1
The
Gabelli
Global
Financial
Services
Fund
Schedule
of
Investments
—
December
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
99.4%
Automobiles
—
8.0%
23,199
Daimler
Truck
Holding
AG†
.......................
$
718,802
8,300
Mercedes-Benz
Group
AG
.........................
545,522
5,310
Toyota
Motor
Corp.,
ADR
..........................
725,240
1,989,564
Banks
—
25.4%
82,500
Banco
Bilbao
Vizcaya
Argentaria
SA
..........
497,550
83,000
Commerzbank
AG†
...................................
785,055
420,400
Dah
Sing
Banking
Group
Ltd.
....................
301,615
221,300
Dah
Sing
Financial
Holdings
Ltd.
...............
512,604
1,296
First
Citizens
BancShares
Inc.,
Cl. A
..........
982,835
19,364
Flushing
Financial
Corp.
............................
375,274
34,000
ING
Groep
NV
..........................................
414,470
58,900
Japan
Post
Bank
Co.
Ltd.
..........................
506,242
14,370
Shinhan
Financial
Group
Co.
Ltd.,
ADR
.....
401,354
31,397
TrustCo
Bank
Corp.
NY
.............................
1,180,213
7,950
Webster
Financial
Corp.
............................
376,353
6,333,565
Consumer
Finance
—
5.5%
17,580
Ally
Financial
Inc.
.....................................
429,831
10,190
Capital
One
Financial
Corp.
.......................
947,262
1,377,093
Diversified
Banks
—
15.4%
119,000
Barclays
plc
..............................................
228,055
19,400
Citigroup
Inc.
...........................................
877,462
51,420
Credit
Agricole
SA
....................................
541,123
12,086
Hana
Financial
Group
Inc.
.........................
401,911
176,285
NatWest
Group
plc
...................................
565,194
11,010
Societe
Generale
SA
.................................
276,727
88,100
Standard
Chartered
plc
.............................
662,909
20,700
UniCredit
SpA
..........................................
294,085
3,847,466
Homebuilders
—
7.2%
4,930
Cavco
Industries
Inc.†
..............................
1,115,413
35,413
Legacy
Housing
Corp.†
............................
671,430
1,786,843
Institutional
Banking
—
1.6%
10,300
Moelis
&
Co.,
Cl. A
...................................
395,211
Institutional
Brokerage
—
6.1%
140,000
Daiwa
Securities
Group
Inc.
......................
621,914
26,110
Jefferies
Financial
Group
Inc.
....................
895,051
1,516,965
Institutional
Trust,
Fiduciary,
and
Custody
—
6.4%
8,980
State
Street
Corp.
.....................................
696,579
19,950
The
Bank
of
New
York
Mellon
Corp.
..........
908,124
1,604,703
Insurance
—
12.7%
139,118
Aegon
NV
.................................................
705,578
Shares
Market
Value
1,057
E-L
Financial
Corp.
Ltd.
............................
$
695,559
12,350
First
American
Financial
Corp.
...................
646,399
48,629
HG
Holdings
Inc.†
....................................
340,403
18,879
NN
Group
NV
...........................................
771,176
3,159,115
Investment
Management
—
7.3%
2,820
Diamond
Hill
Investment
Group
Inc.
..........
521,757
7,200
Franklin
Resources
Inc.
............................
189,936
221,600
The
Westaim
Corp.†
.................................
430,434
59,797
Westwood
Holdings
Group
Inc.
.................
665,762
1,807,889
Reinsurance
—
3.8%
17,700
Axis
Capital
Holdings
Ltd.
.........................
958,809
TOTAL
COMMON
STOCKS
..................
24,777,223
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
0.6%
$
145,000
U.S.
Treasury
Bill,
4.193%††,
03/09/23
.............................
143,890
TOTAL
INVESTMENTS
—
100.0%
(Cost
$22,856,085)
...............................
$
24,921,113
†
Non-income
producing
security.
††
Represents
annualized
yield
at
date
of
purchase.
ADR
American
Depositary
Receipt