1

The

Gabelli

Financial

Services

Fund

Schedule

of

Investments

—

December

31,

2021

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

—

94

.2

%

Automobiles

—

6

.8

%

7,900‌

Daimler

AG

..............................................

$

607,914‌

11,950‌

Daimler

Truck

Holding

AG

†

.......................

439,308‌

3,970‌

Toyota

Motor

Corp.

,

ADR

..........................

735,641‌

1,782,863‌

Banks

—

23

.3

%

68,000‌

Banco

Bilbao

Vizcaya

Argentaria

SA

..........

406,444‌

19,950‌

CIT

Group

Inc.

..........................................

1,024,233‌

94,500‌

Commerzbank

AG

†

...................................

719,658‌

365,800‌

Dah

Sing

Banking

Group

Ltd.

....................

312,435‌

196,000‌

Dah

Sing

Financial

Holdings

Ltd.

...............

593,212‌

29,200‌

ING

Groep

NV

..........................................

406,976‌

45,600‌

Japan

Post

Bank

Co.

Ltd.

..........................

418,221‌

22,500‌

Shinhan

Financial

Group

Co.

Ltd.

,

ADR

.....

695,475‌

28,000‌

Shinsei

Bank

Ltd.

.....................................

455,916‌

18,600‌

TrustCo

Bank

Corp.

NY

.............................

619,566‌

7,700‌

Webster

Financial

Corp.

............................

429,968‌

6,082,104‌

Consumer

Finance

—

5

.9

%

17,900‌

Ally

Financial

Inc.

.....................................

852,219‌

4,750‌

Capital

One

Financial

Corp.

.......................

689,177‌

1,541,396‌

Diversified

Banks

—

14

.9

%

237,500‌

Barclays

plc

..............................................

601,145‌

13,650‌

Citigroup

Inc.

...........................................

824,323‌

44,820‌

Credit

Agricole

SA

....................................

640,396‌

223,000‌

NatWest

Group

plc

...................................

681,257‌

11,410‌

Societe

Generale

SA

.................................

392,372‌

122,100‌

Standard

Chartered

plc

.............................

741,064‌

3,880,557‌

Homebuilders

—

5

.8

%

2,610‌

Cavco

Industries

Inc.

†

..............................

829,067‌

26,409‌

Legacy

Housing

Corp.

†

............................

699,046‌

1,528,113‌

Institutional

Brokerage

—

7

.4

%

17,900‌

Credit

Suisse

Group

AG

,

ADR

...................

172,556‌

110,000‌

Daiwa

Securities

Group

Inc.

......................

620,334‌

29,310‌

Jefferies

Financial

Group

Inc.

....................

1,137,228‌

1,930,118‌

Institutional

Trust,

Fiduciary,

and

Custody

—

7

.0

%

8,450‌

State

Street

Corp.

.....................................

785,850‌

18,050‌

The

Bank

of

New

York

Mellon

Corp.

..........

1,048,344‌

1,834,194‌

Insurance

—

9

.7

%

143,118‌

Aegon

NV

.................................................

715,795‌

987‌

E-L

Financial

Corp.

Ltd.

............................

711,117‌

7,479‌

HG

Holdings

Inc.

†

....................................

87,878‌

Shares

Market

Value

18,829‌

NN

Group

NV

...........................................

$

1,020,607‌

2,535,397‌

Investment

Management

—

10

.1

%

19,650‌

Franklin

Resources

Inc.

............................

658,079‌

25,100‌

Janus

Henderson

Group

plc

......................

1,052,694‌

54,229‌

Westwood

Holdings

Group

Inc.

.................

918,639‌

2,629,412‌

Reinsurance

—

3

.3

%

16,000‌

Axis

Capital

Holdings

Ltd.

.........................

871,520‌

TOTAL

COMMON

STOCKS

........................

24,615,674‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

—

5

.8

%

$

1,520,000‌

U.S.

Treasury

Bills,

0.029

%

to

0.060

%

††

,

01/04/22

to

04/28/22

............................

1,519,884‌

TOTAL

INVESTMENTS

—

100.0%

(Cost

$

20,358,485

)

...............................

$

26,135,558‌

†

Non-income

producing

security.

††

Represents

annualized

yields

at

dates

of

purchase.

ADR

American

Depositary

Receipt