1

The

Gabelli

Global

Small

and

Mid

Cap

Value

Trust

Schedule

of

Investments

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

89.8%

Aerospace

 —

1.4%

23,000‌

Aerojet

Rocketdyne

Holdings

Inc.†

.....

$

905,050‌

9,000‌

Allied

Motion

Technologies

Inc.

.......

268,560‌

7,000‌

Avio

SpA

.......................

82,394‌

15,100‌

Kaman

Corp.

....................

656,548‌

1,000‌

L3Harris

Technologies

Inc.

...........

248,470‌

256,666‌

Rolls-Royce

Holdings

plc†

...........

340,878‌

2,501,900‌

Agriculture

 —

0.1%

10,000‌

Limoneira

Co.

....................

146,800‌

Automotive

 —

1.0%

4,100‌

Ferrari

NV

......................

894,169‌

108,800‌

Iveco

Group

NV†

.................

716,142‌

12,000‌

Traton

SE

.......................

223,949‌

1,834,260‌

Automotive:

Parts

and

Accessories

 —

1.9%

49,013‌

Brembo

SpA

.....................

548,713‌

98,000‌

Dana

Inc.

.......................

1,721,860‌

15,000‌

Garrett

Motion

Inc.†

...............

107,850‌

2,000‌

Linamar

Corp.

...................

88,901‌

33,000‌

Modine

Manufacturing

Co.†

..........

297,330‌

27,000‌

Uni-Select

Inc.†

..................

658,721‌

3,423,375‌

Aviation:

Parts

and

Services

 —

0.6%

15,500‌

AAR

Corp.†

.....................

750,665‌

1,000‌

Curtiss-Wright

Corp.

...............

150,160‌

4,500‌

Ducommun

Inc.†

.................

235,755‌

1,136,580‌

Broadcasting

 —

3.6%

45,000‌

Beasley

Broadcast

Group

Inc.,

Cl. A†

....

79,200‌

1,000‌

Cogeco

Inc.

.....................

61,656‌

170,000‌

Corus

Entertainment

Inc.,

Cl. B

........

669,040‌

7,500‌

Discovery

Inc.,

Cl. A†

..............

186,900‌

5,000‌

Discovery

Inc.,

Cl. C†

..............

124,850‌

232,000‌

Grupo

Televisa

SAB,

ADR

............

2,714,400‌

245,000‌

ITV

plc†

........................

263,655‌

500‌

Liberty

Broadband

Corp.,

Cl. A†

.......

65,530‌

103‌

Liberty

Broadband

Corp.,

Cl. C†

.......

13,938‌

2,000‌

Liberty

Media

Corp.-

Liberty

SiriusXM,

Cl. A†

........................

91,420‌

188‌

Liberty

Media

Corp.-

Liberty

SiriusXM,

Cl. C†

........................

8,597‌

64,800‌

Sinclair

Broadcast

Group

Inc.,

Cl. A

.....

1,815,696‌

25,000‌

Sirius

XM

Holdings

Inc.

.............

165,500‌

16,000‌

TEGNA

Inc.

.....................

358,400‌

6,618,782‌

Shares

Market

Value

Building

and

Construction

 —

1.4%

12,241‌

Arcosa

Inc.

......................

$

700,797‌

1,800‌

Bouygues

SA

....................

62,983‌

1,000‌

Carrier

Global

Corp.

...............

45,870‌

28,000‌

GCP

Applied

Technologies

Inc.†

.......

879,760‌

12,000‌

IES

Holdings

Inc.†

................

482,400‌

6,000‌

Johnson

Controls

International

plc

.....

393,420‌

2,565,230‌

Business

Services

 —

5.6%

83,000‌

Diebold

Nixdorf

Inc.†

..............

558,590‌

43,000‌

Herc

Holdings

Inc.

................

7,184,870‌

48,900‌

JCDecaux

SA†

...................

1,158,728‌

13,500‌

Loomis

AB

......................

370,581‌

20,000‌

Ocean

Outdoor

Ltd.†

...............

183,000‌

50,000‌

Rentokil

Initial

plc

.................

345,490‌

4,000‌

Ströeer

SE

&

Co.

KGaA

.............

277,005‌

3,000‌

The

Interpublic

Group

of

Companies

Inc.

.

106,350‌

10,184,614‌

Cable

and

Satellite

 —

2.0%

2,900‌

Cogeco

Communications

Inc.

.........

240,045‌

28,000‌

Liberty

Global

plc,

Cl. A†

............

714,280‌

60,712‌

Liberty

Global

plc,

Cl. C†

............

1,573,048‌

15,000‌

Liberty

Latin

America

Ltd.,

Cl. C†

......

143,850‌

46,000‌

Megacable

Holdings

SAB

de

CV

.......

138,763‌

6,000‌

Shaw

Communications

Inc.,

Cl. B

......

186,240‌

34,500‌

WideOpenWest

Inc.†

...............

601,680‌

3,597,906‌

Computer

Software

and

Services

 —

0.5%

8,000‌

AVEVA

Group

plc

.................

257,475‌

30,000‌

CareCloud

Inc.†

..................

154,500‌

5,000‌

Donnelley

Financial

Solutions

Inc.†

.....

166,300‌

5,000‌

PAR

Technology

Corp.†

.............

201,700‌

2,000‌

Twitter

Inc.†

.....................

77,380‌

857,355‌

Consumer

Products

 —

6.6%

8,145‌

BellRing

Brands

Inc.†

..............

187,987‌

200‌

dormakaba

Holding

AG

.............

102,765‌

27,000‌

Edgewell

Personal

Care

Co.

..........

990,090‌

28,000‌

Energizer

Holdings

Inc.

.............

861,280‌

4,700‌

Essity

AB,

Cl. B

...................

111,072‌

12,800‌

Hunter

Douglas

NV†

...............

2,444,016‌

300‌

L'Oreal

SA

......................

120,753‌

12,000‌

Marine

Products

Corp.

.............

138,600‌

15,000‌

Mattel

Inc.†

.....................

333,150‌

9,000‌

Nintendo

Co.

Ltd.,

ADR

.............

566,190‌

4,000‌

Salvatore

Ferragamo

SpA†

...........

76,021‌

43,000‌

Scandinavian

Tobacco

Group

A/S

......

919,588‌

6,000‌

Shiseido

Co.

Ltd.

.................

306,456‌

4,500‌

Spectrum

Brands

Holdings

Inc.

.......

399,240‌

2

The

Gabelli

Global

Small

and

Mid

Cap

Value

Trust

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Consumer

Products

(Continued)

600,000‌

Swedish

Match

AB

................

$

4,523,100‌

12,080,308‌

Consumer

Services

 —

0.8%

3,000‌

Allegion

plc

.....................

329,340‌

11,500‌

Ashtead

Group

plc

................

730,120‌

500‌

Boyd

Group

Services

Inc.

............

66,220‌

350‌

Cie

de

L'Odet

SE

..................

429,778‌

1,555,458‌

Diversified

Industrial

 —

6.2%

100,400‌

Ampco-Pittsburgh

Corp.†

...........

633,524‌

34,700‌

Ardagh

Group

SA

.................

705,277‌

7,000‌

AZZ

Inc.

........................

337,680‌

2,100‌

Crane

Co.

.......................

227,388‌

23,800‌

EnPro

Industries

Inc.

...............

2,325,974‌

38,000‌

Greif

Inc.,

Cl. A

...................

2,472,280‌

30,000‌

Griffon

Corp.

....................

600,900‌

1,200‌

Haynes

International

Inc.

............

51,120‌

4,000‌

Jardine

Matheson

Holdings

Ltd.

.......

220,000‌

2,400‌

Moog

Inc.,

Cl. A

..................

210,720‌

24,200‌

Myers

Industries

Inc.

..............

522,720‌

5,000‌

Smiths

Group

plc

.................

95,404‌

20,000‌

Steel

Partners

Holdings

LP†

..........

831,200‌

5,000‌

Sulzer

AG

.......................

416,103‌

40,000‌

Toray

Industries

Inc.

...............

209,890‌

23,500‌

Tredegar

Corp.

...................

281,765‌

12,000‌

Trinity

Industries

Inc.

...............

412,320‌

16,000‌

Ultra

Electronics

Holdings

plc

.........

698,652‌

10,000‌

Wartsila

OYJ

Abp

.................

91,885‌

11,344,802‌

Educational

Services

 —

0.1%

15,000‌

Universal

Technical

Institute

Inc.†

......

132,750‌

Electronics

 —

2.5%

7,000‌

Datalogic

SpA

....................

76,857‌

7,500‌

Flex

Ltd.†

.......................

139,125‌

14,000‌

Mirion

Technologies

Inc.†

...........

112,980‌

20,000‌

Resideo

Technologies

Inc.†

..........

476,600‌

37,000‌

Sony

Group

Corp.,

ADR

.............

3,800,270‌

4,605,832‌

Energy

and

Utilities:

Alternative

Energy

 —

0.1%

2,000‌

NextEra

Energy

Partners

LP

..........

166,720‌

Energy

and

Utilities:

Electric

 —

1.0%

31,200‌

Algonquin

Power

&

Utilities

Corp.

......

483,916‌

7,500‌

Fortis

Inc.

......................

370,936‌

20,000‌

PNM

Resources

Inc.

...............

953,400‌

1,808,252‌

Shares

Market

Value

Energy

and

Utilities:

Integrated

 —

1.0%

14,000‌

Avista

Corp.

.....................

$

632,100‌

3,500‌

Emera

Inc.

......................

173,495‌

15,500‌

Hawaiian

Electric

Industries

Inc.

.......

655,805‌

100,000‌

Hera

SpA

.......................

370,151‌

5,500‌

Siemens

Gamesa

Renewable

Energy

SA†

97,198‌

1,928,749‌

Energy

and

Utilities:

Natural

Gas

 —

0.9%

24,000‌

National

Fuel

Gas

Co.

..............

1,648,800‌

1,200‌

Southwest

Gas

Holdings

Inc.

.........

93,948‌

1,742,748‌

Energy

and

Utilities:

Services

 —

0.8%

38,500‌

Dril-Quip

Inc.†

...................

1,437,975‌

13,750‌

Pineapple

Holdings

Inc.

.............

85,938‌

1,523,913‌

Energy

and

Utilities:

Water

 —

2.1%

70,000‌

Beijing

Enterprises

Water

Group

Ltd.

....

21,536‌

1,400‌

Consolidated

Water

Co.

Ltd.

..........

15,484‌

17,000‌

Mueller

Water

Products

Inc.,

Cl. A

.....

219,640‌

90,000‌

Primo

Water

Corp.

................

1,282,500‌

56,000‌

Severn

Trent

plc

..................

2,264,312‌

3,803,472‌

Entertainment

 —

6.1%

40,000‌

Borussia

Dortmund

GmbH

&

Co.

KGaA†

.

179,301‌

228,000‌

Entain

plc†

......................

4,922,483‌

10,000‌

GAN

Ltd.†

......................

48,200‌

5,000‌

Golden

Entertainment

Inc.†

..........

290,350‌

15,000‌

IMAX

Corp.†

....................

283,950‌

26,011‌

Liberty

Media

Corp.

-

Liberty

Braves,

Cl. C†

725,967‌

24,000‌

Liberty

Media

Corp.-

Liberty

Braves,

Cl. A†

690,720‌

3,600‌

Madison

Square

Garden

Entertainment

Corp.†

.......................

299,916‌

4,000‌

Madison

Square

Garden

Sports

Corp.†

..

717,440‌

6,000‌

Manchester

United

plc,

Cl. A

.........

86,820‌

15,000‌

Paramount

Global,

Cl. A

.............

606,150‌

10,000‌

Turtle

Beach

Corp.†

................

212,900‌

13,500‌

Ubisoft

Entertainment

SA†

...........

596,628‌

6,000‌

Universal

Music

Group

NV

...........

160,594‌

80,000‌

Vivendi

SE

......................

1,047,840‌

175,000‌

Wow

Unlimited

Media

Inc.†(a)

........

205,776‌

11,075,035‌

Environmental

Services

 —

1.0%

18,000‌

Renewi

plc†

.....................

156,298‌

6,000‌

Stericycle

Inc.†

...................

353,520‌

10,000‌

Tomra

Systems

ASA

...............

512,617‌

5,500‌

Waste

Connections

Inc.

.............

768,350‌

1,790,785‌

Equipment

and

Supplies

 —

3.6%

2,000‌

A.O.

Smith

Corp.

..................

127,780‌

3

The

Gabelli

Global

Small

and

Mid

Cap

Value

Trust

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Equipment

and

Supplies

(Continued)

24,000‌

Commercial

Vehicle

Group

Inc.†

.......

$

202,800‌

26,000‌

Flowserve

Corp.

..................

933,400‌

11,500‌

Graco

Inc.

......................

801,780‌

18,000‌

Interpump

Group

SpA

..............

910,001‌

37,000‌

Mueller

Industries

Inc.

..............

2,004,290‌

3,500‌

Snap-on

Inc.

....................

719,180‌

6,200‌

Watts

Water

Technologies

Inc.,

Cl. A

....

865,458‌

6,564,689‌

Financial

Services

 —

3.9%

1,000‌

Alleghany

Corp.†

.................

847,000‌

1,250‌

Credit

Acceptance

Corp.†

............

687,963‌

3,000‌

EXOR

NV

.......................

230,653‌

53,000‌

FinecoBank

Banca

Fineco

SpA

........

810,577‌

32,000‌

Flushing

Financial

Corp.

.............

715,200‌

146,000‌

GAM

Holding

AG†

.................

180,594‌

1,000‌

Groupe

Bruxelles

Lambert

SA

.........

104,120‌

8,500‌

H&R

Block

Inc.

...................

221,340‌

11,000‌

I3

Verticals

Inc.,

Cl. A†

.............

306,460‌

5,000‌

Janus

Henderson

Group

plc

..........

175,100‌

23,000‌

Kinnevik

AB,

Cl. A†

................

621,331‌

28,500‌

Kinnevik

AB,

Cl. B†

................

750,207‌

25,000‌

Post

Holdings

Partnering

Corp.†

.......

251,875‌

1,200‌

PROG

Holdings

Inc.†

..............

34,524‌

70,000‌

Resona

Holdings

Inc.

..............

301,355‌

19,000‌

Synovus

Financial

Corp.

............

931,000‌

7,169,299‌

Food

and

Beverage

 —

12.8%

7,000‌

Britvic

plc

......................

74,208‌

1,000‌

Campbell

Soup

Co.

................

44,570‌

280‌

Chocoladefabriken

Lindt

&

Spruengli

AG

.

3,339,213‌

41,500‌

Chr.

Hansen

Holding

A/S

............

3,065,548‌

3,000‌

Coca-Cola

HBC

AG

................

63,036‌

105,000‌

Davide

Campari-Milano

NV

..........

1,226,029‌

1,400‌

Diageo

plc,

ADR

..................

284,396‌

2,000‌

Fevertree

Drinks

plc

...............

47,055‌

9,000‌

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

.........................

745,650‌

1,000‌

Heineken

Holding

NV

...............

78,654‌

500‌

International

Flavors

&

Fragrances

Inc.

..

65,665‌

39,000‌

ITO

EN

Ltd.

.....................

1,925,333‌

600‌

J

&

J

Snack

Foods

Corp.

............

93,060‌

12,500‌

Kameda

Seika

Co.

Ltd.

..............

408,144‌

10,000‌

Kerry

Group

plc,

Cl. A

..............

1,120,631‌

39,000‌

Kikkoman

Corp.

..................

2,604,485‌

7,500‌

Luckin

Coffee

Inc.,

ADR†

............

68,700‌

106,000‌

Maple

Leaf

Foods

Inc.

..............

2,543,695‌

105,000‌

Nissin

Foods

Co.

Ltd.

..............

73,590‌

35,000‌

Nomad

Foods

Ltd.†

................

790,300‌

5,000‌

Post

Holdings

Inc.†

................

346,300‌

Shares

Market

Value

190,000‌

Premier

Foods

plc

.................

$

284,537‌

8,500‌

Remy

Cointreau

SA

................

1,758,384‌

1,800‌

Symrise

AG

.....................

216,748‌

13,000‌

The

Hain

Celestial

Group

Inc.†

........

447,200‌

9,000‌

Treasury

Wine

Estates

Ltd.

...........

77,988‌

40,000‌

Tsingtao

Brewery

Co.

Ltd.,

Cl. H

.......

318,129‌

215,000‌

Vitasoy

International

Holdings

Ltd.

.....

407,861‌

16,000‌

Yakult

Honsha

Co.

Ltd.

.............

856,908‌

23,376,017‌

Health

Care

 —

6.0%

25,000‌

Aurinia

Pharmaceuticals

Inc.†

........

309,500‌

31,000‌

Bausch

Health

Cos.

Inc.†

............

708,350‌

600‌

Bio-Rad

Laboratories

Inc.,

Cl. A†

......

337,938‌

150‌

Bio-Rad

Laboratories

Inc.,

Cl. B†

......

82,262‌

2,000‌

Cardiovascular

Systems

Inc.†

........

45,200‌

9,000‌

CareDx

Inc.†

....................

332,910‌

2,500‌

Catalent

Inc.†

....................

277,250‌

500‌

Charles

River

Laboratories

International

Inc.†

........................

141,985‌

600‌

Chemed

Corp.

...................

303,930‌

6,500‌

Clovis

Oncology

Inc.†

..............

13,130‌

11,500‌

Cutera

Inc.†

.....................

793,500‌

3,000‌

DaVita

Inc.†

.....................

339,330‌

10,000‌

DENTSPLY

SIRONA

Inc.

............

492,200‌

5,000‌

Endo

International

plc†

.............

11,550‌

13,000‌

Evolent

Health

Inc.,

Cl. A†

...........

419,900‌

2,000‌

Gerresheimer

AG

.................

146,689‌

5,000‌

Halozyme

Therapeutics

Inc.†

.........

199,400‌

1,500‌

Harmony

Biosciences

Holdings

Inc.†

...

72,975‌

6,000‌

Henry

Schein

Inc.†

................

523,140‌

1,750‌

ICU

Medical

Inc.†

.................

389,620‌

4,666‌

Idorsia

Ltd.†

.....................

93,063‌

20,000‌

InfuSystem

Holdings

Inc.†

...........

196,000‌

7,500‌

Integer

Holdings

Corp.†

.............

604,275‌

5,000‌

Medmix

AG†

....................

174,882‌

18,000‌

Option

Care

Health

Inc.†

............

514,080‌

38,000‌

Patterson

Cos.

Inc.

................

1,230,060‌

21,000‌

Perrigo

Co.

plc

...................

807,030‌

912‌

STERIS

plc

......................

220,494‌

4,500‌

SurModics

Inc.†

..................

203,985‌

2,000‌

Teladoc

Health

Inc.†

...............

144,260‌

7,000‌

Tenet

Healthcare

Corp.†

.............

601,720‌

400‌

The

Cooper

Companies

Inc.

..........

167,036‌

200‌

Zoetis

Inc.

......................

37,718‌

10,935,362‌

Hotels

and

Gaming

 —

2.4%

2,500‌

Caesars

Entertainment

Inc.†

..........

193,400‌

901‌

Flutter

Entertainment

plc†

...........

105,103‌

24,000‌

Full

House

Resorts

Inc.†

............

230,640‌

38,000‌

International

Game

Technology

plc

.....

937,840‌

826,250‌

Mandarin

Oriental

International

Ltd.†

...

1,652,500‌

4

The

Gabelli

Global

Small

and

Mid

Cap

Value

Trust

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Hotels

and

Gaming

(Continued)

9,000‌

MGM

Resorts

International

..........

$

377,460‌

300,000‌

The

Hongkong

&

Shanghai

Hotels

Ltd.†

.

319,789‌

8,000‌

The

Marcus

Corp.†

................

141,600‌

6,000‌

Wynn

Resorts

Ltd.†

...............

478,440‌

4,436,772‌

Machinery

 —

4.6%

19,000‌

Astec

Industries

Inc.

...............

817,000‌

165,000‌

CNH

Industrial

NV,

Borsa

Italiana

......

2,627,537‌

259,000‌

CNH

Industrial

NV,

New

York

.........

4,107,740‌

13,000‌

Twin

Disc

Inc.†

...................

216,320‌

7,500‌

Xylem

Inc.

......................

639,450‌

8,408,047‌

Manufactured

Housing

and

Recreational

Vehicles

 —

0.3%

2,600‌

Cavco

Industries

Inc.†

..............

626,210‌

Metals

and

Mining

 —

0.7%

2,000‌

Allegheny

Technologies

Inc.†

.........

53,680‌

25,000‌

Cameco

Corp.

....................

727,500‌

185,000‌

Sierra

Metals

Inc.

.................

218,300‌

4,000‌

TimkenSteel

Corp.†

................

87,520‌

5,800‌

Wheaton

Precious

Metals

Corp.

.......

275,964‌

1,362,964‌

Publishing

 —

0.6%

1,400‌

Graham

Holdings

Co.,

Cl. B

..........

856,058‌

10,000‌

The

E.W.

Scripps

Co.,

Cl. A†

..........

207,900‌

1,063,958‌

Real

Estate

 —

0.8%

11,349‌

Indus

Realty

Trust

Inc.,

REIT

.........

829,499‌

20,000‌

Starwood

Property

Trust

Inc.,

REIT

.....

483,400‌

37,629‌

Trinity

Place

Holdings

Inc.†

..........

71,495‌

1,384,394‌

Retail

 —

1.8%

5,000‌

AutoNation

Inc.†

..................

497,900‌

600‌

Biglari

Holdings

Inc.,

Cl. A†

..........

431,055‌

10,000‌

Camping

World

Holdings

Inc.,

Cl. A

....

279,500‌

600‌

Casey's

General

Stores

Inc.

..........

118,902‌

2,900‌

Fnac

Darty

......................

149,370‌

4,186‌

Hertz

Global

Holdings

Inc.†

..........

92,720‌

361‌

Hertz

Global

Holdings

Inc.,

New

York†

..

7,996‌

7,500‌

MarineMax

Inc.†

..................

301,950‌

5,500‌

Movado

Group

Inc.

................

214,775‌

1,500‌

Penske

Automotive

Group

Inc.

........

140,580‌

10,000‌

PetIQ

Inc.†

......................

244,000‌

20,000‌

Pets

at

Home

Group

plc

.............

94,951‌

40,000‌

Qurate

Retail

Inc.,

Cl. A

.............

190,400‌

8,000‌

Rush

Enterprises

Inc.,

Cl. B

..........

386,800‌

250,000‌

Sun

Art

Retail

Group

Ltd.

............

90,958‌

Shares

Market

Value

3,000‌

TravelCenters

of

America

Inc.†

........

$

128,880‌

3,370,737‌

Specialty

Chemicals

 —

2.4%

7,000‌

Ashland

Global

Holdings

Inc.

.........

688,870‌

55,000‌

Element

Solutions

Inc.

..............

1,204,500‌

28,000‌

Ferro

Corp.†

.....................

608,720‌

4,000‌

H.B.

Fuller

Co.

...................

264,280‌

16,000‌

Huntsman

Corp.

..................

600,160‌

14,000‌

SGL

Carbon

SE†

..................

87,814‌

6,000‌

T.

Hasegawa

Co.

Ltd.

...............

128,487‌

2,000‌

Takasago

International

Corp.

.........

45,113‌

700‌

Treatt

plc

.......................

10,437‌

22,000‌

Valvoline

Inc.

....................

694,320‌

4,332,701‌

Telecommunications

 —

0.8%

6,000‌

Gogo

Inc.†

......................

114,360‌

6,000‌

Hellenic

Telecommunications

Organization

SA,

ADR

......................

53,580‌

100,000‌

Pharol

SGPS

SA†

.................

8,817‌

33,000‌

Telekom

Austria

AG

................

255,544‌

17,000‌

Telesat

Corp.†

...................

280,500‌

45,000‌

Vodafone

Group

plc,

ADR

...........

747,900‌

1,460,701‌

Transportation

 —

1.3%

50,000‌

Bollore

SE

......................

262,956‌

22,000‌

Fortress

Transportation

and

Infrastructure

Investors

LLC

..................

566,500‌

12,500‌

GATX

Corp.

.....................

1,541,625‌

2,371,081‌

Wireless

Communications

 —

0.5%

17,500‌

Millicom

International

Cellular

SA,

SDR†

.

444,833‌

16,000‌

United

States

Cellular

Corp.†

.........

483,680‌

928,513‌

TOTAL

COMMON

STOCKS

.........

164,217,071‌

PREFERRED

STOCKS

 —

0.4%

Financial

Services

 —

0.2%

18,200‌

The

Phoenix

Companies

Inc.,

7.450%,

01/15/32

......................

328,738‌

Health

Care

 —

0.2%

10,000‌

XOMA

Corp.,

Ser.

A,

8.625%

.........

263,500‌

Retail

 —

0.0%

450‌

Qurate

Retail

Inc.,

8.000%,

03/15/31

....

38,704‌

TOTAL

PREFERRED

STOCKS

........

630,942‌

5

The

Gabelli

Global

Small

and

Mid

Cap

Value

Trust

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

CONVERTIBLE

PREFERRED

STOCKS

 —

0.1%

Automotive:

Parts

and

Accessories

 —

0.1%

21,734‌

Garrett

Motion

Inc.,

Ser.

A,

11.000%

.....................

$

179,958‌

MANDATORY

CONVERTIBLE

SECURITIES(b)

 —

0.3%

Health

Care

 —

0.3%

6,000‌

Avantor

Inc.,

Ser.

A,

6.250%,

05/15/22

...............

621,180‌

RIGHTS

 —

0.0%

Energy

and

Utilities:

Services

 —

0.0%

13,750‌

Pineapple

Holdings

Inc.,

CVR†

........

0‌

Health

Care

 —

0.0%

45,000‌

Achillion

Pharmaceuticals

Inc.,

CVR†

...

22,500‌

1,500‌

Tobira

Therapeutics

Inc.,

CVR†(c)

......

0‌

22,500‌

TOTAL

RIGHTS

................

22,500‌

WARRANTS

 —

0.0%

Diversified

Industrial

 —

0.0%

64,000‌

Ampco-Pittsburgh

Corp.,

expire

08/01/25†

52,166‌

Energy

and

Utilities:

Services

 —

0.0%

539‌

Weatherford

International

plc,

expire

12/13/23†

.....................

324‌

TOTAL

WARRANTS

..............

52,490‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

9.4%

$

17,100,000‌

U.S.

Treasury

Bills,

0.055%

to

1.056%††,

04/07/22

to

09/29/22

......................

17,086,022‌

TOTAL

INVESTMENTS

—

100.0%

....

(Cost

$136,198,896)

.............

$

182,810,163‌

(a)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

This

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

(b)

Mandatory

convertible

securities

are

required

to

be

converted

on

the

dates

listed;

they

generally

may

be

converted

prior

to

these

dates

at

the

option

of

the

holder.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

†

Non-income

producing

security.

††

Represents

annualized

yields

at

dates

of

purchase.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Right

REIT

Real

Estate

Investment

Trust

SDR

Swedish

Depositary

Receipt

Geographic

Diversification

%

of

Total

Investments

Market

Value

United

States

........................

54.7‌

%

$

100,013,239‌

Europe

..............................

31.1‌

56,934,590‌

Japan

...............................

6.1‌

11,152,631‌

Canada

..............................

4.3‌

7,844,355‌

Latin

America

.......................

2.0‌

3,614,297‌

Asia/Pacific

.........................

1.8‌

3,251,051‌

Total

Investments

...................

100.0‌%

$

182,810,163‌