1
The
Gabelli
Global
Content
&
Connectivity
Fund
Schedule
of
Investments
—
March
31,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
98.7%
COMMUNICATION
SERVICES
—
73.8%
Telecommunication
Services
—
43.0%
Wireless
Telecommunication
Services
—
29.6%
Wireless
Telecommunication
Services
—
29.6%
35,000
America
Movil
SAB
de
CV,
ADR†
................
$
736,750
40,000
Anterix
Inc.†
.............................................
1,321,600
17,000
KDDI
Corp.
................................................
524,052
80,000
Millicom
International
Cellular
SA,
SDR†
....
1,514,211
100,000
MTN
Group
Ltd.
........................................
715,923
27,000
Rogers
Communications
Inc.,
Cl. B
............
1,251,720
165,000
Sistema
PJSC
FC,
GDR†(a)
........................
82,500
85,000
SoftBank
Group
Corp.
................................
3,317,417
40,000
T-Mobile
US
Inc.†
......................................
5,793,600
30,000
United
States
Cellular
Corp.†
.....................
621,900
65,000
Vodafone
Group
plc,
ADR
..........................
717,600
16,597,273
Diversified
Telecommunication
Services
—
13.4%
Integrated
Telecommunication
Services
—
12.9%
35,000
AT&T
Inc.
..................................................
673,750
37,415,054
Cable
&
Wireless
Jamaica
Ltd.†(a)
.............
287,484
90,000
Deutsche
Telekom
AG
................................
2,181,472
42,000
Frontier
Communications
Parent
Inc.†
.......
956,340
32,000
Telenor
ASA
..............................................
375,021
85,000
Telephone
and
Data
Systems
Inc.
...............
893,350
35,000
TELUS
Corp.
.............................................
695,100
30,000
Verizon
Communications
Inc.
....................
1,166,700
7,229,217
Alternative
Carriers
—
0.5%
33,000
Telesat
Corp.†
...........................................
283,800
Media
&
Entertainment
—
30.8%
Interactive
Media
&
Services
—
13.5%
Interactive
Media
&
Services
—
13.5%
40,000
Alphabet
Inc.,
Cl. C†
..................................
4,160,000
16,000
Meta
Platforms
Inc.,
Cl. A†
........................
3,391,040
7,551,040
Entertainment
—
8.8%
Movies
&
Entertainment
—
8.8%
200,000
Bollore
SE
.................................................
1,234,161
15,000
Borussia
Dortmund
GmbH
&
Co.
KGaA†
....
66,860
13,000
Liberty
Media
Corp.-
Liberty
Braves,
Cl. C†
437,970
58,000
Manchester
United
plc,
Cl. A
......................
1,284,700
2,000
Netflix
Inc.†
...............................................
690,960
145,000
OL
Groupe
SA†
.........................................
465,467
7,500
The
Walt
Disney
Co.†
................................
750,975
4,931,093
Media
—
8.5%
Cable
&
Satellite
—
8.5%
60,000
Comcast
Corp.,
Cl. A
.................................
2,274,600
Shares
Market
Value
55,000
Liberty
Global
plc,
Cl. C†
...........................
$
1,120,900
22,000
Telenet
Group
Holding
NV
..........................
499,607
85,000
WideOpenWest
Inc.†
.................................
903,550
4,798,657
TOTAL
COMMUNICATION
SERVICES
......
41,391,080
INFORMATION
TECHNOLOGY
—
9.9%
Software
&
Services
—
6.3%
Software
—
3.6%
Systems
Software
—
3.6%
7,000
Microsoft
Corp.
.........................................
2,018,100
IT
Services
—
2.7%
Data
Processing
&
Outsourced
Services
—
2.7%
2,000
Mastercard
Inc.,
Cl. A
................................
726,820
10,000
PayPal
Holdings
Inc.†
................................
759,400
1,486,220
Technology
Hardware
&
Equipment
—
3.6%
Technology
Hardware,
Storage
&
Peripherals
—
2.3%
Technology
Hardware,
Storage
&
Peripherals
—
2.3%
8,000
Apple
Inc.
.................................................
1,319,200
Electronic
Equipment,
Instruments
&
Components
—
1.3%
Electronic
Equipment
&
Instruments
—
1.3%
8,000
Sony
Group
Corp.,
ADR
.............................
725,200
TOTAL
INFORMATION
TECHNOLOGY
......
5,548,720
CONSUMER
DISCRETIONARY
—
9.6%
Retailing
—
9.6%
Internet
&
Direct
Marketing
Retail
—
9.6%
Internet
&
Direct
Marketing
Retail
—
9.6%
4,000
Amazon.com
Inc.†
....................................
413,160
55,000
Prosus
NV
.................................................
4,291,041
17,000
Zalando
SE†
..............................................
710,543
5,414,744
TOTAL
CONSUMER
DISCRETIONARY
......
5,414,744
FINANCIALS
—
3.0%
Diversified
Financials
—
3.0%
Diversified
Financial
Services
—
3.0%
Multi-Sector
Holdings
—
3.0%
62,000
Kinnevik
AB,
Cl. B†
....................................
922,921
4,460
Old
Mutual
Ltd.(a)
.....................................
399
375,000
VNV
Global
AB†
........................................
733,452
12,000
Waterloo
Investment
Holdings
Ltd.†(a)
......
6,000
1,662,772
2
The
Gabelli
Global
Content
&
Connectivity
Fund
Schedule
of
Investments
(Continued)
—
March
31,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
FINANCIALS
(Continued)
Banks
—
0.0%
Banks
—
0.0%
Diversified
Banks
—
0.0%
58
Nedbank
Group
Ltd.
..................................
$
707
TOTAL
FINANCIALS
..........................
1,663,479
REAL
ESTATE
—
2.4%
Real
Estate
—
2.4%
Equity
Real
Estate
Investment
Trusts
—
2.4%
Specialized
REITs
—
2.4%
2,000
Crown
Castle
Inc.,
REIT
.............................
267,680
1,500
Equinix
Inc.,
REIT
......................................
1,081,560
1,349,240
TOTAL
REAL
ESTATE
.........................
1,349,240
TOTAL
COMMON
STOCKS
..................
55,367,263
CLOSED-END
FUNDS
—
0.0%
CONSUMER
DISCRETIONARY
—
0.0%
Retailing
—
0.0%
Internet
&
Direct
Marketing
Retail
—
0.0%
Internet
&
Direct
Marketing
Retail
—
0.0%
5,800
Altaba
Inc.,
Escrow†
..................................
13,659
PREFERRED
STOCKS
—
1.0%
INFORMATION
TECHNOLOGY
—
1.0%
Technology
-
Hardware
and
Equipment
—
1.0%
Technology
Hardware,
Storage
&
Peripherals
—
1.0%
Technology
Hardware,
Storage
&
Peripherals
—
1.0%
13,000
Samsung
Electronics
Co.
Ltd.,
10.630%
.....
538,234
WARRANTS
—
0.0%
FINANCIALS
—
0.0%
Diversified
Financials
—
0.0%
Diversified
Financial
Services
—
0.0%
Multi-Sector
Holdings
—
0.0%
31,463
VNV
Global
AB,
expire
08/10/23†
...............
136
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
0.3%
$
180,000
U.S.
Treasury
Bill
4.562%††,
04/20/23
.................................
179,603
TOTAL
INVESTMENTS
—
100.0%
(Cost
$40,815,610)
................................
$
56,098,895
(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
yield
at
date
of
purchase.
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
SDR
Swedish
Depositary
Receipt
Geographic
Diversification
%
of
Market
Value
Market
Value
North
America
......................
58.9
%
$
33,046,136
Europe
..............................
28.9
16,200,594
Japan
...............................
8.1
4,566,669
Latin
America
.......................
1.8
1,030,234
South
Africa
.........................
1.3
717,028
Asia/Pacific
.........................
1.0
538,234
100.0%
$
56,098,895