Gabelli Utilities Fund (GAUAX) NPORT-P The Gabelli Utilities Fund (Mar 2023 report)

1

The

Gabelli

Utilities

Fund

Schedule

of

Investments

—

March

31,

2023

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

97.7%

ENERGY

AND

UTILITIES

 —

83.1%

Alternative

Energy

 —

1.0%

380,000‌

Algonquin

Power

&

Utilities

Corp.

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

$

3,188,457‌

44,359‌

Brookfield

Renewable

Corp.,

Cl. A

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

1,550,347‌

15,000‌

Clearway

Energy

Inc.,

Cl. C

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

469,950‌

900‌

Enphase

Energy

Inc.†

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

189,252‌

38,000‌

Eos

Energy

Enterprises

Inc.†

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

97,660‌

1,000‌

First

Solar

Inc.†

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

217,500‌

10,000‌

Fluence

Energy

Inc.†

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

202,500‌

13,000‌

Landis+Gyr

Group

AG

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

995,301‌

95,563‌

NextEra

Energy

Partners

LP

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

5,805,452‌

65,500‌

Ormat

Technologies

Inc.

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

5,552,435‌

1,600‌

SolarEdge

Technologies

Inc.†

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

486,320‌

18,755,174‌

Diversified

Industrial

 —

0.7%

81,407‌

AZZ

Inc.

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

3,357,225‌

2,000‌

Chart

Industries

Inc.†

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

250,800‌

8,000‌

Graham

Corp.†

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

104,640‌

66,080‌

ITT

Inc.

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

5,702,704‌

272,283‌

Mueller

Water

Products

Inc.,

Cl. A

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

3,795,625‌

30,000‌

Park-Ohio

Holdings

Corp.

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

362,400‌

13,573,394‌

Electric

Integrated

 —

51.8%

284,750‌

ALLETE

Inc.

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

18,329,357‌

175,000‌

Alliant

Energy

Corp.

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

9,345,000‌

526,000‌

Ameren

Corp.

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

45,441,140‌

664,000‌

American

Electric

Power

Co.

Inc.

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

60,417,360‌

180,000‌

Avangrid

Inc.

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

7,178,400‌

284,000‌

Avista

Corp.

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

12,055,800‌

430,508‌

Black

Hills

Corp.

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

27,165,055‌

63,325‌

CMS

Energy

Corp.

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

3,886,889‌

441,000‌

Dominion

Energy

Inc.

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

24,656,310‌

17,700‌

DTE

Energy

Co.

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

1,938,858‌

284,500‌

Duke

Energy

Corp.

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

27,445,715‌

388,000‌

Edison

International

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

27,388,920‌

11,900‌

Entergy

Corp.

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

1,282,106‌

1,130,600‌

Evergy

Inc.

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

69,102,272‌

777,500‌

Eversource

Energy

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

60,847,150‌

320,000‌

Exelon

Corp.

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

13,404,800‌

350,750‌

FirstEnergy

Corp.

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

14,051,045‌

171,000‌

Fortis

Inc.

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

7,268,923‌

908,000‌

Hawaiian

Electric

Industries

Inc.

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

34,867,200‌

43,200‌

IDACORP

Inc.

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

4,679,856‌

300,000‌

MGE

Energy

Inc.

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

23,301,000‌

2,271,200‌

NextEra

Energy

Inc.

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

175,064,096‌

260,000‌

NiSource

Inc.

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

7,269,600‌

428,000‌

NorthWestern

Corp.

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

24,764,080‌

795,000‌

OGE

Energy

Corp.

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

29,939,700‌

637,700‌

Otter

Tail

Corp.

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

46,086,579‌

305,000‌

PG&E

Corp.†

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

4,931,850‌

Shares

Market

Value

320,000‌

Pinnacle

West

Capital

Corp.

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

$

25,356,800‌

537,000‌

PNM

Resources

Inc.

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

26,141,160‌

128,750‌

Portland

General

Electric

Co.

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

6,294,588‌

540,000‌

PPL

Corp.

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

15,006,600‌

182,500‌

Public

Service

Enterprise

Group

Inc.

.........

11,397,125‌

435,200‌

The

Southern

Co.

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

30,281,216‌

50,000‌

Unitil

Corp.

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

2,852,000‌

568,500‌

WEC

Energy

Group

Inc.

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

53,888,115‌

422,500‌

Xcel

Energy

Inc.

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

28,493,400‌

981,820,065‌

Electric

Transmission

and

Distribution

 —

0.8%

62,000‌

Consolidated

Edison

Inc.

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

5,931,540‌

100,333‌

Constellation

Energy

Corp.

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

7,876,140‌

6,000‌

Sempra

Energy

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

906,960‌

3,000‌

The

Timken

Co.

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

245,160‌

14,959,800‌

Environmental

Services

 —

0.2%

500‌

Badger

Meter

Inc.

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

60,910‌

1,000‌

Tetra

Tech

Inc.

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

146,910‌

80,000‌

Veolia

Environnement

SA

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

2,463,984‌

2,000‌

Waste

Connections

Inc.

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

278,140‌

2,949,944‌

Global

Utilities

 —

2.7%

10,053‌

AES

Brasil

Energia

SA

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

19,834‌

37,000‌

Chubu

Electric

Power

Co.

Inc.

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

389,855‌

20,000‌

E.ON

SE

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

249,435‌

5,000‌

EDP

-

Energias

de

Portugal

SA,

ADR

.........

271,850‌

165,000‌

Electric

Power

Development

Co.

Ltd.

.........

2,648,202‌

204,500‌

Emera

Inc.

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

8,400,917‌

35,000‌

Enagas

SA

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

671,848‌

100,000‌

Endesa

SA

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

2,169,000‌

290,000‌

Enel

SpA

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

1,769,720‌

75,000‌

Equinor

ASA

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

2,139,726‌

560,000‌

Hera

SpA

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

1,580,247‌

25,000‌

Hokkaido

Electric

Power

Co.

Inc.†

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

91,508‌

8,000‌

Hokuriku

Electric

Power

Co.†

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

35,729‌

175,000‌

Huaneng

Power

International

Inc.,

ADR†

...

3,673,927‌

460,000‌

Iberdrola

SA

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

5,729,522‌

50,000‌

Iberdrola

SA,

ADR

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

2,486,000‌

25,000‌

Italgas

SpA

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

152,508‌

365,000‌

Korea

Electric

Power

Corp.,

ADR†

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

2,533,100‌

80,000‌

Kyushu

Electric

Power

Co.

Inc.†

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

456,110‌

125,000‌

National

Grid

plc

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

1,690,803‌

40,000‌

National

Grid

plc,

ADR

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

2,719,600‌

360,000‌

Red

Electrica

Corp.

SA

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

6,324,804‌

30,000‌

Shikoku

Electric

Power

Co.

Inc.†

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

170,137‌

2,000‌

Snam

SpA

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

10,604‌

19,000‌

The

Chugoku

Electric

Power

Co.

Inc.†

.......

96,306‌

300,000‌

The

Kansai

Electric

Power

Co.

Inc.

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

2,916,965‌

140,000‌

Tohoku

Electric

Power

Co.

Inc.†

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

694,860‌

2

The

Gabelli

Utilities

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2023

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

ENERGY

AND

UTILITIES

(Continued)

Global

Utilities

(Continued)

55,000‌

Tokyo

Electric

Power

Co.

Holdings

Inc.†

....

$

195,933‌

50,289,050‌

Merchant

Energy

 —

4.1%

120,000‌

NRG

Energy

Inc.

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

4,114,800‌

3,072,000‌

The

AES

Corp.

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

73,973,760‌

78,088,560‌

Natural

Gas

Integrated

 —

8.4%

4,000‌

DT

Midstream

Inc.

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

197,480‌

492,000‌

Energy

Transfer

LP

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

6,135,240‌

83,500‌

Hess

Corp.

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

11,050,390‌

195,000‌

Kinder

Morgan

Inc.

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

3,414,450‌

1,651,000‌

National

Fuel

Gas

Co.

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

95,328,740‌

501,000‌

ONEOK

Inc.

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

31,833,540‌

348,000‌

UGI

Corp.

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

12,096,480‌

160,056,320‌

Natural

Gas

Utilities

 —

5.8%

72,000‌

Atmos

Energy

Corp.

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

8,089,920‌

107,000‌

CenterPoint

Energy

Inc.

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

3,152,220‌

2,000‌

Cheniere

Energy

Inc.

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

315,200‌

32,000‌

Chesapeake

Utilities

Corp.

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

4,095,680‌

100,000‌

Gulf

Coast

Ultra

Deep

Royalty

Trust

...........

2,378‌

14,000‌

New

Jersey

Resources

Corp.

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

744,800‌

435,000‌

Northwest

Natural

Holding

Co.

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

20,688,600‌

149,000‌

ONE

Gas

Inc.

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

11,805,270‌

83,970‌

RGC

Resources

Inc.

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

1,947,264‌

838,782‌

Southwest

Gas

Holdings

Inc.

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

52,381,936‌

106,500‌

Spire

Inc.

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

7,469,910‌

110,693,178‌

Natural

Resources

 —

2.5%

21,000‌

Alliance

Resource

Partners

LP

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

423,570‌

261,400‌

Cameco

Corp.

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

6,840,838‌

35,000‌

CNX

Resources

Corp.†

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

560,700‌

9,000‌

Diamondback

Energy

Inc.

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

1,216,530‌

4,700‌

EOG

Resources

Inc.

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

538,761‌

509,700‌

Mueller

Industries

Inc.

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

37,452,756‌

47,033,155‌

Oil

 —

0.2%

23,500‌

BP

plc,

ADR

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

891,590‌

17,000‌

Callon

Petroleum

Co.†

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

568,480‌

37,500‌

Devon

Energy

Corp.

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

1,897,875‌

3,357,945‌

Services

 —

1.4%

87,374‌

Dril-Quip

Inc.†

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

2,506,760‌

563,000‌

Enbridge

Inc.

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

21,478,450‌

16,000‌

Halliburton

Co.

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

506,240‌

34,000‌

MDU

Resources

Group

Inc.

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

1,036,320‌

Shares

Market

Value

24,000‌

Schlumberger

NV

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

$

1,178,400‌

26,706,170‌

Water

 —

3.5%

8,000‌

American

States

Water

Co.

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

711,120‌

102,200‌

American

Water

Works

Co.

Inc.

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

14,971,278‌

5,000‌

California

Water

Service

Group

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

291,000‌

8,000‌

Consolidated

Water

Co.

Ltd.

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

131,440‌

454,000‌

Essential

Utilities

Inc.

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

19,817,100‌

8,250‌

Middlesex

Water

Co.

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

644,490‌

506,000‌

Severn

Trent

plc

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

17,970,764‌

97,000‌

SJW

Group

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

7,384,610‌

87,000‌

The

York

Water

Co.

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

3,888,900‌

54,000‌

United

Utilities

Group

plc,

ADR

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

1,412,100‌

67,222,802‌

TOTAL

ENERGY

AND

UTILITIES

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

1,575,505,557‌

COMMUNICATIONS

 —

9.8%

Business

Services

 —

0.1%

780,000‌

Clear

Channel

Outdoor

Holdings

Inc.†

.......

936,000‌

Cable

and

Satellite

 —

2.7%

32,000‌

Altice

USA

Inc.,

Cl. A†

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

109,440‌

30,000‌

Charter

Communications

Inc.,

Cl. A†

.........

10,728,300‌

27,500‌

Cogeco

Communications

Inc.

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

1,339,493‌

75,000‌

Cogeco

Inc.

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

3,375,694‌

36,000‌

Comcast

Corp.,

Cl. A

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

1,364,760‌

385,000‌

DISH

Network

Corp.,

Cl. A†

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

3,592,050‌

305,000‌

EchoStar

Corp.,

Cl. A†

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

5,578,450‌

5,800‌

Liberty

Broadband

Corp.,

Cl. C†

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

473,860‌

346,366‌

Liberty

Global

plc,

Cl. A†

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

6,754,137‌

533,000‌

Liberty

Global

plc,

Cl. C†

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

10,862,540‌

200,000‌

Liberty

Latin

America

Ltd.,

Cl. A†

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

1,662,000‌

61,483‌

Liberty

Latin

America

Ltd.,

Cl. C†

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

507,850‌

93,000‌

Rogers

Communications

Inc.,

Cl. B

...........

4,311,480‌

38,000‌

TBS

Holdings

Inc.

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

545,208‌

51,205,262‌

Telecommunications

 —

6.4%

45,000‌

America

Movil

SAB

de

CV,

ADR†

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

947,250‌

531,000‌

BCE

Inc.

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

23,783,490‌

85,000‌

Deutsche

Telekom

AG

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

2,060,279‌

570,000‌

Deutsche

Telekom

AG,

ADR

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

13,788,300‌

1,448,000‌

Koninklijke

KPN

NV

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

5,113,079‌

480,000‌

Lumen

Technologies

Inc.

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

1,272,000‌

560,000‌

Nippon

Telegraph

&

Telephone

Corp.

........

16,710,375‌

23,000‌

Orange

Belgium

SA†

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

380,638‌

270,000‌

Orascom

Investment

Holding,

GDR†

.........

3,780‌

260,000‌

Pharol

SGPS

SA†

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

15,283‌

26,000‌

PLDT

Inc.,

ADR

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

656,500‌

105,000‌

Proximus

SA

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

1,012,782‌

2,000‌

PT

Indosat

Tbk

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

927‌

1,800,000‌

Singapore

Telecommunications

Ltd.

..........

3,327,322‌

160,000‌

Sistema

PJSC

FC,

GDR†(a)

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

80,000‌

3

The

Gabelli

Utilities

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2023

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

COMMUNICATIONS

(Continued)

Telecommunications

(Continued)

119,000‌

Swisscom

AG,

ADR

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

$

7,616,000‌

15,000‌

Tele2

AB,

Cl. B

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

149,219‌

40,000‌

Telecom

Italia

SpA,

ADR†

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

132,400‌

220,000‌

Telefonica

Brasil

SA,

ADR

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

1,665,400‌

270,000‌

Telefonica

Deutschland

Holding

AG

...........

830,716‌

300,000‌

Telefonica

SA,

ADR

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

1,284,000‌

1,000,000‌

Telekom

Austria

AG

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

7,537,275‌

205,000‌

Telenet

Group

Holding

NV

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

4,655,433‌

530,000‌

Telephone

and

Data

Systems

Inc.

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

5,570,300‌

115,000‌

Telesat

Corp.,

New

York†

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

989,000‌

10,000‌

TELUS

Corp.

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

198,520‌

30,000‌

TIM

SA,

ADR

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

370,800‌

48,000‌

VEON

Ltd.,

ADR†

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

845,760‌

535,000‌

Verizon

Communications

Inc.

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

20,806,150‌

121,802,978‌

Wireless

Communications

 —

0.6%

15,000‌

Anterix

Inc.†

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

495,600‌

200‌

Hutchison

Telecommunications

Hong

Kong

Holdings

Ltd.

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

32‌

26,000‌

Millicom

International

Cellular

SA†

...........

491,920‌

37,957‌

Millicom

International

Cellular

SA,

SDR†

...

718,437‌

6,000‌

Mobile

TeleSystems

PJSC,

ADR†(a)

..........

3,660‌

60,000‌

Operadora

De

Sites

Mexicanos

SAB

de

CV

59,833‌

82,000‌

SK

Telecom

Co.

Ltd.,

ADR

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

1,681,820‌

400‌

SmarTone

Telecommunications

Holdings

Ltd.

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

256‌

300,000‌

Turkcell

Iletisim

Hizmetleri

A/S,

ADR

.........

1,290,000‌

223,000‌

United

States

Cellular

Corp.†

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

4,622,790‌

235,000‌

Vodafone

Group

plc,

ADR

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

2,594,400‌

11,958,748‌

TOTAL

COMMUNICATIONS

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

185,902,988‌

OTHER

 —

4.8%

Aerospace

 —

0.1%

2,942‌

Allied

Motion

Technologies

Inc.

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

113,708‌

1,250,000‌

Rolls-Royce

Holdings

plc†

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

2,297,889‌

2,411,597‌

Building

and

Construction

 —

0.4%

11,500‌

Acciona

SA

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

2,303,532‌

23,400‌

Arcosa

Inc.

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

1,476,774‌

6,200‌

H&E

Equipment

Services

Inc.

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

274,226‌

75,300‌

Johnson

Controls

International

plc

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

4,534,566‌

8,589,098‌

Business

Services

 —

0.0%

6,000‌

V2X

Inc.†

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

238,320‌

Consumer

Products

 —

0.0%

8,000‌

Essity

AB,

Cl. A

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

230,851‌

Shares

Market

Value

Diversified

Industrial

 —

0.2%

1,000‌

Alstom

SA

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

$

27,199‌

54,000‌

Bouygues

SA

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

1,820,724‌

4,205‌

L.B.

Foster

Co.,

Cl. A†

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

48,273‌

106,000‌

Twin

Disc

Inc.†

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

1,019,720‌

2,915,916‌

Electronics

 —

0.7%

32,500‌

Corning

Inc.

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

1,146,600‌

5,500‌

Keysight

Technologies

Inc.†

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

888,140‌

1,130‌

Resideo

Technologies

Inc.†

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

20,657‌

300‌

Roper

Technologies

Inc.

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

132,207‌

127,500‌

Sony

Group

Corp.,

ADR

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

11,557,875‌

13,745,479‌

Entertainment

 —

0.1%

309,000‌

Grupo

Televisa

SAB,

ADR

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

1,634,610‌

Financial

Services

 —

0.1%

100,000‌

Kinnevik

AB,

Cl. A†

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

1,624,434‌

1,500,000‌

Orascom

Financial

Holding

SAE†

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

9,253‌

1,633,687‌

Health

Care

 —

0.0%

12,000‌

Tsumura

&

Co.

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

237,695‌

Machinery

 —

1.6%

85,500‌

Astec

Industries

Inc.

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

3,526,875‌

89,169‌

Flowserve

Corp.

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

3,031,746‌

58,895‌

The

Gorman-Rupp

Co.

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

1,472,375‌

2,500‌

Valmont

Industries

Inc.

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

798,200‌

198,670‌

Xylem

Inc.

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

20,800,749‌

29,629,945‌

Metals

and

Mining

 —

0.3%

73,000‌

Freeport-McMoRan

Inc.

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

2,986,430‌

14,500‌

Vulcan

Materials

Co.

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

2,487,620‌

5,474,050‌

Specialty

Chemicals

 —

0.0%

1,500‌

Air

Products

and

Chemicals

Inc.

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

430,815‌

Transportation

 —

1.3%

221,000‌

GATX

Corp.

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

24,314,420‌

TOTAL

OTHER

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

91,486,483‌

TOTAL

COMMON

STOCKS

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

1,852,895,028‌

CLOSED-END

FUNDS

 —

0.0%

40,000‌

Altaba

Inc.,

Escrow†

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

94,200‌

4

The

Gabelli

Utilities

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2023

(Unaudited)

Shares

Market

Value

RIGHTS

 —

0.0%

OTHER

 —

0.0%

Health

Care

 —

0.0%

21,000‌

ABIOMED

Inc.,

CVR†

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

$

36,750‌

WARRANTS

 —

0.0%

OTHER

 —

0.0%

Diversified

Industrial

 —

0.0%

428,750‌

SDCL

EDGE

Acquisition

Corp.,

expire

12/31/28†

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

83,606‌

Principal

Amount

Market

Value

U.S.

GOVERNMENT

OBLIGATIONS

 —

2.3%

$

44,610,000‌

U.S.

Treasury

Bills,

4.509%

to

4.884%††,

04/20/23

to

06/29/23

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

$

44,327,959‌

TOTAL

INVESTMENTS

—

100.0%

(Cost

$985,892,919)

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

$

1,897,437,543‌

(a)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

†

Non-income

producing

security.

††

Represents

annualized

yields

at

dates

of

purchase.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Right

GDR

Global

Depositary

Receipt

SDR

Swedish

Depositary

Receipt