1

The

Gabelli

Focused

Growth

and

Income

Fund

Schedule

of

Investments

—

December

31,

2021

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

81.4%

Automotive:

Parts

and

Accessories

 —

3.0%

7,750‌

Aptiv

plc†

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

$

1,278,362‌

Building

and

Construction

 —

2.9%

8,000‌

Herc

Holdings

Inc.

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

1,252,400‌

Cable

and

Satellite

 —

1.3%

9,000‌

Liberty

Media

Corp.

-

Liberty

Formula

One,

Cl. A†

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

534,060‌

Computer

Software

and

Services

 —

2.8%

415‌

Alphabet

Inc.,

Cl. C†

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

1,200,840‌

Consumer

Products

 —

1.1%

10,000‌

Terminix

Global

Holdings

Inc.†

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

452,300‌

Diversified

Industrial

 —

0.9%

775‌

Roper

Technologies

Inc.

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

381,192‌

Energy

and

Utilities

 —

19.8%

15,000‌

Atlantica

Sustainable

Infrastructure

plc

.....

536,400‌

135,000‌

Energy

Transfer

LP

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

1,111,050‌

100,000‌

Enterprise

Products

Partners

LP

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

2,196,000‌

105,000‌

Kinder

Morgan

Inc.

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

1,665,300‌

35,000‌

NextEra

Energy

Partners

LP

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

2,954,000‌

8,462,750‌

Entertainment

 —

2.6%

175,000‌

Sirius

XM

Holdings

Inc.

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

1,111,250‌

Financial

Services

 —

13.1%

39,000‌

Apollo

Global

Management

Inc.

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

2,824,770‌

12,500‌

Morgan

Stanley

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

1,227,000‌

100,000‌

New

York

Community

Bancorp

Inc.

...........

1,221,000‌

1,650‌

PayPal

Holdings

Inc.†

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

311,157‌

5,583,927‌

Food

and

Beverage

 —

8.6%

67,500‌

Maple

Leaf

Foods

Inc.

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

1,561,366‌

16,500‌

Mondelēz

International

Inc.,

Cl. A

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

1,094,115‌

9,000‌

Post

Holdings

Inc.†

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

1,014,570‌

3,670,051‌

Health

Care

 —

7.1%

14,000‌

AbbVie

Inc.

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

1,895,600‌

40,000‌

Option

Care

Health

Inc.†

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

1,137,600‌

3,033,200‌

Real

Estate

Investment

Trusts

 —

15.6%

50,000‌

Blackstone

Mortgage

Trust

Inc.,

Cl. A

........

1,531,000‌

8,000‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital

Inc.

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

424,960‌

30,000‌

Healthpeak

Properties

Inc.

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

1,082,700‌

88,000‌

MGM

Growth

Properties

LLC,

Cl. A

...........

3,594,800‌

6,633,460‌

Telecommunications

 —

2.6%

42,500‌

Lumen

Technologies

Inc.

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

533,375‌

Shares

Market

Value

5,000‌

T-Mobile

US

Inc.†

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

$

579,900‌

1,113,275‌

TOTAL

COMMON

STOCKS

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

34,707,067‌

PREFERRED

STOCKS

 —

15.9%

Diversified

Industrial

 —

3.7%

17,704‌

Babcock

&

Wilcox

Enterprises

Inc.,

8.125%,

02/28/26

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

465,615‌

45,000‌

Steel

Partners

Holdings

LP,

Ser.

A,

6.000%,

02/07/26

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

1,099,800‌

1,565,415‌

Energy

and

Utilities

 —

4.4%

75,000‌

Energy

Transfer

LP,

Ser.

D,

7.625%

...........

1,880,250‌

Financial

Services

 —

3.0%

39,113‌

Argo

Blockchain

plc,

Ser.

A,

8.750%,

11/30/26

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

973,914‌

13,500‌

Greenidge

Generation

Holdings

Inc.,

8.500%,

10/31/26

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

321,300‌

1,295,214‌

Health

Care

 —

0.7%

27,700‌

Ontrak

Inc.,

9.500%

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

291,681‌

Retail

 —

4.1%

17,000‌

Qurate

Retail

Inc.,

8.000%,

03/15/31

........

1,754,740‌

TOTAL

PREFERRED

STOCKS

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

6,787,300‌

MANDATORY

CONVERTIBLE

SECURITIES(a)

 —

1.5%

Entertainment

 —

1.5%

13,000‌

ViacomCBS

Inc.,

Ser.

A,

5.750%,

04/01/24

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

652,860‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

1.2%

$

515,000‌

U.S.

Treasury

Bills,

0.035%

to

0.060%††,

02/10/22

to

03/24/22

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

514,960‌

TOTAL

INVESTMENTS

—

100.0%

(Cost

$27,746,879)

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

$

42,662,187‌

†

Non-income

producing

security.

(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.

††

Represents

annualized

yields

at

dates

of

purchase.