1
The
Gabelli
Global
Small
and
Mid
Cap
Value
Trust
Schedule
of
Investments
March
31,
2026
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
 —
87.8%
Aerospace
and
Defense
 —
4.4%
16,500‌
Allient
Inc.
......................
$
974,985‌
1,500‌
ATI
Inc.†
.......................
218,190‌
1,000‌
L3Harris
Technologies
Inc.
...........
345,150‌
3,000‌
Mildef
Group
AB
..................
43,859‌
2,650‌
Moog
Inc.,
Cl. A
..................
775,496‌
140‌
MTU
Aero
Engines
AG
..............
50,164‌
290,000‌
Rolls-Royce
Holdings
plc
............
4,345,114‌
2,000‌
StandardAero
Inc.†
................
51,660‌
293‌
The
Boeing
Co.†
..................
58,316‌
6,862,934‌
Agriculture
 —
0.1%
6,500‌
American
Vanguard
Corp.†
..........
16,185‌
2,500‌
FMC
Corp.
......................
43,050‌
12,500‌
Limoneira
Co.
....................
167,750‌
226,985‌
Automotive
 —
2.6%
1,400‌
Blue
Bird
Corp.†
..................
79,506‌
4,000‌
Daimler
Truck
Holding
AG
...........
191,732‌
2,250‌
Ferrari
Group
plc
..................
21,768‌
5,300‌
Ferrari
NV
......................
1,793,785‌
40,000‌
Iveco
Group
NV
..................
884,919‌
4,000‌
Rush
Enterprises
Inc.,
Cl. B
..........
257,400‌
23,000‌
Traton
SE
.......................
819,336‌
4,048,446‌
Automotive:
Parts
and
Accessories
 —
3.4%
50,013‌
Brembo
NV
.....................
469,108‌
50,500‌
Dana
Inc.
.......................
1,699,325‌
46,002‌
Garrett
Motion
Inc.
................
835,856‌
1,200‌
Linamar
Corp.
...................
74,333‌
9,000‌
Modine
Manufacturing
Co.†
..........
1,950,390‌
14,000‌
Monro
Inc.
......................
224,560‌
5,253,572‌
Aviation:
Parts
and
Services
 —
2.3%
13,000‌
AAR
Corp.†
.....................
1,422,980‌
800‌
Curtiss-Wright
Corp.
...............
544,896‌
13,200‌
Ducommun
Inc.†
.................
1,610,400‌
3,578,276‌
Broadcasting
 —
1.3%
5,000‌
Beasley
Broadcast
Group
Inc.,
Cl. A†
....
16,700‌
100,000‌
Canal+
SA
......................
264,521‌
35,000‌
Corus
Entertainment
Inc.,
Cl. B†
.......
755‌
8,300‌
GCI
Liberty
Inc.,
Cl. A†
.............
305,855‌
1,560‌
GCI
Liberty
Inc.,
Cl. C†
.............
58,048‌
225,000‌
ITV
plc
.........................
223,506‌
86,500‌
Sinclair
Inc.
.....................
1,119,310‌
1,580‌
Versant
Media
Group
Inc.
...........
58,492‌
2,047,187‌
Shares
Market
Value
Building
and
Construction
 —
1.6%
8,500‌
Arcosa
Inc.
......................
$
902,190‌
3,500‌
Bouygues
SA
....................
199,887‌
1,000‌
Carrier
Global
Corp.
...............
56,310‌
1,000‌
Holcim
AG
......................
81,191‌
6,000‌
Johnson
Controls
International
plc
.....
785,700‌
4,350‌
Knife
River
Corp.†
.................
355,177‌
3,500‌
Masterbrand
Inc.†
.................
29,085‌
2,000‌
TOTO
Ltd.
......................
64,144‌
2,473,684‌
Business
Services
 —
3.6%
450‌
Clarkson
plc
.....................
27,458‌
50,000‌
Clear
Channel
Outdoor
Holdings
Inc.†
...
118,500‌
20,000‌
Havas
NV
.......................
346,524‌
19,650‌
Herc
Holdings
Inc.
................
1,956,157‌
1,750‌
InPost
SA†
......................
30,503‌
66,000‌
JCDecaux
SE
....................
1,409,767‌
15,500‌
Loomis
AB
......................
701,103‌
5,000‌
NIQ
Global
Intelligence
plc†
..........
56,850‌
15,000‌
Rentokil
Initial
plc
.................
92,718‌
4,000‌
Rentokil
Initial
plc,
ADR
.............
125,920‌
4,000‌
Ströeer
SE
&
Co.
KGaA
.............
140,783‌
3,000‌
Waste
Connections
Inc.
.............
487,320‌
5,493,603‌
Cable
and
Satellite
 —
2.0%
2,050‌
Cogeco
Communications
Inc.
.........
104,040‌
572,500‌
Grupo
Televisa
SAB,
ADR
............
1,665,975‌
800‌
Liberty
Broadband
Corp.,
Cl. A†
.......
40,176‌
103‌
Liberty
Broadband
Corp.,
Cl. C†
.......
5,181‌
48,000‌
Liberty
Global
Ltd.,
Cl. A†
...........
580,320‌
37,500‌
Liberty
Global
Ltd.,
Cl. C†
...........
439,875‌
15,000‌
Megacable
Holdings
SAB
de
CV
.......
51,939‌
6,500‌
Sirius
XM
Holdings
Inc.
.............
150,020‌
3,037,526‌
Computer
Software
and
Services
 —
0.1%
5,000‌
I3
Verticals
Inc.,
Cl. A†
.............
111,800‌
6,500‌
PAR
Technology
Corp.†
.............
86,645‌
198,445‌
Consumer
Products
 —
2.6%
750‌
Belden
Inc.
......................
86,123‌
9,000‌
BellRing
Brands
Inc.†
..............
144,810‌
1,200‌
Cavco
Industries
Inc.†
..............
581,148‌
600‌
Churchill
Downs
Inc.
...............
53,898‌
1,400‌
De'
Longhi
SpA
..................
48,513‌
3,000‌
Edgewell
Personal
Care
Co.
..........
64,020‌
45,000‌
Energizer
Holdings
Inc.
.............
738,900‌
5,500‌
Essity
AB,
Cl. B
...................
141,122‌
11,500‌
Marine
Products
Corp.
.............
83,605‌
15,000‌
Mattel
Inc.†
.....................
217,950‌
42,500‌
Nintendo
Co.
Ltd.,
ADR
.............
607,325‌
2
The
Gabelli
Global
Small
and
Mid
Cap
Value
Trust
Schedule
of
Investments
(Continued)
March
31,
2026
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Consumer
Products
(Continued)
9,500‌
Salvatore
Ferragamo
SpA†
...........
$
75,711‌
31,500‌
Scandinavian
Tobacco
Group
A/S
......
331,799‌
6,000‌
Shiseido
Co.
Ltd.
.................
120,601‌
7,500‌
Spectrum
Brands
Holdings
Inc.
.......
552,750‌
4,500‌
Sturm
Ruger
&
Co.
Inc.
.............
180,405‌
4,028,680‌
Consumer
Services
 —
0.1%
500‌
Boyd
Group
Inc.
..................
63,831‌
3,000‌
Matthews
International
Corp.,
Cl. A
.....
77,460‌
200‌
The
Brink's
Co.
...................
20,726‌
1,500‌
Verisure
plc†
....................
15,429‌
177,446‌
Diversified
Industrial
 —
5.3%
500‌
AZZ
Inc.
........................
62,565‌
1,000‌
CAE
Inc.†
.......................
26,050‌
6,300‌
Enpro
Inc.
......................
1,579,095‌
1,800‌
Fluidra
SA
......................
41,132‌
10,000‌
GATX
Corp.
.....................
1,707,400‌
9,000‌
Griffon
Corp.
....................
654,120‌
8,500‌
Jardine
Matheson
Holdings
Ltd.
.......
604,775‌
2,500‌
Kawasaki
Heavy
Industries
Ltd.
.......
45,635‌
2,000‌
Mercury
Systems
Inc.†
.............
145,820‌
1,000‌
Park-Ohio
Holdings
Corp.
...........
24,040‌
3,000‌
Smiths
Group
plc
.................
90,534‌
8,200‌
Sulzer
AG
.......................
1,687,994‌
11,500‌
Sunbelt
Rentals
Holdings
Inc.
.........
748,535‌
11,400‌
Trinity
Industries
Inc.
...............
366,852‌
10,000‌
Velan
Inc.
.......................
113,939‌
7,000‌
Wartsila
OYJ
Abp
.................
256,564‌
8,155,050‌
Educational
Services
 —
1.2%
1,300‌
Graham
Holdings
Co.,
Cl. B
..........
1,374,438‌
12,700‌
Universal
Technical
Institute
Inc.†
......
458,470‌
1,832,908‌
Electronics
 —
2.7%
1,000‌
Flex
Ltd.†
.......................
65,460‌
14,000‌
Mirion
Technologies
Inc.†
...........
260,260‌
8,000‌
Resideo
Technologies
Inc.†
..........
269,680‌
175,000‌
Sony
Group
Corp.,
ADR
.............
3,622,500‌
4,217,900‌
Energy
and
Utilities:
Alternative
Energy
 —
0.0%
3,500‌
XPLR
Infrastructure
LP†
............
37,170‌
Energy
and
Utilities:
Electric
 —
1.3%
150,000‌
Algonquin
Power
&
Utilities
Corp.
......
921,000‌
6,000‌
Fortis
Inc.
......................
334,742‌
2,500‌
RWE
AG
.......................
166,674‌
Shares
Market
Value
10,500‌
TXNM
Energy
Inc.
.................
$
613,830‌
2,036,246‌
Energy
and
Utilities:
Integrated
 —
1.2%
29,000‌
Avista
Corp.
.....................
1,164,060‌
3,700‌
Emera
Inc.
......................
191,796‌
2,500‌
Hawaiian
Electric
Industries
Inc.†
......
37,100‌
100,000‌
Hera
SpA
.......................
459,103‌
1,852,059‌
Energy
and
Utilities:
Natural
Gas
 —
2.3%
37,500‌
Innovex
International
Inc.†
...........
914,625‌
25,200‌
National
Fuel
Gas
Co.
..............
2,367,792‌
9,500‌
PrairieSky
Royalty
Ltd.
.............
219,898‌
3,502,315‌
Energy
and
Utilities:
Services
 —
0.0%
1,800‌
Veolia
Environnement
SA
............
67,950‌
Energy
and
Utilities:
Water
 —
1.4%
70,000‌
Beijing
Enterprises
Water
Group
Ltd.
....
24,193‌
1,500‌
Consolidated
Water
Co.
Ltd.
..........
49,680‌
16,000‌
Mueller
Water
Products
Inc.,
Cl. A
.....
439,840‌
42,000‌
Severn
Trent
plc
..................
1,717,768‌
2,231,481‌
Entertainment
 —
4.8%
30,000‌
Atlanta
Braves
Holdings
Inc.,
Cl. A†
....
1,414,500‌
27,011‌
Atlanta
Braves
Holdings
Inc.,
Cl. C†
....
1,153,370‌
1,100‌
CTS
Eventim
AG
&
Co.
KGaA
.........
63,139‌
10,500‌
Genius
Sports
Ltd.†
...............
46,515‌
6,400‌
Juventus
Football
Club
SpA†
.........
14,854‌
500‌
Liberty
Live
Holdings
Inc.,
Cl. A†
......
45,820‌
47‌
Liberty
Live
Holdings
Inc.,
Cl. C†
......
4,423‌
2,500‌
Liberty
Media
Corp.-Liberty
Formula
One,
Cl. A†
........................
195,200‌
600‌
Madison
Square
Garden
Entertainment
Corp.†
.......................
35,346‌
5,120‌
Madison
Square
Garden
Sports
Corp.†
..
1,645,568‌
35,500‌
Manchester
United
plc,
Cl. A†
.........
597,110‌
6,800‌
Sphere
Entertainment
Co.†
..........
798,320‌
40,000‌
Ubisoft
Entertainment
SA†
...........
177,307‌
7,000‌
Universal
Music
Group
NV
...........
134,593‌
230,000‌
Vivendi
SE
......................
471,876‌
20,000‌
Warner
Bros
Discovery
Inc.†
.........
549,200‌
7,347,141‌
Equipment
and
Supplies
 —
6.1%
8,400‌
Albany
International
Corp.,
Cl. A
.......
438,564‌
16,500‌
Commercial
Vehicle
Group
Inc.†
.......
56,265‌
2,700‌
Federal
Signal
Corp.
...............
291,978‌
31,000‌
Flowserve
Corp.
..................
2,278,810‌
10,000‌
Graco
Inc.
......................
846,500‌
17,000‌
Interpump
Group
SpA
..............
636,642‌
3
The
Gabelli
Global
Small
and
Mid
Cap
Value
Trust
Schedule
of
Investments
(Continued)
March
31,
2026
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Equipment
and
Supplies
(Continued)
32,500‌
Mueller
Industries
Inc.
..............
$
3,601,000‌
500‌
Snap-on
Inc.
....................
181,610‌
3,600‌
Watts
Water
Technologies
Inc.,
Cl. A
....
1,045,044‌
9,376,413‌
Financial
Services
 —
3.6%
19,000‌
Bridgepoint
Group
plc
..............
57,791‌
2,500‌
Brooks
Macdonald
Group
plc
.........
44,506‌
4,850‌
Cohen
&
Steers
Inc.
...............
303,368‌
1,300‌
Crane
NXT
Co.
...................
52,767‌
7,350‌
EXOR
NV
.......................
557,729‌
51,000‌
FinecoBank
Banca
Fineco
SpA
........
1,116,187‌
100‌
First
Citizens
BancShares
Inc.,
Cl. A
....
188,466‌
30,000‌
Flushing
Financial
Corp.
.............
460,800‌
250,000‌
GAM
Holding
AG†
.................
33,142‌
7,500‌
Janus
Henderson
Group
plc
..........
385,275‌
11,000‌
Kinnevik
AB,
Cl. A†
................
67,162‌
7,500‌
Kinnevik
AB,
Cl. B†
................
39,755‌
250‌
PayPal
Holdings
Inc.
...............
11,307‌
10,997‌
Pinnacle
Financial
Partners
Inc.
.......
947,282‌
1,800‌
PROG
Holdings
Inc.
...............
51,642‌
70,000‌
Resona
Holdings
Inc.
..............
759,743‌
2,200‌
Root
Inc.,
Cl. A†
..................
97,174‌
35,600‌
Sony
Financial
Group
Inc.,
ADR†
......
160,556‌
30,000‌
The
Bank
of
East
Asia
Ltd.
...........
50,005‌
27,500‌
TP
ICAP
Group
plc
................
98,823‌
21,000‌
VNV
Global
AB†
..................
40,595‌
5,524,075‌
Food
and
Beverage
 —
9.6%
18,000‌
Canada
Packers
Inc.
...............
260,988‌
280‌
Chocoladefabriken
Lindt
&
Spruengli
AG
.
3,932,466‌
3,000‌
Corby
Spirit
and
Wine
Ltd.,
Cl. A
.......
31,098‌
120,000‌
Davide
Campari-Milano
NV
..........
850,243‌
12,000‌
Fevertree
Drinks
plc
...............
121,030‌
9,000‌
Fomento
Economico
Mexicano
SAB
de
CV,
ADR
.........................
999,540‌
1,000‌
Heineken
Holding
NV
...............
70,911‌
39,000‌
ITO
EN
Ltd.
.....................
731,442‌
500‌
John
B
Sanfilippo
&
Son
Inc.
.........
39,665‌
45,000‌
Kameda
Seika
Co.
Ltd.
..............
410,857‌
9,500‌
Kerry
Group
plc,
Cl. A
..............
751,071‌
180,000‌
Kikkoman
Corp.
..................
1,627,548‌
90,000‌
Maple
Leaf
Foods
Inc.
..............
1,940,910‌
250,000‌
Nissin
Foods
Co.
Ltd.
..............
229,875‌
15,000‌
Nomad
Foods
Ltd.
................
144,150‌
4,000‌
Post
Holdings
Inc.†
................
395,440‌
200,000‌
Premier
Foods
plc
.................
489,203‌
8,700‌
Primo
Brands
Corp.
...............
163,821‌
7,000‌
Remy
Cointreau
SA
................
297,585‌
500‌
The
Boston
Beer
Co.
Inc.,
Cl. A†
.......
115,200‌
Shares
Market
Value
11,000‌
The
Hain
Celestial
Group
Inc.†
........
$
7,676‌
3,000‌
The
Simply
Good
Foods
Co.†
.........
43,050‌
9,000‌
Treasury
Wine
Estates
Ltd.
...........
23,037‌
40,000‌
Tsingtao
Brewery
Co.
Ltd.,
Cl. H
.......
247,309‌
215,000‌
Vitasoy
International
Holdings
Ltd.
.....
170,822‌
42,000‌
Yakult
Honsha
Co.
Ltd.
.............
703,948‌
14,798,885‌
Health
Care
 —
2.1%
10,000‌
Avantor
Inc.†
....................
78,400‌
8,500‌
Bausch
+
Lomb
Corp.†
.............
135,150‌
29,000‌
Bausch
Health
Cos.
Inc.†
............
156,600‌
600‌
Bio-Rad
Laboratories
Inc.,
Cl. A†
......
167,250‌
150‌
Bio-Rad
Laboratories
Inc.,
Cl. B†
......
41,738‌
5,000‌
Bridgebio
Pharma
Inc.†
.............
371,300‌
200‌
Charles
River
Laboratories
International
Inc.†
........................
34,500‌
500‌
Chemed
Corp.
...................
188,870‌
200‌
DaVita
Inc.†
.....................
30,738‌
10,500‌
Dentsply
Sirona
Inc.
...............
121,800‌
5,800‌
Evolent
Health
Inc.,
Cl. A†
...........
13,224‌
5,000‌
Haleon
plc
......................
24,738‌
3,000‌
Halozyme
Therapeutics
Inc.†
.........
193,890‌
5,400‌
Henry
Schein
Inc.†
................
397,980‌
2,000‌
ICU
Medical
Inc.†
.................
258,300‌
5,000‌
Idorsia
Ltd.†
.....................
21,698‌
6,400‌
InfuSystem
Holdings
Inc.†
...........
59,072‌
5,500‌
NeoGenomics
Inc.†
................
40,810‌
44,000‌
Niagen
Bioscience
Inc.†
.............
194,040‌
5,500‌
Option
Care
Health
Inc.†
............
148,060‌
33,000‌
Perrigo
Co.
plc
...................
354,420‌
15,000‌
Spire
Healthcare
Group
plc
..........
28,987‌
700‌
STERIS
plc
......................
154,791‌
7,400‌
Viemed
Healthcare
Inc.†
............
68,154‌
3,284,510‌
Hotels
and
Gaming
 —
3.3%
2,000‌
Allwyn
AG
......................
30,260‌
46,000‌
Brightstar
Lottery
plc
...............
586,040‌
12,000‌
Caesars
Entertainment
Inc.†
..........
317,160‌
236,000‌
Entain
plc
.......................
1,752,393‌
75,000‌
Evoke
plc†
......................
34,000‌
901‌
Flutter
Entertainment
plc†
...........
91,899‌
26,000‌
Full
House
Resorts
Inc.†
............
58,500‌
20,000‌
Golden
Entertainment
Inc.
...........
533,800‌
8,000‌
Inspired
Entertainment
Inc.†
.........
57,040‌
450‌
Light
&
Wonder
Inc.,
CDI†
...........
36,950‌
1,000‌
MGM
Resorts
International†
.........
37,010‌
113,750‌
Ollamani
SAB†
...................
464,888‌
8,000‌
Super
Group
SGHC
Ltd.
.............
86,400‌
250,000‌
The
Hongkong
&
Shanghai
Hotels
Ltd.†
.
186,515‌
65,000‌
Wynn
Macau
Ltd.
.................
45,261‌
4
The
Gabelli
Global
Small
and
Mid
Cap
Value
Trust
Schedule
of
Investments
(Continued)
March
31,
2026
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Hotels
and
Gaming
(Continued)
7,400‌
Wynn
Resorts
Ltd.
................
$
751,470‌
5,069,586‌
Machinery
 —
4.0%
22,700‌
Astec
Industries
Inc.
...............
1,222,168‌
337,000‌
CNH
Industrial
NV
.................
3,707,000‌
1,450‌
RENK
Group
AG
..................
84,872‌
4,200‌
Tennant
Co.
.....................
278,880‌
20,000‌
TOMRA
Systems
ASA
..............
238,565‌
13,000‌
Twin
Disc
Inc.
....................
195,910‌
4,400‌
Xylem
Inc.
......................
525,800‌
6,253,195‌
Metals
and
Mining
 —
4.9%
100,000‌
Ampco-Pittsburgh
Corp.†
...........
672,000‌
25,000‌
Cameco
Corp.
....................
2,715,250‌
3,000‌
Eldorado
Gold
Corp.
...............
103,019‌
32,700‌
Greif
Inc.,
Cl. A
...................
2,193,189‌
4,000‌
Metallus
Inc.†
....................
65,360‌
28,000‌
Myers
Industries
Inc.
..............
593,040‌
40,000‌
SigmaRoc
plc†
...................
61,733‌
81,000‌
Tredegar
Corp.†
..................
643,950‌
3,400‌
Wheaton
Precious
Metals
Corp.
.......
445,434‌
7,492,975‌
Publishing
 —
0.1%
60,000‌
Louis
Hachette
Group
..............
108,153‌
20,000‌
The
E.W.
Scripps
Co.,
Cl. A†
..........
74,400‌
182,553‌
Real
Estate
 —
0.1%
300‌
Crown
Castle
Inc.,
REIT
.............
24,393‌
3,000‌
Starwood
Property
Trust
Inc.,
REIT
.....
51,660‌
30,000‌
Trinity
Place
Holdings
Inc.†(a)
........
0‌
2,200‌
Warehouses
De
Pauw
CVA,
REIT
......
56,757‌
132,810‌
Retail
 —
1.6%
1,200‌
Advance
Auto
Parts
Inc.
.............
63,300‌
2,200‌
AutoNation
Inc.†
..................
429,572‌
9,000‌
BBB
Foods
Inc.,
Cl. A†
..............
318,330‌
490‌
Biglari
Holdings
Inc.,
Cl. A†
..........
853,918‌
500‌
Camping
World
Holdings
Inc.,
Cl. A
....
3,415‌
6,500‌
Luckin
Coffee
Inc.,
ADR†
............
208,650‌
5,500‌
MarineMax
Inc.†
..................
148,830‌
6,000‌
Movado
Group
Inc.
................
146,520‌
1,000‌
Penske
Automotive
Group
Inc.
........
149,520‌
11,200‌
Pets
at
Home
Group
plc
.............
26,862‌
100,000‌
Sun
Art
Retail
Group
Ltd.
............
20,022‌
2,250‌
Zalando
SE†
.....................
53,444‌
2,422,383‌
Shares
Market
Value
Specialty
Chemicals
 —
2.1%
4,500‌
Ashland
Inc.
.....................
$
250,245‌
50,000‌
Element
Solutions
Inc.
..............
1,707,000‌
13,000‌
Huntsman
Corp.
..................
173,030‌
3,500‌
Novonesis
Novozymes
B
............
207,070‌
5,000‌
Olin
Corp.
......................
148,650‌
2,500‌
Sensient
Technologies
Corp.
.........
216,100‌
14,000‌
SGL
Carbon
SE†
..................
52,834‌
6,000‌
T.
Hasegawa
Co.
Ltd.
...............
106,802‌
10,000‌
Takasago
International
Corp.
.........
74,667‌
40,000‌
Toray
Industries
Inc.
...............
277,370‌
12,700‌
Treatt
plc
.......................
33,048‌
3,246,816‌
Telecommunication
Services
 —
1.4%
7,000‌
Cogeco
Inc.
.....................
348,868‌
8,250‌
Eurotelesites
AG†
.................
42,148‌
6,000‌
Hellenic
Telecommunications
Organization
SA,
ADR
......................
56,550‌
100,000‌
Pharol
SGPS
SA†
.................
8,576‌
2,500‌
Shenandoah
Telecommunications
Co.
...
38,550‌
15,500‌
Sunrise
Communications
AG,
Cl. A
.....
917,284‌
33,000‌
Telekom
Austria
AG
................
347,483‌
11,900‌
Telesat
Corp.†
...................
430,780‌
2,190,239‌
Telecommunications
 —
0.2%
3,000‌
Anterix
Inc.†
.....................
114,570‌
2,500‌
Rogers
Communications
Inc.,
Cl. B
.....
96,125‌
1,600‌
Rogers
Communications
Inc.,
Cl. B
.....
61,534‌
272,229‌
Transportation
 —
0.7%
69,000‌
Bollore
SE
......................
390,633‌
350‌
Cie
de
L'Odet
SE
..................
524,294‌
25,000‌
Hertz
Global
Holdings
Inc.,
New
York†
..
115,250‌
1,030,177‌
Wireless
Telecommunication
Services
 —
3.7%
11,850‌
Array
Digital
Infrastructure
Inc.
........
546,759‌
2,700‌
EchoStar
Corp.,
Cl. A†
..............
316,089‌
7,200‌
Gogo
Inc.†
......................
28,944‌
36,600‌
Millicom
International
Cellular
SA
......
2,742,804‌
16,000‌
Telephone
and
Data
Systems
Inc.
......
673,600‌
90,000‌
Vodafone
Group
plc,
ADR
...........
1,351,800‌
5,659,996‌
TOTAL
COMMON
STOCKS
.........
135,643,846‌
PREFERRED
STOCKS
 —
0.2%
Health
Care
 —
0.2%
10,000‌
XOMA
Royalty
Corp.,
Ser.
A,
8.625%
...
262,300‌
5
The
Gabelli
Global
Small
and
Mid
Cap
Value
Trust
Schedule
of
Investments
(Continued)
March
31,
2026
(Unaudited)
Principal
Amount
Market
Value
U.S.
GOVERNMENT
OBLIGATIONS
 —
12.0%
$
18,621,000‌
U.S.
Treasury
Bills,
3.547%
to
3.643%††,
04/23/26
to
07/14/26
......................
$
18,496,732‌
TOTAL
INVESTMENTS
100.0%
....
(Cost
$105,336,837)
.............
$
154,402,878‌
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt
CDI
CHESS
(Australia)
Depository
Interest
REIT
Real
Estate
Investment
Trust
Geographic
Diversification
%
of
Total
Investments
Market
Value
United
States
........................
55.2‌
%
$
85,289,246‌
Europe
..............................
29.4‌
45,176,220‌
Japan
...............................
6.0‌
9,313,137‌
Canada
..............................
6.0‌
9,263,458‌
Latin
America
.......................
2.3‌
3,595,613‌
Asia/Pacific
.........................
1.1‌
1,765,204‌
Total
Investments
...................
100.0‌%
$
154,402,878‌