The
Gabelli Go Anywhere Trust
Schedule
of Investments (Continued) — June 30, 2021 (Unaudited)
|
Shares
|
|
|
|
|
Cost
|
|
|
Market
Value
|
|
|
|
|
|
|
COMMON STOCKS (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media — 1.7%
|
|
|
|
|
|
|
|
|
|
|
20,000
|
|
|
Sinclair
Broadcast Group Inc., Cl.A
|
|
$
|
557,317
|
|
|
$
|
664,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computer Software and Services — 1.4%
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Diebold Nixdorf Inc.†
|
|
|
4,185
|
|
|
|
19,260
|
|
|
|
3,600
|
|
|
Digi International Inc.†
|
|
|
34,197
|
|
|
|
72,396
|
|
|
|
7,500
|
|
|
FireEye Inc.†
|
|
|
106,783
|
|
|
|
151,650
|
|
|
|
10,000
|
|
|
Hewlett Packard Enterprise
Co.
|
|
|
129,675
|
|
|
|
145,800
|
|
|
|
500
|
|
|
Rockwell Automation Inc.
|
|
|
88,816
|
|
|
|
143,010
|
|
|
|
|
|
|
|
|
|
363,656
|
|
|
|
532,116
|
|
|
|
|
|
|
Consumer Products
— 1.3%
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
Edgewell Personal Care
Co.
|
|
|
22,965
|
|
|
|
21,950
|
|
|
|
2,500
|
|
|
Energizer Holdings Inc.
|
|
|
98,005
|
|
|
|
107,450
|
|
|
|
18,000
|
|
|
Mattel Inc.†
|
|
|
210,295
|
|
|
|
361,800
|
|
|
|
|
|
|
|
|
|
331,265
|
|
|
|
491,200
|
|
|
|
|
|
|
Telecommunications — 1.1%
|
|
|
|
|
|
|
|
|
|
|
7,000
|
|
|
Lumen Technologies Inc.
|
|
|
76,175
|
|
|
|
95,130
|
|
|
|
500
|
|
|
Telephone and Data Systems
Inc.
|
|
|
10,213
|
|
|
|
11,330
|
|
|
|
2,800
|
|
|
United States Cellular
Corp.†
|
|
|
103,374
|
|
|
|
101,668
|
|
|
|
5,000
|
|
|
Vantage Towers AG†
|
|
|
143,100
|
|
|
|
161,025
|
|
|
|
28,000
|
|
|
VEON Ltd., ADR†
|
|
|
92,050
|
|
|
|
51,240
|
|
|
|
|
|
|
|
|
|
424,912
|
|
|
|
420,393
|
|
|
|
|
|
|
Metals and Mining
— 1.0%
|
|
|
|
|
|
|
|
|
|
|
10,000
|
|
|
Freeport-McMoRan Inc.
|
|
|
114,554
|
|
|
|
371,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation — 0.5%
|
|
|
|
|
|
|
|
|
|
|
22,500
|
|
|
Bollore SA
|
|
|
92,451
|
|
|
|
120,591
|
|
|
|
1,000
|
|
|
GATX Corp.
|
|
|
42,524
|
|
|
|
88,470
|
|
|
|
|
|
|
|
|
|
134,975
|
|
|
|
209,061
|
|
|
|
|
|
|
Building and Construction
— 0.5%
|
|
|
|
|
|
|
|
|
|
|
26,000
|
|
|
Armstrong Flooring Inc.†
|
|
|
102,447
|
|
|
|
160,940
|
|
|
|
500
|
|
|
Bouygues SA
|
|
|
14,873
|
|
|
|
18,492
|
|
|
|
|
|
|
|
|
|
117,320
|
|
|
|
179,432
|
|
|
|
|
|
|
Agriculture — 0.3%
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Corteva Inc.
|
|
|
141,518
|
|
|
|
133,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Publishing — 0.3%
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
The E.W. Scripps Co., Cl.A
|
|
|
57,372
|
|
|
|
101,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail — 0.0%
|
|
|
|
|
|
|
|
|
|
|
1,200
|
|
|
Cars.com Inc.†
|
|
|
10,218
|
|
|
|
17,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS
|
|
|
15,161,625
|
|
|
|
20,892,005
|
|
|
Shares
|
|
|
|
|
Cost
|
|
|
Market
Value
|
|
|
|
|
|
|
CLOSED-END
FUNDS — 0.1%
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Altaba
Inc., Escrow†
|
|
$
|
30,855
|
|
|
$
|
43,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RIGHTS—
0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals
and Mining — 0.1%
|
|
|
|
|
|
|
|
|
|
|
67,000
|
|
|
Pan
American Silver Corp., CVR†
|
|
|
15,410
|
|
|
|
56,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health
Care — 0.0%
|
|
|
|
|
|
|
|
|
|
|
10,000
|
|
|
Dova
Pharmaceuticals Inc., CVR†
|
|
|
0
|
|
|
|
1,250
|
|
|
|
25,000
|
|
|
Innocoll,
CVR†(a)
|
|
|
15,000
|
|
|
|
0
|
|
|
|
10,000
|
|
|
Ipsen
SA/Clementia, CVR†(a)
|
|
|
13,500
|
|
|
|
0
|
|
|
|
3,600
|
|
|
Ocera
Therapeutics, CVR†(a)
|
|
|
972
|
|
|
|
612
|
|
|
|
|
|
|
|
|
|
29,472
|
|
|
|
1,862
|
|
|
|
|
|
|
TOTAL
RIGHTS
|
|
|
44,882
|
|
|
|
58,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WARRANTS
— 0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy
and Utilities — 0.0%
|
|
|
|
|
|
|
|
|
|
|
1,155
|
|
|
Weatherford
International plc, expire 12/13/23†
|
|
|
0
|
|
|
|
508
|
|
|
Principal Amount
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS — 45.9%
|
|
|
$
|
17,793,000
|
|
U.S. Treasury Bills, 0.006% to 0.090%††,
07/01/21 to 12/30/21
|
|
|
17,791,600
|
|
|
|
17,791,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS — 100.0%
|
|
$
|
33,028,962
|
|
|
|
38,786,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets and Liabilities (Net)
|
|
|
|
|
|
|
(433,143
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PREFERRED SHARES
|
|
|
|
|
|
|
|
|
|
(285,267 preferred shares outstanding)
|
|
|
|
|
|
|
(11,410,680
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS — COMMON SHARES
|
|
|
|
|
|
|
|
|
|
(1,546,852 common shares outstanding)
|
|
|
|
|
|
$
|
26,942,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
($26,942,541 ÷ 1,546,852 shares outstanding)
|
|
|
|
|
|
$
|
17.42
|
|
|
(a)
|
Security
is valued using significant unobservable inputs and is classified as Level 3 in the fair
value hierarchy.
|
|
†
|
Non-income
producing security.
|
|
††
|
Represents
annualized yields at dates of purchase.
|
|
ADR
|
American
Depositary Receipt
|
|
CVR
|
Contingent
Value Right
|
|
REIT
|
Real
Estate Investment Trust
|
See
accompanying notes to financial statements.
The
Gabelli Go Anywhere Trust
Statement
of Assets and Liabilities
June
30, 2021 (Unaudited)
|
Assets:
|
|
|
|
|
Investments,
at value (cost $33,028,962)
|
|
$
|
38,786,364
|
|
|
Cash
|
|
|
10,740
|
|
|
Deposit at brokers
|
|
|
173,729
|
|
|
Receivable for Fund shares sold
|
|
|
596
|
|
|
Dividends receivable
|
|
|
15,425
|
|
|
Total
Assets
|
|
|
38,986,854
|
|
|
Liabilities:
|
|
|
|
|
|
Distributions payable
|
|
|
7,924
|
|
|
Payable for investments
purchased
|
|
|
499,861
|
|
|
Payable for investment
advisory fees
|
|
|
11,063
|
|
|
Payable for payroll
expenses
|
|
|
5,350
|
|
|
Payable for legal
and audit fees
|
|
|
46,983
|
|
|
Other accrued expenses
|
|
|
62,452
|
|
|
Total
Liabilities
|
|
|
633,633
|
|
|
Preferred Shares,
$0.001 par value, unlimited number of shares
authorized:
|
|
|
|
|
|
Series A Cumulative,
Puttable, and Callable Preferred Shares (5.000%, $40 liquidation value, 285,267 shares issued and outstanding)
|
|
|
11,410,680
|
|
|
|
|
|
|
|
|
Net
Assets Attributable to Common Shareholders
|
|
$
|
26,942,541
|
|
|
|
|
|
|
|
|
Net
Assets Attributable to Common Shareholders Consist of:
|
|
|
|
|
|
Paid-in capital
|
|
$
|
24,379,480
|
|
|
Total distributable
earnings
|
|
|
2,563,061
|
|
|
Net
Assets
|
|
$
|
26,942,541
|
|
|
|
|
|
|
|
|
Net Asset Value per
Common Share:
|
|
|
|
|
|
($26,942,541 ÷ 1,546,852 shares
outstanding at $0.001 par value; unlimited number of shares authorized)
|
|
$
|
17.42
|
|
Statement
of Operations
For
the Six Months Ended June 30, 2021 (Unaudited)
|
Investment Income:
|
|
|
|
|
Dividends (net of foreign withholding taxes of $1,076)
|
|
$
|
302,078
|
|
|
Non-cash dividends
|
|
|
27,018
|
|
|
Interest
|
|
|
5,021
|
|
|
Total
Investment Income
|
|
|
334,117
|
|
|
Expenses:
|
|
|
|
|
|
Investment advisory
fees
|
|
|
91,783
|
|
|
Legal and audit fees
|
|
|
48,283
|
|
|
Shareholder communications
expenses
|
|
|
25,700
|
|
|
Trustees’ fees
|
|
|
25,096
|
|
|
Shareholder services
fees
|
|
|
16,732
|
|
|
Payroll expenses
|
|
|
15,577
|
|
|
Custodian fees
|
|
|
5,968
|
|
|
Interest expense
|
|
|
699
|
|
|
Miscellaneous expenses
|
|
|
20,210
|
|
|
Total
Expenses
|
|
|
250,048
|
|
|
Less:
|
|
|
|
|
|
Expenses paid indirectly
by broker (See Note 3)
|
|
|
(699
|
)
|
|
Advisory fee reduction
(See Note 3)
|
|
|
(28,780
|
)
|
|
Total
Credits
|
|
|
(29,479
|
)
|
|
Net
Expenses
|
|
|
220,569
|
|
|
Net
Investment Income
|
|
|
113,548
|
|
|
Net
Realized and Unrealized Gain/(Loss) on
|
|
|
|
|
|
Investments
and Foreign Currency:
|
|
|
|
|
|
Net realized gain
on investments
|
|
|
4,196,641
|
|
|
Net realized loss
on foreign currency transactions
|
|
|
(20
|
)
|
|
|
|
|
|
|
|
Net realized gain
on investments and foreign currency transactions
|
|
|
4,196,621
|
|
|
Net change in unrealized
appreciation/depreciation:
|
|
|
|
|
|
on investments
|
|
|
1,141,060
|
|
|
on foreign currency
translations
|
|
|
(337
|
)
|
|
|
|
|
|
|
|
Net change in unrealized
appreciation/depreciation on investments and foreign currency translations
|
|
|
1,140,723
|
|
|
Net
Realized and Unrealized Gain/(Loss) on
|
|
|
|
|
|
Investments
and Foreign Currency
|
|
|
5,337,344
|
|
|
Net
Increase in Net Assets Resulting from Operations
|
|
|
5,450,892
|
|
|
Total Distributions
to Preferred Shareholders
|
|
|
(289,000
|
)
|
|
Net
Increase in Net Assets Attributable to Common Shareholders Resulting from Operations
|
|
$
|
5,161,892
|
|
See
accompanying notes to financial statements.
The
Gabelli Go Anywhere Trust
Statement
of Changes in Net Assets Attributable to Common Stockholders
|
|
|
Six
Months Ended
|
|
|
|
|
|
June
30, 2021
|
|
Year
Ended
|
|
|
|
(Unaudited)
|
|
December
31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income/(loss)
|
|
|
$
|
113,548
|
|
|
|
$
|
(266,966
|
)
|
|
Net
realized gain/(loss) on investments and foreign currency transactions
|
|
|
|
4,196,621
|
|
|
|
|
(6,641,525
|
)
|
|
Net
change in unrealized appreciation/depreciation on investments and foreign currency translations
|
|
|
|
1,140,723
|
|
|
|
|
2,019,337
|
|
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations
|
|
|
|
5,450,892
|
|
|
|
|
(4,889,154
|
)
|
|
Distributions
to Preferred Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
earnings
|
|
|
|
(289,000
|
)*
|
|
|
|
—
|
|
|
Return
of capital
|
|
|
|
—
|
|
|
|
|
(694,325
|
)
|
|
Total
Distributions to Preferred Shareholders
|
|
|
|
(289,000
|
)
|
|
|
|
(694,325
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations
|
|
|
|
5,161,892
|
|
|
|
|
(5,583,479
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions
to Common Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
earnings
|
|
|
|
(154,690
|
)*
|
|
|
|
—
|
|
|
Return
of capital
|
|
|
|
—
|
|
|
|
|
(542,440
|
)
|
|
Total
Distributions to Common Shareholders
|
|
|
|
(154,690
|
)
|
|
|
|
(542,440
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
Share Transactions:
|
|
|
|
|
|
|
|
|
|
|
|
Net
decrease in net assets from repurchase of common shares
|
|
|
|
(20,720
|
)
|
|
|
|
(98,898
|
)
|
|
Net
increase/(decrease) in net assets from repurchase of preferred shares
|
|
|
|
(3,951
|
)
|
|
|
|
116,304
|
|
|
Recapture
of gain on sale of Fund shares by an affiliate
|
|
|
|
—
|
|
|
|
|
506
|
|
|
Net
Increase/(Decrease) in Net Assets from Fund Share Transactions
|
|
|
|
(24,671
|
)
|
|
|
|
18,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Increase/(Decrease) in Net Assets Attributable to Common Shareholders
|
|
|
|
4,982,531
|
|
|
|
|
(6,107,917
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Attributable to Common Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of year
|
|
|
|
21,960,010
|
|
|
|
|
28,067,927
|
|
|
End
of period
|
|
|
$
|
26,942,541
|
|
|
|
$
|
21,960,010
|
|
|
|
*
|
Based
on year to date book income. Amounts are subject to change and recharacterization at
year end.
|
See
accompanying notes to financial statements.
The
Gabelli Go Anywhere Trust
Financial
Highlights
Selected
data for a common share of beneficial interest outstanding throughout each period:
|
|
|
Six
Months Ended
|
|
Year
Ended December 31,
|
|
|
Period
Ended
|
|
|
|
|
June
30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
|
|
(Unaudited)
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016(a)
|
|
|
Operating
Performance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period
|
|
$
|
14.18
|
|
$
|
18.05
|
|
|
$
|
15.36
|
|
|
$
|
20.30
|
|
|
$
|
18.82
|
|
|
$
|
18.96
|
(b)
|
|
Net
investment income/(loss)
|
|
|
0.07
|
(c)
|
|
(0.17
|
)
|
|
|
(0.03
|
)
|
|
|
(0.04
|
)
|
|
|
(0.02
|
)
|
|
|
(0.12
|
)
|
|
Net
realized and unrealized gain/ (loss) on investments and foreign currency transactions
|
|
|
3.45
|
|
|
(2.99
|
)
|
|
|
4.10
|
|
|
|
(3.43
|
)
|
|
|
2.63
|
|
|
|
0.32
|
|
|
Total
from investment operations
|
|
|
3.52
|
|
|
(3.16
|
)
|
|
|
4.07
|
|
|
|
(3.47
|
)
|
|
|
2.61
|
|
|
|
0.20
|
|
|
Distributions
to Preferred Shareholders: (d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income
|
|
|
(0.00
|
)*(e)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
|
—
|
|
|
Net
realized gain
|
|
|
(0.18
|
)*
|
|
—
|
|
|
|
(0.27
|
)
|
|
|
(0.67
|
)
|
|
|
(0.89
|
)
|
|
|
—
|
|
|
Return
of capital
|
|
|
—
|
|
|
(0.45
|
)
|
|
|
(0.39
|
)
|
|
|
—
|
|
|
|
(0.06
|
)
|
|
|
(0.34
|
)
|
|
Total
distributions to preferred shareholders
|
|
|
(0.18
|
)
|
|
(0.45
|
)
|
|
|
(0.66
|
)
|
|
|
(0.67
|
)
|
|
|
(0.96
|
)
|
|
|
(0.34
|
)
|
|
Net
Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations
|
|
|
3.34
|
|
|
(3.61
|
)
|
|
|
3.41
|
|
|
|
(4.14
|
)
|
|
|
1.65
|
|
|
|
(0.14
|
)
|
|
Distributions
to Common Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income
|
|
|
(0.00
|
)*(e)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Net
realized gain
|
|
|
(0.10
|
)*
|
|
—
|
|
|
|
—
|
|
|
|
(0.28
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Return
of capital
|
|
|
—
|
|
|
(0.35
|
)
|
|
|
(0.80
|
)
|
|
|
(0.52
|
)
|
|
|
(0.20
|
)
|
|
|
—
|
|
|
Total
distributions to common shareholders
|
|
|
(0.10
|
)
|
|
(0.35
|
)
|
|
|
(0.80
|
)
|
|
|
(0.80
|
)
|
|
|
(0.20
|
)
|
|
|
—
|
|
|
Fund
Share Transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
in net asset value from common shares issued upon reinvestment of dividends
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
0.00
|
(e)
|
|
|
—
|
|
|
|
—
|
|
|
Increase
in net asset value from repurchase of common shares
|
|
|
0.00
|
(e)
|
|
0.01
|
|
|
|
0.08
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Increase/(decrease)
in net asset value from repurchase of preferred shares
|
|
|
(0.00
|
)(e)
|
|
0.08
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Recapture
of gain on sale of Fund shares by an affiliate
|
|
|
—
|
|
|
0.00
|
(e)
|
|
|
—
|
|
|
|
—
|
|
|
|
0.03
|
|
|
|
—
|
|
|
Total
Fund share transactions
|
|
|
(0.00
|
)(e)
|
|
0.09
|
|
|
|
0.08
|
|
|
|
0.00
|
(e)
|
|
|
0.03
|
|
|
|
—
|
|
|
Net
Asset Value Attributable to Common Shareholders, End of Period
|
|
$
|
17.42
|
|
$
|
14.18
|
|
|
$
|
18.05
|
|
|
$
|
15.36
|
|
|
$
|
20.30
|
|
|
$
|
18.82
|
|
|
NAV
total return †
|
|
|
23.57
|
%
|
|
(18.58
|
)%
|
|
|
23.03
|
%
|
|
|
(21.13
|
)%
|
|
|
8.94
|
%
|
|
|
1.95
|
%
|
|
Market
value, end of period
|
|
$
|
16.26
|
|
$
|
12.00
|
|
|
$
|
15.41
|
|
|
$
|
14.10
|
|
|
$
|
18.04
|
|
|
$
|
21.03
|
|
|
Investment
total return ††
|
|
|
36.34
|
%
|
|
(19.00
|
)%
|
|
|
14.73
|
%
|
|
|
(18.30
|
)%
|
|
|
(13.27
|
)%
|
|
|
6.48
|
%
|
|
Ratios
to Average Net Assets and Supplemental Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets including liquidation value of preferred shares, end of period (in 000’s)
|
|
$
|
38,353
|
|
$
|
33,611
|
|
|
$
|
49,122
|
|
|
$
|
46,233
|
|
|
$
|
54,154
|
|
|
$
|
51,780
|
|
|
Net
assets attributable to common shares, end of period (in 000’s)
|
|
$
|
26,943
|
|
$
|
21,960
|
|
|
$
|
28,068
|
|
|
$
|
24,763
|
|
|
$
|
32,684
|
|
|
$
|
30,310
|
|
See
accompanying notes to financial statements.
The
Gabelli Go Anywhere Trust
Financial
Highlights (Continued)
Selected
data for a common share of beneficial interest outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended
|
|
|
|
|
|
|
|
|
|
|
Period
Ended
|
|
|
|
|
June
30, 2021
|
|
Year
Ended December 31,
|
|
|
December
31,
|
|
|
|
|
(Unaudited)
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016(a)
|
|
|
Ratio
of net investment income/ (loss) to average net assets attributable to common shares before preferred distributions
|
|
|
0.90
|
%(c)(f)
|
|
(1.39
|
)%
|
|
|
(0.14
|
)%
|
|
|
(0.23
|
)%
|
|
|
(0.09
|
)%
|
|
|
(2.02
|
)%(f)
|
|
Ratio
of operating expenses to average net assets attributable to common shares before fees waived (g)
|
|
|
1.98
|
%(f)(h)
|
|
3.45
|
%(h)
|
|
|
2.91
|
%(h)
|
|
|
2.78
|
%(h)
|
|
|
2.50
|
%(h)
|
|
|
2.95
|
%(f)
|
|
Ratio
of operating expense to average net assets attributable to common shareholders net of advisory fee reduction, if any (i)
|
|
|
1.75
|
%(f)
|
|
3.08
|
%
|
|
|
2.91
|
%
|
|
|
2.78
|
%
|
|
|
2.50
|
%
|
|
|
2.95
|
%(f)
|
|
Portfolio
turnover rate
|
|
|
46
|
%
|
|
60
|
%
|
|
|
86
|
%
|
|
|
102
|
%
|
|
|
180
|
%
|
|
|
102
|
%
|
|
Series
A Cumulative Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation
value, end of period (in 000’s)
|
|
$
|
11,411
|
|
$
|
11,651
|
|
|
$
|
21,054
|
|
|
$
|
21,470
|
|
|
$
|
21,470
|
|
|
$
|
21,470
|
|
|
Total
shares outstanding (in 000’s)
|
|
|
285
|
|
|
292
|
|
|
|
526
|
|
|
|
537
|
|
|
|
537
|
|
|
|
537
|
|
|
Liquidation
preference per share
|
|
$
|
40.00
|
|
$
|
40.00
|
|
|
$
|
40.00
|
|
|
$
|
40.00
|
|
|
$
|
40.00
|
|
|
$
|
40.00
|
|
|
Average
market value (j)
|
|
$
|
40.76
|
|
$
|
40.79
|
|
|
$
|
41.34
|
|
|
$
|
42.51
|
|
|
$
|
44.91
|
|
|
$
|
50.97
|
|
|
Asset
coverage per share
|
|
$
|
134.45
|
|
$
|
115.39
|
|
|
$
|
93.33
|
|
|
$
|
86.14
|
|
|
$
|
100.89
|
|
|
$
|
96.47
|
|
|
Asset
Coverage
|
|
|
336
|
%
|
|
288
|
%
|
|
|
233
|
%
|
|
|
215
|
%
|
|
|
252
|
%
|
|
|
241
|
%
|
|
†
|
The
NAV total return reflects changes in the NAV per share and is net of expenses. The inception
return is based on an NAV of $18.46 as of November 2, 2016. During the period September
2, 2016 through November 1, 2016, the Fund traded as a combination. Total return for
a period of less than one year is not annualized.
|
|
††
|
The
investment total return reflects changes in closing market value on the NYSE American.
Inception return is based on a price of $19.75 as of November 2, 2016. During the period
September 2, 2016 through November 1, 2016, the Fund traded as a combination. Total return
for a period of less than one year is not annualized.
|
|
*
|
Based
on year to date book income. Amounts are subject to change and recharacterization at
year end.
|
|
(a)
|
The
Fund commenced investment operations on September 2, 2016.
|
|
(b)
|
The
beginning of period NAV reflects a $0.04 reduction for offering costs associated with the initial public offering.
|
|
(c)
|
Includes
income resulting from special dividends. Without these dividends, the per share income amount would have been $0.06, and the net
investment income ratio would have been 0.69%.
|
|
(d)
|
Calculated
based on average common shares outstanding on the record dates throughout the periods.
|
|
(e)
|
Amount
represents less than $0.005 per share.
|
|
(g)
|
Ratio
of operating expenses to average net assets including liquidation value of preferred shares before fees waived/fee reduction for
the six months ended June 30, 2021 and the years ended December 31, 2020, 2019, 2018, 2017, and the period ended December 31,
2016 would have been 1.36%, 1.99%, 1.64%, 1.65%, 1.48%, and 1.73%, respectively.
|
|
(h)
|
The
Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June
30, 2021 and the years ended December 31, 2020, 2019, 2018, and 2017, there was no impact on the expense ratios.
|
|
(i)
|
Ratio
of operating expenses to average net assets including liquidation value of preferred shares net of advisory fee reduction for
the six months ended June 30, 2021 and the years ended December 31, 2020, 2019, 2018, 2017, and the period ended December 31,
2016 would have been 1.20%, 1.78%, 1.64%, 1.65%, 1.48%, and 1.73%, respectively.
|
|
(j)
|
The
average market value of the Series A preferred shares is based on weekly prices that are above the liquidation price of a Series
A preferred share and these market prices are not likely to be sustainable.
|
See
accompanying notes to financial statements.
The
Gabelli Go Anywhere Trust
Notes
to Financial Statements (Unaudited)
1.
Organization. The Gabelli Go Anywhere Trust (the Fund) is a non-diversified closed-end management investment company organized
as a Delaware statutory trust on February 26, 2015 and registered under the Investment Company Act of 1940, as amended (the 1940
Act), whose primary objective is total return, consisting of capital appreciation and current income. Investment operations commenced
on September 2, 2016.
Under
normal market conditions, the Fund intends to invest primarily in a broad range of equity securities consisting of common stock,
preferred stock, convertible or exchangeable securities, depositary receipts, and warrants and rights to purchase such securities
and, to a lesser extent, in debt securities.
2.
Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting
guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates
and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following
is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
The
global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors,
nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may
materially impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate
valuations, and its ability to achieve its investment objectives.
Security Valuation. Portfolio securities
listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which
market quotations are readily available are valued at the last quoted sale price or a market’s official closing price
as of the close of business on the day the securities are being valued. If there were no sales that day, the security is
valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the
security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is
valued at the most recently available price or, if the Board of Trustees (the Board) so determines, by such other method as
the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one
national securities exchange or market are valued according to the broadest and most representative market, as determined by
Gabelli Funds, LLC (the Adviser).
Portfolio
securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the
relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly
after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations
for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were
no asked prices quoted on such day, the securities are valued using the closing bid price, unless the Board determines such amount
does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board.
Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price
of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market
quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available
from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.
The
Gabelli Go Anywhere Trust
Notes
to Financial Statements (Unaudited) (Continued)
Securities
and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies
and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about
the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign
securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and
evaluation of any other information that could be indicative of the value of the security.
The
inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as
described in the hierarchy below:
|
|
●
|
Level 1 — quoted prices in active markets
for identical securities;
|
|
|
●
|
Level 2 — other significant observable
inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
|
|
|
●
|
Level 3 — significant unobservable inputs
(including the Board’s determinations as to the fair value of investments).
|
A
financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually
and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities
are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments
in securities by inputs used to value the Fund’s investments as of June 30, 2021 is as follows:
|
|
|
Valuation Inputs
|
|
|
|
|
|
|
|
Level
1
Quoted Prices
|
|
|
Level
2 Other Significant
Observable Inputs
|
|
|
Level
3 Significant
Unobservable Inputs (a)
|
|
|
Total
Market Value
at 06/30/21
|
|
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment
|
|
$
|
1,668,623
|
|
|
|
—
|
|
|
$
|
30,497
|
|
|
$
|
1,699,120
|
|
|
Health Care
|
|
|
2,356,405
|
|
|
$
|
1,000
|
|
|
|
—
|
|
|
|
2,357,405
|
|
|
Other
Industries (b)
|
|
|
16,835,480
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16,835,480
|
|
|
Total
Common Stocks
|
|
|
20,860,508
|
|
|
|
1,000
|
|
|
|
30,497
|
|
|
|
20,892,005
|
|
|
Closed-End Funds
|
|
|
—
|
|
|
|
43,650
|
|
|
|
—
|
|
|
|
43,650
|
|
|
Rights (b)
|
|
|
56,950
|
|
|
|
1,250
|
|
|
|
612
|
|
|
|
58,812
|
|
|
Warrants (b)
|
|
|
508
|
|
|
|
—
|
|
|
|
—
|
|
|
|
508
|
|
|
U.S.
Government Obligations
|
|
|
—
|
|
|
|
17,791,389
|
|
|
|
—
|
|
|
|
17,791,389
|
|
|
TOTAL
INVESTMENTS IN SECURITIES – ASSETS
|
|
$
|
20,917,966
|
|
|
$
|
17,837,289
|
|
|
$
|
31,109
|
|
|
$
|
38,786,364
|
|
|
(a)
|
Level
3 securities are valued at last available closing price. The inputs for these securities
are not readily available and are derived based on the judgment of the Adviser according
to procedures approved by the Board of Trustees.
|
|
(b)
|
Please
refer to the Schedule of Investments for the industry classifications of these portfolio
holdings.
|
During
the six months ended June 30, 2021, the Fund did not have transfers into or out of Level 3.
The
Gabelli Go Anywhere Trust
Notes
to Financial Statements (Unaudited) (Continued)
Additional
Information to Evaluate Qualitative Information.
General.
The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser –
to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other
recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity
securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from
major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by
obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed
unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.
Fair
Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income
obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as
securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer.
When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded,
reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income
or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs
could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently
monitored to determine if fair valuation measures continue to apply.
The
Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include
backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.
Investments
in other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities
that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940
Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata
port on of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June
30, 2021, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.
Securities
Sold Short. The Fund may enter into short sale transactions. Short selling involves selling securities that may or may
not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed
securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized
gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day
of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale,
the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are
recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains
collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates.
The
Gabelli Go Anywhere Trust
Notes
to Financial Statements (Unaudited) (Continued)
Foreign
Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments,
and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment
securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have
been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency
gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement
date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest
and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses
related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in
realized gain/(loss) on investments.
Foreign Securities. The Fund may directly purchase securities of foreign issuers.
Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S.
issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information
about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers
and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.
Foreign
Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of
which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation
of tax rules and regulations that exist in the markets in which it invests.
Securities Transactions and Investment Income.
Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using
the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual
basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest
call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities
that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.
Distributions
to Shareholders. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to shareholders
are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income
and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on
various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations
of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized
gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent
these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise.
These reclassifications have no impact on the NAV of the Fund.
Under
the Fund’s current common share distribution policy, the Fund declares and pays quarterly distributions from net investment
income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the year. Pursuant
to this policy, distributions during the year may be made in excess of required
The
Gabelli Go Anywhere Trust
Notes
to Financial Statements (Unaudited) (Continued)
distributions.
To the extent such distributions are made from current earnings and profits, they are considered ordinary income or long term
capital gains. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from
an investment in the Fund. The Board will continue to monitor the Fund’s distribution level, taking into consideration the
Fund’s NAV and the financial market environment. The Fund’s distribution policy is subject to modification by the
Board at any time.
Distributions
to shareholders of the Fund’s Series A Cumulative Puttable and Callable Preferred Shares (Preferred Shares) are recorded
on a daily basis and are determined as described in Note 5.
The
tax character of distributions paid during the year ended December 31, 2020 was as follows:
|
|
|
Common
|
|
|
Preferred
|
|
|
Distributions paid from:
|
|
|
|
|
|
|
|
|
|
Return of capital
|
|
$
|
542,440
|
|
|
$
|
694,325
|
|
Provision
for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the
Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code
applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income
and net capital gains. Therefore, no provision for federal income taxes is required.
At
December 31, 2020, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future
required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited
period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.
|
Short term capital loss carryforward with no expiration
|
|
$
|
833,204
|
|
|
Long term capital loss carryforward with no expiration
|
|
|
5,162,649
|
|
|
Total Capital Loss Carryforwards
|
|
$
|
5,995,853
|
|
The
following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2021:
|
|
|
|
Cost
|
|
|
Gross
Unrealized
Appreciation
|
|
|
Gross
Unrealized
Depreciation
|
|
|
Net
Unrealized
Appreciation
|
|
|
Investments
|
|
|
|
$33,602,097
|
|
|
|
$6,067,333
|
|
|
|
$(883,066)
|
|
|
|
$5,184,267
|
|
The
Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns
to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.
Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if
the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2021, the Fund
did not incur any income tax, interest, or penalties. As of June 30, 2021, the Adviser has reviewed all open tax years and concluded
that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns
for the prior three fiscal years
The
Gabelli Go Anywhere Trust
Notes
to Financial Statements (Unaudited) (Continued)
remain
open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments
to this conclusion are necessary.
3.
Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the Advisory
Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on
an annual basis to 1.00% of the value of the Fund’s average weekly net assets including the liquidation value of preferred
shares. Effective September 1, 2020 the Adviser agreed to voluntarily waive its advisory fee to 0.50% with respect to all of the
Trust’s outstanding common stock and to 0.00% with respect to all of the Trust’s outstanding Series A Preferred shares.
In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio
and oversees the administration of all aspects of the Fund’s business and affairs. During the six months ended June 30,
2021, the Adviser waived expenses in the amount of $28,780.
During
the six months ended June 30, 2021, the Fund paid $4,702 in brokerage commissions on security trades to G.research, LLC, an
affiliate of the Adviser.
During
the six months ended June 30, 2021, the Fund received credits from a designated broker who agreed to pay certain Fund
operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was
$699.
The
cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration
agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses
the Adviser for this service. The Adviser did not seek a reimbursement during the six months ended June 30, 2021.
As
per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by
the Adviser (although the officers may receive incentive based variable compensation from the Adviser or its affiliates). During
the six months ended June 30, 2021, the Fund accrued $15,577 in payroll expenses in the Statement of Operations.
The
Fund pays retainer and per meeting fees to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee
and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees
who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the
Fund.
4.
Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2021, other than short term securities
and U.S. Government obligations, aggregated $9,416,733 and $13,563,883, respectively.
5.
Capital. The Fund is authorized to issue an unlimited number of capital shares of $0.001 par value, which the Board may classify
from time to time as common shares of beneficial interest or preferred shares. On September 2, 2016, the Fund offered up to 2,000,000
combinations consisting of three Common Shares and one $40 Preferred Share. This offering was in addition to 1,713 combinations
issued previously as seed capital for $166,161. Pursuant to the offering on September 2, 2016, the Fund issued 535,031 combinations
receiving proceeds of $51,898,007, before deduction of offering expenses of $63,609. On November 2, 2016, the combination split
and began trading separately on the NYSE American as common shares and preferred
The
Gabelli Go Anywhere Trust
Notes
to Financial Statements (Unaudited) (Continued)
shares.
The Board has authorized the Fund to repurchase its common shares in the open market when the common shares are trading at a discount
from NAV of 7.5% or more (or such other percentage as the Board may determine from time to time) and to repurchase its Preferred
Shares at prices determined to be beneficial to common shareholders. During the six months ended June 30, 2021 and the year ended
December 31, 2020, the Fund repurchased and retired 1,575 and 6,788 of its common shares at an investment of $20,720 and $98,898
and an average discount of approximately 13.43% and 12.37%, respectively, from its NAV.
Transactions
in shares of common shares of beneficial interest were as follows:
|
|
|
Six
Months Ended
June
30, 2021
(Unaudited)
|
|
|
Year
Ended
December
31, 2020
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease from repurchase of common shares
|
|
|
(1,575
|
)
|
|
$
|
(20,720
|
)
|
|
|
(6,788
|
)
|
|
$
|
(98,898
|
)
|
At
no later than 30 days prior to September 2, 2021, the then outstanding common shares will be subject to a tender offer at a price
per common share determined by the Board and expressed as a percentage (but not less than 95%) of the NAV per common share most
recently determined as of the close of business on the last business day prior to the date the Fund purchases common 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. Dividends on shares of the Preferred Shares are cumulative.
The Fund is required by the 1940 Act and by the 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 of $40 per share 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 rate, which could have either a beneficial or detrimental impact on net investment income and gains
available to common shareholders.
The
liquidation value of the Preferred Shares is $40 per share. The Preferred Shares had an annual dividend rate of 8.00% through
June 2017 and 5.00% for the subsequent eight dividend periods ending on or prior to June 26, 2019. On July 22, 2019, the Board
of Trustees approved the continuation of the annual dividend rate for the Series A Preferred Shares at 5.00%, effective for one
year after the dividend period ended September 26, 2019. The Board approved the continuation of the annual dividend rate for the
Series A Preferred Shares at 5.00%, effective for one year after the dividend period ended September 26, 2020.
During
the six months ended June 30, 2021, the Fund repurchased and retired 6,012 Series A Preferred at an investment of $244,431.
At
June 30, 2021, 285,267 Series A Preferred were outstanding and accrued dividends amounted to $7,924.
The
Gabelli Go Anywhere Trust
Notes
to Financial Statements (Unaudited) (Continued)
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 shares 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 Shares, voting as a single class, will be required to approve any plan of reorganization
adversely affecting the Preferred Shares, and the approval of two-thirds of each class, voting separately, of the Fund’s
outstanding voting shares 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 shares 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
May 14, 2021, the Board announced that, commencing five years from the closing date of the offering (September 15, 2016), and
thereafter, to the extent permitted by the 1940 Act and Delaware law, the Fund intends, upon notice, to redeem the Series A Preferred
Shares at a price equal to the liquidation preference ($40.00) per share plus accumulated but unpaid distributions through the
date of redemption.
6.
Significant Shareholder. As of June 30, 2021, 69.6% of the Common Shares and 33.0% of the Preferred Shares were beneficially
owned by the Adviser or its affiliates, including managed accounts for which the affiliates of the Adviser have voting control
but disclaim pecuniary interest.
7.
Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure
under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management
has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.
8.
Subsequent Events. On August 2, 2021, the Fund issued a press release announcing the Fund’s intention to commence a
tender offer to purchase for cash all of the Fund’s issued and outstanding Common Shares. The tender offer will only be
made to current holders of Common Shares (Shareholders). The tender offer will commence on August 3, 2021, and will expire at
5:00 p.m., Eastern time on Friday, September 24, 2021, unless otherwise extended. Subject to various terms and conditions described
in the offering materials to be distributed to Shareholders, purchases will be made at a price equal to 98% of the net asset value
per Common Share.
Management has evaluated the impact on the Fund of all other subsequent events occurring through the date the
financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure
in the financial statements.
The
Gabelli Go Anywhere Trust
Notes
to Financial Statements (Unaudited) (Continued)
Shareholder
Meeting – May 10, 2021 – Final Results
The
Fund’s Annual Meeting of Shareholders was held virtually on May 10, 2021. At that meeting, common and preferred shareholders
elected Calgary Avansino, Michael J. Melarkey, and Christina A. Peeney as Trustees of the Fund, with a total 1,760,990 votes,
1,761,111 votes, and 1,760,990 votes cast in favor of these Trustees, and a total of 1,532 votes and 1,411 votes, and 1,532 votes
withheld for these Trustees, respectively.
Mario
J. Gabelli, Frank J. Fahrenkopf, Jr., Anthony S. Colavita, and Kuni Nakamura continue to serve in their capacities as Trustees
of the Fund.
We
thank you for your participation and appreciate your continued support.
AUTOMATIC
DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS
Under
the Fund’s Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan (the “Plan”), a shareholder
whose shares of common s tock are registered in his or her own name will have all distributions reinvested automatically by Computershare
Trust Company, N.A. (“Computershare”), which is an agent under the Plan, unless the shareholder elects to receive cash.
Distributions with respect to shares registered in the name of a broker-dealer or other nominee (that is, in “street name”)
will be reinvested by the broker or nominee in additional shares under the Plan, unless the service is not provided by the broker
or nominee or the shareholder elects to receive distributions in cash. Investors who own shares of common stock registered in
street name should consult their broker-dealers for details regarding reinvestment. All distributions to investors who do not
participate in the Plan will be paid by check mailed directly to the record holder by Computershare as dividend-disbursing agent.
Enrollment
in the Plan
It
is the policy of Gabelli Go Anywhere Trust (the “Fund”) to automatically reinvest dividends payable to common shareholders.
As a “registered” shareholder you automatically become a participant in the Fund’s Automatic Dividend Reinvestment
Plan (the “Plan”). The Plan authorizes the Fund to credit common shares to participants upon an income dividend or
a capital gains distribution regardless of whether the shares are trading at a discount or a premium to net asset value. All distributions
to shareholders whose shares are registered in their own names will be automatically reinvested pursuant to the Plan in additional
shares of the Fund. Plan participants may send their common shares certificates to Computershare Trust Company, N.A. (“Computershare”)
to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distributions in cash may
submit this request through the Internet, by telephone or in writing to:
Gabelli
Go Anywhere Trust
c/o Computershare
P.O. Box 505000
Louisville, KY 40233-5000
Telephone: (800) 336-6983
Website: www.computershare.com/investor
Shareholders
requesting this cash election must include the shareholder’s name and address as they appear on the Fund’s records.
Shareholders with additional questions regarding the Plan or requesting a copy of the terms of the Plan, may contact Computershare
at the website or telephone number above.
If
your shares are held in the name of a broker, bank, or nominee, you should contact such institution. If such institution is not
participating in the Plan, your account will be credited with a cash dividend. In order to participate in the Plan through such
institution, it may be necessary for you to have your shares taken out of “street name” and re-registered in your
own name. Once registered in your own name your distributions will be automatically reinvested. Certain brokers participate in
the Plan. Shareholders holding shares in “street name” at participating institutions will have dividends automatically
reinvested. Shareholders wishing a cash dividend at such institution must contact their broker to make this change.
The
number of shares of common shares distributed to participants in the Plan in lieu of cash dividends is determined in the following
manner. Under the Plan, whenever the market price of the Fund’s common shares is equal to or exceeds net asset value at
the time shares are valued for purposes of determining the number of shares equivalent to the cash dividends or capital gains
distribution, participants are issued shares of common shares valued at the greater of (i) the net asset value as most recently
determined or (ii) 95% of the then current market price of the Fund’s common shares The valuation date is the dividend or
distribution payment date or, if that date is not a New York Stock Exchange (“NYSE”) trading day, the next trading
day. If the net asset value of the common shares at the time of valuation exceeds the market price of the common shares, participants
will receive shares from the Fund valued at market price. If the Fund should declare a dividend or capital gains distribution
payable only in cash, Computershare will buy shares of common shares in the open market, or on the NYSE or elsewhere, for the
participants’ accounts, except that Computershare will endeavor to terminate purchases in the open market and cause the
Fund to issue shares at net asset value if, following the commencement of such purchases, the market value of the common shares
exceeds the then current net asset value.
The
automatic reinvestment of dividends and capital gains distributions will not relieve participants of any income tax which may
be payable on such distributions. A participant in the Plan will be treated for federal income tax purposes as having received,
on a dividend payment date, a dividend or distribution in an amount equal to the cash the participant could have received instead
of shares.
AUTOMATIC
DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS
(Continued)
Voluntary
Cash Purchase Plan
The
Voluntary Cash Purchase Plan is yet another vehicle for our shareholders to increase their investment in the Fund. In order to
participate in the Voluntary Cash Purchase Plan, shareholders must have their shares registered in their own name.
Participants
in the Voluntary Cash Purchase Plan have the option of making additional cash payments to Computershare for investments in the
Fund’s shares at the then current market price. shareholders may send an amount from $250 to $10,000. Computershare will
use these funds to purchase shares in the open market on or about the 1st and 15th of each month. Computershare will charge each
shareholder who participates $0.75, plus a per share fee (currently $0.02 per share). Per share fees include any applicable brokerage
commissions Computershare is required to pay and fees for such purchases are expected to be less than the usual fees for such
transactions. It is suggested that any voluntary cash payments be sent to Computershare, P.O. Box 6006, Carol Stream, IL 60197-6006
such that Computershare receives such payments approximately two business days before the 1st and 15th of the month. Funds not
received at least two business days before the investment date shall be held for investment until the next purchase date. A payment
may be withdrawn without charge if notice is received by Computershare at least two business days before such payment is to be
invested.
Shareholders
wishing to liquidate shares held at Computershare may do so through the Internet, in writing or by telephone to the above-mentioned
website, address or telephone number. Include in your request your name, address, and account number. Computershare will sell
such shares through a broker-dealer selected by Computershare within 5 business days of receipt of the request. The sale price
will equal the weighted average price of all shares sold through the Plan on the day of the sale, less applicable fees. Participants
should note that Computershare is unable to accept instructions to sell on a specific date or at a specific price. The cost to
liquidate shares is $2.50 per transaction as well as the per share fee (currently $0.10 per share) Per share fees include any
applicable brokerage commissions Computershare is required to pay and are expected to be less than the usual fees for such transactions.
More
information regarding the Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan is available by calling (914)
921-5070 or by writing directly to the Fund.
The
Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution
paid subsequent to written notice of the change sent to the members of the Plan at least 30 days before the record date for such
dividend or distribution. The Plan also may be amended or terminated by Computershare on at least 30 days written notice to participants
in the Plan.
THE
GABELLI GO ANYWHERE TRUST
AND
YOUR PERSONAL PRIVACY
Who
are we?
The
Gabelli Go Anywhere Trust is a closed-end management investment company registered with the Securities and Exchange Commission
under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc.,
a publicly held company that has subsidiaries that provide investment advisory services for a variety of clients.
What
kind of non-public information do we collect about you if you become a fund shareholder?
When
you purchase shares of the Fund on the New York Stock Exchange, you have the option of registering directly with our transfer
agent in order, for example, to participate in our dividend reinvestment plan.
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Information
you give us on your application form. This could include your name, address, telephone number, social security number, bank
account number, and other information.
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Information
about your transactions with us. This would include information about the shares that you buy or sell; it may also include
information about whether you sell or exercise rights that we have issued from time to time. If we hire someone else to provide
services — like a transfer agent — we will also have information about the transactions that you conduct through them.
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What
information do we disclose and to whom do we disclose it?
We
do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates,
our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law
permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of
Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www. sec.gov.
What
do we do to protect your personal information?
We
restrict access to non-public personal information about you to the people who need to know that information in order to provide
services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical,
electronic, and procedural safeguards to keep your personal information confidential.
THE
GABELLI GO ANYWHERE TRUST
One
Corporate Center
Rye,
NY 10580-1422
Portfolio
Management Team Biographies
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Mario J. Gabelli, CFA,
is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he
founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He
is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University
and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.
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Ronald S. Eaker joined
GAMCO Investors, Inc. in 1987. Currently he is a Managing Director of Gabelli Fixed Income, LLC and a portfolio manager of
Gabelli Funds,LLC. Mr. Eaker manages short term cash products and high grade intermediate fixed income products. Prior to
joining Gabelli, Mr.Eaker was affiliated with Frank Henjes & Co. He is a graduate of Pennsylvania State University with
a BS in Finance.
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Robert
D. Leininger, CFA, joined GAMCO Investors, Inc. in 1993 as an equity analyst. Subsequently, he was a partner and portfolio
manager at Rorer Asset Management before rejoining GAMCO in 2010 where he currently serves as a portfolio manager of Gabelli Funds,
LLC. Mr. Leininger is a magna cum laude graduate of Amherst College with a degree in Economics and holds an MBA degree from the
Wharton School at the University of Pennsylvania.
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We have
separated the portfolio managers’ commentary from the financial statements and investment portfolio due to corporate
governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the contents of the
portfolio managers’ commentary are unrestricted. Both the commentary and the financial statements, including the portfolio
of investments, will be available on our website at www.gabelli.com.
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The
Net Asset Value per common share appears in the Publicly Traded Funds column, under the heading “General Equity Funds,”
in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the
heading “General Equity Funds.”
The
Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.
The
NASDAQ symbol for the Net Asset Value is “XGGOX.”
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Notice
is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may, from
time to time, purchase its common shares in the open market when the Fund’s shares are trading at a discount of 7.5%
or more from the net asset value of the shares. The Fund may also, from time to time, purchase its preferred shares in the
open market when the preferred shares are trading at a discount to the liquidation value.
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THE
GABELLI GO ANYWHERE TRUST
One
Corporate Center
Rye,
New York 10580-1422
t
800-GABELLI (800-422-3554)
f
914-921-5118
e
info@gabelli.com
GABELLI.COM
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TRUSTEES
Mario J. Gabelli, CFA
Chairman and
Chief Executive Officer,
GAMCO Investors, Inc.
Executive Chairman,
Associated Capital Group
Inc.
Calgary Avansino
Former Chief Executive
Officer,
Glamcam
Anthony S. Colavita
President,
Anthony S. Colavita, P.C.
Frank J. Fahrenkopf, Jr.
Former President &
Chief
Executive Officer,
American Gaming Association
Michael J. Melarkey
Of Counsel,
McDonald Carano Wilson
LLP
Kuni Nakamura
President,
Advanced Polymer, Inc.
Christina A. Peeney
Adjunct Professor,
Middlesex County College
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OFFICERS
Bruce N. Alpert
President
John C. Ball
Treasurer
Peter Goldstein
Secretary
Richard J. Walz
Chief Compliance Officer
David I. Schachter
Vice President & Ombudsman
Laurissa M. Martire
Vice President
INVESTMENT
ADVISER
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
CUSTODIAN
The Bank of New York
Mellon
COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP
TRANSFER
AGENT AND REGISTRAR
Computershare Trust Company,
N.A.
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GGO
Q2/2021
