1
The
Gabelli
Focused
Growth
and
Income
Fund
Schedule
of
Investments
—
December
31,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
79.3%
Automotive:
Parts
and
Accessories
—
1.3%
6,000
Aptiv
plc†
.................................................
$
538,320
Building
and
Construction
—
2.6%
7,500
Herc
Holdings
Inc.
....................................
1,116,675
Computer
Software
and
Services
—
1.8%
5,500
Alphabet
Inc.,
Cl. C†
.................................
775,115
Energy
and
Utilities
—
22.6%
178,819
Energy
Transfer
LP
...................................
2,467,702
100,000
Enterprise
Products
Partners
LP
...............
2,635,000
96,000
Kinder
Morgan
Inc.
...................................
1,693,440
8,500
New
Fortress
Energy
Inc.
..........................
320,705
81,772
NextEra
Energy
Partners
LP
......................
2,486,687
9,603,534
Financial
Services
—
11.3%
25,000
Apollo
Global
Management
Inc.
................
2,329,750
16,500
Morgan
Stanley
........................................
1,538,625
92,571
New
York
Community
Bancorp
Inc.
...........
947,001
4,815,376
Food
and
Beverage
—
4.3%
50,000
Maple
Leaf
Foods
Inc.
..............................
952,417
8,000
Mondelēz
International
Inc.,
Cl. A
..............
579,440
3,500
Post
Holdings
Inc.†
..................................
308,210
1,840,067
Health
Care
—
4.2%
5,500
AbbVie
Inc.
..............................................
852,335
27,000
Option
Care
Health
Inc.†
...........................
909,630
1,761,965
Metals
and
Mining
—
1.5%
15,000
Newmont
Corp.
........................................
620,850
Real
Estate
Investment
Trusts
—
22.5%
142,167
Blackstone
Mortgage
Trust
Inc.,
Cl. A
........
3,023,892
84,099
Franklin
BSP
Realty
Trust
Inc.
...................
1,136,177
170,633
Medical
Properties
Trust
Inc.
....................
837,808
5,000
Simon
Property
Group
Inc.
.......................
713,200
120,000
VICI
Properties
Inc.
..................................
3,825,600
9,536,677
Specialty
Chemicals
—
0.9%
4,500
International
Flavors
&
Fragrances
Inc.
.....
364,365
Telecommunications
—
6.3%
122,000
AT&T
Inc.
.................................................
2,047,160
4,000
GCI
Liberty
Inc.,
Escrow†
.........................
0
4,000
T-Mobile
US
Inc.
......................................
641,320
2,688,480
TOTAL
COMMON
STOCKS
..................
33,661,424
Shares
Market
Value
PREFERRED
STOCKS
—
13.2%
Diversified
Industrial
—
2.5%
18,926
Babcock
&
Wilcox
Enterprises
Inc.,
8.125%,
02/28/26
.................................
$
370,193
29,490
Steel
Partners
Holdings
LP,
Ser.
A,
6.000%,
02/07/26
.................................
675,321
1,045,514
Energy
and
Utilities
—
1.2%
19,991
Energy
Transfer
LP,
Ser.
D,
10.364%
.........
505,772
Financial
Services
—
3.0%
2,828
Argo
Blockchain
plc,
Ser.
A,
8.750%,
11/30/26
...............................................
32,098
39,091
FTAI
Aviation
Ltd.,
Ser.
A,
8.250%
.............
963,984
26,235
Greenidge
Generation
Holdings
Inc.,
8.500%,
10/31/26
.................................
282,551
1,278,633
Retail
—
6.5%
77,400
Qurate
Retail
Inc.,
8.000%,
03/15/31
........
2,783,304
TOTAL
PREFERRED
STOCKS
...............
5,613,223
MANDATORY
CONVERTIBLE
SECURITIES(a)
—
1.3%
Entertainment
—
1.3%
29,000
Paramount
Global,
Ser.
A,
5.750%,
04/01/24
.................................
542,300
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
6.2%
$
2,655,000
U.S.
Treasury
Bills,
5.244%
to
5.413%††,
01/04/24
to
03/21/24
............................
2,637,212
TOTAL
INVESTMENTS
—
100.0%
(Cost
$32,262,505)
...............................
$
42,454,159
(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.