The Gabelli Global Financial Services Fund

Schedule of Investments — December 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 98.1%
		Automobiles — 5.3%
	7,000	Daimler AG	$	494,194
	3,200	Toyota Motor Corp., ADR		494,624
				988,818
		Banks — 18.9%
	19,950	CIT Group Inc.		716,205
	117,000	Commerzbank AG†		752,685
	161,700	Dah Sing Financial Holdings Ltd.		455,746
	25,700	ING Groep NV†		239,900
	25,200	Japan Post Bank Co. Ltd.		206,715
	17,000	Shinhan Financial Group Co. Ltd., ADR†		505,920
	28,100	Shinsei Bank Ltd.		345,892
	7,200	Webster Financial Corp.		303,480
				3,526,543
		Consumer Finance — 6.1%
	19,100	Ally Financial Inc.		681,106
	4,700	Capital One Financial Corp.		464,595
				1,145,701
		Diversified Banks — 17.6%
	272,500	Barclays plc†		546,594
	12,550	Citigroup Inc.		773,833
	46,100	Credit Agricole SA†		581,202
	240,500	Natwest Group plc†		551,374
	15,510	Societe Generale SA†		322,529
	78,100	Standard Chartered plc†		497,589
				3,273,121
		Homebuilders — 4.9%
	3,010	Cavco Industries Inc.†		528,105
	25,409	Legacy Housing Corp.†		383,930
				912,035
		Institutional Brokerage — 10.3%
	49,700	Credit Suisse Group AG, ADR		636,160

Shares			Market Value
	92,400	Daiwa Securities Group Inc.	$	420,590
	34,810	Jefferies Financial Group Inc.		856,326
				1,913,076
		Institutional Trust, Fiduciary, and Custody — 7.6%
	8,450	State Street Corp.		614,991
	18,650	The Bank of New York Mellon Corp.		791,506
				1,406,497
		Investment Management — 18.9%
	3,750	Diamond Hill Investment Group Inc.		559,763
	28,250	Franklin Resources Inc.		705,968
	25,100	Janus Henderson Group plc		816,001
	44,200	Waddell & Reed Financial Inc., Cl. A		1,125,774
	20,730	Westwood Holdings Group Inc.		300,585
				3,508,091
		Life Insurance — 8.5%
	203,117	Aegon NV		802,726
	17,929	NN Group NV		778,212
				1,580,938
		TOTAL COMMON STOCKS		18,254,820
		U.S. GOVERNMENT OBLIGATIONS — 1.9%
	345,000	U.S. Treasury Bills, 0.065% to 0.081%††, 02/18/21 to 03/25/21		344,962
		TOTAL INVESTMENTS — 100.0%     (Cost $17,290,126)	$	18,599,782

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt

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