1
The
Gabelli
Focused
Growth
and
Income
Fund
Schedule
of
Investments
—
June
30,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
76.2%
Automotive:
Parts
and
Accessories
—
1.7%
7,000
Aptiv
plc†
.................................................
$
623,490
Building
and
Construction
—
1.9%
7,750
Herc
Holdings
Inc.
....................................
698,662
Cable
and
Satellite
—
1.1%
7,000
Liberty
Media
Corp.
-
Liberty
Formula
One,
Cl. A†
...................................................
405,790
Computer
Software
and
Services
—
2.5%
415
Alphabet
Inc.,
Cl. C†
.................................
907,792
Diversified
Industrial
—
0.8%
775
Roper
Technologies
Inc.
...........................
305,854
Energy
and
Utilities
—
22.4%
135,000
Energy
Transfer
LP
...................................
1,347,300
106,208
Enterprise
Products
Partners
LP
...............
2,588,289
96,000
Kinder
Morgan
Inc.
...................................
1,608,960
35,000
NextEra
Energy
Partners
LP
......................
2,595,600
8,140,149
Entertainment
—
2.4%
140,000
Sirius
XM
Holdings
Inc.
............................
858,200
Financial
Services
—
10.6%
39,000
Apollo
Global
Management
Inc.
................
1,890,720
12,500
Morgan
Stanley
........................................
950,750
112,500
New
York
Community
Bancorp
Inc.
...........
1,027,125
3,868,595
Food
and
Beverage
—
7.4%
66,500
Maple
Leaf
Foods
Inc.
..............................
1,307,578
15,000
Mondelēz
International
Inc.,
Cl. A
..............
931,350
5,500
Post
Holdings
Inc.†
..................................
452,925
2,691,853
Health
Care
—
5.4%
6,000
AbbVie
Inc.
..............................................
918,960
37,500
Option
Care
Health
Inc.†
...........................
1,042,125
1,961,085
Real
Estate
Investment
Trusts
—
16.5%
61,500
Blackstone
Mortgage
Trust
Inc.,
Cl. A
........
1,701,705
11,000
Hannon
Armstrong
Sustainable
Infrastructure
Capital
Inc.
......................
416,460
16,500
Healthpeak
Properties
Inc.
........................
427,515
115,878
VICI
Properties
Inc.
..................................
3,452,006
5,997,686
Telecommunications
—
3.5%
62,500
Lumen
Technologies
Inc.
..........................
681,875
4,500
T-Mobile
US
Inc.†
.....................................
605,430
1,287,305
TOTAL
COMMON
STOCKS
..................
27,746,461
Shares
Market
Value
PREFERRED
STOCKS
—
21.2%
Diversified
Industrial
—
3.2%
10,395
Babcock
&
Wilcox
Enterprises
Inc.,
8.125%,
02/28/26
.................................
$
246,881
40,000
Steel
Partners
Holdings
LP,
Ser.
A,
6.000%,
02/07/26
.................................
913,200
1,160,081
Energy
and
Utilities
—
4.8%
73,500
Energy
Transfer
LP,
Ser.
D,
7.625%
...........
1,740,480
Financial
Services
—
3.4%
37,023
Argo
Blockchain
plc,
Ser.
A,
8.750%,
11/30/26
...............................................
635,315
42,500
Greenidge
Generation
Holdings
Inc.,
8.500%,
10/31/26
.................................
621,350
1,256,665
Retail
—
9.8%
61,102
Qurate
Retail
Inc.,
8.000%,
03/15/31
........
3,571,412
TOTAL
PREFERRED
STOCKS
...............
7,728,638
MANDATORY
CONVERTIBLE
SECURITIES(a)
—
2.0%
Entertainment
—
2.0%
18,600
Paramount
Global,
Ser.
A,
5.750%,
04/01/24
.................................
734,328
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
0.6%
$
220,000
U.S.
Treasury
Bill,
1.258%††,
09/08/22
.............................
219,350
TOTAL
INVESTMENTS
—
100.0%
(Cost
$28,415,579)
...............................
$
36,428,777
(a)
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
yield
at
date
of
purchase.