The Gabelli Global Content & Connectivity Fund
Schedule of Investments — September 30, 2020 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS — 97.9% | ||||||||
COMMUNICATION SERVICES — 71.0% |
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Telecommunication Services — 39.7% |
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Wireless Telecommunication Services — 26.4% |
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Wireless Telecommunication Services — 26.4% |
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60,000 | America Movil SAB de CV, Cl. L, ADR | $ | 749,400 | |||||
25,000 | Anterix Inc.† | 817,750 | ||||||
36,000 | China Mobile Ltd., ADR | 1,157,760 | ||||||
40,000 | KDDI Corp. | 1,007,349 | ||||||
32,000 | Millicom International Cellular SA, SDR | 974,023 | ||||||
140,000 | MTN Group Ltd. | 469,230 | ||||||
14,000 | Rogers Communications Inc., Cl. B | 555,100 | ||||||
160,000 | Sistema PJSC FC, GDR | 857,600 | ||||||
60,000 | SoftBank Group Corp. | 3,680,273 | ||||||
50,000 | T-Mobile US Inc.† | 5,718,000 | ||||||
90,000 | Turkcell Iletisim Hizmetleri A/S, ADR | 431,100 | ||||||
36,000 | United States Cellular Corp.† | 1,063,080 | ||||||
60,000 | Vodafone Group plc, ADR | 805,200 | ||||||
125,000 | WideOpenWest Inc.† | 648,750 | ||||||
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18,934,615 | ||||||||
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Diversified Telecommunication Services — 13.3% |
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Integrated Telecommunication Services — 11.9% |
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16,000 | AT&T Inc. | 456,160 | ||||||
37,415,054 | Cable & Wireless Jamaica Ltd.†(a) | 306,348 | ||||||
3,750,000 | China Tower Corp. Ltd., Cl. H | 648,383 | ||||||
43,000 | Deutsche Telekom AG, ADR | 724,550 | ||||||
15,000 | Nippon Telegraph & Telephone Corp. | 305,789 | ||||||
65,000 | Telenor ASA | 1,090,244 | ||||||
65,000 | Telephone and Data Systems Inc. | 1,198,600 | ||||||
50,000 | TELUS Corp. | 880,500 | ||||||
50,000 | Verizon Communications Inc. | 2,974,500 | ||||||
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8,585,074 | ||||||||
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Alternative Carriers — 1.4% | ||||||||
100,000 | CenturyLink Inc. | 1,009,000 | ||||||
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Media & Entertainment — 31.3% | ||||||||
Media — 9.1% | ||||||||
Cable & Satellite — 9.1% | ||||||||
100,000 | Comcast Corp., Cl. A | 4,626,000 | ||||||
25,000 | DISH Network Corp., Cl. A† | 725,750 | ||||||
57,000 | Liberty Global plc, Cl. C† | 1,170,495 | ||||||
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6,522,245 | ||||||||
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Interactive Media & Services — 14.8% |
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Interactive Media & Services — 14.8% |
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3,700 | Alphabet Inc., Cl. C† | 5,437,520 | ||||||
20,000 | Facebook Inc., Cl. A† | 5,238,000 | ||||||
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10,675,520 | ||||||||
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Shares | Market Value | |||||||
Entertainment — 7.4% | ||||||||
Movies & Entertainment — 5.7% | ||||||||
120,000 | Borussia Dortmund GmbH & Co. KGaA | $ | 721,764 | |||||
23,000 | Liberty Media Corp.- Liberty Braves, Cl. C† | 483,230 | ||||||
6,000 | Madison Square Garden Sports Corp.† | 902,880 | ||||||
30,000 | Manchester United plc, Cl. A | 436,200 | ||||||
130,000 | OL Groupe SA† | 307,887 | ||||||
10,000 | The Walt Disney Co. | 1,240,800 | ||||||
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4,092,761 | ||||||||
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Interactive Home Entertainment — 1.7% | ||||||||
4,000 | Take-Two Interactive Software Inc.† | 660,880 | ||||||
6,000 | Ubisoft Entertainment SA† | 542,097 | ||||||
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1,202,977 | ||||||||
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TOTAL COMMUNICATION SERVICES | 51,022,192 | |||||||
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INFORMATION TECHNOLOGY — 9.2% | ||||||||
Technology Hardware & Equipment — 3.0% |
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Technology Hardware, Storage & Peripherals — 1.9% |
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Technology Hardware, Storage & Peripherals — 1.9% |
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12,000 | Apple Inc. | 1,389,720 | ||||||
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Electronic Equipment, Instruments & Components — 1.1% |
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Electronic Equipment & Instruments — 1.1% |
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10,000 | Sony Corp., ADR | 767,500 | ||||||
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Software & Services — 6.2% | ||||||||
Software — 2.5% | ||||||||
Systems Software — 2.5% | ||||||||
8,500 | Microsoft Corp. | 1,787,805 | ||||||
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IT Services — 3.7% | ||||||||
Internet Services and Infrastructure — 0.7% |
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20,000 | GMO internet Inc. | 519,793 | ||||||
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Data Processing & Outsourced Services — 3.0% |
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3,500 | Mastercard Inc., Cl. A | 1,183,595 | ||||||
2,500 | PayPal Holdings Inc.† | 492,575 | ||||||
2,500 | Visa Inc., Cl. A | 499,925 | ||||||
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2,176,095 | ||||||||
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TOTAL INFORMATION TECHNOLOGY | 6,640,913 | |||||||
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FINANCIALS — 8.2% | ||||||||
Diversified Financials — 8.2% | ||||||||
Diversified Financial Services — 8.2% |
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Multi-Sector Holdings — 8.2% | ||||||||
110,000 | Kinnevik AB, Cl. B | 4,478,804 | ||||||
4,460 | Old Mutual Ltd.(a) | 4,489 | ||||||
172,000 | VNV Global AB† | 1,378,942 |
1
The Gabelli Global Content & Connectivity Fund
Schedule of Investments (Continued) — September 30, 2020 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIALS (Continued) | ||||||||
Diversified Financials (Continued) | ||||||||
Diversified Financial Services (Continued) |
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Multi-Sector Holdings (Continued) | ||||||||
12,000 | Waterloo Investment Holdings Ltd.†(a) | $ | 2,520 | |||||
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5,864,755 | ||||||||
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TOTAL FINANCIALS | 5,864,755 | |||||||
|
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CONSUMER DISCRETIONARY — 4.9% | ||||||||
Retailing — 4.9% | ||||||||
Internet & Direct Marketing Retail — 4.9% |
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Internet & Direct Marketing Retail — 4.9% |
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14,000 | Naspers Ltd., Cl. N | 2,474,030 | ||||||
11,500 | Prosus NV† | 1,061,132 | ||||||
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3,535,162 | ||||||||
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TOTAL CONSUMER DISCRETIONARY | 3,535,162 | |||||||
|
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REAL ESTATE — 4.6% | ||||||||
Real Estate — 4.6% | ||||||||
Equity Real Estate Investment Trusts — 4.6% |
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Specialized REITs — 4.6% | ||||||||
4,000 | Crown Castle International Corp., REIT | 666,000 | ||||||
7,500 | Digital Realty Trust Inc., REIT | 1,100,700 | ||||||
2,000 | Equinix Inc., REIT | 1,520,260 | ||||||
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| |||||||
3,286,960 | ||||||||
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TOTAL REAL ESTATE | 3,286,960 | |||||||
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TOTAL COMMON STOCKS | 70,349,982 | |||||||
|
| |||||||
CLOSED-END FUNDS — 0.2% | ||||||||
CONSUMER DISCRETIONARY — 0.2% | ||||||||
Retailing — 0.2% | ||||||||
Internet & Direct Marketing Retail — 0.2% |
| |||||||
Internet & Direct Marketing Retail — 0.2% |
| |||||||
5,800 | Altaba Inc., Escrow† | 131,370 | ||||||
|
|
Shares | Market Value | |||||||
PREFERRED STOCKS — 1.2% | ||||||||
INDUSTRIALS — 1.2% | ||||||||
Capital Goods — 1.2% | ||||||||
Electrical Equipment — 1.2% | ||||||||
Electrical Components & Equipment — 1.2% |
| |||||||
20,000 | Samsung Electronics Co. Ltd., 10.630% | $ | 863,617 | |||||
|
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WARRANTS — 0.7% | ||||||||
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† | 27,402 | ||||||
|
| |||||||
COMMUNICATION SERVICES — 0.7% | ||||||||
Telecommunication Services — 0.7% | ||||||||
Wireless Telecommunication Services — 0.7% |
| |||||||
Wireless Telecommunication Services — 0.7% |
| |||||||
81,000 | Bharti Airtel Ltd., expire 12/02/20†(b) | 462,510 | ||||||
|
| |||||||
TOTAL WARRANTS | 489,912 | |||||||
|
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Principal Amount | ||||||||
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%, 03/17/23(a) | 1,532 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% | $ | 71,836,413 | ||||||
|
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(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. | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
REIT | Real Estate Investment Trust | |
SDR | Swedish Depositary Receipt |
2
The Gabelli Global Content & Connectivity Fund
Schedule of Investments (Continued) — September 30, 2020 (Unaudited)
%of | ||||||||||
Market | Market | |||||||||
Geographic Diversification | Value | Value | ||||||||
North America | 60.4 | % | $ | 43,409,982 | ||||||
Europe | 21.5 | 15,469,951 | ||||||||
Japan | 8.8 | 6,280,703 | ||||||||
South Africa | 4.1 | 2,947,749 | ||||||||
Asia/Pacific | 3.7 | 2,669,760 | ||||||||
Latin America | 1.5 | 1,058,268 | ||||||||
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100.0 | % | $ | 71,836,413 | |||||||
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3