Gabelli Utilities Fund (GAUAX) NPORT-P The Gabelli Utilities Fund (Mar 2022 report)

1

The

Gabelli

Utilities

Fund

Schedule

of

Investments

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

—

99

.0

%

ENERGY

AND

UTILITIES

—

82

.4

%

Alternative

Energy

—

1

.1

%

380,000‌

Algonquin

Power

&

Utilities

Corp.

.............

$

5,893,853‌

44,359‌

Brookfield

Renewable

Corp.

,

Cl. A

.............

1,942,924‌

15,000‌

Clearway

Energy

Inc.

,

Cl. C

.......................

547,650‌

37,500‌

Eos

Energy

Enterprises

Inc.

†

....................

156,750‌

10,000‌

Fluence

Energy

Inc.

†

................................

131,100‌

6,500‌

Landis+Gyr

Group

AG

...............................

412,910‌

93,063‌

NextEra

Energy

Partners

LP

......................

7,757,732‌

67,500‌

Ormat

Technologies

Inc.

...........................

5,523,525‌

13,000‌

Siemens

Gamesa

Renewable

Energy

SA

†

..

229,740‌

22,596,184‌

Diversified

Industrial

—

0

.6

%

70,207‌

AZZ

Inc.

...................................................

3,386,786‌

66,080‌

ITT

Inc.

....................................................

4,969,877‌

319,033‌

Mueller

Water

Products

Inc.

,

Cl. A

.............

4,121,906‌

28,000‌

Park-Ohio

Holdings

Corp.

.........................

393,960‌

12,872,529‌

Electric

Integrated

—

51

.1

%

287,500‌

ALLETE

Inc.

.............................................

19,256,750‌

175,500‌

Alliant

Energy

Corp.

..................................

10,965,240‌

529,000‌

Ameren

Corp.

...........................................

49,599,040‌

665,500‌

American

Electric

Power

Co.

Inc.

..............

66,396,935‌

207,000‌

Avangrid

Inc.

............................................

9,675,180‌

236,000‌

Avista

Corp.

.............................................

10,655,400‌

428,500‌

Black

Hills

Corp.

.......................................

33,003,070‌

66,175‌

CMS

Energy

Corp.

....................................

4,628,280‌

443,500‌

Dominion

Energy

Inc.

...............................

37,684,195‌

17,200‌

DTE

Energy

Co.

........................................

2,274,012‌

285,500‌

Duke

Energy

Corp.

...................................

31,878,930‌

399,000‌

Edison

International

..................................

27,969,900‌

9,900‌

Entergy

Corp.

...........................................

1,155,825‌

1,135,100‌

Evergy

Inc.

...............................................

77,572,734‌

781,200‌

Eversource

Energy

....................................

68,894,028‌

331,000‌

Exelon

Corp.

............................................

15,765,530‌

355,500‌

FirstEnergy

Corp.

.....................................

16,303,230‌

176,000‌

Fortis

Inc.

................................................

8,704,619‌

912,000‌

Hawaiian

Electric

Industries

Inc.

...............

38,586,720‌

40,500‌

IDACORP

Inc.

...........................................

4,672,080‌

301,000‌

MGE

Energy

Inc.

......................................

24,016,790‌

2,280,000‌

NextEra

Energy

Inc.

..................................

193,138,800‌

260,000‌

NiSource

Inc.

...........................................

8,268,000‌

428,000‌

NorthWestern

Corp.

..................................

25,889,720‌

785,000‌

OGE

Energy

Corp.

.....................................

32,012,300‌

648,000‌

Otter

Tail

Corp.

.........................................

40,500,000‌

256,000‌

PG&E

Corp.

†

............................................

3,056,640‌

320,000‌

Pinnacle

West

Capital

Corp.

......................

24,992,000‌

1,091,000‌

PNM

Resources

Inc.

.................................

52,007,970‌

118,500‌

Portland

General

Electric

Co.

.....................

6,535,275‌

509,000‌

PPL

Corp.

................................................

14,537,040‌

Shares

Market

Value

187,000‌

Public

Service

Enterprise

Group

Inc.

.........

$

13,090,000‌

431,000‌

The

Southern

Co.

.....................................

31,251,810‌

50,000‌

Unitil

Corp.

...............................................

2,494,000‌

577,000‌

WEC

Energy

Group

Inc.

............................

57,590,370‌

422,500‌

Xcel

Energy

Inc.

.......................................

30,491,825‌

1,095,514,238‌

Electric

Transmission

and

Distribution

—

0

.9

%

63,000‌

Consolidated

Edison

Inc.

..........................

5,964,840‌

105,654‌

Constellation

Energy

Corp.

........................

5,943,037‌

360,000‌

Red

Electrica

Corp.

SA

..............................

7,411,433‌

3,500‌

The

Timken

Co.

........................................

212,450‌

3,400‌

Uniper

SE

.................................................

88,013‌

19,619,773‌

Environmental

Services

—

0

.1

%

2,000‌

Pentair

plc

................................................

108,420‌

1,000‌

Tetra

Tech

Inc.

..........................................

164,940‌

80,236‌

Veolia

Environnement

SA

..........................

2,582,060‌

2,000‌

Waste

Connections

Inc.

............................

279,400‌

3,134,820‌

Global

Utilities

—

1

.9

%

10,000‌

AES

Brasil

Energia

SA

...............................

25,436‌

35,000‌

Chubu

Electric

Power

Co.

Inc.

...................

363,110‌

20,000‌

E.ON

SE

...................................................

233,242‌

5,000‌

EDP

-

Energias

de

Portugal

SA

,

ADR

.........

248,450‌

165,000‌

Electric

Power

Development

Co.

Ltd.

.........

2,369,147‌

20,800‌

Electricite

de

France

SA

............................

196,367‌

205,000‌

Emera

Inc.

...............................................

10,161,861‌

35,000‌

Enagas

SA

................................................

780,183‌

100,000‌

Endesa

SA

................................................

2,187,609‌

275,000‌

Enel

SpA

..................................................

1,845,999‌

75,000‌

Equinor

ASA

.............................................

2,821,493‌

560,000‌

Hera

SpA

.................................................

2,072,847‌

25,000‌

Hokkaido

Electric

Power

Co.

Inc.

...............

99,392‌

8,000‌

Hokuriku

Electric

Power

Co.

......................

34,894‌

175,000‌

Huaneng

Power

International

Inc.

,

ADR

.....

2,954,000‌

460,000‌

Iberdrola

SA

.............................................

5,048,040‌

50,000‌

Iberdrola

SA

,

ADR

....................................

2,183,000‌

365,000‌

Korea

Electric

Power

Corp.

,

ADR

†

.............

3,398,150‌

80,000‌

Kyushu

Electric

Power

Co.

Inc.

.................

536,882‌

28,000‌

Shikoku

Electric

Power

Co.

Inc.

................

181,239‌

2,000‌

Snam

SpA

................................................

11,576‌

19,000‌

The

Chugoku

Electric

Power

Co.

Inc.

.........

132,191‌

300,000‌

The

Kansai

Electric

Power

Co.

Inc.

............

2,831,444‌

134,000‌

Tohoku

Electric

Power

Co.

Inc.

..................

783,703‌

55,000‌

Tokyo

Electric

Power

Co.

Holdings

Inc.

†

....

182,068‌

41,682,323‌

Merchant

Energy

—

3

.9

%

120,000‌

NRG

Energy

Inc.

.......................................

4,603,200‌

3,066,000‌

The

AES

Corp.

..........................................

78,888,180‌

83,491,380‌

2

The

Gabelli

Utilities

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

ENERGY

AND

UTILITIES

(Continued)

Natural

Gas

Integrated

—

8

.5

%

4,000‌

DT

Midstream

Inc.

....................................

$

217,040‌

492,000‌

Energy

Transfer

LP

...................................

5,505,480‌

88,500‌

Hess

Corp.

...............................................

9,473,040‌

215,000‌

Kinder

Morgan

Inc.

...................................

4,065,650‌

1,661,500‌

National

Fuel

Gas

Co.

................................

114,145,050‌

501,000‌

ONEOK

Inc.

..............................................

35,385,630‌

348,000‌

UGI

Corp.

.................................................

12,604,560‌

181,396,450‌

Natural

Gas

Utilities

—

6

.9

%

74,000‌

Atmos

Energy

Corp.

.................................

8,842,260‌

92,000‌

CenterPoint

Energy

Inc.

............................

2,818,880‌

32,000‌

Chesapeake

Utilities

Corp.

........................

4,408,320‌

360,000‌

Corning

Natural

Gas

Holding

Corp.

(a)

.......

8,721,000‌

100,000‌

Gulf

Coast

Ultra

Deep

Royalty

Trust

...........

3,710‌

25,000‌

Italgas

SpA

..............................................

161,070‌

125,000‌

National

Grid

plc

.......................................

1,925,154‌

40,000‌

National

Grid

plc

,

ADR

..............................

3,074,800‌

14,000‌

New

Jersey

Resources

Corp.

....................

642,040‌

435,000‌

Northwest

Natural

Holding

Co.

..................

22,498,200‌

143,000‌

ONE

Gas

Inc.

............................................

12,618,320‌

74,000‌

RGC

Resources

Inc.

.................................

1,582,120‌

140,000‌

South

Jersey

Industries

Inc.

.....................

4,837,000‌

865,382‌

Southwest

Gas

Holdings

Inc.

....................

67,750,757‌

113,000‌

Spire

Inc.

.................................................

8,108,880‌

147,992,511‌

Natural

Resources

—

2

.2

%

21,000‌

Alliance

Resource

Partners

LP

..................

324,030‌

257,400‌

Cameco

Corp.

..........................................

7,490,340‌

35,000‌

CNX

Resources

Corp.

†

.............................

725,200‌

9,500‌

Diamondback

Energy

Inc.

.........................

1,302,260‌

5,000‌

EOG

Resources

Inc.

..................................

596,150‌

680,000‌

Mueller

Industries

Inc.

..............................

36,835,600‌

47,273,580‌

Oil

—

0

.1

%

27,000‌

BP

plc

,

ADR

.............................................

793,800‌

38,500‌

Devon

Energy

Corp.

..................................

2,276,505‌

3,070,305‌

Services

—

1

.4

%

40,000‌

Dril-Quip

Inc.

†

..........................................

1,494,000‌

563,000‌

Enbridge

Inc.

............................................

25,948,670‌

15,000‌

Halliburton

Co.

.........................................

568,050‌

34,000‌

MDU

Resources

Group

Inc.

......................

906,100‌

28,916,820‌

Water

—

3

.7

%

8,000‌

American

States

Water

Co.

.......................

712,160‌

105,500‌

American

Water

Works

Co.

Inc.

................

17,463,415‌

5,000‌

California

Water

Service

Group

.................

296,400‌

Shares

Market

Value

8,000‌

Consolidated

Water

Co.

Ltd.

......................

$

88,480‌

461,000‌

Essential

Utilities

Inc.

...............................

23,570,930‌

9,000‌

Middlesex

Water

Co.

.................................

946,530‌

515,000‌

Severn

Trent

plc

.......................................

20,823,586‌

137,500‌

SJW

Group

..............................................

9,567,250‌

87,000‌

The

York

Water

Co.

...................................

3,912,390‌

50,000‌

United

Utilities

Group

plc

,

ADR

.................

1,469,000‌

78,850,141‌

TOTAL

ENERGY

AND

UTILITIES

................

1,766,411,054‌

COMMUNICATIONS

—

11

.5

%

Business

Services

—

0

.1

%

880,000‌

Clear

Channel

Outdoor

Holdings

Inc.

†

.......

3,044,800‌

Cable

and

Satellite

—

3

.6

%

50,000‌

Altice

USA

Inc.

,

Cl. A

†

..............................

624,000‌

32,000‌

Charter

Communications

Inc.

,

Cl. A

†

.........

17,456,640‌

27,000‌

Cogeco

Communications

Inc.

...................

2,234,900‌

73,000‌

Cogeco

Inc.

..............................................

4,500,932‌

36,000‌

Comcast

Corp.

,

Cl. A

................................

1,685,520‌

393,000‌

DISH

Network

Corp.

,

Cl. A

†

......................

12,438,450‌

300,000‌

EchoStar

Corp.

,

Cl. A

†

..............................

7,302,000‌

5,800‌

Liberty

Broadband

Corp.

,

Cl. C

†

................

784,856‌

344,366‌

Liberty

Global

plc

,

Cl. A

†

..........................

8,784,777‌

535,000‌

Liberty

Global

plc

,

Cl. C

†

..........................

13,861,850‌

135,000‌

Liberty

Latin

America

Ltd.

,

Cl. A

†

..............

1,309,500‌

61,483‌

Liberty

Latin

America

Ltd.

,

Cl. C

†

..............

589,622‌

95,000‌

Rogers

Communications

Inc.

,

Cl. B

...........

5,391,250‌

10,000‌

Shaw

Communications

Inc.

,

Cl. B

.............

310,400‌

38,000‌

TBS

Holdings

Inc.

.....................................

557,795‌

77,832,492‌

Telecommunications

—

6

.9

%

531,000‌

BCE

Inc.

...................................................

29,449,260‌

80,000‌

Deutsche

Telekom

AG

...............................

1,498,482‌

565,000‌

Deutsche

Telekom

AG

,

ADR

......................

10,520,300‌

1,448,000‌

Koninklijke

KPN

NV

..................................

5,034,615‌

470,000‌

Lumen

Technologies

Inc.

..........................

5,296,900‌

560,000‌

Nippon

Telegraph

&

Telephone

Corp.

........

16,306,883‌

15,000‌

Orange

Belgium

SA

..................................

318,600‌

300,000‌

Orascom

Investment

Holding

,

GDR

†

.........

7,800‌

260,000‌

Pharol

SGPS

SA

†

.....................................

22,924‌

25,000‌

PLDT

Inc.

,

ADR

........................................

878,500‌

85,000‌

Proximus

SA

............................................

1,584,427‌

2,000‌

PT

Indosat

Tbk

.........................................

721‌

1,800,000‌

Singapore

Telecommunications

Ltd.

..........

3,506,105‌

160,000‌

Sistema

PJSC

FC

,

GDR

.............................

80,000‌

119,000‌

Swisscom

AG

,

ADR

..................................

7,203,070‌

10,000‌

Tele2

AB

,

Cl. B

..........................................

151,344‌

100,000‌

Telecom

Italia

SpA

,

ADR

...........................

364,000‌

215,000‌

Telefonica

Brasil

SA

,

ADR

.........................

2,418,750‌

200,000‌

Telefonica

Deutschland

Holding

AG

...........

546,266‌

300,000‌

Telefonica

SA

,

ADR

...................................

1,440,000‌

3

The

Gabelli

Utilities

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

COMMUNICATIONS

(Continued)

Telecommunications

(Continued)

1,000,000‌

Telekom

Austria

AG

..................................

$

7,743,750‌

337,000‌

Telenet

Group

Holding

NV

.........................

10,893,399‌

540,000‌

Telephone

and

Data

Systems

Inc.

..............

10,195,200‌

120,000‌

Telesat

Corp.

†

..........................................

1,980,000‌

7,000‌

TELUS

Corp.

............................................

182,874‌

30,000‌

TIM

SA

,

ADR

............................................

435,000‌

1,365,251‌

VEON

Ltd.

,

ADR

†

.....................................

932,193‌

550,000‌

Verizon

Communications

Inc.

...................

28,017,000‌

147,008,363‌

Wireless

Communications

—

0

.9

%

45,000‌

America

Movil

SAB

de

CV

,

Cl. L,

ADR

........

951,750‌

13,000‌

Anterix

Inc.

†

............................................

752,700‌

200‌

Hutchison

Telecommunications

Hong

Kong

Holdings

Ltd.

...............................

32‌

20,000‌

Millicom

International

Cellular

SA

†

...........

504,200‌

22,000‌

Millicom

International

Cellular

SA

,

SDR

†

...

559,219‌

6,000‌

Mobile

TeleSystems

PJSC

,

ADR

................

3,660‌

60,000‌

Operadora

de

Sites

Mexicanos

SA

de

CV

,

REIT

.....................................................

76,471‌

81,993‌

SK

Telecom

Co.

Ltd.

,

ADR

........................

2,101,481‌

400‌

SmarTone

Telecommunications

Holdings

Ltd.

......................................................

213‌

275,000‌

Turkcell

Iletisim

Hizmetleri

A/S

,

ADR

.........

1,069,750‌

305,000‌

United

States

Cellular

Corp.

†

....................

9,220,150‌

210,000‌

Vodafone

Group

plc

,

ADR

.........................

3,490,200‌

18,729,826‌

TOTAL

COMMUNICATIONS

.......................

246,615,481‌

OTHER

—

5

.1

%

Aerospace

—

0

.1

%

2,942‌

Allied

Motion

Technologies

Inc.

.................

87,789‌

1,350,000‌

Rolls-Royce

Holdings

plc

†

........................

1,792,935‌

1,880,724‌

Building

and

Construction

—

0

.5

%

11,500‌

Acciona

SA

..............................................

2,207,246‌

19,500‌

Arcosa

Inc.

...............................................

1,116,375‌

86,000‌

Johnson

Controls

International

plc

............

5,639,020‌

29,000‌

Vantage

Towers

AG

..................................

1,029,487‌

9,992,128‌

Business

Services

—

0.0

%

59,169‌

Macquarie

Infrastructure

Holdings

LLC

.....

220,700‌

10,000‌

Vectrus

Inc.

†

............................................

358,600‌

579,300‌

Consumer

Products

—

0.0

%

8,000‌

Essity

AB

,

Cl. A

.........................................

189,739‌

Diversified

Industrial

—

0

.2

%

1,000‌

Alstom

SA

................................................

23,530‌

Shares

Market

Value

45,000‌

Bouygues

SA

............................................

$

1,574,581‌

1,205‌

L.B.

Foster

Co.

,

Cl. A

†

...............................

18,521‌

105,200‌

Twin

Disc

Inc.

†

.........................................

1,750,528‌

3,367,160‌

Electronics

—

0

.7

%

32,500‌

Corning

Inc.

.............................................

1,199,575‌

5,000‌

Keysight

Technologies

Inc.

†

......................

789,850‌

300‌

Roper

Technologies

Inc.

...........................

141,669‌

131,500‌

Sony

Group

Corp.

,

ADR

............................

13,506,365‌

15,637,459‌

Entertainment

—

0

.2

%

347,000‌

Grupo

Televisa

SAB

,

ADR

.........................

4,059,900‌

Financial

Services

—

0

.5

%

200‌

Alleghany

Corp.

†

......................................

169,400‌

100,000‌

Kinnevik

AB

,

Cl. A

†

...................................

2,701,438‌

1,500,000‌

Orascom

Financial

Holding

SAE

†

..............

14,770‌

857,500‌

SDCL

EDGE

Acquisition

Corp.

†

.................

8,656,463‌

11,542,071‌

Health

Care

—

0.0

%

12,000‌

Tsumura

&

Co.

.........................................

315,426‌

Machinery

—

1

.3

%

91,000‌

Astec

Industries

Inc.

.................................

3,913,000‌

62,465‌

Flowserve

Corp.

.......................................

2,242,493‌

60,595‌

The

Gorman-Rupp

Co.

..............................

2,174,149‌

5,000‌

Valmont

Industries

Inc.

.............................

1,193,000‌

216,870‌

Xylem

Inc.

................................................

18,490,336‌

28,012,978‌

Metals

and

Mining

—

0

.3

%

73,000‌

Freeport-McMoRan

Inc.

............................

3,631,020‌

14,500‌

Vulcan

Materials

Co.

.................................

2,663,650‌

6,294,670‌

Transportation

—

1

.3

%

232,500‌

GATX

Corp.

..............................................

28,674,225‌

TOTAL

OTHER

..........................................

110,545,780‌

TOTAL

COMMON

STOCKS

........................

2,123,572,315‌

CLOSED-END

FUNDS

—

0.0

%

40,000‌

Altaba

Inc.,

Escrow

†

.................................

233,000‌

MANDATORY

CONVERTIBLE

SECURITIES

(b)

—

0

.1

%

ENERGY

AND

UTILITIES

—

0

.1

%

Natural

Gas

Utilities

—

0

.1

%

54,000‌

Corning

Natural

Gas

Holding

Corp.

,

Ser.

B

,

4.800

%

,

09/30/26

(a)

.............................

1,539,000‌

4

The

Gabelli

Utilities

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

RIGHTS

—

0.0

%

ENERGY

AND

UTILITIES

—

0.0

%

Global

Utilities

—

0.0

%

20,800‌

Electricite

de

France

SA

,

expire

04/06/22

†

.

$

7,732‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

—

0

.9

%

$

19,075,000‌

U.S.

Treasury

Bills,

0.365

%

to

0.522

%

††

,

06/09/22

to

06/30/22

............................

19,056,636‌

TOTAL

INVESTMENTS

—

100.0%

(Cost

$

1,010,710,510

)

..........................

$

2,144,408,683‌

(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.

††

Represents

annualized

yields

at

dates

of

purchase.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

SDR

Swedish

Depositary

Receipt