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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

The Gabelli Utilities Fund

Class AAA - GABUX

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Utilities Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GABUX/. You can also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Utilities Fund - Class AAA	$72	1.38%

How did the Fund perform?

For the six months ended June 30, 2026, The Gabelli Utilities Fund underperformed its broad-based benchmark, the S&P 500 Index and outperformed its comparatives, S&P 500 Utilities Index and the Lipper Utility Fund Average. Despite recent volatility, the fundamental outlook for utilities remains strong. Many companies now target annual EPS growth of 6-8% or better; demand from data centers, manufacturing, and electrification drives one of the largest infrastructure investment cycles in decades. Contributors included NextEra Energy, American Electric Power Co., Inc., and Evergy, Inc. Detractors included Constellation Energy Corp., Sony Group, and Deutsche Telekom AG.

How has the Fund performed over the past 10 years?

The performance chart of the Fund presented reflects a hypothetical $10,000 investment compared to a broad-based securities market index and more narrowly based comparative indices reflecting market sectors in which the Fund invests, for the last ten years. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distributions. Fund expenses were deducted. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund’s past performance is not a good predictor of the Fund’s future performance.

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Utilities Fund - Class AAA	S&P 500 Index	S&P 500 Utilities Index	Lipper Utility Fund Average
06/16	10,000	10,000	10,000	10,000
06/17	10,427	11,790	10,247	10,310
06/18	10,713	13,484	10,596	10,924
06/19	12,003	14,889	12,613	12,559
06/20	10,776	16,007	12,347	11,794
06/21	13,087	22,537	14,294	13,922
06/22	13,473	20,143	16,338	15,148
06/23	12,977	24,090	15,737	15,091
06/24	13,146	30,006	16,967	16,450
06/25	15,536	34,555	20,938	20,087
06/26	18,094	42,268	23,915	22,994

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Utilities Fund - Class AAA	9.05%	16.47%	6.69%	6.11%
S&P 500 Index	10.21%	22.32%	13.41%	15.51%
S&P 500 Utilities Index	7.69%	14.22%	10.84%	9.11%
Lipper Utility Fund Average	8.16%	14.47%	10.56%	8.68%

Fund Statistics

Total Net Assets$1,762,733,327
Number of Portfolio Holdings212
Portfolio Turnover Rate2%
Management Fees$8,705,471

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GABUX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
NextEra Energy Inc.	7.4%
National Fuel Gas Co.	6.2%
American Electric Power Co. Inc.	4.0%
Evergy Inc.	3.8%
WEC Energy Group Inc.	3.1%
Southwest Gas Holdings Inc.	3.0%
Ameren Corp.	2.9%
The AES Corp.	2.4%
ONEOK Inc.	2.3%
Eversource Energy	2.3%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	95.0%
U.S. Government Obligations	5.2%
Other Assets and Liabilities (Net)	(0.2)%

Industry Allocation (% of net assets)

Bar Graph showing Allocation by Industry

Table Summary
Industry Weighting	.
Utilities	75.5%
Other	13.5%
Communication Services	6.0%
U.S. Government Obligations	5.2%
Closed-End Funds^{Footnote Reference*}	0.0%
Other Assets and Liabilities (Net)	(0.2)%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

The Gabelli Utilities Fund

Semi-Annual Shareholder Report - June 30, 2026

Class AAA - GABUX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, Fund holdings, and proxy voting information, please visit https://gabelli.com/ticker/GABUX/.

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GABUX-26-SATSR

The Gabelli Utilities Fund

Class C - GUXPX

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Utilities Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GUXPX/. You can also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Utilities Fund - Class C	$110	2.13%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Utilities Fund - Class C	The Gabelli Utilities Fund - Class C (includes sales charge)	S&P 500 Index	S&P 500 Utilities Index	Lipper Utility Fund Average
06/16	10,000	10,000	10,000	10,000	10,000
06/17	10,363	10,363	11,790	10,247	10,310
06/18	10,549	10,549	13,484	10,596	10,924
06/19	11,745	11,745	14,889	12,613	12,559
06/20	10,462	10,462	16,007	12,347	11,794
06/21	12,601	12,601	22,537	14,294	13,922
06/22	12,874	12,874	20,143	16,338	15,148
06/23	12,308	12,308	24,090	15,737	15,091
06/24	12,373	12,373	30,006	16,967	16,450
06/25	14,504	14,504	34,555	20,938	20,087
06/26	16,775	16,775	42,268	23,915	22,994

The Class C1 Share NAVs are used to calculate performance for the periods prior to the issuance of Class C Shares on September 1, 2022. The actual performance of Class C Shares would have been the same due to the identical fees and expenses associated with this class of shares.

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Utilities Fund - Class C	8.64%	15.66%	5.89%	5.31%
The Gabelli Utilities Fund - Class C (includes sales charge)	7.64%	14.66%	5.89%	5.31%
S&P 500 Index	10.21%	22.32%	13.41%	15.51%
S&P 500 Utilities Index	7.69%	14.22%	10.84%	9.11%
Lipper Utility Fund Average	8.16%	14.47%	10.56%	8.68%

Fund Statistics

Total Net Assets$1,762,733,327
Number of Portfolio Holdings212
Portfolio Turnover Rate2%
Management Fees$8,705,471

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GUXPX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
NextEra Energy Inc.	7.4%
National Fuel Gas Co.	6.2%
American Electric Power Co. Inc.	4.0%
Evergy Inc.	3.8%
WEC Energy Group Inc.	3.1%
Southwest Gas Holdings Inc.	3.0%
Ameren Corp.	2.9%
The AES Corp.	2.4%
ONEOK Inc.	2.3%
Eversource Energy	2.3%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	95.0%
U.S. Government Obligations	5.2%
Other Assets and Liabilities (Net)	(0.2)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Utilities	75.5%
Other	13.5%
Communication Services	6.0%
U.S. Government Obligations	5.2%
Closed-End Funds^{Footnote Reference*}	0.0%
Other Assets and Liabilities (Net)	(0.2)%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

The Gabelli Utilities Fund

Semi-Annual Shareholder Report - June 30, 2026

Class C - GUXPX

Where can I find additional information about the Fund?

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GUXPX-26-SATSR

The Gabelli Utilities Fund

Class I - GAUIX

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Utilities Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GAUIX/. You can also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Utilities Fund - Class I	$59	1.13%

How did the Fund perform?

How has the Fund performed over the past 10 years?

The performance chart of the Fund presented reflects a hypothetical $50,000 investment compared to a broad-based securities market index and more narrowly based comparative indices reflecting market sectors in which the Fund invests, for the last ten years. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distributions. Fund expenses were deducted. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund’s past performance is not a good predictor of the Fund’s future performance.

Total Return Based on a $50,000 Investment

Table Summary
	The Gabelli Utilities Fund - Class I	S&P 500 Index	S&P 500 Utilities Index	Lipper Utility Fund Average
06/16	50,000	50,000	50,000	50,000
06/17	52,280	58,950	51,235	51,550
06/18	53,820	67,421	52,982	54,622
06/19	60,472	74,446	63,065	62,794
06/20	54,371	80,037	61,734	58,970
06/21	66,246	112,685	71,469	69,608
06/22	68,383	100,717	81,690	75,740
06/23	66,081	120,448	78,683	75,453
06/24	67,090	150,030	84,836	82,251
06/25	79,403	172,775	104,688	100,436
06/26	92,853	211,338	119,575	114,970

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Utilities Fund - Class I	9.24%	16.94%	6.99%	6.39%
S&P 500 Index	10.21%	22.32%	13.41%	15.51%
S&P 500 Utilities Index	7.69%	14.22%	10.84%	9.11%
Lipper Utility Fund Average	8.16%	14.47%	10.56%	8.68%

Fund Statistics

Total Net Assets$1,762,733,327
Number of Portfolio Holdings212
Portfolio Turnover Rate2%
Management Fees$8,705,471

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GAUIX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
NextEra Energy Inc.	7.4%
National Fuel Gas Co.	6.2%
American Electric Power Co. Inc.	4.0%
Evergy Inc.	3.8%
WEC Energy Group Inc.	3.1%
Southwest Gas Holdings Inc.	3.0%
Ameren Corp.	2.9%
The AES Corp.	2.4%
ONEOK Inc.	2.3%
Eversource Energy	2.3%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	95.0%
U.S. Government Obligations	5.2%
Other Assets and Liabilities (Net)	(0.2)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Utilities	75.5%
Other	13.5%
Communication Services	6.0%
U.S. Government Obligations	5.2%
Closed-End Funds^{Footnote Reference*}	0.0%
Other Assets and Liabilities (Net)	(0.2)%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

The Gabelli Utilities Fund

Semi-Annual Shareholder Report - June 30, 2026

Class I - GAUIX

Where can I find additional information about the Fund?

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GAUIX-26-SATSR

The Gabelli Utilities Fund

Class A - GAUAX

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Utilities Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings, and proxy voting information, at https://gabelli.com/ticker/GAUAX/. You can also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Utilities Fund - Class A	$72	1.38%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Utilities Fund - Class A	The Gabelli Utilities Fund - Class A (includes sales charge)	S&P 500 Index	S&P 500 Utilities Index	Lipper Utility Fund Average
06/16	10,000	10,000	10,000	10,000	10,000
06/17	10,435	9,835	11,790	10,247	10,310
06/18	10,705	10,090	13,484	10,596	10,924
06/19	12,010	11,319	14,889	12,613	12,559
06/20	10,765	10,146	16,007	12,347	11,794
06/21	13,072	12,321	22,537	14,294	13,922
06/22	13,465	12,691	20,143	16,338	15,148
06/23	12,971	12,225	24,090	15,737	15,091
06/24	13,141	12,385	30,006	16,967	16,450
06/25	15,526	14,633	34,555	20,938	20,087
06/26	18,090	17,050	42,268	23,915	22,994

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Utilities Fund - Class A	9.09%	16.52%	6.71%	6.11%
The Gabelli Utilities Fund - Class A (includes sales charge)	2.82%	9.82%	5.46%	5.48%
S&P 500 Index	10.21%	22.32%	13.41%	15.51%
S&P 500 Utilities Index	7.69%	14.22%	10.84%	9.11%
Lipper Utility Fund Average	8.16%	14.47%	10.56%	8.68%

Fund Statistics

Total Net Assets$1,762,733,327
Number of Portfolio Holdings212
Portfolio Turnover Rate2%
Management Fees$8,705,471

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GAUAX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns for periods less than a year are not annualized.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
NextEra Energy Inc.	7.4%
National Fuel Gas Co.	6.2%
American Electric Power Co. Inc.	4.0%
Evergy Inc.	3.8%
WEC Energy Group Inc.	3.1%
Southwest Gas Holdings Inc.	3.0%
Ameren Corp.	2.9%
The AES Corp.	2.4%
ONEOK Inc.	2.3%
Eversource Energy	2.3%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	95.0%
U.S. Government Obligations	5.2%
Other Assets and Liabilities (Net)	(0.2)%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Utilities	75.5%
Other	13.5%
Communication Services	6.0%
U.S. Government Obligations	5.2%
Closed-End Funds^{Footnote Reference*}	0.0%
Other Assets and Liabilities (Net)	(0.2)%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

The Gabelli Utilities Fund

Semi-Annual Shareholder Report - June 30, 2026

Class A - GAUAX

Where can I find additional information about the Fund?

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GAUAX-26-SATSR

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

For the six months ended June 30, 2026, the net asset value (NAV) total return per Class AAA Share of The Gabelli Utilities Fund was 9.1% compared with a total return of 7.7% for the Standard & Poor’s (S&P) 500 Utilities Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2026.

The following tables present portfolio holdings as a percent of net assets as of June 30, 2026:

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.

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

1. Organization. The Gabelli Utilities Fund (the 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.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund’s investment program and manages the operations of the Fund under the general supervision of the Fund’s Board of Directors (the Board).

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. The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee 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 Valuation Designee 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 Valuation Designee determines such amount does not reflect the security’s fair value, in which case these securities will be fair valued as determined by the Valuation Designee. 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 Valuation Designee. 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, 2026 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. 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, 2026, 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. During the six months ended June 30, 2026, the Fund did not incur such expenses.

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 the 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 fiscal year ended December 31, 2025 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. During the year ended December 31, 2025, the fixed distribution policy resulted in a return in capital distributions.

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, 2026:

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, 2026, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2026, 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.

Recent Accounting Pronouncement. During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

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, 2026, other than short term securities and U.S. Government obligations, aggregated $28,264,310 and $90,532,162, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2026, the Fund paid $8,141 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $381,316 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

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, 2026, 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. On April 10, 2026, Bank of New York Mellon became Custodian to the Fund. On April 10, 2026, the Fund became party to an unsecured line of credit with Bank of New York Mellon, which expires on April 9, 2027, and may be renewed annually, of up to $200,000,000 under which the Fund may borrow up to ten percent of its net assets from the bank for temporary borrowing purposes. On April 30, 2026, the Fund terminated the line of credit with State Street Bank & Trust Co., the former Custodian to the Fund. 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. At June 30, 2026, there were no borrowings outstanding 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 had no effect on existing shareholders’ ability to redeem shares of the Fund. On March 25, 2024 shareholders owning Class C1 shares had their Class C1 shares converted to Class C shares of the Fund equal to the aggregate value of each shareholder’s Class C1 shares.

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, 2026 and the fiscal year ended December 31, 2025, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

ReFlow Services, LLC. The Fund may participate in the ReFlow Services, LLC liquidity program (ReFlow), which is designed to provide an alternative liquidity source for funds experiencing redemptions. To pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund’s net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a fund. ReFlow generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, at other times at ReFlow’s discretion, or at the direction of the participating fund. In return for this service, a participating fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. This fee, if any, is shown in the Statement of Operations.

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. Segment Reporting. The Fund’s Principal Executive Officer and Principal Financial Officer act as the Fund’s chief operating decision maker (CODM), as defined in ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is guided by the Fund’s investment objective and principal investment strategies, and executed by the Fund’s portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

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.

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

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

At its meeting on February 10, 2026, 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, 2025) 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 first quartile for the one-year period and the fourth quartile for the three-, five-, 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 first quintile for the one-year period, the fourth quintile for three-year period, and the fifth quintile for the five-, and ten-year periods. The Independent Board Members discussed this performance noting the Fund’s strong performance in the past year and that that based on some metrics relative performance had improved in recent periods relative to the Fund’s longer term performance. The Independent Board Members also considered the portfolio commentary and outlook provided by the Adviser at the Meeting, including its anticipated outlook for the utilities industry.

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 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.

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.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There have been no material changes to the procedures by which 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.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

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.

Shares			Cost		Market Value
		COMMON STOCKS — 95.0%
		UTILITIES — 75.5%
		Electric Utilities — 39.7%
	10,000	Acciona SA	$	873,903	$	3,167,287
	172,650	Alliant Energy Corp.		3,136,878		13,171,468
	517,000	American Electric Power Co. Inc.		19,301,152		70,730,770
	36,000	Chubu Electric Power Co. Inc.		550,541		677,512
	246,500	Duke Energy Corp.		12,971,204		31,201,970
	128,000	Edison International		4,230,875		9,529,600
	5,000	EDP SA, ADR		134,159		258,900
	204,500	Emera Inc.		5,394,230		10,847,548
	100,000	Endesa SA		2,186,478		4,556,689
	290,000	Enel SpA		1,536,386		3,331,433
	26,600	Entergy Corp.		1,864,881		3,055,276
	772,850	Evergy Inc.		17,779,100		66,797,426
	556,050	Eversource Energy		12,216,622		40,185,733
	305,250	Exelon Corp.		6,736,786		14,230,755
	291,291	FirstEnergy Corp.		6,191,384		13,847,974
	150,000	Fortis Inc.		4,611,125		8,593,337
	251,200	Hawaiian Electric Industries Inc.†		4,387,851		3,398,736
	18,000	Hokkaido Electric Power Co. Inc.		148,040		102,645
	213,000	Iberdrola SA		1,439,737		5,315,284
	40,550	IDACORP Inc.		1,626,118		6,135,215
	188,000	Korea Electric Power Corp., ADR		2,056,848		2,274,800
	50,000	Kyushu Electric Power Co. Inc.		535,840		505,089
	375,500	MGE Energy Inc.		18,447,571		30,618,270
	1,494,300	NextEra Energy Inc.		19,511,859		131,154,711
	500	NRG Energy Inc.		66,516		73,030
	777,500	OGE Energy Corp.		12,912,341		37,833,150
	386,600	Otter Tail Corp.		8,228,185		34,786,268
	264,500	PG&E Corp.		2,546,006		4,448,890
	310,500	Pinnacle West Capital Corp.		13,102,583		33,223,500
	131,050	Portland General Electric Co.		5,713,610		6,792,322
	540,500	PPL Corp.		16,562,827		19,647,175
	314,500	Redeia Corp. SA		3,577,864		5,350,687
	29,000	Shikoku Electric Power Co. Inc.		398,791		262,185
	10,000	The Chugoku Electric Power Co. Inc.		149,385		54,657
	300,000	The Kansai Electric Power Co. Inc.		3,995,759		4,216,919
	382,350	The Southern Co.		13,780,807		36,594,719
	89,000	Tohoku Electric Power Co. Inc.		1,011,481		582,678

Shares			Cost		Market Value
	50,000	Tokyo Electric Power Co. Holdings Inc.†	$	133,511	$	141,856
	199,523	TXNM Energy Inc.		1,718,919		11,328,916
	382,516	Xcel Energy Inc.		10,992,996		30,716,035
				242,761,149		699,741,415
		Gas Utilities — 13.4%
	65,200	Atmos Energy Corp.		1,749,547		11,232,004
	30,000	Chesapeake Utilities Corp.		526,075		3,674,400
	34,500	Enagas SA		901,749		668,558
	31,250	Italgas SpA		186,726		361,883
	93,000	MDU Resources Group Inc.		915,358		1,972,530
	1,407,000	National Fuel Gas Co.		62,655,345		108,634,470
	14,000	New Jersey Resources Corp.		328,068		784,560
	424,000	Northwest Natural Holding Co.		18,858,065		20,801,440
	148,000	ONE Gas Inc.		1,495,026		11,406,360
	115,300	RGC Resources Inc.		1,739,186		2,755,670
	597,000	Southwest Gas Holdings Inc.		16,696,247		52,941,960
	109,000	Spire Inc.		3,549,455		8,511,810
	366,000	UGI Corp.		7,664,216		12,641,640
				117,265,063		236,387,285
		Independent Power and Renewable Electricity Producers — 4.0%
	13,000	Brookfield Renewable Corp.		286,724		482,560
	9,700	Clearway Energy Inc., Cl. C		199,969		331,546
	57,167	Constellation Energy Corp.		1,428,707		14,198,568
	6,520,000	Huaneng Power International Inc., Cl. H		4,040,777		4,555,691
	65,000	Ormat Technologies Inc.		1,618,123		7,078,500
	8,000	RWE AG		281,707		517,552
	200	Talen Energy Corp.†		70,186		76,852
	2,904,000	The AES Corp.		29,700,064		42,572,640
	2,500	Vistra Corp.		404,906		396,575
	83,500	XPLR Infrastructure LP†		598,307		986,135
				38,629,470		71,196,619
		Multi-Utilities — 15.1%
	850,000	Algonquin Power & Utilities Corp., New York		2,667,763		4,981,000
	448,500	Ameren Corp.		12,701,610		50,698,440
	301,300	Avista Corp.		8,078,083		12,326,183
	411,500	Black Hills Corp.		10,312,642		30,615,600
	122,000	CenterPoint Energy Inc.		2,753,363		5,372,880
	59,373	CMS Energy Corp.		208,491		4,542,035
	28,800	Consolidated Edison Inc.		1,133,672		3,186,144
	363,500	Dominion Energy Inc.		18,821,630		24,823,415
	17,200	DTE Energy Co.		1,353,432		2,620,764
	20,000	E.ON SE		253,426		411,907
	550,000	Hera SpA		1,195,166		2,295,026

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		UTILITIES (Continued)
		Multi-Utilities (Continued)
	180,000	National Grid plc	$	1,977,557	$	2,979,737
	32,200	National Grid plc, ADR		1,794,465		2,668,414
	260,000	NiSource Inc.		2,319,251		12,363,000
	417,000	Northwestern Energy Group Inc.		11,224,573		29,865,540
	176,750	Public Service Enterprise Group Inc.		5,043,508		14,345,030
	16,900	Sempra		1,420,159		1,566,799
	49,000	Unitil Corp.		1,388,045		2,581,810
	75,000	Veolia Environnement SA		1,094,275		3,122,726
	462,600	WEC Energy Group Inc.		10,477,672		54,017,802
				96,218,783		265,384,252
		Water Utilities — 3.3%
	9,000	American States Water Co.		191,679		743,670
	98,100	American Water Works Co. Inc.		2,307,260		12,907,998
	10,500	Artesian Resources Corp., Cl. A		340,691		356,895
	5,500	California Water Service Group		115,084		267,575
	7,997	Consolidated Water Co. Ltd.		76,335		235,911
	439,750	Essential Utilities Inc.		7,178,649		16,846,823
	94,655	H2O America		2,478,718		5,752,184
	8,150	Middlesex Water Co.		154,370		457,704
	394,000	Severn Trent plc		9,783,843		15,448,686
	91,793	The York Water Co.		1,359,174		2,813,455
	54,000	United Utilities Group plc, ADR		1,456,223		1,872,720
				25,442,026		57,703,621
		TOTAL UTILITIES		520,316,491		1,330,413,192

		OTHER — 13.5%
		Aerospace & Defense — 0.8%
	750,000	Rolls-Royce Holdings plc		1,218,568		14,371,422

		Building and Construction — 0.8%
	2,200	Arcosa Inc.		97,046		319,638
	37,800	AZZ Inc.		1,257,634		5,860,890
	50,000	Bouygues SA		1,651,608		2,788,515
	10,250	Everus Construction Group Inc.†		299,469		1,700,988
	20,000	Johnson Controls International plc		474,936		2,922,200
	1,130	Resideo Technologies Inc.†		19,767		35,143
	500	Valmont Industries Inc.		105,008		288,800
				3,905,468		13,916,174

Shares			Cost		Market Value
		Diversified Consumer Services — 0.0%
	3,700	Matthews International Corp., Cl. A	$	86,666	$	99,604

		Diversified Industrial — 0.8%
	74,000	GATX Corp.		1,834,711		13,112,060
	2,000	Herc Holdings Inc.		248,003		286,680
	2,000	Tetra Tech Inc.		32,370		57,780
	2,000	Waste Connections Inc.		265,977		333,380
	100	WESCO International Inc.		17,574		34,543
				2,398,635		13,824,443
		Electrical Equipment — 0.1%
	13,500	Allient Inc.		305,479		1,389,555
	10,000	Fluence Energy Inc.†		128,566		198,800
				434,045		1,588,355
		Energy Equipment & Services — 0.2%
	18,000	Halliburton Co.		304,468		611,100
	80,000	Innovex International Inc.†		1,562,258		1,984,000
	6,970	Oceaneering International Inc.†		150,210		282,424
	19,000	RPC Inc.		163,428		110,770
	26,910	SLB Ltd.		960,386		1,251,046
				3,140,750		4,239,340
		Financial Services — 0.0%
	45,000	Kinnevik AB, Cl. A†		630,441		285,417

		Household Durables — 0.4%
	320,000	Sony Group Corp., ADR		1,012,172		6,419,200

		Information Technology — 0.1%
	500	Badger Meter Inc.		58,922		74,190
	700	Belden Inc.		80,551		83,937
	1,000	First Solar Inc.†		167,503		235,960
	11,800	Landis+Gyr Group AG		718,589		632,351
				1,025,565		1,026,438
		Machinery — 2.5%
	54,000	Astec Industries Inc.		1,695,970		3,304,260
	3,000	Chart Industries Inc.†		620,658		626,820
	80,000	Flowserve Corp.		2,409,349		5,932,800
	2,000	Franklin Electric Co. Inc.		197,991		214,380
	4,800	Graham Corp.†		41,438		594,192
	37,080	ITT Inc.		654,323		7,332,941
	3,100	L.B. Foster Co., Cl. A†		30,979		140,027
	53,741	Mueller Industries Inc.		460,459		6,606,381
	199,000	Mueller Water Products Inc., Cl. A		704,399		5,140,170
	13,500	Park-Ohio Holdings Corp.		218,764		519,075
	39,500	The Gorman-Rupp Co.		891,098		3,623,730
	800	The Timken Co.		50,216		116,256
	112,000	Twin Disc Inc.		1,255,784		2,598,400

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		OTHER (Continued)
		Machinery (Continued)
	66,000	Xylem Inc.	$	1,569,793	$	7,801,860
				10,801,221		44,551,292
		Materials — 0.4%
	1,500	Air Products and Chemicals Inc.		398,871		439,770
	53,000	Freeport-McMoRan Inc.		505,929		3,333,170
	7,500	Knife River Corp.†		216,836		627,375
	12,200	Vulcan Materials Co.		500,352		3,599,122
				1,621,988		7,999,437
		Oil, Gas & Consumable Fuels — 7.4%
	18,000	Alliance Resource Partners LP		0		431,640
	33,800	APA Corp.		951,057		1,100,866
	16,000	BP plc, ADR		516,077		591,200
	256,250	Cameco Corp.		2,511,285		26,101,625
	5,500	Cheniere Energy Inc.		832,854		1,314,555
	51,200	Chevron Corp.		2,467,518		8,486,912
	33,000	CNX Resources Corp.†		277,403		1,119,690
	37,000	Devon Energy Corp.		337,599		1,528,840
	3,200	Diamondback Energy Inc.		58,071		562,496
	552,500	Enbridge Inc.		12,051,876		29,951,025
	469,200	Energy Transfer LP		0		8,971,104
	3,500	EOG Resources Inc.		247,759		454,055
	3,000	EQT Corp.		165,681		159,510
	75,000	Equinor ASA		1,693,070		2,375,360
	141,000	Kinder Morgan Inc.		1,885,660		4,507,770
	750	Occidental Petroleum Corp.		42,537		36,428
	465,500	ONEOK Inc.		91,581		40,470,570
	40,000	PrairieSky Royalty Ltd.		674,680		895,188
	5,000	Secure Waste Infrastructure Corp.		42,902		78,124
	48,000	Venture Global Inc., Cl. A		865,482		534,240
				25,713,092		129,671,198
		Real Estate — 0.0%
	3,000	Tejon Ranch Co.†		48,800		56,100

		TOTAL OTHER		52,037,411		238,048,420

		COMMUNICATION SERVICES — 6.0%
		Diversified Telecommunication Services — 4.4%
	31,000	Anterix Inc.†		931,981		3,191,140
	470,000	BCE Inc.		12,482,796		10,109,700
	27,500	Cogeco Communications Inc.		823,192		1,228,556
	75,000	Cogeco Inc.		1,876,853		3,276,573
	453,000	Deutsche Telekom AG, ADR		5,475,677		12,357,840
	150,000	Eurotelesites AG†		689,040		757,544
	120,000	Grupo Televisa SAB, ADR		259,441		325,200

Utilities	75.5	%
Other	13.5	%
Communication Services	6.0	%
U.S. Government Obligations	5.2	%
Closed-End Funds	0.0	%*
Other Assets and Liabilities (Net)	(0.2	)%
	100.0	%

					Market
Shares			Cost		Value
		CLOSED-END FUNDS — 0.0%
	40,000	Altaba Inc., Escrow†	$	0	$	52,000

		PREFERRED STOCKS — 0.0%
		COMMUNICATION SERVICES — 0.0%
		Diversified Telecommunication Services — 0.0%
	29,401	Liberty Latin America Ltd., Ser. A, 9.000%		768,939		637,697

		RIGHTS — 0.0%
		OTHER — 0.0%
		Health Care — 0.0%
	21,000	ABIOMED Inc., CVR†		0		33,600

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 5.2%
$	92,635,000	U.S. Treasury Bills, 3.570% to 3.916%††, 07/02/26 to 12/31/26		92,132,244		92,128,457

		TOTAL INVESTMENTS — 100.2%	$	733,942,103		1,766,520,988

		Other Assets and Liabilities (Net) — (0.2)%				(3,787,661	)

		NET ASSETS — 100.0%			$	1,762,733,327

†	Non-income producing security.
††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt
CVR	Contingent Value Right

Assets:
Investments, at value (cost $733,942,103)	$	1,766,520,988
Cash		142,343
Foreign currency, at value (cost $12,786)		12,836
Receivable for Fund shares sold		3,661,262
Receivable for investments sold		444,314
Dividends receivable		4,167,814
Prepaid expenses		92,410
Total Assets		1,775,041,967
Liabilities:
Distributions payable		3,210
Payable for investments purchased		9,565,856
Payable for Fund shares redeemed		529,136
Payable for investment advisory fees		1,438,973
Payable for distribution fees		339,671
Payable for accounting fees		3,750
Other accrued expenses		428,044
Total Liabilities		12,308,640
Net Assets
(applicable to 338,975,088 shares outstanding)	$	1,762,733,327

Net Assets Consist of:
Paid-in capital	$	823,459,967
Total distributable earnings		939,273,360
Net Assets	$	1,762,733,327

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 ($264,465,660 ÷ 54,599,150 shares outstanding)	$	4.84
Class A:
Net Asset Value and redemption price per share ($932,302,381 ÷ 184,109,821 shares outstanding)	$	5.06
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	5.37
Class C:
Net Asset Value and offering price per share ($115,624,270 ÷ 21,235,780 shares outstanding)	$	5.44	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($450,341,016 ÷ 79,030,337 shares outstanding)	$	5.70

Investment Income:
Dividends (net of foreign withholding taxes of $704,950)	$	28,965,892
Interest		875,553
Total Investment Income		29,841,445
Expenses:
Investment advisory fees		8,705,471
Distribution fees - Class AAA		319,812
Distribution fees - Class A		1,163,965
Distribution fees - Class C		590,791
Shareholder services fees		648,581
Shareholder communications expenses		191,505
Custodian fees		77,307
Registration expenses		51,011
Trustees’ fees		41,000
Legal and audit fees		32,952
Accounting fees		22,500
Interest expense		873
Miscellaneous expenses		53,616
Total Expenses		11,899,384
Net Investment Income		17,942,061

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		50,873,208
Net realized loss on foreign currency transactions		(18,823	)
Net realized gain on investments and foreign currency transactions		50,854,385
Net change in unrealized appreciation/(depreciation):
on investments		79,861,836
on foreign currency translations		(24,486	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		79,837,350
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		130,691,735
Net Increase in Net Assets Resulting from Operations	$	148,633,796

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025
Operations:
Net investment income	$	17,942,061		$	29,986,655
Net realized gain on investments, forward foreign exchange contracts and foreign currency transactions		50,854,385			49,802,408
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		79,837,350			162,225,376
Net Increase in Net Assets Resulting from Operations		148,633,796			242,014,439

Distributions to Shareholders:
Accumulated earnings
Class AAA		(22,503,675	)		(12,521,708	)
Class A		(78,471,358	)		(45,515,798	)
Class C		(9,242,357	)		(5,860,895	)
Class I		(32,952,883	)		(18,727,957	)
		(143,170,273	)		(82,626,358	)
Return of capital
Class AAA		—			(27,713,821	)
Class A		—			(101,209,760	)
Class C		—			(13,145,797	)
Class I		—			(39,074,964	)
		—			(181,144,342	)
Total Distributions to Shareholders		(143,170,273	)		(263,770,700	)

Shares of Beneficial Interest Transactions:
Class AAA		25,692,049			29,380,130
Class A		54,450,439			80,622,223
Class C		783,706			(3,381,445	)
Class I		48,906,488			66,157,318
Net Increase in Net Assets from Shares of Beneficial Interest Transactions		129,832,682			172,778,226

Redemption Fees		468			3,286

Net Increase in Net Assets		135,296,673			151,025,251

Net Assets:
Beginning of year		1,627,436,654			1,476,411,403
End of period	$	1,762,733,327		$	1,627,436,654

			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
2026(d)	$	4.84	$	0.05	$	0.39		$	0.44		$	(0.44	)	$	—		$	—		$	(0.44	)	$	0.00	$	4.84		9.05	%	$	264,466		2.05	%(e)		1.38	%(e)(f)		2	%
2025		4.94		0.10		0.68			0.78			(0.14	)		(0.16	)		(0.58	)		(0.88	)		0.00		4.84		16.82			239,652		1.90			1.38	(f)		1
2024		5.33		0.11		0.54			0.65			(0.12	)		(0.32	)		(0.60	)		(1.04	)		0.00		4.94		13.00			215,757		2.09			1.32			1
2023		6.66		0.12		(0.55	)		(0.43	)		(0.11	)		(0.17	)		(0.62	)		(0.90	)		0.00		5.33		(6.53	)		229,072		1.94			1.43			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	(g)		3
Class A
2026(d)	$	5.04	$	0.05	$	0.41		$	0.46		$	(0.44	)	$	—		$	—		$	(0.44	)	$	0.00	$	5.06		9.09	%	$	932,302		2.05	%(e)		1.38	%(e)(f)		2	%
2025		5.12		0.10		0.71			0.81			(0.11	)		(0.16	)		(0.62	)		(0.89	)		0.00		5.04		16.68			876,191		1.90			1.38	(f)		1
2024		5.49		0.11		0.57			0.68			(0.12	)		(0.32	)		(0.61	)		(1.05	)		0.00		5.12		13.17			809,839		2.08			1.32			1
2023		6.84		0.12		(0.57	)		(0.45	)		(0.11	)		(0.17	)		(0.62	)		(0.90	)		0.00		5.49		(6.62	)		818,667		1.94			1.43			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	(g)		3
Class C
2026(d)	$	5.41	$	0.04	$	0.43		$	0.47		$	(0.44	)	$	—		$	—		$	(0.44	)	$	0.00	$	5.44		8.64	%	$	115,624		1.29	%(e)		2.13	%(e)(f)		2	%
2025		5.48		0.06		0.76			0.82			(0.11	)		(0.16	)		(0.62	)		(0.89	)		0.00		5.41		15.83			114,177		1.14			2.13	(f)		1
2024		5.87		0.12		0.56			0.68			(0.08	)		(0.32	)		(0.67	)		(1.07	)		0.00		5.48		12.21			118,875		1.41			2.07			1
2023		7.30		0.09		(0.61	)		(0.52	)		(0.06	)		(0.18	)		(0.67	)		(0.91	)		0.00		5.87		(7.23	)		16,579		1.34			2.19			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*	$	3.16	$	0.03	$	(0.25	)	$	(0.22	)	$	(0.10	)	$	(0.15	)	$	(0.63	)	$	(0.88	)	$	0.00	$	2.06		(7.23	)%	$	166,280		1.15	%		2.18	%		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	(g)		3
Class I
2026(d)	$	5.62	$	0.07	$	0.45		$	0.52		$	(0.44	)	$	—		$	—		$	(0.44	)	$	0.00	$	5.70		9.24	%	$	450,341		2.31	%(e)		1.13	%(e)(f)		2	%
2025		5.60		0.12		0.80			0.92			(0.11	)		(0.17	)		(0.62	)		(0.90	)		0.00		5.62		17.25			397,417		2.15			1.13	(f)		1
2024		5.93		0.14		0.60			0.74			(0.13	)		(0.32	)		(0.62	)		(1.07	)		0.00		5.60		13.25			331,940		2.27			1.07			1
2023		7.30		0.14		(0.60	)		(0.46	)		(0.12	)		(0.18	)		(0.61	)		(0.91	)		0.00		5.93		(6.36	)		312,584		2.20			1.18			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	(g)		3

*	On March 25, 2024, Class C1 shares converted into Class C shares. See Note 8.
†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	Amount represents less than $0.005 per share.
(c)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was minimal impact on the expense ratios. For the six months ended June 30, 2026, the Fund did not have such credits.
(d)	For the six months ended June 30, 2026, unaudited.
(e)	Annualized.
(f)	The Fund incurred interest expense during the six months ended June 30, 2026 and the year ended December 31, 2025 and there was minimal impact on the expense ratios.
(g)	Ratio of operating expenses includes advisory fee reduction on unsupervised assets. For the year ended December 31, 2021, there was minimal impact on the expense ratios.

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 06/30/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	1,673,669,234		—	$	1,673,669,234
Closed-End Funds		—	$	52,000		52,000
Preferred Stocks (a)		637,697		—		637,697
Rights (a)		—		33,600		33,600
U.S. Government Obligations		—		92,128,457		92,128,457
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,674,306,931	$	92,214,057	$	1,766,520,988

Distributions paid from:
Ordinary income	$	33,058,308
Long term capital gains		49,568,049
Return of capital		181,144,342
Total distributions paid	$	263,770,699

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	740,706,324			$	1,039,343,658			$	(13,528,994	)		$	1,025,814,664

		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.

		Robert D. Leininger, CFA, joined GAMCO Investors, Inc. in 1993 as an equity analyst. Subsequently, he was a partner and portfolio manager at Rorer Asset Management before rejoining GAMCO in 2010 where he currently serves as a portfolio manager of Gabelli Funds, LLC. Mr. Leininger is a magna cum laude graduate of Amherst College with a degree in Economics and holds an MBA degree from the Wharton School at the University of Pennsylvania.

	Vincent D. Enright		$14,500
	Mary E. Hauck		$13,000
	Werner J. Roeder		$13,500

(Registrant)	The Gabelli Utilities Fund

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

Date	September 8, 2026