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June 30, 2023
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, 2023
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, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| Item 1. | Reports to Stockholders. |
| (a) | The Report to Shareholders
is attached herewith. |
The
Gabelli Global Small and Mid Cap Value Trust
Semiannual
Report — June 30, 2023
(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, 2023, the net asset value (NAV) total return of The Gabelli Global Small and Mid Cap Value Trust (the Fund)
was 8.9%, compared with a total return of 7.7% for the Morgan Stanley Capital International (MSCI) World SMID Cap Index. The total return
for the Fund’s publicly traded shares was 9.8%. The Fund’s NAV per share was $14.11, while the price of the publicly traded
shares closed at $11.99 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, 2023.
Investment
Objective (Unaudited)
The
Gabelli Global Small and Mid Cap Value Trust 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 (“smallcap” 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 sharehold-er reports electronically, you will not be affected
by this change and you need not take any action. To elect to receive all future reports on
paper free of charge, please contact your financial intermediary, or, if you invest directly
with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.
|
Performance
Discussion (Unaudited)
The
stock market continued to digest the impact of higher interest rates and slowing economic growth. While employment in the United
States remains strong, we are starting to see more layoffs and cost cutting announcements from companies, especially in the
technology sector. The service sector of the economy remains strong, but manufacturing data turned negative as the quarter
progressed. In March, several banks failed unexpectedly due to poor risk management and the rapid loss of deposits. This will
further tighten credit conditions in the economy and has led the market to expect that the Federal Reserve will stop raising
interest rates soon.
While
economic growth has slowed, it has remained robust enough to keep recessionary fears at bay. Continued interest rate hikes around
the world are bringing inflation under control, although more work remains to be done. Falling energy and commodity prices have been
a big component of this and are a significant tailwind to consumers around the world, especially in Europe. China appears to be
planning a new round of economic stimulus for its economy. The U.S. Dollar has also weakened, which helps the revenue and earnings
of U.S. multinational companies and also helps the value of our foreign holdings. However, corporate earnings growth has slowed down
this year and most of the market’s return has come from multiple expansion and has been concentrated in a small number of
large technology companies.
Better
performing positions in the first half of the year included Ferrari NV (0.9% of the portfolio as of June 30, 2023), the luxury automaker
and Davide Campari (1.2%), which continued to see strong demand and has maintained its pricing power.
Detractors
included Flushing Financial Corp. (0.3%), a regional bank that saw its stock suffer in the bank crisis early this year, and National
Fuel Gas Co. (0.8%), a gas and pipeline utility with a growing exploration and production business.
Thank
you for your investment in the Gabelli Global Small and Mid Cap Value Trust.
We
appreciate your confidence and trust.
The
views expressed reflect the opinions of the Fund’s portfolio managers and Gabelli Funds,
LLC, the Adviser, as of the date of this report and are subject to change without notice
based on changes in market, economic, or other conditions. These views are not intended to
be a forecast of future events and are no guarantee of future results.
|
Comparative
Results
Average
Annual Returns through June 30, 2023 (a) (Unaudited)
| |
Six
Months | | |
1
Year | | |
3
year | | |
5
year | | |
Since
Inception (6/23/14) | |
The
Gabelli Global Small and Mid Cap Value Trust (GGZ) | |
| | | |
| | | |
| | | |
| | | |
| | |
NAV
Total Return (b) | |
| 8.93 | % | |
| 14.47 | % | |
| 14.27 | % | |
| 4.23 | % | |
| 5.31 | % |
Investment
Total Return (c) | |
| 9.80 | | |
| 15.00 | | |
| 17.27 | | |
| 5.22 | | |
| 3.51 | |
MSCI
World SMID Cap Index | |
| 7.71 | | |
| 12.81 | | |
| 9.90 | | |
| 4.97 | | |
| 6.01 | (d) |
| (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 23 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. |
| (d) | From
June 30, 2014, the date closest to the Fund’s inception for which data are available. |
Investors
should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.
Summary
of Portfolio Holdings (Unaudited)
The
following table presents portfolio holdings as a percent of total investments as of June 30, 2023:
The
Gabelli Global Small and Mid Cap Value Trust
Food
and Beverage | |
| 13.6 | % |
U.S.
Government Obligations | |
| 9.0 | % |
Diversified
Industrial | |
| 6.8 | % |
Entertainment | |
| 6.6 | % |
Health
Care | |
| 6.0 | % |
Business
Services | |
| 5.1 | % |
Machinery | |
| 5.0 | % |
Equipment
and Supplies | |
| 4.8 | % |
Consumer
Products | |
| 3.5 | % |
Financial
Services | |
| 3.5 | % |
Broadcasting | |
| 2.8 | % |
Automotive:
Parts and Accessories | |
| 2.7 | % |
Electronics | |
| 2.7 | % |
Hotels
and Gaming | |
| 2.7 | % |
Aerospace | |
| 2.2 | % |
Automotive | |
| 2.2 | % |
Energy
and Utilities: Water | |
| 2.1 | % |
Retail | |
| 2.1 | % |
Specialty
Chemicals | |
| 1.7 | % |
Cable
and Satellite | |
| 1.5 | % |
Transportation | |
| 1.4 | % |
Building
and Construction | |
| 1.2 | % |
Consumer
Services | |
| 1.2 | % |
Energy
and Utilities: Integrated | |
| 1.1 | % |
Aviation:
Parts and Services | |
| 1.0 | % |
Environmental
Services | |
| 0.9 | % |
Energy
and Utilities: Natural Gas | |
| 0.9 | % |
Telecommunications | |
| 0.8 | % |
Metals
and Mining | |
| 0.8 | % |
Energy
and Utilities: Electric | |
| 0.8 | % |
Energy
and Utilities: Services | |
| 0.7 | % |
Publishing | |
| 0.6 | % |
Wireless
Communications | |
| 0.5 | % |
Manufactured
Housing and Recreational Vehicles | |
| 0.4 | % |
Computer
Software and Services | |
| 0.3 | % |
Real
Estate | |
| 0.3 | % |
Agriculture | |
| 0.3 | % |
Energy
and Utilities: Alternative Energy | |
| 0.1 | % |
Educational
Services | |
| 0.1 | % |
| |
| 100.0 | % |
The
Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters
of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI
(800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied
at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained
by calling 800-SEC-0330.
Proxy
Voting
The
Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year.
A description of the Fund’s proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities
is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate
Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.
The
Gabelli Global Small and Mid Cap Value Trust
Schedule
of Investments — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS — 90.8% | |
| | | |
| | |
| | | |
Aerospace
— 2.2% | |
| | | |
| | |
| 32,000 | | |
Aerojet
Rocketdyne Holdings Inc.† | |
$ | 1,513,394
| | |
$ | 1,755,840 | |
| 14,000 | | |
Allied
Motion Technologies Inc. | |
| 355,269 | | |
| 559,160 | |
| 4,000 | | |
Avio
SpA† | |
| 53,864 | | |
| 40,724 | |
| 11,700 | | |
Kaman
Corp. | |
| 426,824 | | |
| 284,661 | |
| 1,000 | | |
L3Harris
Technologies Inc. | |
| 79,530 | | |
| 195,770 | |
| 256,666 | | |
Rolls-Royce
Holdings plc† | |
| 558,173 | | |
| 492,371 | |
| | | |
| |
| 2,987,054 | | |
| 3,328,526 | |
| | | |
Agriculture
— 0.3% | |
| | | |
| | |
| 12,000 | | |
American
Vanguard Corp. | |
| 252,171 | | |
| 214,440 | |
| 12,000 | | |
Limoneira
Co. | |
| 195,742 | | |
| 186,720 | |
| | | |
| |
| 447,913 | | |
| 401,160 | |
| | | |
Automotive
— 2.2% | |
| | | |
| | |
| 4,000 | | |
Daimler
Truck Holding AG | |
| 102,037 | | |
| 144,038 | |
| 4,100 | | |
Ferrari
NV | |
| 157,078 | | |
| 1,333,361 | |
| 143,800 | | |
Iveco
Group NV† | |
| 967,701 | | |
| 1,294,859 | |
| 24,000 | | |
Traton
SE | |
| 426,429 | | |
| 513,301 | |
| | | |
| |
| 1,653,245 | | |
| 3,285,559 | |
| | | |
Automotive:
Parts and Accessories — 2.7% | |
| | | |
| | |
| 50,013 | | |
Brembo
SpA | |
| 363,195 | | |
| 741,117 | |
| 98,000 | | |
Dana
Inc. | |
| 1,723,683 | | |
| 1,666,000 | |
| 44,002 | | |
Garrett
Motion Inc.† | |
| 217,851 | | |
| 333,095 | |
| 2,000 | | |
Linamar
Corp. | |
| 71,250 | | |
| 105,107 | |
| 33,000 | | |
Modine
Manufacturing Co.† | |
| 411,768 | | |
| 1,089,660 | |
| 7,200 | | |
Uni-Select
Inc.† | |
| 50,583 | | |
| 255,716 | |
| | | |
| |
| 2,838,330 | | |
| 4,190,695 | |
| | | |
Aviation:
Parts and Services — 1.0% | |
| | | |
| | |
| 15,500 | | |
AAR
Corp.† | |
| 501,595 | | |
| 895,280 | |
| 1,000 | | |
Curtiss-Wright
Corp. | |
| 69,929 | | |
| 183,660 | |
| 9,000 | | |
Ducommun
Inc.† | |
| 333,119 | | |
| 392,130 | |
| | | |
| |
| 904,643 | | |
| 1,471,070 | |
| | | |
Broadcasting
— 2.8% | |
| | | |
| | |
| 63,000 | | |
Beasley
Broadcast Group Inc., Cl. A† | |
| 178,470 | | |
| 64,260 | |
| 5,700 | | |
Cogeco
Inc. | |
| 287,301 | | |
| 240,392 | |
| 78,000 | | |
Corus
Entertainment Inc., Cl. B | |
| 238,417 | | |
| 77,132 | |
| 300,000 | | |
Grupo
Televisa SAB, ADR | |
| 2,665,317 | | |
| 1,539,000 | |
| 240,000 | | |
ITV
plc | |
| 464,788 | | |
| 208,178 | |
| 500 | | |
Liberty
Broadband Corp., Cl. A† | |
| 25,308 | | |
| 39,865 | |
| 103 | | |
Liberty
Broadband Corp., Cl. C† | |
| 4,934 | | |
| 8,251 | |
| 2,000 | | |
Liberty
Media Corp.- Liberty SiriusXM, Cl. A† | |
| 74,602 | | |
| 65,620 | |
Shares | | |
| |
Cost | | |
Market
Value | |
| 188 | | |
Liberty
Media Corp.- Liberty SiriusXM, Cl. C† | |
$ | 4,788 | | |
$ | 6,153 | |
| 87,500 | | |
Sinclair
Inc. | |
| 2,418,613 | | |
| 1,209,250 | |
| 25,000 | | |
Sirius
XM Holdings Inc. | |
| 131,250 | | |
| 113,250 | |
| 47,000 | | |
TEGNA
Inc. | |
| 847,783 | | |
| 763,280 | |
| | | |
| |
| 7,341,571 | | |
| 4,334,631 | |
| | | |
Building
and Construction — 1.2% | |
| | | |
| | |
| 12,241 | | |
Arcosa
Inc. | |
| 386,636 | | |
| 927,500 | |
| 3,500 | | |
Bouygues
SA | |
| 124,314 | | |
| 117,479 | |
| 1,000 | | |
Carrier
Global Corp. | |
| 19,630 | | |
| 49,710 | |
| 3,000 | | |
IES
Holdings Inc.† | |
| 52,566 | | |
| 170,640 | |
| 6,000 | | |
Johnson
Controls International plc | |
| 220,391 | | |
| 408,840 | |
| 4,000 | | |
Knife
River Corp.† | |
| 143,960 | | |
| 174,000 | |
| | | |
| |
| 947,497 | | |
| 1,848,169 | |
| | | |
Business
Services — 5.1% | |
| | | |
| | |
| 55,000 | | |
Diebold
Nixdorf Inc.† | |
| 192,477 | | |
| 2,915 | |
| 40,500 | | |
Herc
Holdings Inc. | |
| 1,424,363 | | |
| 5,542,425 | |
| 67,200 | | |
JCDecaux
SE† | |
| 1,625,878 | | |
| 1,338,981 | |
| 13,500 | | |
Loomis
AB | |
| 399,150 | | |
| 393,784 | |
| 50,000 | | |
Rentokil
Initial plc | |
| 377,744 | | |
| 390,525 | |
| 4,000 | | |
Ströeer
SE & Co. KGaA | |
| 86,799 | | |
| 194,234 | |
| | | |
| |
| 4,106,411 | | |
| 7,862,864 | |
| | | |
Cable
and Satellite — 1.5% | |
| | | |
| | |
| 3,800 | | |
Cogeco
Communications Inc. | |
| 232,972 | | |
| 202,772 | |
| 40,000 | | |
Liberty
Global plc, Cl. A† | |
| 899,575 | | |
| 674,400 | |
| 58,000 | | |
Liberty
Global plc, Cl. C† | |
| 1,473,762 | | |
| 1,030,660 | |
| 51,000 | | |
Megacable
Holdings SAB de CV | |
| 168,047 | | |
| 118,167 | |
| 35,500 | | |
WideOpenWest
Inc.† | |
| 512,138 | | |
| 299,620 | |
| | | |
| |
| 3,286,494 | | |
| 2,325,619 | |
| | | |
Computer
Software and Services — 0.3% | |
| | | |
| | |
| 8,955 | | |
CareCloud
Inc.† | |
| 71,446 | | |
| 26,417 | |
| 5,000 | | |
Donnelley
Financial Solutions Inc.† | |
| 218,850 | | |
| 227,650 | |
| 5,000 | | |
PAR
Technology Corp.† | |
| 172,612 | | |
| 164,650 | |
| | | |
| |
| 462,908 | | |
| 418,717 | |
| | | |
Consumer
Products — 3.5% | |
| | | |
| | |
| 10,000 | | |
BellRing
Brands Inc. | |
| 220,301 | | |
| 366,000 | |
| 27,000 | | |
Edgewell
Personal Care Co. | |
| 870,159 | | |
| 1,115,370 | |
| 29,000 | | |
Energizer
Holdings Inc. | |
| 1,063,301 | | |
| 973,820 | |
| 5,500 | | |
Essity
AB, Cl. B | |
| 167,500 | | |
| 146,407 | |
| 300 | | |
L’Oreal
SA | |
| 48,140 | | |
| 139,815 | |
| 12,000 | | |
Marine
Products Corp. | |
| 84,716 | | |
| 202,320 | |
| 15,000 | | |
Mattel
Inc.† | |
| 178,197 | | |
| 293,100 | |
| 45,000 | | |
Nintendo
Co. Ltd., ADR | |
| 494,517 | | |
| 512,100 | |
| 5,500 | | |
Salvatore
Ferragamo SpA | |
| 101,774 | | |
| 90,504 | |
See
accompanying notes to financial statements.
The
Gabelli Global Small and Mid Cap Value Trust
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS (Continued) | |
| | | |
| | |
| | | |
Consumer
Products (Continued) | |
| | | |
| | |
| 37,000 | | |
Scandinavian
Tobacco Group A/S | |
$ | 579,886
| | |
$ | 615,447 | |
| 6,000 | | |
Shiseido
Co. Ltd. | |
| 108,513 | | |
| 269,989 | |
| 7,000 | | |
Spectrum
Brands Holdings Inc. | |
| 405,090 | | |
| 546,350 | |
| 2,000 | | |
Unilever
plc, ADR | |
| 101,177 | | |
| 104,260 | |
| | | |
| |
| 4,423,271 | | |
| 5,375,482 | |
| | | |
Consumer
Services — 1.2% | |
| | | |
| | |
| 3,000 | | |
Allegion
plc | |
| 268,079 | | |
| 360,060 | |
| 11,500 | | |
Ashtead
Group plc | |
| 214,712 | | |
| 795,096 | |
| 500 | | |
Boyd
Group Services Inc. | |
| 72,110 | | |
| 95,395 | |
| 350 | | |
Cie
de L’Odet SE | |
| 487,193 | | |
| 593,504 | |
| | | |
| |
| 1,042,094 | | |
| 1,844,055 | |
| | | |
Diversified
Industrial — 6.8% | |
| | | |
| | |
| 105,000 | | |
Ampco-Pittsburgh
Corp.† | |
| 481,774 | | |
| 333,900 | |
| 34,700 | | |
Ardagh
Group SA† | |
| 537,226 | | |
| 326,180 | |
| 4,000 | | |
AZZ
Inc. | |
| 136,622 | | |
| 173,840 | |
| 19,500 | | |
EnPro
Industries Inc. | |
| 1,280,580 | | |
| 2,603,835 | |
| 33,200 | | |
Greif
Inc., Cl. A | |
| 1,648,083 | | |
| 2,287,148 | |
| 19,000 | | |
Griffon
Corp. | |
| 326,904 | | |
| 765,700 | |
| 700 | | |
Haynes
International Inc. | |
| 18,622 | | |
| 35,574 | |
| 8,000 | | |
Jardine
Matheson Holdings Ltd. | |
| 453,243 | | |
| 405,200 | |
| 2,400 | | |
Moog
Inc., Cl. A | |
| 143,517 | | |
| 260,232 | |
| 25,500 | | |
Myers
Industries Inc. | |
| 410,923 | | |
| 495,465 | |
| 5,000 | | |
Smiths
Group plc | |
| 95,104 | | |
| 104,394 | |
| 22,000 | | |
Steel
Partners Holdings LP† | |
| 304,830 | | |
| 1,045,000 | |
| 8,500 | | |
Sulzer
AG | |
| 524,083 | | |
| 730,294 | |
| 40,000 | | |
Toray
Industries Inc. | |
| 316,267 | | |
| 221,879 | |
| 40,000 | | |
Tredegar
Corp. | |
| 522,799 | | |
| 266,800 | |
| 12,000 | | |
Trinity
Industries Inc. | |
| 242,785 | | |
| 308,520 | |
| 7,000 | | |
Wartsila
OYJ Abp | |
| 87,437 | | |
| 78,790 | |
| | | |
| |
| 7,530,799 | | |
| 10,442,751 | |
| | | |
Educational
Services — 0.1% | |
| | | |
| | |
| 15,000 | | |
Universal
Technical Institute Inc.† | |
| 59,076 | | |
| 103,650 | |
| | | |
| |
| | | |
| | |
| | | |
Electronics
— 2.7% | |
| | | |
| | |
| 7,500 | | |
Flex
Ltd.† | |
| 130,663 | | |
| 207,300 | |
| 30,000 | | |
Mirion
Technologies Inc.† | |
| 239,189 | | |
| 253,500 | |
| 20,000 | | |
Resideo
Technologies Inc.† | |
| 195,763 | | |
| 353,200 | |
| 100 | | |
Rogers
Corp.† | |
| 15,470 | | |
| 16,193 | |
| 37,000 | | |
Sony
Group Corp., ADR | |
| 1,659,814 | | |
| 3,331,480 | |
| | | |
| |
| 2,240,899 | | |
| 4,161,673 | |
| | | |
Energy
and Utilities: Alternative Energy — 0.1% | |
| | | |
| | |
| 2,000 | | |
NextEra
Energy Partners LP | |
| 78,153 | | |
| 117,280 | |
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
Energy
and Utilities: Electric — 0.8% | |
| | | |
| | |
| 31,200 | | |
Algonquin
Power & Utilities Corp. | |
$ | 241,060 | | |
$ | 257,890 | |
| 7,500 | | |
Fortis
Inc. | |
| 222,079 | | |
| 323,212 | |
| 12,500 | | |
PNM
Resources Inc. | |
| 611,124 | | |
| 563,750 | |
| | | |
| |
| 1,074,263 | | |
| 1,144,852 | |
| | | |
Energy
and Utilities: Integrated — 1.1% | |
| | | |
| | |
| 17,000 | | |
Avista
Corp. | |
| 746,503 | | |
| 667,590 | |
| 3,500 | | |
Emera
Inc. | |
| 147,092 | | |
| 144,148 | |
| 15,500 | | |
Hawaiian
Electric Industries Inc. | |
| 498,850 | | |
| 561,100 | |
| 100,000 | | |
Hera
SpA | |
| 300,327 | | |
| 297,025 | |
| | | |
| |
| 1,692,772 | | |
| 1,669,863 | |
| | | |
Energy
and Utilities: Natural Gas — 0.9% | |
| | | |
| | |
| 24,000 | | |
National
Fuel Gas Co. | |
| 1,226,542 | | |
| 1,232,640 | |
| 1,200 | | |
Southwest
Gas Holdings Inc. | |
| 62,843 | | |
| 76,380 | |
| | | |
| |
| 1,289,385 | | |
| 1,309,020 | |
| | | |
Energy
and Utilities: Services — 0.7% | |
| | | |
| | |
| 42,000 | | |
Dril-Quip
Inc.† | |
| 1,060,298 | | |
| 977,340 | |
| 3,000 | | |
Pineapple
Energy Inc.† | |
| 55,158 | | |
| 4,110 | |
| 2,000 | | |
Weatherford
International plc† | |
| 110,746 | | |
| 132,840 | |
| | | |
| |
| 1,226,202 | | |
| 1,114,290 | |
| | | |
Energy
and Utilities: Water — 2.1% | |
| | | |
| | |
| 70,000 | | |
Beijing
Enterprises Water Group Ltd. | |
| 44,488 | | |
| 16,616 | |
| 1,800 | | |
Consolidated
Water Co. Ltd. | |
| 23,158 | | |
| 43,614 | |
| 17,000 | | |
Mueller
Water Products Inc., Cl. A | |
| 150,695 | | |
| 275,910 | |
| 90,000 | | |
Primo
Water Corp. | |
| 786,054 | | |
| 1,128,600 | |
| 55,000 | | |
Severn
Trent plc | |
| 1,560,035 | | |
| 1,792,351 | |
| | | |
| |
| 2,564,430 | | |
| 3,257,091 | |
| | | |
Entertainment
— 6.6% | |
| | | |
| | |
| 235,000 | | |
Entain
plc | |
| 2,371,434 | | |
| 3,796,284 | |
| 5,400 | | |
GAN
Ltd.† | |
| 30,574 | | |
| 8,856 | |
| 10,000 | | |
Golden
Entertainment Inc.† | |
| 267,249 | | |
| 418,000 | |
| 10,000 | | |
IMAX
Corp.† | |
| 177,640 | | |
| 169,900 | |
| 30,000 | | |
Liberty
Media Corp.- Liberty Braves, Cl. A† | |
| 769,784 | | |
| 1,227,600 | |
| 27,011 | | |
Liberty
Media Corp.- Liberty Braves, Cl. C† | |
| 629,414 | | |
| 1,070,176 | |
| 2,600 | | |
Madison
Square Garden Entertainment Corp.† | |
| 95,824 | | |
| 87,412 | |
| 4,600 | | |
Madison
Square Garden Sports Corp. | |
| 775,707 | | |
| 865,030 | |
| 10,000 | | |
Manchester
United plc, Cl. A | |
| 175,413 | | |
| 243,800 | |
| 25,000 | | |
Paramount
Global, Cl. A | |
| 798,807 | | |
| 464,000 | |
See
accompanying notes to financial statements.
The
Gabelli Global Small and Mid Cap Value Trust
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS (Continued) | |
| | | |
| | |
| | | |
Entertainment
(Continued) | |
| | | |
| | |
| 4,000 | | |
Sphere
Entertainment Co.† | |
$ | 126,075 | | |
$ | 109,560 | |
| 7,000 | | |
Ubisoft
Entertainment SA† | |
| 323,049 | | |
| 197,682 | |
| 15,000 | | |
Universal
Music Group NV | |
| 343,898 | | |
| 333,089 | |
| 80,000 | | |
Vivendi
SE | |
| 995,159 | | |
| 733,810 | |
| 24,000 | | |
Warner
Bros Discovery Inc.† | |
| 455,136 | | |
| 300,960 | |
| | | |
| |
| 8,335,163 | | |
| 10,026,159 | |
| | | |
Environmental
Services — 0.9% | |
| | | |
| | |
| 18,000 | | |
Renewi
plc† | |
| 70,014 | | |
| 117,729 | |
| 6,000 | | |
Stericycle
Inc.† | |
| 376,340 | | |
| 278,640 | |
| 20,000 | | |
TOMRA
Systems ASA | |
| 117,808 | | |
| 321,421 | |
| 5,000 | | |
Waste
Connections Inc. | |
| 453,201 | | |
| 714,650 | |
| | | |
| |
| 1,017,363 | | |
| 1,432,440 | |
| | | |
Equipment
and Supplies — 4.8% | |
| | | |
| | |
| 1,700 | | |
A.O.
Smith Corp. | |
| 57,029 | | |
| 123,726 | |
| 24,500 | | |
Commercial
Vehicle Group Inc.† | |
| 228,014 | | |
| 271,950 | |
| 31,500 | | |
Flowserve
Corp. | |
| 1,181,272 | | |
| 1,170,225 | |
| 11,000 | | |
Graco
Inc. | |
| 552,353 | | |
| 949,850 | |
| 17,000 | | |
Interpump
Group SpA | |
| 235,221 | | |
| 943,844 | |
| 31,700 | | |
Mueller
Industries Inc. | |
| 907,015 | | |
| 2,766,776 | |
| 1,000 | | |
Snap-on
Inc. | |
| 216,933 | | |
| 288,190 | |
| 4,500 | | |
Watts
Water Technologies Inc., Cl. A | |
| 422,438 | | |
| 826,785 | |
| | | |
| |
| 3,800,275 | | |
| 7,341,346 | |
| | | |
Financial
Services — 3.5% | |
| | | |
| | |
| 1,000 | | |
Credit
Acceptance Corp.† | |
| 390,020 | | |
| 507,930 | |
| 5,800 | | |
EXOR
NV | |
| 445,054 | | |
| 516,949 | |
| 51,000 | | |
FinecoBank
Banca Fineco SpA | |
| 336,185 | | |
| 685,345 | |
| 100 | | |
First
Citizens BancShares Inc., Cl. A | |
| 61,371 | | |
| 128,345 | |
| 38,000 | | |
Flushing
Financial Corp. | |
| 730,798 | | |
| 467,020 | |
| 22,000 | | |
FTAI
Aviation Ltd. | |
| 268,756 | | |
| 696,520 | |
| 185,000 | | |
GAM
Holding AG† | |
| 373,487 | | |
| 111,614 | |
| 1,000 | | |
Groupe
Bruxelles Lambert NV | |
| 82,544 | | |
| 78,741 | |
| 11,000 | | |
I3
Verticals Inc., Cl. A† | |
| 222,091 | | |
| 251,460 | |
| 8,000 | | |
Janus
Henderson Group plc | |
| 239,400 | | |
| 218,000 | |
| 18,000 | | |
Kinnevik
AB, Cl. A† | |
| 296,486 | | |
| 279,045 | |
| 25,000 | | |
Kinnevik
AB, Cl. B† | |
| 478,874 | | |
| 346,303 | |
| 1,800 | | |
PROG
Holdings Inc.† | |
| 52,138 | | |
| 57,816 | |
| 70,000 | | |
Resona
Holdings Inc. | |
| 336,109 | | |
| 334,877 | |
| 22,500 | | |
Synovus
Financial Corp. | |
| 807,483 | | |
| 680,625 | |
| | | |
| |
| 5,120,796 | | |
| 5,360,590 | |
| | | |
Food
and Beverage — 13.6% | |
| | | |
| | |
| 7,000 | | |
Britvic
plc | |
| 68,455 | | |
| 76,098 | |
Shares | | |
| |
Cost | | |
Market
Value | |
| 280 | | |
Chocoladefabriken
Lindt & Spruengli AG | |
$ | 1,410,500 | | |
$ | 3,516,228 | |
| 35,500 | | |
Chr.
Hansen Holding A/S | |
| 1,649,568 | | |
| 2,463,955 | |
| 70,000 | | |
ChromaDex
Corp.† | |
| 109,302 | | |
| 109,900 | |
| 3,000 | | |
Corby
Spirit and Wine Ltd., Cl. A | |
| 32,090 | | |
| 32,157 | |
| 130,000 | | |
Davide
Campari-Milano NV | |
| 770,475 | | |
| 1,800,153 | |
| 12,000 | | |
Fevertree
Drinks plc | |
| 171,334 | | |
| 185,776 | |
| 9,000 | | |
Fomento
Economico Mexicano SAB de CV, ADR | |
| 680,678 | | |
| 997,560 | |
| 1,000 | | |
Heineken
Holding NV | |
| 68,070 | | |
| 86,914 | |
| 39,000 | | |
ITO
EN Ltd. | |
| 1,199,322 | | |
| 1,072,740 | |
| 14,000 | | |
Kameda
Seika Co. Ltd. | |
| 647,551 | | |
| 419,626 | |
| 10,500 | | |
Kerry
Group plc, Cl. A | |
| 893,272 | | |
| 1,014,570 | |
| 39,000 | | |
Kikkoman
Corp. | |
| 1,074,135 | | |
| 2,214,131 | |
| 7,500 | | |
Luckin
Coffee Inc., ADR† | |
| 58,296 | | |
| 168,675 | |
| 100,000 | | |
Maple
Leaf Foods Inc. | |
| 1,814,874 | | |
| 1,953,576 | |
| 105,000 | | |
Nissin
Foods Co. Ltd. | |
| 80,373 | | |
| 89,778 | |
| 25,000 | | |
Nomad
Foods Ltd.† | |
| 448,380 | | |
| 438,000 | |
| 5,000 | | |
Post
Holdings Inc.† | |
| 210,232 | | |
| 433,250 | |
| 190,000 | | |
Premier
Foods plc | |
| 110,648 | | |
| 307,416 | |
| 9,000 | | |
Remy
Cointreau SA | |
| 956,602 | | |
| 1,443,167 | |
| 1,800 | | |
Symrise
AG | |
| 97,498 | | |
| 188,599 | |
| 2,000 | | |
The
Hain Celestial Group Inc.† | |
| 39,730 | | |
| 25,020 | |
| 9,000 | | |
Treasury
Wine Estates Ltd. | |
| 47,872 | | |
| 67,328 | |
| 40,000 | | |
Tsingtao
Brewery Co. Ltd., Cl. H | |
| 264,487 | | |
| 363,451 | |
| 215,000 | | |
Vitasoy
International Holdings Ltd. | |
| 279,436 | | |
| 267,790 | |
| 16,000 | | |
Yakult
Honsha Co. Ltd. | |
| 826,068 | | |
| 1,009,598 | |
| | | |
| |
| 14,009,248 | | |
| 20,745,456 | |
| | | |
Health
Care — 5.8% | |
| | | |
| | |
| 18,237 | | |
Avantor
Inc.† | |
| 308,295 | | |
| 374,588 | |
| 11,000 | | |
Bausch
+ Lomb Corp.† | |
| 178,795 | | |
| 220,770 | |
| 40,000 | | |
Bausch
Health Cos. Inc.† | |
| 468,398 | | |
| 320,000 | |
| 600 | | |
Bio-Rad
Laboratories Inc., Cl. A† | |
| 176,718 | | |
| 227,472 | |
| 150 | | |
Bio-Rad
Laboratories Inc., Cl. B† | |
| 35,257 | | |
| 56,865 | |
| 5,000 | | |
Catalent
Inc.† | |
| 364,536 | | |
| 216,800 | |
| 500 | | |
Charles
River Laboratories International Inc.† | |
| 52,615 | | |
| 105,125 | |
| 450 | | |
Chemed
Corp. | |
| 183,159 | | |
| 243,752 | |
| 11,500 | | |
Cutera
Inc.† | |
| 196,316 | | |
| 173,995 | |
| 2,500 | | |
DaVita
Inc.† | |
| 193,331 | | |
| 251,175 | |
| 10,000 | | |
DENTSPLY
SIRONA Inc. | |
| 479,029 | | |
| 400,200 | |
| 5,000 | | |
DICE
Therapeutics Inc.† | |
| 232,568 | | |
| 232,300 | |
| 4,000 | | |
Endo
International plc† | |
| 1,340 | | |
| 70 | |
| 13,000 | | |
Evolent
Health Inc., Cl. A† | |
| 153,137 | | |
| 393,900 | |
See
accompanying notes to financial statements.
The
Gabelli Global Small and Mid Cap Value Trust
Schedule of Investments (Continued) — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS (Continued) | |
| | | |
| | |
| | | |
Health
Care (Continued) | |
| | | |
| | |
| 5,000 | | |
Halozyme
Therapeutics Inc.† | |
$ | 182,224 | | |
$ | 180,350 | |
| 700 | | |
Harmony
Biosciences Holdings Inc.† | |
| 26,461 | | |
| 24,633 | |
| 6,000 | | |
Henry
Schein Inc.† | |
| 435,761 | | |
| 486,600 | |
| 1,750 | | |
ICU
Medical Inc.† | |
| 321,152 | | |
| 311,832 | |
| 5,000 | | |
Idorsia
Ltd.† | |
| 63,344 | | |
| 36,032 | |
| 20,000 | | |
InfuSystem
Holdings Inc.† | |
| 195,470 | | |
| 192,600 | |
| 5,500 | | |
Integer
Holdings Corp.† | |
| 316,983 | | |
| 487,355 | |
| 5,000 | | |
IVERIC
bio Inc.† | |
| 191,748 | | |
| 196,700 | |
| 13,000 | | |
Option
Care Health Inc.† | |
| 112,945 | | |
| 422,370 | |
| 28,000 | | |
Patterson
Cos. Inc. | |
| 631,785 | | |
| 931,280 | |
| 35,000 | | |
Perrigo
Co. plc | |
| 1,340,562 | | |
| 1,188,250 | |
| 1,003 | | |
Silk
Road Medical Inc.† | |
| 31,959 | | |
| 32,587 | |
| 700 | | |
STERIS
plc | |
| 86,397 | | |
| 157,486 | |
| 6,000 | | |
SurModics
Inc.† | |
| 130,405 | | |
| 187,860 | |
| 1,500 | | |
Teladoc
Health Inc.† | |
| 62,691 | | |
| 37,980 | |
| 7,000 | | |
Tenet
Healthcare Corp.† | |
| 443,649 | | |
| 569,660 | |
| 400 | | |
The
Cooper Companies Inc. | |
| 108,748 | | |
| 153,372 | |
| | | |
| |
| 7,705,778 | | |
| 8,813,959 | |
| | | |
Hotels
and Gaming — 2.7% | |
| | | |
| | |
| 2,500 | | |
Caesars
Entertainment Inc.† | |
| 85,978 | | |
| 127,425 | |
| 901 | | |
Flutter
Entertainment plc† | |
| 80,235 | | |
| 180,795 | |
| 24,000 | | |
Full
House Resorts Inc.† | |
| 70,181 | | |
| 160,800 | |
| 40,000 | | |
International
Game Technology plc | |
| 557,674 | | |
| 1,275,600 | |
| 656,250 | | |
Mandarin
Oriental International Ltd.† | |
| 1,132,805 | | |
| 1,082,813 | |
| 9,000 | | |
MGM
Resorts International | |
| 262,595 | | |
| 395,280 | |
| 300,000 | | |
The
Hongkong & Shanghai Hotels Ltd.† | |
| 407,957 | | |
| 264,165 | |
| 5,500 | | |
Wynn
Resorts Ltd. | |
| 582,328 | | |
| 580,855 | |
| | | |
| |
| 3,179,753 | | |
| 4,067,733 | |
| | | |
Machinery
— 5.0% | |
| | | |
| | |
| 21,000 | | |
Astec
Industries Inc. | |
| 837,999 | | |
| 954,240 | |
| 160,000 | | |
CNH
Industrial NV, Borsa Italiana | |
| 1,202,309 | | |
| 2,305,487 | |
| 224,000 | | |
CNH
Industrial NV, New York | |
| 1,638,281 | | |
| 3,225,600 | |
| 2,400 | | |
Tennant
Co. | |
| 145,956 | | |
| 194,664 | |
| 13,000 | | |
Twin
Disc Inc.† | |
| 99,365 | | |
| 146,380 | |
| 7,500 | | |
Xylem
Inc. | |
| 418,641 | | |
| 844,650 | |
| | | |
| |
| 4,342,551 | | |
| 7,671,021 | |
| | | |
Manufactured
Housing and Recreational Vehicles — 0.4% | |
| | | |
| | |
| 2,200 | | |
Cavco
Industries Inc.† | |
| 245,097 | | |
| 649,000 | |
| | | |
| |
| | | |
| | |
| | | |
Metals
and Mining — 0.8% | |
| | | |
| | |
| 2,000 | | |
ATI
Inc.† | |
| 31,636 | | |
| 88,460 | |
Shares | | |
| |
Cost | | |
Market
Value | |
| 25,000 | | |
Cameco
Corp. | |
$ | 245,432 | | |
$ | 783,250 | |
| 120,000 | | |
Sierra
Metals Inc.† | |
| 334,971 | | |
| 36,000 | |
| 4,000 | | |
TimkenSteel
Corp.† | |
| 34,761 | | |
| 86,280 | |
| 5,800 | | |
Wheaton
Precious Metals Corp. | |
| 186,176 | | |
| 250,676 | |
| | | |
| |
| 832,976 | | |
| 1,244,666 | |
| | | |
Publishing
— 0.6% | |
| | | |
| | |
| 1,400 | | |
Graham
Holdings Co., Cl. B | |
| 620,724 | | |
| 800,072 | |
| 10,000 | | |
The
E.W. Scripps Co., Cl. A† | |
| 141,538 | | |
| 91,500 | |
| | | |
| |
| 762,262 | | |
| 891,572 | |
| | | |
Real
Estate — 0.3% | |
| | | |
| | |
| 20,000 | | |
Starwood
Property Trust Inc., REIT | |
| 510,432 | | |
| 388,000 | |
| 37,000 | | |
Trinity
Place Holdings Inc.† | |
| 93,748 | | |
| 19,980 | |
| | | |
| |
| 604,180 | | |
| 407,980 | |
| | | |
Retail
— 2.1% | |
| | | |
| | |
| 5,000 | | |
AutoNation
Inc.† | |
| 400,962 | | |
| 823,050 | |
| 600 | | |
Biglari
Holdings Inc., Cl. A† | |
| 318,354 | | |
| 570,000 | |
| 8,000 | | |
Camping
World Holdings Inc., Cl. A | |
| 312,130 | | |
| 240,800 | |
| 4,186 | | |
Hertz
Global Holdings Inc.† | |
| 41,852 | | |
| 76,981 | |
| 361 | | |
Hertz
Global Holdings Inc., New York† | |
| 0 | | |
| 6,639 | |
| 7,500 | | |
MarineMax
Inc.† | |
| 107,717 | | |
| 256,200 | |
| 6,000 | | |
Movado
Group Inc. | |
| 101,296 | | |
| 160,980 | |
| 1,500 | | |
Penske
Automotive Group Inc. | |
| 55,315 | | |
| 249,945 | |
| 10,000 | | |
PetIQ
Inc.† | |
| 227,232 | | |
| 151,700 | |
| 20,000 | | |
Pets
at Home Group plc | |
| 131,616 | | |
| 95,656 | |
| 8,000 | | |
Rush
Enterprises Inc., Cl. B | |
| 234,783 | | |
| 544,480 | |
| 225,000 | | |
Sun
Art Retail Group Ltd. | |
| 216,188 | | |
| 58,001 | |
| | | |
| |
| 2,147,445 | | |
| 3,234,432 | |
| | | |
Specialty
Chemicals — 1.7% | |
| | | |
| | |
| 7,500 | | |
Ashland
Inc. | |
| 460,741 | | |
| 651,825 | |
| 2,000 | | |
Darling
Ingredients Inc.† | |
| 120,054 | | |
| 127,580 | |
| 53,000 | | |
Element
Solutions Inc. | |
| 582,869 | | |
| 1,017,600 | |
| 2,000 | | |
H.B.
Fuller Co. | |
| 95,917 | | |
| 143,020 | |
| 13,547 | | |
Huntsman
Corp. | |
| 368,167 | | |
| 366,040 | |
| 14,000 | | |
SGL
Carbon SE† | |
| 129,553 | | |
| 128,554 | |
| 6,000 | | |
T.
Hasegawa Co. Ltd. | |
| 114,881 | | |
| 142,625 | |
| 2,000 | | |
Takasago
International Corp. | |
| 51,764 | | |
| 37,423 | |
| 700 | | |
Treatt
plc | |
| 3,479 | | |
| 5,556 | |
| | | |
| |
| 1,927,425 | | |
| 2,620,223 | |
| | | |
Telecommunications
— 0.8% | |
| | | |
| | |
| 5,000 | | |
Gogo
Inc.† | |
| 19,504 | | |
| 85,050 | |
| 6,000 | | |
Hellenic
Telecommunications Organization SA, ADR | |
| 41,840 | | |
| 51,300 | |
See
accompanying notes to financial statements.
The
Gabelli Global Small and Mid Cap Value Trust
Schedule of Investments (Continued) — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS (Continued) | |
| | | |
| | |
| | | |
Telecommunications
(Continued) | |
| | | |
| | |
| 100,000 | | |
Pharol
SGPS SA† | |
$ | 34,664 | | |
$ | 4,321 | |
| 33,000 | | |
Telekom
Austria AG | |
| 210,582 | | |
| 244,145 | |
| 17,500 | | |
Telephone
and Data Systems Inc. | |
| 175,565 | | |
| 144,025 | |
| 21,000 | | |
Telesat
Corp.† | |
| 601,316 | | |
| 197,820 | |
| 60,000 | | |
Vodafone
Group plc, ADR | |
| 972,175 | | |
| 567,000 | |
| | | |
| |
| 2,055,646 | | |
| 1,293,661 | |
| | | |
Transportation
— 1.4% | |
| | | |
| | |
| 64,000 | | |
Bollore
SE | |
| 316,096 | | |
| 398,768 | |
| 22,000 | | |
FTAI
Infrastructure Inc. | |
| 53,492 | | |
| 81,180 | |
| 12,500 | | |
GATX
Corp. | |
| 837,621 | | |
| 1,609,250 | |
| | | |
| |
| 1,207,209 | | |
| 2,089,198 | |
| | | |
Wireless
Communications — 0.5% | |
| | | |
| | |
| 37,000 | | |
Millicom
International Cellular SA, SDR† | |
| 718,042 | | |
| 565,531 | |
| 15,000 | | |
United
States Cellular Corp.† | |
| 447,865 | | |
| 264,450 | |
| | | |
| |
| 1,165,907 | | |
| 829,981 | |
| | | |
TOTAL
COMMON STOCKS | |
| 106,656,484 | | |
| 138,726,434 | |
| | | |
| |
| | | |
| | |
| | | |
PREFERRED
STOCKS — 0.2% | |
| | | |
| | |
| | | |
Health
Care — 0.2% | |
| | | |
| | |
| 10,000 | | |
XOMA
Corp., Ser. A,8.625% | |
| 225,998 | | |
| 239,700 | |
| | | |
| |
| | | |
| | |
| | | |
Retail
— 0.0% | |
| | | |
| | |
| 450 | | |
Qurate
Retail Inc., 8.000%,03/15/31 | |
| 39,466 | | |
| 16,884 | |
| | | |
| |
| | | |
| | |
| | | |
TOTAL
PREFERRED STOCKS | |
| 265,464 | | |
| 256,584 | |
| | | |
| |
| | | |
| | |
| | | |
RIGHTS
— 0.0% | |
| | | |
| | |
| | | |
Energy
and Utilities: Services — 0.0% | |
| | | |
| | |
| 13,750 | | |
Pineapple
Energy Inc.,CVR† | |
| 0 | | |
| 48,537 | |
| | | |
| |
| | | |
| | |
| | | |
Health
Care — 0.0% | |
| | | |
| | |
| 45,000 | | |
Achillion
Pharmaceuticals Inc., CVR† | |
| 0 | | |
| 22,500 | |
| 1,500 | | |
Tobira
Therapeutics Inc.,CVR† (a) | |
| 90 | | |
| 0 | |
| | | |
| |
| 90 | | |
| 22,500 | |
| | | |
TOTAL
RIGHTS | |
| 90 | | |
| 71,037 | |
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
WARRANTS
— 0.0% | |
| | | |
| | |
| | | |
Diversified
Industrial — 0.0% | |
| | | |
| | |
| 64,000 | | |
Ampco-Pittsburgh
Corp., expire 08/01/25† | |
$ | 43,720 | | |
$ | 31,360 | |
| | | |
| |
| | | |
| | |
| | | |
Energy
and Utilities: Services — 0.0% | |
| | | |
| | |
| 539 | | |
Weatherford
International plc, expire 12/13/23† | |
| 0 | | |
| 226 | |
| | | |
| |
| | | |
| | |
| | | |
TOTAL
WARRANTS | |
| 43,720 | | |
| 31,586 | |
Principal
Amount | | |
| |
| | |
| |
| | | |
U.S.
GOVERNMENT OBLIGATIONS — 9.0% | |
| | | |
| | |
$ | 13,895,000 | | |
U.S.
Treasury Bills, 5.067% to 5.435%††, 08/10/23 to 12/14/23 | |
| 13,741,940 | | |
| 13,744,864 | |
| | | |
| |
| | | |
| | |
TOTAL
INVESTMENTS—100.0% | |
$ | 120,707,698 | | |
| 152,830,505 | |
| |
| | | |
| | |
Other
Assets and Liabilities (Net) | |
| | | |
| 806,371 | |
|
|
|
|
| |
| | | |
| | |
PREFERRED
SHARES
(3,200,000 preferred shares outstanding) | |
| | | |
| (32,000,000 | ) |
| |
| | | |
| | |
NET
ASSETS — COMMON SHARES
(8,619,082 common shares outstanding) | |
| | | |
$ | 121,636,876 | |
| |
| | | |
| | |
NET
ASSET VALUE PER COMMON SHARE
($121,636,876 ÷ 8,619,082 shares outstanding) | |
| | | |
$ | 14.11 | |
(a) | Security
is valued using significant unobservable inputs and is classified as Level 3 in the fair
value hierarchy. |
† | Non-income
producing security. |
†† | Represents
annualized yields at dates of purchase. |
| ADR | American
Depositary Receipt |
| CVR | Contingent
Value Right |
| REIT | Real
Estate Investment Trust |
| SDR | Swedish
Depositary Receipt |
See
accompanying notes to financial statements.
The
Gabelli Global Small and Mid Cap Value Trust
Schedule of Investments (Continued) — June 30, 2023 (Unaudited)
Geographic
Diversification | |
%
of Total Investments | | |
Market
Value | |
United
States | |
| 56.6 | % | |
$ | 86,544,486 | |
Europe | |
| 29.3 | | |
| 44,856,832 | |
Japan | |
| 6.3 | | |
| 9,566,467 | |
Canada | |
| 4.2 | | |
| 6,380,563 | |
Asia/Pacific | |
| 1.8 | | |
| 2,783,816 | |
Latin
America | |
| 1.8 | | |
| 2,698,341 | |
Total
Investments | |
| 100.0 | % | |
$ | 152,830,505 | |
See
accompanying notes to financial statements.
The
Gabelli Global Small and Mid Cap Value Trust
Statement
of Assets and Liabilities
June
30, 2023 (Unaudited)
Assets: | |
| | |
Investments,
at value (cost $120,707,698) | |
$ | 152,830,505 | |
Cash | |
| 551,857 | |
Foreign
currency, at value (cost $45,908) | |
| 45,700 | |
Receivable
for investments sold | |
| 57,480 | |
Dividends
and interest receivable | |
| 371,905 | |
Deferred
offering expense | |
| 139,082 | |
Prepaid
expenses | |
| 350 | |
Total
Assets | |
| 153,996,879 | |
Liabilities: | |
| | |
Distributions
payable | |
| 23,111 | |
Payable
for Fund shares repurchased | |
| 4,711 | |
Payable
for investment advisory fees | |
| 124,733 | |
Payable
for payroll expenses | |
| 77,889 | |
Payable
for accounting fees | |
| 7,500 | |
Series
B Cumulative Preferred Shares (5.20%, $10 liquidation value, 4,000,000 shares authorized with 3,200,000 shares issued and outstanding) | |
| 32,000,000 | |
Other
accrued expenses | |
| 122,059 | |
Total
Liabilities | |
| 32,360,003 | |
Net
Assets Attributable to Common Shareholders | |
$ | 121,636,876 | |
| |
| | |
Net
Assets Attributable to Common Shareholders Consist of: | |
| | |
Paid-in
capital | |
$ | 92,355,191 | |
Total
distributable earnings | |
| 29,281,685 | |
Net
Assets | |
$ | 121,636,876 | |
| |
| | |
Net
Asset Value per Common Share: | |
| | |
($121,636,876
÷ 8,619,082 shares outstanding at $0.001 par value; unlimited number of shares authorized) | |
$ | 14.11 | |
Statement
of Operations
For
the Six Months Ended June 30, 2023 (Unaudited)
Investment
Income: | |
| | |
Dividends
(net of foreign withholding taxes of $61,464) | |
$ | 1,370,433 | |
Interest | |
| 337,478 | |
Total
Investment Income | |
| 1,707,911 | |
Expenses: | |
| | |
Investment
advisory fees | |
| 762,246 | |
Interest
expense on preferred stock | |
| 686,933 | |
Payroll
expenses | |
| 86,011 | |
Shareholder
communications expenses | |
| 57,741 | |
Legal
and audit fees | |
| 53,390 | |
Trustees’
fees | |
| 30,803 | |
Custodian
fees | |
| 26,712 | |
Accounting
fees | |
| 22,500 | |
Shareholder
services fees | |
| 14,371 | |
Shelf
offering expense | |
| 14,178 | |
Interest
expense | |
| 87 | |
Miscellaneous
expenses | |
| 33,776 | |
Total
Expenses | |
| 1,788,748 | |
Less: | |
| | |
Expenses
paid indirectly by broker (See Note 5) | |
| (1,288 | ) |
Net
Expenses | |
| 1,787,460 | |
Net
Investment Loss | |
| (79,549 | ) |
| |
| | |
Net
Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency: | |
| | |
Net
realized gain on investments | |
| 1,521,451 | |
Net
realized loss on foreign currency transactions | |
| (2,694 | ) |
Net
realized gain on investments and foreign currency transactions | |
| 1,518,757 | |
Net
change in unrealized appreciation/depreciation: | |
| | |
on
investments | |
| 8,459,504 | |
on
foreign currency translations | |
| 2,314 | |
Net
change in unrealized appreciation/depreciation on investments and foreign currency translations | |
| 8,461,818 | |
Net
Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency | |
| 9,980,575 | |
Net
Increase in Net Assets Attributable to Common Shareholders Resulting from Operations | |
$
| 9,901,026 | |
See
accompanying notes to financial statements.
The
Gabelli Global Small and Mid Cap Value Trust
Statement
of Changes in Net Assets Attributable to Common Shareholders
| |
Six
Months Ended June 30,
2023 (Unaudited) | | |
Year
Ended December 31,
2022 | |
Operations: | |
| | | |
| | |
Net
investment loss | |
$ | (79,549 | ) | |
$ | (1,399,968 | ) |
Net
realized gain on investments and foreign currency transactions | |
| 1,518,757 | | |
| 5,683,906 | |
Net
change in unrealized appreciation/depreciation on investments and foreign currency translations | |
| 8,461,818 | | |
| (38,558,055 | ) |
Net
Increase/(Decrease) in Net Assets Resulting from Operations | |
| 9,901,026 | | |
| (34,274,117 | ) |
| |
| | | |
| | |
Distributions
to Preferred Shareholders from Accumulated Earnings | |
| — | | |
| (272,500 | ) |
| |
| | | |
| | |
Net
Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations | |
| 9,901,026 | | |
| (34,546,617 | ) |
| |
| | | |
| | |
Distributions
to Common Shareholders: | |
| | | |
| | |
Accumulated
earnings | |
| (817,362 | )* | |
| (5,667,064 | ) |
Return
of capital | |
| (1,965,146 | )* | |
| — | |
Total
Distributions to Common Shareholders | |
| (2,782,508 | ) | |
| (5,667,064 | ) |
| |
| | | |
| | |
Fund
Share Transactions: | |
| | | |
| | |
Net
decrease from repurchase of common shares | |
| (1,593,413 | ) | |
| (2,085,542 | ) |
Net
Decrease in Net Assets from Fund Share Transactions | |
| (1,593,413 | ) | |
| (2,085,542 | ) |
| |
| | | |
| | |
Net
Increase/(Decrease) in Net Assets Attributable to Common Shareholders | |
| 5,525,105 | | |
| (42,299,223 | ) |
| |
| | | |
| | |
Net
Assets Attributable to Common Shareholders: | |
| | | |
| | |
Beginning
of year | |
| 116,111,771 | | |
| 158,410,994 | |
End
of period | |
$ | 121,636,876 | | |
$ | 116,111,771 | |
| * | Based
on year to date book income. Amounts are subject to change and recharacterization at year
end. |
See
accompanying notes to financial statements.
The
Gabelli Global Small and Mid Cap Value Trust
Statement
of Cash Flows
For
the Six Months Ended June 30, 2023 (Unaudited)
Net
increase in net assets attributable to common shareholders resulting from operations | |
$ | 9,901,026 | |
| |
| | |
Adjustments
to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash from Operating Activities: | |
| | |
Purchase
of long term investment securities | |
| (4,722,797 | ) |
Proceeds
from sales of long term investment securities | |
| 9,751,808 | |
Net
sales of short term investment securities | |
| 698,971 | |
Net
realized gain on investments | |
| (1,521,451 | ) |
Net
change in unrealized appreciation on investments | |
| (8,459,504 | ) |
Net
amortization of discount | |
| (336,904 | ) |
Decrease
in receivable for investments sold | |
| 343,346 | |
Increase
in dividends and interest receivable | |
| (30,066 | ) |
Decrease
in deferred offering expense | |
| 14,177 | |
Decrease
in prepaid expenses | |
| 1,707 | |
Decrease
in payable for investments purchased | |
| (634,737 | ) |
Decrease
in payable for investment advisory fees | |
| (2,469 | ) |
Increase
in payable for payroll expenses | |
| 13,654 | |
Decrease
in payable for accounting fees | |
| (3,750 | ) |
Decrease
in other accrued expenses | |
| (9,660 | ) |
Net
cash provided by operating activities | |
| 5,003,351 | |
| |
| | |
Net
decrease in net assets resulting from financing activities: | |
| | |
Distributions
to common shareholders | |
| (2,777,175 | ) |
Increase
in payable for Fund shares redeemed | |
| 4,711 | |
Decrease
from repurchase of common shares | |
| (1,593,413 | ) |
Decrease
in payable to bank | |
| (52,598 | ) |
Net
cash used in financing activities | |
| (4,418,475 | ) |
Net
increase in cash | |
| 584,876 | |
Cash
(including foreign currency): | |
| | |
Beginning
of year | |
| 12,681 | |
End
of period | |
$ | 597,557 | |
| |
| | |
Supplemental
disclosure of cash flow information: | |
| | |
Interest
paid on preferred shares | |
$ | 686,933 | |
Interest
paid on bank overdrafts | |
| 87 | |
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, 2023:
Cash | |
$ | 551,857 | |
Foreign
currency, at value | |
| 45,700
| |
| |
$ | 597,557 | |
See
accompanying notes to financial statements
The
Gabelli Global Small and Mid Cap Value Trust
Financial
Highlights
Selected
data for a common share of beneficial interest outstanding throughout each period:
| |
Six
Months Ended
June 30,
2023 | | |
Year
Ended December 31, | |
| |
(Unaudited) | | |
2022 | | |
2021 | | |
2020 | | |
2019 | | |
2018 | |
Operating
Performance: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
asset value, beginning of year | |
$ | 13.26 | | |
$ | 17.73 | | |
$ | 15.17 | | |
$ | 13.85 | | |
$ | 12.41 | | |
$ | 14.63 | |
Net
investment income/(loss) | |
| (0.01 | ) | |
| (0.16 | ) | |
| (0.04 | ) | |
| (0.02 | ) | |
| 0.11 | (a) | |
| 0.07 | |
Net
realized and unrealized gain/(loss) on investments and foreign currency transactions | |
| 1.15 | | |
| (3.67 | ) | |
| 3.79 | | |
| 2.09 | | |
| 2.01 | | |
| (2.25 | ) |
Total
from investment operations | |
| 1.14 | | |
| (3.83 | ) | |
| 3.75 | | |
| 2.07 | | |
| 2.12 | | |
| (2.18 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Distributions
to Preferred Shareholders: (b) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
investment income | |
| — | | |
| — | | |
| (0.02 | ) | |
| — | | |
| (0.05 | ) | |
| (0.05 | ) |
Net
realized gain | |
| — | | |
| (0.03 | ) | |
| (0.16 | ) | |
| (0.18 | ) | |
| (0.12 | ) | |
| (0.11 | ) |
Total
distributions to preferred shareholders | |
| — | | |
| (0.03 | ) | |
| (0.18 | ) | |
| (0.18 | ) | |
| (0.17 | ) | |
| (0.16 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations | |
| 1.14 | | |
| (3.86 | ) | |
| 3.57 | | |
| 1.89 | | |
| 1.95 | | |
| (2.34 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Distributions
to Common Shareholders: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
investment income | |
| (0.04 | )* | |
| (0.02 | ) | |
| (0.14 | ) | |
| — | | |
| (0.12 | ) | |
| — | |
Net
realized gain | |
| (0.06 | )* | |
| (0.62 | ) | |
| (0.90 | ) | |
| (0.05 | ) | |
| (0.28 | ) | |
| — | |
Return
of capital | |
| (0.22 | )* | |
| — | | |
| — | | |
| (0.59 | ) | |
| (0.16 | ) | |
| — | |
Total
distributions to common shareholders | |
| (0.32 | ) | |
| (0.64 | ) | |
| (1.04 | ) | |
| (0.64 | ) | |
| (0.56 | ) | |
| — | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fund
Share Transactions: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Increase
in net asset value from repurchase of common shares | |
| 0.03 | | |
| 0.03 | | |
| 0.03 | | |
| 0.07 | | |
| 0.05 | | |
| 0.13 | |
Offering
costs and adjustment to offering costs for preferred shares charged to paid-in capital | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (0.00 | )(c) |
Offering
costs for common shares charged to paid-in capital | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (0.01 | ) |
Total
Fund share transactions | |
| 0.03 | | |
| 0.03 | | |
| 0.03 | | |
| 0.07 | | |
| 0.05 | | |
| 0.12 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
Asset Value Attributable to Common Shareholders, End of Period | |
$ | 14.11 | | |
$ | 13.26 | | |
$ | 17.73 | | |
$ | 15.17 | | |
$ | 13.85 | | |
$ | 12.41 | |
NAV
total return † | |
| 8.93 | % | |
| (21.64 | )% | |
| 23.90 | % | |
| 16.01 | % | |
| 16.27 | % | |
| (15.17 | )% |
Market
value, end of period | |
$ | 11.99 | | |
$ | 11.22 | | |
$ | 15.90 | | |
$ | 13.05 | | |
$ | 11.84 | | |
$ | 9.80 | |
Investment
total return †† | |
| 9.80 | % | |
| (25.42 | )% | |
| 30.20 | % | |
| 17.99 | % | |
| 26.77 | % | |
| (23.08 | )% |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Ratios
to Average Net Assets and Supplemental Data: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
assets including liquidation value of preferred shares, end of period (in 000’s) | |
$ | 153,637 | | |
$ | 148,112 | | |
$ | 228,411 | | |
$ | 167,684 | | |
$ | 160,989 | | |
$ | 150,353 | |
Net
assets attributable to common shares, end of period (in 000’s) | |
$ | 121,637 | | |
$ | 116,112 | | |
$ | 158,411 | | |
$ | 137,684 | | |
$ | 130,989 | | |
$ | 120,353 | |
Ratio
of net investment income/(loss) to average net assets attributable to common shares before preferred share distributions | |
| (0.13 | )%(d) | |
| (1.11 | )% | |
| (0.20 | )% | |
| (0.18 | )% | |
| 0.83 | %(a) | |
| 0.49 | % |
Ratio
of operating expenses to average net assets attributable to common shares (e)(f) | |
| 2.96 | %(d) | |
| 3.17 | % | |
| 1.78 | % | |
| 1.82 | % | |
| 1.73 | % | |
| 1.68 | % |
Portfolio
turnover rate | |
| 3 | % | |
| 9 | % | |
| 23 | % | |
| 14 | % | |
| 35 | % | |
| 80 | % |
See
accompanying notes to financial statements.
The
Gabelli Global Small and Mid Cap Value Trust
Financial
Highlights (Continued)
Selected
data for a common share of beneficial interest outstanding throughout each period:
| |
Six Months
Ended
June 30,
2023 | | |
Year Ended December 31, | |
| |
(Unaudited) | | |
2022 | | |
2021 | | |
2020 | | |
2019 | | |
2018 | |
5.450%
Series A Cumulative Preferred Shares (g) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liquidation
value, end of period (in 000’s) | |
| — | | |
| — | | |
$ | 30,000 | | |
$ | 30,000 | | |
$ | 30,000 | | |
$ | 30,000 | |
Total
shares outstanding (in 000’s) | |
| — | | |
| — | | |
| 1,200 | | |
| 1,200 | | |
| 1,200 | | |
| 1,200 | |
Liquidation
preference per share | |
| — | | |
| — | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | |
Average
market value (h) | |
| — | | |
| — | | |
$ | 25.86 | | |
$ | 25.62 | | |
$ | 25.51 | | |
$ | 24.97 | |
Asset
coverage per share | |
| — | | |
| — | | |
$ | 81.58 | | |
$ | 139.74 | | |
$ | 134.16 | | |
$ | 125.31 | |
5.200%
Series B Cumulative Preferred Shares (i) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liquidation
value, end of period (in 000’s) | |
$ | 32,000 | | |
$ | 32,000 | | |
$ | 40,000 | | |
| — | | |
| — | | |
| — | |
Total
shares outstanding (in 000’s) | |
| 3,200 | | |
| 3,200 | | |
| 4,000 | | |
| — | | |
| — | | |
| — | |
Liquidation
preference per share | |
$ | 10.00 | | |
$ | 10.00 | | |
$ | 10.00 | | |
| — | | |
| — | | |
| — | |
Liquidation
value | |
$ | 10.00 | | |
$ | 10.00 | | |
$ | 10.00 | | |
| — | | |
| — | | |
| — | |
Asset
coverage per share | |
$ | 48.01 | | |
$ | 46.28 | | |
$ | 32.63 | | |
| — | | |
| — | | |
| — | |
Asset
Coverage (j) | |
| 480 | % | |
| 463 | % | |
| 326 | % | |
| 559 | % | |
| 537 | % | |
| 501 | % |
|
† | Based
on net asset value per share, adjusted for reinvestment of distributions at net asset value
on the ex-dividend dates and adjustments for the rights offering. |
| †† | 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. |
| * | Based
on year to date book income. Amounts are subject to change and recharacterization at year
end. |
| (a) | Includes
income resulting from special dividends for the year ended December 31, 2019. Without these
dividends, the per share income amount would have been $0.06 and the net investment income
ratio would have been 0.46%. |
| (b) | Calculated
based on average common shares outstanding on the record dates throughout the periods. |
| (c) | Amount
represents less than $0.005 per share. |
| (e) | The
Fund received credits from a designated broker who agreed to pay certain Fund operating expenses.
For all years presented, there was no impact on the expense ratios. |
| (f) | Ratio
of operating expenses to average net assets including liquidation value of preferred shares
for the six months ended June 30, 2023 and years ended December 31, 2022, 2021, 2020, 2019,
and 2018, would have been 2.35%, 2.37%, 1.44%, 1.44%, 1.40%, and 1.39%, respectively. |
| (g) | The
Fund redeemed and retired all its outstanding Series A Preferred Shares on February 28, 2022. |
| (h) | Based
on weekly prices. |
| (i) | The
Series B Preferred was issued November 1, 2021. |
| (j) | Asset
coverage per share is calculated by combining all series of preferred shares. |
See
accompanying notes to financial statements.
The
Gabelli Global Small and Mid Cap Value Trust
Notes
to Financial Statements (Unaudited)
1.
Organization. The Gabelli Global Small and Mid Cap Value Trust (the Fund) was organized on August 19, 2013 as a Delaware statutory
trust. The Fund is a diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended
(the 1940 Act). The Fund commenced investment operations on June 23, 2014.
The
Fund’s investment objective is to seek long term growth of capital. The Fund will attempt to achieve its investment objective by
investing, under normal market conditions, at least 80% of its total assets in equity securities (such as common stock and preferred
stock) of companies with small or medium sized market capitalizations (small cap and mid cap companies, respectively) and at least 40%
of its total assets in the equity securities of companies located outside the U.S. and in at least three countries.
2.
Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance,
which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions
in the preparation of its financial statements. 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.
The
global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations,
regions, and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact
the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve
its investment objectives.
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 of Trustees (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 Gabelli Funds,
LLC (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 securities’
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.
The
Gabelli Global Small and Mid Cap Value Trust
Notes
to Financial Statements (Unaudited) (Continued)
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. 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 — 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, 2023 is as follows:
| |
Valuation
Inputs | | |
| |
|
|
Level 1
Quoted Prices |
|
|
Level
2 Other
Significant
Observable Inputs |
|
|
Level
3 Significant
Unobservable
Inputs (a) |
|
|
Total Market Value
at 06/30/23 |
|
INVESTMENTS
IN SECURITIES: | |
| | | |
| | | |
| | | |
| | |
ASSETS
(Market Value): | |
| | | |
| | | |
| | | |
| | |
Common
Stocks: | |
| | | |
| | | |
| | | |
| | |
Diversified
Industrial | |
$ | 10,116,571 | | |
$ | 326,180 | | |
| — | | |
$ | 10,442,751 | |
Health
Care | |
| 8,757,094 | | |
| 56,865 | | |
| — | | |
| 8,813,959 | |
Retail | |
| 3,157,451 | | |
| 76,981 | | |
| — | | |
| 3,234,432 | |
Other
Industries (b) | |
| 116,235,292 | | |
| — | | |
| — | | |
| 116,235,292 | |
Total
Common Stocks | |
| 138,266,408 | | |
| 460,026 | | |
| — | | |
| 138,726,434 | |
Preferred
Stocks (b) | |
| 256,584 | | |
| — | | |
| — | | |
| 256,584 | |
Rights
(b) | |
| — | | |
| 71,037 | | |
$ | 0 | | |
| 71,037 | |
Warrants
(b) | |
| 31,586 | | |
| — | | |
| — | | |
| 31,586 | |
U.S.
Government Obligations | |
| — | | |
| 13,744,864 | | |
| — | | |
| 13,744,864 | |
TOTAL
INVESTMENTS IN SECURITIES – ASSETS | |
$ | 138,554,578 | | |
$ | 14,275,927 | | |
$ | 0 | | |
$ | 152,830,505 | |
| (a) | The
inputs for this security are not readily available and are derived based on the judgment
of the Adviser according to procedures approved by the Board. |
| (b) | Please
refer to the Schedule of Investments for the industry classifications of these portfolio
holdings. |
During
the six months ended June 30, 2023 the Fund did not have transfers into or out of Level 3.
Additional
Information to Evaluate Qualitative Information.
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
The
Gabelli Global Small and Mid Cap Value Trust
Notes
to Financial Statements (Unaudited) (Continued)
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.
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.
The
Gabelli Global Small and Mid Cap Value Trust
Notes
to Financial Statements (Unaudited) (Continued)
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 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, 2023, 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
Gabelli Global Small and Mid Cap Value Trust
Notes
to Financial Statements (Unaudited) (Continued)
The
tax character of distributions paid during the year ended December 31, 2022 was as follows:
| |
Common | | |
Preferred | |
Distributions
paid from: | |
| | | |
| | |
Ordinary
income (inclusive of short term capital gains). | |
$ | 54,910 | | |
$ | — | |
Net
long term capital gains | |
| 5,612,154 | | |
| 272,500 | |
Total
distributions paid | |
$ | 5,667,064 | | |
$ | 272,500 | |
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, 2023:
| |
Cost | | |
Gross
Unrealized Appreciation | | |
Gross
Unrealized Depreciation | | |
Net
Unrealized Appreciation | |
Investments | |
$ | 123,248,507 | | |
$ | 43,388,713 | | |
$ | (13,806,715 | ) | |
$ | 29,581,998 | |
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. For the year ended December 31, 2022, the Fund incurred excise tax expense of $54,761.
As of June 30, 2023, 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, 2023, other than short term securities
and U.S. Government obligations, aggregated $4,754,628 and $9,753,691, respectively. Purchases and sales of U.S. Government obligations
for the six months ended June 30, 2023, aggregated $30,092,094 and $30,791,066, respectively.
5.
Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2023, the Fund paid $1,313 in
brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.
The
Gabelli Global Small and Mid Cap Value Trust
Notes
to Financial Statements (Unaudited) (Continued)
During
the six months ended June 30, 2023, 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 $1,288.
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, 2023, the Fund accrued $22,500 in accounting fees
in the Statement of Operations.
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, 2023, the Fund accrued $86,011 in payroll expenses in the Statement of Operations.
The
Fund pays retainer and per meeting fees to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee and Audit
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, 2023 and the year ended December 31, 2022, the Fund repurchased and retired 138,397 and 177,119 common shares, at investments
of $1,593,413 and $2,085,542, respectively, and at average discounts of 16.57% and 13.78%, from its net asset value.
Transactions
in shares of common stock were as follows:
| |
Six Months
Ended June 30,
2023
(Unaudited) | | |
Year Ended
December 31,
2022 | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | |
Net
decrease from repurchase of common shares | |
| (138,397 | ) | |
$ | (1,593,413 | ) | |
| (177,119 | ) | |
$ | (2,085,542 | ) |
The
Fund has 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 1,200,000 shares of $0.001 par value Cumulative Preferred Shares
(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
The
Gabelli Global Small and Mid Cap Value Trust
Notes
to Financial Statements (Unaudited) (Continued)
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 5.20% Cumulative Preferred Shares receiving $39,875,000 after the deduction
of offering expenses of $125,000. The Series B Preferred has a liquidation value of $10 per share and an annual dividend rate of 4.00%.
The Series B Preferred is subject to mandatory redemption by the Fund on September 26, 2025.
The
Series B Preferred were puttable during the 60 day period prior to September 28, 2022. On September 28, 2022, 800,000 Series B
Shares were put back to the Fund at their liquidation preference of $10 per share plus accrued and unpaid dividends. The Series B
Preferred are puttable during the 60 day period prior to September 26, 2023 and are callable at the Fund’s option at any time
commencing on September 26, 2024 and thereafter. The Series B Preferred is subject to mandatory redemption by the Fund on September
26, 2025. At June 30, 2023, 3,200,000 shares of Series B Preferred were outstanding and accrued dividends amounted to
$23,111.
The
Board of Trustees increased the dividend rate on the Series B Preferred Shares to an annual rate of 5.20% based on the liquidation preference
of the Series B Preferred Shares, effective May 17, 2023.
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.
The
Gabelli Global Small and Mid Cap Value Trust
Notes
to Financial Statements (Unaudited) (Continued)
8.
Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial
statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
Certifications
The
Fund’s Chief Executive Officer has certified to the New York Stock Exchange (NYSE) that, as of June 20, 2023, 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 22, 2023 – Final Results
The
Fund’s Annual Meeting of Shareholders was held virtually on May 22, 2023. At that meeting, common and preferred shareholders, voting
together as a single class, re-elected Mario J. Gabelli, James P. Conn, and Salvatore J. Zizza as Trustees of the Fund, with 7,414,301
votes, 7,406,557 votes, and 7,408,450 votes cast in favor of these Trustees, and 2,791,971 votes, 2,799,715 votes and 2,797,822 votes
withheld for these Trustees, respectively.
Calgary
Avansino, John Birch, Anthony S. Colavita, Kevin V. Dreyer, Frank F. Fahrenkopf, Jr., Agnes Mullady, and Kuni Nakamura continue to serve
in their capacities as Trustees of the Fund.
We
thank you for your participation and appreciate your continued support.
The
Gabelli Global Small and Mid Cap Value Trust
Board
Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)
At
a meeting on May 17, 2023, 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
March 31, 2023) 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 first quartile for the one
year and five year periods, and in the second quartile for the three year period for the Adviser Peer Group and in the third quintile
for the one year period, the first quintile for the three year period, and the second quintile for the five year period for the Lipper
Peer Group. It was noted that because the Fund commenced investment operations on June 23, 2014, the Fund does not have a 10 year performance
record. The Independent Board Members noted the impact of COVID-19 on the current economic environment.
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 expense ratios 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.
The
Gabelli Global Small and Mid Cap Value Trust
Board
Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)
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.
THE
GABELLI GLOBAL SMALL & MID CAP VALUE TRUST
AND
YOUR PERSONAL PRIVACY
Who
are we?
The
Gabelli Global Small & Mid Cap Value Trust is a closed-end management investment company registered with the Securities and
Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO
Investors, Inc., a publicly held company that has subsidiaries that provide investment advisory services for a variety of
clients.
What
kind of non-public information do we collect about you if you become a fund shareholder?
When
you purchase shares of the Fund on the New York Stock Exchange, you have the option of registering directly with our transfer agent in
order, for example, to participate in our dividend reinvestment plan.
| ● | Information
you give us on your application form. This could include your name, address, telephone number, social security number, bank account
number, and other information. |
| ● | Information
about your transactions with us. This would include information about the shares that you buy or sell; it may also include information
about whether you sell or exercise rights that we have issued from time to time. If we hire someone else to provide services —
like a transfer agent — we will also have information about the transactions that you conduct through them. |
What
information do we disclose and to whom do we disclose it?
We
do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our
service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits,
you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations,
Part 248. The Commission often posts information about its regulations on its website, www. sec.gov.
What
do we do to protect your personal information?
We
restrict access to non-public personal information about you to the people who need to know that information in order to provide services
to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic,
and procedural safeguards to keep your personal information confidential.
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. In 2006, he began
serving 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. |
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THE
GABELLI GLOBAL SMALL AND MID CAP VALUE TRUST
One
Corporate Center
Rye,
New York 10580-1422
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t
800-GABELLI (800-422-3554) |
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f 914-921-5118 |
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e info@gabelli.com |
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GABELLI.COM |
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TRUSTEES
Mario
J. Gabelli, CFA
Chairman
and
Chief
Executive Officer,
GAMCO
Investors, Inc.
Executive
Chairman,
Associated
Capital Group Inc.
Calgary
Avansino
Former
Chief Executive Officer,
Glamcam
John
Birch
Partner,
The
Cardinal Partners Global
Anthony
S. Colavita
Attorney,
Anthony
S. Colavita, P.C.
James
P. Conn
Former
Managing Director &
Chief
Investment Officer,
Financial
Security Assurance
Holdings
Ltd.
Kevin
V. Dreyer
Managing
Director,
GAMCO
Investors, Inc.
Frank
J. Fahrenkopf, Jr.
Former
President & Chief
Executive
Officer,
American
Gaming Association
Agnes
Mullady
Former
Senior Vice President,
GAMCO
Investors Inc.
Kuni
Nakamura
President,
Advanced
Polymer, Inc.
Salvatore
J. Zizza
Chairman,
Zizza
& Associates Corp. |
|
OFFICERS
John
C. Ball
President
& Treasurer
Peter
Goldstein
Secretary
& Vice President
Richard
J. Walz
Chief
Compliance Officer
Daniel
Hughes
Vice
President & Ombudsman
Bethany
A. Uhlein
Vice
President & Ombudsman
Laurissa
M. Martire
Vice
President
INVESTMENT
ADVISER
Gabelli
Funds, Inc.
One
Corporate Center
Rye,
New York 10580-1422
CUSTODIAN
State
Street Bank and Trust
Company
COUNSEL
Skadden,
Arps, Slate, Meagher &
Flom,
LLP
TRANSFER
AGENT AND
REGISTRAR
Computershare
Trust Company, N.A. | |
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GGZ
Q2/2023 |
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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.
| (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 of this form. |
| Item
7. | Disclosure
of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not
applicable.
| Item
8. | 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
9. | Purchases
of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
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 01/01/2023
through 01/31/2023 |
Common
- 1,747
Preferred
Series B – N/A |
Common
–$12.46
Preferred
Series B – N/A |
Common
- 1,747
Preferred
Series B – N/A |
Common
– 8,757,479 - 1,747 = 8,755,732
Preferred
Series B – 3,200,000 |
Month
#2 02/01/2023
through
02/28/2023 |
Common
- 400
Preferred
Series B – N/A |
Common
–$12.36
Preferred
Series B – N/A |
Common
- 400
Preferred
Series B – N/A |
Common
– 8,755,732 - 400 = 8,755,332
Preferred
Series B – 3,200,000 |
Month
#3 03/01/2023
through 03/31/2023 |
Common
–5,153
Preferred
Series B – N/A |
Common
–$11.52
Preferred
Series B – N/A |
Common
–5,153
Preferred
Series B – N/A |
Common
– 8,755,332 - 5,153 = 8,750,179
Preferred
Series B – 3,200,000 |
Month
#4 04/01/2023
through 04/30/2023 |
Common
–35,022
Preferred
Series B – N/A |
Common
–$11.53
Preferred
Series B – N/A |
Common
–35,022
Preferred
Series B – N/A |
Common
– 8,750,179 - 35,022 = 8,715,157
Preferred
Series B – 3,200,000 |
Month
#5 05/01/2023
through 05/31/2023 |
Common
- 59,715
Preferred
Series B – N/A |
Common
–$11.34
Preferred
Series B – N/A |
Common
- 59,715
Preferred
Series B – N/A |
Common
– 8,715,157 - 59,715 = 8,655,442
Preferred
Series B – 3,200,000 |
Month
#6 06/01/2023
through 06/30/2023 |
Common
- 36,360
Preferred
Series B – N/A |
Common
–$11.66
Preferred
Series B – N/A |
Common
- 36,360
Preferred
Series B – N/A |
Common
– 8,655,442 - 36,360 = 8,619,082
Preferred
Series B – 3,200,000 |
Total |
Common
-138,397
Preferred
Series B – N/A |
Common
–$11.52
Preferred
Series B – N/A |
Common
-138,397
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
10. | 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 Trustees, 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
11. | 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
12. | Disclosure
of Securities Lending Activities for Closed-End Management Investment Companies. |
Not
applicable.
(a)(2)(1) |
| Not applicable. |
(a)(2)(2) |
| Not applicable. |
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 |
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By (Signature and Title)* |
/s/ John C. Ball |
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John C. Ball, Principal Executive Officer |
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Date |
September 6, 2023 |
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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 |
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John C. Ball, Principal Executive Officer |
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Date |
September 6, 2023 |
|
By (Signature and Title)* |
/s/ John C. Ball |
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John C. Ball, Principal Financial Officer and Treasurer |
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Date |
September 6, 2023 |
|
| * | Print the name and title of each signing officer under his or
her signature. |
Exhibit 99.CERT
Certification
Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I,
John C. Ball, certify that:
| 1. | I have reviewed this report on Form N-CSR of The Gabelli Global Small and Mid Cap Value Trust; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this
report; |
| 4. | The
registrant’s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation;
and |
| (d) | Disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and |
| 5. | The
registrant’s other certifying officer(s) and I have disclosed to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions): |
| (a) | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize, and report financial information; and |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Date: |
September 6, 2023 |
|
/s/ John C. Ball |
|
|
John C. Ball, Principal Executive Officer |
Certification
Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I,
John C. Ball, certify that:
| 1. | I have reviewed this report on Form N-CSR of The Gabelli Global Small and Mid Cap Value Trust; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this
report; |
| 4. | The
registrant’s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation;
and |
| (d) | Disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and |
| 5. | The
registrant’s other certifying officer(s) and I have disclosed to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions): |
| (a) | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize, and report financial information; and |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Date: |
September 6, 2023 |
|
/s/ John C. Ball |
|
|
John C. Ball, Principal Financial Officer and Treasurer |
Exhibit
99.906 CERT
Certification
Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act
I, John C. Ball, Principal Executive Officer
of The Gabelli Global Small and Mid Cap Value Trust (the “Registrant”), certify that:
| 1. | The
Form N-CSR of the Registrant (the “Report”) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
| 2. | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant. |
Date: |
September 6, 2023 |
|
/s/ John C. Ball |
|
|
John C. Ball, Principal Executive Officer |
I, John C. Ball, Principal Financial Officer
and Treasurer of The Gabelli Global Small and Mid Cap Value Trust (the “Registrant”), certify that:
| 1. | The
Form N-CSR of the Registrant (the “Report”) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
| 2. | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant. |
Date: |
September 6, 2023 |
|
/s/ John C. Ball |
|
|
John C. Ball, Principal Financial Officer and Treasurer |
v3.23.2
N-2
|
6 Months Ended |
Jun. 30, 2023
shares
|
Cover [Abstract] |
|
Entity Central Index Key |
0001585855
|
Amendment Flag |
false
|
Document Type |
N-CSRS
|
Entity Registrant Name |
The Gabelli Global Small and Mid Cap Value Trust
|
Document Period End Date |
Jun. 30, 2023
|
General Description of Registrant [Abstract] |
|
Investment Objectives and Practices [Text Block] |
Investment
Objective (Unaudited)
The
Gabelli Global Small and Mid Cap Value Trust 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 (“smallcap” 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.
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Capital Stock [Table Text Block] |
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, 2023 and the year ended December 31, 2022, the Fund repurchased and retired 138,397 and 177,119 common shares, at investments
of $1,593,413 and $2,085,542, respectively, and at average discounts of 16.57% and 13.78%, from its net asset value.
Transactions
in shares of common stock were as follows:
| |
Six Months
Ended June 30,
2023
(Unaudited) | | |
Year Ended
December 31,
2022 | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | |
Net
decrease from repurchase of common shares | |
| (138,397 | ) | |
$ | (1,593,413 | ) | |
| (177,119 | ) | |
$ | (2,085,542 | ) |
The
Fund has 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 1,200,000 shares of $0.001 par value Cumulative Preferred Shares
(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 5.20% Cumulative Preferred Shares receiving $39,875,000 after the deduction
of offering expenses of $125,000. The Series B Preferred has a liquidation value of $10 per share and an annual dividend rate of 4.00%.
The Series B Preferred is subject to mandatory redemption by the Fund on September 26, 2025.
The
Series B Preferred were puttable during the 60 day period prior to September 28, 2022. On September 28, 2022, 800,000 Series B
Shares were put back to the Fund at their liquidation preference of $10 per share plus accrued and unpaid dividends. The Series B
Preferred are puttable during the 60 day period prior to September 26, 2023 and are callable at the Fund’s option at any time
commencing on September 26, 2024 and thereafter. The Series B Preferred is subject to mandatory redemption by the Fund on September
26, 2025. At June 30, 2023, 3,200,000 shares of Series B Preferred were outstanding and accrued dividends amounted to
$23,111.
The
Board of Trustees increased the dividend rate on the Series B Preferred Shares to an annual rate of 5.20% based on the liquidation preference
of the Series B Preferred Shares, effective May 17, 2023.
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.
|
Series B Cumulative Preferred Stock [Member] |
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Outstanding Security, Authorized [Shares] |
4,000,000
|
Outstanding Security, Not Held [Shares] |
3,200,000
|
Common Stocks [Member] |
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Outstanding Security, Not Held [Shares] |
8,619,082
|
Cumulative Preferred Stocks [Member] |
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Security Voting Rights [Text Block] |
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.
|
Preferred Stock Restrictions, Other [Text Block] |
The
Series B Preferred were puttable during the 60 day period prior to September 28, 2022. On September 28, 2022, 800,000 Series B
Shares were put back to the Fund at their liquidation preference of $10 per share plus accrued and unpaid dividends. The Series B
Preferred are puttable during the 60 day period prior to September 26, 2023 and are callable at the Fund’s option at any time
commencing on September 26, 2024 and thereafter. The Series B Preferred is subject to mandatory redemption by the Fund on September
26, 2025. At June 30, 2023, 3,200,000 shares of Series B Preferred were outstanding and accrued dividends amounted to
$23,111.
The
Board of Trustees increased the dividend rate on the Series B Preferred Shares to an annual rate of 5.20% based on the liquidation preference
of the Series B Preferred Shares, effective May 17, 2023.
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.
|
Outstanding Security, Authorized [Shares] |
1,200,000
|
X |
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