1
The
Gabelli
International
Small
Cap
Fund
Schedule
of
Investments
—
March
31,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
95.1%
CONSUMER
STAPLES
—
19.5%
15,000
Austevoll
Seafood
ASA
.............................
$
134,429
4,500
Fevertree
Drinks
plc
..................................
71,278
11,000
Glanbia
plc
...............................................
158,845
45,000
Hotel
Chocolat
Group
plc†
........................
102,975
3,000
Interparfums
SA
.......................................
225,822
1,600
Laurent-Perrier
.........................................
206,091
2,500
Milbon
Co.
Ltd.
........................................
103,103
32,000
PZ
Cussons
plc
........................................
73,108
4,000
Sakata
Seed
Corp.
....................................
118,069
2,000
Viscofan
SA
.............................................
143,231
1,336,951
MATERIALS
—
16.6%
4,000
Alamos
Gold
Inc.,
Cl. A
.............................
48,920
13,850
Alamos
Gold
Inc.,
Toronto,
Cl. A
...............
169,090
8,000
Eldorado
Gold
Corp.†
...............................
82,880
9,544
Endeavour
Mining
plc
...............................
230,002
5,000
Labrador
Iron
Ore
Royalty
Corp.
...............
118,387
4,000
MAG
Silver
Corp.†
....................................
50,551
9,000
Osisko
Gold
Royalties
Ltd.
........................
142,242
75,000
Perseus
Mining
Ltd.
.................................
119,050
15,000
Treatt
plc
..................................................
107,693
80,000
Westgold
Resources
Ltd.†
........................
69,829
1,138,644
HEALTH
CARE
—
14.7%
12,212
AddLife
AB,
Cl. B
......................................
110,921
1,500
Bachem
Holding
AG
.................................
150,843
1,800
Gerresheimer
AG
......................................
178,481
4,000
Idorsia
Ltd.†
............................................
43,973
230
Siegfried
Holding
AG
................................
169,221
5,000
Takara
Bio
Inc.
.........................................
65,595
230
Tecan
Group
AG
.......................................
100,749
15,000
Tristel
plc
.................................................
60,601
1,300
Vetoquinol
SA
..........................................
124,805
1,005,189
CONSUMER
DISCRETIONARY
—
12.8%
10,000
Beneteau
SA
.............................................
167,108
9,820
Entain
plc
.................................................
152,506
9,000
Genius
Sports
Ltd.†
..................................
44,820
2,200
JINS
Holdings
Inc.
...................................
60,034
8,000
Kindred
Group
plc,
SDR
............................
89,584
75,000
Mandarin
Oriental
International
Ltd.†
........
130,281
6,000
Raccoon
Holdings
Inc.
..............................
37,450
2,300
Tokyotokeiba
Co.
Ltd.
...............................
70,409
10,000
Zojirushi
Corp.
.........................................
120,781
872,973
INDUSTRIALS
—
12.1%
15,000
Aida
Engineering
Ltd.
...............................
92,790
8,000
AZ-COM
MARUWA
Holdings
Inc.
..............
120,493
Shares
Market
Value
50,000
Chemring
Group
plc
.................................
$
172,585
2,000
Clarkson
plc
.............................................
76,279
4,000
Iveco
Group
NV†
......................................
37,829
8,000
JGC
Holdings
Corp.
..................................
99,425
4,000
Loomis
AB
...............................................
137,043
20,000
QleanAir
AB
..............................................
38,154
23,000
Teraoka
Seisakusho
Co.
Ltd.
.....................
53,777
828,375
INFORMATION
TECHNOLOGY
—
11.0%
20,000
F-Secure
Oyj
............................................
69,481
7,500
GMO
internet
group
Inc.
...........................
146,183
20,000
NCC
Group
plc
.........................................
25,215
3,000
Nynomic
AG†
...........................................
116,172
6,000
Optex
Group
Co.
Ltd.
................................
94,413
100,000
Oxford
Metrics
plc
....................................
122,126
6,000
PSI
Software
AG
.......................................
178,122
751,712
FINANCIALS
—
5.3%
30,000
Network
International
Holdings
plc†
..........
90,595
17,000
Polar
Capital
Holdings
plc
.........................
94,895
20,000
Tamburi
Investment
Partners
SpA
.............
180,237
365,727
COMMUNICATION
SERVICES
—
3.1%
7,000
Manchester
United
plc,
Cl. A
.....................
155,050
2,000
Xilam
Animation
SA†
................................
58,888
213,938
TOTAL
COMMON
STOCKS
..................
6,513,509
PREFERRED
STOCKS
—
1.2%
HEALTH
CARE
—
1.2%
1,800
Draegerwerk
AG
&
Co.
KGaA,
0.190%
.......
82,783
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
3.7%
$
255,000
U.S.
Treasury
Bills,
4.535%
to
4.702%††,
04/27/23
to
05/11/23
............................
253,952
TOTAL
INVESTMENTS
—
100.0%
(Cost
$6,915,596)
.................................
$
6,850,244
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
SDR
Swedish
Depositary
Receipt
2
The
Gabelli
International
Small
Cap
Fund
Schedule
of
Investments
(Continued)
—
March
31,
2023
(Unaudited)
Geographic
Diversification
%
of
Market
Value
Market
Value
Europe
..............................
65.4
%
$
4,482,540
Japan
...............................
17.3
1,182,522
Canada
..............................
8.9
612,070
Asia/Pacific
.........................
4.7
319,160
United
States
........................
3.7
253,952
100.0%
$
6,850,244