Shares
Market
Value
WARRANTS
(Continued)
DISTRIBUTION
COMPANIES
(Continued)
Wireless
Communications
—
0.0%
194,529
Jasmine
International
PCL,
expire
10/10/31†
.....................
$
1,475
TOTAL
DISTRIBUTION
COMPANIES
...
1,477
TOTAL
WARRANTS
..............
1,477
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
9.9%
$
22,091,000
U.S.
Treasury
Bills,
3.553%
to
3.781%††,
04/16/26
to
09/24/26
......................
21,946,464
Shares
INVESTMENT
COMPANIES
—
0.0%
2,000
Gabelli
Opportunities
in
Live
and
Sports
ETF†(b)
......................
48,905
TOTAL
INVESTMENTS
—
100.0%
....
(Cost
$
170,666,532)
.............
$
221,178,453
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(b)
Investment
in
an
affiliated
fund,
which
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
and
is
advised
by
Gabelli
Funds,
LLC.
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
Geographic
Diversification
%
of
Total
Investments
Market
Value
North
America
......................
73.7
%
$
162,960,166
Europe
..............................
13.4
29,639,360
Japan
...............................
6.7
14,731,375
Latin
America
.......................
3.7
8,241,899
Asia/Pacific
.........................
1.3
2,798,928
South
Africa
.........................
1.2
2,752,936
Africa/Middle
East
...................
0.0
*
53,789
Total
Investments
...................
100.0%
$
221,178,453
*
Amount
represents
less
than
0.05%.