The Gabelli Focused Growth and Income Fund (formerly The Gabelli Focus Five Fund)

Schedule of Investments — December 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 91.9%
		Aerospace and Defense — 1.9%
	12,500	Aerojet Rocketdyne Holdings Inc.†	$	660,625
		Automotive — 1.0%
	20,000	Fiat Chrysler Automobiles NV†		361,800
		Automotive: Parts and Accessories — 3.2%
	8,500	Aptiv plc		1,107,465
		Building and Construction — 3.5%
	18,199	Herc Holdings Inc.†		1,208,595
		Business Services — 3.5%
	32,500	Macquarie Infrastructure Corp.		1,220,375
		Cable and Satellite — 5.0%
	30,000	EchoStar Corp., Cl. A†		635,700
	2,320	Liberty Broadband Corp., Cl. C†		367,418
	20,000	Liberty Media Corp.- Liberty Formula One, Cl. A†		759,800
				1,762,918
		Computer Software and Services — 3.0%
	600	Alphabet Inc., Cl. C†		1,051,128
		Consumer Products — 2.5%
	16,900	Terminix Global Holdings Inc.†		862,069
		Diversified Industrial — 2.4%
	12,500	Colfax Corp.†		478,000
	850	Roper Technologies Inc.		366,427
				844,427
		Energy and Utilities — 16.0%
	36,000	Enterprise Products Partners LP		705,240
	120,000	Kinder Morgan Inc.		1,640,400
	37,500	NextEra Energy Partners LP		2,514,375
	12,000	Southwest Gas Holdings Inc.		729,000
				5,589,015
		Entertainment — 3.7%
	203,600	Sirius XM Holdings Inc.		1,296,932
		Financial Services — 14.6%
	35,000	Apollo Global Management Inc.		1,714,300
	25,000	Blackstone Mortgage Trust Inc., Cl. A, REIT		688,250
	12,500	Morgan Stanley		856,625
	125,000	New York Community Bancorp Inc.		1,318,750
	2,250	PayPal Holdings Inc.†		526,950
				5,104,875
		Food and Beverage — 12.0%
	75,000	Maple Leaf Foods Inc.		1,662,739

Shares			Market Value
	16,500	Mondelēz International Inc., Cl. A	$	964,755
	15,500	Post Holdings Inc.†		1,565,655
				4,193,149
		Health Care — 6.8%
	8,000	AbbVie Inc.		857,200
	97,700	Option Care Health Inc.†		1,528,028
				2,385,228
		Real Estate — 8.3%
	6,000	Hannon Armstrong Sustainable Infrastructure Capital Inc., REIT		380,580
	81,000	MGM Growth Properties LLC, Cl. A, REIT		2,535,300
				2,915,880
		Telecommunications — 4.5%
	91,316	CenturyLink Inc.		890,331
	5,000	T-Mobile US Inc.†		674,250
				1,564,581
		TOTAL COMMON STOCKS		32,129,062
		PREFERRED STOCKS — 4.3%
		Energy and Utilities — 2.2%
	35,000	Energy Transfer Operating LP, Ser. D, 7.625%, 08/15/23		745,500
		Retail — 2.1%
	7,500	Qurate Retail Inc., 8.000%, 03/15/31		742,500
		TOTAL PREFERRED STOCKS		1,488,000
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 3.8%
	$1,330,000	U.S. Treasury Bills, 0.065% to 0.095%††, 01/07/21 to 03/18/21		1,329,907
		TOTAL INVESTMENTS — 100.0% (Cost $24,121,700)	$	34,946,969

†  Non-income producing security.

††  Represents annualized yields at dates of purchase.

REIT   Real Estate Investment Trust

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