[Form 4] Gabelli Global Small & Mid Cap Value Trust Insider Trading Activity

Rhea-AI Filing Summary

Mario J. Gabelli reported purchases of Series E Cumulative Preferred Shares of Gabelli Global Small & Mid Cap Value Trust (GGZ). The filing shows a direct purchase of 750,000 shares at $10 per share and additional indirect acquisitions through affiliated entities: 200,000 shares held by Associated Capital Group, Inc., 100,000 held by GGCP, Inc., and 100,000 held by CIBL, Inc., each at $10 per share. The explanatory notes state Mr. Gabelli’s roles with those entities and that he disclaims beneficial ownership of shares held by those entities beyond his indirect pecuniary interest.

Positive

• Direct acquisition of 750,000 Series E preferred shares at $10 per share increases reported personal stake
• Additional 400,000 Series E preferred shares held indirectly across three affiliated entities, improving overall affiliated exposure
• Clear explanatory disclosures describe roles and disclaimers regarding beneficial ownership, enhancing transparency

Negative

• None.

Insights

Securities Analyst

TL;DR Insider increased both direct and indirect holdings in GGZ preferred shares, with clear attribution to affiliated entities.

The report documents non-derivative purchases of Series E cumulative preferred shares at $10 per share, including a substantial direct acquisition and additional positions held via affiliated entities. The explanation clarifies governance roles and a disclaimer of beneficial ownership beyond indirect pecuniary interest, which is typical where ownership is held through controlled entities. The transactions are straightforward cash purchases of preferred shares and do not disclose any sales or derivative activity.

Corporate Governance Expert

TL;DR Reporting person shows increased exposure while formally limiting declared beneficial ownership of entity-held shares.

The filing distinguishes direct ownership from indirect holdings through Associated Capital Group, GGCP and CIBL, and includes standard disclaimers that Mr. Gabelli does not claim beneficial ownership beyond his indirect pecuniary interest. This provides transparency about control relationships and clarifies the reporting lines for investors and regulators. No amendments or corrective statements are present in the provided content.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

GABELLI MARIO J

(Last) (First) (Middle)

C/O GAMCO INVESTORS, INC.

ONE CORPORATE CENTER

(Street)

RYE NY 10580

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Gabelli Global Small & Mid Cap Value Trust [ GGZ.E ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)	X	Other (specify below)
			Control Person of Adviser

3. Date of Earliest Transaction (Month/Day/Year)
09/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Series E Cumulative Preferred Shares	09/26/2025		P		750,000	A	$10	750,000	D
Series E Cumulative Preferred Shares	09/26/2025		P		200,000	A	$10	200,000	I	Associated Capital Group, Inc.(1)
Series E Cumulative Preferred Shares	09/26/2025		P		100,000	A	$10	100,000	I	GGCP, Inc.(2)
Series E Cumulative Preferred Shares	09/26/2025		P		100,000	A	$10	100,000	I	CIBL, Inc.(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares reported reflect the total shares owned by Associated Capital Group, Inc. (ACG). Mario J. Gabelli is the Executive Chair and controlling shareholder of ACG. Mr. Gabelli has less than a 100% interest in ACG and disclaims beneficial ownership of the shares held by it which are in excess of his indirect pecuniary interest.

2. The shares reported reflect the total shares owned by GGCP, Inc. (GGCP). Mario J. Gabelli is the Chief Executive Officer, a director, and the controlling shareholder of GGCP. Mr. Gabelli has less than a 100% interest in GGCP and disclaims beneficial ownership of the shares held by it which are in excess of his indirect pecuniary interest.

3. The shares reported reflect the total shares owned by CIBL, Inc. (CIBL). Mario J. Gabelli is the Executive Chair and CEO of CIBL. Mr. Gabelli has less than a 100% interest in CIBL and disclaims beneficial ownership of the shares held by it which are in excess of his indirect pecuniary interest.

	Douglas R. Jamieson as Attorney-in-Fact for Mario J. Gabelli	09/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What securities did Mario J. Gabelli acquire in the Form 4 for GGZ?

The filing reports acquisitions of Series E Cumulative Preferred Shares: 750,000 shares direct and 200,000, 100,000, and 100,000 shares held indirectly by affiliated entities, all at $10 per share.

How much of GGZ Series E preferred stock is held indirectly through affiliates?

The Form 4 shows 400,000 Series E preferred shares held indirectly: 200,000 by Associated Capital Group, Inc., 100,000 by GGCP, Inc., and 100,000 by CIBL, Inc.

Does Mario J. Gabelli claim full beneficial ownership of the shares held by affiliated entities?

No. The filing states Mr. Gabelli disclaims beneficial ownership of shares held by those entities beyond his indirect pecuniary interest.

Were any derivative transactions reported in this Form 4 for GGZ?

No derivative securities are reported; Table II (derivatives) contains no entries in the provided content.

What price was paid for the Series E preferred shares reported?

All reported purchases of Series E preferred shares are shown at a price of $10 per share.