Gabelli Utilities Fund (GAUAX) NPORT-P The Gabelli Utilities Fund (Mar 2024 report)

1

The

Gabelli

Utilities

Fund

Schedule

of

Investments

—

March

31,

2024

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

100.0%

ENERGY

AND

UTILITIES

 —

86.4%

Alternative

Energy

 —

0.7%

380,000‌

Algonquin

Power

&

Utilities

Corp.

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

$

2,401,388‌

13,000‌

Brookfield

Renewable

Corp.,

Cl. A

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

319,410‌

10,000‌

Clearway

Energy

Inc.,

Cl. C

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

230,500‌

900‌

Enphase

Energy

Inc.†

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

108,882‌

22,500‌

Eos

Energy

Enterprises

Inc.†

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

23,175‌

1,000‌

First

Solar

Inc.†

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

168,800‌

10,000‌

Fluence

Energy

Inc.†

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

173,400‌

12,500‌

Landis+Gyr

Group

AG

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

959,832‌

66,500‌

NextEra

Energy

Partners

LP

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

2,000,320‌

65,000‌

Ormat

Technologies

Inc.

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

4,302,350‌

1,300‌

SolarEdge

Technologies

Inc.†

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

92,274‌

10,780,331‌

Diversified

Industrial

 —

1.2%

73,200‌

AZZ

Inc.

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

5,659,092‌

2,000‌

Chart

Industries

Inc.†

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

329,440‌

8,000‌

Graham

Corp.†

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

218,240‌

48,080‌

ITT

Inc.

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

6,540,322‌

256,645‌

Mueller

Water

Products

Inc.,

Cl. A

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

4,129,418‌

30,000‌

Park-Ohio

Holdings

Corp.

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

800,400‌

17,676,912‌

Electric

Integrated

 —

50.9%

251,000‌

ALLETE

Inc.

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

14,969,640‌

171,400‌

Alliant

Energy

Corp.

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

8,638,560‌

488,700‌

Ameren

Corp.

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

36,144,252‌

599,300‌

American

Electric

Power

Co.

Inc.

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

51,599,730‌

130,000‌

Avangrid

Inc.

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

4,737,200‌

291,000‌

Avista

Corp.

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

10,190,820‌

425,400‌

Black

Hills

Corp.

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

23,226,840‌

60,873‌

CMS

Energy

Corp.

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

3,673,077‌

395,800‌

Dominion

Energy

Inc.

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

19,469,402‌

17,700‌

DTE

Energy

Co.

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

1,984,878‌

262,700‌

Duke

Energy

Corp.

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

25,405,717‌

318,500‌

Edison

International

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

22,527,505‌

11,900‌

Entergy

Corp.

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

1,257,592‌

949,807‌

Evergy

Inc.

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

50,700,698‌

699,750‌

Eversource

Energy

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

41,824,057‌

318,236‌

Exelon

Corp.

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

11,956,127‌

319,791‌

FirstEnergy

Corp.

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

12,350,328‌

155,000‌

Fortis

Inc.

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

6,124,248‌

775,000‌

Hawaiian

Electric

Industries

Inc.

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

8,734,250‌

44,200‌

IDACORP

Inc.

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

4,105,738‌

234,000‌

MGE

Energy

Inc.

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

18,420,480‌

1,869,373‌

NextEra

Energy

Inc.

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

119,471,628‌

260,000‌

NiSource

Inc.

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

7,191,600‌

426,000‌

Northwestern

Energy

Group

Inc.

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

21,696,180‌

786,000‌

OGE

Energy

Corp.

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

26,959,800‌

451,200‌

Otter

Tail

Corp.

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

38,983,680‌

286,600‌

PG&E

Corp.

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

4,803,416‌

Shares

Market

Value

315,000‌

Pinnacle

West

Capital

Corp.

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

$

23,539,950‌

230,523‌

PNM

Resources

Inc.

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

8,676,886‌

130,799‌

Portland

General

Electric

Co.

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

5,493,558‌

536,492‌

PPL

Corp.

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

14,769,625‌

181,895‌

Public

Service

Enterprise

Group

Inc.

.........

12,146,948‌

410,450‌

The

Southern

Co.

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

29,445,683‌

50,000‌

Unitil

Corp.

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

2,617,500‌

532,600‌

WEC

Energy

Group

Inc.

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

43,737,112‌

399,250‌

Xcel

Energy

Inc.

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

21,459,687‌

759,034,392‌

Electric

Transmission

and

Distribution

 —

1.3%

38,000‌

Consolidated

Edison

Inc.

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

3,450,780‌

82,067‌

Constellation

Energy

Corp.

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

15,170,085‌

12,000‌

Sempra

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

861,960‌

1,500‌

The

Timken

Co.

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

131,145‌

19,613,970‌

Environmental

Services

 —

0.2%

500‌

Badger

Meter

Inc.

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

80,905‌

496‌

Tetra

Tech

Inc.

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

91,616‌

78,000‌

Veolia

Environnement

SA

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

2,535,449‌

2,000‌

Waste

Connections

Inc.

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

344,020‌

3,051,990‌

Global

Utilities

 —

2.9%

14,100‌

AES

Brasil

Energia

SA†

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

28,704‌

36,000‌

Chubu

Electric

Power

Co.

Inc.

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

469,560‌

20,000‌

E.ON

SE

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

278,020‌

5,000‌

EDP

-

Energias

de

Portugal

SA,

ADR

.........

196,050‌

204,500‌

Emera

Inc.

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

7,196,866‌

34,500‌

Enagas

SA

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

512,338‌

100,000‌

Endesa

SA

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

1,851,846‌

290,000‌

Enel

SpA

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

1,914,430‌

75,000‌

Equinor

ASA

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

1,978,538‌

550,000‌

Hera

SpA

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

1,937,938‌

18,000‌

Hokkaido

Electric

Power

Co.

Inc.

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

98,014‌

6,600,000‌

Huaneng

Power

International

Inc.,

Cl. H†

..

3,887,363‌

326,000‌

Iberdrola

SA

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

4,042,850‌

39,000‌

Iberdrola

SA,

ADR

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

1,944,150‌

25,000‌

Italgas

SpA

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

145,645‌

200,000‌

Korea

Electric

Power

Corp.,

ADR†

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

1,666,000‌

50,000‌

Kyushu

Electric

Power

Co.

Inc.

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

447,549‌

100,000‌

National

Grid

plc

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

1,345,452‌

37,000‌

National

Grid

plc,

ADR

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

2,524,140‌

323,500‌

Redeia

Corp.

SA

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

5,516,071‌

29,000‌

Shikoku

Electric

Power

Co.

Inc.

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

225,958‌

2,000‌

Snam

SpA

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

9,442‌

13,000‌

The

Chugoku

Electric

Power

Co.

Inc.

.........

97,728‌

300,000‌

The

Kansai

Electric

Power

Co.

Inc.

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

4,258,819‌

100,000‌

Tohoku

Electric

Power

Co.

Inc.

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

781,477‌

50,000‌

Tokyo

Electric

Power

Co.

Holdings

Inc.†

....

303,276‌

43,658,224‌

2

The

Gabelli

Utilities

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2024

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

ENERGY

AND

UTILITIES

(Continued)

Merchant

Energy

 —

3.6%

3,010,000‌

The

AES

Corp.

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

$

53,969,300‌

Natural

Gas

Integrated

 —

10.3%

485,000‌

Energy

Transfer

LP

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

7,629,050‌

61,800‌

Hess

Corp.

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

9,433,152‌

184,500‌

Kinder

Morgan

Inc.

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

3,383,730‌

1,580,200‌

National

Fuel

Gas

Co.

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

84,888,344‌

481,500‌

ONEOK

Inc.

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

38,601,855‌

358,000‌

UGI

Corp.

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

8,785,320‌

152,721,451‌

Natural

Gas

Utilities

 —

7.5%

67,400‌

Atmos

Energy

Corp.

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

8,011,838‌

111,000‌

CenterPoint

Energy

Inc.

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

3,162,390‌

2,500‌

Cheniere

Energy

Inc.

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

403,200‌

31,500‌

Chesapeake

Utilities

Corp.

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

3,379,950‌

100,000‌

Gulf

Coast

Ultra

Deep

Royalty

Trust

...........

1,183‌

14,000‌

New

Jersey

Resources

Corp.

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

600,740‌

435,000‌

Northwest

Natural

Holding

Co.

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

16,190,700‌

148,000‌

ONE

Gas

Inc.

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

9,550,440‌

105,000‌

RGC

Resources

Inc.

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

2,125,200‌

813,000‌

Southwest

Gas

Holdings

Inc.

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

61,893,690‌

106,500‌

Spire

Inc.

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

6,535,905‌

111,855,236‌

Natural

Resources

 —

2.1%

18,000‌

Alliance

Resource

Partners

LP

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

360,900‌

272,340‌

Cameco

Corp.

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

11,797,769‌

33,000‌

CNX

Resources

Corp.†

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

782,760‌

4,500‌

Diamondback

Energy

Inc.

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

891,765‌

4,300‌

EOG

Resources

Inc.

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

549,712‌

303,000‌

Mueller

Industries

Inc.

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

16,340,790‌

3,450‌

Occidental

Petroleum

Corp.

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

224,215‌

30,947,911‌

Oil

 —

0.3%

20,000‌

BP

plc,

ADR

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

753,600‌

30,000‌

Callon

Petroleum

Co.†

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

1,072,800‌

300‌

Chevron

Corp.

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

47,322‌

37,000‌

Devon

Energy

Corp.

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

1,856,660‌

40,000‌

PrairieSky

Royalty

Ltd.

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

783,434‌

4,513,816‌

Services

 —

1.8%

97,200‌

Dril-Quip

Inc.†

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

2,189,916‌

557,000‌

Enbridge

Inc.

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

20,152,260‌

19,785‌

Halliburton

Co.

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

779,925‌

94,000‌

MDU

Resources

Group

Inc.

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

2,368,800‌

6,970‌

Oceaneering

International

Inc.†

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

163,098‌

21,500‌

RPC

Inc.

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

166,410‌

Shares

Market

Value

26,000‌

Schlumberger

NV

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

$

1,425,060‌

27,245,469‌

Water

 —

3.6%

8,000‌

American

States

Water

Co.

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

577,920‌

98,500‌

American

Water

Works

Co.

Inc.

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

12,037,685‌

5,000‌

California

Water

Service

Group

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

232,400‌

7,997‌

Consolidated

Water

Co.

Ltd.

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

234,392‌

451,450‌

Essential

Utilities

Inc.

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

16,726,223‌

8,250‌

Middlesex

Water

Co.

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

433,125‌

423,000‌

Severn

Trent

plc

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

13,187,069‌

86,255‌

SJW

Group

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

4,881,171‌

86,993‌

The

York

Water

Co.

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

3,155,236‌

54,000‌

United

Utilities

Group

plc,

ADR

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

1,405,350‌

52,870,571‌

TOTAL

ENERGY

AND

UTILITIES

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

1,287,939,573‌

COMMUNICATIONS

 —

8.4%

Business

Services

 —

0.0%

605,000‌

Clear

Channel

Outdoor

Holdings

Inc.†

.......

998,250‌

Cable

and

Satellite

 —

2.0%

1,000‌

Altice

USA

Inc.,

Cl. A†

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

2,610‌

19,500‌

Charter

Communications

Inc.,

Cl. A†

.........

5,667,285‌

27,500‌

Cogeco

Communications

Inc.

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

1,219,741‌

75,000‌

Cogeco

Inc.

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

3,150,493‌

8,000‌

Comcast

Corp.,

Cl. A

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

346,800‌

75,000‌

EchoStar

Corp.,

Cl. A†

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

1,068,750‌

4,200‌

Liberty

Broadband

Corp.,

Cl. C†

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

240,366‌

265,000‌

Liberty

Global

Ltd.,

Cl. A†

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

4,483,800‌

395,000‌

Liberty

Global

Ltd.,

Cl. C†

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

6,967,800‌

190,000‌

Liberty

Latin

America

Ltd.,

Cl. A†

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

1,324,300‌

61,483‌

Liberty

Latin

America

Ltd.,

Cl. C†

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

429,766‌

87,000‌

Rogers

Communications

Inc.,

Cl. B

...........

3,567,000‌

38,000‌

TBS

Holdings

Inc.

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

1,055,555‌

29,524,266‌

Telecommunications

 —

5.7%

41,500‌

America

Movil

SAB

de

CV,

ADR

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

774,390‌

479,500‌

BCE

Inc.

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

16,293,410‌

500,000‌

Deutsche

Telekom

AG,

ADR

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

12,105,000‌

250,000‌

Eurotelesites

AG†

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

996,588‌

10,000‌

GCI

Liberty

Inc.,

Escrow†(a)

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

0‌

1,448,000‌

Koninklijke

KPN

NV

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

5,414,498‌

13,000,000‌

Nippon

Telegraph

&

Telephone

Corp.

........

15,457,788‌

18,000‌

Orange

Belgium

SA†

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

266,433‌

270,000‌

Orascom

Investment

Holding,

GDR†(a)

.....

3,780‌

225,000‌

Pharol

SGPS

SA†

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

11,846‌

21,000‌

PLDT

Inc.,

ADR

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

517,860‌

56,800‌

Proximus

SA

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

459,468‌

1,550,000‌

Singapore

Telecommunications

Ltd.

..........

2,904,277‌

101,200‌

Swisscom

AG,

ADR

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

6,215,299‌

20,000‌

Tele2

AB,

Cl. B

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

164,238‌

188,000‌

Telefonica

Brasil

SA,

ADR

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

1,893,160‌

3

The

Gabelli

Utilities

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2024

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

COMMUNICATIONS

(Continued)

Telecommunications

(Continued)

235,000‌

Telefonica

SA,

ADR

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

$

1,036,350‌

1,000,000‌

Telekom

Austria

AG

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

8,361,087‌

354,000‌

Telephone

and

Data

Systems

Inc.

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

5,671,080‌

120,000‌

Telesat

Corp.†

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

1,032,000‌

10,000‌

TELUS

Corp.

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

159,979‌

34,000‌

TIM

SA,

ADR

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

603,500‌

18,100‌

VEON

Ltd.,

ADR†

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

434,581‌

100,000‌

Verizon

Communications

Inc.

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

4,196,000‌

84,972,612‌

Wireless

Communications

 —

0.7%

20,000‌

Anterix

Inc.†

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

672,200‌

200‌

Hutchison

Telecommunications

Hong

Kong

Holdings

Ltd.

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

26‌

20,000‌

Millicom

International

Cellular

SA†

...........

404,600‌

37,957‌

Millicom

International

Cellular

SA,

SDR†

...

773,750‌

60,000‌

Operadora

De

Sites

Mexicanos

SAB

de

CV

72,904‌

70,000‌

SK

Telecom

Co.

Ltd.,

ADR

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

1,509,200‌

400‌

SmarTone

Telecommunications

Holdings

Ltd.

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

196‌

290,000‌

Turkcell

Iletisim

Hizmetleri

A/S,

ADR

.........

1,505,100‌

124,200‌

United

States

Cellular

Corp.†

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

4,533,300‌

79,000‌

Vodafone

Group

plc,

ADR

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

703,100‌

10,174,376‌

TOTAL

COMMUNICATIONS

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

125,669,504‌

OTHER

 —

5.2%

Aerospace

 —

0.4%

4,200‌

Allient

Inc.

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

149,856‌

1,200,000‌

Rolls-Royce

Holdings

plc†

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

6,462,713‌

6,612,569‌

Building

and

Construction

 —

0.3%

10,000‌

Acciona

SA

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

1,217,482‌

7,300‌

Arcosa

Inc.

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

626,778‌

1,500‌

H&E

Equipment

Services

Inc.

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

96,270‌

1,000‌

Herc

Holdings

Inc.

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

168,300‌

36,000‌

Johnson

Controls

International

plc

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

2,351,520‌

9,000‌

Knife

River

Corp.†

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

729,720‌

5,190,070‌

Consumer

Products

 —

0.0%

8,000‌

Essity

AB,

Cl. A

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

190,583‌

Diversified

Industrial

 —

0.3%

1,000‌

Alstom

SA

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

15,244‌

50,000‌

Bouygues

SA

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

2,040,645‌

4,205‌

L.B.

Foster

Co.,

Cl. A†

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

114,838‌

1,000‌

Matthews

International

Corp.,

Cl. A

...........

31,080‌

113,800‌

Twin

Disc

Inc.

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

1,881,114‌

4,082,921‌

Shares

Market

Value

Electronics

 —

0.7%

32,000‌

Corning

Inc.

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

$

1,054,720‌

4,000‌

Keysight

Technologies

Inc.†

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

625,520‌

1,130‌

Resideo

Technologies

Inc.†

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

25,335‌

300‌

Roper

Technologies

Inc.

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

168,252‌

101,500‌

Sony

Group

Corp.,

ADR

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

8,702,610‌

10,576,437‌

Entertainment

 —

0.0%

100,000‌

Grupo

Televisa

SAB,

ADR

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

320,000‌

30,000‌

Ollamani

SAB†

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

54,191‌

374,191‌

Financial

Services

 —

0.1%

80,000‌

Kinnevik

AB,

Cl. A†

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

901,345‌

1,500,000‌

Orascom

Financial

Holding

SAE†

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

10,633‌

911,978‌

Health

Care

 —

0.0%

12,000‌

Tsumura

&

Co.

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

298,296‌

Machinery

 —

1.5%

67,400‌

Astec

Industries

Inc.

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

2,946,054‌

89,169‌

Flowserve

Corp.

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

4,073,240‌

47,000‌

The

Gorman-Rupp

Co.

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

1,858,850‌

500‌

Valmont

Industries

Inc.

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

114,140‌

101,200‌

Xylem

Inc.

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

13,079,088‌

22,071,372‌

Metals

and

Mining

 —

0.5%

60,000‌

Freeport-McMoRan

Inc.

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

2,821,200‌

14,200‌

Vulcan

Materials

Co.

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

3,875,464‌

6,696,664‌

Specialty

Chemicals

 —

0.0%

1,500‌

Air

Products

and

Chemicals

Inc.

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

363,405‌

Transportation

 —

1.4%

150,000‌

GATX

Corp.

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

20,104,500‌

TOTAL

OTHER

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

77,472,986‌

TOTAL

COMMON

STOCKS

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

1,491,082,063‌

CLOSED-END

FUNDS

 —

0.0%

40,000‌

Altaba

Inc.,

Escrow†

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

96,000‌

RIGHTS

 —

0.0%

OTHER

 —

0.0%

Health

Care

 —

0.0%

21,000‌

ABIOMED

Inc.,

CVR†

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

36,750‌

4

The

Gabelli

Utilities

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2024

(Unaudited)

Shares

Market

Value

WARRANTS

 —

0.0%

OTHER

 —

0.0%

Diversified

Industrial

 —

0.0%

428,750‌

SDCL

EDGE

Acquisition

Corp.,

expire

12/31/28†

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

$

60,025‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

0.0%

$

130,000‌

U.S.

Treasury

Bill,

5.279%††,

06/27/24

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

128,362‌

TOTAL

INVESTMENTS

—

100.0%

(Cost

$763,886,202)

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

$

1,491,403,200‌

(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

yield

at

date

of

purchase.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Right

GDR

Global

Depositary

Receipt

SDR

Swedish

Depositary

Receipt