1
The
Gabelli
Global
Content
&
Connectivity
Fund
Schedule
of
Investments
—
March
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
98.8%
COMMUNICATION
SERVICES
—
76.3%
Telecommunication
Services
—
41.1%
Wireless
Telecommunication
Services
—
27.8%
Wireless
Telecommunication
Services
—
27.8%
45,000
America
Movil
SAB
de
CV,
Cl. L,
ADR
.........
$
951,750
30,000
Anterix
Inc.†
.............................................
1,737,000
22,000
KDDI
Corp.
................................................
723,756
45,000
Millicom
International
Cellular
SA,
SDR†
....
1,143,857
100,000
MTN
Group
Ltd.
........................................
1,300,257
25,000
Rogers
Communications
Inc.,
Cl. B
............
1,418,750
165,000
Sistema
PJSC
FC,
GDR(a)
..........................
82,500
95,000
SoftBank
Group
Corp.
................................
4,337,974
45,000
T-Mobile
US
Inc.†
......................................
5,775,750
20,000
United
States
Cellular
Corp.†
.....................
604,600
70,000
Vodafone
Group
plc,
ADR
..........................
1,163,400
19,239,594
Diversified
Telecommunication
Services
—
13.3%
Integrated
Telecommunication
Services
—
12.3%
35,000
AT&T
Inc.
..................................................
827,050
37,415,054
Cable
&
Wireless
Jamaica
Ltd.†(a)
.............
282,727
100,000
Deutsche
Telekom
AG
................................
1,873,102
20,000
Frontier
Communications
Parent
Inc.†
.......
553,400
35,000
Telenor
ASA
..............................................
503,899
80,000
Telephone
and
Data
Systems
Inc.
...............
1,510,400
44,000
TELUS
Corp.
.............................................
1,150,160
35,000
Verizon
Communications
Inc.
....................
1,782,900
8,483,638
Alternative
Carriers
—
1.0%
60,000
Lumen
Technologies
Inc.
...........................
676,200
Media
&
Entertainment
—
35.2%
Interactive
Media
&
Services
—
16.1%
Interactive
Media
&
Services
—
16.1%
2,400
Alphabet
Inc.,
Cl. C†
..................................
6,703,176
20,000
Meta
Platforms
Inc.,
Cl. A†
........................
4,447,200
11,150,376
Media
—
10.1%
Cable
&
Satellite
—
10.1%
78,000
Comcast
Corp.,
Cl. A
.................................
3,651,960
67,000
Liberty
Global
plc,
Cl. C†
...........................
1,735,970
90,000
WideOpenWest
Inc.†
.................................
1,569,600
6,957,530
Entertainment
—
9.0%
Movies
&
Entertainment
—
7.2%
220,000
Bollore
SE
.................................................
1,157,005
125,000
Borussia
Dortmund
GmbH
&
Co.
KGaA†
....
560,315
15,000
Liberty
Media
Corp.-
Liberty
Braves,
Cl. C†
418,650
75,000
Manchester
United
plc,
Cl. A
......................
1,085,250
1,000
Netflix
Inc.†
...............................................
374,590
Shares
Market
Value
145,000
OL
Groupe
SA†
.........................................
$
314,396
8,000
The
Walt
Disney
Co.†
................................
1,097,280
5,007,486
Interactive
Home
Entertainment
—
1.8%
4,000
Take-Two
Interactive
Software
Inc.†
...........
614,960
14,000
Ubisoft
Entertainment
SA†
.........................
618,726
1,233,686
TOTAL
COMMUNICATION
SERVICES
......
52,748,510
INFORMATION
TECHNOLOGY
—
10.3%
Software
&
Services
—
6.5%
Software
—
3.4%
Systems
Software
—
3.4%
7,500
Microsoft
Corp.
.........................................
2,312,325
IT
Services
—
3.1%
Data
Processing
&
Outsourced
Services
—
2.6%
3,000
Mastercard
Inc.,
Cl. A
................................
1,072,140
6,500
PayPal
Holdings
Inc.†
................................
751,725
1,823,865
Internet
Services
and
Infrastructure
—
0.5%
15,000
GMO
internet
Inc.
......................................
345,244
Technology
Hardware
&
Equipment
—
3.8%
Technology
Hardware,
Storage
&
Peripherals
—
2.5%
Technology
Hardware,
Storage
&
Peripherals
—
2.5%
10,000
Apple
Inc.
.................................................
1,746,100
Electronic
Equipment,
Instruments
&
Components
—
1.3%
Electronic
Equipment
&
Instruments
—
1.3%
9,000
Sony
Group
Corp.,
ADR
.............................
924,390
TOTAL
INFORMATION
TECHNOLOGY
......
7,151,924
CONSUMER
DISCRETIONARY
—
5.8%
Retailing
—
5.8%
Internet
&
Direct
Marketing
Retail
—
5.8%
Internet
&
Direct
Marketing
Retail
—
5.8%
65,000
Prosus
NV
.................................................
3,492,846
10,000
Zalando
SE†
..............................................
508,875
4,001,721
TOTAL
CONSUMER
DISCRETIONARY
......
4,001,721
FINANCIALS
—
3.9%
Diversified
Financials
—
3.9%
Diversified
Financial
Services
—
3.9%
Multi-Sector
Holdings
—
3.9%
67,000
Kinnevik
AB,
Cl. B†
....................................
1,763,645
4,460
Old
Mutual
Ltd.
.........................................
2,568
175,000
VNV
Global
AB†
........................................
937,128
2
The
Gabelli
Global
Content
&
Connectivity
Fund
Schedule
of
Investments
(Continued)
—
March
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
FINANCIALS
(Continued)
Diversified
Financials
(Continued)
Diversified
Financial
Services
(Continued)
Multi-Sector
Holdings
(Continued)
12,000
Waterloo
Investment
Holdings
Ltd.†(a)
......
$
6,000
2,709,341
Banks
—
0.0%
Banks
—
0.0%
Diversified
Banks
—
0.0%
58
Nedbank
Group
Ltd.
..................................
925
TOTAL
FINANCIALS
..........................
2,710,266
REAL
ESTATE
—
2.5%
Real
Estate
—
2.5%
Equity
Real
Estate
Investment
Trusts
—
2.5%
Specialized
REITs
—
2.5%
3,000
Crown
Castle
International
Corp.,
REIT
.......
553,800
1,600
Equinix
Inc.,
REIT
......................................
1,186,592
1,740,392
TOTAL
REAL
ESTATE
.........................
1,740,392
TOTAL
COMMON
STOCKS
..................
68,352,813
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.,
Escrow†
..................................
33,785
PREFERRED
STOCKS
—
1.1%
INFORMATION
TECHNOLOGY
—
1.1%
Technology
-
Hardware
and
Equipment
—
1.1%
Technology
Hardware,
Storage
&
Peripherals
—
1.1%
Technology
Hardware,
Storage
&
Peripherals
—
1.1%
15,000
Samsung
Electronics
Co.
Ltd.,
10.630%
.....
779,671
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†
...............
13,352
TOTAL
INVESTMENTS
—
100.0%
(Cost
$48,107,880)
................................
$
69,179,621
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
†
Non-income
producing
security.
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
......................
61.5
%
$
42,570,093
Europe
..............................
24.5
16,954,266
Japan
...............................
9.2
6,331,364
South
Africa
.........................
1.9
1,303,750
Latin
America
.......................
1.8
1,240,477
Asia/Pacific
.........................
1.1
779,671
100.0%
$
69,179,621