Gabelli Utilities Fund (GAUAX) NPORT-P The Gabelli Utilities Fund (Sep 2020 report)

The Gabelli Utilities Fund

Schedule of Investments — September 30, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 99.2%
		ENERGY AND UTILITIES — 77.9%
		Alternative Energy — 1.0%
	380,000	Algonquin Power & Utilities Corp.	$	5,519,282
	34,431	Brookfield Renewable Corp., Cl. A		2,017,657
	2,000	Landis+Gyr Group AG†		109,549
	95,063	NextEra Energy Partners LP		5,699,977
	70,000	Ormat Technologies Inc.		4,137,700
	11,000	Siemens Gamesa Renewable Energy SA		297,792
				17,781,957
		Diversified Industrial — 0.6%
	12,000	AECOM†		502,080
	60,000	AZZ Inc.		2,047,200
	72,000	ITT Inc.		4,251,600
	415,975	Mueller Water Products Inc., Cl. A		4,321,980
	23,500	Park-Ohio Holdings Corp.		377,645
				11,500,505
		Electric Integrated — 51.1%
	299,000	ALLETE Inc.		15,470,260
	177,000	Alliant Energy Corp.		9,142,050
	548,000	Ameren Corp.		43,335,840
	690,500	American Electric Power Co. Inc.		56,434,565
	7,000	Atlantic Power Corp.†		13,826
	192,000	Avangrid Inc.		9,688,320
	236,000	Avista Corp.		8,052,320
	444,000	Black Hills Corp.		23,749,560
	67,000	CMS Energy Corp.		4,114,470
	458,495	Dominion Energy Inc.		36,189,010
	17,000	DTE Energy Co.		1,955,680
	288,000	Duke Energy Corp.		25,505,280
	450,000	Edison International.		22,878,000
	9,400	Entergy Corp.		926,182
	1,156,200	Evergy Inc.		58,758,084
	792,000	Eversource Energy		66,171,600
	345,000	Exelon Corp.		12,337,200
	382,000	FirstEnergy Corp.		10,967,220
	190,000	Fortis Inc.		7,768,090
	914,000	Hawaiian Electric Industries Inc.		30,381,360
	42,500	IDACORP Inc.		3,395,750
	305,500	MGE Energy Inc.		19,142,630
	586,700	NextEra Energy Inc.		162,844,452
	265,000	NiSource Inc.		5,830,000
	428,000	NorthWestern Corp.		20,817,920
	785,000	OGE Energy Corp.		23,542,150
	672,000	Otter Tail Corp.		24,306,240
	245,000	PG&E Corp.†		2,300,550
	320,000	Pinnacle West Capital Corp.		23,856,000
	1,658,019	PNM Resources Inc.		68,525,925
	6,500	Portland General Electric Co.		230,750
	572,000	PPL Corp.		15,564,120
	187,000	Public Service Enterprise Group Inc.		10,268,170

Shares			Market Value
	430,000	The Southern Co.	$	23,314,600
	51,125	Unitil Corp.		1,975,470
	598,000	WEC Energy Group Inc.		57,946,200
	423,000	Xcel Energy Inc.		29,191,230
				936,891,074
		Electric Transmission and Distribution — 0.6%
	67,000	Consolidated Edison Inc.		5,212,600
	360,000	Red Electrica Corp. SA		6,759,682
	3,400	Uniper SE		109,864
				12,082,146
		Environmental Services — 0.1%
	54,000	Covanta Holding Corp.		418,500
	7,500	Pentair plc		343,275
	4,500	Tetra Tech Inc.		429,750
	80,000	Veolia Environnement SA		1,727,732
				2,919,257
		Global Utilities — 2.3%
	10,000	AES Tiete Energia SA		26,193
	40,000	Chubu Electric Power Co. Inc.		485,848
	20,000	E.ON SE		221,078
	5,000	EDP - Energias de Portugal SA, ADR		250,200
	200,000	Electric Power Development Co. Ltd.		3,077,798
	20,800	Electricite de France SA		220,118
	205,000	Emera Inc.		8,421,389
	35,000	Enagas SA		808,204
	100,000	Endesa SA		2,676,719
	270,000	Enel SpA		2,348,267
	75,000	Equinor ASA		1,067,810
	560,000	Hera SpA		2,069,527
	48,000	Hokkaido Electric Power Co. Inc.		204,807
	32,000	Hokuriku Electric Power Co.		239,397
	180,000	Huaneng Power International Inc., ADR		2,777,400
	50,000	Iberdrola SA, ADR		2,474,500
	450,000	Iberdrola SA, Aquis		5,545,134
	372,000	Korea Electric Power Corp., ADR†		3,240,120
	87,000	Kyushu Electric Power Co. Inc.		789,447
	32,000	Shikoku Electric Power Co. Inc.		243,948
	2,000	Snam SpA		10,292
	24,000	The Chugoku Electric Power Co. Inc.		300,156
	305,000	The Kansai Electric Power Co. Inc.		2,949,794
	150,000	Tohoku Electric Power Co. Inc.		1,501,920
	55,000	Tokyo Electric Power Co. Holdings Inc.†		150,714
				42,100,780
		Merchant Energy — 3.3%
	120,000	NRG Energy Inc.		3,688,800
	3,130,000	The AES Corp.		56,684,300
				60,373,100
		Natural Gas Integrated — 6.1%
	25,000	Atlas Energy Group LLC†		105

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The Gabelli Utilities Fund

Schedule of Investments (Continued) — September 30, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		ENERGY AND UTILITIES (Continued)
		Natural Gas Integrated (Continued)
	630,000	Energy Transfer LP	$	3,414,600
	133,000	Hess Corp.		5,443,690
	285,000	Kinder Morgan Inc.		3,514,050
	1,843,000	National Fuel Gas Co.		74,807,370
	501,000	ONEOK Inc.		13,015,980
	364,000	UGI Corp.		12,004,720
				112,200,515
		Natural Gas Utilities — 6.6%
	80,000	Atmos Energy Corp.		7,647,200
	92,000	CenterPoint Energy Inc.		1,780,200
	39,300	Chesapeake Utilities Corp.		3,312,990
	388,800	Corning Natural Gas Holding Corp.(a)		6,415,200
	100,000	Gulf Coast Ultra Deep Royalty Trust		700
	25,000	Italgas SpA		157,842
	125,000	National Grid plc		1,435,198
	40,000	National Grid plc, ADR		2,311,600
	14,000	New Jersey Resources Corp.		378,280
	433,000	Northwest Natural Holding Co.		19,653,870
	143,000	ONE Gas Inc.		9,868,430
	74,000	RGC Resources Inc.		1,735,300
	140,000	South Jersey Industries Inc.		2,697,800
	902,000	Southwest Gas Holdings Inc.		56,916,200
	117,000	Spire Inc.		6,224,400
				120,535,210
		Natural Resources — 1.4%
	23,000	Alliance Resource Partners LP		63,710
	130,000	BP plc, ADR		2,269,800
	30,000	California Resources Corp.†		2,594
	362,000	Cameco Corp.		3,656,200
	40,000	CNX Resources Corp.†		377,600
	15,084	Diamondback Energy Inc.		454,330
	710,000	Mueller Industries Inc.		19,212,600
	83,000	WPX Energy Inc.†		406,700
				26,443,534
		Services — 1.0%
	570,000	Enbridge Inc.		16,644,000
	20,000	Halliburton Co.		241,000
	34,000	MDU Resources Group Inc.		765,000
				17,650,000
		Water — 3.8%
	8,000	American States Water Co.		599,600
	111,000	American Water Works Co. Inc.		16,081,680
	5,000	California Water Service Group		217,250
	16,000	Consolidated Water Co. Ltd.		166,560
	520,000	Essential Utilities Inc.		20,930,000
	21,000	Middlesex Water Co.		1,305,150
	530,000	Severn Trent plc		16,680,043

Shares			Market Value
	144,000	SJW Group	$	8,763,840
	87,000	The York Water Co.		3,677,490
	50,000	United Utilities Group plc, ADR		1,117,500
				69,539,113
		TOTAL ENERGY AND UTILITIES		1,430,017,191
		COMMUNICATIONS — 15.5%
		Business Services — 0.1%
	1,495,000	Clear Channel Outdoor Holdings Inc.†		1,495,000
		Cable and Satellite — 4.2%
	34,500	Charter Communications Inc., Cl. A†		21,539,730
	27,000	Cogeco Communications Inc.		2,214,059
	72,000	Cogeco Inc.		4,761,068
	37,000	Comcast Corp., Cl. A		1,711,620
	513,000	DISH Network Corp., Cl. A†		14,892,390
	304,000	EchoStar Corp., Cl. A†		7,566,560
	344,366	Liberty Global plc, Cl. A†		7,235,130
	588,000	Liberty Global plc, Cl. C†		12,074,580
	80,000	Liberty Latin America Ltd., Cl. A†		660,000
	69,742	Liberty Latin America Ltd., Cl. C†		567,700
	85,000	Rogers Communications Inc., Cl. B		3,370,250
	12,000	Shaw Communications Inc., Cl. B		219,000
	38,000	TBS Holdings Inc.		650,718
				77,462,805
		Telecommunications — 8.6%
	10,000	AT&T Inc.		285,100
	552,000	BCE Inc.		22,891,440
	760,000	CenturyLink Inc.		7,668,400
	400,000	Cincinnati Bell Inc.†		6,000,000
	70,000	Deutsche Telekom AG		1,172,808
	555,000	Deutsche Telekom AG, ADR		9,351,750
	1,440,000	Koninklijke KPN NV		3,388,494
	10,000	Koninklijke KPN NV, ADR		23,700
	142,000	Loral Space & Communications Inc.		2,598,600
	576,000	Nippon Telegraph & Telephone Corp.		11,742,284
	5,000	Orange Belgium SA		80,782
	330,000	Orascom Investment Holding, GDR†		43,560
	60,000	Pharol SGPS SA†		7,555
	220,000	Pharol SGPS SA, ADR†		31,900
	25,000	PLDT Inc., ADR		676,250
	105,000	Proximus SA		1,917,406
	2,000	PT Indosat Tbk†		267
	2,250,000	Singapore Telecommunications Ltd.		3,494,378
	125,060	Sistema PJSC FC, GDR		670,322
	121,000	Swisscom AG, ADR		6,437,200
	10,000	Tele2 AB, Cl. B		141,583
	125,000	Telecom Italia SpA, ADR		492,500
	208,000	Telefonica Brasil SA, ADR		1,595,360
	130,000	Telefonica Deutschland Holding AG		333,646
	489,583	Telefonica SA, ADR		1,684,166

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The Gabelli Utilities Fund

Schedule of Investments (Continued) — September 30, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		COMMUNICATIONS (Continued)
		Telecommunications (Continued)
	1,000,000	Telekom Austria AG	$	7,069,914
	335,000	Telenet Group Holding NV		13,016,496
	538,000	Telephone and Data Systems Inc.		9,920,720
	60,000	Telesites SAB de CV†		54,216
	5,000	TELUS Corp.		87,980
	1,200,000	VEON Ltd., ADR		1,512,000
	715,000	Verizon Communications Inc.		42,535,350
				156,926,127
		Wireless Communications — 2.6%
	51,000	America Movil SAB de CV, Cl. L, ADR		636,990
	15,400	Anterix Inc.†		503,734
	72,000	China Mobile Ltd., ADR		2,315,520
	64,000	China Unicom Hong Kong Ltd., ADR		418,560
	8,500	GCI Liberty Inc., Cl. A†		696,660
	200	Hutchison Telecommunications Hong Kong Holdings Ltd.		31
	55,000	Millicom International Cellular SA		1,665,400
	160,000	Millicom International Cellular SA, SDR		4,870,113
	6,000	Mobile TeleSystems PJSC, ADR		52,380
	458,000	NTT DOCOMO Inc.		16,871,284
	135,000	SK Telecom Co. Ltd., ADR.		3,026,700
	400	SmarTone Telecommunications Holdings Ltd.		212
	37,000	TIM Participacoes SA, ADR		426,610
	340,000	Turkcell Iletisim Hizmetleri A/S, ADR		1,628,600
	348,000	United States Cellular Corp.†		10,276,440
	322,000	Vodafone Group plc, ADR		4,321,240
				47,710,474
		TOTAL COMMUNICATIONS		283,594,406
		OTHER — 5.8%
		Aerospace — 0.1%
	1,155,000	Rolls-Royce Holdings plc		1,937,469
		Building and Construction — 0.4%
	12,000	Acciona SA		1,305,648
	149,000	Johnson Controls International plc		6,086,650
				7,392,298
		Business Services — 0.2%
	100,000	Macquarie Infrastructure Corp.		2,689,000
	17,500	Vectrus Inc.†		665,000
				3,354,000
		Consumer Products — 0.0%
	8,000	Essity AB, Cl. A†		274,681
		Diversified Industrial — 0.1%
	1,000	Alstom SA†		49,853
	43,000	Bouygues SA		1,493,311

Shares			Market Value
	5,000	Donaldson Co. Inc.	$	232,100
	155,000	Twin Disc Inc.†		784,300
				2,559,564
		Electronics — 1.0%
	50,000	Corning Inc.		1,620,500
	10,000	Keysight Technologies Inc.†		987,800
	300	Roper Technologies Inc.		118,533
	215,000	Sony Corp., ADR		16,501,250
				19,228,083
		Entertainment — 0.2%
	470,000	Grupo Televisa SAB, ADR†		2,904,600
		Financial Services — 0.3%
	145,000	Kinnevik AB, Cl. A		5,860,974
		Health Care — 0.0%
	12,000	Tsumura & Co.		372,635
		Machinery — 2.2%
	104,000	Astec Industries Inc.		5,642,000
	77,000	Flowserve Corp.		2,101,330
	72,000	The Gorman-Rupp Co.		2,121,120
	355,000	Xylem Inc.		29,862,600
				39,727,050
		Metals and Mining — 0.2%
	110,000	Freeport-McMoRan Inc.		1,720,400
	4,000	Haynes International Inc.		68,360
	17,000	Vulcan Materials Co.		2,304,180
				4,092,940
		Transportation — 1.1%
	306,600	GATX Corp.		19,545,750
		TOTAL OTHER		107,250,044
		TOTAL COMMON STOCKS		1,820,861,641
		CLOSED-END FUNDS — 0.0%
	40,000	Altaba Inc., Escrow†		906,000
		CONVERTIBLE PREFERRED STOCKS — 0.1%
		COMMUNICATIONS — 0.1%
		Telecommunications — 0.1%
	20,750	Cincinnati Bell Inc., 6.750%, Ser. B		1,006,375
		MANDATORY CONVERTIBLE SECURITIES (b) — 0.1%
		ENERGY AND UTILITIES — 0.1%
		Natural Gas Utilities — 0.1%
	54,000	Corning Natural Gas Holding Corp. 4.800%, Ser. B, 09/30/26(a)		1,188,000

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The Gabelli Utilities Fund

Schedule of Investments (Continued) — September 30, 2020 (Unaudited)

Shares			Market Value
		WARRANTS — 0.0%
		COMMUNICATIONS — 0.0%
		Telecommunications — 0.0%
	80,000	Bharti Airtel Ltd., expire 12/02/20†(c)	$	456,800
Principal Amount
		CORPORATE BONDS — 0.1%
		ENERGY AND UTILITIES — 0.1%
		Natural Resources — 0.1%
	$1,200,000	Mueller Industries Inc., 6.000%, 03/01/27		1,204,272
		U.S. GOVERNMENT OBLIGATIONS — 0.5%
	9,217,000	U.S. Treasury Bills, 0.080% to 0.130%††, 10/22/20 to 01/28/21		9,215,873
		TOTAL INVESTMENTS — 100.0% (Cost $1,138,245,112)	$	1,834,838,961

(a) Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares.

(b) Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.

(c) 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

SDR Swedish Depositary Receipt

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