1
The
Gabelli
Focused
Growth
and
Income
Fund
Schedule
of
Investments
—
December
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
76.3%
Automotive:
Parts
and
Accessories
—
1.5%
6,250
Aptiv
plc†
.................................................
$
582,063
Building
and
Construction
—
2.6%
7,750
Herc
Holdings
Inc.
....................................
1,019,668
Cable
and
Satellite
—
0.9%
7,000
Liberty
Media
Corp.
-
Liberty
Formula
One,
Cl. A†
...................................................
374,010
Computer
Software
and
Services
—
1.9%
8,300
Alphabet
Inc.,
Cl. C†
.................................
736,459
Energy
and
Utilities
—
21.4%
156,319
Energy
Transfer
LP
...................................
1,855,506
110,901
Enterprise
Products
Partners
LP
...............
2,674,932
101,000
Kinder
Morgan
Inc.
...................................
1,826,080
29,829
NextEra
Energy
Partners
LP
......................
2,090,715
8,447,233
Entertainment
—
1.0%
70,000
Sirius
XM
Holdings
Inc.
............................
408,800
Financial
Services
—
10.8%
35,000
Apollo
Global
Management
Inc.
................
2,232,650
14,000
Morgan
Stanley
........................................
1,190,280
100,000
New
York
Community
Bancorp
Inc.
...........
860,000
4,282,930
Food
and
Beverage
—
6.0%
62,500
Maple
Leaf
Foods
Inc.
..............................
1,128,600
12,500
Mondelēz
International
Inc.,
Cl. A
..............
833,125
4,500
Post
Holdings
Inc.†
..................................
406,170
2,367,895
Health
Care
—
4.8%
6,000
AbbVie
Inc.
..............................................
969,660
30,500
Option
Care
Health
Inc.†
...........................
917,745
1,887,405
Metals
and
Mining
—
0.9%
7,500
Newmont
Corp.
........................................
354,000
Real
Estate
Investment
Trusts
—
18.2%
138,500
Blackstone
Mortgage
Trust
Inc.,
Cl. A
........
2,932,045
49,663
Medical
Properties
Trust
Inc.
....................
553,246
114,378
VICI
Properties
Inc.
..................................
3,705,847
7,191,138
Telecommunications
—
6.3%
100,000
AT&T
Inc.
.................................................
1,841,000
4,500
T-Mobile
US
Inc.†
.....................................
630,000
2,471,000
TOTAL
COMMON
STOCKS
..................
30,122,601
Shares
Market
Value
PREFERRED
STOCKS
—
16.1%
Diversified
Industrial
—
3.4%
10,895
Babcock
&
Wilcox
Enterprises
Inc.,
8.125%,
02/28/26
.................................
$
262,351
46,604
Steel
Partners
Holdings
LP,
Ser.
A,
6.000%,
02/07/26
.................................
1,070,494
1,332,845
Energy
and
Utilities
—
3.4%
61,379
Energy
Transfer
LP,
Ser.
D,
7.625%
...........
1,350,338
Financial
Services
—
2.6%
23,931
Argo
Blockchain
plc,
Ser.
A,
8.750%,
11/30/26
...............................................
72,990
39,978
FTAI
Aviation
Ltd.,
Ser.
A,
8.250%,
09/15/24
...............................................
899,505
54,287
Greenidge
Generation
Holdings
Inc.,
8.500%,
10/31/26
.................................
58,087
1,030,582
Retail
—
6.7%
77,587
Qurate
Retail
Inc.,
8.000%,
03/15/31
........
2,658,131
TOTAL
PREFERRED
STOCKS
...............
6,371,896
MANDATORY
CONVERTIBLE
SECURITIES(a)
—
2.0%
Entertainment
—
2.0%
31,075
Paramount
Global,
Ser.
A,
5.750%,
04/01/24
.................................
769,728
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
5.6%
$
2,225,000
U.S.
Treasury
Bills,
4.094%
to
4.377%††,
02/09/23
to
03/30/23
............................
2,210,184
TOTAL
INVESTMENTS
—
100.0%
(Cost
$32,803,354)
...............................
$
39,474,409
(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
yields
at
dates
of
purchase.