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, 2023, the net asset value (NAV) total return per Class AAA Share of The Gabelli Utilities Fund was (3.5)% compared with a total return of (5.7)% for the Standard & Poor’s (S&P) 500 Utilities Index (SPU). Other classes of shares are available. See page 3 for performance information for all classes of shares.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2023.

The Gabelli Utilities Fund seeks to provide a high level of total return through a combination of capital appreciation and current income. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of domestic or foreign companies that are involved to a substantial extent in providing products, services, or equipment for the generation or distribution of electricity, gas, and water and the provision of infrastructure operations or telecommunications services, such as telephone, telegraph, satellite, cable, microwave, radiotelephone, mobile communication and cellular, paging, electronic mail, videotext, voice communications, data communications, and internet and that derive at least 50% of their revenue or earnings from, or devote at least 50% of their assets to, utilities that the Fund’s investment adviser, Gabelli Funds, LLC, believes have the potential to achieve either capital appreciation or current income. The Adviser will emphasize quality in selecting utility investments, and look for companies that have proven dividend records and sound financial structures.

Ten consecutive Fed rate hikes (current overnight target of 5.0%-5.25%) since March of 2022 have yet to spoil the labor market, and inflation remains well above the Fed’s long-term 2.0% target. The S&P Utility and S&P 500 performance over the past six and eighteen months highlight the indecisive and “see-saw” nature of investor’s economic outlook. In 2022, the 20% utility outperformance (+1.6% vs. -18.1%) reflected expectations for a recession-driven decline in interest rates, which has yet to materialize. Despite a pause at its June 14, 2023 meeting, the FOMC indicates the potential for two more rate increases by year-end 2023. The expectation for higher rates for longer and ongoing economic strength led to Fear of Missing Out (FOMO) and investors shifted funds into growth, technology and cyclical sectors to the detriment of defensive sectors.

In the face of dramatic increases in short–term yields (0% to 5.5%) and the entire yield curve, utility stocks (-4.2%) slightly outperformed the S&P 500 (-4.3%) over the past eighteen months. The U.S. Treasury yield curve inversion continues to indicate an impending recession, which would likely lead to lower inflation and lower interest rates. Under either a recessionary or strong growth economy, utilities would expect to deliver positive earnings and dividend growth. Further, we believe that utilities are “winners” in the long-term energy transition, and the late 2022 Inflation Reduction Act (IRA) provides tax incentives for accelerated clean energy investment for decades to come.

In the first half of 2023, some of the Fund’s top performing stocks were long-time takeover candidates, Otter Tail Corp (OTTR) (2.6% of total investments as of June 30, 2023; +36.2%), MGE Energy Inc. (1.3%; 13.7%), and Southwest Gas Holdings Inc. (3.0%; +5.0% total return). Southwest Gas plans to spin-off its successful utility distribution construction contractor following an Icahn Capital proxy contest, while OTTR continues to benefit from its non-regulated plastics business. Other leaders included industrial companies Mueller Industries Inc. (1.9%; +49.1% total return) and GATX Corp. (1.5% 22.2%). Portfolio detractors included NextEra Energy Inc. (9.4%; -10.1%), AES Corp. (3.6%: -27.0%) and National Fuel Gas Co. (4.8%; -17.4%).

Average Annual Returns through June 30, 2023 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance returns for periods of less than one year are not annualized.

	Six Months			1 Year			3 Year			5 Year			10 Year			15 Year			Since Inception (8/31/99)
Class AAA (GABUX)		(3.50	)%		(3.68	)%		6.39	%		3.91	%		5.39	%		5.57	%		6.76	%
S&P 500 Utilities Index (b)		(5.69	)		(3.68	)		8.42			8.23			9.40			7.17			7.01
Lipper Utility Fund Average		(3.29	)		(0.38	)		8.56			6.68			7.51			6.39			6.59
Class A (GAUAX)		(3.55	)		(3.67	)		6.41			3.92			5.39			5.58			6.76
With sales charge (c)		(9.10	)		(9.21	)		4.33			2.69			4.77			5.16			6.50
Class C (GUXPX)		(3.88	)		(4.40	)		5.57			3.13			4.59			4.77			6.07
With contingent deferred sales charge (d)		(4.85	)		(5.36	)		5.57			3.13			4.59			4.77			6.07
Class C1 (GAUCX) (e)		(3.93	)		(4.45	)		5.55			3.12			4.58			4.77			6.06
With contingent deferred sales charge (d)		(4.89	)		(5.40	)		5.55			3.12			4.58			4.77			6.06
Class I (GAUIX)		(3.33	)		(3.37	)		6.72			4.19			5.67			5.84			6.93

	(a)	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 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 September 1, 2022, respectively; and Class I Shares on January 11, 2008. The Class C1 Share NAVs are used to calculate the performance for the periods prior to the issuance of Class C Shares. The actual performance of the Class A Shares and Class C1 Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of Class C Shares would have been due to the identical fees and expenses associated with this class 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 Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.
	(b)	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 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.
	(c)	Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.
	(d)	Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.
	(e)	Effective August 31, 2022, The Gabelli Utilities Fund’s Class C1 shares were closed to all purchases. This closure has no effect on existing Class C1 shareholders’ ability to redeem their C1 Shares. Class C1 shares are not offered for sale after the Effective Date.

In the current prospectuses dated April 28, 2023, the gross expense ratios for Class AAA, A, C, and I Shares are 1.39%, 1.39%, 2.21%, and 1.14%, respectively. See page 12 for the expense ratios for the six months ended June 30, 2023. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares, Class C1 Shares, and Class C Shares is 5.75% 1.00%, and 1.00%, respectively.

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.

Returns represent past performance and do not guarantee future results. 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.

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 01/01/23		Ending Account Value 06/30/23		Annualized Expense Ratio	Expenses Paid During Period*
The Gabelli Utilities Fund
Actual Fund Return
Class AAA	$	1,000.00	$	965.00	1.42%	$	6.92
Class A	$	1,000.00	$	964.50	1.42%	$	6.92
Class C	$	1,000.00	$	961.20	2.17%	$	10.62
Class C1	$	1,000.00	$	960.70	2.17%	$	10.55
Class I	$	1,000.00	$	966.70	1.17%	$	5.71
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,017.75	1.42%	$	7.10
Class A	$	1,000.00	$	1,017.75	1.42%	$	7.10
Class C	$	1,000.00	$	1,014.03	2.17%	$	10.84
Class C1	$	1,000.00	$	1,014.03	2.17%	$	10.84
Class I	$	1,000.00	$	1,018.99	1.17%	$	5.86

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 (181 days), then divided by 365.

The following tables present portfolio holdings as a percent of net assets as of June 30, 2023:

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 each 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 — 99.2%
		ENERGY AND UTILITIES — 83.9%
		Alternative Energy — 1.0%
	380,000	Algonquin Power & Utilities Corp.	$	2,195,746	$	3,140,970
	44,359	Brookfield Renewable Corp., Cl. A		1,080,438		1,398,196
	15,000	Clearway Energy Inc., Cl. C		375,119		428,400
	900	Enphase Energy Inc.†		198,298		150,732
	35,000	Eos Energy Enterprises Inc.†		305,479		151,900
	1,000	First Solar Inc.†		167,503		190,090
	10,000	Fluence Energy Inc.†		128,565		266,400
	13,000	Landis+Gyr Group AG		816,084		1,115,468
	95,563	NextEra Energy Partners LP		2,558,754		5,603,814
	65,500	Ormat Technologies Inc.		1,633,972		5,270,130
	1,600	SolarEdge Technologies Inc.†		424,900		430,480
				9,884,858		18,146,580
		Diversified Industrial — 0.8%
	81,407	AZZ Inc.		3,271,129		3,537,948
	2,000	Chart Industries Inc.†		264,020		319,580
	8,000	Graham Corp.†		69,064		106,240
	66,080	ITT Inc.		1,271,372		6,159,317
	259,650	Mueller Water Products Inc., Cl. A		1,074,972		4,214,120
	30,000	Park-Ohio Holdings Corp.		569,390		570,000
				6,519,947		14,907,205
		Electric Integrated — 52.3%
	284,750	ALLETE Inc.		10,169,349		16,506,957
	175,000	Alliant Energy Corp.		3,118,558		9,184,000
	525,500	Ameren Corp.		15,230,951		42,917,585
	661,500	American Electric Power Co. Inc.		26,144,060		55,698,300
	180,000	Avangrid Inc.		6,742,179		6,782,400
	287,000	Avista Corp.		7,544,011		11,270,490
	429,000	Black Hills Corp.		10,985,425		25,851,540
	63,325	CMS Energy Corp.		529,233		3,720,344
	441,000	Dominion Energy Inc.		23,910,608		22,839,390
	17,700	DTE Energy Co.		1,409,689		1,947,354
	284,500	Duke Energy Corp.		15,359,363		25,531,030
	382,200	Edison International		13,101,945		26,543,790
	11,900	Entergy Corp.		1,195,420		1,158,703
	1,126,100	Evergy Inc.		28,275,080		65,786,762
	775,000	Eversource Energy		17,912,691		54,963,000
	320,000	Exelon Corp.		7,102,318		13,036,800
	349,750	FirstEnergy Corp.		8,344,325		13,598,280
	171,000	Fortis Inc.		5,293,072		7,369,232
	908,000	Hawaiian Electric Industries Inc.		21,638,974		32,869,600

Shares			Cost		Market Value
	43,200	IDACORP Inc.	$	1,908,075	$	4,432,320
	300,000	MGE Energy Inc.		9,027,088		23,733,000
	2,251,500	NextEra Energy Inc.		33,095,471		167,061,300
	260,000	NiSource Inc.		2,319,251		7,111,000
	428,000	NorthWestern Corp.		11,549,346		24,293,280
	795,000	OGE Energy Corp.		13,579,954		28,548,450
	583,700	Otter Tail Corp.		13,374,073		46,088,952
	305,000	PG&E Corp.†		3,112,171		5,270,400
	320,000	Pinnacle West Capital Corp.		13,092,833		26,067,200
	430,979	PNM Resources Inc.		3,888,159		19,437,153
	128,750	Portland General Electric Co.		5,619,000		6,029,363
	540,000	PPL Corp.		16,528,033		14,288,400
	181,900	Public Service Enterprise Group Inc.		5,216,880		11,388,759
	434,400	The Southern Co.		15,765,571		30,516,600
	50,000	Unitil Corp.		1,433,085		2,535,500
	566,200	WEC Energy Group Inc.		14,833,285		49,961,488
	422,000	Xcel Energy Inc.		13,529,687		26,235,740
				401,879,213		930,574,462
		Electric Transmission and Distribution — 0.9%
	60,000	Consolidated Edison Inc.		2,445,333		5,424,000
	100,333	Constellation Energy Corp.		2,693,963		9,185,486
	6,000	Sempra Energy		997,790		873,540
	3,000	The Timken Co.		208,035		274,590
				6,345,121		15,757,616
		Environmental Services — 0.2%
	500	Badger Meter Inc.		58,922		73,780
	1,000	Tetra Tech Inc.		81,453		163,740
	80,000	Veolia Environnement SA		1,225,896		2,527,219
	2,000	Waste Connections Inc.		265,977		285,860
				1,632,248		3,050,599
		Global Utilities — 2.9%
	10,053	AES Brasil Energia SA		30,130		25,803
	36,000	Chubu Electric Power Co. Inc.		550,541		438,352
	20,000	E.ON SE		253,426		254,904
	5,000	EDP - Energias de Portugal SA, ADR		134,159		244,700
	165,000	Electric Power Development Co. Ltd.		3,955,985		2,423,057
	204,500	Emera Inc.		5,394,230		8,422,359
	35,000	Enagas SA		916,226		687,456
	100,000	Endesa SA		2,186,478		2,144,208
	290,000	Enel SpA		1,536,387		1,951,851
	75,000	Equinor ASA		1,693,070		2,180,769
	560,000	Hera SpA		1,228,234		1,663,338
	25,000	Hokkaido Electric Power Co. Inc.†		231,049		102,568

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		ENERGY AND UTILITIES (Continued)
		Global Utilities (Continued)
	8,000	Hokuriku Electric Power Co.†	$	84,777	$	42,984
	6,600,000	Huaneng Power International Inc., Cl. H†		4,124,137		4,127,106
	460,000	Iberdrola SA		3,932,063		5,998,327
	50,000	Iberdrola SA, ADR		1,539,385		2,613,500
	25,000	Italgas SpA		150,554		147,994
	360,000	Korea Electric Power Corp., ADR†		4,454,807		2,790,000
	80,000	Kyushu Electric Power Co. Inc.†		931,855		510,344
	125,000	National Grid plc		1,742,338		1,651,794
	40,000	National Grid plc, ADR		2,408,508		2,693,200
	360,000	Redeia Corp. SA		4,191,840		6,043,720
	30,000	Shikoku Electric Power Co. Inc.†		471,689		204,040
	2,000	Snam SpA		8,967		10,447
	18,000	The Chugoku Electric Power Co. Inc.†		297,394		121,638
	300,000	The Kansai Electric Power Co. Inc.		3,995,759		3,753,768
	140,000	Tohoku Electric Power Co. Inc.†		1,907,228		863,703
	55,000	Tokyo Electric Power Co. Holdings Inc.†		208,402		200,911
				48,559,618		52,312,841
		Merchant Energy — 3.8%
	120,000	NRG Energy Inc.		2,690,201		4,486,800
	3,072,000	The AES Corp.		31,773,643		63,682,560
				34,463,844		68,169,360
		Natural Gas Integrated — 8.2%
	4,000	DT Midstream Inc.		75,680		198,280
	492,000	Energy Transfer LP		0		6,248,400
	83,500	Hess Corp.		4,334,674		11,351,825
	200,000	Kinder Morgan Inc.		3,055,659		3,444,000
	1,650,000	National Fuel Gas Co.		76,066,497		84,744,000
	500,000	ONEOK Inc.		346,627		30,860,000
	348,000	UGI Corp.		7,280,729		9,385,560
				91,159,866		146,232,065
		Natural Gas Utilities — 6.1%
	71,500	Atmos Energy Corp.		1,935,434		8,318,310
	107,000	CenterPoint Energy Inc.		2,212,379		3,119,050
	2,500	Cheniere Energy Inc.		340,454		380,900
	32,000	Chesapeake Utilities Corp.		564,025		3,808,000
	100,000	Gulf Coast Ultra Deep Royalty Trust		8,000		1,565

Shares			Cost		Market Value
	14,000	New Jersey Resources Corp.	$	328,068	$	660,800
	435,000	Northwest Natural Holding Co.		19,376,324		18,726,750
	149,000	ONE Gas Inc.		1,574,031		11,444,690
	83,970	RGC Resources Inc.		1,135,545		1,681,919
	846,782	Southwest Gas Holdings Inc.		29,704,155		53,897,674
	106,500	Spire Inc.		3,350,633		6,756,360
				60,529,048		108,796,018
		Natural Resources — 2.5%
	21,000	Alliance Resource Partners LP		116		388,290
	261,400	Cameco Corp.		2,626,524		8,189,662
	35,000	CNX Resources Corp.†		303,296		620,200
	9,000	Diamondback Energy Inc.		165,497		1,182,240
	4,700	EOG Resources Inc.		334,498		537,868
	382,000	Mueller Industries Inc.		7,187,292		33,340,960
				10,617,223		44,259,220
		Oil — 0.2%
	23,500	BP plc, ADR		768,721		829,315
	22,000	Callon Petroleum Co.†		871,111		771,540
	37,500	Devon Energy Corp.		342,161		1,812,750
				1,981,993		3,413,605
		Services — 1.5%
	98,000	Dril-Quip Inc.†		2,268,712		2,280,460
	563,000	Enbridge Inc.		12,343,953		20,915,450
	16,000	Halliburton Co.		225,108		527,840
	94,000	MDU Resources Group Inc.		1,714,302		1,968,360
	24,000	Schlumberger NV		876,598		1,178,880
				17,428,673		26,870,990
		Water — 3.5%
	8,000	American States Water Co.		110,252		696,000
	100,800	American Water Works Co. Inc.		2,170,096		14,389,200
	5,000	California Water Service Group		90,622		258,150
	8,000	Consolidated Water Co. Ltd.		76,365		193,840
	453,200	Essential Utilities Inc.		7,367,796		18,087,212
	8,250	Middlesex Water Co.		136,951		665,445
	498,000	Severn Trent plc		12,556,910		16,228,924
	96,500	SJW Group		2,195,230		6,765,615
	87,000	The York Water Co.		1,205,281		3,590,490
	54,000	United Utilities Group plc, ADR		1,456,223		1,348,920
				27,365,726		62,223,796
		TOTAL ENERGY AND UTILITIES		718,367,378		1,494,714,357

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		COMMUNICATIONS — 9.8%
		Business Services — 0.1%
	780,000	Clear Channel Outdoor Holdings Inc.†	$	1,255,281	$	1,068,600

		Cable and Satellite — 2.7%
	16,000	Altice USA Inc., Cl. A†		155,249		48,320
	30,000	Charter Communications Inc., Cl. A†		1,808,911		11,021,100
	27,500	Cogeco Communications Inc.		823,192		1,467,428
	75,000	Cogeco Inc.		1,876,853		3,163,050
	36,000	Comcast Corp., Cl. A		361,490		1,495,800
	337,000	DISH Network Corp., Cl. A†		6,422,975		2,220,830
	290,000	EchoStar Corp., Cl. A†		7,472,783		5,028,600
	5,500	Liberty Broadband Corp., Cl. C†		755,899		440,605
	346,366	Liberty Global plc, Cl. A†		5,446,381		5,839,731
	533,000	Liberty Global plc, Cl. C†		8,866,226		9,471,410
	220,000	Liberty Latin America Ltd., Cl. A†		2,529,190		1,925,000
	61,483	Liberty Latin America Ltd., Cl. C†		578,745		529,983
	87,000	Rogers Communications Inc., Cl. B		2,334,903		3,970,680
	38,000	TBS Holdings Inc.		500,062		690,502
				39,932,859		47,313,039
		Telecommunications — 6.5%
	45,000	America Movil SAB de CV, ADR†		583,150		973,800
	531,000	BCE Inc.		14,597,647		24,208,290
	82,000	Deutsche Telekom AG		1,254,441		1,787,421
	570,000	Deutsche Telekom AG, ADR		7,255,461		12,454,500
	10,000	GCI Liberty Inc., Escrow†		0		0
	1,448,000	Koninklijke KPN NV		4,219,107		5,165,208
	300,000	Lumen Technologies Inc.		4,473,785		678,000
	14,000,000	Nippon Telegraph & Telephone Corp.		6,900,265		16,542,500
	25,000	Orange Belgium SA†		535,321		377,555
	270,000	Orascom Investment Holding, GDR†		225,976		3,780
	260,000	Pharol SGPS SA†		189,882		11,235
	26,000	PLDT Inc., ADR		998,969		607,620
	98,500	Proximus SA		2,260,569		733,465
	2,000	PT Indosat Tbk		1,061		1,151
	1,775,000	Singapore Telecommunications Ltd.		4,373,346		3,281,204
	160,000	Sistema PJSC FC, GDR†(a)		725,528		80,000
	119,000	Swisscom AG, ADR		4,327,618		7,499,380
	15,000	Tele2 AB, Cl. B		204,095		123,946

Shares			Cost		Market Value
	20,000	Telecom Italia SpA, ADR†	$	77,582	$	55,500
	212,500	Telefonica Brasil SA, ADR		3,363,675		1,940,125
	270,000	Telefonica Deutschland Holding AG		878,513		759,246
	280,000	Telefonica SA, ADR		2,364,396		1,128,400
	1,000,000	Telekom Austria AG		7,767,364		7,398,336
	192,000	Telenet Group Holding NV		6,955,260		4,320,104
	535,000	Telephone and Data Systems Inc.		13,395,255		4,403,050
	120,000	Telesat Corp.†		1,488,994		1,130,400
	10,000	TELUS Corp.		190,793		194,603
	30,000	TIM SA, ADR		468,969		458,700
	30,000	VEON Ltd., ADR†		1,000,472		613,200
	530,000	Verizon Communications Inc.		16,015,253		19,710,700
				107,092,747		116,641,419
		Wireless Communications — 0.5%
	17,000	Anterix Inc.†		653,570		538,730
	200	Hutchison Telecommunications Hong Kong Holdings Ltd.		19		32
	26,000	Millicom International Cellular SA†		577,053		396,240
	37,957	Millicom International Cellular SA, SDR†		993,812		580,158
	6,000	Mobile TeleSystems PJSC, ADR†(a)		74,643		3,660
	60,000	Operadora De Sites Mexicanos SAB de CV		71,783		56,856
	82,000	SK Telecom Co. Ltd., ADR		2,369,265		1,599,820
	400	SmarTone Telecommunications Holdings Ltd.		207		247
	292,000	Turkcell Iletisim Hizmetleri A/S, ADR		2,379,505		1,042,440
	186,000	United States Cellular Corp.†		7,062,922		3,279,180
	235,000	Vodafone Group plc, ADR		4,187,312		2,220,750
				18,370,091		9,718,113
		TOTAL COMMUNICATIONS		166,650,978		174,741,171

		OTHER — 5.5%
		Aerospace — 0.1%
	2,942	Allied Motion Technologies Inc.		95,998		117,503
	1,250,000	Rolls-Royce Holdings plc†		2,054,644		2,397,919
				2,150,642		2,515,422
		Building and Construction — 0.5%
	11,500	Acciona SA		1,072,985		1,950,084
	23,000	Arcosa Inc.		1,121,235		1,742,710

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		OTHER (Continued)
		Building and Construction (Continued)
	6,200	H&E Equipment Services Inc.	$	203,617	$	283,650
	69,000	Johnson Controls International plc		1,748,430		4,701,660
	17,000	Knife River Corp.†		525,205		739,500
				4,671,472		9,417,604
		Business Services — 0.0%
	6,000	V2X Inc.†		87,377		297,360

		Consumer Products — 0.0%
	8,000	Essity AB, Cl. A		103,353		212,510

		Diversified Industrial — 0.2%
	1,000	Alstom SA		31,457		29,812
	53,000	Bouygues SA		1,792,191		1,778,962
	4,205	L.B. Foster Co., Cl. A†		49,913		60,047
	115,000	Twin Disc Inc.†		1,337,572		1,294,900
				3,211,133		3,163,721
		Electronics — 0.8%
	32,500	Corning Inc.		362,694		1,138,800
	5,500	Keysight Technologies Inc.†		558,175		920,975
	1,130	Resideo Technologies Inc.†		19,767		19,956
	300	Roper Technologies Inc.		75,135		144,240
	127,500	Sony Group Corp., ADR		2,077,288		11,480,100
				3,093,059		13,704,071
		Entertainment — 0.1%
	340,000	Grupo Televisa SAB, ADR		3,170,728		1,744,200

		Financial Services — 0.1%
	100,000	Kinnevik AB, Cl. A†		1,879,991		1,550,251
	1,500,000	Orascom Financial Holding SAE†		226,100		14,757
				2,106,091		1,565,008
		Health Care — 0.0%
	12,000	Tsumura & Co.		261,956		221,421

		Machinery — 1.8%
	85,000	Astec Industries Inc.		2,915,160		3,862,400
	89,169	Flowserve Corp.		2,769,513		3,312,628
	58,895	The Gorman-Rupp Co.		1,343,651		1,697,943
	2,500	Valmont Industries Inc.		551,006		727,625
	193,670	Xylem Inc.		4,755,557		21,811,116
				12,334,887		31,411,712
		Metals and Mining — 0.4%
	73,000	Freeport-McMoRan Inc.		741,695		2,920,000
	14,500	Vulcan Materials Co.		639,532		3,268,880
				1,381,227		6,188,880

Shares			Cost		Market Value
		Specialty Chemicals — 0.0%
	1,500	Air Products and Chemicals Inc.	$	398,871	$	449,295

		Transportation — 1.5%
	206,700	GATX Corp.		5,669,011		26,610,558

		TOTAL OTHER		38,639,807		97,501,762
		TOTAL COMMON STOCKS		923,658,163		1,766,957,290

		CLOSED-END FUNDS — 0.0%
	40,000	Altaba Inc., Escrow†		0		93,600

		RIGHTS — 0.0%
		OTHER — 0.0%
		Health Care — 0.0%
	21,000	ABIOMED Inc., CVR†		0		36,750

		WARRANTS — 0.0%
		OTHER — 0.0%
		Diversified Industrial — 0.0%
	428,750	SDCL EDGE Acquisition Corp., expire 12/31/28†		154,487		51,450

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.5%
$	9,650,000	U.S. Treasury Bills, 5.109% to 5.435%††, 09/14/23 to 11/30/23		9,475,546		9,478,088

		TOTAL INVESTMENTS — 99.7%	$	933,288,196		1,776,617,178

		Other Assets and Liabilities (Net) — 0.3%				4,721,034

		NET ASSETS — 100.0%			$	1,781,338,212

(a)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

†

Non-income producing security.

††

Represents annualized yields at dates of purchase.

ADR

American Depositary Receipt

CVR

Contingent Value Right

GDR

Global Depositary Receipt

SDR

Swedish Depositary Receipt

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets:
Investments, at value (cost $933,288,196)	$	1,776,617,178
Foreign currency, at value (cost $100,153)		100,281
Deposit at brokers		307,348
Receivable for investments sold		4,563,859
Receivable for Fund shares sold		1,019,125
Dividends and interest receivable		4,015,312
Prepaid expenses		7,680
Total Assets		1,786,630,783
Liabilities:
Payable to bank		393,519
Payable for Fund shares redeemed		1,912,238
Payable for investment advisory fees		1,473,071
Payable for distribution fees		446,535
Payable for accounting fees		7,500
Payable for shareholder communications		461,803
Payable for shareholder services fees		418,312
Other accrued expenses		179,593
Total Liabilities		5,292,571
Net Assets
(applicable to 336,337,134 shares outstanding)	$	1,781,338,212
Net Assets Consist of:
Paid-in capital	$	931,408,789
Total distributable earnings		849,929,423
Net Assets	$	1,781,338,212

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 ($259,587,493 ÷ 43,316,768 shares outstanding)	$	5.99
Class A:
Net Asset Value and redemption price per share ($932,839,226 ÷ 151,323,806 shares outstanding)	$	6.16
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	6.54
Class C:
Net Asset Value and offering price per share ($12,368,059 ÷ 1,878,990 shares outstanding)	$	6.58	(a)
Class C1:
Net Asset Value and offering price per share ($226,301,971 ÷ 86,892,768 shares outstanding)	$	2.60	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($350,241,463 ÷ 52,924,802 shares outstanding)	$	6.62

(a)

Redemption price varies based on the length of time held.

Statement of Operations

For the Six Months Ended June 30, 2023 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $723,946)	$	28,920,644
Interest		909,973
Total Investment Income		29,830,617
Expenses:
Investment advisory fees		9,331,745
Distribution fees - Class AAA		334,843
Distribution fees - Class A		1,214,003
Distribution fees - Class C1		1,297,907
Distribution fees - Class C		47,662
Shareholder services fees		856,631
Shareholder communications expenses		334,122
Custodian fees		147,367
Trustees’ fees		68,061
Registration expenses		62,112
Legal and audit fees		48,189
Accounting fees		22,500
Interest expense		399
Miscellaneous expenses		68,291
Total Expenses		13,833,832
Less:
Expenses paid indirectly by broker (See Note 6)		(12,175	)
Net Expenses		13,821,657
Net Investment Income		16,008,960

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		22,630,316
Net realized loss on foreign currency transactions		(21,291	)
Net realized gain on investments and foreign currency transactions		22,609,025
Net change in unrealized appreciation/depreciation:
on investments		(107,808,218	)
on foreign currency translations		23,793
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(107,784,425	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(85,175,400	)
Net Decrease in Net Assets Resulting from Operations	$	(69,166,440	)

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. 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 commenced investment operations on August 31, 1999.

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.

The global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions, and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objectives.

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 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 securities are 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, 2023 is as follows:

During the six months ended June 30, 2023, the Fund did not have any transfers into or out of Level 3.

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. When fair valuing a security, factors to consider include 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 backtesting 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 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, 2023, the Fund did not hold any restricted securities.

Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2023, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

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 or amortized to earliest call date, if applicable. 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. The characterization of 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 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, 2022 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, 2023:

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. During the six months ended June 30, 2023, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2023, 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. 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.

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, 2023, other than short term securities and U.S. Government obligations, aggregated $15,786,358 and $72,243,551, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2023, the Fund paid $12,175 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $351,950 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended June 30, 2023, 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 $12,175.

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, 2023, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

The Fund pays retainer and per meeting fees to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on February 28, 2024 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 bank 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 135 basis points or the Overnight Bank Funding Rate plus 135 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, 2023, 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 for one year after purchase. Effective August 31, 2022 (the Effective Date), the Fund’s Class C1 shares were “closed to purchases from new investors. Closed to purchases from new investors” means neither new investors nor existing shareholders may purchase any additional shares of

such class after the Effective Date. These changes will have no effect on existing shareholders’ ability to redeem shares of the Fund as described in the Fund’s Prospectus.

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, 2023 and the fiscal year ended 2022, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

9. 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.

10. 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 15, 2023, 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, 2022) of the Fund against a peer group of six 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. The Independent Board Members noted that the Fund’s performance was in the third quartile for the one year, three year, five year, and ten 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 in the fifth quintile for the one year, three year, five year, and ten year periods.

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 generally above average within the peer 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 overall 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 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 appropriate in light of 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 their 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 from Rollins College and an MBA degree in Finance from the University of Notre Dame.

Justin Bergner, CFA, is a Vice President at Gabelli & Company and a portfolio manager for Gabelli Funds LLC. Justin rejoined Gabelli & Company in 2013 as a research analyst covering Diversified Industrials, Home Improvement, and Transport companies. He began his investment career at Gabelli & Company in 2005 as a metals and mining analyst, and subsequently spent five years at Axiom International Investors as a senior analyst focused on industrial and healthcare stocks. Prior to business school, Mr. Bergner worked in management consulting at both Bain & Company and Dean & Company. Mr. Bergner graduated cum laude from Yale University with a BA in Economics and Mathematics and received an MBA in Finance and Accounting from the Wharton School at the University of Pennsylvania.

Brett Kearney, CFA, is a portfolio manager covering industrials with a focus on the flow control and other niche manufacturing sectors. He joined the Firm in 2017. Previously he was an analyst at Schultze Asset Management, an analyst at Fidus Mezzanine Capital, and an investment analyst at the Bond & Corporate Finance Group of John Hancock Financial Services. Brett graduated cum laude with a BS in Business Administration from Washington and Lee University and holds an MBA from Columbia Business School, where he participated in the school’s Value Investing Program.

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.


Mario J. Gabelli, CFA Chief Investment Officer		Timothy M. Winter, CFA Portfolio Manager BA, Rollins College MBA, University of Notre Dame		Justin Berger, CFA Portfolio Manager BA, Yale University MBA, Wharton School, University of Pennsylvania		Brett Kearney, CFA Portfolio Manager BS, Washington and Lee University MBA, Columbia Business School

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Operations:
Net investment income	$	16,008,960		$	28,172,183
Net realized gain on investments and foreign currency transactions		22,609,025			32,117,880
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(107,784,425	)		(177,518,750	)
Net Decrease in Net Assets Resulting from Operations		(69,166,440	)		(117,228,687	)

Distributions to Shareholders:
Accumulated earnings
Class AAA		(1,871,327	)*		(7,445,791	)
Class A		(6,592,381	)*		(26,342,800	)
Class C		(64,151	)*		(73,718	)
Class C1		(3,915,819	)*		(17,714,467	)
Class I		(2,280,472	)*		(9,586,505	)
		(14,724,150	)		(61,163,281	)
Return of capital
Class AAA		(16,841,944	)*		(28,293,123	)
Class A		(59,331,431	)*		(99,411,621	)
Class C		(577,358	)*		(99,612	)
Class C1		(35,242,369	)*		(63,342,972	)
Class I		(20,524,252	)*		(32,288,486	)
		(132,517,354	)		(223,435,814	)
Total Distributions to Shareholders		(147,241,504	)		(284,599,095	)

Shares of Beneficial Interest Transactions:
Class AAA		9,257,023			25,785,468
Class A		27,087,140			112,161,003
Class C		7,152,607			6,382,072
Class C1		(15,312,188	)		(7,662,704	)
Class I		22,768,375			59,235,636
Net Increase in Net Assets from Shares of Beneficial Interest Transactions		50,952,957			195,901,475

Redemption Fees		10,781			5,831

Net Decrease in Net Assets		(165,444,206	)		(205,920,476	)

Net Assets:
Beginning of year		1,946,782,418			2,152,702,894
End of period	$	1,781,338,212		$	1,946,782,418

			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†			Net Assets, End of Period (in 000’s)		Net Investment Income			Operating Expenses(c)			Portfolio Turnover Rate
Class AAA
2023(d)	$	6.66	$	0.06	$	(0.29	)	$	(0.23	)	$	(0.04	)*	$	—		$	(0.40	)*	$	(0.44	)	$	0.00	$	5.99		(3.50	)%	$	259,588		1.78	%(e)		1.42	%(e)		1	%
2022		7.98		0.11		(0.53	)		(0.42	)		(0.08	)		(0.11	)		(0.71	)		(0.90	)		0.00		6.66		(5.41	)		278,910		1.47			1.39			2
2021		7.60		0.14		1.12			1.26			(0.12	)		(0.05	)		(0.71	)		(0.88	)		0.00		7.98		17.49			304,540		1.76			1.36	(f)		3
2020		8.84		0.12		(0.48	)		(0.36	)		(0.12	)		(0.09	)		(0.67	)		(0.88	)		0.00		7.60		(3.43	)		270,921		1.63			1.37	(f)		2
2019		8.20		0.13		1.36			1.49			(0.11	)		(0.05	)		(0.69	)		(0.85	)		0.00		8.84		18.75			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		(2.15	)		288,322		1.57			1.37			1
Class A
2023(d)	$	6.84	$	0.06	$	(0.30	)	$	(0.24)		$	(0.04	)*	$	—		$	(0.40	)*	$	(0.44	)	$	0.00	$	6.16		(3.55	)%	$	932,839		1.78	%(e)		1.42	%(e)		1	%
2022		8.17		0.11		(0.54	)		(0.43	)		(0.08	)		(0.11	)		(0.71	)		(0.90	)		0.00		6.84		(5.35	)		1,007,287		1.47			1.39			2
2021		7.77		0.14		1.14			1.28			(0.12	)		(0.05	)		(0.71	)		(0.88	)		0.00		8.17		17.35			1,079,497		1.76			1.36	(f)		3
2020		9.01		0.13		(0.49	)		(0.36	)		(0.12	)		(0.09	)		(0.67	)		(0.88	)		0.00		7.77		(3.36	)		927,341		1.64			1.37	(f)		2
2019		8.35		0.14		1.37			1.51			(0.11	)		(0.05	)		(0.69	)		(0.85	)		0.00		9.01		18.66			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		(2.00	)		723,943		1.58			1.37			1
Class C
2023(d)	$	7.30	$	0.04	$	(0.32	)	$	(0.28	)	$	(0.04	)*	$	—		$	(0.40	)*	$	(0.44	)	$	0.00	$	6.58		(2.69	)%	$	12,368		1.17	%(e)		2.17	%(e)		1	%
2022		7.90		0.02		(0.32	)		(0.30	)		(0.05	)		(0.08	)		(0.17	)		(0.30	)		0.00		7.30		(6.08	)		6,215		0.97	(e)		2.21	(e)		2
Class C1
2023(d)	$	3.16	$	0.01	$	(0.13	)	$	(0.12	)	$	(0.04	)*	$	—		$	(0.40	)*	$	(0.44	)	$	0.00	$	2.60		(3.93	)%	$	226,302		1.00	%(e)		2.17	%(e)		1	%
2022		4.29		0.03		(0.28	)		(0.25	)		(0.10	)		(0.09	)		(0.69	)		(0.88	)		0.00		3.16		(6.08	)		291,447		0.71			2.14			2
2021		4.50		0.04		0.63			0.67			(0.10	)		(0.05	)		(0.73	)		(0.88	)		0.00		4.29		16.32			403,372		1.00			2.11	(f)		3
2020		5.66		0.04		0.32			0.28			(0.09	)		(0.09	)		(0.70	)		(0.88	)		0.00		4.50		(3.98	)		438,782		0.86			2.12	(f)		2
2019		5.57		0.04		0.90			0.94			(0.08	)		(0.05	)		(0.72	)		(0.85	)		0.00		5.66		17.67			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		(2.74	)		641,273		0.82			2.12			1
Class I
2023(d)	$	7.30	$	0.07	$	(0.31	)	$	(0.24	)	$	(0.04	)*	$	—		$	(0.40	)*	$	(0.44)		$	0.00	$	6.62		(3.33	)%	$	350,241		2.03	%(e)		1.17	%(e)		1	%
2022		8.64		0.14		(0.57	)		(0.43	)		(0.09	)		(0.12	)		(0.70	)		(0.91	)		0.00		7.30		(5.10	)		362,923		1.73			1.14			2
2021		8.15		0.17		1.20			1.37			(0.14	)		(0.05	)		(0.69	)		(0.88	)		0.00		8.64		17.66			365,294		2.01			1.11	(f)		3
2020		9.38		0.15		(0.50	)		(0.35	)		(0.14	)		(0.09	)		(0.65	)		(0.88	)		0.00		8.15		(3.11	)		297,330		1.88			1.12	(f)		2
2019		8.64		0.17		1.42			1.59			(0.14	)		(0.05	)		(0.66	)		(0.85	)		0.00		9.38		18.97			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		1.84			286,246		1.84			1.12			1

Distributions paid from:
Ordinary income	$	27,627,534
Long term capital gains		33,535,747
Return of capital		223,435,814
Total distributions paid	$	284,599,095

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	942,636,938			$	896,244,816			$	(62,264,576	)		$	833,980,240

Energy and Utilities	83.9	%
Communications	9.8	%
Other	5.5	%
U.S. Government Obligations	0.5	%
Closed-End Funds	0.0	%*
Other Assets and Liabilities (Net)	0.3	%
	100.0	%

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 06/30/23
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Communications
Telecommunications	$	116,557,639	$	3,780	$	80,000	$	116,641,419
Wireless Communications		9,714,453		—		3,660		9,718,113
Other Industries (b)		48,381,639		—		—		48,381,639
Energy and Utilities (b)		1,494,714,357		—		—		1,494,714,357
Other (b)		97,501,762		—		—		97,501,762
Total Common Stocks		1,766,869,850		3,780		83,660		1,766,957,290
Closed-End Funds		—		93,600		—		93,600
Rights (b)		—		36,750		—		36,750
Warrants (b)		51,450		—		—		51,450
U.S. Government Obligations		—		9,478,088		—		9,478,088
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,766,921,300	$	9,612,218	$	83,660	$	1,776,617,178

	(a)	The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.
	(b)	Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.


	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 Values per share available daily by calling 800-GABELLI after 7:00 P.M.
	TRUSTEES 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		OFFICERS John C. Ball President & Treasurer Peter Goldstein Secretary & Vice President 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.








	GAB470Q223SAR

(Registrant)	The Gabelli Utilities Fund

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

Date	September 6, 2023

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

Date	September 6, 2023