1
The
Gabelli
Focused
Growth
and
Income
Fund
Schedule
of
Investments
—
June
30,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
81.2%
Automotive:
Parts
and
Accessories
—
1.7%
6,000
Aptiv
plc†
.................................................
$
612,540
Building
and
Construction
—
2.8%
7,500
Herc
Holdings
Inc.
....................................
1,026,375
Computer
Software
and
Services
—
2.1%
6,500
Alphabet
Inc.,
Cl. C†
.................................
786,305
Energy
and
Utilities
—
22.9%
163,819
Energy
Transfer
LP
...................................
2,080,501
97,401
Enterprise
Products
Partners
LP
...............
2,566,516
96,000
Kinder
Morgan
Inc.
...................................
1,653,120
17,500
New
Fortress
Energy
Inc.
..........................
468,650
29,329
NextEra
Energy
Partners
LP
......................
1,719,853
8,488,640
Financial
Services
—
11.6%
29,500
Apollo
Global
Management
Inc.
................
2,265,895
12,500
Morgan
Stanley
........................................
1,067,500
87,000
New
York
Community
Bancorp
Inc.
...........
977,880
4,311,275
Food
and
Beverage
—
5.6%
50,000
Maple
Leaf
Foods
Inc.
..............................
976,788
9,500
Mondelēz
International
Inc.,
Cl. A
..............
692,930
4,500
Post
Holdings
Inc.†
..................................
389,925
2,059,643
Health
Care
—
4.5%
6,000
AbbVie
Inc.
..............................................
808,380
27,000
Option
Care
Health
Inc.†
...........................
877,230
1,685,610
Metals
and
Mining
—
1.6%
13,500
Newmont
Corp.
........................................
575,910
Real
Estate
Investment
Trusts
—
21.9%
153,500
Blackstone
Mortgage
Trust
Inc.,
Cl. A
........
3,194,335
92,837
Medical
Properties
Trust
Inc.
....................
859,671
7,250
Simon
Property
Group
Inc.
.......................
837,230
103,000
VICI
Properties
Inc.
..................................
3,237,290
8,128,526
Telecommunications
—
6.5%
117,500
AT&T
Inc.
.................................................
1,874,125
4,000
GCI
Liberty
Inc.,
Escrow†
.........................
0
4,000
T-Mobile
US
Inc.†
.....................................
555,600
2,429,725
TOTAL
COMMON
STOCKS
..................
30,104,549
Shares
Market
Value
PREFERRED
STOCKS
—
15.6%
Diversified
Industrial
—
3.8%
14,274
Babcock
&
Wilcox
Enterprises
Inc.,
8.125%,
02/28/26
.................................
$
346,859
45,004
Steel
Partners
Holdings
LP,
Ser.
A,
6.000%,
02/07/26
.................................
1,048,593
1,395,452
Energy
and
Utilities
—
1.6%
24,000
Energy
Transfer
LP,
Ser.
D,
7.625%
...........
606,240
Financial
Services
—
3.3%
5,398
Argo
Blockchain
plc,
Ser.
A,
8.750%,
11/30/26
...............................................
38,002
39,091
FTAI
Aviation
Ltd.,
Ser.
A,
8.250%
.............
910,820
57,500
Greenidge
Generation
Holdings
Inc.,
8.500%,
10/31/26
.................................
287,500
1,236,322
Retail
—
6.9%
68,268
Qurate
Retail
Inc.,
8.000%,
03/15/31
........
2,561,415
TOTAL
PREFERRED
STOCKS
...............
5,799,429
MANDATORY
CONVERTIBLE
SECURITIES(a)
—
1.4%
Entertainment
—
1.4%
23,711
Paramount
Global,
Ser.
A,
5.750%,
04/01/24
.................................
537,291
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
1.8%
$
660,000
U.S.
Treasury
Bills,
5.061%
to
5.226%††,
08/10/23
to
09/21/23
............................
654,205
TOTAL
INVESTMENTS
—
100.0%
(Cost
$27,755,413)
...............................
$
37,095,474
(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.