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)
Bruce N. Alpert
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, 2021
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, 2021
(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 | Co-Chief Investment Officer | Portfolio Manager |
| BA, Williams College | BSE, University of | BS, Boston College | |
| MBA, Columbia | Pennsylvania | ||
| Business School | MBA, Columbia | ||
| Business School |
To Our Shareholders,
For the six months ended June 30, 2021, the net asset value (NAV) total return of The Gabelli Global Small and Mid Cap Value Trust (the Fund) was 20.1%, compared with a total return of 13.6% for the Morgan Stanley Capital International (MSCI) World SMID Cap Index. The total return for the Fund’s publicly traded shares was 25.2%. The Fund’s NAV per share was $17.90, while the price of the publicly traded shares closed at $16.00 on the New York Stock Exchange (NYSE). See page 2 for additional performance information.
Enclosed are the financial statements, including the schedule of investments, as of June 30, 2021.
| As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com. |
Comparative Results
Average Annual Returns through June 30, 2021 (a) (Unaudited)
| Year
to Date | 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) | 20.13 | % | 69.47 | % | 11.80 | % | 11.99 | % | 8.82 | % | ||||||||||
| Investment Total Return (c) | 25.20 | 89.37 | 14.83 | 13.03 | 6.95 | |||||||||||||||
| MSCI World SMID Cap Index | 13.55 | 47.85 | 12.38 | 13.89 | 9.46 | (d) | ||||||||||||||
| (a) | Performance returns for periods of less than one year are not annualized. 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, 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.
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.
2
Summary of Portfolio Holdings (Unaudited)
The following tables present portfolio holdings as a percent of total investments as of June 30, 2021:
The Gabelli Global Small and Mid Cap Value Trust
| Food and Beverage | 13.3 | % | ||
| Health Care | 7.3 | % | ||
| Diversified Industrial | 6.0 | % | ||
| U.S. Government Obligations | 6.0 | % | ||
| Consumer Products | 5.9 | % | ||
| Business Services | 5.7 | % | ||
| Entertainment | 5.5 | % | ||
| Machinery | 5.1 | % | ||
| Financial Services | 4.7 | % | ||
| Broadcasting | 4.3 | % | ||
| Equipment and Supplies | 3.4 | % | ||
| Hotels and Gaming | 2.9 | % | ||
| Automotive | 2.5 | % | ||
| Cable and Satellite | 2.3 | % | ||
| Electronics | 2.3 | % | ||
| Specialty Chemicals | 2.2 | % | ||
| Automotive: Parts and Accessories | 2.1 | % | ||
| Energy and Utilities: Water | 2.0 | % | ||
| Retail | 1.7 | % | ||
| Aerospace | 1.3 | % |
| Wireless Communications | 1.2 | % | ||
| Building and Construction | 1.1 | % | ||
| Telecommunications | 1.1 | % | ||
| Environmental Services | 1.0 | % | ||
| Energy and Utilities: Integrated | 1.0 | % | ||
| Transportation | 1.0 | % | ||
| Computer Software and Services | 1.0 | % | ||
| Consumer Services | 1.0 | % | ||
| Energy and Utilities: Electric | 0.9 | % | ||
| Metals and Mining | 0.8 | % | ||
| Energy and Utilities: Natural Gas | 0.8 | % | ||
| Publishing | 0.7 | % | ||
| Real Estate | 0.5 | % | ||
| Aviation: Parts and Services | 0.5 | % | ||
| Energy and Utilities: Services | 0.4 | % | ||
| Manufactured Housing and Recreational Vehicles | 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.
3
The Gabelli Global Small and Mid Cap Value Trust
Schedule of Investments — June 30, 2021 (Unaudited)
| Shares | Cost | Market Value | ||||||||||
| COMMON STOCKS — 93.2% | ||||||||||||
| Aerospace — 1.3% | ||||||||||||
| 22,000 | Aerojet Rocketdyne Holdings Inc. | $ | 1,084,658 | $ | 1,062,380 | |||||||
| 9,000 | Allied Motion Technologies Inc. | 212,551 | 310,770 | |||||||||
| 9,000 | Avio SpA | 123,120 | 132,756 | |||||||||
| 8,500 | Kaman Corp. | 475,066 | 428,400 | |||||||||
| 1,000 | L3Harris Technologies Inc. | 79,530 | 216,150 | |||||||||
| 256,666 | Rolls-Royce Holdings plc† | 558,173 | 351,212 | |||||||||
| 2,533,098 | 2,501,668 | |||||||||||
| Automotive — 2.5% | ||||||||||||
| 4,100 | Ferrari NV | 157,078 | 844,805 | |||||||||
| 84,000 | Navistar International Corp.† | 3,428,627 | 3,738,000 | |||||||||
| 2,000 | Traton SE | 58,514 | 63,414 | |||||||||
| 3,644,219 | 4,646,219 | |||||||||||
| Automotive: Parts and Accessories — 2.0% | ||||||||||||
| 49,002 | Brembo SpA | 354,261 | 620,552 | |||||||||
| 90,000 | Dana Inc. | 1,546,665 | 2,138,400 | |||||||||
| 15,000 | Garrett Motion Inc.† | 47,545 | 119,700 | |||||||||
| 2,000 | Linamar Corp. | 71,250 | 125,443 | |||||||||
| 31,400 | Modine Manufacturing Co.† | 399,965 | 520,926 | |||||||||
| 27,000 | Uni-Select Inc.† | 254,169 | 357,430 | |||||||||
| 2,673,855 | 3,882,451 | |||||||||||
| Aviation: Parts and Services — 0.5% | ||||||||||||
| 15,500 | AAR Corp.† | 501,594 | 600,625 | |||||||||
| 1,000 | Curtiss-Wright Corp. | 69,929 | 118,760 | |||||||||
| 4,500 | Ducommun Inc.† | 145,170 | 245,520 | |||||||||
| 716,693 | 964,905 | |||||||||||
| Broadcasting — 4.3% | ||||||||||||
| 45,000 | Beasley Broadcast Group Inc., Cl.A† | 159,874 | 130,050 | |||||||||
| 1,000 | Cogeco Inc. | 61,944 | 77,557 | |||||||||
| 140,000 | Corus Entertainment Inc., Cl.B | 535,362 | 718,296 | |||||||||
| 7,500 | Discovery Inc., Cl.A† | 200,293 | 230,100 | |||||||||
| 5,000 | Discovery Inc., Cl.C† | 192,901 | 144,900 | |||||||||
| 235,000 | Grupo Televisa SAB, ADR | 2,463,825 | 3,355,800 | |||||||||
| 320,000 | ITV plc† | 665,263 | 555,755 | |||||||||
| 500 | Liberty Broadband Corp., Cl.A† | 25,309 | 84,085 | |||||||||
| 603 | Liberty Broadband Corp., Cl.C† | 29,605 | 104,717 | |||||||||
| 2,000 | Liberty Media Corp.- Liberty SiriusXM, Cl.A† | 74,602 | 93,160 | |||||||||
| 188 | Liberty Media Corp.- Liberty | |||||||||||
| SiriusXM, Cl.C† | 4,788 | 8,721 | ||||||||||
| 68,000 | Sinclair Broadcast Group Inc., Cl.A | 2,221,895 | 2,258,960 | |||||||||
| Shares | Cost | Market Value | ||||||||||
| 25,000 | Sirius XM Holdings Inc. | $ | 131,250 | $ | 163,500 | |||||||
| 8,000 | TEGNA Inc. | 120,564 | 150,080 | |||||||||
| 6,887,475 | 8,075,681 | |||||||||||
| Building and Construction — 1.1% | ||||||||||||
| 10,000 | Arcosa Inc. | 267,493 | 587,400 | |||||||||
| 1,400 | Bouygues SA | 58,222 | 51,777 | |||||||||
| 1,000 | Carrier Global Corp. | 19,630 | 48,600 | |||||||||
| 28,000 | GCP Applied Technologies Inc.† | 675,559 | 651,280 | |||||||||
| 7,000 | IES Holdings Inc.† | 122,891 | 359,520 | |||||||||
| 6,000 | Johnson Controls International plc | 220,391 | 411,780 | |||||||||
| 1,364,186 | 2,110,357 | |||||||||||
| Business Services — 5.7% | ||||||||||||
| 5,000 | Clarivate plc† | 108,244 | 137,650 | |||||||||
| 83,000 | Diebold Nixdorf Inc.† | 572,449 | 1,065,720 | |||||||||
| 15,000 | Fly Leasing Ltd., ADR† | 253,150 | 254,100 | |||||||||
| 50,500 | Herc Holdings Inc.† | 1,772,880 | 5,659,535 | |||||||||
| 54,000 | JCDecaux SA† | 1,628,924 | 1,497,033 | |||||||||
| 13,500 | Loomis AB | 399,150 | 422,284 | |||||||||
| 30,000 | Macquarie Infrastructure Corp. | 1,252,559 | 1,148,100 | |||||||||
| 20,000 | Ocean Outdoor Ltd.† | 194,799 | 169,000 | |||||||||
| 4,000 | Ströeer SE & Co. KGaA | 86,799 | 320,390 | |||||||||
| 3,000 | The Interpublic Group of Companies Inc. | 54,590 | 97,470 | |||||||||
| 6,323,544 | 10,771,282 | |||||||||||
| Cable and Satellite — 2.3% | ||||||||||||
| 150 | Cable One Inc. | 240,135 | 286,922 | |||||||||
| 2,900 | Cogeco Communications Inc. | 185,992 | 283,566 | |||||||||
| 40,000 | Euskaltel SA | 524,438 | 520,781 | |||||||||
| 28,000 | Liberty Global plc, Cl.A† | 684,985 | 760,480 | |||||||||
| 50,712 | Liberty Global plc, Cl.C† | 1,299,674 | 1,371,253 | |||||||||
| 25,000 | Liberty Latin America Ltd., Cl.C† | 350,204 | 352,500 | |||||||||
| 14,000 | Megacable Holdings SAB de CV | 58,687 | 49,731 | |||||||||
| 9,000 | Shaw Communications Inc., Cl.B | 252,101 | 260,280 | |||||||||
| 25,000 | WideOpenWest Inc.† | 136,883 | 517,750 | |||||||||
| 3,733,099 | 4,403,263 | |||||||||||
| Computer Software and Services — 1.0% | ||||||||||||
| 8,000 | AVEVA Group plc | 252,920 | 410,342 | |||||||||
| 20,000 | CareCloud Inc.† | 171,104 | 168,400 | |||||||||
| 2,000 | Rocket Internet SE† | 40,123 | 65,453 | |||||||||
| 6,000 | Talend SA, ADR† | 391,983 | 393,600 | |||||||||
| 2,000 | Twitter Inc.† | 33,707 | 137,620 | |||||||||
See accompanying notes to financial statements.
4
The Gabelli Global Small and Mid Cap Value Trust
Schedule of Investments (Continued) — June 30, 2021 (Unaudited)
| Shares | Cost | Market Value | ||||||||||
| COMMON STOCKS (Continued) | ||||||||||||
| Computer Software and Services (Continued) | ||||||||||||
| 2,000 | Zooplus AG† | $ | 239,048 | $ | 647,894 | |||||||
| 1,128,885 | 1,823,309 | |||||||||||
| Consumer Products — 5.9% | ||||||||||||
| 200 | dormakaba Holding AG | 98,379 | 136,288 | |||||||||
| 20,000 | Edgewell Personal Care Co. | 593,195 | 878,000 | |||||||||
| 25,000 | Energizer Holdings Inc. | 1,022,300 | 1,074,500 | |||||||||
| 4,700 | Essity AB, Cl.B | 147,262 | 155,859 | |||||||||
| 13,300 | Hunter Douglas NV† | 1,036,041 | 1,450,884 | |||||||||
| 300 | L’Oreal SA | 48,139 | 133,682 | |||||||||
| 12,000 | Marine Products Corp. | 84,716 | 185,280 | |||||||||
| 15,000 | Mattel Inc.† | 178,197 | 301,500 | |||||||||
| 600 | Nintendo Co. Ltd., ADR | 12,318 | 43,518 | |||||||||
| 4,000 | Salvatore Ferragamo SpA† | 75,357 | 85,587 | |||||||||
| 43,000 | Scandinavian Tobacco Group A/S | 674,560 | 877,656 | |||||||||
| 6,000 | Shiseido Co. Ltd. | 108,513 | 441,298 | |||||||||
| 3,500 | Spectrum Brands Holdings Inc. | 180,815 | 297,640 | |||||||||
| 590,000 | Swedish Match AB | 2,576,145 | 5,031,280 | |||||||||
| 600 | The Aaron’s Co. Inc. | 7,859 | 19,194 | |||||||||
| 6,843,796 | 11,112,166 | |||||||||||
| Consumer Services — 1.0% | ||||||||||||
| 3,000 | Allegion plc | 268,079 | 417,900 | |||||||||
| 17,500 | Ashtead Group plc | 295,726 | 1,298,504 | |||||||||
| 500 | Boyd Group Services Inc. | 72,110 | 90,989 | |||||||||
| 635,915 | 1,807,393 | |||||||||||
| Diversified Industrial — 6.0% | ||||||||||||
| 68,069 | Ampco-Pittsburgh Corp.† | 312,223 | 413,179 | |||||||||
| 34,700 | Ardagh Group SA | 537,226 | 850,844 | |||||||||
| 4,000 | AZZ Inc. | 136,622 | 207,120 | |||||||||
| 3,600 | Crane Co. | 266,344 | 332,532 | |||||||||
| 26,800 | EnPro Industries Inc. | 1,783,158 | 2,603,620 | |||||||||
| 38,000 | Greif Inc., Cl.A | 1,910,291 | 2,300,900 | |||||||||
| 27,000 | Griffon Corp. | 431,009 | 692,010 | |||||||||
| 1,200 | Haynes International Inc. | 36,585 | 42,456 | |||||||||
| 2,000 | Jardine Matheson Holdings Ltd. | 117,441 | 127,840 | |||||||||
| 2,400 | Moog Inc., Cl.A | 143,517 | 201,744 | |||||||||
| 24,200 | Myers Industries Inc. | 387,061 | 508,200 | |||||||||
| 6,000 | Raven Industries Inc. | 115,726 | 347,100 | |||||||||
| 5,000 | Smiths Group plc | 95,104 | 109,972 | |||||||||
| 20,000 | Steel Partners Holdings LP† | 223,990 | 582,400 | |||||||||
| 5,000 | Sulzer AG | 455,145 | 690,624 | |||||||||
| 40,000 | Toray Industries Inc. | 316,267 | 266,115 | |||||||||
| 13,000 | Tredegar Corp. | 222,491 | 179,010 | |||||||||
| 12,000 | Trinity Industries Inc. | 242,785 | 322,680 | |||||||||
| 16,000 | Ultra Electronics Holdings plc | 319,974 | 506,841 | |||||||||
| Shares | Cost | Market Value | ||||||||||
| 10,000 | Wartsila OYJ Abp | $ | 151,588 | $ | 148,397 | |||||||
| 8,204,547 | 11,433,584 | |||||||||||
| Educational Services — 0.1% | ||||||||||||
| 7,000 | Barnes & Noble Education Inc.† | 36,703 | 50,470 | |||||||||
| 15,000 | Universal Technical Institute Inc.† | 59,076 | 97,350 | |||||||||
| 95,779 | 147,820 | |||||||||||
| Electronics — 2.3% | ||||||||||||
| 7,000 | Datalogic SpA | 81,861 | 165,507 | |||||||||
| 20,000 | Resideo Technologies Inc.† | 195,763 | 600,000 | |||||||||
| 37,000 | Sony Group Corp., ADR | 1,659,815 | 3,597,140 | |||||||||
| 1,937,439 | 4,362,647 | |||||||||||
| Energy and Utilities: Alternative Energy — 0.1% | ||||||||||||
| 500 | NextEra Energy Inc. | 36,260 | 36,640 | |||||||||
| 2,000 | NextEra Energy Partners LP | 89,333 | 152,720 | |||||||||
| 125,593 | 189,360 | |||||||||||
| Energy and Utilities: Electric — 0.9% | ||||||||||||
| 31,200 | Algonquin Power & Utilities Corp. | 241,060 | 464,879 | |||||||||
| 7,500 | Fortis Inc. | 222,079 | 331,982 | |||||||||
| 20,000 | PNM Resources Inc. | 978,650 | 975,400 | |||||||||
| 1,441,789 | 1,772,261 | |||||||||||
| Energy and Utilities: Integrated — 1.0% | ||||||||||||
| 14,000 | Avista Corp. | 626,343 | 597,380 | |||||||||
| 3,500 | Emera Inc. | 147,092 | 158,793 | |||||||||
| 15,500 | Hawaiian Electric Industries Inc. | 498,850 | 655,340 | |||||||||
| 100,000 | Hera SpA | 300,327 | 413,115 | |||||||||
| 2,000 | Siemens Gamesa Renewable Energy SA† | 71,880 | 66,782 | |||||||||
| 1,644,492 | 1,891,410 | |||||||||||
| Energy and Utilities: Natural Gas — 0.8% | ||||||||||||
| 24,000 | National Fuel Gas Co. | 1,226,542 | 1,254,000 | |||||||||
| 40,000 | NEL ASA† | 109,725 | 93,285 | |||||||||
| 1,200 | Southwest Gas Holdings Inc. | 62,843 | 79,428 | |||||||||
| 1,399,110 | 1,426,713 | |||||||||||
| Energy and Utilities: Services — 0.4% | ||||||||||||
| 19,500 | Dril-Quip Inc.† | 695,158 | 659,685 | |||||||||
| 1,500 | KLX Energy Services Holdings Inc.† | 13,901 | 14,325 | |||||||||
| 709,059 | 674,010 | |||||||||||
| Energy and Utilities: Water — 2.0% | ||||||||||||
| 70,000 | Beijing Enterprises Water Group Ltd. | 44,488 | 26,506 | |||||||||
| 1,400 | Consolidated Water Co. Ltd. | 16,458 | 16,422 | |||||||||
See accompanying notes to financial statements.
5
The Gabelli Global Small and Mid Cap Value Trust
Schedule of Investments (Continued) — June 30, 2021 (Unaudited)
| Shares | Cost | Market Value | ||||||||||
| COMMON STOCKS (Continued) | ||||||||||||
| Energy and Utilities: Water (Continued) | ||||||||||||
| 17,000 | Mueller Water Products Inc., Cl.A | $ | 150,695 | $ | 245,140 | |||||||
| 90,000 | Primo Water Corp. | 786,054 | 1,505,700 | |||||||||
| 60,500 | Severn Trent plc | 1,745,595 | 2,093,078 | |||||||||
| 2,743,290 | 3,886,846 | |||||||||||
| Entertainment — 5.5% | ||||||||||||
| 46,000 | Borussia Dortmund GmbH & Co. KGaA† | 308,714 | 338,994 | |||||||||
| 244,000 | Entain plc† | 2,154,188 | 5,891,502 | |||||||||
| 16,500 | GAN Ltd.† | 340,473 | 271,260 | |||||||||
| 8,000 | Golden Entertainment Inc.† | 100,421 | 358,400 | |||||||||
| 24,000 | Liberty Media Corp.- Liberty Braves, Cl.A† | 595,907 | 677,280 | |||||||||
| 22,011 | Liberty Media Corp.- Liberty Braves, Cl.C† | 490,608 | 611,245 | |||||||||
| 3,600 | Madison Square Garden Entertainment Corp.† | 236,989 | 302,292 | |||||||||
| 4,000 | Madison Square Garden Sports Corp.† | 676,398 | 690,280 | |||||||||
| 6,000 | Manchester United plc, Cl.A | 95,044 | 91,140 | |||||||||
| 14,000 | ViacomCBS Inc., Cl.A | 734,735 | 678,300 | |||||||||
| 13,000 | Vivendi SE | 315,907 | 436,700 | |||||||||
| 175,000 | Wow Unlimited Media Inc.†(a)(b) | 163,334 | 135,528 | |||||||||
| 6,212,718 | 10,482,921 | |||||||||||
| Environmental Services — 1.0% | ||||||||||||
| 180,000 | Renewi plc† | 70,014 | 136,947 | |||||||||
| 2,000 | Stericycle Inc.† | 135,877 | 143,100 | |||||||||
| 10,000 | Tomra Systems ASA | 117,808 | 551,674 | |||||||||
| 9,000 | Waste Connections Inc. | 599,538 | 1,074,870 | |||||||||
| 923,237 | 1,906,591 | |||||||||||
| Equipment and Supplies — 3.4% | ||||||||||||
| 2,000 | A.O. Smith Corp. | 67,562 | 144,120 | |||||||||
| 20,000 | Commercial Vehicle Group Inc.† | 188,742 | 212,600 | |||||||||
| 31,000 | Flowserve Corp. | 1,231,555 | 1,249,920 | |||||||||
| 11,500 | Graco Inc. | 564,989 | 870,550 | |||||||||
| 18,000 | Interpump Group SpA | 249,267 | 1,065,894 | |||||||||
| 37,000 | Mueller Industries Inc. | 1,062,626 | 1,602,470 | |||||||||
| 1,800 | Snap-on Inc. | 341,177 | 402,174 | |||||||||
| 6,500 | Watts Water Technologies Inc., Cl.A | 586,167 | 948,415 | |||||||||
| 4,292,085 | 6,496,143 | |||||||||||
| Financial Services — 4.5% | ||||||||||||
| 500 | Alleghany Corp.† | 247,056 | 333,535 | |||||||||
| 24,477 | Barings BDC Inc. | 263,866 | 258,477 | |||||||||
| 1,000 | Credit Acceptance Corp.† | 390,020 | 454,110 | |||||||||
| Shares | Cost | Market Value | ||||||||||
| 2,120 | Digital Realty Trust Inc., REIT | $ | 284,727 | $ | 318,975 | |||||||
| 2,000 | EXOR NV | 160,862 | 160,219 | |||||||||
| 53,000 | FinecoBank Banca Fineco SpA† | 350,403 | 923,818 | |||||||||
| 32,000 | Flushing Financial Corp. | 618,111 | 685,760 | |||||||||
| 195,000 | GAM Holding AG† | 777,479 | 423,615 | |||||||||
| 1,000 | Groupe Bruxelles Lambert SA | 82,544 | 111,864 | |||||||||
| 8,500 | H&R Block Inc. | 169,373 | 199,580 | |||||||||
| 11,000 | I3 Verticals Inc., Cl.A† | 222,091 | 332,420 | |||||||||
| 5,000 | Janus Henderson Group plc | 166,693 | 194,050 | |||||||||
| 23,000 | Kinnevik AB, Cl.A | 782,805 | 1,041,680 | |||||||||
| 32,500 | Kinnevik AB, Cl.B | 1,058,166 | 1,301,048 | |||||||||
| 57,686 | Oaktree Specialty Lending Corp. | 330,261 | 385,919 | |||||||||
| 25,000 | Post Holdings Partnering Corp.† | 250,000 | 259,750 | |||||||||
| 1,200 | PROG Holdings Inc. | 41,049 | 57,756 | |||||||||
| 70,000 | Resona Holdings Inc. | 336,109 | 269,175 | |||||||||
| 5,000 | Seven Oaks Acquisition Corp., Cl.A† | 48,533 | 49,450 | |||||||||
| 15,700 | Synovus Financial Corp | 545,465 | 688,916 | |||||||||
| 4,000 | VNV Global AB† | 29,506 | 44,566 | |||||||||
| 7,155,119 | 8,494,683 | |||||||||||
| Food and Beverage — 13.3% | ||||||||||||
| 7,000 | Britvic plc | 68,455 | 90,731 | |||||||||
| 1,000 | Campbell Soup Co. | 33,430 | 45,590 | |||||||||
| 280 | Chocoladefabriken Lindt & Spruengli AG | 1,410,500 | 2,785,626 | |||||||||
| 41,500 | Chr. Hansen Holding A/S | 1,896,918 | 3,745,505 | |||||||||
| 3,000 | Coca-Cola HBC AG† | 67,427 | 108,478 | |||||||||
| 110,000 | Davide Campari-Milano NV | 526,657 | 1,473,235 | |||||||||
| 1,400 | Diageo plc, ADR | 155,671 | 268,366 | |||||||||
| 2,000 | Fevertree Drinks plc | 25,214 | 71,185 | |||||||||
| 9,000 | Fomento Economico Mexicano SAB de CV, ADR | 680,678 | 760,590 | |||||||||
| 1,000 | Heineken Holding NV | 68,070 | 100,730 | |||||||||
| 1,000 | International Flavors & Fragrances Inc. | 114,613 | 149,400 | |||||||||
| 39,000 | ITO EN Ltd. | 1,199,322 | 2,313,425 | |||||||||
| 600 | J & J Snack Foods Corp. | 56,239 | 104,646 | |||||||||
| 13,000 | Kameda Seika Co. Ltd. | 627,202 | 518,385 | |||||||||
| 10,000 | Kerry Group plc, Cl.A | 848,950 | 1,388,513 | |||||||||
| 40,000 | Kikkoman Corp. | 1,095,295 | 2,639,183 | |||||||||
| 7,500 | Luckin Coffee Inc., ADR† | 58,296 | 84,600 | |||||||||
| 113,000 | Maple Leaf Foods Inc. | 2,076,717 | 2,345,507 | |||||||||
| 105,000 | Nissin Foods Co. Ltd. | 80,373 | 80,329 | |||||||||
| 35,000 | Nomad Foods Ltd.† | 615,847 | 989,450 | |||||||||
| 5,000 | Post Holdings Inc. | 311,614 | 542,350 | |||||||||
See accompanying notes to financial statements.
6
The Gabelli Global Small and Mid Cap Value Trust
Schedule of Investments (Continued) — June 30, 2021 (Unaudited)
| Shares | Cost | Market Value | ||||||||||
| COMMON STOCKS (Continued) | ||||||||||||
| Food and Beverage (Continued) | ||||||||||||
| 200,000 | Premier Foods plc | $ | 116,472 | $ | 303,219 | |||||||
| 8,500 | Remy Cointreau SA | 867,760 | 1,754,732 | |||||||||
| 1,800 | Symrise AG | 97,498 | 250,786 | |||||||||
| 9,000 | Treasury Wine Estates Ltd. | 47,872 | 78,835 | |||||||||
| 40,000 | Tsingtao Brewery Co. Ltd., Cl.H | 264,487 | 430,689 | |||||||||
| 215,000 | Vitasoy International Holdings Ltd. | 279,435 | 798,881 | |||||||||
| 16,000 | Yakult Honsha Co. Ltd. | 826,068 | 905,891 | |||||||||
| 14,517,080 | 25,128,857 | |||||||||||
| Health Care — 6.8% | ||||||||||||
| 15,000 | Aurinia Pharmaceuticals Inc.† | 242,869 | 194,400 | |||||||||
| 28,000 | Bausch Health Cos. Inc.† | 595,390 | 820,960 | |||||||||
| 1,150 | Bio-Rad Laboratories Inc., Cl.A† | 425,809 | 740,933 | |||||||||
| 150 | Bio-Rad Laboratories Inc., Cl.B† | 35,257 | 99,365 | |||||||||
| 2,000 | Cardiovascular Systems Inc.† | 35,840 | 85,300 | |||||||||
| 6,000 | CareDx Inc.† | 317,582 | 549,120 | |||||||||
| 2,500 | Catalent Inc.† | 261,199 | 270,300 | |||||||||
| 1,250 | Charles River Laboratories International Inc.† | 154,443 | 462,400 | |||||||||
| 500 | Chemed Corp | 240,390 | 237,250 | |||||||||
| 5,500 | Clovis Oncology Inc.† | 32,683 | 31,900 | |||||||||
| 11,500 | Cutera Inc.† | 196,316 | 563,845 | |||||||||
| 3,000 | DaVita Inc.† | 215,128 | 361,290 | |||||||||
| 4,000 | DENTSPLY SIRONA Inc. | 144,206 | 253,040 | |||||||||
| 18,000 | DLH Holdings Corp.† | 152,843 | 210,240 | |||||||||
| 2,000 | Draegerwerk AG & Co. KGaA | 111,590 | 185,926 | |||||||||
| 3,000 | eHealth Inc.† | 220,697 | 175,200 | |||||||||
| 5,500 | Endo International plc† | 53,221 | 25,740 | |||||||||
| 20,000 | Evolent Health Inc., Cl.A† | 280,601 | 422,400 | |||||||||
| 2,000 | Gerresheimer AG | 138,140 | 221,142 | |||||||||
| 2,500 | Henry Schein Inc.† | 166,504 | 185,475 | |||||||||
| 1,750 | ICU Medical Inc.† | 321,152 | 360,150 | |||||||||
| 4,666 | Idorsia Ltd.† | 57,775 | 128,293 | |||||||||
| 8,000 | InfuSystem Holdings Inc.† | 32,968 | 166,320 | |||||||||
| 4,000 | Integer Holdings Corp.† | 194,771 | 376,800 | |||||||||
| 2,000 | NeoGenomics Inc.† | 56,226 | 90,340 | |||||||||
| 21,250 | Option Care Health Inc.† | 236,645 | 464,738 | |||||||||
| 4,500 | Orthofix Medical Inc.† | 156,521 | 180,495 | |||||||||
| 42,000 | Patterson Cos. Inc. | 1,048,043 | 1,276,380 | |||||||||
| 11,000 | Perrigo Co. plc | 539,163 | 504,350 | |||||||||
| 15,000 | Personalis Inc.† | 295,031 | 379,500 | |||||||||
| 12,500 | PPD Inc.† | 393,566 | 576,125 | |||||||||
| 9,000 | Silk Road Medical Inc.† | 462,163 | 430,740 | |||||||||
| Shares | Cost | Market Value | ||||||||||
| 912 | STERIS plc | $ | 126,302 | $ | 188,146 | |||||||
| 6,000 | SurModics Inc.† | 167,603 | 325,500 | |||||||||
| 2,000 | Teladoc Health Inc.† | 91,560 | 332,580 | |||||||||
| 9,000 | Tenet Healthcare Corp.† | 259,624 | 602,910 | |||||||||
| 500 | The Cooper Companies Inc. | 67,943 | 198,135 | |||||||||
| 15,000 | Trillium Therapeutics Inc.† | 247,726 | 145,500 | |||||||||
| 200 | Zoetis Inc. | 7,312 | 37,272 | |||||||||
| 8,782,802 | 12,860,500 | |||||||||||
| Hotels and Gaming — 2.9% | ||||||||||||
| 2,500 | Caesars Entertainment Inc.† | 80,592 | 259,375 | |||||||||
| 901 | Flutter Entertainment plc† | 80,235 | 163,833 | |||||||||
| 24,000 | Full House Resorts Inc.† | 70,181 | 238,560 | |||||||||
| 48,000 | International Game Technology plc† | 704,421 | 1,150,080 | |||||||||
| 841,250 | Mandarin Oriental International Ltd.† | 1,483,647 | 1,682,500 | |||||||||
| 11,500 | MGM Resorts International | 339,777 | 490,475 | |||||||||
| 4,000 | Red Rock Resorts Inc., Cl.A† | 97,180 | 170,000 | |||||||||
| 300,000 | The Hongkong & Shanghai Hotels Ltd.† | 407,957 | 315,676 | |||||||||
| 11,000 | The Marcus Corp.† | 145,862 | 233,310 | |||||||||
| 6,500 | Wynn Resorts Ltd.† | 721,233 | 794,950 | |||||||||
| 4,131,085 | 5,498,759 | |||||||||||
| Machinery — 5.1% | ||||||||||||
| 19,000 | Astec Industries Inc. | 763,929 | 1,195,860 | |||||||||
| 300 | Bucher Industries AG | 78,593 | 156,866 | |||||||||
| 165,000 | CNH Industrial NV, Borsa Italiana | 1,422,790 | 2,724,409 | |||||||||
| 259,000 | CNH Industrial NV, New York | 2,232,968 | 4,330,480 | |||||||||
| 13,000 | Twin Disc Inc.† | 99,365 | 184,990 | |||||||||
| 8,500 | Xylem Inc. | 458,230 | 1,019,660 | |||||||||
| 5,055,875 | 9,612,265 | |||||||||||
| Manufactured Housing and Recreational Vehicles — 0.3% | ||||||||||||
| 2,600 | Cavco Industries Inc.† | 259,212 | 577,694 | |||||||||
| Metals and Mining — 0.8% | ||||||||||||
| 2,000 | Allegheny Technologies Inc.† | 31,636 | 41,700 | |||||||||
| 25,000 | Cameco Corp. | 245,432 | 479,500 | |||||||||
| 200,000 | Sierra Metals Inc.† | 668,485 | 602,000 | |||||||||
| 4,000 | TimkenSteel Corp.† | 30,320 | 56,600 | |||||||||
| 5,800 | Wheaton Precious Metals Corp. | 186,176 | 255,606 | |||||||||
| 1,162,049 | 1,435,406 | |||||||||||
| Publishing — 0.7% | ||||||||||||
| 1,600 | Graham Holdings Co., Cl.B | 710,319 | 1,014,240 | |||||||||
| 1,500 | Meredith Corp.† | 19,310 | 65,160 | |||||||||
See accompanying notes to financial statements.
7
The Gabelli Global Small and Mid Cap Value Trust
Schedule of Investments (Continued) — June 30, 2021 (Unaudited)
| Shares | Cost | Market Value | ||||||||||
| COMMON STOCKS (Continued) | ||||||||||||
| Publishing (Continued) | ||||||||||||
| 10,000 | The E.W. Scripps Co., Cl.A | $ | 141,538 | $ | 203,900 | |||||||
| 871,167 | 1,283,300 | |||||||||||
| Real Estate — 0.5% | ||||||||||||
| 11,349 | Indus Realty Trust Inc., REIT | 338,315 | 745,062 | |||||||||
| 6,000 | Starwood Property Trust Inc., REIT | 149,200 | 157,020 | |||||||||
| 35,000 | Trinity Place Holdings Inc.† | 89,605 | 73,850 | |||||||||
| 577,120 | 975,932 | |||||||||||
| Retail — 1.7% | ||||||||||||
| 2,500 | AutoNation Inc.† | 98,741 | 237,025 | |||||||||
| 600 | Biglari Holdings Inc., Cl.A† | 318,354 | 467,400 | |||||||||
| 600 | Casey’s General Stores Inc. | 58,896 | 116,784 | |||||||||
| 2,900 | Fnac Darty† | 132,933 | 186,548 | |||||||||
| 4,000 | Hertz Global Holdings Inc.† | 4,495 | 34,960 | |||||||||
| 7,500 | MarineMax Inc.† | 107,718 | 365,550 | |||||||||
| 5,500 | Movado Group Inc. | 87,691 | 173,085 | |||||||||
| 4,000 | Penske Automotive Group Inc. | 150,947 | 301,960 | |||||||||
| 7,000 | PetIQ Inc.† | 164,472 | 270,200 | |||||||||
| 30,000 | Qurate Retail Inc., Cl.A | 213,313 | 392,700 | |||||||||
| 9,000 | Rush Enterprises Inc., Cl.B | 265,452 | 343,260 | |||||||||
| 400,000 | Sun Art Retail Group Ltd.† | 441,576 | 297,773 | |||||||||
| 2,000 | TravelCenters of America Inc.† | 59,240 | 58,480 | |||||||||
| 2,103,828 | 3,245,725 | |||||||||||
| Specialty Chemicals — 2.2% | ||||||||||||
| 7,000 | Ashland Global Holdings Inc. | 411,257 | 612,500 | |||||||||
| 65,000 | Element Solutions Inc. | 691,426 | 1,519,700 | |||||||||
| 10,000 | Ferro Corp.† | 215,591 | 215,700 | |||||||||
| 4,000 | H.B. Fuller Co. | 179,337 | 254,440 | |||||||||
| 16,000 | Huntsman Corp. | 353,791 | 424,320 | |||||||||
| 14,000 | SGL Carbon SE† | 129,553 | 134,298 | |||||||||
| 6,000 | T. Hasegawa Co. Ltd. | 114,881 | 132,860 | |||||||||
| 2,000 | Takasago International Corp. | 51,764 | 48,607 | |||||||||
| 700 | Treatt plc | 3,479 | 11,329 | |||||||||
| 27,000 | Valvoline Inc. | 544,801 | 876,420 | |||||||||
| 2,695,880 | 4,230,174 | |||||||||||
| Telecommunications — 1.1% | ||||||||||||
| 55,000 | Communications Systems Inc. | 334,159 | 394,900 | |||||||||
| 6,000 | Gogo Inc.† | 24,174 | 68,280 | |||||||||
| 6,000 | Hellenic | |||||||||||
| Telecommunications Organization SA, ADR | 41,840 | 52,140 | ||||||||||
| Shares | Cost | Market Value | ||||||||||
| 11,000 | Loral Space & Communications Inc. | $ | 381,169 | $ | 427,350 | |||||||
| 100,000 | Pharol SGPS SA† | 34,665 | 11,976 | |||||||||
| 33,000 | Telekom Austria AG | 210,582 | 281,734 | |||||||||
| 50,000 | Vodafone Group plc, ADR | 1,192,445 | 856,500 | |||||||||
| 2,219,034 | 2,092,880 | |||||||||||
| Transportation — 1.0% | ||||||||||||
| 30,000 | Bollore SA | 127,199 | 160,788 | |||||||||
| 17,500 | Fortress Transportation and Infrastructure Investors LLC | 237,847 | 587,125 | |||||||||
| 12,500 | GATX Corp. | 837,621 | 1,105,875 | |||||||||
| 1,202,667 | 1,853,788 | |||||||||||
| Wireless Communications — 1.2% | ||||||||||||
| 44,000 | Millicom International Cellular SA, SDR† | 2,202,578 | 1,741,882 | |||||||||
| 16,000 | United States Cellular Corp.† | 585,716 | 580,960 | |||||||||
| 2,788,294 | 2,322,842 | |||||||||||
| TOTAL COMMON STOCKS | 119,735,115 | 176,381,805 | ||||||||||
| PREFERRED STOCKS — 0.4% | ||||||||||||
| Automotive: Parts and Accessories — 0.0% | ||||||||||||
| 6,734 | Garrett Motion Inc., Ser.A | 35,353 | 57,912 | |||||||||
| Financial Services — 0.2% | ||||||||||||
| 18,200 | The Phoenix Companies Inc., 7.450%, 01/15/32 | 333,127 | 317,363 | |||||||||
| Health Care — 0.2% | ||||||||||||
| 10,000 | XOMA Corp., Ser.A, 8.625% | 247,561 | 266,800 | |||||||||
| Retail 0.0% | ||||||||||||
| 450 | Qurate Retail Inc., 8.000%, 03/15/31 | 39,466 | 48,712 | |||||||||
| TOTAL PREFERRED STOCKS | 655,507 | 690,787 | ||||||||||
| CONVERTIBLE PREFERRED STOCKS — 0.1% | ||||||||||||
| Automotive: Parts and Accessories — 0.1% | ||||||||||||
| 15,000 | Garrett Motion Inc., Ser.A, 11.000% | 78,750 | 129,000 | |||||||||
| MANDATORY CONVERTIBLE SECURITIES(c) — 0.3% | ||||||||||||
| Health Care — 0.3% | ||||||||||||
| 6,000 | Avantor Inc., Ser.A, 6.250%, 05/15/22 | 308,295 | 657,360 | |||||||||
See accompanying notes to financial statements.
8
The Gabelli Global Small and Mid Cap Value Trust
Schedule of Investments (Continued) — June 30, 2021 (Unaudited)
| Shares | Cost | Market Value | ||||||||||
| RIGHTS — 0.0% | ||||||||||||
| Health Care — 0.0% | ||||||||||||
| 45,000 | Achillion Pharmaceuticals Inc., CVR† | $ | 0 | $ | 22,500 | |||||||
| 1,500 | Tobira Therapeutics Inc., CVR†(d) | 90 | 0 | |||||||||
| 90 | 22,500 | |||||||||||
| TOTAL RIGHTS | 90 | 22,500 | ||||||||||
| WARRANTS — 0.0% | ||||||||||||
| Diversified Industrial — 0.0% | ||||||||||||
| 64,000 | Ampco-Pittsburgh Corp., expire 08/01/25† | 43,720 | 57,600 | |||||||||
| Energy and Utilities: Services — 0.0% | ||||||||||||
| 539 | Weatherford International plc, expire 12/13/23† | 0 | 237 | |||||||||
| TOTAL WARRANTS | 43,720 | 57,837 | ||||||||||
Principal Amount |
| ||||||||||
| U.S. GOVERNMENT OBLIGATIONS — 6.0% | |||||||||||
| $ | 11,341,000 | U.S. Treasury Bills, | |||||||||
| 0.003% to 0.090%††, 07/08/21 to 12/16/21 | 11,340,019 | 11,339,683 | |||||||||
| TOTAL INVESTMENTS — 100.0% | $ | 132,161,496 | 189,278,972 | ||||||||
| Other Assets and Liabilities (Net) | 866,288 | ||||||||||
| PREFERRED SHARES | |||||||||||
| (1,200,000 preferred shares outstanding) | (30,000,000 | ) | |||||||||
| NET ASSETS — COMMON SHARES | |||||||||||
| (8,945,623 common shares outstanding) | $ | 160,145,260 | |||||||||
| NET ASSET VALUE PER COMMON SHARE | |||||||||||
| ($160,145,260 ÷ 8,945,623 shares outstanding) | $ | 17.90 | |||||||||
| (a) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (b) | At June 30, 2021, the Fund held an investment in a restricted and illiquid security amounting to $135,528 or 0.07% of total investments, which was valued under methods approved by the Board of Trustees as follows: |
| Acquisition Shares | Issuer | Acquisition Date | Acquisition Cost | 06/30/21 Carrying Value Per Share | ||||||||||
| 175,000 | Wow Unlimited Media Inc. | 06/05/18 - 03/18/19 | $ | 163,334 | $ | 0.7744 | ||||||||
| (c) | Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder. |
| (d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Right |
| REIT | Real Estate Investment Trust |
| SDR | Swedish Depositary Receipt |
| Geographic Diversification | % of Total Investments | Market Value | ||||||
| United States | 53.2 | % | $ | 100,604,470 | ||||
| Europe | 32.9 | 62,365,477 | ||||||
| Japan | 5.9 | 11,175,597 | ||||||
| Canada | 3.7 | 7,027,257 | ||||||
| Latin America | 2.2 | 4,182,543 | ||||||
| Asia/Pacific | 2.1 | 3,923,628 | ||||||
| Total Investments | 100.0 | % | $ | 189,278,972 | ||||
See accompanying notes to financial statements.
9
The Gabelli Global Small and Mid Cap Value Trust
Statement of Assets and Liabilities
June 30, 2021 (Unaudited)
| Assets: | ||||
| Investments, at value (cost $132,161,496) | $ | 189,278,972 | ||
| Foreign currency, at value (cost $1,061,022) | 1,052,427 | |||
| Cash | 110,046 | |||
| Receivable for investments sold | 164,532 | |||
| Dividends and interest receivable | 291,603 | |||
| Deferred offering expense | 14,973 | |||
| Prepaid expenses | 2,297 | |||
| Total Assets | 190,914,850 | |||
| Liabilities: | ||||
| Distributions payable | 22,708 | |||
| Payable for investments purchased | 412,792 | |||
| Payable for Fund shares repurchased | 12,816 | |||
| Payable for investment advisory fees | 158,260 | |||
| Payable for payroll expenses | 35,627 | |||
| Payable for accounting fees | 3,750 | |||
| Payable for shareholder communications | 74,445 | |||
| Other accrued expenses | 49,192 | |||
| Total Liabilities | 769,590 | |||
| Cumulative Preferred Shares $0.001 par value: | ||||
| Series A Preferred Shares (5.450%, $25 liquidation value, 1,200,000 shares authorized, issued and outstanding) | 30,000,000 | |||
| Net Assets Attributable to Common Shareholders | $ | 160,145,260 | ||
| Net Assets Attributable to Common Shareholders Consist of: | ||||
| Paid-in capital | $ | 98,259,702 | ||
| Total distributable earnings | 61,885,558 | |||
| Net Assets | $ | 160,145,260 | ||
| Net Asset Value per Common Share: | ||||
| ($160,145,260 ÷ 8,945,623 shares outstanding at $0.001 par value; unlimited number of shares authorized) | $ | 17.90 | ||
Statement of Operations
For the Six Months Ended June 30, 2021 (Unaudited)
| Investment Income: | ||||
| Dividends (net of foreign withholding taxes of $72,219) | $ | 1,520,271 | ||
| Non-cash dividends | 1,104,696 | |||
| Interest | 3,735 | |||
| Total Investment Income | 2,628,702 | |||
| Expenses: | ||||
| Investment advisory fees | 907,569 | |||
| Shareholder communications expenses | 74,878 | |||
| Legal and audit fees | 53,348 | |||
| Payroll expenses | 45,661 | |||
| Custodian fees | 28,441 | |||
| Trustees’ fees | 27,632 | |||
| Accounting fees | 22,500 | |||
| Shareholder services fees | 15,751 | |||
| Interest expense | 245 | |||
| Miscellaneous expenses | 34,742 | |||
| Total Expenses | 1,210,767 | |||
| Less: | ||||
| Expenses paid indirectly by broker (See Note 3) | (1,142 | ) | ||
| Net Expenses | 1,209,625 | |||
| Net Investment Income | 1,419,077 | |||
| Net Realized and Unrealized Gain/(Loss) on | ||||
| Investments and Foreign Currency: | ||||
| Net realized gain on investments | 9,058,394 | |||
| Net realized gain on foreign currency transactions | 10,898 | |||
| Net realized gain on investments and foreign currency transactions | 9,069,292 | |||
| Net change in unrealized appreciation/depreciation: on investments | 17,534,147 | |||
| on foreign currency translations | (21,439 | ) | ||
| Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 17,512,708 | |||
| Net Realized and Unrealized Gain on Investments and Foreign Currency | 26,582,000 | |||
| Net Increase in Net Assets Resulting from Operations | 28,001,077 | |||
| Total Distributions to Preferred Shareholders | (817,500 | ) | ||
| Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations | $ | 27,183,577 | ||
See accompanying notes to financial statements.
10
The Gabelli Global Small and Mid Cap Value Trust
Statement of Changes in Net Assets Attributable to Common Shareholders
Six Months Ended June 30, 2021 (Unaudited) |
Year Ended December 31, 2020 | |||||||||||
| Operations: | ||||||||||||
| Net investment income/(loss) | $ | 1,419,077 | $ | (203,530 | ) | |||||||
| Net realized gain on investments and foreign currency transactions | 9,069,292 | 2,403,975 | ||||||||||
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 17,512,708 | 15,770,256 | ||||||||||
| Net Increase in Net Assets Resulting from Operations | 28,001,077 | 17,970,701 | ||||||||||
| Distributions to Preferred Shareholders | (817,500 | )* | (1,635,000 | ) | ||||||||
| Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations | 27,183,577 | 16,335,701 | ||||||||||
| Distributions to Common Shareholders: | ||||||||||||
| Accumulated earnings | (2,872,545 | )* | (476,437 | ) | ||||||||
| Return of capital | — | (5,424,278 | ) | |||||||||
| Total Distributions to Common Shareholders | (2,872,545 | ) | (5,900,715 | ) | ||||||||
| Fund Share Transactions: | ||||||||||||
| Net decrease from repurchase of common shares | (1,850,105 | ) | (3,739,860 | ) | ||||||||
| Net Decrease in Net Assets from Fund Share Transactions | (1,850,105 | ) | (3,739,860 | ) | ||||||||
| Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders | 22,460,927 | (6,695,126 | ) | |||||||||
| Net Assets Attributable to Common Shareholders: | ||||||||||||
| Beginning of year | 137,684,333 | 130,989,207 | ||||||||||
| End of period | $ | 160,145,260 | $ | 137,684,333 | ||||||||
| * | Based on year to date book income. Amounts are subject to change and recharacterization at year end. |
See accompanying notes to financial statements.
11
The Gabelli Global Small and Mid Cap Value Trust
Financial Highlights
Selected data for a common share of beneficial interest outstanding throughout each period:
| Six Months Ended | ||||||||||||||||||||||||
| June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
| (Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
| Operating Performance: | ||||||||||||||||||||||||
| Net asset value, beginning of year | $ | 15.17 | $ | 13.85 | $ | 12.41 | $ | 14.63 | $ | 12.57 | $ | 12.20 | ||||||||||||
| Net investment income/(loss) | 0.16 | (a) | (0.02 | ) | 0.11 | (a) | 0.07 | (0.01 | )(b) | 0.10 | ||||||||||||||
| Net realized and unrealized gain/(loss) on investments and foreign currency transactions | 2.95 | 2.09 | 2.01 | (2.25 | ) | 3.34 | 0.60 | |||||||||||||||||
| Total from investment operations | 3.11 | 2.07 | 2.12 | (2.18 | ) | 3.33 | 0.70 | |||||||||||||||||
| Distributions to Preferred Shareholders: (c) | ||||||||||||||||||||||||
| Net investment income | (0.01 | )* | — | (0.05 | ) | (0.05 | ) | (0.04 | ) | (0.04 | ) | |||||||||||||
| Net realized gain | (0.08 | )* | (0.18 | ) | (0.12 | ) | (0.11 | ) | (0.14 | ) | (0.10 | ) | ||||||||||||
| Return of capital | — | — | — | — | (0.03 | ) | — | |||||||||||||||||
| Total distributions to preferred shareholders | (0.09 | ) | (0.18 | ) | (0.17 | ) | (0.16 | ) | (0.21 | ) | (0.14 | ) | ||||||||||||
| Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations | 3.02 | 1.89 | 1.95 | (2.34 | ) | 3.12 | 0.56 | |||||||||||||||||
| Distributions to Common Shareholders: | ||||||||||||||||||||||||
| Net investment income | (0.03 | )* | — | (0.12 | ) | — | — | (0.04 | ) | |||||||||||||||
| Net realized gain | (0.29 | )* | (0.05 | ) | (0.28 | ) | — | — | (0.08 | ) | ||||||||||||||
| Return of capital | — | (0.59 | ) | (0.16 | ) | — | — | — | ||||||||||||||||
| Total distributions to common shareholders | (0.32 | ) | (0.64 | ) | (0.56 | ) | — | — | (0.12 | ) | ||||||||||||||
| Fund Share Transactions: | ||||||||||||||||||||||||
| Increase in net asset value from repurchase of common shares | 0.03 | 0.07 | 0.05 | 0.13 | 0.01 | 0.07 | ||||||||||||||||||
| Offering costs and adjustment to offering costs for preferred shares charged to paid-in capital | — | — | — | (0.00 | )(d) | 0.00 | (d) | (0.14 | ) | |||||||||||||||
| Offering costs for common shares charged to paid-in capital | — | — | — | (0.01 | ) | (0.05 | ) | — | ||||||||||||||||
| Decrease in net asset value from rights offering | — | — | — | — | (1.02 | ) | — | |||||||||||||||||
| Total Fund share transactions | 0.03 | 0.07 | 0.05 | 0.12 | (1.06 | ) | (0.07 | ) | ||||||||||||||||
| Net Asset Value Attributable to Common | ||||||||||||||||||||||||
| Shareholders, End of Period | $ | 17.90 | $ | 15.17 | $ | 13.85 | $ | 12.41 | $ | 14.63 | $ | 12.57 | ||||||||||||
| NAV total return † | 20.13 | % | 16.01 | % | 16.27 | % | (15.17 | )% | 24.62 | % | 4.02 | % | ||||||||||||
| Market value, end of period | $ | 16.00 | $ | 13.05 | $ | 11.84 | $ | 9.80 | $ | 12.74 | $ | 10.60 | ||||||||||||
| Investment total return †† | 25.20 | % | 17.99 | % | 26.77 | % | (23.08 | )% | 25.40 | % | 2.40 | % | ||||||||||||
| Ratios to Average Net Assets and Supplemental Data: | ||||||||||||||||||||||||
| Net assets including liquidation value of preferred shares, end of period (in 000’s) | $ | 190,145 | $ | 167,684 | $ | 160,989 | $ | 150,353 | $ | 180,933 | $ | 127,960 | ||||||||||||
| Net assets attributable to common shares, end of period (in 000’s) | $ | 160,145 | $ | 137,684 | $ | 130,989 | $ | 120,353 | $ | 150,933 | $ | 97,960 | ||||||||||||
| Ratio of net investment income/(loss) to average net assets attributable to common shares before preferred share distributions | 1.87 | %(a)(e) | (0.18 | )% | 0.83 | %(a) | 0.49 | % | (0.16 | )% | 0.80 | % | ||||||||||||
| Ratio of operating expenses to average net assets attributable to common shares (f)(g) | 1.60 | %(e) | 1.82 | % | 1.73 | % | 1.68 | % | 1.76 | % | 1.72 | % | ||||||||||||
| Portfolio turnover rate | 12 | % | 14 | % | 35 | % | 80 | % | 70 | % | 77 | % | ||||||||||||
See accompanying notes to financial statements.
12
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, 2021 | Year Ended December 31, | |||||||||||||||||||||||
| (Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
| 5.450% Series A Cumulative Preferred Shares | ||||||||||||||||||||||||
| Liquidation value, end of period (in 000’s) | $ | 30,000 | $ | 30,000 | $ | 30,000 | $ | 30,000 | $ | 30,000 | $ | 30,000 | ||||||||||||
| Total shares outstanding (in 000’s) | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 | ||||||||||||||||||
| Liquidation preference per share | $ | 25.00 | $ | 25.00 | $ | 25.00 | $ | 25.00 | $ | 25.00 | $ | 25.00 | ||||||||||||
| Average market value (h) | $ | 26.02 | $ | 25.62 | $ | 25.51 | $ | 24.97 | $ | 25.30 | $ | 25.32 | ||||||||||||
| Asset coverage per share | $ | 158.45 | $ | 139.74 | $ | 134.16 | $ | 125.31 | $ | 150.78 | $ | 106.63 | ||||||||||||
| Asset Coverage | 634 | % | 559 | % | 537 | % | 501 | % | 603 | % | 427 | % | ||||||||||||
| † | 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. Total return for a period of less than one year is not annualized. |
| †† | Based on market value per share, adjusted for reinvestment of distributions at prices determined under the Fund’s dividend reinvestment plan and adjustments for the rights offering. Total return for a period of less than one year is not annualized. |
| * | Based on year to date book income. Amounts are subject to change and recharacterization at year end. |
| (a) | Includes income resulting from special dividends for the six months ended June 30, 2021 and the year ended December 31, 2019. Without these dividends, the per share income amount would have been 0.04 and 0.06 and the net investment income ratio would have been 0.41% and 0.46%. |
| (b) | Per share amounts have been calculated using the average shares outstanding method. |
| (c) | Calculated based on average common shares outstanding on the record dates throughout the periods. |
| (d) | Amount represents less than $0.005 per share. |
| (e) | Annualized. |
| (f) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented there was no impact on the expense ratios. |
| (g) | Ratio of operating expenses to average net assets including liquidation value of preferred shares for the six months ended June 30, 2021 and the years ended December 31, 2020, 2019, 2018, 2017, and 2016 would have been 1.34%, 1.44%, 1.40%, 1.39%, 1.39%, and 1.44%, respectively. |
| (h) | Based on weekly prices. |
See accompanying notes to financial statements.
13
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) is a diversified closed-end management investment company organized as a Delaware statutory trust on August 19, 2013 and registered under the Investment Company Act of 1940, as amended (the 1940 Act). Investment operations commenced 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
14
The Gabelli Global Small and Mid Cap Value Trust
Notes to Financial Statements (Unaudited) (Continued)
service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.
Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. 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, 2021 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 06/30/21 | |||||||||||||
| INVESTMENTS IN SECURITIES: | ||||||||||||||||
| ASSETS (Market Value): | ||||||||||||||||
| Common Stocks: | ||||||||||||||||
| Entertainment | $ | 10,347,393 | $ | 135,528 | — | $ | 10,482,921 | |||||||||
| Health Care | 12,761,135 | 99,365 | — | 12,860,500 | ||||||||||||
| Other Industries (b) | 153,038,384 | — | — | 153,038,384 | ||||||||||||
| Total Common Stocks | 176,146,912 | 234,893 | — | 176,381,805 | ||||||||||||
| Preferred Stocks (b) | 373,424 | 317,363 | — | 690,787 | ||||||||||||
| Convertible Preferred Stocks (b) | 129,000 | — | — | 129,000 | ||||||||||||
| Mandatory Convertible Securities (b) | 657,360 | — | — | 657,360 | ||||||||||||
| Rights (b) | — | 22,500 | $ | 0 | 22,500 | |||||||||||
| Warrants (b) | 57,837 | — | — | 57,837 | ||||||||||||
| U.S. Government Obligations | — | 11,339,683 | — | 11,339,683 | ||||||||||||
| TOTAL INVESTMENTS IN SECURITIES – ASSETS | $ | 177,364,533 | $ | 11,914,439 | $ | 0 | $ | 189,278,972 | ||||||||
| (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 of Trustees. |
| (b) | Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings. |
15
The Gabelli Global Small and Mid Cap Value Trust
Notes to Financial Statements (Unaudited) (Continued)
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 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.
Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2021, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was 3 basis points.
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.
16
The Gabelli Global Small and Mid Cap Value Trust
Notes to Financial Statements (Unaudited) (Continued)
Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.
Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Restricted Securities. The Fund is not subject to an independent limitation on the amount it may invest in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of 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. For the restricted security held as of June 30, 2021, please refer to the Schedule of Investments.
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
17
The Gabelli Global Small and Mid Cap Value Trust
Notes to Financial Statements (Unaudited) (Continued)
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 5.450% Series A Cumulative Preferred Shares (Series A Preferred) are recorded on a daily basis and are determined as described in Note 5.
The tax character of distributions paid during the year ended December 31, 2020 was as follows:
| Common | Preferred | |||||||
| Distributions paid from: | ||||||||
| Ordinary income (inclusive of short term capital gains) | $ | 8,229 | $ | 28,240 | ||||
| Net long term capital gains | 468,208 | 1,606,760 | ||||||
| Return of capital | 5,424,278 | — | ||||||
| Total distributions paid | $ | 5,900,715 | $ | 1,635,000 | ||||
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, 2021:
| Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation | |||||
| Investments | $133,833,268 | $60,242,420 | $(4,796,716) | $55,445,704 |
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. During the six months ended June 30, 2021, the Fund did not incur any income tax, interest or penalties. As of June 30, 2021, 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
18
The Gabelli Global Small and Mid Cap Value Trust
Notes to Financial Statements (Unaudited) (Continued)
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.
During the six months ended June 30, 2021, the Fund paid $2,580 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.
During the six months ended June 30, 2021, 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 $1,142.
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, 2021, 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, 2021, the Fund accrued $45,661 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.
4. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2021, other than short term securities and U.S. Government obligations, aggregated $20,719,964 and $24,462,558, respectively.
5. Capital. The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.001). The NAV per share of the Fund was reduced by approximately $1.02 per share on the day the additional shares were issued below NAV. 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, 2021 and the year ended December 31, 2020 the Fund repurchased and retired 131,941 and 381,313 common shares, respectively, at an investment of $1,850,105 and $3,739,860, respectively, and an average discount of 14.45% and 17.49%, respectively, from its net asset value.
19
The Gabelli Global Small and Mid Cap Value Trust
Notes to Financial Statements (Unaudited) (Continued)
Transactions in shares of common stock were as follows:
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Net decrease from repurchase of common shares | (131,941 | ) | $ | (1,850,105 | ) | (381,313 | ) | $ | (3,739,860 | ) | ||||||
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. Dividends on the Series A Preferred are cumulative. 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 of $25 per share 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 May 10, 2016, the Fund received $28,885,357 (after underwriting discounts of $945,000 and offering expenses of $169,643) from the public offering of 1,200,000 shares of Series A Preferred. Commencing May 10, 2021 and at any time thereafter, the Fund, at its option, may redeem the Series A Preferred in whole or in part at the redemption price plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares. In addition, the Board has authorized the repurchase of Series A Preferred Shares in the open market at prices less than the $25 liquidation value per share. During the six months ended June 30, 2021 and the year ended December 31, 2020, the Fund did not repurchase any of the Series A Preferred. At June 30, 2021, 1,200,000 Series A Preferred were outstanding and accrued dividends amounted to $22,708.
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.
20
The Gabelli Global Small and Mid Cap Value Trust
Notes to Financial Statements (Unaudited) (Continued)
6. 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.
7. 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 7, 2021, 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 10, 2021 – Final Results
The Fund’s Annual Meeting of Shareholders was held virtually on May 10, 2021. At that meeting, common and preferred shareholders, voting together as a single class, elected Calgary Avansino, Anthony S. Colavita, and Agnes Mullady as Trustees of the Fund, with 8,734,321 votes, 8,740,347 votes and 8,706,648 votes cast in favor of these Trustees, and 211,933 votes, 205,907 votes and 239,605 votes withheld for these Trustees, respectively.
In addition, preferred shareholders, voting as a separate class, re-elected Frank J. Fahrenkopf, Jr. as a Trustee of the Fund, with 667,259 votes cast in favor of this Trustee and 16,758 votes withheld for this Trustee.
John Birch, James P. Conn, Kevin V. Dreyer, Mario J. Gabelli, Kuni Nakamura, and Salvatore J. Zizza continue to serve in their capacities as Trustees of the Fund.
We thank you for your participation and appreciate your continued support.
21
The Gabelli Global Small and Mid Cap Value Trust
Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)
At a meeting on May 12, 2021, 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, 2021) against a peer group of 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, three year and five year periods for the Adviser Peer Group and in the first quartile for the one year period and the second quartile for the three year and five year periods 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.
22
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.
23
AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS
Under the Fund’s Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan (the “Plan”), a shareholder whose shares of common s tock are registered in his or her own name will have all distributions reinvested automatically by Computershare Trust Company, N.A. (“Computershare”), which is an agent under the Plan, unless the shareholder elects to receive cash. Distributions with respect to shares registered in the name of a broker-dealer or other nominee (that is, in “street name”) will be reinvested by the broker or nominee in additional shares under the Plan, unless the service is not provided by the broker or nominee or the shareholder elects to receive distributions in cash. Investors who own shares of common stock registered in street name should consult their broker-dealers for details regarding reinvestment. All distributions to investors who do not participate in the Plan will be paid by check mailed directly to the record holder by Computershare as dividend-disbursing agent.
Enrollment in the Plan
It is the policy of The Gabelli Global Small and Mid Cap Value Trust (GGZ) (the “Fund”) to automatically reinvest dividends payable to common shareholders. As a “registered” shareholder you automatically become a participant in the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”). The Plan authorizes the Fund to credit common shares to participants upon an income dividend or a capital gains distribution regardless of whether the shares are trading at a discount or a premium to net asset value. All distributions to shareholders whose shares are registered in their own names will be automatically reinvested pursuant to the Plan in additional shares of the Fund. Plan participants may send their common shares certificates to Computershare Trust Company, N.A. (“Computershare”) to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distributions in cash may submit this request through the Internet, by telephone or in writing to:
The Gabelli Global Small and Mid Cap Value Trust
c/o Computershare
P.O. Box 505000
Louisville, KY 40233-5000
Telephone: (800) 336-6983
Website: www.computershare.com/investor
Shareholders requesting this cash election must include the shareholder’s name and address as they appear on the Fund’s records. Shareholders with additional questions regarding the Plan or requesting a copy of the terms of the Plan, may contact Computershare at the website or telephone number above.
If your shares are held in the name of a broker, bank, or nominee, you should contact such institution. If such institution is not participating in the Plan, your account will be credited with a cash dividend. In order to participate in the Plan through such institution, it may be necessary for you to have your shares taken out of “street name” and re-registered in your own name. Once registered in your own name your distributions will be automatically reinvested. Certain brokers participate in the Plan. Shareholders holding shares in “street name” at participating institutions will have dividends automatically reinvested. Shareholders wishing a cash dividend at such institution must contact their broker to make this change.
The number of shares of common shares distributed to participants in the Plan in lieu of cash dividends is determined in the following manner. Under the Plan, whenever the market price of the Fund’s common shares is equal to or exceeds net asset value at the time shares are valued for purposes of determining the number of shares equivalent to the cash dividends or capital gains distribution, participants are issued shares of common shares valued at the greater of (i) the net asset value as most recently determined or (ii) 95% of the then current market price of the Fund’s common shares The valuation date is the dividend or distribution payment date or, if that date is not a New York Stock Exchange (“NYSE”) trading day, the next trading day. If the net asset value of the common shares at the time of valuation exceeds the market price of the common shares, participants will receive shares from the Fund valued at market price. If the Fund should declare a dividend or capital gains distribution payable only in cash, Computershare will buy shares of common shares in the open market, or on the NYSE or elsewhere, for the participants’ accounts, except that Computershare will endeavor to terminate purchases in the open market and cause the Fund to issue shares at net asset value if, following the commencement of such purchases, the market value of the common shares exceeds the then current net asset value.
The automatic reinvestment of dividends and capital gains distributions will not relieve participants of any income tax which may be payable on such distributions. A participant in the Plan will be treated for federal income tax purposes as having received, on a dividend payment date, a dividend or distribution in an amount equal to the cash the participant could have received instead of shares.
AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS
(Continued)
Voluntary Cash Purchase Plan
The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders to increase their investment in the Fund. In order to participate in the Voluntary Cash Purchase Plan, shareholders must have their shares registered in their own name.
Participants in the Voluntary Cash Purchase Plan have the option of making additional cash payments to Computershare for investments in the Fund’s shares at the then current market price. shareholders may send an amount from $250 to $10,000. Computershare will use these funds to purchase shares in the open market on or about the 1st and 15th of each month. Computershare will charge each shareholder who participates $0.75, plus a per share fee (currently $0.02 per share). Per share fees include any applicable brokerage commissions Computershare is required to pay and fees for such purchases are expected to be less than the usual fees for such transactions. It is suggested that any voluntary cash payments be sent to Computershare, P.O. Box 6006, Carol Stream, IL 60197-6006 such that Computershare receives such payments approximately two business days before the 1st and 15th of the month. Funds not received at least two business days before the investment date shall be held for investment until the next purchase date. A payment may be withdrawn without charge if notice is received by Computershare at least two business days before such payment is to be invested.
Shareholders wishing to liquidate shares held at Computershare may do so through the Internet, in writing or by telephone to the above-mentioned website, address or telephone number. Include in your request your name, address, and account number. Computershare will sell such shares through a broker-dealer selected by Computershare within 5 business days of receipt of the request. The sale price will equal the weighted average price of all shares sold through the Plan on the day of the sale, less applicable fees. Participants should note that Computershare is unable to accept instructions to sell on a specific date or at a specific price. The cost to liquidate shares is $2.50 per transaction as well as the per share fee (currently $0.10 per share) Per share fees include any applicable brokerage commissions Computershare is required to pay and are expected to be less than the usual fees for such transactions.
More information regarding the Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan is available by calling (914) 921-5070 or by writing directly to the Fund.
The Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to written notice of the change sent to the members of the Plan at least 30 days before the record date for such dividend or distribution. The Plan also may be amended or terminated by Computershare on at least 30 days written notice to participants in the Plan.
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.
| We have separated the portfolio managers’ commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the contents of the portfolio managers’ commentary are unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com. |
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. |
| THE GABELLI GLOBAL SMALL AND MID CAP VALUE TRUST | |
| One Corporate Center | |
| Rye, New York 10580-1422 | |
| t 800-GABELLI (800-422-3554) | |
| f 914-921-5118 | |
| e info@gabelli.com | |
| GABELLI.COM | |
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
Bruce N. Alpert President
John C. Ball Treasurer
Peter Goldstein Secretary & Vice President
Richard J. Walz Chief Compliance Officer
Laurissa M. Matire Vice President
Bethany A. Uhlein Vice President and Ombudsman
INVESTMENT ADVISER
Gabelli Funds, Inc. One Corporate Center Rye, New York 10580-1422
CUSTODIAN
The Bank of New York Mellon
COUNSEL
Skadden, Arps, Slate, Meagher & Flom, LLP
TRANSFER AGENT AND REGISTRAR
Computershare Trust Company, N.A.
|
| GGZ Q2/2021 | |
| (b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
| (a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
| (b) | Not applicable. |
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 |
(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 01/01/2021 through 01/31/2021 |
Common – 48,000 Preferred Series A – N/A |
Common – $13.17 Preferred Series A – N/A |
Common – 48,000 Preferred Series A – N/A |
Common – 9,077,564 - 48,000 = 9,029,564 Preferred Series A – 1,200,000 |
| Month #2 02/01/2021 through 02/28/2021 |
Common – 27,281 Preferred Series A – N/A |
Common – $13.58 Preferred Series A – N/A |
Common – 27,281 Preferred Series A – N/A |
Common – 9,029,564 - 27,281 = 9,002,283 Preferred Series A – 1,200,000 |
| Month #3 03/01/2021 through 03/31/2021 |
Common – 24,839 Preferred Series A – N/A |
Common – $14.48 Preferred Series A – N/A |
Common – 24,839 Preferred Series A – N/A |
Common – 9,002,283 - 24,839 = 8,977,444 Preferred Series A – 1,200,000 |
| Month #4 04/01/2021 through 04/30/2021 |
Common – 20,017 Preferred Series A – N/A |
Common – $14.89 Preferred Series A – N/A |
Common – 20,017 Preferred Series A – N/A |
Common – 8,977,444 - 20,017 = 8,957,427 Preferred Series A – 1,200,000 |
| Month #5 05/01/2021 through 05/31/2021 |
Common – 1,604 Preferred Series A – N/A |
Common – $15.40 Preferred Series A – N/A |
Common – 1,604 Preferred Series A – N/A |
Common – 8,957,427 - 1,604 = 8,955,823 Preferred Series A – 1,200,000 |
| Month #6 06/01/2021 through 06/30/2021 |
Common – 10,200 Preferred Series A – N/A |
Common – $16.12 Preferred Series A – N/A |
Common – 10,200 Preferred Series A – N/A |
Common – 8,955,823 - 10,200 = 8,945,623 Preferred Series A – 1,200,000 |
| Total | Common – 131,931 Preferred Series A – N/A |
Common – $14.35 Preferred Series A – N/A |
Common – 131,931 Preferred Series A – 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 in the Fund’s reports to shareholders in accordance 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 the liquidation value of $25.00. |
| c. | The expiration date (if any) of each plan or program 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.
Item 13. Exhibits.
| (a)(1) | Not applicable. |
| (a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
| (a)(3) | Not applicable. |
| (a)(4) | Not applicable. |
| (b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | The Gabelli Global Small and Mid Cap Value Trust |
| By (Signature and Title)* | /s/ Bruce N. Alpert | ||
| Bruce N. Alpert, Principal Executive Officer |
| Date | September 3, 2021 |
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/ Bruce N. Alpert | ||
| Bruce N. Alpert, Principal Executive Officer |
| Date | September 3, 2021 |
| By (Signature and Title)* | /s/ John C. Ball | ||
| John C. Ball, Principal Financial Officer and Treasurer |
| Date | September 3, 2021 |
* Print the name and title of each signing officer under his or her signature.