The Gabelli Global Content & Connectivity Fund
Schedule of Investments — September 30, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS — 97.1% |
| |||||||
COMMUNICATION SERVICES — 79.4% |
| |||||||
Telecommunication Services — 43.1% |
| |||||||
Wireless Telecommunication Services — 19.2% |
| |||||||
Wireless Telecommunication Services — 19.2% |
| |||||||
62,500 | America Movil SAB de CV, Cl. L, ADR | $ | 928,750 | |||||
4,500 | Anterix Inc.† | 162,900 | ||||||
90,000 | Axiata Group Berhad | 92,429 | ||||||
9,500 | China Mobile Ltd., ADR | 393,300 | ||||||
9,600 | DiGi.Com Berhad | 10,891 | ||||||
72,808 | Econet Wireless Zimbabwe Ltd. | 8,917 | ||||||
17,500 | Gogo Inc.† | 105,525 | ||||||
666 | Hutchison Telecommunications Hong Kong Holdings Ltd. | 112 | ||||||
49,000 | KDDI Corp. | 1,280,231 | ||||||
23,000 | Millicom International Cellular SA, SDR | 1,115,882 | ||||||
16,200 | NTT DOCOMO Inc. | 412,473 | ||||||
175,000 | Orascom Investment Holding, GDR† | 25,375 | ||||||
18,000 | PLDT Inc., ADR | 396,000 | ||||||
240,000 | PT Indosat Tbk† | 48,186 | ||||||
11,500 | Rogers Communications Inc., Cl. B | 560,395 | ||||||
3,500 | Shenandoah Telecommunications Co. | 111,195 | ||||||
70,000 | Sistema PJSFC, GDR | 270,480 | ||||||
14,000 | SK Telecom Co. Ltd., ADR | 310,800 | ||||||
20,000 | SoftBank Group Corp. | 784,277 | ||||||
40,000 | Sprint Corp.† | 246,800 | ||||||
60,000 | TIM Participacoes SA | 172,854 | ||||||
15,156 | TIM Participacoes SA, ADR | 217,640 | ||||||
55,500 | T-Mobile US Inc.† | 4,371,735 | ||||||
75,000 | Turkcell Iletisim Hizmetleri A/S, ADR | 433,500 | ||||||
31,300 | United States Cellular Corp.† | 1,176,254 | ||||||
140,000 | VEON Ltd., ADR | 336,000 | ||||||
34,000 | Vodafone Group plc, ADR | 676,940 | ||||||
|
| |||||||
14,649,841 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 23.9% |
| |||||||
Integrated Telecommunication Services — 20.6% |
| |||||||
10,500 | AT&T Inc. | 397,320 | ||||||
1,900 | ATN International Inc. | 110,903 | ||||||
37,415,054 | Cable & Wireless Jamaica Ltd.†(a) | 403,484 | ||||||
16,400 | China Unicom Hong Kong Ltd., ADR | 172,036 | ||||||
34,000 | Cincinnati Bell Inc.† | 172,380 | ||||||
101,000 | Deutsche Telekom AG, ADR | 1,687,710 | ||||||
3,107 | Hellenic Telecommunications Organization SA | 42,805 | ||||||
2,000 | Hellenic Telecommunications Organization SA, ADR | 14,000 | ||||||
15,000 | Koninklijke KPN NV | 46,775 | ||||||
29,200 | Maroc Telecom | 426,477 | ||||||
9,000 | Nippon Telegraph & Telephone Corp. | 429,170 | ||||||
2,000 | Nippon Telegraph & Telephone Corp., ADR | 95,780 | ||||||
21,500 | Nuvera Communications Inc. | 443,975 | ||||||
1,700 | Oi SA, ADR† | 657 | ||||||
453 | Oi SA, Cl. C, ADR† | 498 |
Shares | Market Value | |||||||
2,000 | Orange SA, ADR | $ | 31,140 | |||||
200,000 | Pakistan Telecommunication Co. Ltd. | 8,828 | ||||||
90,000 | PCCW Ltd. | 50,525 | ||||||
50,000 | Pharol SGPS SA† | 6,082 | ||||||
45,500 | Pharol SGPS SA, ADR† | 6,122 | ||||||
6,400 | Proximus SA | 190,088 | ||||||
9,700 | PT Telekomunikasi Indonesia Persero Tbk, ADR | 292,067 | ||||||
3,000 | Rostelecom PJSC, ADR | 22,005 | ||||||
180,000 | Singapore Telecommunications Ltd. | 403,719 | ||||||
9,800 | Swisscom AG, ADR | 482,846 | ||||||
18,000 | Telecom Argentina SA, ADR | 180,000 | ||||||
100,000 | Telecom Italia SpA† | 57,059 | ||||||
11,500 | Telecom Italia SpA, ADR† | 64,745 | ||||||
395 | Telefonica Brasil SA | 4,269 | ||||||
5,021 | Telefonica Brasil SA, ADR | 66,127 | ||||||
1,800 | Telefonica Brasil SA, Preference | 23,784 | ||||||
3,935 | Telefonica SA | 30,027 | ||||||
77,000 | Telefonica SA, ADR | 585,200 | ||||||
74,800 | Telekom Austria AG | 543,795 | ||||||
248,000 | Telekom Malaysia Berhad | 213,231 | ||||||
36,300 | Telenor ASA | 728,382 | ||||||
58,500 | Telephone & Data Systems Inc. | 1,509,300 | ||||||
128,000 | Telesites SAB de CV† | 84,646 | ||||||
259,000 | Telia Co. AB. | 1,159,495 | ||||||
26,000 | TELUS Corp. | 926,120 | ||||||
1,958,977 | True Corp. Public Co. Ltd. | 336,264 | ||||||
53,300 | Verizon Communications Inc. | 3,217,188 | ||||||
|
| |||||||
15,667,024 | ||||||||
|
| |||||||
Alternative Carriers — 3.3% |
| |||||||
104,000 | CenturyLink Inc. | 1,297,920 | ||||||
300 | Iliad SA. | 28,193 | ||||||
12,500 | Intelsat SA† | 285,000 | ||||||
28,000 | TIME dotCom Berhad | 61,056 | ||||||
25,000 | Zayo Group Holdings Inc.† | 847,500 | ||||||
|
| |||||||
2,519,669 | ||||||||
|
| |||||||
Media & Entertainment — 36.3% |
| |||||||
Media — 24.0% |
| |||||||
Cable & Satellite — 13.7% | ||||||||
6,200 | Cogeco Inc. | 446,638 | ||||||
79,800 | Comcast Corp., Cl. A | 3,597,384 | ||||||
27,676 | DISH Network Corp., Cl. A† | 942,921 | ||||||
280,000 | Dish TV India Ltd., GDR | 65,520 | ||||||
4,500 | GCI Liberty Inc., Cl. A† | 279,315 | ||||||
184,000 | Grupo Televisa SAB, ADR | 1,799,520 | ||||||
1,025 | Liberty Broadband Corp., Cl. A† | 107,133 | ||||||
1,000 | Liberty Broadband Corp., Cl. C† | 104,670 | ||||||
14,840 | Liberty Global plc, Cl. A† | 367,290 | ||||||
61,600 | Liberty Global plc, Cl. C† | 1,465,464 | ||||||
1,000 | Liberty Latin America Ltd., Cl. A† | 17,070 |
1
The Gabelli Global Content & Connectivity Fund
Schedule of Investments (Continued) — September 30, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
COMMUNICATION SERVICES (Continued) |
| |||||||
Media & Entertainment (Continued) |
| |||||||
Media (Continued) |
| |||||||
Cable & Satellite (Continued) |
| |||||||
3,444 | Liberty Latin America Ltd., Cl. C† | $ | 58,875 | |||||
15,500 | Liberty Media Corp. - Liberty SiriusXM, | 644,335 | ||||||
12,000 | Liberty Media Corp. - Liberty SiriusXM, | 503,520 | ||||||
2,000 | MultiChoice Group† | 15,579 | ||||||
|
| |||||||
10,415,234 | ||||||||
|
| |||||||
Broadcasting — 10.3% | ||||||||
1,400 | AMC Networks Inc., Cl. A† | 68,824 | ||||||
38,500 | CBS Corp., Cl. B,Non-Voting | 1,554,245 | ||||||
300,000 | Corus Entertainment Inc., Cl. B | 1,197,871 | ||||||
18,000 | Discovery Inc., Cl. A† | 479,340 | ||||||
85,000 | Discovery Inc., Cl. C† | 2,092,700 | ||||||
55,666 | Fox Corp., Cl. B | 1,755,706 | ||||||
11,000 | MSG Networks Inc., Cl. A† | 178,420 | ||||||
3,000 | Nordic Entertainment Group AB, Cl. B | 70,946 | ||||||
6,000 | Sinclair Broadcast Group Inc., Cl. A | 256,440 | ||||||
14,000 | Tokyo Broadcasting System Holdings Inc. | 226,331 | ||||||
|
| |||||||
7,880,823 | ||||||||
|
| |||||||
Interactive Media & Services — 8.5% |
| |||||||
Interactive Media & Services — 8.5% |
| |||||||
3,000 | Alphabet Inc., Cl. C† | 3,657,000 | ||||||
16,000 | Facebook Inc., Cl. A† | 2,849,280 | ||||||
|
| |||||||
6,506,280 | ||||||||
|
| |||||||
Entertainment — 3.8% |
| |||||||
Movies & Entertainment — 3.3% |
| |||||||
1,600 | Liberty Media Corp.- Liberty Braves, | 44,528 | ||||||
10,500 | Liberty Media Corp.- Liberty Braves, | 291,375 | ||||||
950 | Liberty Media Corp.- Liberty Formula One, | 37,611 | ||||||
2,000 | Liberty Media Corp.- Liberty Formula One, | 83,180 | ||||||
100 | Netflix Inc.† | 26,762 | ||||||
4,000 | The Madison Square Garden Co., Cl. A† | 1,054,080 | ||||||
2,674 | The Walt Disney Co. | 348,476 | ||||||
26,000 | Viacom Inc., Cl. B | 624,780 | ||||||
|
| |||||||
2,510,792 | ||||||||
|
| |||||||
Interactive Home Entertainment — 0.5% |
| |||||||
3,000 | Modern Times Group MTG AB, Cl. B† | 24,862 | ||||||
3,000 | Take-Two Interactive Software Inc.† | 376,020 | ||||||
|
| |||||||
400,882 | ||||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES | 60,550,545 | |||||||
|
|
Shares | Market Value | |||||||
INFORMATION TECHNOLOGY — 5.5% |
| |||||||
Technology Hardware & Equipment — 1.4% |
| |||||||
Technology Hardware, Storage & Peripherals — 1.0% |
| |||||||
Technology hardware, Storage & Peripherals — 1.0% |
| |||||||
3,500 | Apple Inc. | $ | 783,895 | |||||
|
| |||||||
Electronic Equipment, Instruments & |
| |||||||
Electronic Equipment & Instruments — 0.1% |
| |||||||
1,000 | Sony Corp., ADR | 59,130 | ||||||
|
| |||||||
Communications Equipment — 0.3% |
| |||||||
Communications Equipment — 0.3% |
| |||||||
5,000 | EchoStar Corp., Cl. A† | 198,100 | ||||||
|
| |||||||
Software & Services — 3.6% |
| |||||||
Software — 1.0% |
| |||||||
Systems Software — 0.4% | ||||||||
2,000 | Microsoft Corp. | 278,060 | ||||||
|
| |||||||
Application Software — 0.6% | ||||||||
35,000 | MiX Telematics Ltd., ADR | 488,250 | ||||||
|
| |||||||
IT Services — 2.6% |
| |||||||
IT Consulting & Other Services — 1.5% |
| |||||||
56,062 | Cassava SmarTech Zimbabwe Ltd.† | 6,306 | ||||||
280,000 | Dagang NeXchange Berhad | 17,721 | ||||||
13,500 | InterXion Holding NV† | 1,099,710 | ||||||
|
| |||||||
1,123,737 | ||||||||
|
| |||||||
Data Processing & Outsourced Services — 1.1% |
| |||||||
2,000 | Mastercard Inc., Cl. A | 543,140 | ||||||
2,000 | Visa Inc., Cl. A | 344,020 | ||||||
|
| |||||||
887,160 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 0.5% |
| |||||||
Semiconductors & Semiconductor Equipment — 0.5% |
| |||||||
Semiconductors — 0.5% | ||||||||
15,000 | SMART Global Holdings Inc.† | 382,200 | ||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | 4,200,532 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY — 3.8% |
| |||||||
Retailing — 2.6% | ||||||||
Internet & Direct Marketing Retail — 2.6% |
| |||||||
Internet & Direct Marketing Retail — 2.6% |
| |||||||
72 | Expedia Group Inc. | 9,677 | ||||||
8,600 | Naspers Ltd., Cl. N | 1,303,231 | ||||||
8,600 | Prosus NV† | 631,312 | ||||||
2,000 | Qurate Retail Inc., Cl. A† | 20,630 | ||||||
|
| |||||||
1,964,850 | ||||||||
|
|
2
The Gabelli Global Content & Connectivity Fund
Schedule of Investments (Continued) — September 30, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
CONSUMER DISCRETIONARY (Continued) |
| |||||||
Automobiles & Components — 1.2% |
| |||||||
Automobiles — 1.2% |
| |||||||
Automobile Manufacturers — 1.2% |
| |||||||
25,000 | General Motors Co. | $ | 937,000 | |||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | 2,901,850 | |||||||
|
| |||||||
FINANCIALS — 3.7% |
| |||||||
Diversified Financials — 3.7% |
| |||||||
Diversified Financial Services — 2.9% |
| |||||||
Multi-Sector Holdings — 2.9% |
| |||||||
97,500 | First Pacific Co. Ltd. | 37,320 | ||||||
4,100 | First Pacific Co. Ltd., ADR | 7,626 | ||||||
1,000 | Kinnevik AB, Cl. A. | 27,478 | ||||||
82,000 | Kinnevik AB, Cl. B. | 2,156,612 | ||||||
12,000 | Waterloo Investment Holdings Ltd.†(a) | 3,000 | ||||||
|
| |||||||
2,232,036 | ||||||||
|
| |||||||
Consumer Finance — 0.8% |
| |||||||
Consumer Finance — 0.8% |
| |||||||
5,000 | American Express Co | 591,400 | ||||||
|
| |||||||
TOTAL FINANCIALS | 2,823,436 | |||||||
|
| |||||||
REAL ESTATE — 3.0% |
| |||||||
Real Estate — 3.0% |
| |||||||
Real Estate Management & Development — 0.2% |
| |||||||
Real Estate Development — 0.2% |
| |||||||
27,360 | CK Asset Holdings Ltd. | 185,363 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts — 2.8% |
| |||||||
Specialized REITs — 2.8% |
| |||||||
4,500 | CyrusOne Inc., REIT | 355,950 | ||||||
2,500 | Equinix Inc., REIT | 1,442,000 | ||||||
40,000 | Uniti Group Inc., REIT | 310,600 | ||||||
|
| |||||||
2,108,550 | ||||||||
|
| |||||||
TOTAL REAL ESTATE | 2,293,913 | |||||||
|
| |||||||
INDUSTRIALS — 0.8% |
| |||||||
Transportation — 0.0% |
| |||||||
Air Freight & Logistics — 0.0% |
| |||||||
Air Freight & Logistics — 0.0% |
| |||||||
17,000 | PostNL NV | 37,762 | ||||||
|
| |||||||
Commercial & Professional Services — 0.1% |
| |||||||
Commercial Services & Supplies — 0.1% |
| |||||||
Security & Alarm Services — 0.1% |
| |||||||
30,000 | G4S plc | 69,789 |
Shares | Market Value | |||||||
900 | Marlowe plc† | $ | 4,880 | |||||
|
| |||||||
74,669 | ||||||||
|
| |||||||
Capital Goods — 0.7% |
| |||||||
Industrial Conglomerates — 0.3% |
| |||||||
Industrial Conglomerates — 0.3% |
| |||||||
27,360 | CK Hutchison Holdings Ltd. | 241,565 | ||||||
|
| |||||||
Electrical Equipment — 0.1% |
| |||||||
Electrical Components & Equipment — 0.1% |
| |||||||
1,800 | Furukawa Electric Co. Ltd. | 43,267 | ||||||
|
| |||||||
Construction & Engineering — 0.3% |
| |||||||
Construction & Engineering — 0.3% |
| |||||||
6,000 | Bouygues SA | 240,335 | ||||||
|
| |||||||
TOTAL INDUSTRIALS | 637,598 | |||||||
|
| |||||||
HEALTH CARE — 0.7% |
| |||||||
Health Care Equipment & Services — 0.7% |
| |||||||
Health Care Equipment & Supplies — 0.7% |
| |||||||
Health Care Equipment — 0.7% |
| |||||||
13,000 | GN Store Nord A/S | 527,785 | ||||||
|
| |||||||
CONSUMER STAPLES — 0.2% |
| |||||||
Food, Beverage & Tobacco — 0.2% |
| |||||||
Food Products — 0.2% |
| |||||||
Agricultural Products — 0.2% |
| |||||||
68,000 | C.P. Pokphand Co. Ltd., ADR | 137,360 | ||||||
|
| |||||||
Beverages — 0.0% |
| |||||||
Distillers & Vintners — 0.0% |
| |||||||
1,768 | Gusbourne plc† | 1,456 | ||||||
|
| |||||||
Food & Staples Retailing — 0.0% |
| |||||||
Food & Staples Retailing — 0.0% |
| |||||||
Food Retail — 0.0% |
| |||||||
504 | Meikles Ltd. | 747 | ||||||
|
| |||||||
TOTAL CONSUMER STAPLES | 139,563 | |||||||
|
| |||||||
UTILITIES — 0.0% |
| |||||||
Utilities — 0.0% |
| |||||||
Multi-Utilities — 0.0% |
| |||||||
Multi-Utilities — 0.0% |
| |||||||
200 | National Grid plc, ADR | 10,826 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 74,086,048 | |||||||
|
|
3
The Gabelli Global Content & Connectivity Fund
Schedule of Investments (Continued) — September 30, 2019 (Unaudited)
Shares | Market Value | |||||||
CLOSED-END FUNDS — 0.1% |
| |||||||
CONSUMER DISCRETIONARY — 0.1% |
| |||||||
Retailing — 0.1% |
| |||||||
Internet & Direct Marketing Retail — 0.1% |
| |||||||
Internet & Direct Marketing Retail — 0.1% |
| |||||||
5,800 | Altaba Inc. | $ | 112,984 | |||||
|
| |||||||
WARRANTS — 0.6% |
| |||||||
COMMUNICATION SERVICES — 0.6% |
| |||||||
Telecommunication Services — 0.6% |
| |||||||
Wireless Telecommunication Services — 0.6% |
| |||||||
Wireless Telecommunication Services — 0.6% |
| |||||||
81,000 | Bharti Airtel Ltd., expire 11/30/20†(b) | 420,390 | ||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS — 0.0% |
| |||||||
COMMUNICATION SERVICES — 0.0% |
| |||||||
Telecommunication Services — 0.0% |
| |||||||
Wireless Telecommunication Services — 0.0% |
| |||||||
Wireless Telecommunication Services — 0.0% |
| |||||||
$ 32,808 | Econet Wireless Zimbabwe Ltd., 5.000%, | 2,123 | ||||||
|
| |||||||
U.S. GOVERNMENT OBLIGATIONS — 2.2% |
| |||||||
1,685,000 | U.S. Treasury Bills, | 1,678,990 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% |
| |||||||
(Cost $59,093,479) | $ | 76,300,535 | ||||||
|
| |||||||
|
|
(a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(b) | 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. |
† | Non-income producing security. |
†† | Represents annualized yields at dates of purchase. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
REIT | Real Estate Investment Trust |
SDR | Swedish Depositary Receipt |
Geographic Diversification | %of | Market | ||||||||
North America |
| 62.0 | % | $ | 47,326,678 | |||||
Europe |
| 21.0 |
| 16,001,171 | ||||||
Latin America |
| 5.1 |
| 3,885,229 | ||||||
Asia/Pacific |
| 4.5 |
| 3,481,918 | ||||||
Japan |
| 4.4 |
| 3,330,658 | ||||||
Africa/Middle East |
| 3.0 |
| 2,274,881 | ||||||
|
|
|
| |||||||
100.0 | % | $ | 76,300,535 | |||||||
|
|
|
|
4