Gabelli Utilities Fund (GAUAX) NPORT-P The Gabelli Utilities Fund (Mar 2021 report)

The Gabelli Utilities Fund

Schedule of Investments — March 31, 2021 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 99.8%
		ENERGY AND UTILITIES — 80.4%
		Alternative Energy — 1.1%
	380,000	Algonquin Power & Utilities Corp.	$	6,020,371
	49,859	Brookfield Renewable Corp., Cl. A		2,333,401
	45,000	Eos Energy Enterprises Inc.†		887,400
	2,000	Landis+Gyr Group AG		134,582
	88,563	NextEra Energy Partners LP		6,454,471
	70,000	Ormat Technologies Inc.		5,497,100
	11,000	Siemens Gamesa Renewable Energy SA†		425,690
				21,753,015
		Diversified Industrial — 0.8%
	8,000	AECOM†		512,880
	59,000	AZZ Inc.		2,970,650
	68,000	ITT Inc.		6,181,880
	395,000	Mueller Water Products Inc., Cl. A		5,486,550
	21,900	Park-Ohio Holdings Corp.		689,631
				15,841,591
		Electric Integrated — 50.9%
	10,000	AES Brasil Energia SA		30,913
	295,000	ALLETE Inc.		19,821,050
	177,000	Alliant Energy Corp.		9,586,320
	537,000	Ameren Corp.		43,690,320
	675,500	American Electric Power Co. Inc.		57,214,850
	93,000	Atlantic Power Corp.†		268,770
	207,000	Avangrid Inc.		10,310,670
	236,000	Avista Corp.		11,269,000
	443,000	Black Hills Corp.		29,579,110
	67,000	CMS Energy Corp.		4,101,740
	447,000	Dominion Energy Inc.		33,954,120
	17,000	DTE Energy Co.		2,263,380
	286,000	Duke Energy Corp.		27,607,580
	418,000	Edison International		24,494,800
	9,400	Entergy Corp.		935,018
	1,154,600	Evergy Inc.		68,733,338
	789,000	Eversource Energy		68,319,510
	340,000	Exelon Corp.		14,871,600
	358,000	FirstEnergy Corp.		12,419,020
	190,000	Fortis Inc.		8,244,370
	914,000	Hawaiian Electric Industries Inc.		40,609,020
	42,500	IDACORP Inc.		4,248,725
	305,500	MGE Energy Inc.		21,809,645
	2,327,000	NextEra Energy Inc.		175,944,470
	265,000	NiSource Inc.		6,389,150
	428,000	NorthWestern Corp.		27,905,600
	785,000	OGE Energy Corp.		25,402,600
	670,000	Otter Tail Corp.		30,933,900
	248,000	PG&E Corp.†		2,904,080
	320,000	Pinnacle West Capital Corp.		26,032,000
	1,424,000	PNM Resources Inc.		69,847,200
	95,500	Portland General Electric Co.		4,533,385

Shares			Market Value
	524,000	PPL Corp.	$	15,112,160
	187,000	Public Service Enterprise Group Inc.		11,259,270
	430,000	The Southern Co.		26,728,800
	51,125	Unitil Corp.		2,335,901
	592,500	WEC Energy Group Inc.		55,452,075
	424,000	Xcel Energy Inc.		28,200,240
				1,023,363,700
		Electric Transmission and Distribution — 0.6%
	66,000	Consolidated Edison Inc.		4,936,800
	360,000	Red Electrica Corp. SA		6,374,797
	3,400	Uniper SE		123,124
				11,434,721
		Environmental Services — 0.2%
	52,000	Covanta Holding Corp.		720,720
	7,500	Pentair plc		467,400
	4,500	Tetra Tech Inc.		610,740
	80,000	Veolia Environnement SA		2,050,818
				3,849,678
		Global Utilities — 2.2%
	35,000	Chubu Electric Power Co. Inc.		450,440
	20,000	E.ON SE		232,758
	5,000	EDP - Energias de Portugal SA, ADR		288,750
	175,000	Electric Power Development Co. Ltd.		3,056,672
	20,800	Electricite de France SA†		279,046
	205,000	Emera Inc.		9,123,617
	35,000	Enagas SA		760,144
	100,000	Endesa SA		2,645,611
	275,000	Enel SpA		2,738,929
	75,000	Equinor ASA		1,467,003
	560,000	Hera SpA		2,146,135
	28,000	Hokkaido Electric Power Co. Inc.		127,704
	8,000	Hokuriku Electric Power Co.		54,694
	175,000	Huaneng Power International Inc., ADR		2,502,500
	50,000	Iberdrola SA, ADR		2,585,400
	450,000	Iberdrola SA, Aquis		5,796,949
	365,000	Korea Electric Power Corp., ADR†		3,744,900
	83,000	Kyushu Electric Power Co. Inc.		818,569
	30,000	Shikoku Electric Power Co. Inc.		233,010
	2,000	Snam SpA		11,089
	19,000	The Chugoku Electric Power Co. Inc.		233,199
	300,000	The Kansai Electric Power Co. Inc.		3,245,879
	134,000	Tohoku Electric Power Co. Inc.		1,264,665
	55,000	Tokyo Electric Power Co. Holdings Inc.†		183,292
				43,990,955
		Merchant Energy — 4.3%
	120,000	NRG Energy Inc.		4,527,600
	3,070,000	The AES Corp.		82,306,700
				86,834,300

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The Gabelli Utilities Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		ENERGY AND UTILITIES (Continued)
		Natural Gas Integrated — 7.0%
	15,000	Atlas Energy Group LLC†	$	165
	495,000	Energy Transfer LP		3,801,600
	108,000	Hess Corp.		7,642,080
	246,000	Kinder Morgan Inc.		4,095,900
	1,726,000	National Fuel Gas Co.		86,282,740
	501,000	ONEOK Inc.		25,380,660
	364,000	UGI Corp.		14,927,640
				142,130,785
		Natural Gas Utilities — 6.8%
	74,000	Atmos Energy Corp.		7,314,900
	92,000	CenterPoint Energy Inc.		2,083,800
	35,000	Chesapeake Utilities Corp.		4,062,800
	388,000	Corning Natural Gas Holding Corp.(a)		9,121,880
	100,000	Gulf Coast Ultra Deep Royalty Trust		4,000
	25,000	Italgas SpA		162,272
	125,000	National Grid plc		1,488,888
	40,000	National Grid plc, ADR		2,369,600
	14,000	New Jersey Resources Corp.		558,180
	433,000	Northwest Natural Holding Co.		23,360,350
	143,000	ONE Gas Inc.		10,998,130
	74,000	RGC Resources Inc.		1,641,320
	142,000	South Jersey Industries Inc.		3,206,360
	904,000	Southwest Gas Holdings Inc.		62,113,840
	117,000	Spire Inc.		8,645,130
				137,131,450
		Natural Resources — 1.8%
	21,500	Alliance Resource Partners LP†		124,700
	47,000	BP plc, ADR		1,144,450
	270,000	Cameco Corp.		4,484,700
	35,000	CNX Resources Corp.†		514,500
	14,800	Diamondback Energy Inc.		1,087,652
	682,000	Mueller Industries Inc.		28,200,700
				35,556,702
		Oil — 0.0%
	41,000	Devon Energy Corp.		895,850
		Services — 1.1%
	570,000	Enbridge Inc.		20,748,000
	15,000	Halliburton Co.		321,900
	34,000	MDU Resources Group Inc.		1,074,740
				22,144,640
		Water — 3.6%
	8,000	American States Water Co.		604,960
	109,800	American Water Works Co. Inc.		16,461,216
	5,000	California Water Service Group		281,700
	16,000	Consolidated Water Co. Ltd.		215,200
	506,000	Essential Utilities Inc.		22,643,500

Shares			Market Value
	19,500	Middlesex Water Co.	$	1,540,890
	530,000	Severn Trent plc		16,848,974
	141,000	SJW Group		8,881,590
	87,000	The York Water Co.		4,260,390
	50,000	United Utilities Group plc, ADR		1,305,875
				73,044,295
		TOTAL ENERGY AND UTILITIES		1,617,971,682
		COMMUNICATIONS — 13.6%
		Business Services — 0.1%
	1,060,000	Clear Channel Outdoor Holdings Inc.†		1,908,000
		Cable and Satellite — 4.3%
	34,000	Charter Communications Inc., Cl. A†		20,978,680
	27,000	Cogeco Communications Inc.		2,535,211
	72,000	Cogeco Inc.		5,554,548
	36,000	Comcast Corp., Cl. A		1,947,960
	412,000	DISH Network Corp., Cl. A†		14,914,400
	300,000	EchoStar Corp., Cl. A†		7,200,000
	125,000	Euskaltel SA		1,627,121
	5,800	Liberty Broadband Corp., Cl. C†		870,870
	344,366	Liberty Global plc, Cl. A†		8,836,432
	550,000	Liberty Global plc, Cl. C†		14,047,000
	100,000	Liberty Latin America Ltd., Cl. A†		1,283,000
	61,483	Liberty Latin America Ltd., Cl. C†		798,049
	83,000	Rogers Communications Inc., Cl. B		3,826,300
	12,000	Shaw Communications Inc., Cl. B		314,640
	38,000	TBS Holdings Inc.		745,414
				85,479,625
		Telecommunications — 7.9%
	1,000	AT&T Inc.		30,270
	539,000	BCE Inc.		24,330,460
	70,000	Deutsche Telekom AG		1,409,468
	565,000	Deutsche Telekom AG, ADR		11,435,600
	1,440,000	Koninklijke KPN NV		4,887,063
	125,000	Loral Space & Communications Inc.		4,708,750
	630,000	Lumen Technologies Inc.		8,410,500
	570,000	Nippon Telegraph & Telephone Corp.		14,630,300
	300,000	Orascom Investment Holding, GDR		15,000
	260,000	Pharol SGPS SA†		35,674
	25,000	PLDT Inc., ADR		654,000
	88,000	Proximus SA		1,915,348
	2,000	PT Indosat Tbk†		864
	2,000,000	Singapore Telecommunications Ltd.		3,627,713
	100,000	Sistema PJSC FC, GDR		904,000
	120,000	Swisscom AG, ADR		6,464,400
	10,000	Tele2 AB, Cl. B		134,884
	105,000	Telecom Italia SpA, ADR		572,250
	215,000	Telefonica Brasil SA, ADR		1,692,050
	130,000	Telefonica Deutschland Holding AG		381,128
	352,000	Telefonica SA, ADR		1,594,560

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The Gabelli Utilities Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		COMMUNICATIONS (Continued)
		Telecommunications (Continued)
	1,000,000	Telekom Austria AG	$	7,880,544
	334,000	Telenet Group Holding NV		13,544,357
	535,000	Telephone and Data Systems Inc.		12,283,600
	60,000	Telesites SAB de CV†		62,144
	5,000	TELUS Corp.		99,586
	37,000	TIM SA, ADR		419,950
	1,242,100	VEON Ltd., ADR†		2,198,517
	610,000	Verizon Communications Inc.		35,471,500
				159,794,480
		Wireless Communications — 1.3%
	45,000	America Movil SAB de CV, Cl. L, ADR		611,100
	10,500	Anterix Inc.†		495,180
	200	Hutchison Telecommunications Hong Kong Holdings Ltd.		38
	26,500	Millicom International Cellular SA†		1,012,565
	46,500	Millicom International Cellular SA, SDR†		1,788,984
	6,000	Mobile TeleSystems PJSC, ADR		50,040
	135,000	SK Telecom Co. Ltd., ADR		3,676,050
	400	SmarTone Telecommunications Holdings Ltd.		233
	300,000	Turkcell Iletisim Hizmetleri A/S, ADR		1,401,000
	344,000	United States Cellular Corp.†		12,549,120
	220,100	Vodafone Group plc, ADR		4,056,443
				25,640,753
		TOTAL COMMUNICATIONS		272,822,858
		OTHER — 5.8%
		Aerospace — 0.2%
	2,300,000	Rolls-Royce Holdings plc†		3,338,831
		Building and Construction — 0.4%
	12,000	Acciona SA		2,010,946
	2,000	Arcosa Inc.		130,180
	99,000	Johnson Controls International plc		5,907,330
	20,000	Vantage Towers AG†		562,896
				8,611,352
		Business Services — 0.2%
	59,169	Macquarie Infrastructure Corp.		1,882,166
	17,500	Vectrus Inc.†		935,200
				2,817,366
		Consumer Products — 0.0%
	8,000	Essity AB, Cl. A		252,821
		Diversified Industrial — 0.1%
	1,000	Alstom SA†.		49,863
	42,000	Bouygues SA		1,683,974
	4,000	Trinity Industries Inc.		113,960

Shares			Market Value
	100,000	Twin Disc Inc.†	$	956,000
				2,803,797
		Electronics — 0.9%
	34,000	Corning Inc.		1,479,340
	6,000	Keysight Technologies Inc.†		860,400
	300	Roper Technologies Inc.		121,002
	150,000	Sony Group Corp., ADR		15,901,500
				18,362,242
		Entertainment — 0.1%
	240,000	Grupo Televisa SAB, ADR†		2,126,400
		Financial Services — 0.3%
	106,000	Kinnevik AB, Cl. A		5,486,034
		Health Care — 0.0%
	12,000	Tsumura & Co.		428,630
		Machinery — 2.1%
	102,000	Astec Industries Inc.		7,692,840
	61,000	Flowserve Corp.		2,367,410
	69,500	The Gorman-Rupp Co.		2,301,145
	284,500	Xylem Inc.		29,923,710
				42,285,105
		Metals and Mining — 0.3%
	115,000	Freeport-McMoRan Inc.†		3,786,950
	14,500	Vulcan Materials Co.		2,446,875
				6,233,825
		Transportation — 1.2%
	254,000	GATX Corp.		23,555,960
	2,000	Kirby Corp.†		120,560
				23,676,520
		TOTAL OTHER		116,422,923
		TOTAL COMMON STOCKS		2,007,217,463
		CLOSED-END FUNDS — 0.0%
	40,000	Altaba Inc., Escrow†		582,000
		CONVERTIBLE PREFERRED STOCKS — 0.0%
		COMMUNICATIONS — 0.0%
		Telecommunications — 0.0%
	15,000	Cincinnati Bell Inc., 6.750%, Ser. B		749,100
		RIGHTS — 0.0%
		ENERGY AND UTILITIES — 0.0%
		Global Utilities — 0.0%
	2,000	Snam SpA, expire 04/07/21†		2

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The Gabelli Utilities Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Market Value
		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)	$	1,540,080
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		1,225,560
		TOTAL INVESTMENTS — 100.0 (Cost $1,024,845,235)	$	2,011,314,205

(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.

† Non-income producing security.

ADR American Depositary Receipt

GDR Global Depositary Receipt

SDR Swedish Depositary Receipt

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