Shares
Market
Value
COMMON
STOCKS
(Continued)
COMMUNICATIONS
(Continued)
Telecommunications
(Continued)
25,000
Telephone
and
Data
Systems
Inc.
......
$
1,052,500
30,000
Telesat
Corp.†
...................
1,086,000
5,000
T-Mobile
US
Inc.
..................
1,050,150
10,000
VEON
Ltd.,
ADR†
.................
463,000
29,500
Verizon
Communications
Inc.
.........
1,480,900
23,092,774
Wireless
Communications
—
2.0%
5,000
America
Movil
SAB
de
CV,
ADR
.......
127,400
37,000
Anterix
Inc.†
.....................
1,413,030
28,500
Array
Digital
Infrastructure
Inc.
........
1,314,990
1,200
Operadora
De
Sites
Mexicanos
SAB
de
CV
1,150
2,300
SK
Telecom
Co.
Ltd.,
ADR
...........
67,367
400
SmarTone
Telecommunications
Holdings
Ltd.
.........................
260
60,000
Turkcell
Iletisim
Hizmetleri
A/S,
ADR
....
361,800
230,000
Vodafone
Group
plc,
ADR
...........
3,454,600
6,740,597
TOTAL
COMMUNICATIONS
.........
35,233,834
OTHER
—
2.8%
Automotive
—
0.0%
275
Ducommun
Inc.†
.................
33,550
Building
and
Construction
—
0.2%
2,000
Everus
Construction
Group
Inc.†
......
236,120
155
Gibraltar
Industries
Inc.†
............
6,180
4,000
Knife
River
Corp.†
.................
326,600
568,900
Diversified
Industrial
—
0.5%
1,200
Accelleron
Industries
AG,
ADR
........
107,304
200
Arcosa
Inc.
......................
21,228
30,000
Compania
de
Minas
Buenaventura
SAA,
ADR
.........................
1,081,200
166
ITT
Inc.
........................
31,628
1,736
L.B.
Foster
Co.,
Cl. A†
..............
48,434
800
Matthews
International
Corp.,
Cl. A
.....
20,656
12,000
Trinity
Industries
Inc.
...............
386,160
1,696,610
Electronics
—
0.5%
2,000
Keysight
Technologies
Inc.†
..........
564,740
48,500
Sony
Group
Corp.,
ADR
.............
1,003,950
1,568,690
Financial
Services
—
0.0%
150,000
GAM
Holding
AG†
.................
19,885
10,800
Sony
Financial
Group
Inc.,
ADR†
......
48,708
68,593
Shares
Market
Value
Machinery
—
0.7%
210,000
CNH
Industrial
NV
.................
$
2,310,000
670
Flowserve
Corp.
..................
49,252
300
Medmix
AG
.....................
3,238
1,586
Mueller
Water
Products
Inc.,
Cl. A
.....
43,599
1,200
Xylem
Inc.
......................
143,400
2,549,489
Specialty
Chemicals
—
0.1%
200
Air
Products
and
Chemicals
Inc.
.......
58,098
250
Linde
plc
.......................
123,940
182,038
Transportation
—
0.8%
15,800
GATX
Corp.
.....................
2,697,692
TOTAL
OTHER
.................
9,365,562
DISTRIBUTION
COMPANIES
—
1.8%
Wireless
Communications
—
1.8%
82,000
Millicom
International
Cellular
SA
......
6,145,080
TOTAL
COMMON
STOCKS
.........
327,869,001
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
2.5%
$
8,600,000
U.S.
Treasury
Bills,
3.584%
to
3.652%††,
04/16/26
to
07/23/26
......................
8,547,089
SHORT
TERM
INVESTMENT
—
0.7%
Short
Term
Investment
—
0.7%
2,423,717
Gabelli
U.S.
Treasury
Money
Market
Fund,
Cl. I,
3.600%
(b)
....................
2,423,717
TOTAL
INVESTMENTS
—
100.0%
....
(Cost
$214,734,706)
.............
$
338,839,807
(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