1

The

Gabelli

Global

Financial

Services

Fund

Schedule

of

Investments

—

December

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

99.4%

Automobiles

 —

8.0%

23,199‌

Daimler

Truck

Holding

AG†

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

$

718,802‌

8,300‌

Mercedes-Benz

Group

AG

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

545,522‌

5,310‌

Toyota

Motor

Corp.,

ADR

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

725,240‌

1,989,564‌

Banks

 —

25.4%

82,500‌

Banco

Bilbao

Vizcaya

Argentaria

SA

..........

497,550‌

83,000‌

Commerzbank

AG†

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

785,055‌

420,400‌

Dah

Sing

Banking

Group

Ltd.

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

301,615‌

221,300‌

Dah

Sing

Financial

Holdings

Ltd.

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

512,604‌

1,296‌

First

Citizens

BancShares

Inc.,

Cl. A

..........

982,835‌

19,364‌

Flushing

Financial

Corp.

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

375,274‌

34,000‌

ING

Groep

NV

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

414,470‌

58,900‌

Japan

Post

Bank

Co.

Ltd.

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

506,242‌

14,370‌

Shinhan

Financial

Group

Co.

Ltd.,

ADR

.....

401,354‌

31,397‌

TrustCo

Bank

Corp.

NY

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

1,180,213‌

7,950‌

Webster

Financial

Corp.

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

376,353‌

6,333,565‌

Consumer

Finance

 —

5.5%

17,580‌

Ally

Financial

Inc.

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

429,831‌

10,190‌

Capital

One

Financial

Corp.

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

947,262‌

1,377,093‌

Diversified

Banks

 —

15.4%

119,000‌

Barclays

plc

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

228,055‌

19,400‌

Citigroup

Inc.

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

877,462‌

51,420‌

Credit

Agricole

SA

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

541,123‌

12,086‌

Hana

Financial

Group

Inc.

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

401,911‌

176,285‌

NatWest

Group

plc

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

565,194‌

11,010‌

Societe

Generale

SA

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

276,727‌

88,100‌

Standard

Chartered

plc

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

662,909‌

20,700‌

UniCredit

SpA

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

294,085‌

3,847,466‌

Homebuilders

 —

7.2%

4,930‌

Cavco

Industries

Inc.†

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

1,115,413‌

35,413‌

Legacy

Housing

Corp.†

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

671,430‌

1,786,843‌

Institutional

Banking

 —

1.6%

10,300‌

Moelis

&

Co.,

Cl. A

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

395,211‌

Institutional

Brokerage

 —

6.1%

140,000‌

Daiwa

Securities

Group

Inc.

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

621,914‌

26,110‌

Jefferies

Financial

Group

Inc.

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

895,051‌

1,516,965‌

Institutional

Trust,

Fiduciary,

and

Custody

 —

6.4%

8,980‌

State

Street

Corp.

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

696,579‌

19,950‌

The

Bank

of

New

York

Mellon

Corp.

..........

908,124‌

1,604,703‌

Insurance

 —

12.7%

139,118‌

Aegon

NV

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

705,578‌

Shares

Market

Value

1,057‌

E-L

Financial

Corp.

Ltd.

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

$

695,559‌

12,350‌

First

American

Financial

Corp.

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

646,399‌

48,629‌

HG

Holdings

Inc.†

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

340,403‌

18,879‌

NN

Group

NV

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

771,176‌

3,159,115‌

Investment

Management

 —

7.3%

2,820‌

Diamond

Hill

Investment

Group

Inc.

..........

521,757‌

7,200‌

Franklin

Resources

Inc.

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

189,936‌

221,600‌

The

Westaim

Corp.†

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

430,434‌

59,797‌

Westwood

Holdings

Group

Inc.

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

665,762‌

1,807,889‌

Reinsurance

 —

3.8%

17,700‌

Axis

Capital

Holdings

Ltd.

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

958,809‌

TOTAL

COMMON

STOCKS

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

24,777,223‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

0.6%

$

145,000‌

U.S.

Treasury

Bill,

4.193%††,

03/09/23

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

143,890‌

TOTAL

INVESTMENTS

—

100.0%

(Cost

$22,856,085)

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

$

24,921,113‌

†

Non-income

producing

security.

††

Represents

annualized

yield

at

date

of

purchase.

ADR

American

Depositary

Receipt