The Gabelli Asset Fund
Schedule of Investments — September 30, 2019 (Unaudited)
Shares | Market Value | |||||||
| COMMON STOCKS — 99.9% | ||||||||
| Aerospace — 1.9% | ||||||||
| 479,000 | Aerojet Rocketdyne Holdings Inc.† | $ | 24,194,290 | |||||
| 7,000 | L3Harris Technologies Inc. | 1,460,480 | ||||||
| 5,000 | Lockheed Martin Corp. | 1,950,300 | ||||||
| 6,000 | Northrop Grumman Corp. | 2,248,740 | ||||||
| 1,166,100 | Rolls-Royce Holdings plc | 11,361,199 | ||||||
|
| |||||||
| 41,215,009 | ||||||||
|
| |||||||
| Agriculture — 0.4% | ||||||||
| 180,000 | Archer-Daniels-Midland Co. | 7,392,600 | ||||||
| 2,200 | Nutrien Ltd. | 109,736 | ||||||
| 25,000 | The Mosaic Co. | 512,500 | ||||||
|
| |||||||
| 8,014,836 | ||||||||
|
| |||||||
| Airlines — 0.0% | ||||||||
| 100,000 | American Airlines Group Inc., Escrow† | 18,000 | ||||||
|
| |||||||
| Automotive — 0.9% | ||||||||
| 5,000 | Ferrari NV | 770,450 | ||||||
| 10,000 | General Motors Co. | 374,800 | ||||||
| 388,000 | Navistar International Corp.† | 10,906,680 | ||||||
| 91,500 | PACCAR Inc. | 6,405,915 | ||||||
| 3,000 | Volkswagen AG | 515,657 | ||||||
|
| |||||||
| 18,973,502 | ||||||||
|
| |||||||
| Automotive: Parts and Accessories — 2.7% |
| |||||||
| 136,000 | BorgWarner Inc. | 4,988,480 | ||||||
| 360,000 | Dana Inc. | 5,198,400 | ||||||
| 85,000 | Freni Brembo SpA | 828,256 | ||||||
| 18,600 | Garrett Motion Inc.† | 185,256 | ||||||
| 377,000 | Genuine Parts Co. | 37,545,430 | ||||||
| 43,000 | Modine Manufacturing Co.† | 488,910 | ||||||
| 22,700 | O’Reilly Automotive Inc.† | 9,046,177 | ||||||
| 30,000 | Standard Motor Products Inc. | 1,456,500 | ||||||
| 50,000 | Superior Industries International Inc. | 144,500 | ||||||
| 40,000 | Tenneco Inc., Cl. A | 500,800 | ||||||
|
| |||||||
| 60,382,709 | ||||||||
|
| |||||||
| Aviation: Parts and Services — 0.8% |
| |||||||
| 1,700,000 | BBA Aviation plc | 6,525,679 | ||||||
| 43,500 | Curtiss-Wright Corp. | 5,627,595 | ||||||
| 110,500 | Kaman Corp. | 6,570,330 | ||||||
|
| |||||||
| 18,723,604 | ||||||||
|
| |||||||
| Broadcasting — 2.3% | ||||||||
| 278,600 | CBS Corp., Cl. A, Voting | 12,077,310 | ||||||
| 50,000 | CBS Corp., Cl. B,Non-Voting | 2,018,500 | ||||||
| 18,000 | Cogeco Inc. | 1,296,690 | ||||||
| 40,000 | Corus Entertainment Inc., Cl. B | 160,000 | ||||||
| 35,250 | Liberty Broadband Corp., Cl. A† | 3,684,330 | ||||||
| 84,682 | Liberty Broadband Corp., Cl. C† | 8,863,665 | ||||||
| 33,000 | Liberty Media Corp.- | 1,306,470 | ||||||
Shares | Market Value | |||||||
| 61,000 | Liberty Media Corp.- | $ | 2,536,990 | |||||
| 50,000 | Liberty Media Corp.- | 2,078,500 | ||||||
| 229,000 | Liberty Media Corp.- | 9,608,840 | ||||||
| 330,000 | MSG Networks Inc., Cl. A† | 5,352,600 | ||||||
| 10,000 | Naspers Ltd., Cl. N | 1,515,385 | ||||||
| 145,000 | Television Broadcasts Ltd. | 236,434 | ||||||
| 40,000 | Tokyo Broadcasting System Holdings Inc. | 646,659 | ||||||
|
| |||||||
| 51,382,373 | ||||||||
|
| |||||||
| Building and Construction — 0.9% | ||||||||
| 76,666 | Arcosa Inc. | 2,622,744 | ||||||
| 37,000 | Assa Abloy AB, Cl. B | 823,513 | ||||||
| 145,000 | Fortune Brands Home & Security Inc. | 7,931,500 | ||||||
| 84,000 | Herc Holdings Inc.† | 3,906,840 | ||||||
| 107,000 | Johnson Controls International plc | 4,696,230 | ||||||
|
| |||||||
| 19,980,827 | ||||||||
|
| |||||||
| Business Services — 3.4% | ||||||||
| 10,000 | Blucora Inc.† | 216,400 | ||||||
| 280,495 | Clear Channel Outdoor Holdings Inc.† | 706,847 | ||||||
| 20,000 | Diebold Nixdorf Inc.† | 224,000 | ||||||
| 26,200 | Ecolab Inc. | 5,188,648 | ||||||
| 50,000 | Fly Leasing Ltd., ADR† | 1,025,500 | ||||||
| 88,000 | Live Nation Entertainment Inc.† | 5,837,920 | ||||||
| 125,000 | Macquarie Infrastructure Corp. | 4,933,750 | ||||||
| 130,900 | Mastercard Inc., Cl. A | 35,548,513 | ||||||
| 10,000 | Prosus NV† | 734,084 | ||||||
| 12,000 | ServiceMaster Global Holdings Inc.† | 670,800 | ||||||
| 30,000 | The Brink’s Co. | 2,488,500 | ||||||
| 364,000 | The Interpublic Group of Companies Inc. | 7,847,840 | ||||||
| 22,000 | Vectrus Inc.† | 894,300 | ||||||
| 59,400 | Visa Inc., Cl. A | 10,217,394 | ||||||
|
| |||||||
| 76,534,496 | ||||||||
|
| |||||||
| Cable and Satellite — 3.7% | ||||||||
| 114,000 | AMC Networks Inc., Cl. A† | 5,604,240 | ||||||
| 4,000 | Charter Communications Inc., Cl. A† | 1,648,480 | ||||||
| 419,000 | Comcast Corp., Cl. A | 18,888,520 | ||||||
| 297,140 | DISH Network Corp., Cl. A† | 10,123,560 | ||||||
| 93,000 | EchoStar Corp., Cl. A† | 3,684,660 | ||||||
| 134,900 | Liberty Global plc, Cl. A† | 3,338,775 | ||||||
| 257,500 | Liberty Global plc, Cl. C† | 6,125,925 | ||||||
| 20,857 | Liberty Latin America Ltd., Cl. A† | 356,029 | ||||||
| 45,000 | Liberty Latin America Ltd., Cl. C† | 769,275 | ||||||
| 545,000 | Rogers Communications Inc., Cl. B | 26,557,850 | ||||||
| 233,000 | Shaw Communications Inc., Cl. B | 4,580,780 | ||||||
|
| |||||||
| 81,678,094 | ||||||||
|
| |||||||
| Communications Equipment — 0.1% | ||||||||
| 90,000 | Corning Inc. | 2,566,800 | ||||||
|
| |||||||
1
The Gabelli Asset Fund
Schedule of Investments (Continued) — September 30, 2019 (Unaudited)
Shares | Market Value | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Computer Hardware — 0.1% | ||||||||
| 6,000 | Apple Inc. | $ | 1,343,820 | |||||
|
| |||||||
| Computer Software and Services — 1.2% |
| |||||||
| 7,200 | Alphabet Inc., Cl. C† | 8,776,800 | ||||||
| 30,000 | eBay Inc. | 1,169,400 | ||||||
| 29,000 | Fidelity National Information Services Inc. | 3,850,040 | ||||||
| 281,000 | Hewlett Packard Enterprise Co. | 4,262,770 | ||||||
| 36,000 | Internap Corp.† | 92,880 | ||||||
| 5,000 | Microsoft Corp. | 695,150 | ||||||
| 52,500 | Rockwell Automation Inc. | 8,652,000 | ||||||
|
| |||||||
| 27,499,040 | ||||||||
|
| |||||||
| Consumer Products — 4.0% | ||||||||
| 30,000 | Brunswick Corp. | 1,563,600 | ||||||
| 11,000 | Christian Dior SE | 5,205,838 | ||||||
| 53,000 | Church & Dwight Co. Inc. | 3,987,720 | ||||||
| 220,000 | Edgewell Personal Care Co.† | 7,147,800 | ||||||
| 268,000 | Energizer Holdings Inc. | 11,679,440 | ||||||
| 10,000 | Essity AB, Cl. A | 295,102 | ||||||
| 50,000 | Essity AB, Cl. B | 1,459,257 | ||||||
| 3,400 | Givaudan SA | 9,484,094 | ||||||
| 30,000 | Harley-Davidson Inc. | 1,079,100 | ||||||
| 2,000 | Hermes International | 1,382,062 | ||||||
| 4,500 | National Presto Industries Inc. | 400,905 | ||||||
| 42,000 | Reckitt Benckiser Group plc | 3,276,094 | ||||||
| 100,000 | Sally Beauty Holdings Inc.† | 1,489,000 | ||||||
| 875 | Spectrum Brands Holdings Inc. | 46,130 | ||||||
| 10,000 | Svenska Cellulosa AB, Cl. A | 93,153 | ||||||
| 42,000 | Svenska Cellulosa AB, Cl. B | 374,517 | ||||||
| 821,400 | Swedish Match AB | 33,968,940 | ||||||
| 4,000 | The Estee Lauder Companies Inc., Cl. A | 795,800 | ||||||
| 27,000 | The Procter & Gamble Co. | 3,358,260 | ||||||
| 30,000 | Unilever plc, ADR | 1,803,000 | ||||||
| 35,000 | Wolverine World Wide Inc. | 989,100 | ||||||
|
| |||||||
| 89,878,912 | ||||||||
|
| |||||||
| Consumer Services — 1.4% | ||||||||
| 5,000 | Allegion plc | 518,250 | ||||||
| 5,000 | Expedia Group Inc. | 672,050 | ||||||
| 79,000 | GCI Liberty Inc., Cl. A† | 4,903,530 | ||||||
| 44,400 | IAC/InterActiveCorp.† | 9,677,868 | ||||||
| 242,600 | Qurate Retail Inc.† | 2,502,419 | ||||||
| 355,000 | Rollins Inc. | 12,094,850 | ||||||
|
| |||||||
| 30,368,967 | ||||||||
|
| |||||||
| Diversified Industrial — 5.1% | ||||||||
| 500 | Acuity Brands Inc. | 67,395 | ||||||
| 5,000 | Anixter International Inc.† | 345,600 | ||||||
| 35,000 | Colfax Corp.† | 1,017,100 | ||||||
| 303,700 | Crane Co. | 24,487,331 | ||||||
| 97,000 | Eaton Corp. plc | 8,065,550 | ||||||
| 22,000 | EnPro Industries Inc. | 1,510,300 | ||||||
Shares | Market Value | |||||||
| 136,000 | Greif Inc., Cl. A | $ | 5,153,040 | |||||
| 166,000 | Honeywell International Inc. | 28,087,200 | ||||||
| 24,000 | Ingersoll-Rand plc | 2,957,040 | ||||||
| 220,000 | ITT Inc. | 13,461,800 | ||||||
| 30,000 | Jardine Matheson Holdings Ltd. | 1,605,000 | ||||||
| 124,000 | Jardine Strategic Holdings Ltd. | 3,705,120 | ||||||
| 250,000 | Myers Industries Inc. | 4,412,500 | ||||||
| 30,000 | nVent Electric plc | 661,200 | ||||||
| 30,000 | Pentair plc | 1,134,000 | ||||||
| 11,000 | Sulzer AG | 1,081,759 | ||||||
| 185,000 | Textron Inc. | 9,057,600 | ||||||
| 320,000 | Toray Industries Inc. | 2,373,845 | ||||||
| 230,000 | Trinity Industries Inc. | 4,526,400 | ||||||
| 4,000 | Waters Corp.† | 892,920 | ||||||
|
| |||||||
| 114,602,700 | ||||||||
|
| |||||||
| Electronics — 3.3% | ||||||||
| 8,000 | Kyocera Corp., ADR | 498,960 | ||||||
| 1,500 | Mettler-Toledo International Inc.† | 1,056,600 | ||||||
| 190,000 | Resideo Technologies Inc.† | 2,726,500 | ||||||
| 2,200 | Samsung Electronics Co. Ltd., GDR | 2,239,600 | ||||||
| 810,000 | Sony Corp., ADR | 47,895,300 | ||||||
| 37,000 | TE Connectivity Ltd. | 3,447,660 | ||||||
| 98,500 | Texas Instruments Inc. | 12,730,140 | ||||||
| 10,000 | Thermo Fisher Scientific Inc. | 2,912,700 | ||||||
|
| |||||||
| 73,507,460 | ||||||||
|
| |||||||
| Energy and Utilities — 2.6% | ||||||||
| 75,000 | BP plc, ADR | 2,849,250 | ||||||
| 94,000 | Chevron Corp. | 11,148,400 | ||||||
| 5,000 | ConocoPhillips | 284,900 | ||||||
| 113,000 | Devon Energy Corp. | 2,718,780 | ||||||
| 154,749 | El Paso Electric Co. | 10,380,563 | ||||||
| 34,000 | Enbridge Inc. | 1,192,720 | ||||||
| 90,000 | EOG Resources Inc. | 6,679,800 | ||||||
| 15,000 | Exxon Mobil Corp. | 1,059,150 | ||||||
| 120,000 | Halliburton Co. | 2,262,000 | ||||||
| 65,000 | Kinder Morgan Inc. | 1,339,650 | ||||||
| 40,000 | KLX Energy Services Holdings Inc.† | 345,800 | ||||||
| 10,000 | Marathon Petroleum Corp. | 607,500 | ||||||
| 210,000 | National Fuel Gas Co. | 9,853,200 | ||||||
| 49,200 | Oceaneering International Inc.† | 666,660 | ||||||
| 5,000 | Phillips 66 | 512,000 | ||||||
| 43,500 | Southwest Gas Holdings Inc. | 3,960,240 | ||||||
| 95,000 | The AES Corp. | 1,552,300 | ||||||
| 220,000 | Weatherford International plc† | 6,116 | ||||||
|
| |||||||
| 57,419,029 | ||||||||
|
| |||||||
| Entertainment — 5.6% | ||||||||
| 195,500 | Discovery Inc., Cl. A† | 5,206,165 | ||||||
| 542,000 | Discovery Inc., Cl. C† | 13,344,040 | ||||||
| 265,000 | Fox Corp., Cl. A | 8,356,775 | ||||||
| 10,000 | Fox Corp., Cl. B | 315,400 | ||||||
2
The Gabelli Asset Fund
Schedule of Investments (Continued) — September 30, 2019 (Unaudited)
Shares | Market Value | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Entertainment (Continued) | ||||||||
| 760,000 | Grupo Televisa SAB, ADR | $ | 7,432,800 | |||||
| 49,000 | Liberty Media Corp.- Liberty Braves, Cl. A† | 1,363,670 | ||||||
| 141,071 | Liberty Media Corp.- Liberty Braves, Cl. C† | 3,914,720 | ||||||
| 132,433 | The Madison Square Garden Co., Cl. A† | 34,898,744 | ||||||
| 276,000 | The Walt Disney Co. | 35,968,320 | ||||||
| 414,500 | Viacom Inc., Cl. A | 10,884,770 | ||||||
| 70,000 | Viacom Inc., Cl. B | 1,682,100 | ||||||
| 50,000 | Vivendi SA | 1,372,252 | ||||||
|
| |||||||
| 124,739,756 | ||||||||
|
| |||||||
| Environmental Services — 2.9% | ||||||||
| 462,000 | Republic Services Inc. | 39,986,100 | ||||||
| 20,000 | Stericycle Inc.† | 1,018,600 | ||||||
| 75,000 | Waste Connections Inc. | 6,900,000 | ||||||
| 152,000 | Waste Management Inc. | 17,480,000 | ||||||
|
| |||||||
| 65,384,700 | ||||||||
|
| |||||||
| Equipment and Supplies — 9.1% | ||||||||
| 677,000 | AMETEK Inc. | 62,162,140 | ||||||
| 12,000 | Amphenol Corp., Cl. A | 1,158,000 | ||||||
| 12,000 | AZZ Inc. | 522,720 | ||||||
| 83,000 | CIRCOR International Inc.† | 3,116,650 | ||||||
| 110,000 | Crown Holdings Inc.† | 7,266,600 | ||||||
| 155,000 | CTS Corp. | 5,015,800 | ||||||
| 4,670 | Danaher Corp. | 674,488 | ||||||
| 499,900 | Donaldson Co. Inc. | 26,034,792 | ||||||
| 530,000 | Flowserve Corp. | 24,756,300 | ||||||
| 157,000 | Graco Inc. | 7,228,280 | ||||||
| 166,400 | IDEX Corp. | 27,269,632 | ||||||
| 50,000 | Interpump Group SpA | 1,580,433 | ||||||
| 15,600 | Lawson Products Inc.† | 604,188 | ||||||
| 130,000 | Mueller Industries Inc. | 3,728,400 | ||||||
| 170,000 | Sealed Air Corp. | 7,056,700 | ||||||
| 23,250 | The Manitowoc Co. Inc.† | 290,625 | ||||||
| 50,000 | The Timken Co. | 2,175,500 | ||||||
| 20,000 | The Toro Co. | 1,466,000 | ||||||
| 75,000 | The Weir Group plc | 1,314,536 | ||||||
| 22,500 | Valmont Industries Inc. | 3,114,900 | ||||||
| 184,277 | Watts Water Technologies Inc., Cl. A | 17,272,283 | ||||||
|
| |||||||
| 203,808,967 | ||||||||
|
| |||||||
| Financial Services — 10.3% | ||||||||
| 11,600 | Alleghany Corp.† | 9,254,016 | ||||||
| 54,000 | AllianceBernstein Holding LP | 1,584,900 | ||||||
| 242,500 | American Express Co. | 28,682,900 | ||||||
| 3,000 | Ameriprise Financial Inc. | 441,300 | ||||||
| 32,000 | Argo Group International Holdings Ltd. | 2,247,680 | ||||||
| 50,000 | Bank of America Corp. | 1,458,500 | ||||||
| 120 | Berkshire Hathaway Inc., Cl. A† | 37,419,840 | ||||||
Shares | Market Value | |||||||
| 5,000 | BKF Capital Group Inc.† | $ | 61,275 | |||||
| 25,000 | Citigroup Inc. | 1,727,000 | ||||||
| 40,000 | GAM Holding AG† | 160,313 | ||||||
| 110,000 | H&R Block Inc. | 2,598,200 | ||||||
| 46,000 | Interactive Brokers Group Inc., Cl. A | 2,473,880 | ||||||
| 35,000 | Jefferies Financial Group Inc. | 644,000 | ||||||
| 110,300 | JPMorgan Chase & Co. | 12,981,207 | ||||||
| 79,463 | Kinnevik AB, Cl. A | 2,183,526 | ||||||
| 50,000 | Kinnevik AB, Cl. B | 1,315,008 | ||||||
| 169,000 | KKR & Co. Inc., Cl. A | 4,537,650 | ||||||
| 135,000 | Legg Mason Inc. | 5,155,650 | ||||||
| 2,000 | LendingTree Inc.† | 620,860 | ||||||
| 40,000 | Loews Corp. | 2,059,200 | ||||||
| 31,000 | M&T Bank Corp. | 4,897,070 | ||||||
| 67,000 | Marsh & McLennan Companies Inc. | 6,703,350 | ||||||
| 89,000 | PayPal Holdings Inc.† | 9,219,510 | ||||||
| 15,000 | Popular Inc. | 811,200 | ||||||
| 140,000 | State Street Corp. | 8,286,600 | ||||||
| 19,000 | SunTrust Banks Inc. | 1,307,200 | ||||||
| 32,000 | T. Rowe Price Group Inc. | 3,656,000 | ||||||
| 80,000 | The Blackstone Group Inc., Cl. A | 3,907,200 | ||||||
| 590,000 | The Bank of New York Mellon Corp. | 26,673,900 | ||||||
| 13,500 | The Goldman Sachs Group Inc. | 2,797,605 | ||||||
| 50,000 | The Hartford Financial Services Group Inc. | 3,030,500 | ||||||
| 130,000 | The PNC Financial Services Group Inc. | 18,220,800 | ||||||
| 10,000 | Value Line Inc. | 227,500 | ||||||
| 15,000 | W. R. Berkley Corp. | 1,083,450 | ||||||
| 83,000 | Waddell & Reed Financial Inc., Cl. A | 1,425,940 | ||||||
| 385,000 | Wells Fargo & Co. | 19,419,400 | ||||||
|
| |||||||
| 229,274,130 | ||||||||
|
| |||||||
| Food and Beverage — 15.1% | ||||||||
| 914,400 | Brown-Forman Corp., Cl. A | 54,635,400 | ||||||
| 172,600 | Brown-Forman Corp., Cl. B | 10,835,828 | ||||||
| 28,000 | Campbell Soup Co. | 1,313,760 | ||||||
| 800,000 | China Mengniu Dairy Co. Ltd. | 2,995,777 | ||||||
| 35,000 | Chr. Hansen Holding A/S | 2,970,679 | ||||||
| 25,000 | Coca-Cola European Partners plc | 1,386,250 | ||||||
| 16,500 | Coca-Cola HBC AG | 539,038 | ||||||
| 355,000 | Conagra Brands Inc. | 10,891,400 | ||||||
| 28,000 | Constellation Brands Inc., Cl. A | 5,803,840 | ||||||
| 40,000 | Crimson Wine Group Ltd.† | 302,000 | ||||||
| 203,000 | Danone SA | 17,882,285 | ||||||
| 821,200 | Davide Campari-Milano SpA | 7,420,131 | ||||||
| 250,000 | Diageo plc, ADR | 40,880,000 | ||||||
| 65,000 | Farmer Brothers Co.† | 841,750 | ||||||
| 310,000 | Flowers Foods Inc. | 7,170,300 | ||||||
| 40,000 | Fomento Economico Mexicano SAB de CV, ADR | 3,663,200 | ||||||
| 162,000 | General Mills Inc. | 8,929,440 | ||||||
| 1,850,000 | Grupo Bimbo SAB de CV, Cl. A | 3,374,886 | ||||||
| 10,000 | Heineken Holding NV | 995,673 | ||||||
3
The Gabelli Asset Fund
Schedule of Investments (Continued) — September 30, 2019 (Unaudited)
Shares | Market Value | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Food and Beverage (Continued) | ||||||||
| 86,500 | Heineken NV | $ | 9,348,905 | |||||
| 20,000 | Heineken NV, ADR | 1,082,200 | ||||||
| 160,000 | ITO EN Ltd. | 7,532,023 | ||||||
| 11,000 | John Bean Technologies Corp. | 1,093,730 | ||||||
| 32,000 | Kellogg Co. | 2,059,200 | ||||||
| 69,000 | Kerry Group plc, Cl. A | 8,069,692 | ||||||
| 397,000 | Kikkoman Corp. | 18,945,850 | ||||||
| 19,800 | LVMH Moet Hennessy Louis Vuitton SE | 7,869,543 | ||||||
| 60,000 | Maple Leaf Foods Inc. | 1,345,964 | ||||||
| 23,000 | MEIJI Holdings Co. Ltd. | 1,676,208 | ||||||
| 292,000 | Mondelēz International Inc., Cl. A | 16,153,440 | ||||||
| 48,000 | Morinaga Milk Industry Co. Ltd. | 1,828,994 | ||||||
| 4,000 | National Beverage Corp. | 177,440 | ||||||
| 48,000 | Nestlé SA | 5,207,595 | ||||||
| 130,000 | Nissin Foods Holdings Co. Ltd. | 9,378,035 | ||||||
| 67,000 | PepsiCo Inc. | 9,185,700 | ||||||
| 67,000 | Pernod Ricard SA | 11,932,597 | ||||||
| 94,800 | Post Holdings Inc.† | 10,033,632 | ||||||
| 93,000 | Remy Cointreau SA | 12,346,344 | ||||||
| 17,000 | Suntory Beverage & Food Ltd. | 726,381 | ||||||
| 21,000 | The Coca-Cola Co. | 1,143,240 | ||||||
| 35,000 | The Hain Celestial Group Inc.† | 751,625 | ||||||
| 22,000 | The J.M. Smucker Co. | 2,420,440 | ||||||
| 15,000 | The Kraft Heinz Co. | 419,025 | ||||||
| 330,000 | Tingyi (Cayman Islands) Holding Corp. | 464,830 | ||||||
| 132,000 | Tootsie Roll Industries Inc. | 4,902,480 | ||||||
| 5,000 | Tyson Foods Inc., Cl. A | 430,700 | ||||||
| 142,300 | Yakult Honsha Co. Ltd. | 7,949,059 | ||||||
|
| |||||||
| 337,306,509 | ||||||||
|
| |||||||
| Health Care — 4.8% | ||||||||
| 15,000 | Abbott Laboratories | 1,255,050 | ||||||
| 10,000 | Alexion Pharmaceuticals Inc.† | 979,400 | ||||||
| 18,500 | Allergan plc | 3,113,365 | ||||||
| 37,000 | AmerisourceBergen Corp. | 3,046,210 | ||||||
| 30,500 | Amgen Inc. | 5,902,055 | ||||||
| 6,000 | Anthem Inc. | 1,440,600 | ||||||
| 60,000 | Bausch Health Cos. Inc.† | 1,311,000 | ||||||
| 42,000 | Baxter International Inc. | 3,673,740 | ||||||
| 7,500 | Becton, Dickinson and Co. | 1,897,200 | ||||||
| 8,700 | Biogen Inc.† | 2,025,534 | ||||||
| 7,500 | Bio-Rad Laboratories Inc., Cl. A† | 2,495,550 | ||||||
| 10,000 | BioTelemetry Inc.† | 407,300 | ||||||
| 16,000 | Boston Scientific Corp.† | 651,040 | ||||||
| 115,000 | Bristol-Myers Squibb Co. | 5,831,650 | ||||||
| 25,379 | Cardiovascular Systems Inc.† | 1,206,010 | ||||||
| 9,000 | Celgene Corp.† | 893,700 | ||||||
| 13,500 | Chemed Corp. | 5,637,195 | ||||||
| 20,000 | Cigna Corp. | 3,035,800 | ||||||
| 13,500 | CONMED Corp. | 1,298,025 | ||||||
| 28,600 | Covetrus Inc.† | 340,054 | ||||||
Shares | Market Value | |||||||
| 25,000 | DaVita Inc.† | $ | 1,426,750 | |||||
| 120,000 | Demant A/S† | 3,073,599 | ||||||
| 10,000 | DENTSPLY SIRONA Inc. | 533,100 | ||||||
| 240,000 | Evolent Health Inc., Cl. A† | 1,725,600 | ||||||
| 20,000 | Gerresheimer AG | 1,434,379 | ||||||
| 15,000 | HCA Healthcare Inc. | 1,806,300 | ||||||
| 66,000 | Henry Schein Inc.† | 4,191,000 | ||||||
| 40,000 | Indivior plc† | 23,863 | ||||||
| 15,000 | Integer Holdings Corp.† | 1,133,400 | ||||||
| 43,000 | Johnson & Johnson | 5,563,340 | ||||||
| 11,000 | Laboratory Corp. of America Holdings† | 1,848,000 | ||||||
| 10,000 | Ligand Pharmaceuticals Inc.† | 995,400 | ||||||
| 10,000 | McKesson Corp. | 1,366,600 | ||||||
| 25,000 | Medtronic plc | 2,715,500 | ||||||
| 85,000 | Merck & Co. Inc. | 7,155,300 | ||||||
| 60,000 | Mylan NV† | 1,186,800 | ||||||
| 400,000 | Option Care Health Inc.† | 1,280,000 | ||||||
| 27,322 | Orthofix Medical Inc.† | 1,448,612 | ||||||
| 15,000 | Patterson Cos. Inc. | 267,300 | ||||||
| 22,500 | Perrigo Co. plc | 1,257,525 | ||||||
| 35,000 | PetIQ Inc.† | 954,100 | ||||||
| 33,000 | Quidel Corp.† | 2,024,550 | ||||||
| 400 | Regeneron Pharmaceuticals Inc.† | 110,960 | ||||||
| 55,000 | Roche Holding AG, ADR | 2,004,750 | ||||||
| 14,000 | Spark Therapeutics Inc.† | 1,357,720 | ||||||
| 9,000 | Stryker Corp. | 1,946,700 | ||||||
| 65,442 | Takeda Pharmaceutical Co. Ltd., ADR | 1,125,602 | ||||||
| 40,000 | Tenet Healthcare Corp.† | 884,800 | ||||||
| 4,000 | The Cooper Companies Inc. | 1,188,000 | ||||||
| 8,000 | UnitedHealth Group Inc. | 1,738,560 | ||||||
| 43,000 | Wright Medical Group NV† | 887,090 | ||||||
| 37,000 | Zimmer Biomet Holdings Inc. | 5,078,990 | ||||||
| 7,000 | Zoetis Inc. | 872,130 | ||||||
|
| |||||||
| 107,046,798 | ||||||||
|
| |||||||
| Hotels and Gaming — 1.5% | ||||||||
| 14,000 | Accor SA | 583,670 | ||||||
| 10,500 | Churchill Downs Inc. | 1,296,277 | ||||||
| 350,000 | Genting Singapore Ltd. | 222,841 | ||||||
| 18,000 | Hyatt Hotels Corp., Cl. A | 1,326,060 | ||||||
| 40,000 | Las Vegas Sands Corp. | 2,310,400 | ||||||
| 4,650,000 | Mandarin Oriental International Ltd. | 7,254,000 | ||||||
| 370,000 | MGM Resorts International | 10,256,400 | ||||||
| 80,000 | Ryman Hospitality Properties Inc., REIT | 6,544,800 | ||||||
| 2,000,000 | The Hongkong & Shanghai Hotels Ltd. | 1,947,000 | ||||||
| 30,000 | Universal Entertainment Corp. | 968,324 | ||||||
| 6,000 | Wyndham Destinations Inc. | 276,120 | ||||||
| 7,000 | Wyndham Hotels & Resorts Inc. | 362,180 | ||||||
| 10,000 | Wynn Resorts Ltd. | 1,087,200 | ||||||
|
| |||||||
| 34,435,272 | ||||||||
|
| |||||||
| Machinery — 4.4% | ||||||||
| 120,000 | Caterpillar Inc. | 15,157,200 | ||||||
4
The Gabelli Asset Fund
Schedule of Investments (Continued) — September 30, 2019 (Unaudited)
Shares | Market Value | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Machinery (Continued) | ||||||||
| 1,437,400 | CNH Industrial NV | $ | 14,589,610 | |||||
| 200,000 | CNH Industrial NV, Borsa ltaliana | 2,036,034 | ||||||
| 208,000 | Deere & Co. | 35,085,440 | ||||||
| 50,000 | Mueller Water Products Inc., Cl. A | 562,000 | ||||||
| 93,000 | Welbilt Inc.† | 1,567,980 | ||||||
| 352,000 | Xylem Inc. | 28,026,240 | ||||||
|
| |||||||
| 97,024,504 | ||||||||
|
| |||||||
Manufactured Housing and Recreational Vehicles — 0.3% |
| |||||||
| 31,000 | Cavco Industries Inc.† | 5,954,790 | ||||||
| 20,000 | Nobility Homes Inc. | 471,200 | ||||||
| 29,800 | Skyline Champion Corp.† | 896,682 | ||||||
|
| |||||||
| 7,322,672 | ||||||||
|
| |||||||
| Metals and Mining — 2.4% | ||||||||
| 56,000 | Agnico Eagle Mines Ltd. | 3,002,160 | ||||||
| 165,000 | Barrick Gold Corp. | 2,859,450 | ||||||
| 15,000 | Cleveland-Cliffs Inc. | 108,300 | ||||||
| 93,000 | Franco-Nevada Corp. | 8,477,880 | ||||||
| 140,000 | Freeport-McMoRan Inc. | 1,339,800 | ||||||
| 45,000 | Kinross Gold Corp.† | 207,000 | ||||||
| 24,000 | New Hope Corp. Ltd. | 35,637 | ||||||
| 518,000 | Newmont Goldcorp Corp. | 19,642,560 | ||||||
| 120,000 | Royal Gold Inc. | 14,785,200 | ||||||
| 56,000 | TimkenSteel Corp.† | 352,240 | ||||||
| 90,000 | Turquoise Hill Resources Ltd.† | 42,768 | ||||||
| 84,000 | Wheaton Precious Metals Corp. | 2,204,160 | ||||||
|
| |||||||
| 53,057,155 | ||||||||
|
| |||||||
| Publishing — 1.4% | ||||||||
| 52,000 | Meredith Corp. | 1,906,320 | ||||||
| 128,000 | News Corp., Cl. A | 1,781,760 | ||||||
| 98,000 | S&P Global Inc. | 24,008,040 | ||||||
| 185,000 | The E.W. Scripps Co., Cl. A | 2,456,800 | ||||||
|
| |||||||
| 30,152,920 | ||||||||
|
| |||||||
| Real Estate — 0.5% | ||||||||
| 16,500 | Brookfield Asset Management Inc., Cl. A | 875,985 | ||||||
| 104,000 | Griffin Industrial Realty Inc. | 3,946,800 | ||||||
| 10,000 | Host Hotels & Resorts Inc., REIT | 172,900 | ||||||
| 240,000 | The St. Joe Co.† | 4,111,200 | ||||||
| 91,000 | Weyerhaeuser Co., REIT | 2,520,700 | ||||||
|
| |||||||
| 11,627,585 | ||||||||
|
| |||||||
| Retail — 1.8% | ||||||||
| 27,000 | Aaron’s Inc. | 1,735,020 | ||||||
| 13,000 | Advance Auto Parts Inc. | 2,150,200 | ||||||
| 79,000 | AutoNation Inc.† | 4,005,300 | ||||||
| 41,000 | Costco Wholesale Corp. | 11,812,510 | ||||||
| 120,000 | CVS Health Corp. | 7,568,400 | ||||||
| 100,000 | Macy’s Inc. | 1,554,000 | ||||||
| 8,000 | Rush Enterprises Inc., Cl. B | 319,440 | ||||||
Shares | Market Value | |||||||
| 43,000 | The Cheesecake Factory Inc. | $ | 1,792,240 | |||||
| 20,000 | The Home Depot Inc. | 4,640,400 | ||||||
| 122,700 | The Kroger Co. | 3,163,206 | ||||||
| 25,000 | Walgreens Boots Alliance Inc. | 1,382,750 | ||||||
|
| |||||||
| 40,123,466 | ||||||||
|
| |||||||
| Specialty Chemicals — 1.3% | ||||||||
| 20,000 | Ashland Global Holdings Inc. | 1,541,000 | ||||||
| 50,000 | DuPont de Nemours Inc. | 3,565,500 | ||||||
| 360,000 | Ferro Corp.† | 4,269,600 | ||||||
| 6,000 | GCP Applied Technologies Inc.† | 115,500 | ||||||
| 108,000 | H.B. Fuller Co. | 5,028,480 | ||||||
| 58,500 | International Flavors & Fragrances Inc. | 7,177,365 | ||||||
| 9,000 | Linde plc | 1,743,480 | ||||||
| 70,000 | OMNOVA Solutions Inc.† | 704,900 | ||||||
| 48,000 | Sensient Technologies Corp. | 3,295,200 | ||||||
| 18,000 | SGL Carbon SE† | 85,461 | ||||||
| 45,000 | Valvoline Inc. | 991,350 | ||||||
|
| |||||||
| 28,517,836 | ||||||||
|
| |||||||
| Telecommunications — 2.0% | ||||||||
| 20,000 | CenturyLink Inc. | 249,600 | ||||||
| 75,000 | Cincinnati Bell Inc.† | 380,250 | ||||||
| 160,000 | Deutsche Telekom AG, ADR | 2,673,600 | ||||||
| 30,000 | Hellenic Telecommunications Organization SA | 413,310 | ||||||
| 25,000 | Hellenic Telecommunications Organization SA, ADR | 175,000 | ||||||
| 30,000 | Intelsat SA† | 684,000 | ||||||
| 106,607 | Loral Space & Communications Inc.† | 4,413,530 | ||||||
| 6,000 | Orange SA, ADR | 93,420 | ||||||
| 200,000 | Sprint Corp.† | 1,234,000 | ||||||
| 2,815,600 | Telecom Italia SpA† | 1,606,556 | ||||||
| 175,000 | Telecom Italia SpA, ADR† | 985,250 | ||||||
| 39,981 | Telefonica Brasil SA, ADR | 526,550 | ||||||
| 245,000 | Telefonica SA, ADR | 1,862,000 | ||||||
| 920,510 | Telephone & Data Systems Inc. | 23,749,158 | ||||||
| 230,000 | Telesites SAB de CV† | 152,098 | ||||||
| 145,000 | VEON Ltd., ADR | 348,000 | ||||||
| 95,000 | Verizon Communications Inc. | 5,734,200 | ||||||
| 10,000 | Zayo Group Holdings Inc.† | 339,000 | ||||||
|
| |||||||
| 45,619,522 | ||||||||
|
| |||||||
| Transportation — 1.0% | ||||||||
| 272,000 | GATX Corp. | 21,088,160 | ||||||
| 4,000 | Kansas City Southern | 532,040 | ||||||
|
| |||||||
| 21,620,200 | ||||||||
|
| |||||||
| Wireless Communications — 0.7% | ||||||||
| 115,000 | America Movil SAB de CV, Cl. L, ADR | 1,708,900 | ||||||
| 10,000 | Millicom International Cellular SA | 486,700 | ||||||
| 49,000 | Millicom International Cellular SA, SDR | 2,377,314 | ||||||
| 205,000 | NTT DOCOMO Inc. | 5,219,561 | ||||||
| 20,000 | TIM Participacoes SA, ADR | 287,200 | ||||||
5
The Gabelli Asset Fund
Schedule of Investments (Continued) — September 30, 2019 (Unaudited)
Shares | Market Value | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Wireless Communications (Continued) |
| |||||||
| 30,000 | T-Mobile US Inc.† | $ | 2,363,100 | |||||
| 56,000 | United States Cellular Corp.† | 2,104,480 | ||||||
|
| |||||||
| 14,547,255 | ||||||||
|
| |||||||
| TOTAL COMMON STOCKS | 2,225,699,425 | |||||||
|
| |||||||
| CLOSED-END FUNDS — 0.1% | ||||||||
| 65,000 | Altaba Inc. | 1,266,200 | ||||||
| 11,417 | Royce Global Value Trust Inc. | 115,540 | ||||||
| 87,450 | Royce Value Trust Inc. | 1,203,312 | ||||||
|
| |||||||
| TOTALCLOSED-END FUNDS | 2,585,052 | |||||||
|
| |||||||
| PREFERRED STOCKS — 0.0% | ||||||||
| Health Care — 0.0% | ||||||||
| 31,580 | The Phoenix Companies Inc., | 515,070 | ||||||
|
| |||||||
Shares | Market Value | |||||||
| RIGHTS — 0.0% | ||||||||
| Health Care — 0.0% | ||||||||
| 20,000 | American Medical Alert Corp.†(a) | $ | 200 | |||||
|
| |||||||
| TOTAL INVESTMENTS — 100.0% | ||||||||
(Cost $697,485,717) | $ | 2,228,799,747 | ||||||
|
| |||||||
| ||
| (a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. | |
| † | Non-income producing security. | |
| ADR | American Depositary Receipt | |
| GDR | Global Depositary Receipt | |
| REIT | Real Estate Investment Trust | |
| SDR | Swedish Depositary Receipt | |
6
