GGZ Gabelli Global Small and Mid Cap Value Trust

The Board of Trustees (the “Board”) of The Gabelli Utilities Fund (the “Fund”) reaffirmed the Fund’s annual distribution rate of $0.88 per share for Class I, Class A, Class AAA, and Class C shareholders. This represents $0.07 per share for the first two months of each quarter and $0.08 per share in the final month of each quarter.

After the close of business on March 25, 2024 (the “Effective Date”) or, with respect to shares held in “street name” through intermediaries having a pre-existing contractual agreement requiring additional time, as soon as practicable thereafter, the Fund will convert Class C1 shares (ticker: GAUCX) into Class C shares (ticker: GUXPX). If Class C1 shares are not redeemed prior to the Effective Date, each shareholder owning Class C1 shares of the Fund will own Class C shares of the Fund equal to the aggregate value of the shareholder’s Class C1 shares.

The net asset value of each Class C1 share is less than the net asset value of each Class C share. Therefore, shareholders of Class C1 shares who do not redeem their Class C1 shares, and instead have their Class C1 shares converted into Class C shares, will own a fewer number of shares (but with the same aggregate dollar value) after such conversion. Since the per share distribution of the Class C1 shares and the Class C shares is the same, shareholders whose shares are converted to Class C will receive a lower total distribution amount as Class C shareholders even though the per share amount will remain unchanged.

Prior to the Effective Date, shareholders of Class C1 shares may redeem their investments as described in the Fund’s Prospectus. After the Effective Date, former shareholders of Class C1 shares who now own Class C shares may also redeem their investments as described in the Fund’s Prospectus.

The Gabelli Utilities Fund is managed by Gabelli Funds, LLC and distributed by G.distributors, LLC, subsidiaries of GAMCO Investors, Inc. (OTCQX: GAMI).

You should not draw any conclusions about the Fund’s investment performance from the amount of the past distributions. The Fund’s distribution policy is subject to modification or termination by the Board at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund. The Fund’s distributions may be comprised of net investment income, capital gains, and paid in capital.

Investors should carefully consider the investment objectives, risks, sales charges, and expenses of the Fund before investing. The prospectus and summary prospectus contain information about these and other matters and should be read carefully before investing. To obtain a prospectus or summary prospectus, please visit our website at www.gabelli.com or call 800-GABELLI (800-422-3554).

Investor Relations Contact:Jason Swirbul(914) 921-5496jswirbul@gabelli.com