Since | ||||||||||||||||||||||||||||||||
Inception | ||||||||||||||||||||||||||||||||
Quarter | 1 Year | 3 Year | 5 Year | 10 Year | 15 Year | 20 Year | (08/21/86) | |||||||||||||||||||||||||
Gabelli Equity Trust |
||||||||||||||||||||||||||||||||
NAV Total Return (b) |
(16.66 | )% | (51.85 | )% | (17.45 | )% | (5.61 | )% | 0.14 | % | 4.86 | % | 5.99 | % | 7.59 | % | ||||||||||||||||
Investment Total
Return (c) |
(12.58 | ) | (57.86 | ) | (18.88 | ) | (8.06 | ) | (1.09 | ) | 4.29 | 5.98 | 6.90 | |||||||||||||||||||
S&P 500 Index |
(10.98 | ) | (38.06 | ) | (13.05 | ) | (4.76 | ) | (3.00 | ) | 5.91 | 7.42 | 7.69 | (d) | ||||||||||||||||||
Dow Jones Industrial Average |
(12.41 | ) | (35.90 | ) | (9.52 | ) | (3.61 | ) | (0.32 | ) | 7.38 | 8.85 | 9.15 | (d) | ||||||||||||||||||
Nasdaq Composite Index |
(3.07 | ) | (32.93 | ) | (13.23 | ) | (5.18 | ) | (4.65 | ) | 4.92 | 6.84 | 6.34 |
(a) | Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The Dow Jones Industrial Average is an unmanaged index of 30 large capitalization stocks. The S&P 500 and the Nasdaq Composite Indices are unmanaged indicators of stock market performance. Dividends are considered reinvested except for the Nasdaq Composite Index. You cannot invest directly in an index. | |
(b) | Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date, adjustments for rights offerings, spin-offs, and taxes paid on undistributed long-term capital gains and are net of expenses. Since inception return is based on an initial NAV of $9.34. | |
(c) | Total returns and average annual returns reflect changes in closing market values on the New York Stock Exchange, reinvestment of distributions, and adjustments for rights offerings, spin-offs, and taxes paid on undistributed long-term capital gains. Since inception return is based on an initial offering price of $10.00. | |
(d) | From August 31, 1986, the date closest to the Funds inception for which data is available. |
Ownership at | ||||||||
March 31, | ||||||||
Shares | 2009 | |||||||
NET PURCHASES |
||||||||
Common Stocks |
||||||||
Accor SA |
2,500 | 5,000 | ||||||
Agnico-Eagle Mines Ltd. |
10,000 | 10,000 | ||||||
Allianz SE |
300 | 2,500 | ||||||
BPW Acquisition Corp. (a) |
310,000 | 310,000 | ||||||
CNH Global NV |
13,000 | 26,600 | ||||||
Costco Wholesale Corp. |
10,000 | 50,000 | ||||||
CRH plc (b) |
30,000 | 30,000 | ||||||
Experian plc |
7,000 | 7,000 | ||||||
Fortune Brands Inc. |
42,000 | 120,000 | ||||||
GrafTech International Ltd. |
5,000 | 85,000 | ||||||
Great Plains Energy Inc. |
4,000 | 72,480 | ||||||
Las Vegas Sands Corp. |
50,000 | 90,000 | ||||||
Macys Inc. |
20,000 | 170,000 | ||||||
Mead Johnson Nutrition Co., Cl. A |
10,000 | 10,000 | ||||||
NCR Corp. |
25,000 | 75,000 | ||||||
Rockwell Automation Inc. |
3,000 | 33,000 | ||||||
Sprint Nextel Corp. |
40,000 | 790,000 | ||||||
State Street Corp. |
60,000 | 140,000 | ||||||
Time Warner Cable Inc. (c) |
76,976 | 76,976 | ||||||
Time Warner Inc. (d) |
300,001 | 300,001 | ||||||
Tootsie Roll Industries Inc. (e) |
3,660 | 125,660 | ||||||
Tullow Oil plc |
5,000 | 5,000 | ||||||
Wells Fargo & Co. (f) |
19,910 | 299,910 | ||||||
Wynn Resorts Ltd. |
1,000 | 2,000 | ||||||
Xstrata plc (g) |
96,532 | 152,298 | ||||||
Rights |
||||||||
CRH plc, expire 04/09/09 (b) |
17,714 | 17,714 | ||||||
Seat Pagine Gialle SpA,
expire 04/17/09 (h) |
333 | 333 | ||||||
Warrants |
||||||||
BPW Acquisition Corp.,
expire 02/26/14 (a) |
310,000 | 310,000 | ||||||
NET SALES |
||||||||
Common Stocks |
||||||||
Abbott Laboratories |
(2,000 | ) | 2,000 | |||||
Advanced Medical Optics Inc. (i) |
(135,000 | ) | | |||||
AGL Resources Inc. |
(1,500 | ) | 3,500 | |||||
Ajinomoto Co. Inc. |
(40,000 | ) | 28,000 | |||||
American Express Co. |
(20,000 | ) | 540,000 | |||||
Amgen Inc. |
(11,000 | ) | 40,000 | |||||
Archer-Daniels-Midland Co. |
(30,000 | ) | 310,000 | |||||
Aruze Corp. |
(10,000 | ) | 100,000 | |||||
AstraZeneca plc |
(8,346 | ) | 7,000 | |||||
AutoNation Inc. |
(80,000 | ) | 100,000 | |||||
AutoZone Inc. |
(500 | ) | 500 | |||||
Avon Products Inc. |
(5,000 | ) | 70,000 | |||||
AXA Asia Pacific Holdings Ltd. |
(26,900 | ) | 100,000 | |||||
Bayer AG |
(7,200 | ) | 12,000 | |||||
Bell Aliant Regional Communications
Income Fund |
(1,000 | ) | 15,000 | |||||
Berkshire Hathaway Inc., Cl. A |
(3 | ) | 134 | |||||
Boeing Co. |
(2,000 | ) | 100,000 | |||||
Bouygues SA |
(10,000 | ) | 6,000 | |||||
BP plc |
(25,000 | ) | 55,000 | |||||
BPW Acquisition Corp. (a) |
(310,000 | ) | | |||||
British American Tobacco plc |
(40,182 | ) | 26,000 | |||||
British Sky Broadcasting Group plc |
(36,000 | ) | 40,000 | |||||
Cablevision Systems Corp., Cl. A |
(35,000 | ) | 1,475,000 | |||||
Cadbury plc |
(32,300 | ) | 40,000 | |||||
Canon Inc. |
(9,000 | ) | 15,400 | |||||
CBS Corp., Cl. A |
(30,000 | ) | 380,000 | |||||
CH Energy Group Inc. |
(900 | ) | 61,000 | |||||
Cheung Kong (Holdings) Ltd. |
(22,000 | ) | 34,000 | |||||
China Mobile Ltd. |
(20,000 | ) | 32,000 | |||||
Christian Dior SA |
(8,600 | ) | 27,000 | |||||
Cincinnati Bell Inc. |
(3,300 | ) | 885,000 | |||||
Citadel Broadcasting Corp. |
(10,000 | ) | 10,343 | |||||
Citigroup Inc. |
(40,000 | ) | 260,000 | |||||
Coca-Cola Hellenic Bottling Co. SA |
(37,000 | ) | 20,000 | |||||
Cochlear Ltd. |
(2,600 | ) | 7,000 | |||||
Commerzbank AG, ADR |
(10,000 | ) | 140,000 | |||||
Compagnie Financiere Richemont SA,
Cl. A |
(20,200 | ) | 35,000 | |||||
ConocoPhillips |
(1,000 | ) | 314,000 | |||||
Constellation Brands Inc., Cl. A |
(8,000 | ) | 2,000 | |||||
Crane Co. |
(10,000 | ) | 250,000 | |||||
CRH plc (b) |
(62,000 | ) | | |||||
Deutsche Bank AG |
(2,000 | ) | 146,000 | |||||
Diageo plc |
(24,000 | ) | 40,000 | |||||
The DIRECTV Group Inc. |
(30,000 | ) | 410,000 | |||||
DISH Network Corp., Cl. A |
(5,000 | ) | 120,000 | |||||
Dr. Pepper Snapple Group Inc. |
(10,600 | ) | 120,000 | |||||
Energizer Holdings Inc. |
(5,000 | ) | 105,000 | |||||
Exxon Mobil Corp. |
(3,000 | ) | 75,000 | |||||
The Fairchild Corp., Cl. A |
(20,000 | ) | 140,000 | |||||
FairPoint Communications Inc. |
(3,394 | ) | | |||||
Fanuc Ltd. |
(5,000 | ) | 6,200 | |||||
Ferro Corp. |
(10,000 | ) | 340,000 | |||||
Finmeccanica SpA |
(32,640 | ) | | |||||
Flowserve Corp. |
(3,000 | ) | 147,000 | |||||
FPL Group Inc. |
(2,000 | ) | 23,000 | |||||
Frontier Communications Corp. |
(5,000 | ) | 45,000 | |||||
Galp Energia SGPS SA, Cl. B |
(20,000 | ) | 16,000 | |||||
General Electric Co. |
(5,000 | ) | 165,000 | |||||
General Motors Corp. |
(100,000 | ) | 230,000 | |||||
Genuine Parts Co. |
(20,000 | ) | 280,000 | |||||
GlaxoSmithKline plc |
(18,036 | ) | 18,000 | |||||
Gray Television Inc., Cl. A |
(5,000 | ) | 18,000 | |||||
Grupo Bimbo SAB de CV, Cl. A |
(125,000 | ) | 775,000 |
2
Ownership at | ||||||||
March 31, | ||||||||
Shares | 2009 | |||||||
NET SALES (Continued) |
||||||||
Common Stocks (Continued) |
||||||||
Harmony Gold Mining Co. Ltd. |
(35,000 | ) | | |||||
Harmony Gold Mining Co. Ltd., ADR |
(10,000 | ) | 25,000 | |||||
Hellenic Telecommunications
Organization SA |
(2,000 | ) | 30,000 | |||||
Hennes & Mauritz AB, Cl. B |
(7,200 | ) | 10,000 | |||||
Honeywell International Inc. |
(10,000 | ) | 440,000 | |||||
HSN Inc. |
(3,000 | ) | 27,000 | |||||
Huttig Building Products Inc. |
(7,000 | ) | 20,000 | |||||
Il Sole 24 Ore |
(134,713 | ) | 1,690,587 | |||||
Imperial Oil Ltd. |
(12,500 | ) | 13,100 | |||||
ITO EN Ltd. |
(35,000 | ) | 140,000 | |||||
Japan Tobacco Inc. |
(60 | ) | 100 | |||||
Jardine Matheson Holdings Ltd. |
(10,000 | ) | 38,000 | |||||
Johnson & Johnson |
(45,000 | ) | 60,000 | |||||
Kerry Group plc, Cl. A |
(4,000 | ) | 68,000 | |||||
Keyence Corp. |
(1,728 | ) | 2,992 | |||||
Koninklijke KPN NV |
(5,000 | ) | 95,000 | |||||
Kraft Foods Inc., Cl. A |
(30,000 | ) | 100,000 | |||||
Legg Mason Inc. |
(5,000 | ) | 175,000 | |||||
LIN TV Corp., Cl. A |
(20,000 | ) | 50,000 | |||||
Media General Inc., Cl. A |
(40,000 | ) | 210,000 | |||||
Merck & Co. Inc. |
(30,000 | ) | 55,000 | |||||
MGM Mirage |
(15,000 | ) | 140,000 | |||||
Mitsui & Co. Ltd. |
(7,000 | ) | 25,000 | |||||
Motorola Inc. |
(10,000 | ) | 80,000 | |||||
National Presto Industries Inc. |
(2,000 | ) | 14,000 | |||||
Nestle SA |
(10,000 | ) | 39,000 | |||||
News Corp., Cl. A |
(30,000 | ) | 1,400,000 | |||||
Nissin Foods Holdings Co. Ltd. |
(80,000 | ) | | |||||
Northeast Utilities |
(15,000 | ) | 200,000 | |||||
Northrop Grumman Corp. |
(20,000 | ) | 65,000 | |||||
Novartis AG |
(20,200 | ) | 11,000 | |||||
OReilly Automotive Inc. |
(20,000 | ) | 140,000 | |||||
PepsiCo Inc. |
(10,000 | ) | 145,000 | |||||
Pernod-Ricard SA |
(5,000 | ) | 51,000 | |||||
Petroleo Brasileiro SA, ADR |
(25,750 | ) | 20,950 | |||||
Pfizer Inc. |
(450,000 | ) | | |||||
The Phoenix Companies Inc. |
(15,000 | ) | 115,000 | |||||
Pinnacle Entertainment Inc. |
(10,000 | ) | 100,000 | |||||
Procter & Gamble Co. |
(5,000 | ) | 5,000 | |||||
Qwest Communications
International Inc. |
(90,000 | ) | 360,000 | |||||
Reckitt Benckiser Group plc |
(2,000 | ) | 56,000 | |||||
Roche Holding AG |
(7,100 | ) | 6,000 | |||||
Rohm and Haas Co. |
(40,000 | ) | | |||||
Rollins Inc. |
(35,400 | ) | 1,054,600 | |||||
Rolls-Royce Group plc, Cl. C |
(68,640,000 | ) | | |||||
Saipem SpA |
(27,000 | ) | 25,000 | |||||
Sanofi-Aventis |
(4,000 | ) | 4,000 | |||||
Seat Pagine Gialle SpA (h) |
(66,252 | ) | 333 | |||||
Secom Co. Ltd. |
(10,000 | ) | 10,000 | |||||
SMC Corp. |
(3,000 | ) | 3,400 | |||||
Smith & Nephew plc |
(24,000 | ) | 40,000 | |||||
Square Enix Holdings Co. Ltd. |
(9,000 | ) | 10,300 | |||||
The St. Joe Co. |
(1,000 | ) | 137,000 | |||||
Straumann Holding AG |
(2,700 | ) | 1,500 | |||||
The Swatch Group AG |
(15,000 | ) | 15,000 | |||||
Swire Pacific Ltd., Cl. A |
(20,000 | ) | 35,200 | |||||
Syngenta AG |
(1,000 | ) | 3,000 | |||||
Synthes Inc. |
(6,000 | ) | 4,000 | |||||
Takeda Pharmaceutical Co. Ltd. |
(5,200 | ) | 10,000 | |||||
Technip SA |
(18,000 | ) | 6,000 | |||||
Tele2 AB, Cl. B |
(25,000 | ) | 23,000 | |||||
Tesco plc |
(28,000 | ) | 60,000 | |||||
The Coca-Cola Co. |
(45,000 | ) | 70,000 | |||||
Tokai Carbon Co. Ltd. |
(80,000 | ) | 52,000 | |||||
Tokyo Broadcasting System Inc. |
(8,000 | ) | 114,000 | |||||
Toll Holdings Ltd. |
(30,000 | ) | 26,000 | |||||
Total SA |
(11,328 | ) | 8,000 | |||||
Tree.com Inc. |
(66 | ) | | |||||
Tyco International Ltd. |
(5,000 | ) | 205,000 | |||||
UnitedHealth Group Inc. |
(5,000 | ) | 110,000 | |||||
Verizon Communications Inc. |
(10,000 | ) | 150,000 | |||||
Viacom Inc., Cl. A |
(15,000 | ) | 305,000 | |||||
Vivendi |
(24,100 | ) | 408,000 | |||||
Vivo Participacoes SA, ADR |
(1,377 | ) | 43,000 | |||||
Wachovia Corp. (f) |
(100,000 | ) | | |||||
Waste Management Inc. |
(130,000 | ) | 200,000 | |||||
William Demant Holding A/S |
(8,600 | ) | 71,000 | |||||
Woolworths Ltd. |
(28,400 | ) | 30,000 | |||||
Wyeth |
(90,000 | ) | | |||||
Yahoo! Japan Corp. |
(600 | ) | 1,000 | |||||
YAKULT HONSHA Co. Ltd. |
(15,000 | ) | 400,000 |
(a) | Exchange 1 share of BPW Acquisition Corp. (055637102) and 1 share of BPW Acquisition Corp., Warrant expire 02/26/14 (055637110) for every 1 share of BPW Acquisition Corp. (055637201) held. | |
(b) | Issuance of Rights 2 Rights for every 7 shares held. | |
(c) | Spin off 0.08367 share of Time Warner Cable Inc. for every 1 share of Time Warner Inc. held. | |
(d) | Reverse Split 1:3 | |
(e) | Stock Dividend 0.03 share for every 1 share held. | |
(f) | Merger 0.1991 share of Wells Fargo & Co. for every 1 share of Wachovia Corp. held. | |
(g) | Issuance of Rights 2 Rights for every 1 share held and 1 new share for every 1 Right exercised. | |
(h) | Reverse Split and Issuance of Rights 1 new share and 1 Right for every 200 shares held. | |
(i) | Tender Offer $22.00 for every 1 share held. |
3
Market | ||||||||
Shares | Value | |||||||
COMMON STOCKS 96.5% |
||||||||
Food and Beverage 11.8% |
||||||||
28,000 | Ajinomoto Co. Inc. |
$ | 196,595 | |||||
32,000 | Brown-Forman Corp., Cl. A |
1,283,200 | ||||||
6,250 | Brown-Forman Corp., Cl. B |
242,687 | ||||||
40,000 | Cadbury plc |
302,465 | ||||||
120,000 | Cadbury plc, ADR |
3,636,000 | ||||||
70,000 | Campbell Soup Co. |
1,915,200 | ||||||
50,000 | China Mengniu Dairy Co. Ltd. |
69,930 | ||||||
15,000 | Coca-Cola Enterprises Inc. |
197,850 | ||||||
20,000 | Coca-Cola Hellenic Bottling Co. SA |
286,978 | ||||||
2,000 | Constellation Brands Inc., Cl. A |
23,800 | ||||||
45,000 | Corn Products International Inc. |
954,000 | ||||||
300,000 | Davide Campari-Milano SpA |
1,905,217 | ||||||
180,000 | Dean Foods Co. |
3,254,400 | ||||||
60,000 | Del Monte Foods Co. |
437,400 | ||||||
40,000 | Diageo plc |
451,402 | ||||||
204,000 | Diageo plc, ADR |
9,129,000 | ||||||
120,000 | Dr. Pepper Snapple Group Inc. |
2,029,200 | ||||||
70,000 | Flowers Foods Inc. |
1,643,600 | ||||||
97,000 | Fomento Economico Mexicano
SAB de CV, ADR |
2,445,370 | ||||||
25,000 | General Mills Inc. |
1,247,000 | ||||||
200,000 | Groupe Danone |
9,741,321 | ||||||
775,000 | Grupo Bimbo SAB de CV, Cl. A |
2,899,753 | ||||||
100,000 | H.J. Heinz Co. |
3,306,000 | ||||||
20,000 | Hain Celestial Group Inc. |
284,800 | ||||||
48,000 | Heineken NV |
1,364,741 | ||||||
140,000 | ITO EN Ltd. |
1,704,299 | ||||||
60,000 | ITO EN Ltd., Preference |
520,685 | ||||||
16,000 | Kellogg Co. |
586,080 | ||||||
68,000 | Kerry Group plc, Cl. A |
1,387,700 | ||||||
100,000 | Kraft Foods Inc., Cl. A |
2,229,000 | ||||||
11,500 | LVMH Moet Hennessy Louis Vuitton SA |
722,541 | ||||||
10,000 | Meiji Seika Kaisha Ltd. (a) |
34,955 | ||||||
70,000 | Morinaga Milk Industry Co. Ltd. |
208,617 | ||||||
39,000 | Nestlé SA |
1,318,387 | ||||||
550,000 | PepsiAmericas Inc. |
9,487,500 | ||||||
145,000 | PepsiCo Inc. |
7,464,600 | ||||||
51,000 | Pernod-Ricard SA |
2,844,175 | ||||||
64,000 | Ralcorp Holdings Inc. |
3,448,320 | ||||||
37,000 | Remy Cointreau SA |
877,476 | ||||||
330,000 | Sara Lee Corp. |
2,666,400 | ||||||
60,000 | Tesco plc |
287,026 | ||||||
70,000 | The Coca-Cola Co. |
3,076,500 | ||||||
70,000 | The Hershey Co. |
2,432,500 | ||||||
2,000 | The J.M. Smucker Co. |
74,540 | ||||||
125,660 | Tootsie Roll Industries Inc. |
2,729,335 | ||||||
140,000 | Tyson Foods Inc., Cl. A |
1,314,600 | ||||||
400,000 | YAKULT HONSHA Co. Ltd. |
7,087,943 | ||||||
101,751,088 | ||||||||
Energy and Utilities 8.5% |
||||||||
3,500 | AGL Resources Inc. |
92,855 | ||||||
68,000 | Allegheny Energy Inc. |
1,575,560 | ||||||
70,000 | Apache Corp. |
4,486,300 | ||||||
55,000 | BP plc |
372,091 | ||||||
247,000 | BP plc, ADR |
9,904,700 | ||||||
61,000 | CH Energy Group Inc. |
2,860,900 | ||||||
65,000 | CMS Energy Corp. |
769,600 | ||||||
314,000 | ConocoPhillips |
12,296,240 | ||||||
70,000 | Constellation Energy Group Inc. |
1,446,200 | ||||||
2,800 | Diamond Offshore Drilling Inc. |
176,008 | ||||||
60,000 | DPL Inc. |
1,352,400 | ||||||
12,000 | DTE Energy Co. |
332,400 | ||||||
200,000 | Duke Energy Corp. |
2,864,000 | ||||||
300,000 | El Paso Corp. |
1,875,000 | ||||||
265,000 | El Paso Electric Co. |
3,733,850 | ||||||
75,000 | Exxon Mobil Corp. |
5,107,500 | ||||||
23,000 | FPL Group Inc. |
1,166,790 | ||||||
16,000 | Galp Energia SGPS SA, Cl. B |
190,894 | ||||||
72,480 | Great Plains Energy Inc. |
976,306 | ||||||
220,000 | Halliburton Co. |
3,403,400 | ||||||
13,100 | Imperial Oil Ltd. |
475,872 | ||||||
20,000 | Marathon Oil Corp. |
525,800 | ||||||
10,000 | Mirant Corp. |
114,000 | ||||||
140,000 | Mirant Corp., Escrow (a) |
0 | ||||||
2,000 | Niko Resources Ltd., New York |
93,084 | ||||||
1,000 | Niko Resources Ltd., Toronto |
46,542 | ||||||
10,000 | NiSource Inc. |
98,000 | ||||||
200,000 | Northeast Utilities |
4,318,000 | ||||||
19,000 | Oceaneering International Inc. |
700,530 | ||||||
1,500 | PetroChina Co. Ltd., ADR |
119,550 | ||||||
20,950 | Petroleo Brasileiro SA, ADR |
638,347 | ||||||
100,000 | Progress Energy Inc., CVO (a) |
33,000 | ||||||
200,000 | Rowan Companies Inc. |
2,394,000 | ||||||
25,000 | Saipem SpA |
445,082 | ||||||
5,000 | SJW Corp. |
127,150 | ||||||
20,000 | Southwest Gas Corp. |
421,400 | ||||||
130,000 | Spectra Energy Corp. |
1,838,200 | ||||||
60,000 | The AES Corp. |
348,600 | ||||||
8,000 | Total SA |
397,784 | ||||||
10,000 | Transocean Ltd. |
588,400 | ||||||
5,000 | Tullow Oil plc |
57,609 | ||||||
270,000 | Westar Energy Inc. |
4,733,100 | ||||||
73,497,044 | ||||||||
Financial Services 7.7% |
||||||||
2,500 | Allianz SE |
210,119 | ||||||
540,000 | American Express Co. |
7,360,200 | ||||||
100,000 | American International Group Inc. |
100,000 | ||||||
6,000 | Ameriprise Financial Inc. |
122,940 |
4
Market | ||||||||
Shares | Value | |||||||
COMMON STOCKS (Continued) |
||||||||
Financial Services (Continued) |
||||||||
19,452 | Argo Group International
Holdings Ltd. |
$ | 586,089 | |||||
100,000 | AXA Asia Pacific Holdings Ltd. |
236,420 | ||||||
90,000 | Banco Santander SA, ADR |
621,000 | ||||||
134 | Berkshire Hathaway Inc., Cl. A |
11,617,800 | ||||||
10,000 | Calamos Asset Management Inc.,
Cl. A |
48,100 | ||||||
260,000 | Citigroup Inc. |
657,800 | ||||||
140,000 | Commerzbank AG, ADR |
749,000 | ||||||
146,000 | Deutsche Bank AG |
5,934,900 | ||||||
7,000 | Experian plc |
43,867 | ||||||
50,000 | Federal National Mortgage Association |
35,000 | ||||||
20,000 | Fortress Investment Group LLC, Cl. A |
50,200 | ||||||
20,000 | H&R Block Inc. |
363,800 | ||||||
25,000 | Interactive Brokers Group Inc., Cl. A |
403,250 | ||||||
200,000 | Janus Capital Group Inc. |
1,330,000 | ||||||
70,088 | JPMorgan Chase & Co. |
1,862,939 | ||||||
175,000 | Legg Mason Inc. |
2,782,500 | ||||||
132,000 | Leucadia National Corp. |
1,965,480 | ||||||
5,000 | Loews Corp. |
110,500 | ||||||
260,000 | Marsh & McLennan Companies Inc. |
5,265,000 | ||||||
65,000 | Moodys Corp. |
1,489,800 | ||||||
22,000 | Och-Ziff Capital Management
Group LLC, Cl. A |
133,540 | ||||||
2,500 | Prudential Financial Inc. |
47,550 | ||||||
36,000 | Schroders plc |
408,586 | ||||||
32,000 | Standard Chartered plc |
397,854 | ||||||
140,000 | State Street Corp. |
4,309,200 | ||||||
20,000 | SunTrust Banks Inc. |
234,800 | ||||||
150,000 | T. Rowe Price Group Inc. |
4,329,000 | ||||||
5,000 | The Allstate Corp. |
95,750 | ||||||
154,038 | The Bank of New York Mellon Corp. |
4,351,573 | ||||||
10,000 | The Blackstone Group LP |
72,500 | ||||||
43,000 | The Charles Schwab Corp. |
666,500 | ||||||
15,000 | The Dun & Bradstreet Corp. |
1,155,000 | ||||||
115,000 | The Phoenix Companies Inc. |
134,550 | ||||||
3,000 | The Travelers Companies Inc. |
121,920 | ||||||
100,000 | Waddell & Reed Financial Inc., Cl. A |
1,807,000 | ||||||
299,910 | Wells Fargo & Co. |
4,270,718 | ||||||
66,482,745 | ||||||||
Cable and Satellite 6.5% |
||||||||
1,475,000 | Cablevision Systems Corp., Cl. A |
19,086,500 | ||||||
110,000 | Comcast Corp., Cl. A, Special |
1,415,700 | ||||||
120,000 | DISH Network Corp., Cl. A |
1,333,200 | ||||||
26,740 | EchoStar Corp., Cl. A |
396,554 | ||||||
176,770 | Liberty Global Inc., Cl. A |
2,573,771 | ||||||
139,001 | Liberty Global Inc., Cl. C |
1,964,084 | ||||||
Shares/ | Market | |||||||
Units | Value | |||||||
495,690 | Rogers Communications Inc.,
Cl. B, New York |
$ | 11,316,603 | |||||
19,310 | Rogers Communications Inc.,
Cl. B, Toronto |
444,920 | ||||||
125,000 | Scripps Networks Interactive Inc.,
Cl. A |
2,813,750 | ||||||
160,000 | Shaw Communications Inc.,
Cl. B, New York |
2,424,000 | ||||||
40,000 | Shaw Communications Inc.,
Cl. B, Toronto |
609,772 | ||||||
410,000 | The DIRECTV Group Inc. |
9,343,900 | ||||||
76,976 | Time Warner Cable Inc. |
1,909,015 | ||||||
55,631,769 | ||||||||
Telecommunications 6.3% |
||||||||
65,000 | BCE Inc. |
1,293,500 | ||||||
15,000 | Bell Aliant Regional Communications
Income Fund (a)(b) |
286,723 | ||||||
30,000 | Brasil Telecom Participacoes SA, ADR |
1,083,600 | ||||||
1,700,000 | BT Group plc |
1,907,482 | ||||||
7,040,836 | Cable & Wireless Jamaica Ltd. (c) |
35,933 | ||||||
885,000 | Cincinnati Bell Inc. |
2,035,500 | ||||||
170,000 | Deutsche Telekom AG, ADR |
2,099,500 | ||||||
5,000 | France Telecom SA, ADR |
113,300 | ||||||
45,000 | Frontier Communications Corp. |
323,100 | ||||||
30,000 | Hellenic Telecommunications
Organization SA |
448,005 | ||||||
8,500 | Hellenic Telecommunications
Organization SA, ADR |
64,770 | ||||||
95,000 | Koninklijke KPN NV |
1,269,746 | ||||||
12,000 | Orascom Telecom Holding SAE, GDR |
267,600 | ||||||
360,000 | Qwest Communications
International Inc. |
1,231,200 | ||||||
790,000 | Sprint Nextel Corp. |
2,820,300 | ||||||
184,000 | Tele Norte Leste Participacoes
SA, ADR |
2,546,560 | ||||||
23,000 | Tele2 AB, Cl. B |
194,479 | ||||||
48,000 | Telecom Argentina SA, ADR |
372,000 | ||||||
1,000,000 | Telecom Italia SpA |
1,290,074 | ||||||
205,000 | Telefonica SA, ADR |
12,222,100 | ||||||
55,000 | Telefonos de Mexico SAB de CV,
Cl. L, ADR |
827,200 | ||||||
265,000 | Telephone & Data Systems Inc. |
7,025,150 | ||||||
360,000 | Telephone & Data Systems Inc.,
Special |
8,514,000 | ||||||
60,000 | Telmex Internacional SAB de CV, ADR |
550,200 | ||||||
15,000 | TELUS Corp. |
412,595 | ||||||
150,000 | Verizon Communications Inc. |
4,530,000 | ||||||
5,169 | Windstream Corp. |
41,662 | ||||||
53,806,279 | ||||||||
5
Market | ||||||||
Shares | Value | |||||||
COMMON STOCKS (Continued) |
||||||||
Diversified Industrial 6.2% |
||||||||
4,000 | Acuity Brands Inc. |
$ | 90,160 | |||||
160,000 | Ampco-Pittsburgh Corp. |
2,121,600 | ||||||
155,000 | Baldor Electric Co. |
2,245,950 | ||||||
12,000 | Bayer AG |
573,957 | ||||||
6,000 | Bouygues SA |
214,596 | ||||||
225,000 | Cooper Industries Ltd., Cl. A |
5,818,500 | ||||||
250,000 | Crane Co. |
4,220,000 | ||||||
30,000 | CRH plc |
652,876 | ||||||
165,000 | General Electric Co. |
1,668,150 | ||||||
190,000 | Greif Inc., Cl. A |
6,325,100 | ||||||
18,000 | Greif Inc., Cl. B |
587,880 | ||||||
440,000 | Honeywell International Inc. |
12,258,400 | ||||||
250,000 | ITT Corp. |
9,617,500 | ||||||
25,000 | Mitsui & Co. Ltd. |
249,028 | ||||||
100,000 | Park-Ohio Holdings Corp. |
326,000 | ||||||
1,000 | Pentair Inc. |
21,670 | ||||||
19,000 | Sulzer AG |
979,794 | ||||||
35,200 | Swire Pacific Ltd., Cl. A |
234,800 | ||||||
6,000 | Technip SA |
212,125 | ||||||
70,000 | Trinity Industries Inc. |
639,800 | ||||||
205,000 | Tyco International Ltd. |
4,009,800 | ||||||
53,067,686 | ||||||||
Entertainment 5.7% |
||||||||
100,000 | Aruze Corp. |
489,973 | ||||||
32,000 | Canal+ Groupe |
199,822 | ||||||
2,002 | Chestnut Hill Ventures (a) |
67,427 | ||||||
134,500 | Discovery Communications Inc.,
Cl. A |
2,154,690 | ||||||
134,500 | Discovery Communications Inc.,
Cl. C |
1,970,425 | ||||||
3,000 | DreamWorks Animation SKG Inc.,
Cl. A |
64,920 | ||||||
690,000 | Grupo Televisa SA, ADR |
9,411,600 | ||||||
430,000 | Liberty Media Corp. Entertainment,
Cl. A |
8,578,500 | ||||||
125 | Live Nation Inc. |
334 | ||||||
65,341 | Macrovision Solutions Corp. |
1,162,417 | ||||||
100,000 | Pinnacle Entertainment Inc. |
704,000 | ||||||
10,000 | Regal Entertainment Group, Cl. A |
134,100 | ||||||
10,000 | The Walt Disney Co. |
181,600 | ||||||
300,001 | Time Warner Inc. |
5,790,013 | ||||||
114,000 | Tokyo Broadcasting System Inc. |
1,490,286 | ||||||
305,000 | Viacom Inc., Cl. A |
5,694,350 | ||||||
408,000 | Vivendi |
10,800,749 | ||||||
48,895,206 | ||||||||
Equipment and Supplies 4.9% |
||||||||
254,000 | AMETEK Inc. |
7,942,580 | ||||||
4,000 | Amphenol Corp., Cl. A |
113,960 | ||||||
94,000 | CIRCOR International Inc. |
2,116,880 | ||||||
193,000 | Donaldson Co. Inc. |
5,180,120 | ||||||
50,000 | Fedders Corp. (a) |
0 | ||||||
147,000 | Flowserve Corp. |
8,249,640 | ||||||
23,000 | Franklin Electric Co. Inc. |
508,990 | ||||||
95,000 | Gerber Scientific Inc. |
227,050 | ||||||
85,000 | GrafTech International Ltd. |
523,600 | ||||||
318,000 | IDEX Corp. |
6,954,660 | ||||||
40,000 | Ingersoll-Rand Co. Ltd., Cl. A |
552,000 | ||||||
102,000 | Lufkin Industries Inc. |
3,863,760 | ||||||
11,000 | Mueller Industries Inc. |
238,590 | ||||||
2,000 | Sealed Air Corp. |
27,600 | ||||||
75,000 | Tenaris SA, ADR |
1,512,750 | ||||||
4,000 | The Manitowoc Co. Inc. |
13,080 | ||||||
90,000 | The Weir Group plc |
534,300 | ||||||
190,000 | Watts Water Technologies Inc.,
Cl. A |
3,716,400 | ||||||
42,275,960 | ||||||||
Consumer Products 4.1% |
||||||||
70,000 | Avon Products Inc. |
1,346,100 | ||||||
26,000 | British American Tobacco plc |
601,745 | ||||||
27,000 | Christian Dior SA |
1,480,629 | ||||||
12,000 | Church & Dwight Co. Inc. |
626,760 | ||||||
12,000 | Clorox Co. |
617,760 | ||||||
120,000 | Eastman Kodak Co. |
456,000 | ||||||
105,000 | Energizer Holdings Inc. |
5,217,450 | ||||||
120,000 | Fortune Brands Inc. |
2,946,000 | ||||||
2,000 | Givaudan SA |
1,036,634 | ||||||
60,000 | Hanesbrands Inc. |
574,200 | ||||||
32,000 | Harley-Davidson Inc. |
428,480 | ||||||
100 | Japan Tobacco Inc. |
264,586 | ||||||
4,000 | Jarden Corp. |
50,680 | ||||||
8,000 | Mattel Inc. |
92,240 | ||||||
14,000 | National Presto Industries Inc. |
854,140 | ||||||
10,000 | Oil-Dri Corp. of America |
147,500 | ||||||
80,000 | Pactiv Corp. |
1,167,200 | ||||||
56,000 | Reckitt Benckiser Group plc |
2,104,400 | ||||||
33,000 | Svenska Cellulosa AB, Cl. B |
250,931 | ||||||
1,000,000 | Swedish Match AB |
14,477,942 | ||||||
5,000 | The Procter & Gamble Co. |
235,450 | ||||||
15,000 | The Swatch Group AG |
366,995 | ||||||
35,343,822 | ||||||||
6
Market | ||||||||
Shares | Value | |||||||
COMMON STOCKS (Continued) |
||||||||
Health Care 3.9% |
||||||||
2,000 | Abbott Laboratories |
$ | 95,400 | |||||
14,046 | Allergan Inc. |
670,837 | ||||||
40,000 | Amgen Inc. |
1,980,800 | ||||||
7,000 | AstraZeneca plc |
246,977 | ||||||
17,000 | Baxter International Inc. |
870,740 | ||||||
2,000 | Becton, Dickinson and Co. |
134,480 | ||||||
35,000 | Biogen Idec Inc. |
1,834,700 | ||||||
120,000 | Boston Scientific Corp. |
954,000 | ||||||
85,000 | Bristol-Myers Squibb Co. |
1,863,200 | ||||||
2,000 | Cephalon Inc. |
136,200 | ||||||
7,000 | Cochlear Ltd. |
243,860 | ||||||
20,000 | Covidien Ltd. |
664,800 | ||||||
18,000 | GlaxoSmithKline plc |
280,871 | ||||||
4,000 | GlaxoSmithKline plc, ADR |
124,280 | ||||||
30,000 | Henry Schein Inc. |
1,200,300 | ||||||
18,000 | Hospira Inc. |
555,480 | ||||||
60,000 | Johnson & Johnson |
3,156,000 | ||||||
80,000 | Life Technologies Corp. |
2,598,400 | ||||||
10,000 | Mead Johnson Nutrition Co., Cl. A |
288,700 | ||||||
55,000 | Merck & Co. Inc. |
1,471,250 | ||||||
10,000 | Nobel Biocare Holding AG |
170,605 | ||||||
11,000 | Novartis AG |
416,305 | ||||||
98,000 | Novartis AG, ADR |
3,707,340 | ||||||
6,000 | Roche Holding AG |
823,333 | ||||||
4,000 | Sanofi-Aventis |
225,225 | ||||||
100,000 | Schering-Plough Corp. |
2,355,000 | ||||||
40,000 | Smith & Nephew plc |
247,941 | ||||||
50,000 | SSL International plc |
322,122 | ||||||
1,500 | Straumann Holding AG |
232,452 | ||||||
4,000 | Synthes Inc. |
445,577 | ||||||
10,000 | Takeda Pharmaceutical Co. Ltd. |
343,486 | ||||||
110,000 | UnitedHealth Group Inc. |
2,302,300 | ||||||
71,000 | William Demant Holding A/S |
2,855,779 | ||||||
3,500 | Zimmer Holdings Inc. |
127,750 | ||||||
33,946,490 | ||||||||
Automotive: Parts and Accessories 2.9% |
||||||||
2,000 | BERU AG |
203,276 | ||||||
86,000 | BorgWarner Inc. |
1,745,800 | ||||||
173,000 | CLARCOR Inc. |
4,357,870 | ||||||
82,500 | Earl Scheib Inc. |
156,750 | ||||||
280,000 | Genuine Parts Co. |
8,360,800 | ||||||
200,000 | Johnson Controls Inc. |
2,400,000 | ||||||
135,000 | Midas Inc. |
1,069,200 | ||||||
330,000 | Modine Manufacturing Co. |
825,000 | ||||||
140,000 | OReilly Automotive Inc. |
4,901,400 | ||||||
100,000 | Proliance International Inc. |
17,000 | ||||||
Shares/ | Market | |||||||
Units | Value | |||||||
175,000 | Standard Motor Products Inc. |
$ | 481,250 | |||||
35,000 | Superior Industries International Inc. |
414,750 | ||||||
24,933,096 | ||||||||
Business Services 2.5% |
||||||||
6,000 | ACCO Brands Corp. |
5,880 | ||||||
16,850 | Ascent Media Corp., Cl. A |
421,250 | ||||||
310,000 | BPW Acquisition Corp. |
2,901,600 | ||||||
15,400 | Canon Inc. |
438,733 | ||||||
110,000 | Clear Channel Outdoor Holdings Inc.,
Cl. A |
403,700 | ||||||
186,554 | Contax Participacoes SA, ADR |
168,831 | ||||||
100,000 | Diebold Inc. |
2,135,000 | ||||||
200,000 | G4S plc |
556,433 | ||||||
1,000 | Hertz Global Holdings Inc. |
3,930 | ||||||
38,000 | Jardine Matheson Holdings Ltd. |
691,600 | ||||||
92,000 | Landauer Inc. |
4,662,560 | ||||||
39,500 | MasterCard Inc., Cl. A |
6,615,460 | ||||||
50,000 | Monster Worldwide Inc. |
407,500 | ||||||
72,500 | Nashua Corp. |
72,500 | ||||||
10,000 | Secom Co. Ltd. |
366,722 | ||||||
265,000 | The Interpublic Group of
Companies Inc. |
1,091,800 | ||||||
8,000 | Visa Inc., Cl. A |
444,800 | ||||||
21,388,299 | ||||||||
Consumer Services 2.4% |
||||||||
100,000 | IAC/InterActiveCorp. |
1,523,000 | ||||||
210,000 | Liberty Media Corp. Interactive,
Cl. A |
609,000 | ||||||
1,054,600 | Rollins Inc. |
18,086,390 | ||||||
20,218,390 | ||||||||
Publishing 2.3% |
||||||||
10,000 | Idearc Inc. |
360 | ||||||
1,690,587 | Il Sole 24 Ore |
4,054,246 | ||||||
348,266 | Independent News & Media plc |
50,898 | ||||||
210,000 | Media General Inc., Cl. A |
403,200 | ||||||
122,000 | Meredith Corp. |
2,030,080 | ||||||
1,400,000 | News Corp., Cl. A |
9,268,000 | ||||||
20,000 | News Corp., Cl. B |
154,000 | ||||||
333 | Seat Pagine Gialle SpA |
313 | ||||||
50,333 | The E.W. Scripps Co., Cl. A |
67,950 | ||||||
182,000 | The McGraw-Hill Companies Inc. |
4,162,340 | ||||||
20,191,387 | ||||||||
Retail 2.0% |
||||||||
100,000 | AutoNation Inc. |
1,388,000 | ||||||
500 | AutoZone Inc. |
81,310 | ||||||
40,000 | Coldwater Creek Inc. |
100,400 |
7
Market | ||||||||
Shares | Value | |||||||
COMMON STOCKS (Continued) |
||||||||
Retail (Continued) |
||||||||
35,000 | Compagnie Financiere Richemont SA,
Cl. A |
$ | 546,692 | |||||
50,000 | Costco Wholesale Corp. |
2,316,000 | ||||||
75,000 | CVS Caremark Corp. |
2,061,750 | ||||||
10,108 | Dennys Corp. |
16,880 | ||||||
10,000 | Hennes & Mauritz AB, Cl. B |
375,940 | ||||||
27,000 | HSN Inc. |
138,780 | ||||||
170,000 | Macys Inc. |
1,513,000 | ||||||
50,000 | Sally Beauty Holdings Inc. |
284,000 | ||||||
50,000 | SUPERVALU Inc. |
714,000 | ||||||
225,000 | The Great Atlantic & Pacific
Tea Co. Inc. |
1,194,750 | ||||||
50,000 | Wal-Mart Stores Inc. |
2,605,000 | ||||||
90,000 | Walgreen Co. |
2,336,400 | ||||||
32,000 | Whole Foods Market Inc. |
537,600 | ||||||
30,000 | Woolworths Ltd. |
521,723 | ||||||
16,732,225 | ||||||||
Aviation: Parts and Services 1.9% |
||||||||
350,000 | Curtiss-Wright Corp. |
9,817,500 | ||||||
250,000 | GenCorp Inc. |
530,000 | ||||||
104,000 | Precision Castparts Corp. |
6,229,600 | ||||||
140,000 | The Fairchild Corp., Cl. A |
1,540 | ||||||
16,578,640 | ||||||||
Machinery 1.8% |
||||||||
20,000 | Caterpillar Inc. |
559,200 | ||||||
26,600 | CNH Global NV |
276,108 | ||||||
435,000 | Deere & Co. |
14,298,450 | ||||||
3,400 | SMC Corp. |
324,595 | ||||||
15,458,353 | ||||||||
Metals and Mining 1.7% |
||||||||
10,000 | Agnico-Eagle Mines Ltd. |
569,200 | ||||||
65,000 | Alcoa Inc. |
477,100 | ||||||
24,030 | Anglo American plc |
408,925 | ||||||
88,000 | Barrick Gold Corp. |
2,852,960 | ||||||
16,000 | BHP Billiton Ltd. |
355,019 | ||||||
4,000 | Freeport-McMoRan Copper &
Gold Inc. |
152,440 | ||||||
25,000 | Harmony Gold Mining Co. Ltd., ADR |
273,500 | ||||||
20,000 | Impala Platinum Holdings Ltd. |
334,125 | ||||||
75,000 | Ivanhoe Mines Ltd. |
461,250 | ||||||
52,000 | New Hope Corp. Ltd. |
137,402 | ||||||
155,000 | Newmont Mining Corp. |
6,937,800 | ||||||
20,000 | Rio Tinto plc |
674,377 | ||||||
152,298 | Xstrata plc |
1,019,960 | ||||||
14,654,058 | ||||||||
Communications Equipment 1.5% |
||||||||
480,000 | Corning Inc. |
6,369,600 | ||||||
80,000 | Motorola Inc. |
338,400 | ||||||
100 | Nortel Networks Corp. |
23 | ||||||
250,000 | Thomas & Betts Corp. |
6,255,000 | ||||||
12,963,023 | ||||||||
Agriculture 1.5% |
||||||||
310,000 | Archer-Daniels-Midland Co. |
8,611,800 | ||||||
31,000 | Monsanto Co. |
2,576,100 | ||||||
3,000 | Syngenta AG |
604,586 | ||||||
15,000 | Syngenta AG, ADR |
601,650 | ||||||
10,000 | The Mosaic Co. |
419,800 | ||||||
12,813,936 | ||||||||
Aerospace 1.4% |
||||||||
100,000 | Boeing Co. |
3,558,000 | ||||||
25,899 | Kaman Corp. |
324,773 | ||||||
8,000 | Lockheed Martin Corp. |
552,240 | ||||||
65,000 | Northrop Grumman Corp. |
2,836,600 | ||||||
1,200,000 | Rolls-Royce Group plc |
5,062,130 | ||||||
12,333,743 | ||||||||
Specialty Chemicals 1.4% |
||||||||
13,000 | Ashland Inc. |
134,290 | ||||||
5,400 | Ciba Holding AG, ADR |
113,400 | ||||||
30,000 | E.I. du Pont de Nemours and Co. |
669,900 | ||||||
340,000 | Ferro Corp. |
486,200 | ||||||
4,000 | FMC Corp. |
172,560 | ||||||
45,000 | H.B. Fuller Co. |
585,000 | ||||||
70,000 | International Flavors & Fragrances Inc. |
2,132,200 | ||||||
291,018 | Omnova Solutions Inc. |
506,371 | ||||||
260,000 | Sensient Technologies Corp. |
6,110,000 | ||||||
52,000 | Tokai Carbon Co. Ltd. |
206,981 | ||||||
100,000 | Zep Inc. |
1,023,000 | ||||||
12,139,902 | ||||||||
Wireless Communications 1.3% |
||||||||
95,000 | America Movil SAB de CV, Cl. L, ADR |
2,572,600 | ||||||
32,000 | China Mobile Ltd. |
278,688 | ||||||
14,000 | Clearwire Corp., Cl. A |
72,100 | ||||||
1,700 | NTT DoCoMo Inc. |
2,296,206 | ||||||
5,087 | Telemig Celular Participacoes SA, ADR |
181,301 | ||||||
32,165 | Tim Participacoes SA, ADR |
399,489 | ||||||
115,400 | United States Cellular Corp. |
3,847,436 | ||||||
43,000 | Vivo Participacoes SA, ADR |
561,150 | ||||||
45,000 | Vodafone Group plc, ADR |
783,900 | ||||||
10,992,870 | ||||||||
8
Market | ||||||||
Shares | Value | |||||||
COMMON STOCKS (Continued) |
||||||||
Electronics 1.2% |
||||||||
6,000 | Advanced Micro Devices Inc. |
$ | 18,300 | |||||
16,000 | Bel Fuse Inc., Cl. A |
198,880 | ||||||
6,200 | Fanuc Ltd. |
415,275 | ||||||
5,000 | Hitachi Ltd., ADR |
137,250 | ||||||
180,000 | Intel Corp. |
2,709,000 | ||||||
2,992 | Keyence Corp. |
559,196 | ||||||
80,000 | LSI Corp. |
243,200 | ||||||
20,000 | Molex Inc., Cl. A |
252,800 | ||||||
7,500 | NEC Corp., ADR (a) |
20,010 | ||||||
35,000 | Royal Philips Electronics NV |
520,450 | ||||||
265,000 | Texas Instruments Inc. |
4,375,150 | ||||||
62,000 | Tyco Electronics Ltd. |
684,480 | ||||||
10,133,991 | ||||||||
Hotels and Gaming 1.1% |
||||||||
5,000 | Accor SA |
174,147 | ||||||
200,000 | Gaylord Entertainment Co. |
1,666,000 | ||||||
45,000 | Interval Leisure Group Inc. |
238,500 | ||||||
1,100,058 | Ladbrokes plc |
2,892,439 | ||||||
90,000 | Las Vegas Sands Corp. |
270,900 | ||||||
3,900,000 | Mandarin Oriental International Ltd. |
3,100,500 | ||||||
140,000 | MGM Mirage |
326,200 | ||||||
44,000 | Orient-Express Hotels Ltd., Cl. A |
180,400 | ||||||
34,000 | Starwood Hotels & Resorts
Worldwide Inc. |
431,800 | ||||||
140,000 | The Hongkong & Shanghai Hotels Ltd. |
88,148 | ||||||
2,000 | Wynn Resorts Ltd. |
39,940 | ||||||
9,408,974 | ||||||||
Automotive 0.8% |
||||||||
230,000 | General Motors Corp. |
446,200 | ||||||
125,000 | Navistar International Corp. |
4,182,500 | ||||||
96,750 | PACCAR Inc. |
2,492,280 | ||||||
7,120,980 | ||||||||
Environmental Services 0.8% |
||||||||
97,000 | Republic Services Inc. |
1,663,550 | ||||||
200,000 | Waste Management Inc. |
5,120,000 | ||||||
6,783,550 | ||||||||
Real Estate 0.5% |
||||||||
2,000 | Brookfield Asset Management Inc.,
Cl. A |
27,560 | ||||||
34,000 | Cheung Kong (Holdings) Ltd. |
292,816 | ||||||
55,500 | Griffin Land & Nurseries Inc. |
1,942,500 | ||||||
137,000 | The St. Joe Co. |
2,293,380 | ||||||
4,556,256 | ||||||||
Computer Software and Services 0.5% |
||||||||
8,000 | Alibaba.com Ltd. |
7,349 | ||||||
10,000 | Check Point Software
Technologies Ltd. |
222,100 | ||||||
75,000 | NCR Corp. |
596,250 | ||||||
33,000 | Rockwell Automation Inc. |
720,720 | ||||||
10,300 | Square Enix Holdings Co. Ltd. |
193,440 | ||||||
25,256 | Telecom Italia Media SpA |
2,684 | ||||||
185,000 | Yahoo! Inc. |
2,369,850 | ||||||
1,000 | Yahoo! Japan Corp. |
261,353 | ||||||
4,373,746 | ||||||||
Transportation 0.4% |
||||||||
100,000 | AMR Corp. |
319,000 | ||||||
165,000 | GATX Corp. |
3,337,950 | ||||||
15,000 | Grupo TMM SA, Cl. A, ADR |
12,750 | ||||||
26,000 | Toll Holdings Ltd. |
112,995 | ||||||
3,782,695 | ||||||||
Broadcasting 0.4% |
||||||||
40,000 | British Sky Broadcasting Group plc |
248,802 | ||||||
380,000 | CBS Corp., Cl. A, Voting |
1,489,600 | ||||||
10,343 | Citadel Broadcasting Corp. |
683 | ||||||
2,000 | Cogeco Inc. |
38,150 | ||||||
25,334 | Corus Entertainment Inc., Cl. B,
New York |
271,834 | ||||||
6,666 | Corus Entertainment Inc., Cl. B,
Toronto |
72,063 | ||||||
110,000 | Gray Television Inc. |
35,200 | ||||||
18,000 | Gray Television Inc., Cl. A |
12,600 | ||||||
77,000 | Liberty Media Corp. Capital, Cl. A |
537,460 | ||||||
50,000 | LIN TV Corp., Cl. A |
56,000 | ||||||
100,000 | Television Broadcasts Ltd. |
319,330 | ||||||
3,081,722 | ||||||||
Closed-End Funds 0.3% |
||||||||
31,500 | Royce Value Trust Inc. |
221,760 | ||||||
104,000 | The Central Europe and
Russia Fund Inc. |
1,590,160 | ||||||
70,000 | The New Germany Fund Inc. |
445,200 | ||||||
2,257,120 | ||||||||
Manufactured Housing and Recreational Vehicles 0.2% |
||||||||
150,000 | Champion Enterprises Inc. |
72,000 | ||||||
20,000 | Huttig Building Products Inc. |
7,600 | ||||||
7,000 | Martin Marietta Materials Inc. |
555,100 | ||||||
10,000 | Nobility Homes Inc. |
72,500 | ||||||
30,000 | Skyline Corp. |
570,300 | ||||||
1,277,500 | ||||||||
9
Market | ||||||||
Shares | Value | |||||||
COMMON STOCKS (Continued) |
||||||||
Real Estate Investment Trusts 0.1% |
||||||||
2,000 | Camden Property Trust |
$ | 43,160 | |||||
24,984 | Rayonier Inc. |
755,016 | ||||||
798,176 | ||||||||
TOTAL COMMON STOCKS |
829,670,721 | |||||||
CONVERTIBLE PREFERRED STOCKS 0.1% |
||||||||
Telecommunications 0.1% |
||||||||
25,000 | Cincinnati Bell Inc.,
6.750% Cv. Pfd., Ser. B |
671,750 | ||||||
TOTAL CONVERTIBLE
PREFERRED STOCKS |
671,750 | |||||||
RIGHTS 0.0% |
||||||||
Diversified Industrial 0.0% |
||||||||
17,714 | CRH plc, expire 04/09/09 |
385,972 | ||||||
385,972 | ||||||||
Publishing 0.0% |
||||||||
333 | Seat Pagine Gialle SpA,
expire 04/17/09 |
2,079 | ||||||
2,079 | ||||||||
TOTAL RIGHTS |
388,051 | |||||||
WARRANTS 0.0% |
||||||||
Business Services 0.0% |
||||||||
310,000 | BPW Acquisition Corp.,
expire 02/26/14 |
49,600 | ||||||
49,600 | ||||||||
Energy and Utilities 0.0% |
||||||||
12,183 | Mirant Corp., Ser. A, expire 01/03/11 |
9,746 | ||||||
TOTAL WARRANTS |
59,346 | |||||||
Principal | ||||||||
Amount | ||||||||
CONVERTIBLE CORPORATE BONDS 0.2% |
||||||||
Retail 0.2% |
||||||||
$ | 3,300,000 | The Great Atlantic & Pacific
Tea Co. Inc., Cv.,
5.125%, 06/15/11 |
1,864,500 | |||||
TOTAL CONVERTIBLE
CORPORATE BONDS |
1,864,500 | |||||||
CORPORATE BONDS 0.0% |
||||||||
Consumer Products 0.0% |
||||||||
1,000,000 | Pillowtex Corp., Sub. Deb.,
9.000%, 12/15/17 (a) |
0 | ||||||
TOTAL CORPORATE BONDS |
0 | |||||||
U.S. GOVERNMENT OBLIGATIONS 3.2% |
||||||||
U.S. Treasury Bills 2.7% |
||||||||
23,136,000 | U.S. Treasury Bills, 0.076% to 0.203%,
04/09/09 to 09/24/09 |
23,119,066 | ||||||
U.S. Treasury Cash Management Bills 0.5% |
||||||||
4,373,000 | U.S. Treasury Cash Management Bill,
0.173%, 06/24/09 |
4,371,163 | ||||||
27,490,229 | ||||||||
TOTAL INVESTMENTS 100.0% (Cost $1,125,871,793) |
$ | 860,144,597 | ||||||
Aggregate book cost |
$ | 1,125,871,793 | ||||||
Gross unrealized appreciation |
$ | 123,341,363 | ||||||
Gross unrealized depreciation |
(389,068,559 | ) | ||||||
Net unrealized appreciation/(depreciation) |
$ | (265,727,196 | ) | |||||
(a) | Security fair valued under procedures established by the Board of Directors. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At March 31, 2009, the market value of fair valued securities amounted to $442,115 or 0.05% of total investments. | |
(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. At March 31, 2009, the market value of the Rule 144A security amounted to $286,723 or 0.03% of total investments. | |
(c) | At March 31, 2009, the Fund held an investment in a restricted security amounting to $35,933 or 0.00% of total investments, which was valued under methods approved by the Board of Directors as follows: |
03/31/09 | ||||||||||||||||
Acquisition | Acquisition | Acquisition | Carrying Value | |||||||||||||
Shares | Issuer | Date | Cost | Per Unit | ||||||||||||
7,040,836 | Cable & Wireless Jamaica Ltd. |
09/30/93 | $ | 128,658 | $ | 0.0051 |
| Non-income producing security. | |
| Represents annualized yield at date of purchase. | |
ADR | American Depositary Receipt. | |
CVO | Contingent Value Obligation. |
10
% of | ||||||||
Market | Market | |||||||
Geographic Diversification | Value | Value | ||||||
North America |
76.9 | % | $ | 661,570,148 | ||||
Europe |
16.3 | 140,066,328 | ||||||
Latin America |
3.8 | 33,019,901 | ||||||
Japan |
2.1 | 17,810,215 | ||||||
Asia/Pacific |
0.8 | 6,802,780 | ||||||
South Africa |
0.1 | 607,625 | ||||||
Africa/Middle East |
0.0 | 267,600 | ||||||
Total Investments |
100.0 | % | $ | 860,144,597 | ||||
11
| Level 1 quoted prices in active markets for identical securities; | ||
| Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and | ||
| Level 3 significant unobservable inputs (including the Funds determinations as to the fair value of investments). |
Investments in | Other Financial Instruments | |||||||
Securities | (Unrealized | |||||||
(Market Value) | Appreciation)* | |||||||
Valuation Inputs | Assets | Assets | ||||||
Level 1 Quoted Prices |
$ | 830,347,752 | | |||||
Level 2 Other Significant Observable Inputs |
29,661,463 | $ | 55,052 | |||||
Level 3 Significant Unobservable Inputs |
135,382 | | ||||||
Total |
$ | 860,144,597 | $ | 55,052 | ||||
* | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards, and swaps which are valued at the unrealized appreciation/depreciation on the investment. |
12
Investments in | ||||
Securities | ||||
(Market Value) | ||||
Balance as of 12/31/08 |
$ | 100,427 | ||
Accrued discounts/(premiums) |
| |||
Realized gain/(loss) |
| |||
Change in unrealized appreciation/(depreciation) |
0 | |||
Net purchase/(sales) |
| |||
Transfers in and/or out of Level 3 |
34,955 | |||
Balance as of 03/31/09 |
$ | 135,382 | ||
Net change in unrealized appreciation/(depreciation)
during the period on Level 3 investments held at 03/31/09 |
$ | (15,653 | ) | |
13
Net | ||||||||
Notional | Equity Security | Interest Rate/ | Termination | Unrealized | ||||
Amount | Received | Equity Security Paid | Date | Appreciation | ||||
Market Value | Overnight LIBOR plus 75 bps plus | |||||||
Appreciation on: | Market Value Depreciation on: | |||||||
$703,533 (180,000 Shares) | Rolls-Royce Group plc | Rolls-Royce Group plc | 03/11/10 | $55,052 |
14
Directors |
Mario J. Gabelli, CFA |
Chairman & Chief Executive Officer, |
GAMCO Investors, Inc. |
Dr. Thomas E. Bratter |
President & Founder, John Dewey Academy |
Anthony J. Colavita |
Attorney-at-Law, |
Anthony J. Colavita, P.C. |
James P. Conn |
Former Managing Director & |
Chief Investment Officer, |
Financial Security Assurance Holdings Ltd. |
Frank J. Fahrenkopf, Jr. |
President & Chief Executive Officer, |
American Gaming Association |
Arthur V. Ferrara |
Former Chairman & Chief Executive Officer, |
Guardian Life Insurance Company of America |
Anthony R. Pustorino |
Certified Public Accountant, |
Professor Emeritus, Pace University |
Salvatore J. Zizza |
Chairman, Zizza & Co., Ltd. |
Officers |
Bruce N. Alpert |
President |
Carter W. Austin |
Vice President |
Peter D. Goldstein |
Chief Compliance Officer |
Agnes Mullady |
Treasurer & Secretary |
Investment Adviser |
Gabelli Funds, LLC |
One Corporate Center |
Rye, New York 10580-1422 |
Custodian |
The Bank of New York Mellon |
Counsel |
Willkie Farr & Gallagher LLP |
Transfer Agent and Registrar |
Computershare Trust Company, N.A. |
Stock Exchange Listing |
5.875% | 6.20% | |||||||||||
Common | Preferred | Preferred | ||||||||||
NYSE-Symbol: |
GAB | GAB PrD | GAB PrF | |||||||||
Shares Outstanding: |
176,347,041 | 2,384,373 | 5,862,997 |
(a) | The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). | ||
(b) | There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. |
By (Signature and Title)*
|
/s/ Bruce N. Alpert
|
|||
Date 5/28/09 |
By (Signature and Title)*
|
/s/ Bruce N. Alpert
|
|||
Date 5/28/09 |
By (Signature and Title)*
|
/s/ Agnes Mullady
|
|||
Date 5/28/09 |
* | Print the name and title of each signing officer under his or her signature. |