ThZeal - The Zeal

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

For the six months ended June 30, 2020, the net asset value (NAV) per Class AAA Share of The Gabelli Utilities Fund decreased 14.0% compared with a decrease of 11.1% for the Standard & Poor’s (S&P) 500 Utilities Index (SPU). Other classes of shares are available. See page 2 for performance information for all classes of shares.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2020.


Average Annual Returns through June 30, 2020 (a) (Unaudited)						Since Inception (8/31/99)
	Six Months	1 Year	5 Year	10 Year	15 Year	Since Inception (8/31/99)
Class AAA (GABUX)	(14.01)%	(10.22)%	4.35%	7.22%	5.90%	6.81%
S&P 500 Utilities Index	(11.14)	(2.11)	10.17	11.31	7.96	6.81
S&P 500 Index	(3.08)	7.51	10.73	13.99	8.83	6.21
Lipper Utility Fund Average	(12.60)	(6.09)	6.25	9.85	7.47	6.31
Class A (GAUAX)	(14.08)	(10.37)	4.33	7.21	5.91	6.81
With sales charge (b)	(19.02)	(15.52)	3.10	6.58	5.49	6.51
Class C (GAUCX)	(14.29)	(10.93)	3.57	6.43	5.11	6.14
With contingent deferred sales charge (c)	(15.15)	(11.82)	3.57	6.43	5.11	6.14
Class I (GAUIX)	(13.95)	(10.09)	4.59	7.47	6.11	6.96

In the current prospectuses dated April 29, 2020, the gross expense ratios for Class AAA, A, C and I Shares are 1.37%, 1.37%, 2.12% and 1.12% respectively. See page 11 for the expense ratios for the six months ended June 30, 2020. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Returns would have been lower had Gabelli Funds, LLC, the Adviser, not reimbursed certain expenses of the Fund for periods prior to December 31, 2002. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. The value of utility stocks generally changes as long term interest rates change. Funds investing in a single sector, such as utilities, may be subject to more volatility than funds that invest more broadly. The utilities industry can be significantly affected by government regulation, financing difficulties, supply or demand of services or fuel, and natural resources conservation. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C Shares on December 31, 2002, and Class I Shares on January 11, 2008. The actual performance of the Class A Shares, and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The S&P 500 Utilities Index is an unmanaged market capitalization weighted index of large capitalization stocks that may include facilities generation and transmission or distribution of electricity, gas, or water. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. The Lipper Utility Fund Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)

Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return: This section provides information about hypothetical account values and

hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.


	Beginning Account Value 01/01/20	Ending Account Value 06/30/20	Annualized Expense Ratio	Expenses Paid During Period*
*The Gabelli Utilities Fund*
Actual Fund Return
Class AAA	$1,000.00	$ 859.90	1.38%	$ 6.38
Class A	$1,000.00	$ 859.20	1.38%	$ 6.38
Class C	$1,000.00	$ 857.10	2.13%	$ 9.84
Class I	$1,000.00	$ 860.50	1.13%	$ 5.23
Hypothetical 5% Return
Class AAA	$1,000.00	$1,018.00	1.38%	$ 6.92
Class A	$1,000.00	$1,018.00	1.38%	$ 6.92
Class C	$1,000.00	$1,014.27	2.13%	$10.67
Class I	$1,000.00	$1,019.24	1.13%	$ 5.67

*	Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (182 days), then divided by 366.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2020:

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.


Shares			Cost		Market Value
		COMMON STOCKS — 98.1%
		ENERGY AND UTILITIES — 77.9%
		Alternative Energy — 0.8%
	370,000	Algonquin Power & Utilities Corp.	$	2,068,158	$	4,783,073
	2,000	Landis+Gyr Group AG†		136,018		129,400
	98,063	NextEra Energy Partners LP		3,164,146		5,028,671
	70,000	Ormat Technologies Inc.		1,795,788		4,444,300
	11,000	Siemens Gamesa Renewable Energy SA†		176,171		195,016
	55,000	TerraForm Power Inc., Cl. A		984,113		1,014,200

				8,324,394		15,594,660


		Diversified Industrial — 0.6%
	12,000	AECOM†		459,535		450,960
	54,000	AZZ Inc.		2,146,938		1,853,280
	86,000	ITT Inc.		1,729,512		5,051,640
	415,975	Mueller Water Products Inc., Cl. A		2,515,030		3,922,644
	24,000	Park-Ohio Holdings Corp.		476,161		398,160

				7,327,176		11,676,684


		Electric Integrated — 51.0%
	299,000	ALLETE Inc.		10,727,160		16,328,390
	177,000	Alliant Energy Corp.		3,221,377		8,467,680
	548,000	Ameren Corp.		16,110,592		38,557,280
	685,500	American Electric Power Co. Inc.		27,561,939		54,593,220
	7,000	Atlantic Power Corp.†		39,201		14,128
	192,000	Avangrid Inc.		7,335,336		8,060,160
	236,000	Avista Corp.		5,443,394		8,588,040
	444,000	Black Hills Corp.		11,586,833		25,157,040
	64,000	CMS Energy Corp.		651,027		3,738,880
	458,495	Dominion Energy Inc.		25,100,300		37,220,624
	17,000	DTE Energy Co.		1,560,671		1,827,500
	288,000	Duke Energy Corp.		15,611,307		23,008,320
	450,000	Edison International		15,582,286		24,439,500
	643,000	El Paso Electric Co.		12,659,725		43,081,000
	9,400	Entergy Corp.		1,021,300		881,814
	1,149,200	Evergy Inc.		29,503,077		68,136,068
	792,000	Eversource Energy		18,476,067		65,949,840
	345,000	Exelon Corp.		10,862,157		12,520,050
	377,000	FirstEnergy Corp.		10,936,638		14,620,060
	190,000	Fortis Inc.		5,922,733		7,225,766
	914,000	Hawaiian Electric Industries Inc.		21,795,274		32,958,840
	42,500	IDACORP Inc.		1,757,113		3,713,225
	305,500	MGE Energy Inc.		9,282,316		19,707,805
	586,700	NextEra Energy Inc.		35,567,496		140,907,739
	265,000	NiSource Inc.		2,465,164		6,026,100
	428,000	NorthWestern Corp.		11,549,346		23,334,560
	785,000	OGE Energy Corp.		13,193,046		23,832,600
	672,000	Otter Tail Corp.		15,911,022		26,066,880


Shares			Cost		Market Value
	245,000	PG&E Corp.†	$	2,333,277	$	2,173,150
	320,000	Pinnacle West Capital Corp.		13,092,833		23,452,800
	1,644,819	PNM Resources Inc.		21,671,804		63,226,842
	6,500	Portland General Electric Co.		302,004		271,765
	572,000	PPL Corp.		17,657,112		14,780,480
	187,000	Public Service Enterprise Group Inc.		5,389,427		9,192,920
	430,000	The Southern Co.		15,474,375		22,295,500
	51,125	Unitil Corp.		1,483,755		2,291,423
	596,000	WEC Energy Group Inc.		16,225,974		52,239,400
	420,000	Xcel Energy Inc.		13,395,703		26,250,000

				448,460,161		955,137,389


		Electric Transmission and Distribution — 0.6%
	67,000	Consolidated Edison Inc.		2,745,224		4,819,310
	360,000	Red Electrica Corp. SA		4,191,840		6,716,026
	3,400	Uniper SE		38,231		109,631

				6,975,295		11,644,967


		Environmental Services — 0.2%
	54,000	Covanta Holding Corp.		759,796		517,860
	7,500	Pentair plc		301,705		284,925
	4,500	Tetra Tech Inc.		388,709		356,040
	80,000	Veolia Environnement SA		1,097,512		1,799,389

				2,547,722		2,958,214


		Global Utilities — 2.2%
	10,000	AES Tiete Energia SA		33,382		28,723
	40,000	Chubu Electric Power Co. Inc.		671,887		500,857
	20,000	E.ON SE		253,426		225,036
	5,000	EDP - Energias de Portugal SA, ADR		134,159		240,760
	200,000	Electric Power Development Co. Ltd.		4,991,198		3,787,914
	20,800	Electricite de France SA		308,177		191,857
	205,000	Emera Inc.		5,416,204		8,066,514
	35,000	Enagas SA		916,226		855,260
	100,000	Endesa SA		2,186,478		2,463,823
	270,000	Enel SpA		1,409,853		2,329,072
	75,000	Equinor ASA		1,693,070		1,064,388
	560,000	Hera SpA		1,228,234		2,105,159
	52,000	Hokkaido Electric Power Co. Inc.		716,748		199,379
	36,000	Hokuriku Electric Power Co.		506,012		229,386
	180,000	Huaneng Power International Inc., ADR		4,762,737		2,718,000
	50,000	Iberdrola SA, ADR		1,539,385		2,322,000
	450,000	Iberdrola SA, Aquis		3,823,803		5,217,508
	400,000	Korea Electric Power Corp., ADR†		5,248,475		3,192,000
	95,000	Kyushu Electric Power Co. Inc.		1,189,236		796,249


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		ENERGY AND UTILITIES (Continued)
		Global Utilities (Continued)
	32,000	Shikoku Electric Power Co. Inc.	$	578,871	$	235,610
	2,000	Snam SpA		8,967		9,738
	24,000	The Chugoku Electric Power Co. Inc.		430,478		320,296
	305,000	The Kansai Electric Power Co. Inc.		4,106,512		2,951,841
	55,000	The Tokyo Electric Power Co. Holdings Inc.†		208,402		168,604
	150,000	Tohoku Electric Power Co. Inc.		2,251,335		1,425,330

				44,613,255		41,645,304


		Merchant Energy — 2.6%
	120,000	NRG Energy Inc.		2,690,201		3,907,200
	3,130,000	The AES Corp.		32,578,524		45,353,700

				35,268,725		49,260,900


		Natural Gas Integrated — 6.5%
	6,000	Apache Corp.		134,998		81,000
	25,000	Atlas Energy Group LLC†		58,278		105
	43,000	Devon Energy Corp.		1,427,903		487,620
	630,000	Energy Transfer LP		290,108		4,485,600
	133,000	Hess Corp.		7,510,086		6,890,730
	285,000	Kinder Morgan Inc.		6,126,047		4,323,450
	1,843,000	National Fuel Gas Co.		87,721,099		77,276,990
	516,000	ONEOK Inc.		3,817,966		17,141,520
	364,000	UGI Corp.		7,730,094		11,575,200

				114,816,579		122,262,215


		Natural Gas Utilities — 7.2%
	80,000	Atmos Energy Corp.		2,188,623		7,966,400
	92,000	CenterPoint Energy Inc.		1,764,123		1,717,640
	43,500	Chesapeake Utilities Corp.		786,141		3,654,000
	4,000	CONSOL Energy Inc.†		23,956		20,280
	388,800	Corning Natural Gas Holding Corp.(a)		3,685,398		6,570,720
	100,000	Gulf Coast Ultra Deep Royalty Trust		8,000		1,800
	25,000	Italgas SpA		150,554		145,212
	125,000	National Grid plc		1,742,338		1,532,142
	40,000	National Grid plc, ADR		2,408,508		2,429,600
	14,000	New Jersey Resources Corp.		328,068		457,100
	433,000	Northwest Natural Holding Co.		19,281,898		24,157,070
	143,000	ONE Gas Inc.		1,132,190		11,018,150
	74,000	RGC Resources Inc.		932,476		1,788,580
	140,000	South Jersey Industries Inc.		1,982,945		3,498,600
	902,000	Southwest Gas Holdings Inc.		32,752,574		62,283,100


Shares			Cost		Market Value
	117,000	Spire Inc.	$	3,693,861	$	7,688,070

				72,861,653		134,928,464


		Natural Resources — 1.5%
	23,000	Alliance Resource Partners LP		61,654		74,980
	138,000	BP plc, ADR		5,436,594		3,218,160
	30,000	California Resources Corp.†		102,870		36,600
	367,000	Cameco Corp.		3,975,089		3,761,750
	40,000	CNX Resources Corp.†		368,028		346,000
	15,084	Diamondback Energy Inc.		297,913		630,813
	710,000	Mueller Industries Inc.		15,410,694		18,871,800

				25,652,842		26,940,103


		Services — 1.0%
	570,000	Enbridge Inc.		12,541,788		17,339,400
	20,000	Halliburton Co.		393,600		259,600
	34,000	MDU Resources Group Inc.		738,008		754,120

				13,673,396		18,353,120


		Water — 3.7%
	8,000	American States Water Co.		110,252		629,040
	112,000	American Water Works Co. Inc.		2,495,294		14,409,920
	5,000	California Water Service Group		90,622		238,500
	16,000	Consolidated Water Co. Ltd.		193,044		230,880
	520,000	Essential Utilities Inc.		8,903,278		21,964,800
	21,000	Middlesex Water Co.		415,304		1,410,780
	530,000	Severn Trent plc		13,511,382		16,280,110
	147,000	SJW Group		3,525,787		9,130,170
	87,000	The York Water Co.		1,205,281		4,172,520
	50,000	United Utilities Group plc, ADR		1,339,663		1,130,500

				31,789,907		69,597,220


		TOTAL ENERGY AND UTILITIES		812,311,105		1,459,999,240


		COMMUNICATIONS — 15.0%
		Business Services — 0.1%
	1,548,800	Clear Channel Outdoor Holdings Inc.†		4,244,776		1,610,752


		Cable and Satellite — 4.1%
	34,500	Charter Communications Inc., Cl. A†		2,711,754		17,596,380
	27,000	Cogeco Communications Inc.		792,860		1,945,249
	72,000	Cogeco Inc.		1,706,940		4,296,877
	37,000	Comcast Corp., Cl. A		371,664		1,442,260
	513,000	DISH Network Corp., Cl. A†		14,337,166		17,703,630
	304,000	EchoStar Corp., Cl. A†		8,129,079		8,499,840
	344,366	Liberty Global plc, Cl. A†		5,402,825		7,527,841
	588,000	Liberty Global plc, Cl. C†		10,076,430		12,647,880


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		COMMUNICATIONS (Continued)
		Cable and Satellite (Continued)
	81,000	Liberty Latin America Ltd., Cl. A†	$	1,577,071	$	787,320
	70,000	Liberty Latin America Ltd., Cl. C†		1,274,890		660,800
	85,000	Rogers Communications Inc., Cl. B		2,226,359		3,416,150
	12,000	Shaw Communications Inc., Cl. B		148,195		196,320
	38,000	Tokyo Broadcasting System Holdings Inc.		500,062		605,677

				49,255,295		77,326,224


		Telecommunications — 8.5%
	10,000	AT&T Inc.		342,200		302,300
	552,000	BCE Inc.		15,437,273		23,057,040
	760,000	CenturyLink Inc.		13,997,649		7,622,800
	410,000	Cincinnati Bell Inc.†		5,759,771		6,088,500
	70,000	Deutsche Telekom AG		1,016,751		1,175,344
	550,000	Deutsche Telekom AG, ADR		6,890,061		9,223,500
	1,440,000	Koninklijke KPN NV		4,192,069		3,818,084
	10,000	Koninklijke KPN NV, ADR		44,711		26,640
	142,000	Loral Space & Communi-cations Inc.		5,045,986		2,771,840
	576,000	Nippon Telegraph & Telephone Corp.		7,107,705		13,419,106
	5,000	Orange Belgium SA		79,620		81,453
	330,000	Orascom Investment Holding, GDR†		534,301		31,350
	60,000	Pharol SGPS SA†		28,418		6,943
	220,000	Pharol SGPS SA, ADR†		170,937		30,360
	25,000	PLDT Inc., ADR		973,937		610,250
	105,000	Proximus SA		3,069,618		2,139,920
	2,000	PT Indosat Tbk†		1,061		329
	2,250,000	Singapore Telecommuni-cations Ltd.		5,568,813		3,971,728
	125,060	Sistema PJSC FC, GDR		494,646		592,784
	121,000	Swisscom AG, ADR		4,440,719		6,356,130
	10,000	Tele2 AB, Cl. B		158,627		132,590
	125,000	Telecom Italia SpA, ADR		1,254,213		491,250
	208,000	Telefonica Brasil SA, ADR		3,551,611		1,842,880
	130,000	Telefonica Deutschland Holding AG		492,246		383,685
	470,000	Telefonica SA, ADR		7,172,636		2,265,400
	1,000,000	Telekom Austria AG†		7,767,364		6,909,491
	335,000	Telenet Group Holding NV		15,105,771		13,790,221
	538,000	Telephone and Data Systems Inc.		14,489,302		10,695,440
	60,000	Telesites SAB de CV†		45,551		37,982
	5,000	TELUS Corp.		79,885		83,861
	1,200,000	VEON Ltd., ADR		3,640,534		2,160,000


Shares			Cost		Market Value
	715,000	Verizon Communications Inc.	$	22,935,173	$	39,417,950

				151,889,159		159,537,151


		Wireless Communications — 2.3%
	51,000	America Movil SAB de CV, Cl. L, ADR		700,556		647,190
	72,000	China Mobile Ltd., ADR		2,893,050		2,422,080
	64,000	China Unicom Hong Kong Ltd., ADR		682,894		348,800
	200	Hutchison Telecommuni- cations Hong Kong Holdings Ltd.		19		32
	55,000	Millicom International Cellular SA		2,957,520		1,438,250
	190,000	Millicom International Cellular SA, SDR		12,001,806		4,971,132
	6,000	Mobile TeleSystems PJSC, ADR		74,643		55,140
	458,000	NTT DOCOMO Inc.		7,162,224		12,224,645
	135,000	SK Telecom Co. Ltd., ADR		2,383,798		2,608,200
	400	SmarTone Telecommuni- cations Holdings Ltd.		207		214
	37,000	TIM Participacoes SA, ADR		706,873		478,780
	340,000	Turkcell Iletisim Hizmetleri A/S, ADR		3,332,789		1,958,400
	348,000	United States Cellular Corp.†		15,113,686		10,742,760
	350,000	Vodafone Group plc, ADR		9,559,075		5,579,000

				57,569,140		43,474,623


		TOTAL COMMUNICATIONS		262,958,370		281,948,750


		OTHER — 5.2%
		Aerospace — 0.3%
	1,300,000	Rolls-Royce Holdings plc		9,294,671		4,597,294


		Building and Construction — 0.3%
	12,000	Acciona SA		1,140,701		1,174,951
	153,000	Johnson Controls International plc		4,094,483		5,223,420

				5,235,184		6,398,371


		Business Services — 0.2%
	100,000	Macquarie Infrastructure Corp.		2,659,487		3,069,000
	17,500	Vectrus Inc.†		316,783		859,775

				2,976,270		3,928,775


		Consumer Products — 0.0%
	8,000	Essity AB, Cl. A†		103,353		253,268


		Diversified Industrial — 0.1%
	1,000	Alstom SA		31,457		46,524
	43,000	Bouygues SA†		1,493,995		1,469,115
	5,000	Donaldson Co. Inc.		189,060		232,600


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		OTHER (Continued)
		Diversified Industrial (Continued)
	142,000	Twin Disc Inc.†	$	2,354,369	$	786,680

				4,068,881		2,534,919


		Electronics — 1.0%
	50,000	Corning Inc.		557,990		1,295,000
	11,000	Keysight Technologies Inc.†		1,010,325		1,108,580
	300	Roper Technologies Inc.		75,135		116,478
	226,000	Sony Corp., ADR		3,718,414		15,623,380

				5,361,864		18,143,438


		Entertainment — 0.1%
	463,000	Grupo Televisa SAB, ADR†		9,124,087		2,426,120


		Financial Services — 0.2%
	150,000	Kinnevik AB, Cl. A		3,036,624		3,927,797


		Health Care — 0.0%
	12,000	Tsumura & Co.		261,956		313,406



		Machinery — 1.8%
	104,000	Astec Industries Inc.		3,703,031		4,816,240
	71,000	Flowserve Corp.		2,546,520		2,024,920
	77,000	The Gorman-Rupp Co.		1,768,138		2,393,160
	365,000	Xylem Inc.		9,544,036		23,710,400

				17,561,725		32,944,720


		Metals and Mining — 0.2%
	110,000	Freeport-McMoRan Inc.		1,185,905		1,272,700
	19,000	Haynes International Inc.		804,516		443,840
	17,000	Vulcan Materials Co.		797,880		1,969,450

				2,788,301		3,685,990


		Transportation — 1.0%
	306,600	GATX Corp.		8,855,907		18,696,468


		TOTAL OTHER		68,668,823		97,850,566


		TOTAL COMMON STOCKS		1,143,938,298		1,839,798,556


		CLOSED-END FUNDS — 0.0%
	40,000	Altaba Inc., Escrow†		755,872		860,000


		CONVERTIBLE PREFERRED STOCKS — 0.1%
		COMMUNICATIONS — 0.1%
		Telecommunications — 0.1%
	20,750	Cincinnati Bell Inc., 6.750%, Ser. B		556,460		990,813


Shares			Cost		Market Value
		MANDATORY CONVERTIBLE SECURITIES (b) — 0.1%
		Energy and Utilities — 0.1%
		Natural Gas Utilities — 0.1%
	54,000	Corning Natural Gas Holding Corp., 4.800%, Ser. B, 09/30/26(a)	$	1,120,500	$	972,000


		WARRANTS — 0.0%
		COMMUNICATIONS — 0.0%
		Telecommunications — 0.0%
	80,000	Bharti Airtel Ltd., expire 12/02/20†(c)		438,064		592,800


Principal Amount

		CORPORATE BONDS — 0.1%
		Energy and Utilities — 0.1%
		Natural Resources — 0.1%
	$1,200,000	Mueller Industries Inc., 6.000%, 03/01/27		1,200,000		1,177,272

		U.S. GOVERNMENT OBLIGATIONS — 1.5%
	27,695,000	U.S. Treasury Bills, 0.095% to 1.547%††, 07/16/20 to 09/24/20		27,681,537		27,691,741

		TOTAL INVESTMENTS — 99.9%	$	1,175,690,731		1,872,083,182


		Other Assets and Liabilities (Net) — 0.1%				2,514,452


		NET ASSETS — 100.0%			$	1,874,597,634

(a)	Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares.

(b)	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.

(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.

†	Non-income producing security.

††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

SDR	Swedish Depositary Receipt


Statement of Assets and Liabilities
June 30, 2020 (Unaudited)

Assets:
Investments, at value (cost $1,170,884,833)	$1,864,540,462
Investments in affiliates, at value (cost $4,805,898)	7,542,720
Cash	360,442
Receivable for Fund shares sold	2,716,143
Dividends and interest receivable	4,169,062
Prepaid expenses	92,872

Total Assets	1,879,421,701

Liabilities:
Foreign currency payable to custodian, at value (cost $1)	1
Payable for Fund shares redeemed	1,865,889
Payable for investment advisory fees	1,584,476
Payable for distribution fees	631,236
Payable for accounting fees	11,250
Payable for shareholder services fees	358,903
Payable for shareholder communications expenses	259,112
Other accrued expenses	113,200

Total Liabilities	4,824,067

Net Assets (applicable to 296,719,902 shares outstanding)	$1,874,597,634

Net Assets Consist of:
Paid-in capital	$1,192,685,994
Total distributable earnings	681,911,640

Net Assets	$1,874,597,634


Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:

Class AAA:
Net Asset Value, offering, and redemption price per share ($256,175,201 ÷ 35,695,825 shares outstanding)	$7.18

Class A:
Net Asset Value and redemption price per share ($850,251,289 ÷ 116,115,195 shares outstanding)	$7.32
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$7.77

Class C:
Net Asset Value and offering price per share ($467,799,678 ÷ 105,660,329 shares outstanding)	$4.43	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($300,371,466 ÷ 39,248,553 shares outstanding)	$7.65

(a)	Redemption price varies based on the length of time held.


Statement of Operations
For the Six Months Ended June 30, 2020 (Unaudited)

Investment Income:
Dividends - Unaffiliated (net of foreign withholding taxes of $823,454)		$ 29,029,571
Dividends - Affiliated		145,584
Interest		364,301

Total Income		29,539,456

Expenses:
Investment advisory fees		10,197,640
Distribution fees - Class AAA		350,877
Distribution fees - Class A		1,125,588
Distribution fees - Class C		2,654,929
Shareholder services fees		816,641
Shareholder communications expenses		160,372
Custodian fees		104,383
Trustees’ fees		67,087
Registration expenses		55,050
Legal and audit fees		25,381
Accounting fees		22,500
Interest expense		43
Miscellaneous expenses		54,971

Total Expenses		15,635,462

Less:
Expenses paid indirectly by broker (See Note 6)		(10,674	)

Net Expenses		15,624,788

Net Investment Income		13,914,668

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(3,993,384	)
Net realized gain on foreign currency transactions		23,505

Net realized loss on investments and foreign currency transactions		(3,969,879	)

Net change in unrealized appreciation/depreciation:
on investments		(334,707,279	)
on foreign currency translations		(18,771	)

Net change in unrealized appreciation/depreciation on investments and foreign currency translations.		(334,726,050	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(338,695,929	)

Net Decrease in Net Assets Resulting from Operations	$	(324,781,261	)

Selected data for a share of beneficial interest outstanding throughout each period:

1. Organization. The Gabelli Utilities Fund was organized on May 18, 1999 as a Delaware statutory trust and commenced operations on August 31, 1999. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund’s primary objective is to provide a high level of total return through a combination of capital appreciation and current income.

The Fund invests a high percentage of its assets in the utilities sector. As a result, the Fund may be more susceptible to economic, political, and regulatory developments, positive or negative, and may experience increased volatility to the Fund’s NAV and a magnified effect in its total return.

2. Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2020 is as follows:

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional

investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At June 30, 2020, the Fund held no restricted securities.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

Determination of Net Asset Value and Calculation of Expenses. Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions made in excess of current earnings and profits on a tax basis are treated as a non-taxable return of capital. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2019 was as follows:

Since January 2000, the Fund has had a fixed distribution policy. Under the policy, the Fund declares and pays monthly distributions from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the year. Pursuant to this policy, distributions during the year may be made in excess of required distributions. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board continues to evaluate the

distribution policy in light of ongoing economic and market conditions and may change the amount of the monthly distributions in the future.

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2020:

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2020, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2020, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio, oversees the administration of all aspects of the Fund’s business and affairs, and pays the compensation of all Officers and Trustees of the Fund who are affiliated persons of the Adviser.

The Fund pays each Trustee who is not considered an affiliated person an annual retainer of $18,000 plus $2,000 for each Board meeting attended and they are reimbursed for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Trustee each receives an annual fee of $2,000. A Trustee may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

4. Distribution Plan. The Fund’s Board has adopted a distribution plan (the Plan) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2020, other than short term securities and U.S. Government obligations, aggregated $29,511,733 and $53,722,110, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2020, the Fund paid $16,877 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally the Distributor retained a total of $620,418 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended June 30, 2020, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $10,674.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2020, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires March 3, 2021 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the overnight Federal Funds rate plus 125 basis points or the 30 day ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended June 30, 2020, there were no borrowings under the line of credit.

8. Shares of Beneficial Interest. The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA Shares and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge or one year after purchase.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2020 and the year ended December 31, 2019, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

9. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which the Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Fund’s transactions in the securities of these issuers during the six months ended June 30, 2020 is set forth below:

10. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

11. Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

At its meeting on February 11, 2020, the Board of Trustees (Board) of the Fund approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the trustees who are not “interested persons” of the Fund (the Independent Board Members). The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services. The Independent Board Members considered information regarding the portfolio manager, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of supervisory, administrative, shareholder, and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio manager.

Investment Performance. The Independent Board Members reviewed the short, medium, and long term performance (as of December 31, 2019) of the Fund against a peer group of five other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of all retail and institutional utility funds, regardless of asset size or primary channel of distribution, as represented by the Lipper Utility Fund Index. The Independent Board Members noted that the Fund’s performance was in the fourth quartile for the one year, three year, and five year periods, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was within the fifth quintile for the one year and three year periods and in the fourth quintile for the five year period.

Profitability. The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without a charge. The Independent Board Members also noted that a substantial portion of the Fund’s portfolio transactions were executed by an affiliated broker, that the affiliated broker received distribution fees and minor amounts of sales commissions, and that the Adviser received a moderate amount of soft dollar benefits through the Fund’s portfolio brokerage

Economies of Scale. The Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale.

Sharing of Economies of Scale. The Independent Board Members noted that the investment advisory fee schedule for the Fund does not take into account any potential economies of scale that may develop or any historical losses or diminished profitability of the Fund to the Adviser.

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment advisory fee, other expenses, and total expenses of the Fund to similar expense ratios of the six other utility funds in the Adviser Peer Group, and a peer group selected by Broadridge and noted that the advisory fee includes substantially all administrative services for the Fund as well as the investment advisory services of the Adviser. The Independent Board Members noted that the Fund’s expense ratios were roughly average within the Adviser Peer Group and above average within the peer group of funds selected by Broadridge and the Fund’s size was below average within these groups. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee to the fee for other types of accounts managed by affiliates of the Adviser.

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services, and an adequate performance record. The Independent Board Members also concluded that the Fund’s expense ratios and profitability to the Adviser of managing the Fund were reasonable and that economies of scale were not a significant factor in their thinking at this time. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment advisory agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement. The Board Members based its decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

Timothy M. Winter, CFA, joined Gabelli in 2009 and covers the utility industry. He has over 25 years of experience as an equity research analyst covering the industry. Currently, he continues to specialize in the utility industry and also serves as a portfolio manager of Gabelli Funds, LLC. Mr. Winter received his BA in Economics in 1991 from Rollins College and MBA in Finance from Notre Dame in 1992.

Jose Garza began his career at GAMCO Investors, Inc. in 2007 as a member of the Utilities research team. Mr. Garza rejoined GAMCO Investors, Inc. in July 2013 after graduate school as research analyst covering Water and Industrial Gas companies. Mr. Garza graduated from Yale University with a dual BA in Economics and Biology, and holds an MBA degree from Columbia Business School, where he participated in the school’s Value Investing Program.

THE GABELLI UTILITIES FUND

One Corporate Center

Rye, New York 10580-1422

t 800-GABELLI (800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.COM

Net Asset Value per share available daily

by calling 800-GABELLI after 7:00 P.M.

BOARD OF TRUSTEES

OFFICERS

Mario J. Gabelli, CFA

Chairman and Chief

Executive Officer,

GAMCO Investors, Inc.

Executive Chairman,

Associated Capital Group, Inc.

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

Vincent D. Enright

Former Senior Vice President and

Chief Financial Officer,

KeySpan Corp.

Mary E. Hauck

Former Senior

Portfolio Manager,

Gabelli-O’Connor Fixed

Income Mutual Fund

Management Co.

Kuni Nakamura

President,

Advanced Polymer, Inc.

Werner J. Roeder

Former Medical Director,

Lawrence Hospital

Bruce N. Alpert

President

John C. Ball

Treasurer

Andrea R. Mango

Secretary

Richard J. Walz

Chief Compliance Officer

DISTRIBUTOR

G.distributors, LLC

CUSTODIAN

State Street Bank and Trust

Company

TRANSFER AGENT AND DIVIDEND DISBURSING AGENT

DST Asset Manager

Solutions, Inc.

LEGAL COUNSEL

Skadden, Arps, Slate, Meagher & Flom LLP

This report is submitted for the general information of the shareholders of The Gabelli Utilities Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB470Q220SR

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


	Six Months Ended
	June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Operations:
Net investment income	$	13,914,668		$	28,920,098
Net realized gain/(loss) on investments and foreign currency transactions		(3,969,879	)		14,954,401
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(334,726,050	)		311,336,032

Net Increase/(Decrease) in Net Assets Resulting from Operations		(324,781,261	)		355,210,531

Distributions to Shareholders:
Accumulated earnings
Class AAA		(1,208,305	)*		(6,018,337	)
Class A		(3,834,844	)*		(16,355,913	)
Class C		(3,622,307	)*		(14,942,375	)
Class I		(1,332,301	)*		(6,919,501	)

		(9,997,757	)		(44,236,126	)


Return of capital
Class AAA		(14,428,579	)*		(24,209,995	)
Class A		(45,792,555	)*		(66,039,983	)
Class C		(43,254,613	)*		(80,353,354	)
Class I		(15,909,237	)*		(23,860,975	)

		(119,384,984	)		(194,464,307	)

Total Distributions to Shareholders		(129,382,741	)		(238,700,433	)


Shares of Beneficial Interest Transactions:
Class AAA		(2,996,946	)		8,780,084
Class A		51,580,661			208,448,203
Class C		(13,426,669	)		(38,364,253	)
Class I		3,522,551			54,900,088

Net Increase in Net Assets from Shares of Beneficial Interest Transactions		38,679,597			233,764,122


Redemption Fees		1,859			12,047

Net Increase/(Decrease) in Net Assets.		(415,482,546	)		350,286,267
Net Assets:
Beginning of year		2,290,080,180			1,939,793,913

End of period	$	1,874,597,634		$	2,290,080,180


				Income (Loss) from Investment Operations											Distributions																									Ratios to Average Net Assets/ Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year			Net Investment Income(a)			Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations				Net Investment Income				Net Realized Gain on Investments				Return of Capital				Total Distributions				Redemption Fees(a)(b)			Net Asset Value, End of Period			Total Return†(c)			Net Assets End of Period (in 000’s)			Net Investment Income			Operating Expenses(c)			Portfolio Turnover Rate
Class AAA
2020(d)		$	8.84		$	0.06		$	(1.28	)		$	(1.22	)		$	(0.03	)*			—			$	(0.41	)*		$	(0.44	)		$	0.00		$	7.18		(14.0	)%		$	256,175		1.52	%(e)		1.38	%(e)		1	%
2019			8.20			0.13			1.36				1.49				(0.11	)		$	(0.05	)			(0.69	)			(0.85	)			0.00			8.84		18.8				319,670		1.52			1.37			3
2018			9.23			0.14			(0.33	)			(0.19	)			(0.12	)			(0.07	)			(0.65	)			(0.84	)			0.00			8.20		(2.2	)			288,332		1.57			1.37			1
2017			9.26			0.15			0.66				0.81				(0.13	)			(0.07	)			(0.64	)			(0.84	)			0.00			9.23		8.9				350,709		1.58			1.37			2
2016			8.70			0.15			1.28				1.43				(0.14	)			(0.13	)			(0.60	)			(0.87	)			0.00			9.26		17.0				364,411		1.65			1.38			4
2015††			10.50			0.11			(1.07	)			(0.96	)			(0.09	)			(0.70	)			(0.05	)			(0.84	)			0.00			8.70		(8.3	)			371,419		1.42			1.39			8
Class A
2020(d)		$	9.01		$	0.06		$	(1.31	)		$	(1.25	)		$	(0.03	)*			—			$	(0.41	)*		$	(0.44	)		$	0.00		$	7.32		(14.1	)%		$	850,251		1.52	%(e)		1.38	%(e)		1	%
2019			8.35			0.14			1.37				1.51				(0.11	)		$	(0.05	)			(0.69	)			(0.85	)			0.00			9.01		18.7				990,134		1.53			1.37			3
2018			9.37			0.15			(0.33	)			(0.18	)			(0.12	)			(0.07	)			(0.65	)			(0.84	)			0.00			8.35		(2.0	)			723,943		1.58			1.37			1
2017			9.40			0.15			0.66				0.81				(0.13	)			(0.07	)			(0.64	)			(0.84	)			0.00			9.37		8.8				837,684		1.57			1.37			2
2016			8.82			0.15			1.30				1.45				(0.13	)			(0.13	)			(0.61	)			(0.87	)			0.00			9.40		17.0				808,349		1.64			1.38			4
2015††			10.64			0.12			(1.10	)			(0.98	)			(0.09	)			(0.70	)			(0.05	)			(0.84	)			0.00			8.82		(8.3	)			713,208		1.45			1.39			8
Class C
2020(d)		$	5.66		$	0.02		$	(0.81	)		$	(0.79	)		$	(0.03	)*			—			$	(0.41	)*		$	(0.44	)		$	0.00		$	4.43		(14.3	)%		$	467,800		0.76	%(e)		2.13	%(e)		1	%
2019			5.57			0.04			0.90				0.94				(0.08	)		$	(0.05	)			(0.72	)			(0.85	)			0.00			5.66		17.7				614,757		0.76			2.12			3
2018			6.58			0.05			(0.22	)			(0.17	)			(0.08	)			(0.07	)			(0.69	)			(0.84	)			0.00			5.57		(2.7	)			641,273		0.82			2.12			1
2017			6.88			0.06			0.48				0.54				(0.09	)			(0.07	)			(0.68	)			(0.84	)			0.00			6.58		8.0				776,370		0.83			2.12			2
2016			6.71			0.06			0.98				1.04				(0.09	)			(0.13	)			(0.65	)			(0.87	)			0.00			6.88		16.2				776,780		0.89			2.13			4
2015††			8.40			0.05			(0.90	)			(0.85	)			(0.09	)			(0.70	)			(0.05	)			(0.84	)			0.00			6.71		(9.1	)			736,494		0.73			2.14			8
Class I
2020(d)		$	9.38		$	0.07		$	(1.36	)		$	(1.29	)		$	(0.03	)*			—			$	(0.41	)*		$	(0.44	)		$	0.00		$	7.65		(14.0	)%		$	300,372		1.77	%(e)		1.13	%(e)		1	%
2019			8.64			0.17			1.42				1.59				(0.14	)		$	(0.05	)			(0.66	)			(0.85	)			0.00			9.38		19.0				365,519		1.78			1.12			3
2018			9.65			0.18			(0.35	)			(0.17	)			(0.14	)			(0.07	)			(0.63	)			(0.84	)			0.00			8.64		(1.8	)			286,246		1.84			1.12			1
2017			9.63			0.18			0.68				0.86				(0.15	)			(0.07	)			(0.62	)			(0.84	)			0.00			9.65		9.1				272,376		1.81			1.12			2
2016			8.99			0.18			1.33				1.51				(0.16	)			(0.13	)			(0.58	)			(0.87	)			0.00			9.63		17.4				160,147		1.89			1.13			4
2015††			10.80			0.14			(1.11	)			(0.97	)			(0.09	)			(0.70	)			(0.05	)			(0.84	)			0.00			8.99		(8.1	)			141,325		1.70			1.14			8


Distributions paid from:
Ordinary income	$	28,944,326
Long term capital gains		15,291,800
Return of capital		194,464,307

Total distributions paid	$	238,700,433


	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Investments	$	1,184,082,805	$	792,398,048		$(104,397,671)		$688,000,377


	Six Months Ended June 30, 2020 (Unaudited)						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		3,505,497		$	26,994,091			4,707,613		$	41,180,446
Shares issued upon reinvestment of distributions		1,826,444			14,025,180			3,108,103			27,201,130
Shares redeemed		(5,814,529	)		(44,016,217	)		(6,782,080	)		(59,601,492	)

Net increase/(decrease)		(482,588	)	$	(2,996,946	)		1,033,636		$	8,780,084

Class A
Shares sold		13,235,997		$	107,064,864			34,378,396		$	308,485,730
Shares issued upon reinvestment of distributions		5,874,637			45,913,347			8,501,240			75,789,161
Shares redeemed		(12,942,343	)		(101,397,550	)		(19,663,068	)		(175,826,688	)

Net increase		6,168,291		$	51,580,661			23,216,568		$	208,448,203

Class C
Shares sold		8,096,947		$	40,865,648			21,136,954		$	123,052,927
Shares issued upon reinvestment of distributions		8,303,762			39,967,626			14,125,699			81,374,293
Shares redeemed		(19,370,409	)		(94,259,943	)		(41,857,678	)		(242,791,473	)

Net decrease		(2,969,700	)	$	(13,426,669	)		(6,595,025	)	$	(38,364,253	)

Class I
Shares sold		6,840,460		$	58,044,157			13,325,049		$	124,090,575
Shares issued upon reinvestment of distributions		1,814,139			14,793,585			2,606,109			24,133,658
Shares redeemed		(8,379,726	)		(69,315,191	)		(10,084,212	)		(93,324,145	)

Net increase		274,873		$	3,522,551			5,846,946		$	54,900,088


For the Six Month Period from January 1, 2020 through June 30, 2020			Expense Table


Energy and Utilities	78.1	%
Communications	15.1	%
Other	5.2	%
U.S. Government Obligations	1.5	%
Closed-End Funds	0.0	%*
Other Assets and Liabilities (Net)	0.1	%

	100.0	%


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 6/30/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
ENERGY AND UTILITIES
Natural Gas Utilities		$ 128,357,744		$ 6,570,720		$ 134,928,464
Other Industries (a)		1,325,070,776		—		1,325,070,776
COMMUNICATIONS (a)		281,948,750		—		281,948,750
OTHER (a)		97,850,566		—		97,850,566
Total Common Stocks		1,833,227,836		6,570,720		1,839,798,556
Closed-End Funds		—		860,000		860,000
Convertible Preferred Stocks (a)		990,813		—		990,813
Mandatory Convertible Securities (a)		—		972,000		972,000
Warrants (a)		—		592,800		592,800
Corporate Bonds (a)		—		1,177,272		1,177,272
U.S. Government Obligations		—		27,691,741		27,691,741
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$1,834,218,649		$37,864,533		$1,872,083,182


	Beginning Shares	Stock Dividend		Ending Shares	Dividend Income	Realized Gain	Value at June 30, 2020	Change in Unrealized Depreciation			Percent Owned of Shares Outstanding
Corning Natural Gas Holding Corp.	388,800		—	388,800	$118,584	—	$6,570,720		$(1,127,520	)	12.69%
Corning Natural Gas Holding Corp., 4.800%, Ser. B	54,000		—	54,000	27,000	—	972,000		(280,800	)	22.11%

Total					$145,584	—	$7,542,720		$(1,408,320	)



By (Signature and Title)*		/s/ Bruce N. Alpert
		Bruce N. Alpert, Principal Executive Officer



By (Signature and Title)*		/s/ John C. Ball
		John C. Ball, Principal Financial Officer and Treasurer