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

    9/4/25 1:02:26 PM ET
    $GGZ
    Investment Managers
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    Get the next $GGZ alert in real time by email
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    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 [email protected].

     

     

     

     

    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.

     

    2

     

     

    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.

     

     

    3

     

     

    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.

     

    4

     

     

    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.

     

    5

     

     

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

     

     

    Shares         Cost     Market
    Value
     
            COMMON STOCKS (Continued)                
            Consumer Products (Continued)                
      6,000     Shiseido Co. Ltd.   $ 108,513     $ 107,225  
      7,000     Spectrum Brands Holdings Inc.     433,087       371,000  
                  4,096,247       4,730,339  
            Consumer Services — 0.6%                
      11,500     Ashtead Group plc     214,712       737,024  
      500     Boyd Group Services Inc.     72,110       78,538  
      3,000     Matthews International Corp., Cl. A     68,328       71,730  
                  355,150       887,292  
            Diversified Industrial — 6.2%                
      34,700     Ardagh Group SA†     537,225       211,323  
      3,500     AZZ Inc.     120,481       330,680  
      8,000     Enpro Inc.     470,284       1,532,400  
      6,500     FTAI Aviation Ltd.     64,438       747,760  
      11,200     GATX Corp.     761,357       1,719,872  
      9,000     Griffon Corp.     171,834       651,330  
      8,500     Jardine Matheson Holdings Ltd.     478,385       408,510  
      5,000     Smiths Group plc     95,104       154,149  
      22,000     Steel Partners Holdings LP†     304,830       870,100  
      8,200     Sulzer AG     502,884       1,479,917  
      11,400     Trinity Industries Inc.     228,494       307,914  
      10,000     Velan Inc.     39,878       107,949  
      7,000     Wartsila OYJ Abp     87,437       165,243  
                  3,862,631       8,687,147  
            Educational Services — 1.2%                
      1,350     Graham Holdings Co., Cl. B     598,326       1,277,330  
      12,700     Universal Technical Institute Inc.†     55,191       430,403  
                  653,517       1,707,733  
            Electronics — 3.9%                
      1,000     Flex Ltd.†     12,882       49,920  
      20,000     Mirion Technologies Inc.†     136,861       430,600  
      10,000     Resideo Technologies Inc.†     103,309       220,600  
      181,000     Sony Group Corp., ADR     1,636,228       4,711,430  
                  1,889,280       5,412,550  
            Energy and Utilities: Alternative Energy — 0.0%                
      1,500     XPLR Infrastructure LP     33,284       12,300  
                             
            Energy and Utilities: Electric — 1.3%                
      150,000     Algonquin Power & Utilities Corp.     184,719       859,500  
      6,300     Fortis Inc.     185,997       300,808  
      2,500     RWE AG     89,836       104,337  
      11,200     TXNM Energy Inc.     523,534       630,784  
                  984,086       1,895,429  
    Shares         Cost     Market
    Value
     
            Energy and Utilities: Integrated — 1.1%                
      21,000     Avista Corp.   $ 881,263     $ 796,950  
      3,700     Emera Inc.     154,204       169,492  
      2,500     Hawaiian Electric Industries Inc.†     41,504       26,575  
      100,000     Hera SpA     300,327       483,195  
                  1,377,298       1,476,212  
            Energy and Utilities: Natural Gas — 2.1%                
      39,300     Innovex International Inc.†     920,570       613,866  
      25,200     National Fuel Gas Co.     1,288,585       2,134,692  
      10,000     PrairieSky Royalty Ltd.     168,326       173,453  
                  2,377,481       2,922,011  
            Energy and Utilities: Water — 1.6%                
      70,000     Beijing Enterprises Water Group Ltd.     44,488       21,134  
      1,500     Consolidated Water Co. Ltd.     19,581       45,030  
      16,000     Mueller Water Products Inc., Cl. A     142,679       384,640  
      47,000     Severn Trent plc     1,298,740       1,763,828  
                  1,505,488       2,214,632  
            Entertainment — 5.1%                
      30,000     Atlanta Braves Holdings Inc., Cl. A†     769,784       1,476,300  
      27,011     Atlanta Braves Holdings Inc., Cl. C†     629,413       1,263,304  
      1,000     Liberty Media Corp.-Liberty Formula One, Cl. A†     85,626       94,960  
      500     Liberty Media Corp.-Liberty Live, Cl. A†     18,604       39,740  
      47     Liberty Media Corp.-Liberty Live, Cl. C†     1,035       3,815  
      600     Madison Square Garden Entertainment Corp.†     19,081       23,982  
      4,600     Madison Square Garden Sports Corp.†     775,707       961,170  
      23,500     Manchester United plc, Cl. A†     384,188       418,535  
      40,500     Paramount Global, Cl. A     1,051,504       929,475  
      7,500     Sphere Entertainment Co.†     234,127       313,500  
      25,000     Ubisoft Entertainment SA†     610,432       276,406  
      7,000     Universal Music Group NV     115,263       226,590  
      225,000     Vivendi SE     606,209       776,299  
      30,000     Warner Bros Discovery Inc.†     497,362       343,800  
                  5,798,335       7,147,876  
            Equipment and Supplies — 5.6%                
      19,500     Commercial Vehicle Group Inc.†     180,087       32,370  
      1,200     Federal Signal Corp.     96,634       127,704  
      31,500     Flowserve Corp.     1,181,272       1,649,025  

     

    See accompanying notes to financial statements.

     

    6

     

     

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

     

     

    Shares         Cost     Market
    Value
     
            COMMON STOCKS (Continued)                
            Equipment and Supplies (Continued)                
      10,000     Graco Inc.   $ 503,251     $ 859,700  
      17,000     Interpump Group SpA     235,221       707,689  
      42,000     Mueller Industries Inc.     586,976       3,337,740  
      500     Snap-on Inc.     110,244       155,590  
      4,000     Watts Water Technologies Inc., Cl. A     381,498       983,560  
                  3,275,183       7,853,378  
            Financial Services — 3.7%                
      750     Credit Acceptance Corp.†     292,515       382,072  
      6,200     EXOR NV     482,782       625,162  
      51,000     FinecoBank Banca Fineco SpA     336,185       1,131,521  
      100     First Citizens BancShares Inc., Cl. A     61,371       195,647  
      38,500     Flushing Financial Corp.     694,614       457,380  
      250,000     GAM Holding AG†     214,775       32,138  
      7,500     Janus Henderson Group plc     222,715       291,300  
      11,000     Kinnevik AB, Cl. A     42,995       109,990  
      5,000     Kinnevik AB, Cl. B     (15,856 )     44,224  
      1,800     PROG Holdings Inc.     52,138       52,830  
      70,000     Resona Holdings Inc.     336,109       647,478  
      1,100     Root Inc., Cl. A†     93,531       140,767  
      21,400     Synovus Financial Corp.     764,933       1,107,450  
                  3,578,807       5,217,959  
            Food and Beverage — 11.5%                
      280     Chocoladefabriken Lindt & Spruengli AG     1,410,500       4,711,072  
      3,000     Corby Spirit and Wine Ltd., Cl. A     32,090       30,997  
      120,000     Davide Campari-Milano NV     694,066       807,131  
      12,000     Fevertree Drinks plc     174,167       153,847  
      9,000     Fomento Economico Mexicano SAB de CV, ADR     680,678       926,820  
      1,000     Heineken Holding NV     68,070       74,505  
      39,000     ITO EN Ltd.     1,067,868       884,511  
      500     John B Sanfilippo & Son Inc.     38,010       31,620  
      15,500     Kameda Seika Co. Ltd.     597,506       431,079  
      10,000     Kerry Group plc, Cl. A     855,340       1,076,646  
      175,000     Kikkoman Corp.     990,093       1,625,985  
      90,000     Maple Leaf Foods Inc.     1,625,036       1,875,014  
      250,000     Nissin Foods Co. Ltd.     171,989       221,339  
      15,000     Nomad Foods Ltd.     288,634       254,850  
      4,000     Post Holdings Inc.†     176,856       436,120  
      190,000     Premier Foods plc     110,648       520,042  
      8,700     Primo Brands Corp.     106,819       257,694  
      6,000     Remy Cointreau SA     513,142       306,173  
    Shares         Cost     Market
    Value
     
      500     The Boston Beer Co. Inc., Cl. A†   $ 140,545     $ 95,405  
      9,000     The Hain Celestial Group Inc.†     81,943       13,680  
      3,000     The Simply Good Foods Co.†     106,166       94,770  
      9,000     Treasury Wine Estates Ltd.     47,872       46,262  
      40,000     Tsingtao Brewery Co. Ltd., Cl. H     264,487       261,148  
      215,000     Vitasoy International Holdings Ltd.     279,436       251,428  
      42,000     Yakult Honsha Co. Ltd.     1,029,329       791,118  
                  11,551,290       16,179,256  
            Health Care — 5.3%                
      18,237     Avantor Inc.†     308,295       245,470  
      17,000     Bausch + Lomb Corp.†     273,819       221,170  
      29,000     Bausch Health Cos. Inc.†     249,892       193,140  
      600     Bio-Rad Laboratories Inc., Cl. A†     176,718       144,792  
      150     Bio-Rad Laboratories Inc., Cl. B†     35,257       35,903  
      8,500     Bridgebio Pharma Inc.†     202,905       367,030  
      500     Charles River Laboratories International Inc.†     52,615       75,865  
      400     Chemed Corp.     162,808       194,772  
      500     DaVita Inc.†     35,855       71,225  
      11,300     Dentsply Sirona Inc.     350,371       179,444  
      18,000     Evolent Health Inc., Cl. A†     250,381       202,680  
      8,000     Halozyme Therapeutics Inc.†     317,574       416,160  
      4,800     Henry Schein Inc.†     338,122       350,640  
      2,000     ICU Medical Inc.†     363,158       264,300  
      5,500     Idorsia Ltd.†     43,567       14,903  
      20,000     InfuSystem Holdings Inc.†     195,470       124,800  
      1,500     Integer Holdings Corp.†     35,467       184,455  
      3,000     Lantheus Holdings Inc.†     203,548       245,580  
      15,000     NeoGenomics Inc.†     213,876       109,650  
      40,000     Niagen Bioscience Inc.†     66,162       576,400  
      14,000     Option Care Health Inc.†     187,607       454,720  
      16,000     Owens & Minor Inc.†     251,761       145,600  
      36,500     Perrigo Co. plc     1,303,273       975,280  
      700     STERIS plc     85,166       168,154  
      5,000     Surgery Partners Inc.†     100,444       111,150  
      6,500     SurModics Inc.†     203,785       193,115  
      3,500     Tenet Healthcare Corp.†     204,036       616,000  
      15,000     Teva Pharmaceutical Industries Ltd., ADR†     253,274       251,400  
      1,600     The Cooper Companies Inc.†     108,748       113,856  
      7,500     Treace Medical Concepts Inc.†     124,400       44,100  

     

    See accompanying notes to financial statements.

     

    7

     

     

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

     

     

    Shares         Cost     Market
    Value
     
            COMMON STOCKS (Continued)                
            Health Care (Continued)                
      21,510     Viemed Healthcare Inc.†   $ 166,303     $ 148,634  
      3,000     Zimvie Inc.†     45,566       28,050  
                  6,910,223       7,468,438  
            Hotels and Gaming — 5.1%                
      4,000     Caesars Entertainment Inc.†     130,496       113,560  
      227,000     Entain plc     2,250,016       2,807,440  
      901     Flutter Entertainment plc†     80,235       255,267  
      26,000     Full House Resorts Inc.†     83,621       95,160  
      16,500     Golden Entertainment Inc.     507,169       485,595  
      40,000     International Game Technology plc     557,675       632,400  
      656,250     Mandarin Oriental International Ltd.     1,132,805       1,253,437  
      9,000     MGM Resorts International†     262,595       309,510  
      113,750     Ollamani SAB†     366,100       303,099  
      250,000     The Hongkong & Shanghai Hotels Ltd.†     337,742       175,160  
      7,400     Wynn Resorts Ltd.     745,394       693,158  
                  6,453,848       7,123,786  
            Machinery — 4.8%                
      22,700     Astec Industries Inc.     873,100       946,363  
      353,000     CNH Industrial NV     2,616,571       4,574,880  
      2,400     Tennant Co.     145,956       185,952  
      20,000     TOMRA Systems ASA     117,808       311,526  
      13,000     Twin Disc Inc.     99,365       114,790  
      4,600     Xylem Inc.     306,482       595,056  
                  4,159,282       6,728,567  
            Metals and Mining — 3.9%                
      102,000     Ampco-Pittsburgh Corp.†     440,024       301,920  
      24,250     Cameco Corp.     272,960       1,800,078  
      33,000     Greif Inc., Cl. A     1,637,157       2,144,670  
      4,000     Metallus Inc.†     34,761       61,640  
      28,000     Myers Industries Inc.     434,370       405,720  
      60,000     Tredegar Corp.†     565,644       528,000  
      3,000     Wheaton Precious Metals Corp.     132,192       269,400  
                  3,517,108       5,511,428  
            Publishing — 0.1%                
      60,000     Louis Hachette Group     84,587       122,872  
      15,000     The E.W. Scripps Co., Cl. A†     89,285       44,100  
                  173,872       166,972  
            Real Estate — 0.3%                
      20,000     Starwood Property Trust Inc., REIT     510,432       401,400  
      22,000     Trinity Place Holdings Inc.†     39,748       1,100  
                  550,180       402,500  
    Shares         Cost     Market
    Value
     
            Retail — 1.9%                
      600     Advance Auto Parts Inc.   $ 21,585     $ 27,894  
      4,500     AutoNation Inc.†     377,122       893,925  
      9,000     BBB Foods Inc., Cl. A†     185,256       249,840  
      490     Biglari Holdings Inc., Cl. A†     249,086       686,176  
      8,000     Camping World Holdings Inc., Cl. A     312,130       137,520  
      6,500     Luckin Coffee Inc., ADR†     48,633       242,255  
      5,500     MarineMax Inc.†     78,457       138,270  
      6,000     Movado Group Inc.     101,296       91,500  
      1,000     Penske Automotive Group Inc.     37,242       171,810  
      13,200     Pets at Home Group plc     80,696       47,472  
      100,000     Sun Art Retail Group Ltd.     88,256       29,172  
                  1,579,759       2,715,834  
            Specialty Chemicals — 1.8%                
      4,500     Ashland Inc.     313,530       226,260  
      50,000     Element Solutions Inc.     554,565       1,132,500  
      14,547     Huntsman Corp.     379,639       151,580  
      2,500     Novonesis Novozymes B     116,841       179,238  
      2,500     Sensient Technologies Corp.     182,514       246,300  
      14,000     SGL Carbon SE†     129,553       57,720  
      6,000     T. Hasegawa Co. Ltd.     114,881       122,496  
      2,000     Takasago International Corp.     51,764       96,941  
      40,000     Toray Industries Inc.     316,267       274,379  
      700     Treatt plc     3,479       2,493  
                  2,163,033       2,489,907  
            Telecommunication Services — 1.5%                
      6,800     Cogeco Inc.     330,666       335,718  
      8,250     Eurotelesites AG†     29,206       49,368  
      6,000     Hellenic Telecommunications Organization SA, ADR     41,840       57,900  
      100,000     Pharol SGPS SA†     34,665       7,186  
      18,500     Sunrise Communications AG, Cl. A     957,763       1,042,687  
      33,000     Telekom Austria AG     181,370       375,118  
      10,000     Telesat Corp.†     104,384       244,400  
                  1,679,894       2,112,377  
            Transportation — 0.9%                
      64,000     Bollore SE     316,096       401,822  
      350     Cie de L’Odet SE     487,193       615,126  
      17,000     FTAI Infrastructure Inc.     29,996       104,890  
      22,000     Hertz Global Holdings Inc., New York†     174,514       150,260  
                  1,007,799       1,272,098  
            Wireless Telecommunication Services — 2.8%                
      5,000     Gogo Inc.†     19,504       73,400  

     

    See accompanying notes to financial statements.

     

    8

     

     

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

     

     

    Shares         Cost     Market
    Value
     
            COMMON STOCKS (Continued)                
            Wireless Telecommunication Services (Continued)                
      38,500     Millicom International Cellular SA   $ 701,043     $ 1,442,595  
      15,000     Telephone and Data Systems Inc.     149,959       533,700  
      13,500     United States Cellular Corp.†     386,995       863,595  
      92,000     Vodafone Group plc, ADR     1,058,852       980,720  
                  2,316,353       3,894,010  
            TOTAL COMMON STOCKS     91,980,106       139,391,526  
                             
            PREFERRED STOCKS — 0.2%                
            Health Care — 0.2%                
      10,000     XOMA Royalty Corp., Ser. A, 8.625%     182,874       257,300  
                             
            RIGHTS — 0.0%                
            Energy and Utilities: Services — 0.0%                
      13,750     Pineapple Energy Inc., CVR†     0       825  
                             
            WARRANTS — 0.0%                
            Metals and Mining — 0.0%                
      64,000     Ampco-Pittsburgh Corp., expire 08/01/25†     43,719       1,216  

     

    Principal
    Amount
                     
            U.S. GOVERNMENT OBLIGATIONS — 0.6%                
    $ 900,000     U.S. Treasury Bills, 4.211% to 4.294%††, 09/11/25 to 09/18/25     892,073       892,050  
                             
    TOTAL INVESTMENTS — 100.0%   $ 93,098,772       140,542,917  
                       
    Other Assets and Liabilities (Net)             330,109  
                             
    PREFERRED SHARES
    (1,600,000 preferred shares outstanding)
                (16,000,000 )
                       
    NET ASSETS — COMMON SHARES
    (7,911,753 common shares outstanding)
              $ 124,873,026  
                       
    NET ASSET VALUE PER COMMON SHARE
    ($124,873,026 ÷ 7,911,753 shares outstanding)
              $ 15.78  

     

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

     

    ADR American Depositary Receipt
    CVR Contingent Value Right
    REIT Real Estate Investment Trust
    Geographic Diversification   % of Total
    Investments
        Market
    Value
     
    United States     48.8 %   $ 68,531,018  
    Europe     34.3       48,187,043  
    Japan     7.6       10,713,493  
    Canada     5.3       7,432,443  
    Asia/Pacific     2.0       2,909,846  
    Latin America     2.0       2,769,074  
    Total Investments     100.0 %   $ 140,542,917  

     

    See accompanying notes to financial statements.

     

    9

     

     

    The Gabelli Global Small and Mid Cap Value Trust

     

    Statement of Assets and Liabilities

    June 30, 2025 (Unaudited)

     

     

    Assets:      
    Investments, at value (cost $93,098,772)   $ 140,542,917   
    Cash     33,294   
    Foreign currency, at value (cost $15,293)     15,339   
    Receivable for investments sold     64,751   
    Dividends and interest receivable     386,084   
    Deferred offering expense     81,954   
    Prepaid expenses     38,566   
    Total Assets     141,162,905  
    Liabilities:        
    Distributions payable     11,555  
    Payable for Fund shares repurchased     19,985  
    Payable for investment advisory fees     113,174  
    Payable for payroll expenses     42,470  
    Payable for accounting fees     7,500  
    Series B Cumulative Preferred Shares, callable and mandatory redemption 09/26/25 (See Notes 2 and 6)     16,000,000  
    Other accrued expenses     95,195  
    Total Liabilities     16,289,879  
    Net Assets Attributable to Common Shareholders   $ 124,873,026  
             
    Net Assets Attributable to Common Shareholders Consist of:        
    Paid-in capital   $ 82,475,693  
    Total distributable earnings     42,397,333  
    Net Assets   $ 124,873,026  
             
    Net Asset Value per Common Share:        
    ($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:      
    Dividends (net of foreign withholding taxes of $101,144)   $ 1,559,691  
    Interest     27,803  
    Total Investment Income     1,587,494  
    Expenses:        
    Investment advisory fees     660,354  
    Interest expense on preferred stock     416,000  
    Payroll expenses     96,423  
    Shelf offering expense     78,199  
    Shareholder communications expenses     65,243  
    Legal and audit fees     41,853  
    Trustees’ fees     26,000  
    Accounting fees     22,500  
    Custodian fees     18,848  
    Shareholder services fees     13,852  
    Interest expense     222  
    Miscellaneous expenses     23,815  
    Total Expenses     1,463,309  
    Less:        
    Expenses paid indirectly by broker (See Note 5)     (1,618 )
    Net Expenses     1,461,691  
    Net Investment Income     125,803  
             
    Net Realized and Unrealized Gain on Investments and Foreign Currency:        
    Net realized gain on investments     923,490  
    Net realized gain on foreign currency transactions     1,517  
    Net realized gain on investments and foreign currency transactions     925,007  
    Net change in unrealized appreciation/depreciation:        
    on investments     13,221,907  
    on foreign currency translations     23,261  
    Net change in unrealized appreciation/depreciation on investments and foreign currency translations     13,245,168  
    Net Realized and Unrealized Gain on Investments and Foreign Currency     14,170,175  
    Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations   $ 14,295,978  

     

    See accompanying notes to financial statements.

     

    10

     

     

    The Gabelli Global Small and Mid Cap Value Trust

    Statement of Changes in Net Assets Attributable to Common Shareholders

     

     

        Six Months Ended
    June 30,
    2025
    (Unaudited)
        Year Ended
    December 31,
    2024
     
    Operations:                
    Net investment income/(loss)   $ 125,803     $ (374,019 )
    Net realized gain on investments and foreign currency transactions     925,007       4,372,859  
    Net change in unrealized appreciation/depreciation on investments and foreign currency translations     13,245,168       3,673,435  
    Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations     14,295,978       7,672,275  
                     
    Distributions to Common Shareholders:                
    Accumulated earnings     (895,855 )*     (5,283,275 )
    Return of capital     (1,663,729 )*     —  
    Total Distributions to Common Shareholders     (2,559,584 )     (5,283,275 )
                     
    Fund Share Transactions:                
    Net decrease from repurchase of common shares     (2,754,410 )     (2,993,944 )
    Net Decrease in Net Assets from Fund Share Transactions     (2,754,410 )     (2,993,944 )
                     
    Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders     8,981,984       (604,944 )
                     
    Net Assets Attributable to Common Shareholders:                
    Beginning of year     115,891,042       116,495,986  
    End of period   $ 124,873,026     $ 115,891,042  

     

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

     

    See accompanying notes to financial statements.

     

    11

     

     

    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   $ 14,295,978  
             
    Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash from Operating Activities:        
    Purchase of long term investment securities     (4,345,708 )
    Proceeds from sales of long term investment securities     8,602,856  
    Net sales of short term investment securities     1,197,597  
    Net realized gain on investments     (923,490 )
    Net change in unrealized appreciation on investments     (13,221,907 )
    Net amortization of discount     (27,794 )
    Increase in receivable for investments sold     (64,751 )
    Increase in dividends and interest receivable     (82,162 )
    Decrease in deferred offering expense     78,199  
    Increase in prepaid expenses     (33,551 )
    Decrease in payable for investments purchased     (39,015 )
    Decrease in payable for investment advisory fees     (2,956 )
    Decrease in payable for payroll expenses     (10,123 )
    Increase in payable for accounting fees     3,750  
    Decrease in other accrued expenses     (23,504 )
    Net cash provided by operating activities     5,403,419  
             
    Net decrease in net assets resulting from financing activities:        
    Distributions to common shareholders     (2,559,585 )
    Repurchase of common shares     (2,789,969 )
    Decrease in payable to bank     (17,005 )
    Net cash used in financing activities     (5,366,559 )
    Net increase in cash     36,860  
    Cash (including foreign currency):        
    Beginning of year     11,773  
    End of period   $ 48,633  

     

     
    Supplemental disclosure of cash flow information:        
    Interest paid on preferred shares   $ 416,000  
    Interest paid on bank overdrafts     222  

     

    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:

     

    Cash   $ 33,294  
    Foreign currency, at value     15,339  
        $ 48,633  

     

    See accompanying notes to financial statements.

     

    12

     

     

    The Gabelli Global Small and Mid Cap Value Trust

    Financial Highlights

     

     

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

     

        Six Months Ended                                
        June 30,
    2025
        Year Ended December 31,  
        (Unaudited)     2024     2023     2022     2021     2020  
    Operating Performance:                                                
    Net asset value, beginning of year   $ 14.24     $ 13.89     $ 13.26     $ 17.73     $ 15.17     $ 13.85  
    Net investment income/(loss)     0.01       (0.06 )     (0.06 )     (0.16 )     (0.04 )     (0.02 )
    Net realized and unrealized gain/(loss) on investments and foreign currency transactions     1.80       0.99       1.24       (3.67 )     3.79       2.09  
    Total from investment operations     1.81       0.93       1.18       (3.83 )     3.75       2.07  
                                                     
    Distributions to Preferred Shareholders: (a)                                                
    Net investment income     —       —       —       —       (0.02 )     —  
    Net realized gain     —       —       —       (0.03 )     (0.16 )     (0.18 )
    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:                                              
    Net investment income     (0.05 )*     (0.64 )     (0.03 )     (0.02 )     (0.14 )     —  
    Net realized gain     (0.06 )*     —       (0.40 )     (0.62 )     (0.90 )     (0.05 )
    Return of capital     (0.21 )*     —       (0.21 )     —       —       (0.59 )
    Total distributions to common shareholders     (0.32 )     (0.64 )     (0.64 )     (0.64 )     (1.04 )     (0.64 )
                                                     
    Fund Share Transactions:                                                
    Increase in net asset value from repurchase of common shares     0.05       0.06       0.09       0.03       0.03       0.07  
    Total Fund share transactions     0.05       0.06       0.09       0.03       0.03       0.07  
                                                     
    Net Asset Value Attributable to Common Shareholders, End of Period   $ 15.78     $ 14.24     $ 13.89     $ 13.26     $ 17.73     $ 15.17  
    NAV total return †     13.22 %     7.22 %     9.77 %     (21.64 )%     23.90 %     16.01 %
    Market value, end of period   $ 13.32     $ 11.70     $ 11.73     $ 11.22     $ 15.90     $ 13.05  
    Investment total return ††     16.72 %     5.22 %     10.61 %     (25.42 )%     30.20 %     17.99 %
                                                     
    Ratios to Average Net Assets and Supplemental Data:                                                
    Net assets including liquidation value of preferred shares, end of period (in 000’s)   $ 140,873     $ 131,891     $ 132,496     $ 148,112     $ 228,411     $ 167,684  
    Net assets attributable to common shares, end of period (in 000’s)   $ 124,873     $ 115,891     $ 116,496     $ 116,112     $ 158,411     $ 137,684  
    Ratio of net investment income/(loss) to average net assets attributable to common shares before preferred share distributions     0.22 %(b)     (0.32 )%     (0.39 )%     (1.11 )%     (0.20 )%     (0.18 )%
    Ratio of operating expenses to average net assets attributable to common shares (c)(d)     2.51 %(b)     2.38 %     2.91 %     3.17 %     1.78 %     1.82 %
    Portfolio turnover rate     2 %     8 %     7 %     9 %     23 %     14 %

     

    See accompanying notes to financial statements.

     

    13

     

     

    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:

     

                                         
        Six Months Ended                                
        June 30,
    2025
        Year Ended December 31,  
        (Unaudited)     2024     2023     2022     2021     2020  
    5.450% Series A Cumulative Preferred Shares (e)                                    
    Liquidation value, end of period (in 000’s)     —       —       —       —     $ 30,000     $ 30,000  
    Total shares outstanding (in 000’s)     —       —       —       —       1,200       1,200  
    Liquidation preference per share     —       —       —       —     $ 25.00     $ 25.00  
    Average market value (f)     —       —       —       —     $ 25.86     $ 25.62  
    Asset coverage per share (g)     —       —       —       —     $ 81.58     $ 139.74  
                                         
    5.200% Series B Cumulative Preferred Shares (h)                                    
    Liquidation value, end of period (in 000’s)   $ 16,000     $ 16,000     $ 16,000     $ 32,000     $ 40,000       —  
    Total shares outstanding (in 000’s)     1,600       1,600       1,600       3,200       4,000       —  
    Liquidation preference per share   $ 10.00     $ 10.00     $ 10.00     $ 10.00     $ 10.00       —  
    Liquidation value   $ 10.00     $ 10.00     $ 10.00     $ 10.00     $ 10.00       —  
    Asset coverage per share   $ 88.05     $ 82.43     $ 82.81     $ 46.28     $ 32.63       —  
    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.

     

    14

     

     

    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.

     

    15

     

     

    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        
       
    Level 1
    Quoted Prices
        Level 2 Other
    Significant
    Observable Inputs
        Total Market
    Value at
    06/30/25
     
    INVESTMENTS IN SECURITIES:                        
    ASSETS (Market Value):                        
    Common Stocks:                        
    Diversified Industrial   $ 8,475,824     $ 211,323     $ 8,687,147  
    Health Care     7,432,535       35,903       7,468,438  
    Other Industries (a)     123,235,941       —       123,235,941  
    Total Common Stocks     139,144,300       247,226       139,391,526  
    Preferred Stocks (a)     257,300       —       257,300  
    Rights (a)     —       825       825  
    Warrants (a)     1,216       —       1,216  
    U.S. Government Obligations     —       892,050       892,050  
    TOTAL INVESTMENTS IN SECURITIES – ASSETS   $ 139,402,816     $ 1,140,101     $ 140,542,917  

     

     
    (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.

     

    16

     

     

    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

     

    17

     

     

    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   $ 1,458,123  
    Net long term capital gains     3,825,152  
    Total distributions paid   $ 5,283,275  

     

    18

     

     

    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:

     

       

    Cost
       

    Gross

    Unrealized
    Appreciation

        Gross
    Unrealized
    Depreciation
        Net
    Unrealized
    Appreciation
     
    Investments   $ 96,143,150     $ 57,161,758     $ (12,761,991 )   $ 44,399,767  

     

    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.

     

    19

     

     

    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
    June 30,
    2025

    (Unaudited)

        Year Ended
    December 31,
    2024
     
        Shares     Amount     Shares    

    Amount

     
    Net decrease from repurchase of common shares     (226,002 )   $ (2,754,410 )     (250,685 )   $ (2,993,944 )

     

    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

     

    20

     

     

    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.

     

    21

     

     

    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.

     

    22

     

     

    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.

     

     

     

     

     

     

     

     

     

    (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.

     

    (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.

     

    (b) Not applicable.

     

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

     

    (a) Not applicable.

     

    (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.

     

    (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
    of Shares (or Units)
    Purchased
    (b) Average
    Price Paid per
    Share (or Unit)
    (c) Total Number of
    Shares (or Units)
    Purchased as Part of
    Publicly Announced
    Plans or Programs
    (d) Maximum Number
    (or Approximate Dollar Value)
    of Shares (or Units) that May Yet
    Be Purchased Under the
    Plans or Programs

    Month #1

    01/01/2025 through 01/31/2025

    Common – 37,845

     

    Preferred Series B – N/A

    Common – $11.95

     

    Preferred Series B – N/A

    Common – 37,845

     

    Preferred Series B – N/A

    Common – 8,137,755 - 37,845 = 8,099,910

     

    Preferred Series B – 1,600,000

    Month #2

    02/01/2025 through 02/28/2025

    Common – 23,758

     

    Preferred Series B – N/A

    Common – $12.41

     

    Preferred Series B – N/A

    Common – 23,758

     

    Preferred Series B – N/A

    Common – 8,099,910 - 23,758 = 8,076,152

     

    Preferred Series B – 1,600,000

    Month #3

    03/01/2025 through 03/31/2025

    Common – 39,139

     

    Preferred Series B – N/A

    Common – $12.23

     

    Preferred Series B – N/A

    Common – 39,139

     

    Preferred Series B – N/A

    Common – 8,076,152 - 39,139 = 8,037,013

     

    Preferred Series B – 1,600,000

    Month #4

    04/01/2025 through 04/30/2025

    Common – 60,301

     

    Preferred Series B – N/A

    Common – $11.46

     

    Preferred Series B – N/A

    Common – 60,301

     

    Preferred Series B – N/A

    Common – 8,037,013 - 60,301 = 7,976,712

     

    Preferred Series B – 1,600,000

    Month #5

    05/01/2025 through 05/31/2025

    Common – 24,787

     

    Preferred Series B – N/A

    Common – $12.63

     

    Preferred Series B – N/A

    Common – 24,787

     

    Preferred Series B – N/A

    Common – 7,976,712 - 24,787 = 7,951,925

     

    Preferred Series B – 1,600,000

     

     

     

     

    Month #6

    06/01/2025 through 06/30/2025

    Common – 40,172

     

    Preferred Series B – N/A

    Common – $13.05

     

    Preferred Series B – N/A

    Common – 40,172

     

    Preferred Series B – N/A

    Common – 7,951,925 - 40,172 = 7,911,753

     

    Preferred Series B – 1,600,000

    Total

    Common – 226,002

     

    Preferred Series B – N/A

    Common – $12.32

     

    Preferred Series B – N/A

    Common – 226,002

     

    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.

     

    (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)).

     

    (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.

     

    (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:

     

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

     

    (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

     

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

     

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

     

    (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.
         
    (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.

     

     

     

     

    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.

     

     

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    Columbia Graduate School of Business in Conjunction With Gabelli Funds Selects Jennifer A. Wallace 2025 Recipient of Graham & Dodd, Murray, Greenwald Prize

    GREENWICH, Conn., May 20, 2025 (GLOBE NEWSWIRE) -- Gabelli Funds announces Jennifer A. Wallace as the 2025 recipient of the Graham & Dodd, Murray, Greenwald Prize for Value Investing. She was presented with the Prize at the firm's fortieth client conference on Friday, May 16th in New York.   In announcing Jennifer Wallace as the 2025 recipient, Tano Santos, the Academic Director of the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School stated, "Jennifer's entire career has been devoted to elevating the field of value investing, from her early days working alongside Robert Bruce, to launching Summit Street Capital. Her focus has been consistently on evaluating compani

    5/20/25 5:19:04 PM ET
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    Control Person of Adviser Gabelli Mario J bought $163,329 worth of shares (14,000 units at $11.67) (SEC Form 4)

    4 - Gabelli Global Small & Mid Cap Value Trust (0001585855) (Issuer)

    1/14/25 12:25:42 PM ET
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    Ball John Chester bought $254 worth of shares (22 units at $11.56) (SEC Form 4)

    4 - Gabelli Global Small & Mid Cap Value Trust (0001585855) (Issuer)

    2/22/24 4:50:45 PM ET
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    Dreyer Kevin V. disposed of $21,640 worth of Series B Cumulative Preferred Shares (2,164 units at $10.00), decreasing direct ownership by 55% to 1,800 units (SEC Form 4)

    4 - Gabelli Global Small & Mid Cap Value Trust (0001585855) (Issuer)

    1/24/24 4:53:22 PM ET
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    SEC Form N-CSRS filed by Gabelli Global Small and Mid Cap Value Trust

    N-CSRS - Gabelli Global Small & Mid Cap Value Trust (0001585855) (Filer)

    9/4/25 1:02:26 PM ET
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    SEC Form N-PX filed by Gabelli Global Small and Mid Cap Value Trust

    N-PX - Gabelli Global Small & Mid Cap Value Trust (0001585855) (Filer)

    8/27/25 8:45:06 AM ET
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    Amendment: SEC Form SCHEDULE 13D/A filed by Gabelli Global Small and Mid Cap Value Trust

    SCHEDULE 13D/A - Gabelli Global Small & Mid Cap Value Trust (0001585855) (Subject)

    3/25/25 4:03:46 PM ET
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    Control Person of Adviser Gabelli Mario J bought $163,329 worth of shares (14,000 units at $11.67) (SEC Form 4)

    4 - Gabelli Global Small & Mid Cap Value Trust (0001585855) (Issuer)

    1/14/25 12:25:42 PM ET
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    Ball John Chester bought $254 worth of shares (22 units at $11.56) (SEC Form 4)

    4 - Gabelli Global Small & Mid Cap Value Trust (0001585855) (Issuer)

    2/22/24 4:50:45 PM ET
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    Large Ownership Changes

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    SEC Form SC 13D/A filed by Gabelli Global Small and Mid Cap Value Trust (Amendment)

    SC 13D/A - Gabelli Global Small & Mid Cap Value Trust (0001585855) (Subject)

    3/14/24 4:17:13 PM ET
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    SEC Form SC 13D/A filed by Gabelli Global Small and Mid Cap Value Trust (Amendment)

    SC 13D/A - Gabelli Global Small & Mid Cap Value Trust (0001585855) (Subject)

    3/15/23 4:36:30 PM ET
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    SEC Form SC 13G/A filed by Gabelli Global Small and Mid Cap Value Trust (Amendment)

    SC 13G/A - Gabelli Global Small & Mid Cap Value Trust (0001585855) (Subject)

    2/9/23 4:16:26 PM ET
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    Gabelli Global Small and Mid Cap Value Trust Declares Third Quarter Distribution of $0.16 Per Share

    RYE, N.Y., Aug. 21, 2025 (GLOBE NEWSWIRE) -- The Board of Trustees of The Gabelli Global Small and Mid Cap Value Trust (NYSE:GGZ) (the "Fund") declared a $0.16 per share cash distribution payable on September 23, 2025 to common shareholders of record on September 16, 2025. The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Trustees. In addition to the quarterly distributions, and in accordance with the minimum distribution requirements of the Internal Revenue Code for regulated investment companies, the Fund may pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the q

    8/21/25 12:58:34 PM ET
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    Gabelli U.S. Treasury Money Market Fund Achieves Top Ranking by iMoneyNET™ (EPFR)

    RYE, N.Y., May 21, 2025 (GLOBE NEWSWIRE) -- Gabelli Funds, LLC is proud to announce that the Gabelli U.S. Treasury Money Market Fund (the "Fund") (NASDAQ:GABXX) has earned two top honors from iMoneyNet™ (EPFR). The Fund was ranked #1 Money Market Fund in the 100% U.S. Treasury Retail category as of March 31, 2025, and also achieved the highest 12-month total return among 95 funds in the Government Retail category as of April 30, 2025. With $5.6 billion in assets under management, this recognition underscores the Fund's commitment to a low-cost, tax-efficient strategy focused solely on U.S. Treasury securities, reinforcing its position as a leading choice for investors seeking safety, liqui

    5/21/25 8:27:01 AM ET
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    Gabelli Global Small and Mid Cap Value Trust Declares Second Quarter Distribution of $0.16 Per Share

    RYE, N.Y., May 14, 2025 (GLOBE NEWSWIRE) -- The Board of Trustees of The Gabelli Global Small and Mid Cap Value Trust (NYSE:GGZ) (the "Fund") declared a $0.16 per share cash distribution payable on June 23, 2025 to common shareholders of record on June 13, 2025. The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Trustees. In addition to the quarterly distributions, and in accordance with the minimum distribution requirements of the Internal Revenue Code for regulated investment companies, the Fund may pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the quarterly

    5/14/25 12:35:57 PM ET
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