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 811-22884

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: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

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).

		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


Mario J. Gabelli, CFA	Christopher J. Marangi	Kevin V. Dreyer	Jeffrey J. Jonas, CFA
Chief Investment Officer	Co-Chief Investment Officer BA, Williams College MBA, Columbia Business School	Co-Chief Investment Officer BSE, University of Pennsylvania MBA, Columbia Business School	Portfolio Manager 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.

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.

Comparative Results

Average Annual Returns through June 30, 2025 (a) (Unaudited)

	Six Months			1 Year			3 Year			5 Year			10 Year			Since Inception (6/23/14)
The Gabelli Global Small and Mid Cap Value Trust (GGZ)
NAV Total Return (b)		13.22	%		22.52	%		11.88	%		12.79	%		6.61	%		6.25	%
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 Value
		COMMON STOCKS — 99.2%
		Aerospace — 3.8%
	16,500	Allient Inc.	$	405,544	$	599,115
	1,500	ATI Inc.†		23,134		129,510
	1,000	L3Harris Technologies Inc.		79,530		250,840
	2,650	Moog Inc., Cl. A		187,487		479,570
	290,000	Rolls-Royce Holdings plc		649,928		3,851,711
	1,500	Spirit AeroSystems Holdings Inc., Cl. A†		46,345		57,225
				1,391,968		5,367,971
		Agriculture — 0.1%
	5,000	American Vanguard Corp.		63,068		19,600
	12,000	Limoneira Co.		195,742		187,800
				258,810		207,400
		Automotive — 4.5%
	2,700	Blue Bird Corp.†		54,325		116,532
	4,000	Daimler Truck Holding AG		102,037		189,273
	4,100	Ferrari NV		157,078		2,012,034
	155,800	Iveco Group NV		1,120,616		3,064,861
	5,000	Rush Enterprises Inc., Cl. B		93,517		262,400
	23,000	Traton SE		400,775		745,595
				1,928,348		6,390,695
		Automotive: Parts and Accessories — 3.1%
	50,013	Brembo NV		363,195		478,372
	101,000	Dana Inc.		1,573,601		1,732,150
	46,002	Garrett Motion Inc.		233,723		483,481
	1,200	Linamar Corp.		39,879		57,103
	15,600	Modine Manufacturing Co.†		201,875		1,536,600
	6,200	Monro Inc.		126,151		92,442
				2,538,424		4,380,148
		Aviation: Parts and Services — 1.8%
	14,000	AAR Corp.†		437,370		963,060
	1,000	Curtiss-Wright Corp.		69,929		488,550
	13,500	Ducommun Inc.†		600,219		1,115,505
				1,107,518		2,567,115
		Broadcasting — 2.0%
	6,500	Beasley Broadcast Group Inc., Cl. A†		93,484		27,040
	100,000	Canal+ SA		411,412		312,690
	35,000	Corus Entertainment Inc., Cl. B†		46,547		2,570
	225,000	ITV plc		382,766		254,644
	95,500	Sinclair Inc.		2,310,284		1,319,810
	54,500	TEGNA Inc.		949,913		913,420
				4,194,406		2,830,174
		Building and Construction — 1.6%
	1,000	Amrize Ltd.†		54,961		49,883
	8,500	Arcosa Inc.		285,067		737,035
	3,500	Bouygues SA		124,314		158,317

Shares			Cost		Market Value
	1,000	Carrier Global Corp.	$	19,630	$	73,190
	1,000	Holcim AG		60,314		74,233
	500	IES Holdings Inc.†		8,752		148,115
	6,000	Johnson Controls International plc		220,391		633,720
	4,000	Knife River Corp.†		153,095		326,560
	3,500	Masterbrand Inc.†		61,447		38,255
				987,971		2,239,308
		Business Services — 4.4%
	150,000	Havas NV		296,246		257,618
	22,800	Herc Holdings Inc.		930,008		3,002,532
	64,200	JCDecaux SE		1,312,283		1,172,178
	13,500	Loomis AB		399,150		567,345
	42,000	Rentokil Initial plc		301,896		202,990
	4,000	Rentokil Initial plc, ADR		120,681		96,000
	4,000	Ströeer SE & Co. KGaA		86,799		239,831
	3,400	Waste Connections Inc.		345,378		634,848
				3,792,441		6,173,342
		Cable and Satellite — 1.7%
	1,500	Cogeco Communications Inc.		77,745		78,263
	549,000	Grupo Televisa SAB, ADR		2,149,874		1,202,310
	500	Liberty Broadband Corp., Cl. A†		25,309		48,910
	103	Liberty Broadband Corp., Cl. C†		4,934		10,133
	48,000	Liberty Global Ltd., Cl. A†		547,225		480,480
	31,500	Liberty Global Ltd., Cl. C†		401,016		324,765
	15,000	Megacable Holdings SAB de CV		40,761		41,976
	6,500	Sirius XM Holdings Inc.		262,104		149,305
				3,508,968		2,336,142
		Computer Software and Services — 0.5%
	3,000	Donnelley Financial Solutions Inc.†		131,310		184,950
	5,000	I3 Verticals Inc., Cl. A†		117,902		137,400
	5,000	PAR Technology Corp.†		172,612		346,850
				421,824		669,200
		Consumer Products — 3.4%
	9,000	BellRing Brands Inc.†		199,057		521,370
	1,750	Cavco Industries Inc.†		304,929		760,253
	7,000	Edgewell Personal Care Co.		276,964		163,870
	38,000	Energizer Holdings Inc.		1,232,099		766,080
	5,500	Essity AB, Cl. B		167,500		152,311
	11,500	Marine Products Corp.		81,517		97,865
	15,000	Mattel Inc.†		175,676		295,800
	42,500	Nintendo Co. Ltd., ADR		484,252		1,020,850
	9,500	Salvatore Ferragamo SpA†		138,813		55,953
	31,500	Scandinavian Tobacco Group A/S		493,840		417,762

See accompanying notes to financial statements.

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

SEC Form N-CSRS filed by Gabelli Global Small and Mid Cap Value Trust