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

Rhea-AI Filing Summary

Mario J. Gabelli reported the redemption of Series B Cumulative Preferred Shares on September 26, 2025. The filing shows three disposals related to the mandatory redemption: 473,596 shares were disposed of directly; 70,600 shares were disposed of indirectly through Associated Capital Group, Inc.; and 88,200 shares were disposed of indirectly through GGCP, Inc. Each share had a $10 liquidation price and the post-transaction beneficial ownership for those reported positions is shown as 0. The filing discloses Mr. Gabelli's roles: director, 10% owner, and control person of advisers, and explains he disclaims beneficial ownership of amounts in excess of his indirect pecuniary interest in the two entities.

Positive

• None.

Negative

• Mandatory redemption resulted in the reported elimination of Series B Cumulative Preferred Share holdings (post-transaction balance: 0).
• Substantial disposals were recorded: 473,596, 70,600, and 88,200 Series B shares disposed on 09/26/2025.

Insights

Corporate Governance Expert

TL;DR: Mandatory redemption eliminated the reported Series B holdings for the reporting person and related entities.

This Form 4 documents a non-discretionary, mandatory redemption event that resulted in the reported disposal of Series B Cumulative Preferred Shares held directly and indirectly by the reporting person and affiliated entities. The filing appropriately discloses indirect ownership through Associated Capital Group, Inc. and GGCP, Inc., and includes standard beneficial-ownership disclaimers regarding interests in those entities. There is no indication in the filing of voluntary sales, new derivative positions, or other changes to equity classes beyond the redemption.

Securities Analyst

TL;DR: The disclosure reflects a routine closing-out of preferred positions via mandatory redemption; no new positions were taken.

The transactions listed are coded as redemption-related (J(1)) disposals on 09/26/2025 and show a post-transaction balance of zero for the reported Series B holdings. The price column lists $10 consistent with the stated liquidation/redemption price. The report is limited to non-derivative securities and contains no additional financial metrics or forward-looking statements to assess broader balance-sheet or market impacts.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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.B ]

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 B Cumulative Preferred Shares	09/26/2025		J(1)		473,596	D	$10	0	D
Series B Cumulative Preferred Shares	09/26/2025		J(1)		70,600	D	$10	0	I	Associated Capital Group, Inc.(2)
Series B Cumulative Preferred Shares	09/26/2025		J(1)		88,200	D	$10	0	I	GGCP, 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 being reported were redeemed in accordance with the mandatory redemption of the outstanding Series B Cumulative Preferred Shares on September 26, 2025.

2. 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.

3. 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.

	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 transactions does the GGZ Form 4 for Mario J. Gabelli report?

The filing reports mandatory redemptions on 09/26/2025 disposing of Series B Cumulative Preferred Shares totaling 632,396 shares across direct and indirect holdings.

How many Series B shares did Mario J. Gabelli directly dispose of in the filing?

The Form 4 shows a direct disposal of 473,596 Series B Cumulative Preferred Shares at a $10 price.

Which entities are disclosed as having indirect holdings in the GGZ Form 4?

The filing discloses indirect holdings through Associated Capital Group, Inc. (70,600 shares) and GGCP, Inc. (88,200 shares) with disclaimers about Mr. Gabelli's ownership percentage.

What is the post-transaction beneficial ownership for the reported Series B shares?

The reported post-transaction amount for the Series B Cumulative Preferred Shares shown in the Form 4 is 0 for the disclosed positions.

What transaction code is used in the Form 4 and what does it indicate?

The Form 4 uses transaction code J(1), which the filing explains corresponds to the mandatory redemption of the outstanding Series B Cumulative Preferred Shares.