-Liberty Live, Cl. C† | 1035 | 3815 |
| 600 | Madison Square Garden Entertainment Corp.† | 19081 | 23982 |
| 4600 | Madison Square Garden Sports Corp.† | 775707 | 961170 |
| 23500 | Manchester United plc, Cl. A† | 384188 | 418535 |
| 40500 | Paramount Global, Cl. A | 1051504 | 929475 |
| 7500 | Sphere Entertainment Co.† | 234127 | 313500 |
| 25000 | Ubisoft Entertainment SA† | 610432 | 276406 |
| 7000 | Universal Music Group NV | 115263 | 226590 |
| 225000 | Vivendi SE | 606209 | 776299 |
| 30000 | Warner Bros Discovery Inc.† | 497362 | 343800 |
|  |  | 5798335 | 7147876 |
|  | **Equipment and Supplies — 5.6%** |  |  |
| 19500 | Commercial Vehicle Group Inc.† | 180087 | 32370 |
| 1200 | Federal Signal Corp. | 96634 | 127704 |
| 31500 | Flowserve Corp. | 1181272 | 1649025 |

---

See accompanying notes to financial statements.

**The Gabelli Global Small and Mid Cap Value Trust Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Equipment and Supplies (Continued)** |  |  |
| 10000 | Graco Inc. | $503251 | $859700 |
| 17000 | Interpump Group SpA | 235221 | 707689 |
| 42000 | Mueller Industries Inc. | 586976 | 3337740 |
| 500 | Snap-on Inc. | 110244 | 155590 |
| 4000 | Watts Water Technologies Inc., Cl. A | 381498 | 983560 |
|  |  | 3275183 | 7853378 |
|  | **Financial Services — 3.7%** |  |  |
| 750 | Credit Acceptance Corp.† | 292515 | 382072 |
| 6200 | EXOR NV | 482782 | 625162 |
| 51000 | FinecoBank Banca Fineco SpA | 336185 | 1131521 |
| 100 | First Citizens BancShares Inc., Cl. A | 61371 | 195647 |
| 38500 | Flushing Financial Corp. | 694614 | 457380 |
| 250000 | GAM Holding AG† | 214775 | 32138 |
| 7500 | Janus Henderson Group plc | 222715 | 291300 |
| 11000 | Kinnevik AB, Cl. A | 42995 | 109990 |
| 5000 | Kinnevik AB, Cl. B | (15856) | 44224 |
| 1800 | PROG Holdings Inc. | 52138 | 52830 |
| 70000 | Resona Holdings Inc. | 336109 | 647478 |
| 1100 | Root Inc., Cl. A† | 93531 | 140767 |
| 21400 | Synovus Financial Corp. | 764933 | 1107450 |
|  |  | 3578807 | 5217959 |
|  | **Food and Beverage — 11.5%** |  |  |
| 280 | Chocoladefabriken Lindt & Spruengli AG | 1410500 | 4711072 |
| 3000 | Corby Spirit and Wine Ltd., Cl. A | 32090 | 30997 |
| 120000 | Davide Campari-Milano NV | 694066 | 807131 |
| 12000 | Fevertree Drinks plc | 174167 | 153847 |
| 9000 | Fomento Economico Mexicano SAB de CV, ADR | 680678 | 926820 |
| 1000 | Heineken Holding NV | 68070 | 74505 |
| 39000 | ITO EN Ltd. | 1067868 | 884511 |
| 500 | John B Sanfilippo & Son Inc. | 38010 | 31620 |
| 15500 | Kameda Seika Co. Ltd. | 597506 | 431079 |
| 10000 | Kerry Group plc, Cl. A | 855340 | 1076646 |
| 175000 | Kikkoman Corp. | 990093 | 1625985 |
| 90000 | Maple Leaf Foods Inc. | 1625036 | 1875014 |
| 250000 | Nissin Foods Co. Ltd. | 171989 | 221339 |
| 15000 | Nomad Foods Ltd. | 288634 | 254850 |
| 4000 | Post Holdings Inc.† | 176856 | 436120 |
| 190000 | Premier Foods plc | 110648 | 520042 |
| 8700 | Primo Brands Corp. | 106819 | 257694 |
| 6000 | Remy Cointreau SA | 513142 | 306173 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 500 | The Boston Beer Co. Inc., Cl. A† | $140545 | $95405 |
| 9000 | The Hain Celestial Group Inc.† | 81943 | 13680 |
| 3000 | The Simply Good Foods Co.† | 106166 | 94770 |
| 9000 | Treasury Wine Estates Ltd. | 47872 | 46262 |
| 40000 | Tsingtao Brewery Co. Ltd., Cl. H | 264487 | 261148 |
| 215000 | Vitasoy International Holdings Ltd. | 279436 | 251428 |
| 42000 | Yakult Honsha Co. Ltd. | 1029329 | 791118 |
|  |  | 11551290 | 16179256 |
|  | **Health Care — 5.3%** |  |  |
| 18237 | Avantor Inc.† | 308295 | 245470 |
| 17000 | Bausch + Lomb Corp.† | 273819 | 221170 |
| 29000 | Bausch Health Cos. Inc.† | 249892 | 193140 |
| 600 | Bio-Rad Laboratories Inc., Cl. A† | 176718 | 144792 |
| 150 | Bio-Rad Laboratories Inc., Cl. B† | 35257 | 35903 |
| 8500 | Bridgebio Pharma Inc.† | 202905 | 367030 |
| 500 | Charles River Laboratories International Inc.† | 52615 | 75865 |
| 400 | Chemed Corp. | 162808 | 194772 |
| 500 | DaVita Inc.† | 35855 | 71225 |
| 11300 | Dentsply Sirona Inc. | 350371 | 179444 |
| 18000 | Evolent Health Inc., Cl. A† | 250381 | 202680 |
| 8000 | Halozyme Therapeutics Inc.† | 317574 | 416160 |
| 4800 | Henry Schein Inc.† | 338122 | 350640 |
| 2000 | ICU Medical Inc.† | 363158 | 264300 |
| 5500 | Idorsia Ltd.† | 43567 | 14903 |
| 20000 | InfuSystem Holdings Inc.† | 195470 | 124800 |
| 1500 | Integer Holdings Corp.† | 35467 | 184455 |
| 3000 | Lantheus Holdings Inc.† | 203548 | 245580 |
| 15000 | NeoGenomics Inc.† | 213876 | 109650 |
| 40000 | Niagen Bioscience Inc.† | 66162 | 576400 |
| 14000 | Option Care Health Inc.† | 187607 | 454720 |
| 16000 | Owens & Minor Inc.† | 251761 | 145600 |
| 36500 | Perrigo Co. plc | 1303273 | 975280 |
| 700 | STERIS plc | 85166 | 168154 |
| 5000 | Surgery Partners Inc.† | 100444 | 111150 |
| 6500 | SurModics Inc.† | 203785 | 193115 |
| 3500 | Tenet Healthcare Corp.† | 204036 | 616000 |
| 15000 | Teva Pharmaceutical Industries Ltd., ADR† | 253274 | 251400 |
| 1600 | The Cooper Companies Inc.† | 108748 | 113856 |
| 7500 | Treace Medical Concepts Inc.† | 124400 | 44100 |

---

See accompanying notes to financial statements.

**The Gabelli Global Small and Mid Cap Value Trust Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Health Care (Continued)** |  |  |
| 21510 | Viemed Healthcare Inc.† | $166303 | $148634 |
| 3000 | Zimvie Inc.† | 45566 | 28050 |
|  |  | 6910223 | 7468438 |
|  | **Hotels and Gaming — 5.1%** |  |  |
| 4000 | Caesars Entertainment Inc.† | 130496 | 113560 |
| 227000 | Entain plc | 2250016 | 2807440 |
| 901 | Flutter Entertainment plc† | 80235 | 255267 |
| 26000 | Full House Resorts Inc.† | 83621 | 95160 |
| 16500 | Golden Entertainment Inc. | 507169 | 485595 |
| 40000 | International Game Technology plc | 557675 | 632400 |
| 656250 | Mandarin Oriental International Ltd. | 1132805 | 1253437 |
| 9000 | MGM Resorts International† | 262595 | 309510 |
| 113750 | Ollamani SAB† | 366100 | 303099 |
| 250000 | The Hongkong & Shanghai Hotels Ltd.† | 337742 | 175160 |
| 7400 | Wynn Resorts Ltd. | 745394 | 693158 |
|  |  | 6453848 | 7123786 |
|  | **Machinery — 4.8%** |  |  |
| 22700 | Astec Industries Inc. | 873100 | 946363 |
| 353000 | CNH Industrial NV | 2616571 | 4574880 |
| 2400 | Tennant Co. | 145956 | 185952 |
| 20000 | TOMRA Systems ASA | 117808 | 311526 |
| 13000 | Twin Disc Inc. | 99365 | 114790 |
| 4600 | Xylem Inc. | 306482 | 595056 |
|  |  | 4159282 | 6728567 |
|  | **Metals and Mining — 3.9%** |  |  |
| 102000 | Ampco-Pittsburgh Corp.† | 440024 | 301920 |
| 24250 | Cameco Corp. | 272960 | 1800078 |
| 33000 | Greif Inc., Cl. A | 1637157 | 2144670 |
| 4000 | Metallus Inc.† | 34761 | 61640 |
| 28000 | Myers Industries Inc. | 434370 | 405720 |
| 60000 | Tredegar Corp.† | 565644 | 528000 |
| 3000 | Wheaton Precious Metals Corp. | 132192 | 269400 |
|  |  | 3517108 | 5511428 |
|  | **Publishing — 0.1%** |  |  |
| 60000 | Louis Hachette Group | 84587 | 122872 |
| 15000 | The E.W. Scripps Co., Cl. A† | 89285 | 44100 |
|  |  | 173872 | 166972 |
|  | **Real Estate — 0.3%** |  |  |
| 20000 | Starwood Property Trust Inc., REIT | 510432 | 401400 |
| 22000 | Trinity Place Holdings Inc.† | 39748 | 1100 |
|  |  | 550180 | 402500 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **Retail — 1.9%** |  |  |
| 600 | Advance Auto Parts Inc. | $21585 | $27894 |
| 4500 | AutoNation Inc.† | 377122 | 893925 |
| 9000 | BBB Foods Inc., Cl. A† | 185256 | 249840 |
| 490 | Biglari Holdings Inc., Cl. A† | 249086 | 686176 |
| 8000 | Camping World Holdings Inc., Cl. A | 312130 | 137520 |
| 6500 | Luckin Coffee Inc., ADR† | 48633 | 242255 |
| 5500 | MarineMax Inc.† | 78457 | 138270 |
| 6000 | Movado Group Inc. | 101296 | 91500 |
| 1000 | Penske Automotive Group Inc. | 37242 | 171810 |
| 13200 | Pets at Home Group plc | 80696 | 47472 |
| 100000 | Sun Art Retail Group Ltd. | 88256 | 29172 |
|  |  | 1579759 | 2715834 |
|  | **Specialty Chemicals — 1.8%** |  |  |
| 4500 | Ashland Inc. | 313530 | 226260 |
| 50000 | Element Solutions Inc. | 554565 | 1132500 |
| 14547 | Huntsman Corp. | 379639 | 151580 |
| 2500 | Novonesis Novozymes B | 116841 | 179238 |
| 2500 | Sensient Technologies Corp. | 182514 | 246300 |
| 14000 | SGL Carbon SE† | 129553 | 57720 |
| 6000 | T. Hasegawa Co. Ltd. | 114881 | 122496 |
| 2000 | Takasago International Corp. | 51764 | 96941 |
| 40000 | Toray Industries Inc. | 316267 | 274379 |
| 700 | Treatt plc | 3479 | 2493 |
|  |  | 2163033 | 2489907 |
|  | **Telecommunication Services — 1.5%** |  |  |
| 6800 | Cogeco Inc. | 330666 | 335718 |
| 8250 | Eurotelesites AG† | 29206 | 49368 |
| 6000 | Hellenic Telecommunications Organization SA, ADR | 41840 | 57900 |
| 100000 | Pharol SGPS SA† | 34665 | 7186 |
| 18500 | Sunrise Communications AG, Cl. A | 957763 | 1042687 |
| 33000 | Telekom Austria AG | 181370 | 375118 |
| 10000 | Telesat Corp.† | 104384 | 244400 |
|  |  | 1679894 | 2112377 |
|  | **Transportation — 0.9%** |  |  |
| 64000 | Bollore SE | 316096 | 401822 |
| 350 | Cie de L'Odet SE | 487193 | 615126 |
| 17000 | FTAI Infrastructure Inc. | 29996 | 104890 |
| 22000 | Hertz Global Holdings Inc., New York† | 174514 | 150260 |
|  |  | 1007799 | 1272098 |
|  | **Wireless Telecommunication Services — 2.8%** |  |  |
| 5000 | Gogo Inc.† | 19504 | 73400 |

---

See accompanying notes to financial statements.

**The Gabelli Global Small and Mid Cap Value Trust Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Wireless Telecommunication Services (Continued)** |  |  |
| 38500 | Millicom International Cellular SA | $701043 | $1442595 |
| 15000 | Telephone and Data Systems Inc. | 149959 | 533700 |
| 13500 | United States Cellular Corp.† | 386995 | 863595 |
| 92000 | Vodafone Group plc, ADR | 1058852 | 980720 |
|  |  | 2316353 | 3894010 |
|  | **TOTAL COMMON STOCKS** | 91980106 | 139391526 |
|  | **PREFERRED STOCKS — 0.2%** |  |  |
|  | **Health Care — 0.2%** |  |  |
| 10000 | XOMA Royalty Corp., Ser. A, 8.625% | 182874 | 257300 |
|  | **RIGHTS — 0.0%** |  |  |
|  | **Energy and Utilities: Services — 0.0%** |  |  |
| 13750 | Pineapple Energy Inc., CVR† | 0 | 825 |
|  | **WARRANTS — 0.0%** |  |  |
|  | **Metals and Mining — 0.0%** |  |  |
| 64000 | Ampco-Pittsburgh Corp., expire 08/01/25† | 43719 | 1216 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Principal<br> Amount** |  | | |
|  |  | **U.S. GOVERNMENT OBLIGATIONS — 0.6%** |  |  |
| $| 900000 | U.S. Treasury Bills, 4.211% to 4.294%††, 09/11/25 to 09/18/25 | 892073 | 892050 |
| **TOTAL INVESTMENTS — 100.0%** | **TOTAL INVESTMENTS — 100.0%** | **TOTAL INVESTMENTS — 100.0%** | $93098772 | 140542917 |
| **Other Assets and Liabilities (Net)** | **Other Assets and Liabilities (Net)** | **Other Assets and Liabilities (Net)** |  | 330109 |
| **PREFERRED SHARES**<br> (1,600,000 preferred shares outstanding) | **PREFERRED SHARES**<br> (1,600,000 preferred shares outstanding) | **PREFERRED SHARES**<br> (1,600,000 preferred shares outstanding) |  | (16000000) |
| **NET ASSETS — COMMON SHARES**<br> (7,911,753 common shares outstanding) | **NET ASSETS — COMMON SHARES**<br> (7,911,753 common shares outstanding) | **NET ASSETS — COMMON SHARES**<br> (7,911,753 common shares outstanding) |  | $124873026 |
| **NET ASSET VALUE PER COMMON SHARE**<br> ($124,873,026 ÷ 7,911,753 shares outstanding) | **NET ASSET VALUE PER COMMON SHARE**<br> ($124,873,026 ÷ 7,911,753 shares outstanding) | **NET ASSET VALUE PER COMMON SHARE**<br> ($124,873,026 ÷ 7,911,753 shares outstanding) |  | $15.78 |

---

† Non-income producing security. <br> †† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt <br> CVR Contingent Value Right <br> REIT Real Estate Investment Trust

---

| | | |
|:---|:---|:---|
| **Geographic Diversification** | **% of Total<br> Investments** | **Market<br> Value** |
| United States | 48.8% | $68531018 |
| Europe | 34.3 | 48187043 |
| Japan | 7.6 | 10713493 |
| Canada | 5.3 | 7432443 |
| Asia/Pacific | 2.0 | 2909846 |
| Latin America | 2.0 | 2769074 |
| Total Investments | 100.0% | $140542917 |

---

See accompanying notes to financial statements.

**The Gabelli Global Small and Mid Cap Value Trust**

**Statement of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $93,098,772) | $140542917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 33294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $15,293) | 15339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 64751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 386084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred offering expense | 81954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 38566 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 141162905 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | 11555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 19985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 113174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for payroll expenses | 42470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B Cumulative Preferred Shares, callable and mandatory redemption 09/26/25 (See Notes 2 and 6) | 16000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 95195 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 16289879 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets Attributable to Common Shareholders** | $124873026 |
| **Net Assets Attributable to Common Shareholders Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $82475693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | 42397333 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $124873026 |
| **Net Asset Value per Common Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;($124,873,026 ÷ 7,911,753 shares outstanding at $0.001 par value; unlimited number of shares authorized) | $15.78 |

---

**Statement of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $101,144) | $1559691 |
| &nbsp;&nbsp;&nbsp;Interest | 27803 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 1587494 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 660354 |
| &nbsp;&nbsp;&nbsp;Interest expense on preferred stock | 416000 |
| &nbsp;&nbsp;&nbsp;Payroll expenses | 96423 |
| &nbsp;&nbsp;&nbsp;Shelf offering expense | 78199 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 65243 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 41853 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 26000 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 22500 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 18848 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 13852 |
| &nbsp;&nbsp;&nbsp;Interest expense | 222 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 23815 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 1463309 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 5) | (1618) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 1461691 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 125803 |
| **Net Realized and Unrealized Gain on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 923490 |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | 1517 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 925007 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 13221907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 23261 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 13245168 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments and Foreign Currency** | 14170175 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations** | $14295978 |

---

See accompanying notes to financial statements.

**The Gabelli Global Small and Mid Cap Value Trust**

**Statement of Changes in Net Assets Attributable to Common Shareholders**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, <br> 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | $125803 | $(374019) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 925007 | 4372859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 13245168 | 3673435 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations** | 14295978 | 7672275 |
| **Distributions to Common Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | (895855) | (5283275) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (1663729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Common Shareholders** | (2559584 | (5283275) |
| **Fund Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease from repurchase of common shares | (2754410 | (2993944) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Fund Share Transactions** | (2754410 | (2993944) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders** | 8981984 | (604944) |
| **Net Assets Attributable to Common Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 115891042 | 116495986 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $124873026 | $115891042 |

---

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

See accompanying notes to financial statements.

**The Gabelli Global Small and Mid Cap Value Trust**

**Statement of Cash Flows**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| Net increase in net assets attributable to common shareholders resulting from operations | $14295978 |
| **Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash from Operating Activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of long term investment securities | (4345708) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of long term investment securities | 8602856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales of short term investment securities | 1197597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | (923490) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | (13221907) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amortization of discount | (27794) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in receivable for investments sold | (64751) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in dividends and interest receivable | (82162) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in deferred offering expense | 78199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in prepaid expenses | (33551) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in payable for investments purchased | (39015) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in payable for investment advisory fees | (2956) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in payable for payroll expenses | (10123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in payable for accounting fees | 3750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in other accrued expenses | (23504) |
| Net cash provided by operating activities | 5403419 |
| Net decrease in net assets resulting from financing activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to common shareholders | (2559585) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | (2789969) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in payable to bank | (17005) |
| Net cash used in financing activities | (5366559) |
| Net increase in cash | 36860 |
| Cash (including foreign currency): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 11773 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $48633 |

---

---

| | |
|:---|:---|
| Supplemental disclosure of cash flow information: |  |
| &nbsp;&nbsp;&nbsp;Interest paid on preferred shares | $416000.0 |
| &nbsp;&nbsp;&nbsp;Interest paid on bank overdrafts | 222.0 |

---

The following table provides a reconciliation of cash and foreign currency reported within the Statement of Assets and Liabilities that sum to the total of the same amount above at June 30, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $33294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value | 15339 |
|  | $48633 |

---

See accompanying notes to financial statements.

**The Gabelli Global Small and Mid Cap Value Trust**

**Financial Highlights**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $14.24 | $13.89 | $13.26 | $17.73 | $15.17 | $13.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.01 | (0.06) | (0.06) | (0.16) | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments and foreign currency transactions | 1.80 | 0.99 | 1.24 | (3.67) | 3.79 | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.81 | 0.93 | 1.18 | (3.83) | 3.75 | 2.07 |
| **Distributions to Preferred Shareholders: (a)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  | (0.03) | (0.16) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions to preferred shareholders |  |  |  | (0.03) | (0.18) | (0.18) |
| **Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations** | 1.81 | 0.93 | 1.18 | (3.86) | 3.57 | 1.89 |
| **Distributions to Common Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.64) | (0.03) | (0.02) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.06) |  | (0.40) | (0.62) | (0.90) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (0.21 |  | (0.21) |  |  | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions to common shareholders | (0.32 | (0.64) | (0.64) | (0.64) | (1.04) | (0.64) |
| **Fund Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in net asset value from repurchase of common shares | 0.05 | 0.06 | 0.09 | 0.03 | 0.03 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Fund share transactions | 0.05 | 0.06 | 0.09 | 0.03 | 0.03 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value Attributable to Common Shareholders, End of Period** | $15.78 | $14.24 | $13.89 | $13.26 | $17.73 | $15.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;NAV total return † | 13.22 | 7.22% | 9.77% | (21.64)% | 23.90% | 16.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Market value, end of period | $13.32 | $11.70 | $11.73 | $11.22 | $15.90 | $13.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment total return †† | 16.72 | 5.22% | 10.61% | (25.42)% | 30.20% | 17.99% |
| **Ratios to Average Net Assets and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets including liquidation value of preferred shares, end of period (in 000's) | $140873 | $131891 | $132496 | $148112 | $228411 | $167684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets attributable to common shares, end of period (in 000's) | $124873 | $115891 | $116496 | $116112 | $158411 | $137684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets attributable to common shares before preferred share distributions | 0.22 | (0.32)% | (0.39)% | (1.11)% | (0.20)% | (0.18)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets attributable to common shares (c)(d) | 2.51 | 2.38% | 2.91% | 3.17% | 1.78% | 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 2 | 8% | 7% | 9% | 23% | 14% |

---

See accompanying notes to financial statements.

**The Gabelli Global Small and Mid Cap Value Trust**

**Financial Highlights (Continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br>**June 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**5.450% Series A Cumulative Preferred Shares (e)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of period (in 000's) |  |  |  |  | $30000 | $30000 |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) |  |  |  |  | 1200 | 1200 |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share |  |  |  |  | $25.00 | $25.00 |
| &nbsp;&nbsp;&nbsp;Average market value (f) |  |  |  |  | $25.86 | $25.62 |
| &nbsp;&nbsp;&nbsp;Asset coverage per share (g) |  |  |  |  | $81.58 | $139.74 |
| &nbsp;&nbsp;&nbsp;**5.200% Series B Cumulative Preferred Shares (h)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liquidation value, end of period (in 000's) | $16000 | $16000 | $16000 | $32000 | $40000 |  |
| &nbsp;&nbsp;&nbsp;Total shares outstanding (in 000's) | 1600 | 1600 | 1600 | 3200 | 4000 |  |
| &nbsp;&nbsp;&nbsp;Liquidation preference per share | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 |  |
| &nbsp;&nbsp;&nbsp;Liquidation value | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 |  |
| &nbsp;&nbsp;&nbsp;Asset coverage per share | $88.05 | $82.43 | $82.81 | $46.28 | $32.63 |  |
| &nbsp;&nbsp;&nbsp;**Asset Coverage (i)** | 880% | 824% | 828% | 463% | 326% | 559% |

---

---

| | |
|:---|:---|
| † | Based on net asset value per share, adjusted for reinvestment of distributions at the net asset value per share on the ex-dividend dates and adjustments for the rights offering. Total return for a period of less than one year is not annualized. |
| †† | Based on market value per share, adjusted for reinvestment of distributions at prices determined under the Fund's dividend reinvestment plan and adjustments for the rights offering. Total return for a period of less than one year is not annualized. |
| \* | Based on year to date book income. Amounts are subject to change and recharacterization at year end. |
| (a) | Calculated based on average common shares outstanding on the record dates throughout the periods. |
| (b) | Annualized. |
| (c) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no material impact on the expense ratios. |
| (d) | Ratio of operating expenses to average net assets including liquidation value of preferred shares for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021, and 2020 would have been 2.21%, 2.10%, 2.35%, 2.37%, 1.44%, and 1.44%, respectively. |
| (e) | The Fund redeemed and retired all its outstanding Series A Preferred Shares on February 28, 2022. |
| (f) | Based on weekly prices. |
| (g) | Asset coverage per share is calculated by combining all series of preferred shares. |
| (h) | The Series B Preferred was issued November 1, 2021. |
| (i) | Asset coverage is calculated by combining all series of preferred shares. |

---

See accompanying notes to financial statements.

**The Gabelli Global Small and Mid Cap Value Trust**

**Notes to Financial Statements (Unaudited)**

**1. Organization.** The Gabelli Global Small and Mid Cap Value Trust (the Fund) was organized on August 19, 2013 as a Delaware statutory trust. The Fund is a diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund commenced investment operations on June 23, 2014.

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

**2. Significant Accounting Policies.** 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 financial statements. The Board of Trustees (the Board) has designated Gabelli Funds, LLC (the Adviser) as the valuation designee under Rule 2a-5. 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 financial statements.

***Security Valuation.*** Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board 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 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 securities are valued using the closing bid price, unless the Board determines such amount does not reflect the security's 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.

**The Gabelli Global Small and Mid Cap Value Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

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:

● Level 1 — unadjusted quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | <br>**Level 1**<br> **Quoted Prices** | **Level 2 Other<br> Significant<br> Observable Inputs** |<br>**Total Market<br> Value at<br> 06/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks: |  |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Industrial | $8475824 | $211323 | $8687147 |
| &nbsp;&nbsp;&nbsp;Health Care | 7432535 | 35903 | 7468438 |
| &nbsp;&nbsp;&nbsp;Other Industries (a) | 123235941 |  | 123235941 |
| Total Common Stocks | 139144300 | 247226 | 139391526 |
| Preferred Stocks (a) | 257300 |  | 257300 |
| Rights (a) |  | 825 | 825 |
| Warrants (a) | 1216 |  | 1216 |
| U.S. Government Obligations |  | 892050 | 892050 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $139402816 | $1140101 | $140542917 |

---

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

***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.

**The Gabelli Global Small and Mid Cap Value Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

***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.

***Series B Cumulative Preferred Stock*.** For financial reporting purposes only, the liquidation value of preferred stock that has a mandatory call date is classified as a liability within the Statement of Assets and Liabilities and the dividends paid on this preferred stock are included as a component of "Interest expense on preferred stock" within the Statement of Operations. Offering costs are amortized over the life of the preferred stock.

***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

**The Gabelli Global Small and Mid Cap Value Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

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 June 30, 2025, the Fund did not hold any restricted securities.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

***Distributions to Shareholders.*** Distributions to common shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities, passive foreign investment companies, and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

Under the Fund's current common share distribution policy announced February 25, 2019, the Fund declares and pays quarterly distributions from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the year. Pursuant to this policy, distributions during the year may be made in excess of required distributions. To the extent such distributions are made from current earnings and profits, they are considered ordinary income or long term capital gains. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board will continue to monitor the Fund's distribution level, taking into consideration the Fund's NAV and the financial market environment. The Fund's distribution policy is subject to modification by the Board at any time.

Distributions to shareholders of the Fund's 5.200% Series B Cumulative Preferred Shares (Series B Preferred) are recorded on a daily basis and are determined as described in Note 6.

The tax character of distributions paid during the year ended December 31, 2024 was as follows:

---

| | |
|:---|:---|
|  | **Common** |
| **Distributions paid from:** |  |
| Ordinary income | $1458123 |
| Net long term capital gains | 3825152 |
| Total distributions paid | $5283275 |

---

**The Gabelli Global Small and Mid Cap Value Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

***Provision for Income Taxes.*** The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<br>Cost** | **Gross**<br> **Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $96143150 | $57161758 | $(12761991) | $44399767 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. As of June 30, 2025, the Adviser has reviewed the open tax years and concluded that there was no tax impact to the Fund's net assets or results of operations. The Fund's current federal and state tax returns will remain open for three fiscal years, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

**3. Investment Advisory Agreement and Other Transactions.** The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on an annual basis to 1.00% of the value of the Fund's average weekly net assets including the liquidation value of preferred stock. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio and oversees the administration of all aspects of the Fund's business and affairs.

**4. Portfolio Securities.** Purchases and sales of securities during the six months ended June 30, 2025, other than short term securities and U.S. Government obligations, aggregated $2,609,845 and $6,785,702, respectively.

**5. Transactions with Affiliates and Other Arrangements.** During the six months ended June 30, 2025, the Fund paid $1,778 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the six months ended June 30, 2025, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $1,618.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2025, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

**The Gabelli Global Small and Mid Cap Value Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

As per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). During the six months ended June 30, 2025, the Fund accrued $96,423 in payroll expenses in the Statement of Operations.

The Fund pays retainer and per meeting fees to Independent Trustees and Certain Interested Trustees, plus specified amounts to the Lead Trustee, Audit Committee Chairman, and Nominating Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

**6. Capital.** The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.001). The Board has authorized the repurchase and retirement of its common shares on the open market when the shares are trading at a discount of 7.5% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended June 30, 2025 and the year ended December 31, 2024, the Fund repurchased and retired 226,002 and 250,685 common shares, at an investment of $2,754,410 and $2,993,944, respectively, and at average discounts of 15.75% and 16.06%, respectively, from its net asset value.

Transactions in shares of common stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025**<br> **(Unaudited)** | **Six Months Ended<br> June 30,<br> 2025**<br> **(Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net decrease from repurchase of common shares | (226002) | $(2754410) | (250685) | $(2993944) |

---

As of June 30, 2025, the Fund had an effective shelf registration which authorizes the offering of $100 million of common shares or preferred shares.

The Fund's Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred Shares. The Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. The Fund is required by the 1940 Act and by the Fund's Statement of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Preferred Shares at the redemption price plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund's ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund's assets may vary in a manner unrelated to the fixed rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders.

On November 1, 2021, the Fund issued 4,000,000 shares of Series B 4.00% Cumulative Preferred Shares (the Series B Preferred) receiving $39,875,000 after the deduction of offering expenses of $125,000. The Series B

**The Gabelli Global Small and Mid Cap Value Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

Preferred has a liquidation value of $10 per share and per approval of the Board, effective May 17, 2023 the dividend rate on the Series B Preferred increased to 5.20% annually.

On September 26, 2022, 800,000 Series B Preferred were put back to the Fund at their liquidation preference of $10 per share plus accrued and unpaid dividends. On September 26, 2023, 1,600,000 Series B Preferred were put back to the Fund at the liquidation preference of $10 per share plus accrued and unpaid dividends. The Series B Preferred is subject to mandatory redemption by the Fund on September 26, 2025. At June 30, 2025, 1,600,000 shares of Series B Preferred were outstanding and accrued dividends amounted to $11,555.

On February 28, 2022, the Fund redeemed all of the Series A Preferred at the redemption price of $25.24600694 which consisted of the $25.00 per share liquidation preference and $0.24600694 per share representing accumulated but unpaid dividends and distributions to the redemption date.

The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the preferred stock, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund's outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding preferred stock and a majority (as defined in the 1940 Act) of the Fund's outstanding voting securities are required to approve certain other actions, including changes in the Fund's investment objectives or fundamental investment policies.

**7. Indemnifications.** The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**8. Segment Reporting.** The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

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

**The Gabelli Global Small and Mid Cap Value Trust**

**Notes to Financial Statements (Unaudited) (Continued)**

**Certifications**

The Fund's Chief Executive Officer has certified to the New York Stock Exchange (NYSE) that, as of May 19, 2025, he was not aware of any violation by the Fund of applicable NYSE corporate governance listing standards. The Fund reports to the SEC on Form N-CSR which contains certifications by the Fund's principal executive officer and principal financial officer that relate to the Fund's disclosure in such reports and that are required by Rule 30a-2(a) under the 1940 Act.

**Shareholder Meeting – May 12, 2025 – Final Results**

The Fund's Annual Meeting of Shareholders was held on May 12, 2025. At that meeting, common and preferred shareholders, voting together as a single class, re-elected Kevin V. Dreyer as a Trustee of the Fund, with 7,781,904 votes cast in favor of this Trustee and 832,940 votes withheld for this Trustee.

In addition, preferred shareholders, voting as a separate class, re-elected John Birch as a Trustee of the Fund, with 1,233,942 votes cast in favor of this Trustee and no votes withheld for this Trustee.

Mario J. Gabelli, Calgary Avansino, Anthony S. Colavita, James P. Conn, Frank J. Fahrenkopf, Jr., Agnes Mullady, and Salvatore J. Zizza continue to serve in their capacities as Trustees of the Fund.

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

**THE GABELLI GLOBAL SMALL AND MID CAP VALUE TRUST**

**One Corporate Center**

**Rye, NY 10580-1422**

**Portfolio Management Team Biographies**

**Mario J. Gabelli, CFA,** is Chairman, 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 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 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. He also serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the 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 NASDAQ symbol for the Net Asset Value is "XGGZX."

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

![](ggz_back.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

At its meeting on February 13, 2025, the Board of Trustees (Board) of the Fund approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the trustees who are not interested persons of the Fund (the Independent Board Members). The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors

**Nature, Extent, and Quality of Services.** The Independent Board Members considered information regarding the portfolio managers, the depth of the analyst pool available to the Adviser and the portfolio managers, the scope of supervisory, administrative, shareholder, and other services supervised or provided by the Adviser, and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio managers.

**Investment Performance.** The Independent Board Members reviewed the performance of the Fund for the one-, three- and five-year periods (as of December 31, 2024) against a peer group of eight other comparable peer funds selected by the Adviser (the "Adviser Peer Group") and against a peer group consisting of funds in the Fund's Lipper category (the "Lipper Peer Group"). These peer groups included funds focused on small and/or midcap stocks. The Independent Board Members noted the Fund's performance was in the second quartile for the five-year and ten-year periods, and in the third quartile for the one-year and three-year periods for the Adviser Peer Group, and in the second quartile for the five-year and ten-year periods, and in the fourth quartile for the one-year and three-year periods for the Lipper Peer Group.

**Profitability.** The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser.

**Economies of Scale.** The Independent Board Members noted that the Fund was a closed-end fund trading at a discount to NAV and accordingly unlikely to achieve growth of the type that might lead to economies of scale that the shareholders would not participate in.

**Sharing of Economies of Scale.** The Independent Board Members noted that the investment advisory fee schedule for the Fund does not take into account any potential economies of scale that may develop.

**Service and Cost Comparisons.** The Independent Board Members compared the expense ratios of the investment advisory fee, other expenses, and total expenses of the Fund with similar expense ratios of the Adviser Peer Group and the Lipper Peer Group and noted that the Adviser's advisory fee includes substantially all administrative services of the Fund as well as investment advisory services. The Independent Board Members noted that the Fund was smaller than average within the peer group and that its effective management fee and total expense ratio were above average. The Independent Board Members noted that the advisory fee reflected by Lipper is the aggregate fee paid by a fund (including fees attributable to both common and preferred shares) as a percentage of the assets attributable to common shares, which may result in the calculation of a higher advisory fee percentage than the stated contractual fee for any funds employing leverage. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with information comparing the advisory fee to the fee for other types of accounts managed by an affiliate of the Adviser.

**Conclusions.** The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services and good ancillary services. The Independent Board Members also concluded that the Fund has an acceptable performance record. The Independent Board Members concluded that the profitability to the Adviser of managing the Fund was acceptable and that economies of scale were not a significant factor in their thinking at this point. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund's advisory fee was appropriate in light of the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund's Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant's most recently filed annual report on Form N-CSR.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Provide
 the information specified in the table with respect to any purchase made by or on behalf
 of the registrant or any "affiliated purchaser" as defined in Rule 10b-18(a)(3)
 under the Exchange Act (17CFR 240-10b-18(a)(3)), of shares or other units of any class of
 the registrant's equity securities that is registered by the registrant pursuant to
 Section 12 of the Exchange Act (15 U.S.C. 781).

**REGISTRANT PURCHASES OF EQUITY SECURITIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **(a) Total Number<br> of Shares (or Units)<br> Purchased** | **(b) Average<br> Price Paid per<br> Share (or Unit)** | **(c) Total Number of<br> Shares (or Units)<br> Purchased as Part of<br> Publicly Announced<br> Plans or Programs** | **(d) Maximum Number<br> (or Approximate Dollar Value)<br> of Shares (or Units) that May Yet<br> Be Purchased Under the<br> Plans or Programs** |
| Month #1<br> 01/01/2025 through 01/31/2025 | Common – 37,845<br>Preferred Series B – N/A | Common – $11.95<br>Preferred Series B – N/A | Common – 37,845<br>Preferred Series B – N/A | Common – 8,137,755 - 37,845 = 8,099,910<br>Preferred Series B – 1,600,000 |
| Month #2<br> 02/01/2025 through 02/28/2025 | Common – 23,758<br>Preferred Series B – N/A | Common – $12.41<br>Preferred Series B – N/A | Common – 23,758<br>Preferred Series B – N/A | Common – 8,099,910 - 23,758 = 8,076,152<br>Preferred Series B – 1,600,000 |
| Month #3<br> 03/01/2025 through 03/31/2025 | Common – 39,139<br>Preferred Series B – N/A | Common – $12.23<br>Preferred Series B – N/A | Common – 39,139<br>Preferred Series B – N/A | Common – 8,076,152 - 39,139 = 8,037,013<br>Preferred Series B – 1,600,000 |
| Month #4<br> 04/01/2025 through 04/30/2025 | Common – 60,301<br>Preferred Series B – N/A | Common – $11.46<br>Preferred Series B – N/A | Common – 60,301<br>Preferred Series B – N/A | Common – 8,037,013 - 60,301 = 7,976,712<br>Preferred Series B – 1,600,000 |
| Month #5<br> 05/01/2025 through 05/31/2025 | Common – 24,787<br>Preferred Series B – N/A | Common – $12.63<br>Preferred Series B – N/A | Common – 24,787<br>Preferred Series B – N/A | Common – 7,976,712 - 24,787 = 7,951,925<br>Preferred Series B – 1,600,000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Month #6<br> 06/01/2025 through 06/30/2025 | Common – 40,172<br>Preferred Series B – N/A | Common – $13.05<br>Preferred Series B – N/A | Common – 40,172<br>Preferred Series B – N/A | Common – 7,951,925 - 40,172 = 7,911,753<br>Preferred Series B – 1,600,000 |
| Total | Common – 226,002<br>Preferred Series B – N/A | Common – $12.32<br>Preferred Series B – N/A | Common – 226,002<br>Preferred Series B – N/A | N/A |

---

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

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

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

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

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

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

**Item 15. Submission of Matters to a Vote of Security Holders.**

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

**Item 16. Controls and Procedures.**

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

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

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) If the registrant is a
 closed-end management investment company, provide the following dollar amounts of income and fees/compensation related to the securities
 lending activities of the registrant during its most recent fiscal year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross income from securities
 lending activities; $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All fees and/or compensation
 for each of the following securities lending activities and related services: any share of revenue generated by the securities lending
 program paid to the securities lending agent(s) ("revenue split"); fees paid for cash collateral management services
 (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative
 fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid
 to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including
 a description of those other fees; $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The aggregate fees/compensation
 disclosed pursuant to paragraph (2); $0 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Net income from securities
 lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)). $0

&nbsp;&nbsp;&nbsp;&nbsp;(b) If the registrant is a
 closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the
 registrant's most recent fiscal year. N/A

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ggz_ex99cert.htm) |
| (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ggz_ex99-906cert.htm) |

---

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | The Gabelli Global Small and Mid Cap Value Trust |
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | September 4, 2025 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | September 4, 2025 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | September 4, 2025 |

---

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

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of The Gabelli Global Small and Mid Cap Value Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Executive Officer |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of The Gabelli Global Small and Mid Cap Value Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Financial Officer and Treasurer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, John C. Ball, Principal Executive Officer of The Gabelli Global Small and Mid Cap Value Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Executive Officer |

---

I, John C. Ball, Principal Financial Officer and Treasurer of The Gabelli Global Small and Mid Cap Value Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Financial Officer and Treasurer |

---