Gabelli Asset Fund (GABAX) NPORT-P The Gabelli Asset Fund (Mar 2020 report)

The Gabelli Asset Fund

Schedule of Investments — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 99.9%
		Aerospace — 1.8%
	448,950	Aerojet Rocketdyne Holdings Inc.†	$	18,779,579
	9,000	HEICO Corp.		671,490
	8,050	L3Harris Technologies Inc.		1,449,966
	4,850	Lockheed Martin Corp.		1,643,907
	5,800	Northrop Grumman Corp.		1,754,790
	974,900	Rolls-Royce Holdings plc		4,124,395
	1,375	The Boeing Co.		205,067
				28,629,194
		Agriculture — 0.4%
	169,900	Archer-Daniels-Midland Co.		5,977,082
	1,550	Nutrien Ltd.		52,607
	24,200	The Mosaic Co.		261,844
				6,291,533
		Airlines — 0.0%
	100,000	American Airlines Group Inc., Escrow†		9,000
		Automotive — 0.8%
	5,000	Ferrari NV		762,850
	388,800	Navistar International Corp.†		6,411,312
	88,500	PACCAR Inc.		5,410,005
	2,900	Volkswagen AG.		388,287
				12,972,454
		Automotive: Parts and Accessories — 2.2%
	122,550	BorgWarner Inc.		2,986,543
	344,000	Dana Inc.		2,686,640
	83,600	Freni Brembo SpA		626,516
	28,000	Garrett Motion Inc.†		80,080
	311,850	Genuine Parts Co.		20,996,861
	41,600	Modine Manufacturing Co.†		135,200
	19,950	O’Reilly Automotive Inc.†		6,005,947
	29,000	Standard Motor Products Inc.		1,205,530
	52,000	Superior Industries International Inc.		62,400
	38,700	Tenneco Inc., Cl. A.		139,320
				34,925,037
		Aviation: Parts and Services — 0.6%
	38,750	Curtiss-Wright Corp.		3,580,887
	84,600	Kaman Corp.		3,254,562
	1,238,400	Signature Aviation plc		2,538,052
				9,373,501
		Broadcasting — 1.8%
	17,400	Cogeco Inc.		1,074,193
	38,700	Corus Entertainment Inc., Cl. B		67,725
	33,750	Liberty Broadband Corp., Cl. A†		3,611,250
	82,682	Liberty Broadband Corp., Cl. C†		9,154,551
	33,000	Liberty Media Corp.- Liberty Formula One, Cl. A†		852,060
	58,100	Liberty Media Corp.- Liberty Formula One, Cl. C†		1,582,063

Shares			Market Value
	50,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†	$	1,584,500
	247,000	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		7,810,140
	302,815	MSG Networks Inc., Cl. A†		3,088,713
	5,000	TEGNA Inc.		54,300
	85,000	Television Broadcasts Ltd.		105,801
	18,650	Tokyo Broadcasting System Holdings Inc.		260,866
				29,246,162
		Building and Construction — 0.8%
	62,950	Arcosa Inc.		2,501,633
	35,800	Assa Abloy AB, Cl. B		679,265
	128,000	Fortune Brands Home & Security Inc.		5,536,000
	86,000	Herc Holdings Inc.†		1,759,560
	104,000	Johnson Controls International plc		2,803,840
				13,280,298
		Business Services — 3.5%
	242,500	Clear Channel Outdoor Holdings Inc.†		155,200
	18,650	Diebold Nixdorf Inc.†		65,648
	21,850	Ecolab Inc.		3,404,885
	46,900	Fly Leasing Ltd., ADR†		330,176
	54,700	Live Nation Entertainment Inc.†		2,486,662
	189,000	Macquarie Infrastructure Corp.		4,772,250
	117,100	Mastercard Inc., Cl. A.		28,286,676
	50,000	ServiceMaster Global Holdings Inc.†		1,350,000
	30,000	The Brink’s Co.		1,561,500
	219,500	The Interpublic Group of Companies Inc.		3,553,705
	13,000	United Rentals Inc.†		1,337,700
	21,300	Vectrus Inc.†		882,033
	47,800	Visa Inc., Cl. A		7,701,536
				55,887,971
		Cable and Satellite — 3.4%
	100,600	AMC Networks Inc., Cl. A†		2,445,586
	2,150	Charter Communications Inc., Cl. A†		938,067
	439,950	Comcast Corp., Cl. A		15,125,481
	288,695	DISH Network Corp., Cl. A†		5,771,013
	82,300	EchoStar Corp., Cl. A†		2,631,131
	134,900	Liberty Global plc, Cl. A†		2,227,199
	174,400	Liberty Global plc, Cl. C†		2,739,824
	20,857	Liberty Latin America Ltd., Cl. A†		219,416
	109,350	Liberty Latin America Ltd., Cl. C†		1,121,931
	10,000	Naspers Ltd., Cl. N		1,427,810
	7,750	Prosus NV†		539,773
	393,400	Rogers Communications Inc., Cl. B		16,337,902
	203,150	Shaw Communications Inc., Cl. B		3,291,030
				54,816,163
		Communications Equipment — 0.1%
	85,950	Corning Inc.		1,765,413

1

The Gabelli Asset Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Computer Hardware — 0.2%
	7,000	Apple Inc.	$	1,780,030
	8,900	Dell Technologies Inc., Cl. C†		351,995
	4,850	Intel Corp.		262,482
	3,650	International Business Machines Corp.		404,895
				2,799,402
		Computer Software and Services — 1.3%
	1,200	Activision Blizzard Inc.		71,376
	625	Alphabet Inc., Cl. A†		726,219
	9,200	Alphabet Inc., Cl. C†		10,697,852
	2,000	Baidu Inc., ADR†		201,580
	8,300	Cisco Systems Inc.		326,273
	20,200	Fidelity National Information Services Inc.		2,457,128
	209,500	Hewlett Packard Enterprise Co.		2,034,245
	6,050	Microsoft Corp.		954,145
	23,350	Rockwell Automation Inc.		3,523,749
				20,992,567
		Consumer Products — 5.5%
	29,000	Brunswick Corp.		1,025,730
	11,000	Christian Dior SE		3,959,854
	40,000	Church & Dwight Co. Inc.		2,567,200
	365,000	Edgewell Personal Care Co.†		8,789,200
	263,050	Energizer Holdings Inc.		7,957,263
	10,000	Essity AB, Cl. A		306,291
	50,000	Essity AB, Cl. B		1,546,618
	3,400	Givaudan SA		10,579,740
	29,000	Harley-Davidson Inc.		548,970
	1,950	Hermes International		1,352,333
	4,150	National Presto Industries Inc.		293,861
	39,350	Reckitt Benckiser Group plc.		3,005,906
	93,500	Sally Beauty Holdings Inc.†		755,480
	10,000	Svenska Cellulosa AB SCA, Cl. A†		101,086
	42,000	Svenska Cellulosa AB SCA, Cl. B†		426,472
	744,900	Swedish Match AB		42,769,882
	3,700	The Estee Lauder Companies Inc., Cl. A		589,558
	18,000	The Procter & Gamble Co.		1,980,000
	32,150	Wolverine World Wide Inc.		488,680
				89,044,124
		Consumer Services — 1.3%
	4,650	Allegion plc		427,893
	2,500	FedEx Corp.		303,150
	46,000	GCI Liberty Inc., Cl. A†		2,620,620
	38,800	IAC/InterActiveCorp.†		6,954,124
	265,000	Qurate Retail Inc., Cl. A†		1,617,825
	258,500	Rollins Inc.		9,342,190
	1,000	Royal Caribbean Cruises Ltd.		32,170
				21,297,972
		Diversified Industrial — 4.5%
	475	Acuity Brands Inc.		40,689

Shares			Market Value
	2,900	Agilent Technologies Inc.	$	207,698
	150	Anixter International Inc.†		13,181
	40,000	Colfax Corp.†		792,000
	262,800	Crane Co.		12,924,504
	94,500	Eaton Corp. plc		7,341,705
	8,200	EnPro Industries Inc.		324,556
	15,100	General Electric Co.		119,894
	131,550	Greif Inc., Cl. A		4,089,889
	122,925	Honeywell International Inc.		16,446,136
	20,471	Ingersoll Rand Inc.†		507,681
	207,600	ITT Inc.		9,416,736
	26,000	Jardine Matheson Holdings Ltd.		1,300,000
	120,000	Jardine Strategic Holdings Ltd.		2,664,000
	246,150	Myers Industries Inc.		2,646,113
	29,000	nVent Electric plc		489,230
	28,000	Pentair plc		833,280
	10,350	Sulzer AG		657,023
	164,300	Textron Inc.		4,381,881
	320,000	Toray Industries Inc.		1,395,768
	23,200	Trane Technologies plc		1,916,088
	222,500	Trinity Industries Inc.		3,575,575
	3,850	Waters Corp.†		700,893
	2,200	Westinghouse Air Brake Technologies Corp.		105,886
				72,890,406
		Electronics — 4.0%
	12,000	Kyocera Corp., ADR		703,590
	1,500	Mettler-Toledo International Inc.†		1,035,765
	414,350	Resideo Technologies Inc.†		2,005,454
	2,200	Samsung Electronics Co. Ltd., GDR		2,184,600
	747,100	Sony Corp., ADR		44,213,378
	35,550	TE Connectivity Ltd.		2,238,939
	96,600	Texas Instruments Inc.		9,653,238
	8,000	Thermo Fisher Scientific Inc.		2,268,800
				64,303,764
		Energy and Utilities — 1.5%
	74,050	BP plc, ADR		1,806,079
	91,100	Chevron Corp.		6,601,106
	4,650	ConocoPhillips		143,220
	109,300	Devon Energy Corp.		755,263
	32,900	Enbridge Inc.		957,061
	86,100	EOG Resources Inc.		3,092,712
	12,100	Exxon Mobil Corp.		459,437
	98,750	Halliburton Co.		676,437
	62,900	Kinder Morgan Inc.		875,568
	11,200	Marathon Petroleum Corp.		264,544
	123,100	National Fuel Gas Co.		4,590,399
	45,450	Oceaneering International Inc.†		133,623
	34,500	Southwest Gas Holdings Inc.		2,399,820
	95,000	The AES Corp.		1,292,000

2

The Gabelli Asset Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities (Continued)
	52	Weatherford International plc†	$	309
				24,047,578
		Entertainment — 5.1%
	190,750	Discovery Inc., Cl. A†		3,708,180
	542,000	Discovery Inc., Cl. C†		9,506,680
	247,550	Fox Corp., Cl. A.		5,849,607
	679,550	Grupo Televisa SAB, ADR		3,941,390
	48,800	Liberty Media Corp.- Liberty Braves, Cl. A†		951,600
	141,071	Liberty Media Corp.- Liberty Braves, Cl. C†		2,688,813
	125,533	The Madison Square Garden Co., Cl. A†		26,538,932
	168,050	The Walt Disney Co.		16,233,630
	516,950	ViacomCBS Inc., Cl. A		9,217,219
	135,000	ViacomCBS Inc., Cl. B		1,891,350
	50,000	Vivendi SA		1,076,707
				81,604,108
		Environmental Services — 2.9%
	395,950	Republic Services Inc.		29,720,007
	20,000	Stericycle Inc.†		971,600
	75,000	Waste Connections Inc.		5,812,500
	111,900	Waste Management Inc.		10,357,464
				46,861,571
		Equipment and Supplies — 8.7%
	632,410	AMETEK Inc.		45,546,168
	11,600	Amphenol Corp., Cl. A		845,408
	10,650	AZZ Inc.		299,478
	49,800	CIRCOR International Inc.†		579,174
	103,900	Crown Holdings Inc.†.		6,030,356
	149,550	CTS Corp.		3,722,299
	4,535	Danaher Corp.		627,689
	432,500	Donaldson Co. Inc.		16,707,475
	413,800	Flowserve Corp.		9,885,682
	133,000	Graco Inc.		6,481,090
	9,000	Hubbell Inc.		1,032,660
	142,700	IDEX Corp.		19,708,297
	41,650	Interpump Group SpA		1,009,669
	12,200	Lawson Products Inc.†		325,984
	125,750	Mueller Industries Inc.		3,010,455
	166,400	Sealed Air Corp.		4,111,744
	22,475	The Manitowoc Co. Inc.†		191,037
	48,350	The Timken Co.		1,563,639
	19,350	The Toro Co.		1,259,492
	75,000	The Weir Group plc		671,664
	22,500	Valmont Industries Inc.		2,384,550
	160,900	Watts Water Technologies Inc., Cl. A		13,620,185
				139,614,195

Shares			Market Value
		Financial Services — 9.6%
	10,600	Alleghany Corp.	$	5,854,910
	49,300	AllianceBernstein Holding LP		916,487
	206,400	American Express Co.		17,669,904
	2,900	Ameriprise Financial Inc.		297,192
	29,650	Argo Group International Holdings Ltd.		1,098,829
	21,400	Bank of America Corp.		454,322
	116	Berkshire Hathaway Inc., Cl. A†		31,552,000
	5,000	BKF Capital Group Inc.†		50,675
	46,000	Calamos Asset Management Inc., Escrow†(a)		0
	24,200	Citigroup Inc.		1,019,304
	42,000	GAM Holding AG†		79,680
	133,000	H&R Block Inc.		1,872,640
	44,500	Interactive Brokers Group Inc., Cl. A		1,921,065
	35,850	Jefferies Financial Group Inc.		490,069
	100,900	JPMorgan Chase & Co.		9,084,027
	79,663	Kinnevik AB, Cl. A		1,328,717
	50,000	Kinnevik AB, Cl. B		834,466
	149,750	KKR & Co. Inc., Cl. A		3,514,633
	1,550	LendingTree Inc.†		284,255
	38,700	Loews Corp.		1,347,921
	23,950	M&T Bank Corp.		2,477,149
	56,350	Marsh & McLennan Companies Inc.		4,872,021
	76,000	PayPal Holdings Inc.†		7,276,240
	14,500	Popular Inc.		507,500
	141,800	State Street Corp.		7,553,686
	19,550	T. Rowe Price Group Inc.		1,909,057
	505,700	The Bank of New York Mellon Corp.		17,031,976
	83,750	The Blackstone Group Inc., Cl. A		3,816,487
	26,375	The Goldman Sachs Group Inc.		4,077,311
	39,000	The Hartford Financial Services Group Inc.		1,374,360
	125,590	The PNC Financial Services Group Inc.		12,021,475
	802	Truist Financial Corp.		24,734
	9,800	Value Line Inc.		317,030
	15,000	W. R. Berkley Corp.		782,550
	80,300	Waddell & Reed Financial Inc., Cl. A		913,814
	358,550	Wells Fargo & Co.		10,290,385
				154,916,871
		Food and Beverage — 16.4%
	866,100	Brown-Forman Corp., Cl. A		44,500,218
	87,300	Brown-Forman Corp., Cl. B		4,846,023
	24,900	Campbell Soup Co.		1,149,384
	800,000	China Mengniu Dairy Co. Ltd.		2,780,949
	34,300	Chr. Hansen Holding A/S		2,578,163
	24,200	Coca-Cola European Partners plc		908,226
	15,950	Coca-Cola HBC AG		344,125
	400,000	Conagra Brands Inc.		11,736,000
	27,000	Constellation Brands Inc., Cl. A		3,870,720
	38,700	Crimson Wine Group Ltd.†		226,201
	190,000	Danone SA		12,288,078
	819,800	Davide Campari-Milano SpA		5,922,234

3

The Gabelli Asset Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	224,500	Diageo plc, ADR	$	28,538,440
	62,900	Farmer Brothers Co.†		437,784
	278,500	Flowers Foods Inc.		5,714,820
	38,000	Fomento Economico Mexicano SAB de CV, ADR		2,299,380
	94,450	General Mills Inc.		4,984,127
	1,777,600	Grupo Bimbo SAB de CV, Cl. A		2,606,922
	10,000	Heineken Holding NV		770,376
	84,800	Heineken NV		7,122,938
	19,350	Heineken NV, ADR		796,639
	140,500	ITO EN Ltd.		7,474,169
	11,000	John Bean Technologies Corp.		816,970
	27,050	Kellogg Co.		1,622,729
	68,000	Kerry Group plc, Cl. A		7,852,211
	272,600	Kikkoman Corp.		11,674,708
	19,500	LVMH Moet Hennessy Louis Vuitton SE		7,278,896
	60,000	Maple Leaf Foods Inc.		1,088,041
	23,000	MEIJI Holdings Co. Ltd.		1,642,781
	234,000	Mondele¯z International Inc., Cl. A		11,718,720
	48,000	Morinaga Milk Industry Co. Ltd.		1,865,985
	5,150	National Beverage Corp.†		219,647
	45,100	Nestlé SA		4,659,943
	117,000	Nissin Foods Holdings Co. Ltd.		9,793,071
	20,000	Nomad Foods Ltd.†		371,200
	61,250	PepsiCo Inc.		7,356,125
	61,400	Pernod Ricard SA		8,766,108
	91,800	Post Holdings Inc.†		7,616,646
	88,000	Remy Cointreau SA		9,671,556
	16,450	Suntory Beverage & Food Ltd.		624,955
	21,650	TheCoca-Cola Co.		958,013
	25,650	The Hain Celestial Group Inc.†		666,131
	20,600	The J.M. Smucker Co.		2,286,600
	18,500	The Kraft Heinz Co.		457,690
	287,600	Tingyi (Cayman Islands) Holding Corp.		470,384
	113,826	Tootsie Roll Industries Inc.		4,093,183
	1,500	Tyson Foods Inc., Cl. A		86,805
	129,100	Yakult Honsha Co. Ltd.		7,672,160
				263,227,174
		Health Care — 5.9%
	15,000	Abbott Laboratories		1,183,650
	4,300	AbbVie Inc.		327,617
	10,000	Alexion Pharmaceuticals Inc.†		897,900
	18,000	Allergan plc		3,187,800
	30,250	AmerisourceBergen Corp.		2,677,125
	29,400	Amgen Inc.		5,960,262
	6,000	Anthem Inc.		1,362,240
	79,000	Bausch Health Cos. Inc.†		1,224,500
	35,300	Baxter International Inc.		2,866,007
	6,000	Becton, Dickinson and Co.		1,378,620
	8,350	Biogen Inc.†		2,641,773

Shares			Market Value
	2,050	BioMarin Pharmaceutical Inc.†	$	173,225
	7,650	Bio-Rad Laboratories Inc., Cl. A†		2,681,784
	10,000	BioTelemetry Inc.†		385,100
	142,550	Bristol-Myers Squibb Co.		7,945,737
	15,000	Cardiovascular Systems Inc.†		528,150
	12,400	Chemed Corp.		5,371,680
	20,000	Cigna Corp.		3,543,600
	10,400	CONMED Corp.		595,608
	10,450	Covetrus Inc.†		85,063
	20,000	DaVita Inc.†		1,521,200
	118,800	Demant A/S†		2,643,081
	10,000	DENTSPLY SIRONA Inc.		388,300
	10,400	Elanco Animal Health Inc.†		232,856
	240,000	Evolent Health Inc., Cl. A†		1,303,200
	20,000	Gerresheimer AG		1,274,953
	15,000	HCA Healthcare Inc.		1,347,750
	68,800	Henry Schein Inc.†		3,475,776
	1,200	Illumina Inc.†		327,744
	38,700	Indivior plc†		21,896
	22,000	Integer Holdings Corp.†		1,382,920
	39,200	Johnson & Johnson		5,140,296
	11,000	Laboratory Corp. of America Holdings†		1,390,290
	10,000	McKesson Corp.		1,352,600
	28,900	Medtronic plc		2,606,202
	55,450	Merck & Co. Inc.		4,266,323
	60,000	Mylan NV†		894,600
	97,169	Option Care Health Inc.†		920,190
	27,322	Orthofix Medical Inc.†		765,289
	5,000	Patterson Cos. Inc.		76,450
	22,500	Perrigo Co. plc		1,082,025
	25,000	Personalis Inc.†		201,750
	50,000	PetIQ Inc.†		1,161,500
	26,325	Quidel Corp.†		2,574,848
	725	Regeneron Pharmaceuticals Inc.†		354,010
	58,250	Roche Holding AG, ADR		2,363,203
	8,950	Stryker Corp.		1,490,086
	65,442	Takeda Pharmaceutical Co. Ltd., ADR		993,410
	20,000	Tenet Healthcare Corp.†		288,000
	4,000	The Cooper Companies Inc.		1,102,680
	6,000	UnitedHealth Group Inc.		1,496,280
	1,000	Wright Medical Group NV†		28,650
	36,675	Zimmer Biomet Holdings Inc.		3,707,109
	7,000	Zoetis Inc.		823,830
				94,016,738
		Hotels and Gaming — 1.1%
	13,550	Accor SA		373,608
	10,000	Churchill Downs Inc.		1,029,500
	350,000	Genting Singapore Ltd.		169,909
	15,100	Hyatt Hotels Corp., Cl. A		723,290
	1,100	Las Vegas Sands Corp.		46,717
	4,500,000	Mandarin Oriental International Ltd.		5,760,000

4

The Gabelli Asset Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Hotels and Gaming (Continued)
	349,900	MGM Resorts International	$	4,128,820
	69,100	Ryman Hospitality Properties Inc., REIT		2,477,235
	2,000,000	The Hongkong & Shanghai Hotels Ltd.		1,594,273
	30,000	Universal Entertainment Corp.		455,336
	5,800	Wyndham Destinations Inc.		125,860
	5,750	Wyndham Hotels & Resorts Inc.		181,183
	10,500	Wynn Resorts Ltd.		631,995
				17,697,726
		Machinery — 4.4%
	120,000	Caterpillar Inc.		13,924,800
	1,455,200	CNH Industrial NV		8,163,672
	176,550	CNH Industrial NV, Borsa ltaliana		1,015,644
	199,200	Deere & Co.		27,521,472
	37,300	Mueller Water Products Inc., Cl. A		298,773
	89,950	Welbilt Inc.†		461,444
	283,800	Xylem Inc.		18,483,894
				69,869,699
		Manufactured Housing and Recreational Vehicles — 0.3%
	29,600	Cavco Industries Inc.†		4,290,224
	1,200	Nobility Homes Inc.		26,520
	28,850	Skyline Champion Corp.†		452,368
				4,769,112
		Metals and Mining — 3.1%
	55,200	Agnico Eagle Mines Ltd.		2,196,408
	159,600	Barrick Gold Corp.		2,923,872
	14,500	Cleveland-Cliffs Inc.		57,275
	71,100	Franco-Nevada Corp.		7,075,872
	135,450	Freeport-McMoRan Inc.		914,287
	29,000	Kinross Gold Corp.†		115,420
	23,200	New Hope Corp. Ltd.		19,836
	516,400	Newmont Corp.		23,382,592
	116,350	Royal Gold Inc.		10,205,059
	13,900	TimkenSteel Corp.†		44,897
	83,150	Wheaton Precious Metals Corp.		2,289,120
				49,224,638
		Publishing — 1.6%
	48,350	Meredith Corp.		590,837
	123,800	News Corp., Cl. A.		1,111,105
	89,600	S&P Global Inc.		21,956,480
	180,350	The E.W. Scripps Co., Cl. A		1,359,839
				25,018,261
		Real Estate — 0.6%
	15,950	Brookfield Asset Management Inc., Cl. A		705,787
	104,000	Griffin Industrial Realty Inc.		3,400,800
	9,650	Host Hotels & Resorts Inc., REIT		106,536
	224,300	The St. Joe Co.†		3,763,754

Shares			Market Value
	84,800	Weyerhaeuser Co., REIT	$	1,437,360
				9,414,237
		Retail — 2.0%
	22,250	Aaron’s Inc.		506,855
	13,000	Advance Auto Parts Inc.		1,213,160
	61,650	AutoNation Inc.†		1,729,899
	1,635	AutoZone Inc.†		1,383,210
	13,000	CarMax Inc.†		699,790
	36,385	Costco Wholesale Corp.		10,374,455
	121,500	CVS Health Corp.		7,208,595
	50,000	Hertz Global Holdings Inc.†		309,000
	2,200	Lowe’s Companies Inc.		189,310
	74,000	Macy’s Inc.		363,340
	8,000	Rush Enterprises Inc., Cl. B		244,080
	30,200	The Cheesecake Factory Inc.		515,816
	16,050	The Home Depot Inc.		2,996,695
	121,150	The Kroger Co.		3,649,038
	14,500	Walgreens Boots Alliance Inc.		663,375
				32,046,618
		Specialty Chemicals — 1.1%
	20,000	Ashland Global Holdings Inc.		1,001,400
	160,000	DuPont de Nemours Inc.		5,456,000
	338,500	Ferro Corp.†		3,168,360
	56,100	H.B. Fuller Co.		1,566,873
	39,900	International Flavors & Fragrances Inc.		4,072,992
	48,000	Sensient Technologies Corp.		2,088,480
	16,000	SGL Carbon SE†		43,834
	15,000	Valvoline Inc.		196,350
				17,594,289
		Telecommunications — 1.7%
	9,000	AT&T Inc.		262,350
	2,800	Cincinnati Bell Inc.†		40,992
	154,750	Deutsche Telekom AG, ADR†		2,002,465
	14,500	Hellenic Telecommunications Organization SA		175,593
	25,000	Hellenic Telecommunications Organization SA, ADR		158,000
	113,607	Loral Space & Communications Inc.†		1,846,114
	5,800	Orange SA, ADR		70,064
	12,900	SoftBank Group Corp., ADR		227,556
	5,900	Sprint Corp.†		50,858
	2,700,000	Telecom Italia SpA†		1,108,945
	172,300	Telecom Italia SpA, ADR†		682,308
	38,691	Telefonica Brasil SA, ADR		368,725
	237,000	Telefonica SA, ADR		1,083,090
	895,600	Telephone & Data Systems Inc.		15,010,256
	230,000	Telesites SAB de CV†		150,570
	98,800	VEON Ltd., ADR		149,188
	74,750	Verizon Communications Inc.		4,016,318
				27,403,392

5

The Gabelli Asset Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Transportation — 1.0%
	252,250	GATX Corp.	$	15,780,760
	3,850	Kansas City Southern		489,643
				16,270,403
		Wireless Communications — 0.7%
	111,250	America Movil SAB de CV, Cl. L, ADR		1,310,525
	193,100	NTT DOCOMO Inc.		6,064,624
	19,350	TIM Participacoes SA, ADR		235,296
	17,800	T-Mobile US Inc.†		1,493,420
	53,300	United States Cellular Corp.†		1,561,157
				10,665,022
		TOTAL COMMON STOCKS		1,602,786,593
		CLOSED-END FUNDS — 0.1%
	30,000	Altaba Inc., Escrow†		622,500
	11,059	Royce Global Value Trust Inc.		88,914
	84,575	Royce Value Trust Inc.		817,840
		TOTALCLOSED-END FUNDS		1,529,254
		MANDATORY CONVERTIBLE SECURITIES (b) — 0.0%
		Diversified Industrial — 0.0%
	10,000	Avantor Inc., Ser. A 6.250%, 05/15/22		433,600
		PREFERRED STOCKS — 0.0%
		Health Care — 0.0%
	31,580	The Phoenix Companies Inc., 7.450%, 01/15/32.		355,275

Shares			Market Value
		RIGHTS — 0.0%
		Health Care — 0.0%
	30,000	Bristol-Myers Squibb Co., CVR†	$	114,000
		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	1,694	Weatherford International plc, expire 11/26/23†		474
		TOTAL INVESTMENTS — 100.0% (Cost $646,646,304)	$	1,605,219,196

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

(b) Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.

† Non-income producing security.

ADR American Depositary Receipt

CVR Contingent Value Right

GDR Global Depositary Receipt

REIT Real Estate Investment Trust

6