1
The
Gabelli
Utilities
Fund
Schedule
of
Investments
—
September
30,
2024
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
99.5%
ENERGY
AND
UTILITIES
—
87.0%
Alternative
Energy
—
0.8%
380,000
Algonquin
Power
&
Utilities
Corp.
.............
$
2,076,380
400,000
Algonquin
Power
&
Utilities
Corp.,
New
York
.....................................................
2,180,000
13,000
Brookfield
Renewable
Corp.,
Cl. A
.............
424,580
10,000
Clearway
Energy
Inc.,
Cl. C
.......................
306,800
900
Enphase
Energy
Inc.†
...............................
101,718
22,500
Eos
Energy
Enterprises
Inc.†
....................
66,825
1,000
First
Solar
Inc.†
........................................
249,440
10,000
Fluence
Energy
Inc.†
................................
227,100
11,500
Landis+Gyr
Group
AG
...............................
1,067,998
55,000
NextEra
Energy
Partners
LP
......................
1,519,100
65,000
Ormat
Technologies
Inc.
...........................
5,001,100
1,500
SolarEdge
Technologies
Inc.†
...................
34,365
13,255,406
Diversified
Industrial
—
1.1%
61,100
AZZ
Inc.
...................................................
5,047,471
7,000
Graham
Corp.†
.........................................
207,130
41,380
ITT
Inc.
....................................................
6,186,724
243,000
Mueller
Water
Products
Inc.,
Cl. A
.............
5,273,100
29,500
Park-Ohio
Holdings
Corp.
.........................
905,650
17,620,075
Electric
Integrated
—
52.5%
210,500
ALLETE
Inc.
.............................................
13,511,995
171,400
Alliant
Energy
Corp.
..................................
10,402,266
475,300
Ameren
Corp.
...........................................
41,569,738
585,800
American
Electric
Power
Co.
Inc.
..............
60,103,080
130,000
Avangrid
Inc.
............................................
4,652,700
291,000
Avista
Corp.
.............................................
11,276,250
423,500
Black
Hills
Corp.
.......................................
25,884,320
59,873
CMS
Energy
Corp.
....................................
4,228,830
383,700
Dominion
Energy
Inc.
...............................
22,174,023
17,200
DTE
Energy
Co.
........................................
2,208,652
249,800
Duke
Energy
Corp.
...................................
28,801,940
296,000
Edison
International
..................................
25,778,640
11,400
Entergy
Corp.
...........................................
1,500,354
886,007
Evergy
Inc.
...............................................
54,941,294
664,750
Eversource
Energy
....................................
45,236,238
318,236
Exelon
Corp.
............................................
12,904,470
313,791
FirstEnergy
Corp.
.....................................
13,916,631
155,000
Fortis
Inc.
................................................
7,042,589
410,000
Hawaiian
Electric
Industries
Inc.†
..............
3,968,800
44,200
IDACORP
Inc.
...........................................
4,556,578
191,000
MGE
Energy
Inc.
......................................
17,466,950
1,747,500
NextEra
Energy
Inc.
..................................
147,716,175
260,000
NiSource
Inc.
...........................................
9,009,000
424,000
Northwestern
Energy
Group
Inc.
...............
24,261,280
782,200
OGE
Energy
Corp.
.....................................
32,085,844
398,000
Otter
Tail
Corp.
.........................................
31,107,680
Shares
Market
Value
283,500
PG&E
Corp.
..............................................
$
5,604,795
309,500
Pinnacle
West
Capital
Corp.
......................
27,418,605
131,050
Portland
General
Electric
Co.
.....................
6,277,295
533,492
PPL
Corp.
................................................
17,647,915
178,150
Public
Service
Enterprise
Group
Inc.
.........
15,892,761
401,250
The
Southern
Co.
.....................................
36,184,725
233,523
TXNM
Energy
Inc.
....................................
10,221,302
50,000
Unitil
Corp.
...............................................
3,029,000
496,600
WEC
Energy
Group
Inc.
............................
47,762,988
386,516
Xcel
Energy
Inc.
.......................................
25,239,495
851,585,198
Electric
Transmission
and
Distribution
—
1.4%
35,700
Consolidated
Edison
Inc.
..........................
3,717,441
69,167
Constellation
Energy
Corp.
........................
17,984,803
13,000
Sempra
....................................................
1,087,190
1,500
The
Timken
Co.
........................................
126,435
22,915,869
Environmental
Services
—
0.2%
500
Badger
Meter
Inc.
.....................................
109,205
2,000
Tetra
Tech
Inc.
..........................................
94,320
76,500
Veolia
Environnement
SA
..........................
2,513,804
2,000
Waste
Connections
Inc.
............................
357,640
3,074,969
Global
Utilities
—
3.0%
14,150
AES
Brasil
Energia
SA
...............................
30,285
36,000
Chubu
Electric
Power
Co.
Inc.
...................
421,054
20,000
E.ON
SE
...................................................
297,322
5,000
EDP
SA,
ADR
...........................................
229,100
204,500
Emera
Inc.
...............................................
8,057,825
34,500
Enagas
SA
................................................
529,203
100,000
Endesa
SA
................................................
2,185,113
290,000
Enel
SpA
..................................................
2,316,187
75,000
Equinor
ASA
.............................................
1,895,441
550,000
Hera
SpA
.................................................
2,193,017
18,000
Hokkaido
Electric
Power
Co.
Inc.
...............
120,893
6,600,000
Huaneng
Power
International
Inc.,
Cl. H
....
4,049,731
310,000
Iberdrola
SA
.............................................
4,793,113
34,000
Iberdrola
SA,
ADR
....................................
2,107,660
25,000
Italgas
SpA
..............................................
151,110
188,000
Korea
Electric
Power
Corp.,
ADR†
.............
1,458,880
50,000
Kyushu
Electric
Power
Co.
Inc.
.................
543,573
183,124
National
Grid
plc
.......................................
2,521,725
32,200
National
Grid
plc,
ADR
..............................
2,243,374
321,200
Redeia
Corp.
SA
.......................................
6,246,290
29,000
Shikoku
Electric
Power
Co.
Inc.
................
256,758
2,000
Snam
SpA
................................................
10,176
13,000
The
Chugoku
Electric
Power
Co.
Inc.
.........
88,370
300,000
The
Kansai
Electric
Power
Co.
Inc.
............
4,946,947
95,000
Tohoku
Electric
Power
Co.
Inc.
..................
906,210
2
The
Gabelli
Utilities
Fund
Schedule
of
Investments
(Continued)
—
September
30,
2024
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
ENERGY
AND
UTILITIES
(Continued)
Global
Utilities
(Continued)
50,000
Tokyo
Electric
Power
Co.
Holdings
Inc.†
....
$
221,569
48,820,926
Merchant
Energy
—
3.7%
2,973,000
The
AES
Corp.
..........................................
59,638,380
Natural
Gas
Integrated
—
10.2%
483,000
Energy
Transfer
LP
...................................
7,752,150
54,000
Hess
Corp.
...............................................
7,333,200
181,500
Kinder
Morgan
Inc.
...................................
4,009,335
1,544,500
National
Fuel
Gas
Co.
................................
93,612,145
475,000
ONEOK
Inc.
..............................................
43,286,750
365,000
UGI
Corp.
.................................................
9,132,300
165,125,880
Natural
Gas
Utilities
—
6.9%
67,400
Atmos
Energy
Corp.
.................................
9,349,054
114,000
CenterPoint
Energy
Inc.
............................
3,353,880
5,200
Cheniere
Energy
Inc.
................................
935,168
31,200
Chesapeake
Utilities
Corp.
........................
3,874,104
100,000
Gulf
Coast
Ultra
Deep
Royalty
Trust†
.........
1,325
14,000
New
Jersey
Resources
Corp.
....................
660,800
424,000
Northwest
Natural
Holding
Co.
..................
17,307,680
148,000
ONE
Gas
Inc.
............................................
11,014,160
115,000
RGC
Resources
Inc.
.................................
2,595,550
748,400
Southwest
Gas
Holdings
Inc.
....................
55,201,984
106,500
Spire
Inc.
.................................................
7,166,385
111,460,090
Natural
Resources
—
1.7%
18,000
Alliance
Resource
Partners
LP
..................
450,000
271,750
Cameco
Corp.
..........................................
12,978,780
33,000
CNX
Resources
Corp.†
.............................
1,074,810
3,200
Diamondback
Energy
Inc.
.........................
551,680
3,500
EOG
Resources
Inc.
..................................
430,255
168,500
Mueller
Industries
Inc.
..............................
12,485,850
4,250
Occidental
Petroleum
Corp.
......................
219,045
28,190,420
Oil
—
0.3%
32,000
APA
Corp.
................................................
782,720
20,000
BP
plc,
ADR
.............................................
627,800
300
Chevron
Corp.
..........................................
44,181
37,000
Devon
Energy
Corp.
..................................
1,447,440
117,000
Innovex
International
Inc.†
.......................
1,717,560
40,000
PrairieSky
Royalty
Ltd.
.............................
813,043
5,432,744
Services
—
1.7%
553,500
Enbridge
Inc.
............................................
22,477,635
19,785
Halliburton
Co.
.........................................
574,755
93,500
MDU
Resources
Group
Inc.
......................
2,562,835
Shares
Market
Value
6,970
Oceaneering
International
Inc.†
.................
$
173,344
21,500
RPC
Inc.
..................................................
136,740
26,000
Schlumberger
NV
.....................................
1,090,700
5,000
Secure
Energy
Services
Inc.
......................
45,214
27,061,223
Water
—
3.5%
8,000
American
States
Water
Co.
.......................
666,320
97,500
American
Water
Works
Co.
Inc.
................
14,258,400
5,000
California
Water
Service
Group
.................
271,100
7,997
Consolidated
Water
Co.
Ltd.
......................
201,604
439,250
Essential
Utilities
Inc.
...............................
16,941,873
8,250
Middlesex
Water
Co.
.................................
538,230
421,000
Severn
Trent
plc
.......................................
14,870,654
86,255
SJW
Group
..............................................
5,012,278
86,743
The
York
Water
Co.
...................................
3,249,393
54,000
United
Utilities
Group
plc,
ADR
.................
1,516,320
57,526,172
TOTAL
ENERGY
AND
UTILITIES
............
1,411,707,352
COMMUNICATIONS
—
8.1%
Business
Services
—
0.1%
560,000
Clear
Channel
Outdoor
Holdings
Inc.†
.......
896,000
Cable
and
Satellite
—
1.9%
5,000
Altice
USA
Inc.,
Cl. A†
..............................
12,300
13,000
Charter
Communications
Inc.,
Cl. A†
.........
4,213,040
27,500
Cogeco
Communications
Inc.
...................
1,453,843
75,000
Cogeco
Inc.
..............................................
3,317,313
6,500
Comcast
Corp.,
Cl. A
................................
271,505
43,000
EchoStar
Corp.,
Cl. A†
..............................
1,067,260
4,500
Liberty
Broadband
Corp.,
Cl. C†
................
347,805
265,000
Liberty
Global
Ltd.,
Cl. A†
.........................
5,594,150
382,000
Liberty
Global
Ltd.,
Cl. C†
.........................
8,255,020
190,000
Liberty
Latin
America
Ltd.,
Cl. A†
..............
1,820,200
61,483
Liberty
Latin
America
Ltd.,
Cl. C†
..............
583,474
89,000
Rogers
Communications
Inc.,
Cl. B
...........
3,578,690
38,000
TBS
Holdings
Inc.
.....................................
1,030,343
31,544,943
Telecommunications
—
5.4%
41,500
America
Movil
SAB
de
CV,
ADR
.................
678,940
476,000
BCE
Inc.
...................................................
16,564,800
476,500
Deutsche
Telekom
AG,
ADR
......................
14,023,395
250,000
Eurotelesites
AG†
.....................................
1,330,214
10,000
GCI
Liberty
Inc.,
Escrow†(a)
.....................
0
1,448,000
Koninklijke
KPN
NV
..................................
5,913,845
13,000,000
Nippon
Telegraph
&
Telephone
Corp.
........
13,278,135
17,000
Orange
Belgium
SA†
................................
280,447
270,000
Orascom
Investment
Holding,
GDR†(a)
.....
3,780
225,000
Pharol
SGPS
SA†
.....................................
11,070
21,000
PLDT
Inc.,
ADR
........................................
564,480
52,400
Proximus
SA
............................................
408,303
1,400,000
Singapore
Telecommunications
Ltd.
..........
3,529,275
3
The
Gabelli
Utilities
Fund
Schedule
of
Investments
(Continued)
—
September
30,
2024
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
COMMUNICATIONS
(Continued)
Telecommunications
(Continued)
100,000
Swisscom
AG,
ADR
..................................
$
6,551,130
20,000
Tele2
AB,
Cl. B
..........................................
226,274
175,000
Telefonica
Brasil
SA,
ADR
.........................
1,797,250
235,000
Telefonica
SA,
ADR
...................................
1,142,100
1,000,000
Telekom
Austria
AG
..................................
9,795,720
305,000
Telephone
and
Data
Systems
Inc.
..............
7,091,250
117,500
Telesat
Corp.†
..........................................
1,547,475
10,000
TELUS
Corp.
............................................
167,770
34,000
TIM
SA,
ADR
............................................
585,480
18,100
VEON
Ltd.,
ADR†
.....................................
550,602
16,200
Verizon
Communications
Inc.
...................
727,542
86,769,277
Wireless
Communications
—
0.7%
20,500
Anterix
Inc.†
............................................
772,030
200
Hutchison
Telecommunications
Hong
Kong
Holdings
Ltd.
...............................
25
2,500
Millicom
International
Cellular
SA†
...........
67,800
36,000
Millicom
International
Cellular
SA,
SDR†
...
977,643
60,000
Operadora
De
Sites
Mexicanos
SAB
de
CV
47,263
68,500
SK
Telecom
Co.
Ltd.,
ADR
........................
1,628,245
400
SmarTone
Telecommunications
Holdings
Ltd.
......................................................
213
290,000
Turkcell
Iletisim
Hizmetleri
A/S,
ADR
.........
1,995,200
98,500
United
States
Cellular
Corp.†
....................
5,383,025
77,000
Vodafone
Group
plc,
ADR
.........................
771,540
11,642,984
TOTAL
COMMUNICATIONS
..................
130,853,204
OTHER
—
4.4%
Aerospace
—
0.5%
13,500
Allient
Inc.
................................................
256,365
1,150,000
Rolls-Royce
Holdings
plc†
........................
8,105,660
8,362,025
Building
and
Construction
—
0.3%
10,000
Acciona
SA
..............................................
1,419,266
4,500
Arcosa
Inc.
...............................................
426,420
1,500
H&E
Equipment
Services
Inc.
...................
73,020
24,200
Johnson
Controls
International
plc
............
1,878,162
8,300
Knife
River
Corp.†
....................................
741,937
4,538,805
Consumer
Products
—
0.0%
8,000
Essity
AB,
Cl. A
.........................................
250,102
Diversified
Industrial
—
0.2%
210
Alstom
SA†
..............................................
4,356
50,000
Bouygues
SA
............................................
1,673,065
6,500
L.B.
Foster
Co.,
Cl. A†
...............................
132,795
2,500
Matthews
International
Corp.,
Cl. A
...........
58,000
Shares
Market
Value
111,500
Twin
Disc
Inc.
...........................................
$
1,392,635
3,260,851
Electronics
—
0.7%
30,000
Corning
Inc.
.............................................
1,354,500
2,400
Keysight
Technologies
Inc.†
......................
381,432
1,130
Resideo
Technologies
Inc.†
......................
22,758
300
Roper
Technologies
Inc.
...........................
166,932
88,000
Sony
Group
Corp.,
ADR
............................
8,498,160
10,423,782
Entertainment
—
0.0%
86,000
Grupo
Televisa
SAB,
ADR
.........................
220,160
30,000
Ollamani
SAB†
.........................................
56,618
276,778
Financial
Services
—
0.0%
58,000
Kinnevik
AB,
Cl. A
.....................................
473,384
1,500,000
Orascom
Financial
Holding
SAE†
..............
10,688
484,072
Health
Care
—
0.0%
12,000
Tsumura
&
Co.
.........................................
376,719
Machinery
—
1.2%
68,000
Astec
Industries
Inc.
.................................
2,171,920
83,500
Flowserve
Corp.
.......................................
4,316,115
42,700
The
Gorman-Rupp
Co.
..............................
1,663,165
500
Valmont
Industries
Inc.
.............................
144,975
83,700
Xylem
Inc.
................................................
11,302,011
19,598,186
Metals
and
Mining
—
0.4%
55,000
Freeport-McMoRan
Inc.
............................
2,745,600
13,900
Vulcan
Materials
Co.
.................................
3,480,977
6,226,577
Specialty
Chemicals
—
0.0%
1,500
Air
Products
and
Chemicals
Inc.
...............
446,610
Transportation
—
1.1%
130,000
GATX
Corp.
..............................................
17,218,500
TOTAL
OTHER
................................
71,463,007
TOTAL
COMMON
STOCKS
..................
1,614,023,563
CLOSED-END
FUNDS
—
0.0%
40,000
Altaba
Inc.,
Escrow†
.................................
57,000
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)
—
September
30,
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†
.............................................
$
42,875
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
0.5%
$
7,930,000
U.S.
Treasury
Bills,
4.535%
to
4.919%††,
12/12/24
to
12/26/24
............................
7,852,089
TOTAL
INVESTMENTS
—
100.0%
(Cost
$727,556,716)
.............................
$
1,622,012,277
(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