The Gabelli Global Small and Mid Cap Value Trust Stock

The Gabelli Global Small and Mid Cap Value Trust (the Fund) is a diversified closed-end management investment company. The Fund’s investment objective is to seek long term growth of capital. Under normal market conditions, the Fund will invest at least 80% of its total assets in equity securities of companies with small or medium sized market capitalizations (small cap and mid-cap companies, respectively), and, under normal market conditions, will invest at least 40% of its total assets in the equity securities of companies located outside the United States and in at least three countries. The Fund may also invest up to 20% of its total assets in United States and non-United States nonconvertible debt. The Fund may also invest up to 5% of its total assets in below investment-grade debt securities, also known as high-yield fixed income securities. It may invest up to 25% of its total assets in securities of issuers in a single industry. Its investment advisor is Gabelli Funds, LLC.