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, Cl. A†		644,335
	12,000	Liberty Media Corp. - Liberty SiriusXM, Cl. C†		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, Cl. A†		44,528
	10,500	Liberty Media Corp.- Liberty Braves, Cl. C†		291,375
	950	Liberty Media Corp.- Liberty Formula One, Cl. A†		37,611
	2,000	Liberty Media Corp.- Liberty Formula One, Cl. C†		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 & Components — 0.1%
		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 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)		2,123
		U.S. GOVERNMENT OBLIGATIONS — 2.2%
	1,685,000	U.S. Treasury Bills, 1.844% to 1.949%††, 11/29/19 to 12/19/19		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 Value			Market Value
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