The Gabelli Go Anywhere Trust
Schedule of Investments (Continued) — December 31, 2019
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Shares
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Cost
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Market
Value
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COMMON STOCKS (Continued)
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Transportation — 0.2%
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1,000
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GATX Corp.
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$
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42,524
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$
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82,850
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TOTAL COMMON STOCKS
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37,613,029
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40,141,278
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CLOSED-END FUNDS — 0.1%
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3,000
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Altaba Inc., Escrow†
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55,845
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62,250
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RIGHTS — 0.2%
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Health Care — 0.1%
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6,000
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Bristol-Myers Squibb Co., CVR†
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13,800
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18,060
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10,000
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Dova Pharmaceuticals Inc., CVR†(a)
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0
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5,000
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25,000
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Innocoll, CVR†(a)
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15,000
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0
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10,000
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Ipsen SA/Clementia, CVR†(a)
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13,500
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13,500
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3,600
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Ocera Therapeutics, CVR†(a)
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972
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1,062
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43,272
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37,622
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Metals and Mining — 0.1%
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67,000
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Pan American Silver Corp., CVR†
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15,410
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50,250
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TOTAL RIGHTS
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58,682
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87,872
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WARRANTS — 0.0%
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Energy and Utilities — 0.0%
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1,155
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Weatherford International plc, expire 11/26/23†(a)
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0
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0
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Principal
Amount
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CONVERTIBLE CORPORATE BONDS — 0.3%
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Diversified Industrial — 0.3%
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$ 100,000
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Chart Industries Inc.,
1.000%, 11/15/24(b)
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100,000
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131,910
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Principal
Amount
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Cost
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Market
Value
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U.S. GOVERNMENT OBLIGATIONS — 17.6%
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$ 8,674,000
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U.S. Treasury Bills,
1.505% to 1.687%††,
01/09/20 to 04/23/20
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$
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8,648,775
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$
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8,650,117
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TOTAL INVESTMENTS — 100.0%
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$
|
46,476,331
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49,073,427
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Other Assets and Liabilities (Net)
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48,220
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PREFERRED STOCK
(526,343 preferred shares outstanding)
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(21,053,720
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)
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NET ASSETS — COMMON STOCK
(1,555,215 common shares outstanding)
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$
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28,067,927
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NET ASSET VALUE PER COMMON SHARE
($28,067,927 ÷ 1,555,215 shares
outstanding)
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$
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18.05
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(a)
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Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
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(b)
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Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be
resold in transactions exempt from registration, normally to qualified institutional buyers.
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†
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Non-income producing security.
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††
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Represents annualized yields at dates of purchase.
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ADR
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American Depositary Receipt
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CVR
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Contingent Value Right
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GDR
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Global Depositary Receipt
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REIT
|
Real Estate Investment Trust
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SDR
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Swedish Depositary Receipt
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See accompanying notes to financial
statements.
5
The Gabelli Go Anywhere Trust
Statement of Assets and Liabilities
December 31, 2019
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Assets:
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Investments, at value (cost $46,476,331)
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$
|
49,073,427
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Foreign currency, at value (cost $5,158)
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5,652
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Deposit at brokers
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|
173,271
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|
Receivable for investments sold
|
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|
18,956
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|
Dividends and interest receivable
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|
29,119
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|
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Prepaid expenses
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|
901
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Total Assets
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|
49,301,326
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Liabilities:
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Payable to custodian
|
|
|
3,707
|
|
|
Distributions payable
|
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|
14,621
|
|
|
Payable for Fund shares redeemed
|
|
|
34,360
|
|
|
Payable for investment advisory fees
|
|
|
41,867
|
|
|
Payable for legal and audit fees
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|
|
32,498
|
|
|
Payable for payroll expenses
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|
|
19,291
|
|
|
Payable for shareholder communications expenses
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|
|
22,949
|
|
|
Other accrued expenses
|
|
|
10,386
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|
|
|
|
|
|
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Total Liabilities
|
|
|
179,679
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Preferred Shares, $0.001 par value, unlimited number of shares authorized:
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Series A Cumulative, Puttable, and Callable Preferred Shares ($40 liquidation value, 526,343 shares issued
and outstanding)
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21,053,720
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Net Assets Attributable to Common Shareholders
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$
|
28,067,927
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Net Assets Attributable to Common Shareholders Consist of:
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Paid-in capital
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$
|
25,878,070
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Total distributable earnings
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|
2,189,857
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|
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Net Assets
|
|
$
|
28,067,927
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|
|
|
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Net Asset Value per Common Share:
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|
|
($28,067,927 ÷ 1,555,215 shares outstanding at $0.001 par value; unlimited number of shares
authorized)
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|
$
|
18.05
|
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|
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|
Statement of Operations
For
the Year Ended December 31, 2019
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|
Investment Income:
|
|
|
|
|
|
Dividends (net of foreign withholding taxes of $12,897)
|
|
$
|
586,920
|
|
|
Interest
|
|
|
178,203
|
|
|
|
|
|
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Total Investment Income
|
|
|
765,123
|
|
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|
Expenses:
|
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|
|
|
|
Investment advisory fees
|
|
|
489,579
|
|
|
Shareholder communications expenses
|
|
|
56,331
|
|
|
Trustees’ fees
|
|
|
50,000
|
|
|
Legal and audit fees
|
|
|
45,541
|
|
|
Payroll expenses
|
|
|
45,271
|
|
|
Shareholder services fees
|
|
|
33,158
|
|
|
Custodian fees
|
|
|
12,481
|
|
|
Accounting fees
|
|
|
7,500
|
|
|
Interest expense
|
|
|
109
|
|
|
Miscellaneous expenses
|
|
|
64,348
|
|
|
|
|
|
|
|
|
Total Expenses
|
|
|
804,318
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
Expenses paid indirectly by broker (See Note 3)
|
|
|
(1,510
|
)
|
|
|
|
|
|
|
|
Net Expenses
|
|
|
802,808
|
|
|
|
|
|
|
|
|
Net Investment Loss
|
|
|
(37,685
|
)
|
|
|
|
|
|
|
|
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
|
|
|
|
|
|
Net realized gain on investments
|
|
|
242,070
|
|
|
Net realized loss on foreign currency transactions
|
|
|
(3,763
|
)
|
|
|
|
|
|
|
|
Net realized gain on investments and foreign currency transactions
|
|
|
238,307
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation/depreciation:
|
|
|
|
|
|
on investments
|
|
|
6,338,838
|
|
|
on foreign currency translations
|
|
|
513
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation/ depreciation on investments and foreign currency translations
|
|
|
6,339,351
|
|
|
|
|
|
|
|
|
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency
|
|
|
6,577,658
|
|
|
|
|
|
|
|
|
Net Increase in Net Assets Resulting from Operations
|
|
|
6,539,973
|
|
|
|
|
|
|
|
|
Total Distributions to Preferred Shareholders
|
|
|
(1,067,999
|
)
|
|
|
|
|
|
|
|
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations
|
|
$
|
5,471,974
|
|
|
|
|
|
|
|
See accompanying notes to financial
statements.
6
The Gabelli Go Anywhere Trust
Statement of Changes in Net Assets Attributable to Common Shareholders
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|
|
Year Ended
December 31, 2019
|
|
Year Ended
December 31, 2018
|
|
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss
|
|
|
$
|
(37,685
|
)
|
|
|
$
|
(71,095
|
)
|
|
Net realized gain on investments and foreign currency transactions
|
|
|
|
238,307
|
|
|
|
|
1,686,765
|
|
|
Net change in unrealized appreciation/depreciation on investments and foreign currency translations
|
|
|
|
6,339,351
|
|
|
|
|
(7,218,751
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets Resulting from Operations
|
|
|
|
6,539,973
|
|
|
|
|
(5,603,081
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Preferred Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated earnings
|
|
|
|
(433,231
|
)
|
|
|
|
(1,073,488
|
)
|
|
Return of capital
|
|
|
|
(634,768
|
)
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Distributions to Preferred Shareholders
|
|
|
|
(1,067,999
|
)
|
|
|
|
(1,073,488
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from
Operations
|
|
|
|
5,471,974
|
|
|
|
|
(6,676,569
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Common Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated earnings
|
|
|
|
—
|
|
|
|
|
(454,153
|
)
|
|
Return of capital
|
|
|
|
(1,288,291
|
)
|
|
|
|
(834,602
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Distributions to Common Shareholders
|
|
|
|
(1,288,291
|
)
|
|
|
|
(1,288,755
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Share Transactions:
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from common shares issued upon reinvestment of distributions
|
|
|
|
—
|
|
|
|
|
44,647
|
|
|
Net decrease from repurchase of common shares
|
|
|
|
(878,829
|
)
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets from Fund Share Transactions
|
|
|
|
(878,829
|
)
|
|
|
|
44,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders
|
|
|
|
3,304,854
|
|
|
|
|
(7,920,677
|
)
|
|
|
|
|
|
Net Assets Attributable to Common Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
|
24,763,073
|
|
|
|
|
32,683,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year
|
|
|
$
|
28,067,927
|
|
|
|
$
|
24,763,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial
statements.
7
The Gabelli Go Anywhere Trust
Financial Highlights
Selected data for a common share of beneficial interest outstanding throughout the period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
Period Ended
December 31,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016 (a)
|
|
|
Operating Performance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
|
|
|
$
|
15.36
|
|
|
|
|
|
|
$
|
20.30
|
|
|
|
|
|
|
$
|
18.82
|
|
|
|
|
|
|
$
|
18.96
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss
|
|
|
|
|
|
|
(0.03
|
)
|
|
|
|
|
|
|
(0.04
|
)
|
|
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
(0.12
|
)
|
|
Net realized and unrealized gain/(loss) on investments and foreign currency transactions
|
|
|
|
|
|
|
4.10
|
|
|
|
|
|
|
|
(3.43
|
)
|
|
|
|
|
|
|
2.63
|
|
|
|
|
|
|
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations
|
|
|
|
|
|
|
4.07
|
|
|
|
|
|
|
|
(3.47
|
)
|
|
|
|
|
|
|
2.61
|
|
|
|
|
|
|
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Preferred Shareholders: (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
—
|
|
|
Net realized gain
|
|
|
|
|
|
|
(0.27
|
)
|
|
|
|
|
|
|
(0.67
|
)
|
|
|
|
|
|
|
(0.89
|
)
|
|
|
|
|
|
|
—
|
|
|
Return of capital
|
|
|
|
|
|
|
(0.39
|
)
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
(0.06
|
)
|
|
|
|
|
|
|
(0.34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to preferred shareholders
|
|
|
|
|
|
|
(0.66
|
)
|
|
|
|
|
|
|
(0.67
|
)
|
|
|
|
|
|
|
(0.96
|
)
|
|
|
|
|
|
|
(0.34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from
Operations
|
|
|
|
|
|
|
3.41
|
|
|
|
|
|
|
|
(4.14
|
)
|
|
|
|
|
|
|
1.65
|
|
|
|
|
|
|
|
(0.14
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Common Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
(0.28
|
)
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
Return of capital
|
|
|
|
|
|
|
(0.80
|
)
|
|
|
|
|
|
|
(0.52
|
)
|
|
|
|
|
|
|
(0.20
|
)
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to common shareholders
|
|
|
|
|
|
|
(0.80
|
)
|
|
|
|
|
|
|
(0.80
|
)
|
|
|
|
|
|
|
(0.20
|
)
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Share Transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in net asset value from repurchase of common shares
|
|
|
|
|
|
|
0.08
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
Recapture of gain on sale of Fund shares by an affiliate
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
0.03
|
|
|
|
|
|
|
|
—
|
|
|
Increase in net asset value from common shares issued upon reinvestment of dividends
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
0.00
|
(d)
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value Attributable to Common Shareholders, End of Period
|
|
|
|
|
|
$
|
18.05
|
|
|
|
|
|
|
$
|
15.36
|
|
|
|
|
|
|
$
|
20.30
|
|
|
|
|
|
|
$
|
18.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV total return †
|
|
|
|
|
|
|
23.03
|
%
|
|
|
|
|
|
|
(21.13
|
)%
|
|
|
|
|
|
|
8.94
|
%
|
|
|
|
|
|
|
1.95
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value, end of period
|
|
|
|
|
|
$
|
15.41
|
|
|
|
|
|
|
$
|
14.10
|
|
|
|
|
|
|
$
|
18.04
|
|
|
|
|
|
|
$
|
21.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment total return ††
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
$
|
49,122
|
|
|
|
|
|
|
$
|
46,233
|
|
|
|
|
|
|
$
|
54,154
|
|
|
|
|
|
|
$
|
51,780
|
|
|
Net assets attributable to common shares, end of period (in 000’s)
|
|
|
|
|
|
$
|
28,068
|
|
|
|
|
|
|
$
|
24,763
|
|
|
|
|
|
|
$
|
32,684
|
|
|
|
|
|
|
$
|
30,310
|
|
|
Ratio of net investment income/(loss) to average net assets attributable to common shares before preferred
distributions
|
|
|
|
|
|
|
(0.14
|
)%
|
|
|
|
|
|
|
(0.23
|
)%
|
|
|
|
|
|
|
(0.09
|
)%
|
|
|
|
|
|
|
(2.02
|
)%(e)
|
|
Ratio of operating expenses to average net assets attributable to common shares(f)
|
|
|
|
|
|
|
2.91
|
%(g)
|
|
|
|
|
|
|
2.78
|
%(g)
|
|
|
|
|
|
|
2.50
|
%(g)
|
|
|
|
|
|
|
2.95
|
%(e)
|
|
Portfolio turnover rate
|
|
|
|
|
|
|
86.2
|
%
|
|
|
|
|
|
|
102.3
|
%
|
|
|
|
|
|
|
180.2
|
%
|
|
|
|
|
|
|
101.5
|
%
|
|
Series A Cumulative Preferred Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation value, end of period (in 000’s)
|
|
|
|
|
|
$
|
21,054
|
|
|
|
|
|
|
$
|
21,470
|
|
|
|
|
|
|
$
|
21,470
|
|
|
|
|
|
|
$
|
21,470
|
|
|
Total shares outstanding (in 000’s)
|
|
|
|
|
|
|
526
|
|
|
|
|
|
|
|
537
|
|
|
|
|
|
|
|
537
|
|
|
|
|
|
|
|
537
|
|
|
Liquidation preference per share
|
|
|
|
|
|
$
|
40.00
|
|
|
|
|
|
|
$
|
40.00
|
|
|
|
|
|
|
$
|
40.00
|
|
|
|
|
|
|
$
|
40.00
|
|
|
Average market value(h)
|
|
|
|
|
|
$
|
41.34
|
|
|
|
|
|
|
$
|
42.51
|
|
|
|
|
|
|
$
|
44.91
|
|
|
|
|
|
|
$
|
50.97
|
|
|
Asset coverage per share
|
|
|
|
|
|
$
|
93.33
|
|
|
|
|
|
|
$
|
86.14
|
|
|
|
|
|
|
$
|
100.89
|
|
|
|
|
|
|
$
|
96.47
|
|
|
Asset Coverage
|
|
|
|
|
|
|
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.
|
|
(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)
|
Calculated based on average common shares outstanding on record dates throughout the periods.
|
|
(d)
|
Amount represents less than $0.005 per share.
|
|
(f)
|
Ratio of operating expenses to average net assets including liquidation value of preferred shares for the years ended
December 31, 2019, 2018, 2017, and the period ended December 31, 2016 would have been 1.64%, 1.65%, 1.48%, and 1.73%, respectively.
|
|
(g)
|
The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years
ended December 31, 2019, 2018, and 2017, there was no impact on the expense ratios.
|
|
(h)
|
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.
8
The Gabelli Go Anywhere Trust
Notes to Financial Statements
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.
New Accounting Pronouncements. To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board
recently issued Accounting Standard Update (ASU) 2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU 2018-13 is effective for interim and annual reporting periods beginning
after December 15, 2019; early adoption of the additions relating to ASU 2018-13 is not required, even if early adoption is elected for the removals and modifications under ASU 2018-13. Management has early adopted the removals and modifications set forth in ASU 2018-13 in these financial statements and has not early adopted the additions set forth
in ASU 2018-13.
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
9
The Gabelli Go Anywhere Trust
Notes to Financial Statements (Continued)
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.
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 December 31, 2019 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
|
Level 1
Quoted Prices
|
|
Level 2 Other Significant
Observable Inputs
|
|
Level 3 Significant
Unobservable Inputs
|
|
Total Market Value
at 12/31/19
|
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computer Software and Services
|
|
|
|
$ 1,910,956
|
|
|
|
|
$ 8,665
|
|
|
|
|
—
|
|
|
|
|
$ 1,919,621
|
|
|
Entertainment
|
|
|
|
1,791,555
|
|
|
|
|
—
|
|
|
|
|
$27,866
|
|
|
|
|
1,819,421
|
|
|
Other Industries (a)
|
|
|
|
36,402,236
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
36,402,236
|
|
|
Total Common Stocks
|
|
|
|
40,104,747
|
|
|
|
|
8,665
|
|
|
|
|
27,866
|
|
|
|
|
40,141,278
|
|
|
Closed-End Funds
|
|
|
|
—
|
|
|
|
|
62,250
|
|
|
|
|
—
|
|
|
|
|
62,250
|
|
|
Rights (a)
|
|
|
|
18,060
|
|
|
|
|
50,250
|
|
|
|
|
19,562
|
|
|
|
|
87,872
|
|
|
Warrants (a)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0
|
|
|
|
|
0
|
|
|
Convertible Corporate Bonds (a)
|
|
|
|
—
|
|
|
|
|
131,910
|
|
|
|
|
—
|
|
|
|
|
131,910
|
|
|
U.S. Government Obligations
|
|
|
|
—
|
|
|
|
|
8,650,117
|
|
|
|
|
—
|
|
|
|
|
8,650,117
|
|
|
TOTAL INVESTMENTS IN SECURITIES
– ASSETS
|
|
|
|
$40,122,807
|
|
|
|
|
$8,903,192
|
|
|
|
|
$47,428
|
|
|
|
|
$49,073,427
|
|
|
(a)
|
Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.
|
During the year ended December 31, 2019 the Fund did not have material transfers into or out of Level 3.
10
The Gabelli Go Anywhere Trust
Notes to Financial Statements (Continued)
The following table reconciles Level 3 investments for the Fund for which significant unobservable
inputs were used to determine fair value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
as of
12/31/18
|
|
Accrued
discounts/
(premiums)
|
|
Realized
loss†
|
|
Net change in
unrealized
appreciation/
depreciation†
|
|
Purchases
|
|
Sales
|
|
Transfers
into
Level 3††
|
|
Transfers
out of
Level 3††
|
|
Balance
as of
12/31/19
|
|
Net change
in unrealized
appreciation/
depreciation
during the
period on
Level 3
investments
still held at
12/31/19†
|
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks (a)
|
|
|
|
$233,556
|
|
|
|
|
—
|
|
|
|
|
$(24,577
|
)
|
|
|
|
$ 18,669
|
|
|
|
|
—
|
|
|
|
|
$(229,095
|
)
|
|
|
|
$29,313
|
|
|
|
|
—
|
|
|
|
|
$27,866
|
|
|
|
|
$ (1,447
|
)
|
|
Rights (a)
|
|
|
|
16,404
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(10,342
|
)
|
|
|
|
$13,500
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
19,562
|
|
|
|
|
(10,342
|
)
|
|
Warrants(a)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0
|
|
|
|
|
—
|
|
|
TOTAL INVESTMENTS IN SECURITIES
|
|
|
|
$249,960
|
|
|
|
|
—
|
|
|
|
|
$(24,577
|
)
|
|
|
|
$ 8,327
|
|
|
|
|
$13,500
|
|
|
|
|
$(229,095
|
)
|
|
|
|
$29,313
|
|
|
|
|
—
|
|
|
|
|
$47,428
|
|
|
|
|
$(11,789
|
)
|
|
(a)
|
Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.
|
|
†
|
Realized loss and net change in unrealized appreciation/depreciation on investments is included in the related amounts
in the Statement of Operations.
|
|
††
|
The Fund’s policy is to recognize transfers into and out of Level 3 as of the beginning of the reporting
period.
|
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. Among the factors to be considered to fair value a security are 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.
11
The Gabelli Go Anywhere Trust
Notes to Financial Statements (Continued)
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.
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. 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
12
The Gabelli Go Anywhere Trust
Notes to Financial Statements (Continued)
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. Permanent differences were primarily due to reclass of net operating loss, the tax treatment of currency gains and losses, and reclass of capital gain on investments in passive foreign investment companies.
These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2019, reclassifications were made to decrease paid-in capital by $4,393 with an offsetting adjustment to
total distributable earnings.
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 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 years ended December 31, 2019 and 2018 was
as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2019
|
|
|
Year Ended
December 31, 2018
|
|
|
|
|
Common
|
|
|
Preferred
|
|
|
Common
|
|
|
Preferred
|
|
|
Distributions paid from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary income (inclusive of short term capital gains)
|
|
|
—
|
|
|
$
|
433,231
|
|
|
$
|
284,944
|
|
|
$
|
673,525
|
|
|
Net long term capital gains
|
|
|
—
|
|
|
|
—
|
|
|
|
169,209
|
|
|
|
399,963
|
|
|
Return of capital
|
|
$
|
1,288,291
|
|
|
|
634,768
|
|
|
|
834,602
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions paid
|
|
$
|
1,288,291
|
|
|
$
|
1,067,999
|
|
|
$
|
1,288,755
|
|
|
$
|
1,073,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
As of December 31,
2019, the components of accumulated earnings/losses on a tax basis were as follows:
|
|
|
|
|
|
|
Net unrealized appreciation on investments and foreign currency translations
|
|
$
|
2,204,478
|
|
|
Other temporary differences*
|
|
|
(14,621
|
)
|
|
|
|
|
|
|
|
Total
|
|
$
|
2,189,857
|
|
|
|
|
|
|
|
|
*
|
Other temporary differences were due to distributions payable.
|
13
The Gabelli Go Anywhere Trust
Notes to Financial Statements (Continued)
At December 31, 2019, the temporary differences between book basis and tax basis net unrealized
appreciation on investments were primarily due to deferral of losses from wash sales for tax purposes and investments no longer considered passive foreign investment companies.
The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
|
|
|
Gross
Unrealized
Appreciation
|
|
Gross
Unrealized
Depreciation
|
|
Net Unrealized
Appreciation
|
|
Investments
|
|
|
$46,869,495
|
|
|
$5,296,822
|
|
$(3,092,890)
|
|
$2,203,932
|
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. During the year ended December 31, 2019, the Fund did not incur any
income tax, interest, or penalties. As of December 31, 2019, the Adviser has reviewed the 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 years 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 stock. 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 year ended December 31, 2019, the Fund paid $35,526 in brokerage commissions on security trades to G.research, LLC, an affiliate of the
Adviser.
During the year ended December 31, 2019, the Fund received credits from a designated broker who agreed to pay certain Fund operating
expenses. The amount of such expense paid through the brokerage arrangement during this period was $1,510.
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. During the year ended December 31, 2019, the Fund accrued $7,500 in accounting fees in the Statement of Operations.
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 year ended December 31, 2019, the Fund accrued $45,271 in payroll expenses in the Statement of Operations.
The Fund pays each Trustee who is not considered an affiliated person an annual retainer of $6,000 plus $1,000 for each Board meeting attended. Each
Trustee is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended. The Audit
14
The Gabelli Go Anywhere Trust
Notes to Financial Statements (Continued)
Committee Chairman and Lead Trustee each receives an annual fee of $2,000. The Nominating Committee Chairman receives an annual fee of $1,000. A Trustee may receive a single meeting fee,
allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. 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 year ended December 31, 2019, other than short term
securities and U.S. Government obligations, aggregated $35,166,101 and $36,341,462, 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 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 when trading at a discount to its liquidation preference. During the year ended December 31, 2019, the Fund repurchased and retired 57,437 of its common shares at an investment of $878,829 and an average discount of approximately 14.20%
from its NAV. During the year ended December 31, 2018, the Fund did not repurchase any common shares in the open market.
Transactions in
shares of common shares of beneficial interest were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
December 31, 2019
|
|
|
Year
Ended
December 31, 2018
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Net increase from common shares issued upon reinvestment of distributions
|
|
|
—
|
|
|
|
—
|
|
|
|
2,420
|
|
|
$
|
44,647
|
|
|
Net decrease from repurchase of common shares
|
|
|
(57,437
|
)
|
|
$
|
(878,829
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease)
|
|
|
(57,437
|
)
|
|
$
|
(878,829
|
)
|
|
|
2,420
|
|
|
$
|
44,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
15
The Gabelli Go Anywhere Trust
Notes to Financial Statements (Continued)
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.
On September 26, 2019, the Fund redeemed and retired 10,401 shares of Series A Preferred at their liquidation value of $40 per share. The Fund will
redeem all or any part of the Preferred Shares that holders have properly submitted for redemption during the 30 day period prior to September 26, 2021 at the liquidation value plus any accumulated and unpaid dividends. During the year ended
December 31, 2018, the Fund did not repurchase or redeem any shares of Series A Preferred.
At December 31, 2019, 526,343 Series A
Preferred were outstanding and accrued dividends amounted to $14,621.
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.
6. Significant Shareholder. As of December 31, 2019, 77.9% of the common shares and 65.5% 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. Management has evaluated the impact of all 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.
16
The Gabelli Go Anywhere Trust
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees
of
The Gabelli Go Anywhere Trust
Opinion on the Financial
Statements
We have audited the accompanying statement of assets and liabilities of The Gabelli Go Anywhere Trust (the “Fund”),
including the schedule of investments, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets attributable to common shareholders for each of the two years in the period
then ended, the financial highlights for each of the three years in the period then ended and the period from September 2, 2016 (commencement of operations) through December 31, 2016 and the related notes (collectively referred to as the
“financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2019, the results of its operations for the year then ended, the changes in
its net assets attributable to common shareholders for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended and the period from September 2, 2016 (commencement of
operations) through December 31, 2016, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in
accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund
is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for
the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of
December 31, 2019, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Gabelli/GAMCO Funds investment companies since 1992.
Philadelphia, Pennsylvania
February 27, 2020
17
The Gabelli Go Anywhere Trust
Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)
At its meeting on August 21, 2019, the Board of Trustees (Board) of the Fund approved the continuation of the investment advisory agreement with the
Adviser for the Fund on the basis of the recommendation by the trustees who are not interested persons of the Fund (the Independent Board Members). The following paragraphs summarize the material information and factors considered by the Independent
Board Members as well as their conclusions relative to such factors.
Nature, Extent, and Quality of Services. The Independent Board Members
considered information regarding the portfolio managers, the depth of the analyst pool available to the Adviser and the portfolio managers, the scope of supervisory, administrative, shareholder, and other services supervised or provided by the
Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio managers.
The Independent Board Members also noted that they were impressed with the overall quality of the materials relating to the Board’s consideration of
the Advisory Agreement.
Investment Performance. The Independent Board Members reviewed the performance of the Fund for the one year period
ended June 30, 2019 against a peer group of seven other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group consisting of funds in the Fund’s Lipper category (the Lipper Peer Group). The Independent
Board Members noted that the Fund’s performance for the one year period ranked below the median relative to both the Adviser Peer Group and the Lipper Peer Group. The Independent Board Members noted that it was important to provide the
portfolio management team sufficient time to establish a performance history.
Profitability. The Independent Board Members reviewed summary
data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without such charge and found such profitability to be reasonable. The Board also noted that a portion of the Fund’s portfolio
transactions were executed by the Adviser’s affiliated broker, resulting in incremental profits to the broker.
Economies of Scale. The
Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale. The Independent Board Members noted that the Fund was a closed-end fund and unlikely to realize any economies of scale potentially available through growth in the absence of additional offerings.
Sharing of Economies of Scale. The Independent Board Members noted that the investment advisory fee schedule for the Fund does not take into
account any potential economies of scale.
Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the
investment advisory fee, other expenses, and total expenses of the Fund with similar expense ratios of the Adviser Peer Group and the Lipper Peer Group and noted that the advisory fee includes substantially all administrative services of the Fund as
well as investment advisory services of the Adviser. The Independent Board Members noted that the Fund’s expense ratios were above average and the Fund’s size was below average within the applicable peer groups. The Independent Board
Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.
Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, and good ancillary
services. The Independent Board Members also concluded that the
18
The Gabelli Go Anywhere Trust
Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)
Fund has an acceptable performance record, given that it was important to provide the portfolio
management team sufficient time to establish a performance history. The Independent Board Members also concluded that the Fund’s expenses were reasonable in light of the Fund’s size, and that, in part due to the Fund’s structure as a closed-end fund, economies of scale were not a significant factor in their thinking at this point. The Independent Board Members did not view the potential profitability of ancillary services as material to their
decision. The Independent Board Members noted that they would need to re-evaluate the Fund’s performance in the future after the Fund has been in operation for a longer period of time. On the basis of the
foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.
Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the
Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation
of the Fund’s Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all important or controlling.
19
The Gabelli Go Anywhere Trust
Additional Fund Information (Unaudited)
The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees. Information pertaining to the Trustees and
officers of the Fund is set forth below. The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and officers and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The Gabelli Go Anywhere Trust at One Corporate Center, Rye, NY 10580-1422.
|
|
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|
|
|
|
|
|
|
|
Name, Position(s)
Address1
and Age
|
|
Term of Office
and Length of
Time Served2
|
|
Number of
Funds in Fund
Complex
Overseen by
Director
|
|
Principal Occupation(s)
During Past Five Years
|
|
Other Directorships
Held by Director3
|
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|
|
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|
|
INTERESTED Trustees4:
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|
|
Mario J. Gabelli, CFA Chairman and
Chief Investment Officer
Age: 77
|
|
Since 2015***
|
|
33
|
|
Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer– Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/
Trustee or Chief Investment Officer of other registered investment companies within the Gabelli/GAMCO Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.
|
|
Director of Morgan Group Holdings, Inc. (holding company) (2001-2019); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and
communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications)
(2013-2018)
|
|
INDEPENDENT Trustees5:
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|
Anthony S. Colavita6,7 Trustee
Age: 58
|
|
Since 2015*
|
|
18
|
|
Attorney, Anthony S. Colavita, P.C.
|
|
—
|
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|
|
Frank J. Fahrenkopf, Jr.7 Trustee
Age: 80
|
|
Since 2016***
|
|
12
|
|
Co-Chairman of the Commission on Presidential Debates; Former President and Chief Executive Officer of the
American Gaming Association
(1995-2013); Former Chairman of the Republican National Committee
(1983-1989)
|
|
Director of First Republic Bank (banking); Director of Eldorado Resorts, Inc. (casino entertainment company)
|
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|
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|
Michael J. Melarkey Trustee
Age: 70
|
|
Since 2017**
|
|
21
|
|
Of Counsel in the law firm of McDonald Carano Wilson LLP; Partner in the law firm of Avansino, Melarkey, Knobel, Mulligan & McKenzie (1980- 2015)
|
|
Chairman of Southwest Gas Corporation (natural gas utility)
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Kuni Nakamura6
Trustee
Age: 51
|
|
Since 2015*
|
|
33
|
|
President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate)
|
|
—
|
20
The Gabelli Go Anywhere Trust
Additional Fund Information (Continued) (Unaudited)
|
|
|
|
|
|
|
Name, Position(s)
Address1
and Age
|
|
Term of Office
and Length of
Time Served2
|
|
Principal Occupation(s)
During Past Five Years
|
|
|
|
|
|
OFFICERS:
|
|
|
|
|
|
Agnes Mullady
President
Age: 61
|
|
Since 2015
|
|
Officer of registered investment companies within the Gabelli/GAMCO Fund Complex since 2006; President and Chief Operating Officer of the Fund Division
of Gabelli Funds, LLC since 2015; Chief Executive Officer of G.distributors, LLC since 2010; Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Executive Vice President of Associated Capital
Group, Inc. since 2016
|
|
John C. Ball
Treasurer
Age: 43
|
|
Since 2017
|
|
Treasurer of funds within the Gabelli/GAMCO Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Vice President of
State Street Corporation, 2007-2014
|
|
Andrea R. Mango Secretary and
Vice President
Age: 47
|
|
Since 2015
|
|
Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of registered investment companies within the
Gabelli/GAMCO Fund Complex since 2013; Vice President of closed-end funds within the Gabelli/GAMCO Fund Complex since 2014
|
|
Richard J. Walz
Chief Compliance Officer Age: 60
|
|
Since 2015
|
|
Chief Compliance Officer of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013
|
|
David I. Schachter
Vice President and Ombudsman
Age: 66
|
|
Since 2015
|
|
Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Senior Vice President (since 2015) and Vice President (1999-2015) of G.research, LLC
|
|
Laurissa M. Martire
Vice President
Age: 43
|
|
Since 2015
|
|
Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Senior Vice President (since 2019) and other positions (2003-2019) of GAMCO Investors, Inc.
|
|
1
|
Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.
|
|
2
|
The Fund’s Board of Trustees is divided into three classes, each class having a term of three years. Each year the
term of office of one class expires and the successor or successors elected to such class serve for a three year term. The three year term for each class expires as follows:
|
|
|
*
|
Term expires at the Fund’s 2020 Annual Meeting of Shareholders or until their successors are duly elected and
qualified.
|
|
|
**
|
Term expires at the Fund’s 2021 Annual Meeting of Shareholders or until their successors are duly elected and
qualified.
|
|
|
***
|
Term expires at the Fund’s 2022 Annual Meeting of Shareholders or until their successors are duly elected and
qualified.
|
For officers, includes time served in prior officer positions with the Fund. Each officer will hold
office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.
|
3
|
This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of
1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.
|
|
4
|
“Interested person” of the Fund as defined in the 1940 Act. Mr. Gabelli is considered an
“interested person” because of his affiliation with Gabelli Funds, LLC, which acts as the Fund’s investment adviser.
|
|
5
|
Trustees who are not interested persons are considered “Independent” Trustees.
|
|
6
|
This Trustee is elected solely by and represents the shareholders of the preferred shares issued by this Fund.
|
|
7
|
Mr. Colavita’s father, Anthony J. Colavita, and Mr. Fahrenkopf’s daughter, Leslie F. Foley, serve
as directors of other funds in the Fund Complex.
|
21
THE GABELLI GO ANYWHERE TRUST
INCOME TAX INFORMATION (Unaudited)
December 31, 2019
Cash Dividends and Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable
Date
|
|
|
Record
Date
|
|
|
Ordinary
Investment
Income
|
|
|
Long Term
Capital
Gains
|
|
|
Return of
Capital (a)(b)
|
|
|
Total
Amount
Paid
Per Share
|
|
|
Dividend
Reinvestment
Price
|
|
|
Common Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03/22/19
|
|
|
|
03/15/19
|
|
|
|
—
|
|
|
|
—
|
|
|
|
$0.20000
|
|
|
|
$0.20000
|
|
|
|
$17.42620
|
|
|
|
|
|
06/21/19
|
|
|
|
06/14/19
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.20000
|
|
|
|
0.20000
|
|
|
|
15.97010
|
|
|
|
|
|
09/23/19
|
|
|
|
09/16/19
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.20000
|
|
|
|
0.20000
|
|
|
|
16.29280
|
|
|
|
|
|
12/20/19
|
|
|
|
12/13/19
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.20000
|
|
|
|
0.20000
|
|
|
|
15.85180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
$0.80000
|
|
|
|
$0.80000
|
|
|
|
|
|
|
Series A Cumulative Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03/26/19
|
|
|
|
03/19/19
|
|
|
|
$0.20290
|
|
|
|
—
|
|
|
|
$0.29710
|
|
|
|
$0.50000
|
|
|
|
|
|
|
|
|
|
06/26/19
|
|
|
|
06/19/19
|
|
|
|
0.20290
|
|
|
|
—
|
|
|
|
0.29710
|
|
|
|
0.50000
|
|
|
|
|
|
|
|
|
|
09/26/19
|
|
|
|
09/19/19
|
|
|
|
0.20290
|
|
|
|
—
|
|
|
|
0.29710
|
|
|
|
0.50000
|
|
|
|
|
|
|
|
|
|
12/26/19
|
|
|
|
12/18/19
|
|
|
|
0.20290
|
|
|
|
—
|
|
|
|
0.29710
|
|
|
|
0.50000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.81160
|
|
|
|
—
|
|
|
|
$1.18840
|
|
|
|
$2.00000
|
|
|
|
|
|
A Form 1099-DIV has been mailed to all shareholders of record
which sets forth specific amounts to be included in your 2019 tax returns. Ordinary distributions are composed of net investment income and realized net short term capital gains. Ordinary income is reported in box 1a of Form 1099-DIV. Capital gain distributions are reported in box 2a of Form 1099-DIV.
There were no long term capital gain distributions in the year ended December 31, 2019.
Corporate Dividends Received Deduction, Qualified Dividend Income, and U.S. Government Securities Income
In 2019, the Fund paid to Series A Cumulative Preferred shareholders ordinary income dividends of $0.8116 per share. For 2019, 94.48%
of the ordinary dividend qualified for the dividend received deduction available to corporations and 100% of the ordinary income distribution was deemed qualified dividend income. The Fund designates 100% of the ordinary income distribution as
qualified short term capital gain pursuant to the American Jobs Creation Act of 2004. The percentage of U.S. Government securities held as of December 31, 2019 was 17.63% of total investments.
Historical Distribution Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Income (c)
|
|
|
Short Term
Capital
Gains (c)
|
|
|
Long Term
Capital
Gains
|
|
|
Return of
Capital (a)(b)
|
|
|
Total
Distributions
|
|
|
Adjustment
to Cost
Basis (b)
|
|
|
Common Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
$0.80000
|
|
|
|
$0.80000
|
|
|
|
$0.80000
|
|
|
2018
|
|
|
—
|
|
|
|
$0.17680
|
|
|
|
$0.10520
|
|
|
|
0.51800
|
|
|
|
0.80000
|
|
|
|
0.51800
|
|
|
2017
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.20000
|
|
|
|
0.20000
|
|
|
|
0.20000
|
|
|
Series A Cumulative Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
—
|
|
|
|
$0.81160
|
|
|
|
—
|
|
|
|
$1.18840
|
|
|
|
$2.00000
|
|
|
|
$1.18840
|
|
|
2018
|
|
|
—
|
|
|
|
1.25480
|
|
|
|
$0.74520
|
|
|
|
—
|
|
|
|
2.00000
|
|
|
|
—
|
|
|
2017
|
|
|
$0.13920
|
|
|
|
1.82340
|
|
|
|
0.74060
|
|
|
|
0.19680
|
|
|
|
2.90000
|
|
|
|
0.19680
|
|
|
2016
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.01333
|
|
|
|
1.01333
|
|
|
|
1.01333
|
|
(a) Non-taxable.
(b) Decrease in cost basis.
(c) Taxable as ordinary
income.
All
designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal
Revenue Code and the regulations thereunder.
22
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 stock 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
The 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 shares of common stock 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 stock 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:
The 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 stock 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 stock 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 stock 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 stock. The valuation date is the
dividend or distribution payment date or, if that date is not a NYSE American trading day, the next trading day. If the net asset value of the common stock at the time of valuation exceeds the market price of the common stock, 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 stock in the open market, or on the NYSE American 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 stock 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.
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
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AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS
(Continued)
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.
For more information regarding the Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan, brochures are 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.
24
THE GABELLI GO ANYWHERE TRUST
AND YOUR PERSONAL PRIVACY
Who are we?
The Gabelli Go Anywhere Trust (the Fund) 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, 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 MKT, 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
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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 content of the portfolio managers’ commentary is unrestricted. Both the commentary and the financial
statements, including the portfolio of investments, will be available on our website at www.gabelli.com.
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.”
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.
THE GABELLI GO ANYWHERE TRUST
One Corporate Center
Rye, NY 10580-1422
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800-GABELLI
(800-422-3554)
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TRUSTEES
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OFFICERS
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Mario J. Gabelli, CFA
Chairman and
Chief Executive Officer,
GAMCO Investors, Inc.
Executive Chairman,
Associated Capital Group, Inc.
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.
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Agnes Mullady
President
John C. Ball
Treasurer
Andrea R. Mango
Secretary & Vice President
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 Q4/2019
