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Gabelli Global Small and Mid Cap Value Trust 2026-06-30 Investment Objective (Unaudited) The Fund is a diversified, closed-end management investment company whose primary investment objective is long term growth of capital. Under normal market conditions, the Fund will invest at least 80% of its total assets in equity securities of companies with small or medium sized market capitalizations (“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. 7530232

18.28

30000000 1200000

25.00

25.86 81.58 16000000 16000000 32000000 40000000 1600000 1600000 3200000 4000000

10.00

10.00 10.00 10.00 10.00 82.43 82.81 46.28 32.63 27465000 40000000 2747000 4000000

10.00

10.00 10.00 60.12 41.89 7. Capital. The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.001). The Board has authorized the repurchase and retirement of its common shares on the open market when the shares are trading at a discount of 7.5% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended June 30, 2026 and the year ended December 31, 2025, the Fund repurchased and retired 177,388 and 430,135 common shares, at an investment of $2,811,725 and $5,687,795, respectively, and at average discounts of 10.86% and 14.19%, respectively, from its net asset value. Transactions in shares of common stock were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> Six Months Ended June 30, 2026 (Unaudited)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Year Ended December 31, 2025</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Shares</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Amount</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">Shares</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> Amount</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Net decrease from repurchase of common shares</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">(177,388</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">(2,811,725</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">(430,135</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">(5,687,795</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">)</td></tr> </table> At June 30, 2026, the Fund had an effective shelf registration which authorizes the offering of $100 million of common shares or preferred shares. The Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred Shares. The Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. The Fund is required by the 1940 Act and by the Fund’s Statement of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Preferred Shares at the redemption price plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders. On November 1, 2021, the Fund issued 4,000,000 shares of Series B 4.00% Cumulative Preferred Shares (the Series B Preferred) receiving $39,875,000 after the deduction of offering expenses of $125,000. The Series B Preferred has a liquidation value of $10 per share and per approval of the Board, effective May 17, 2023 the dividend rate on the Series B Preferred increased to 5.20% annually. On September 26, 2022, 800,000 Series B Preferred were put back to the Fund at their liquidation preference of $10 per share plus accrued and unpaid dividends. On September 26, 2023, 1,600,000 Series B Preferred were put back to the Fund at the liquidation preference of $10 per share plus accrued and unpaid dividends. The Series B Preferred is subject to mandatory redemption by the Fund on September 26, 2025. On September 26, 2025, the Fund redeemed all Series B Preferred Stock, at the redemption prices of $10 per share. On February 28, 2022, the Fund redeemed all of the Series A Preferred at the redemption price of $25.24600694 which consisted of the $25.00 per share liquidation preference and $0.24600694 per share representing accumulated but unpaid dividends and distributions to the redemption date. On September 26, 2025, the Fund issued 4,000,000 shares of Series E Preferred receiving $39,875,000 after the deduction of offering expenses of $125,000. The Series E Preferred has a liquidation value of $10 per share and has a distribution rate of 5.20%, is puttable in each of the 60-day periods ending September 26, 2026, and March 26, 2027, and is callable by the Fund any time commencing September 26, 2026, upon notice duly given. The Series E Preferred is subject to mandatory redemption on September 26, 2027. On March 26, 2026, 1,253,500 shares of Series E were put back to the Fund at the liquidation preference of $10.00 per share. 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. On September 26, 2022, 800,000 Series B Preferred were put back to the Fund at their liquidation preference of $10 per share plus accrued and unpaid dividends. On September 26, 2023, 1,600,000 Series B Preferred were put back to the Fund at the liquidation preference of $10 per share plus accrued and unpaid dividends. The Series B Preferred is subject to mandatory redemption by the Fund on September 26, 2025. On September 26, 2025, the Fund redeemed all Series B Preferred Stock, at the redemption prices of $10 per share. On February 28, 2022, the Fund redeemed all of the Series A Preferred at the redemption price of $25.24600694 which consisted of the $25.00 per share liquidation preference and $0.24600694 per share representing accumulated but unpaid dividends and distributions to the redemption date. On September 26, 2025, the Fund issued 4,000,000 shares of Series E Preferred receiving $39,875,000 after the deduction of offering expenses of $125,000. The Series E Preferred has a liquidation value of $10 per share and has a distribution rate of 5.20%, is puttable in each of the 60-day periods ending September 26, 2026, and March 26, 2027, and is callable by the Fund any time commencing September 26, 2026, upon notice duly given. The Series E Preferred is subject to mandatory redemption on September 26, 2027. On March 26, 2026, 1,253,500 shares of Series E were put back to the Fund at the liquidation preference of $10.00 per share. 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.