Gabelli Asset Fund (GABAX) NPORT-P The Gabelli Asset Fund (Mar 2021 report)

The Gabelli Asset Fund

Schedule of Investments — March 31, 2021 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 99.3%
		Aerospace — 0.6%
	126,950	Aerojet Rocketdyne Holdings Inc.	$	5,961,572
	9,000	HEICO Corp.		1,132,200
	10,500	L3Harris Technologies Inc.		2,128,140
	4,850	Lockheed Martin Corp.		1,792,075
	5,800	Northrop Grumman Corp.		1,877,112
	156,800	Rolls-Royce Holdings plc†		227,621
	1,575	The Boeing Co.†		401,184
				13,519,904
		Agriculture — 0.4%
	155,000	Archer-Daniels-Midland Co.		8,835,000
	23,400	The Mosaic Co.		739,674
				9,574,674
		Airlines — 0.0%
	100,000	American Airlines Group Inc., Escrow†		6,000
		Automotive — 0.9%
	5,000	Ferrari NV		1,046,400
	41,200	General Motors Co.†.		2,367,352
	149,500	Navistar International Corp.†		6,582,485
	88,000	PACCAR Inc.		8,176,960
	17,000	Traton SE		458,526
	2,900	Volkswagen AG		1,051,537
				19,683,260
		Automotive: Parts and Accessories — 2.7%
	92,550	BorgWarner Inc.		4,290,618
	392,000	Dana Inc.		9,537,360
	78,800	Freni Brembo SpA†		981,381
	77,000	Garrett Motion Inc.†		399,630
	264,850	Genuine Parts Co.		30,614,011
	70,000	Modine Manufacturing Co.†		1,033,900
	18,900	O’Reilly Automotive Inc.†		9,587,025
	28,000	Standard Motor Products Inc.		1,164,240
	146,300	Tenneco Inc., Cl. A†		1,568,336
				59,176,501
		Aviation: Parts and Services — 0.4%
	29,000	Curtiss-Wright Corp.		3,439,400
	82,100	Kaman Corp.		4,210,909
	362,000	Signature Aviation plc†		2,017,672
				9,667,981
		Broadcasting — 2.1%
	500	Cogeco Communications Inc.		46,948
	17,400	Cogeco Inc.		1,342,349
	37,400	Corus Entertainment Inc., Cl. B		170,544
	29,750	Liberty Broadband Corp., Cl. A†		4,318,213
	102,663	Liberty Broadband Corp., Cl. C†		15,414,849
	32,350	Liberty Media Corp.- Liberty Formula One, Cl. A†		1,236,417

Shares			Market Value
	51,100	Liberty Media Corp.- Liberty Formula One, Cl. C†	$	2,212,119
	50,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†		2,204,000
	258,147	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		11,386,864
	264,650	MSG Networks Inc., Cl. A†		3,980,336
	17,000	Nexstar Media Group Inc., Cl. A		2,387,310
	39,600	Sinclair Broadcast Group Inc., Cl. A		1,158,696
	16,000	TBS Holdings Inc.		313,859
	2,800	Television Broadcasts Ltd.		2,914
				46,175,418
		Building and Construction — 1.3%
	62,950	Arcosa Inc.		4,097,415
	35,800	Assa Abloy AB, Cl. B		1,028,895
	102,500	Fortune Brands Home & Security Inc.		9,821,550
	75,500	Herc Holdings Inc.†		7,650,415
	72,000	Johnson Controls
		International plc		4,296,240
	25,000	KBR Inc.		959,750
				27,854,265
		Business Services — 3.2%
	135,000	Clear Channel Outdoor Holdings Inc.†		243,000
	14,000	Diebold Nixdorf Inc.†		197,820
	21,450	Ecolab Inc.		4,591,801
	46,900	Fly Leasing Ltd., ADR†		790,265
	11,000	IHS Markit Ltd.		1,064,580
	18,700	Live Nation Entertainment Inc.†		1,582,955
	284,000	Macquarie Infrastructure Corp.		9,034,040
	101,400	Mastercard Inc., Cl. A		36,103,470
	135,000	The Interpublic Group of Companies Inc.		3,942,000
	5,400	United Rentals Inc.†		1,778,274
	20,000	Vectrus Inc.†		1,068,800
	47,300	Visa Inc., Cl. A		10,014,829
				70,411,834
		Cable and Satellite — 3.4%
	50,000	Altice USA Inc., Cl. A†		1,626,500
	43,400	AMC Networks Inc., Cl. A†		2,307,144
	2,150	Charter Communications Inc., Cl. A†		1,326,593
	449,150	Comcast Corp., Cl. A		24,303,507
	266,749	DISH Network Corp., Cl. A†		9,656,314
	49,600	EchoStar Corp., Cl. A†		1,190,400
	130,000	Liberty Global plc, Cl. A†		3,335,800
	164,400	Liberty Global plc, Cl. C†		4,198,776
	857	Liberty Latin America Ltd., Cl. A†		10,995
	95,650	Liberty Latin America Ltd., Cl. C†		1,241,537
	9,700	Naspers Ltd., Cl. N		2,320,975
	7,750	Prosus NV		861,583
	338,200	Rogers Communications Inc., Cl. B		15,591,020

1

The Gabelli Asset Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Cable and Satellite (Continued)
	202,150	Shaw Communications Inc., Cl. B	$	5,300,373
				73,271,517
		Communications Equipment — 0.2%
	81,950	Corning Inc.		3,565,645
	2,245	QUALCOMM Inc.		297,664
				3,863,309
		Computer Hardware — 0.2%
	23,050	Apple Inc.		2,815,557
	5,700	Dell Technologies Inc., Cl. C†		502,455
	6,425	Intel Corp.		411,200
	5,050	International Business Machines Corp.		672,963
	4,550	Western Digital Corp.†		303,713
				4,705,888
		Computer Software and Services — 1.4%
	900	Activision Blizzard Inc.		83,700
	600	Alphabet Inc., Cl. A†		1,237,512
	8,000	Alphabet Inc., Cl. C†		16,549,040
	2,600	Alteryx Inc., Cl. A†		215,696
	550	Baidu Inc., ADR†		119,653
	8,650	Cisco Systems Inc.		447,291
	20,000	Fidelity National Information Services Inc.		2,812,200
	30,000	Hewlett Packard Enterprise Co.		472,200
	5,625	Match Group Inc.†		772,763
	7,125	Microsoft Corp.		1,679,861
	5,000	NortonLifeLock Inc.		106,300
	2,950	Oracle Corp.		207,001
	19,350	Rockwell Automation Inc.		5,136,264
	1,250	salesforce.com Inc.†		264,837
	1,400	VMware Inc., Cl. A†		210,630
				30,314,948
		Consumer Products — 5.5%
	27,000	Brunswick Corp.		2,574,990
	10,700	Christian Dior SE		6,487,259
	40,000	Church & Dwight Co. Inc.		3,494,000
	400,100	Edgewell Personal Care Co.		15,843,960
	262,950	Energizer Holdings Inc.		12,479,607
	9,350	Essity AB, Cl. A		295,485
	41,650	Essity AB, Cl. B		1,315,773
	3,200	Givaudan SA		12,330,741
	28,000	Harley-Davidson Inc.		1,122,800
	1,950	Hermes International		2,158,706
	3,500	National Presto Industries Inc.		357,245
	33,925	Reckitt Benckiser Group plc		3,039,050
	100,000	Sally Beauty Holdings Inc.†		2,013,000
	9,300	Svenska Cellulosa AB SCA, Cl. A†		165,694
	36,800	Svenska Cellulosa AB SCA, Cl. B†		651,225
	667,400	Swedish Match AB		52,102,356
	3,025	Sysco Corp.		238,189

Shares			Market Value
	3,700	The Estee Lauder Companies Inc., Cl. A	$	1,076,145
	17,200	The Procter & Gamble Co.		2,329,396
	32,150	Wolverine World Wide Inc.		1,231,988
				121,307,609
		Consumer Services — 1.3%
	3,750	Allegion plc		471,075
	1,800	FedEx Corp.		511,272
	46,730	IAC/InterActiveCorp.†		10,108,166
	145,000	Liberty TripAdvisor Holdings Inc., Cl. A†		925,100
	520,000	Qurate Retail Inc., Cl. A		6,115,200
	234,000	Rollins Inc.		8,054,280
	60,000	Terminix Global Holdings Inc.†		2,860,200
	3,500	Travel + Leisure Co.		214,060
				29,259,353
		Diversified Industrial — 5.2%
	9,400	ABB Ltd., ADR		286,418
	450	Acuity Brands Inc.		74,250
	1,700	Agilent Technologies Inc.		216,138
	42,500	Colfax Corp.†		1,861,925
	215,050	Crane Co.		20,195,345
	95,000	Eaton Corp. plc		13,136,600
	9,000	EnPro Industries Inc.		767,430
	13,000	General Electric Co.		170,690
	128,450	Greif Inc., Cl. A		7,321,650
	70,375	Honeywell International Inc.		15,276,301
	1,500	Hyster-Yale Materials Handling Inc.		130,680
	19,706	Ingersoll Rand Inc.†		969,732
	187,600	ITT Inc.		17,054,716
	15,200	Jardine Matheson Holdings Ltd.		993,928
	112,800	Jardine Strategic Holdings Ltd.		3,724,656
	238,150	Myers Industries Inc.		4,705,844
	22,000	nVent Electric plc		614,020
	28,000	Pentair plc		1,744,960
	9,350	Sulzer AG		1,051,584
	166,250	Textron Inc.		9,323,300
	273,450	Toray Industries Inc.		1,759,613
	22,800	Trane Technologies plc		3,774,768
	212,500	Trinity Industries Inc.		6,054,125
	12,000	Vantage Towers AG†		337,738
	3,500	Waters Corp.†		994,595
	2,600	Westinghouse Air Brake Technologies Corp.		205,816
				112,746,822
		Electronics — 4.6%
	850	Analog Devices Inc.		131,818
	10,000	Flex Ltd.†		183,100
	11,200	Kyocera Corp., ADR		717,696
	1,450	Mettler-Toledo International Inc.†		1,675,751
	288,650	Resideo Technologies Inc.†		8,154,363
	2,190	Samsung Electronics Co. Ltd., GDR		3,994,560
	579,850	Sony Group Corp., ADR		61,469,898

2

The Gabelli Asset Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Electronics (Continued)
	33,000	TE Connectivity Ltd.	$	4,260,630
	88,400	Texas Instruments Inc.		16,706,716
	6,000	Thermo Fisher Scientific Inc.		2,738,280
				100,032,812
		Energy and Utilities — 1.4%
	49,000	BP plc, ADR		1,193,150
	74,950	Chevron Corp.		7,854,011
	4,500	ConocoPhillips		238,365
	85,000	Devon Energy Corp.		1,857,250
	27,000	Enbridge Inc.		982,800
	79,200	EOG Resources Inc.		5,744,376
	5,000	Evergy Inc.		297,650
	2,000	Eversource Energy		173,180
	10,000	Exxon Mobil Corp.		558,300
	33,250	Halliburton Co.		713,545
	59,000	Kinder Morgan Inc.		982,350
	2,400	Marathon Petroleum Corp.		128,376
	70,000	National Fuel Gas Co.		3,499,300
	188,800	PG&E Corp.†		2,210,848
	33,050	Southwest Gas Holdings Inc.		2,270,865
	91,100	The AES Corp.		2,442,391
	52	Weatherford International plc†		662
				31,147,419
		Entertainment — 5.6%
	161,750	Discovery Inc., Cl. A†		7,029,655
	494,200	Discovery Inc., Cl. C†		18,231,038
	178,150	Fox Corp., Cl. A		6,432,997
	20,000	Fox Corp., Cl. B		698,600
	630,900	Grupo Televisa SAB, ADR†		5,589,774
	49,200	Liberty Media Corp.-
		Liberty Braves, Cl. A†		1,402,692
	143,771	Liberty Media Corp.-
		Liberty Braves, Cl. C†		3,999,709
	131,533	Madison Square Garden Entertainment Corp.†		10,759,399
	126,033	Madison Square Garden Sports Corp.†		22,617,882
	153,130	The Walt Disney Co.†		28,255,548
	364,241	ViacomCBS Inc., Cl. A		17,181,248
	20,000	ViacomCBS Inc., Cl. B		902,000
				123,100,542
		Environmental Services — 2.1%
	310,850	Republic Services Inc.		30,882,947
	20,000	Stericycle Inc.†		1,350,200
	82,000	Waste Connections Inc.		8,854,360
	45,200	Waste Management Inc.		5,831,704
				46,919,211
		Equipment and Supplies — 9.2%
	524,350	AMETEK Inc.		66,975,225
	22,400	Amphenol Corp., Cl. A		1,477,728

Shares			Market Value
	10,350	AZZ Inc.	$	521,123
	38,000	CIRCOR International Inc.†		1,323,160
	100,650	Crown Holdings Inc.		9,767,076
	145,050	CTS Corp.		4,505,253
	5,400	Danaher Corp.		1,215,432
	401,300	Donaldson Co. Inc.		23,339,608
	395,550	Flowserve Corp.		15,351,295
	110,000	Graco Inc.		7,878,200
	10,000	Hubbell Inc.		1,868,900
	117,600	IDEX Corp.		24,616,032
	41,650	Interpump Group SpA		2,099,270
	10,200	Lawson Products Inc.†		528,972
	119,000	Mueller Industries Inc.		4,920,650
	146,400	Sealed Air Corp.		6,708,048
	21,700	The Manitowoc Co. Inc.†		447,454
	47,150	The Timken Co.		3,827,165
	17,650	The Toro Co.		1,820,421
	72,550	The Weir Group plc†		1,777,310
	21,350	Valmont Industries Inc.		5,074,255
	127,700	Watts Water Technologies Inc., Cl. A		15,172,037
				201,214,614
		Financial Services — 9.6%
	9,500	Alleghany Corp.†		5,949,755
	46,650	AllianceBernstein Holding LP		1,865,533
	197,900	American Express Co.		27,990,976
	2,600	Ameriprise Financial Inc.		604,370
	20,000	Argo Group International Holdings Ltd.		1,006,400
	21,400	Bank of America Corp.		827,966
	108	Berkshire Hathaway Inc., Cl. A†		41,655,816
	23,300	Citigroup Inc.		1,695,075
	53,350	GAM Holding AG†		140,438
	125,000	Gores Holdings V Inc., Cl. A†		1,247,500
	42,500	Interactive Brokers Group Inc., Cl. A		3,104,200
	32,700	Jefferies Financial Group Inc.		984,270
	96,950	JPMorgan Chase & Co.		14,758,699
	59,001	Kinnevik AB, Cl. A		3,053,599
	40,000	Kinnevik AB, Cl. B		1,944,707
	132,050	KKR & Co. Inc.		6,450,643
	1,500	LendingTree Inc.†		319,500
	35,000	Loews Corp.		1,794,800
	16,932	M&T Bank Corp.		2,567,060
	40,000	Marsh & McLennan Companies Inc.		4,872,000
	45,800	PayPal Holdings Inc.†		11,122,072
	14,000	Popular Inc.		984,480
	21,500	PROG Holdings Inc.†		930,735
	20,000	Seven Oaks Acquisition Corp., Cl. A†		195,000
	50,000	Software Acquisition Group Inc. II, Cl. A†		503,500
	140,800	State Street Corp.		11,828,608
	9,750	T. Rowe Price Group Inc.		1,673,100
	394,200	The Bank of New York Mellon Corp.		18,641,718
	85,950	The Blackstone Group Inc., Cl. A		6,405,853

3

The Gabelli Asset Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	27,175	The Goldman Sachs Group Inc.	$	8,886,225
	20,000	The Hartford Financial Services Group Inc.		1,335,800
	104,050	The PNC Financial Services Group Inc.		18,251,411
	9,000	Value Line Inc.		253,710
	165,700	Wells Fargo & Co.		6,473,899
				210,319,418
		Food and Beverage — 12.8%
	737,400	Brown-Forman Corp., Cl. A		46,950,258
	85,450	Brown-Forman Corp., Cl. B		5,893,487
	22,000	Campbell Soup Co.		1,105,940
	792,300	China Mengniu Dairy Co. Ltd.		4,535,232
	33,300	Chr. Hansen Holding A/S†		3,025,913
	23,400	Coca-Cola European Partners plc		1,220,544
	15,400	Coca-Cola HBC AG		490,423
	414,000	Conagra Brands Inc		15,566,400
	23,800	Constellation Brands Inc., Cl. A		5,426,400
	35,000	Crimson Wine Group Ltd.†		232,750
	112,100	Danone SA		7,690,391
	85,000	Davide Campari-Milano NV		952,139
	198,400	Diageo plc, ADR		32,579,264
	52,100	Farmer Brothers Co.†		543,924
	253,500	Flowers Foods Inc		6,033,300
	36,000	Fomento Economico Mexicano SAB de CV, ADR		2,711,880
	88,450	General Mills Inc		5,423,754
	1,667,600	Grupo Bimbo SAB de CV, Cl. A		3,500,088
	10,000	Heineken Holding NV		890,079
	77,300	Heineken NV		7,942,728
	19,350	Heineken NV, ADR		998,460
	132,050	ITO EN Ltd.		8,097,715
	11,000	John Bean Technologies Corp.		1,466,740
	25,500	Kellogg Co.		1,614,150
	61,750	Kerry Group plc, Cl. A		7,770,046
	201,700	Kikkoman Corp.		12,004,543
	15,000	Lamb Weston Holdings Inc.		1,162,200
	18,800	LVMH Moet Hennessy Louis Vuitton SE		12,524,764
	60,000	Maple Leaf Foods Inc.		1,367,868
	18,500	MEIJI Holdings Co. Ltd.		1,189,614
	167,000	Mondele¯z International Inc., Cl. A		9,774,510
	44,000	Morinaga Milk Industry Co. Ltd.		2,312,757
	13,000	National Beverage Corp.		635,830
	42,000	Nestlé SA		4,681,035
	106,250	Nissin Foods Holdings Co. Ltd.		7,878,189
	36,000	Nomad Foods Ltd.†.		988,560
	59,250	PepsiCo Inc.		8,380,913
	52,900	Pernod Ricard SA		9,928,835
	73,300	Post Holdings Inc.†.		7,749,276
	77,350	Remy Cointreau SA.		14,286,564
	16,450	Suntory Beverage & Food Ltd.		611,350
	32,550	The Coca-Cola Co.		1,715,711

Shares			Market Value
	4,250	The Hain Celestial Group Inc.†	$	185,300
	20,600	The J.M. Smucker Co.		2,606,518
	20,000	The Kraft Heinz Co.		800,000
	229,800	Tingyi (Cayman Islands) Holding Corp.		422,112
	27,365	Tootsie Roll Industries Inc.		906,594
	1,500	Tyson Foods Inc., Cl. A		111,450
	126,100	Yakult Honsha Co. Ltd.		6,377,602
				281,264,100
		Health Care — 5.5%
	13,000	Abbott Laboratories		1,557,920
	22,300	AbbVie Inc.		2,413,306
	10,000	Alexion Pharmaceuticals Inc.†		1,529,100
	26,500	AmerisourceBergen Corp.		3,128,855
	28,500	Amgen Inc.		7,091,085
	6,000	Anthem Inc.		2,153,700
	45,000	Aurinia Pharmaceuticals Inc.†		584,325
	79,000	Bausch Health Cos. Inc.†		2,507,460
	36,100	Baxter International Inc.		3,044,674
	5,100	Bayer AG, ADR		80,988
	13,000	Becton, Dickinson and Co.		3,160,950
	7,615	Biogen Inc.†.		2,130,296
	3,850	BioMarin Pharmaceutical Inc.†		290,713
	7,205	Bio-Rad Laboratories Inc., Cl. A†		4,115,280
	138,750	Bristol-Myers Squibb Co.		8,759,287
	15,000	Cardiovascular Systems Inc.†		575,100
	7,800	Chemed Corp.		3,586,596
	20,000	Cigna Corp.		4,834,800
	9,400	CONMED Corp.		1,227,546
	10,450	Covetrus Inc.†		313,187
	17,500	DaVita Inc.†		1,885,975
	114,800	Demant A/S†		4,862,927
	10,000	DENTSPLY SIRONA Inc.		638,100
	11,000	Elanco Animal Health Inc.†		323,950
	100,000	Evolent Health Inc., Cl. A†		2,020,000
	10,000	Gerresheimer AG		993,277
	16,200	HCA Healthcare Inc.		3,051,108
	86,300	Henry Schein Inc.†		5,975,412
	2,500	ICU Medical Inc.†		513,600
	875	Illumina Inc.†		336,053
	27,000	Indivior plc†		47,272
	18,000	Integer Holdings Corp.†		1,657,800
	38,350	Johnson & Johnson		6,302,823
	2,500	Koninklijke Philips NV†		142,575
	11,000	Laboratory Corp. of America Holdings†		2,805,330
	10,000	McKesson Corp.		1,950,400
	24,300	Medtronic plc		2,870,559
	69,450	Merck & Co. Inc.		5,353,901
	90,000	Option Care Health Inc.†		1,596,600
	15,000	Orthofix Medical Inc.†		650,250
	22,500	Perrigo Co. plc		910,575
	29,372	PetIQ Inc.†		1,035,657

4

The Gabelli Asset Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares				Market Value
			COMMON STOCKS (Continued)
			Health Care (Continued)
	14,910		Quidel Corp.†	$	1,907,436
	3,045		Regeneron Pharmaceuticals Inc.†		1,440,711
	45,000		Roche Holding AG, ADR		1,825,200
	3,400		Sanofi, ADR		168,164
	6,900		Stryker Corp.		1,680,702
	65,442		Takeda Pharmaceutical Co. Ltd., ADR		1,194,971
	22,314		Tenet Healthcare Corp.†		1,160,328
	4,000		The Cooper Companies Inc.		1,536,360
	50,000		Trillium Therapeutics Inc.†		537,000
	4,000		UnitedHealth Group Inc.		1,488,280
	40,000		Viatris Inc.†		558,800
	36,800		Zimmer Biomet Holdings Inc.		5,890,944
	7,000		Zoetis Inc.		1,102,360
					119,500,568
			Hotels and Gaming — 1.3%
	10,950		Accor SA†		412,969
	9,050		Churchill Downs Inc.		2,058,151
	40,000		Entain plc†		837,086
	350,000		Genting Singapore Ltd.		239,370
	12,500		Hyatt Hotels Corp., Cl. A†		1,033,750
	1,100		Las Vegas Sands Corp.†		66,836
	4,044,100		Mandarin Oriental International Ltd.†		7,198,498
	256,500		MGM Resorts International		9,744,435
	15,000		Red Rock Resorts Inc., Cl. A†		488,850
	25,100		Ryman Hospitality Properties Inc., REIT†		1,945,501
	1,940,700		The Hongkong & Shanghai Hotels Ltd.		1,929,691
	21,000		Universal Entertainment Corp.†		511,700
	3,750		Wyndham Hotels & Resorts Inc.		261,675
	9,250		Wynn Resorts Ltd.†		1,159,673
					27,888,185
			Machinery — 6.4%
	110,550		Caterpillar Inc.		25,633,229
	1,473,050		CNH Industrial NV†		23,038,502
	91,550		CNH Industrial NV, Borsa ltaliana†		1,416,624
	175,700		Deere & Co.		65,736,398
	19,300		Mueller Water Products Inc., Cl. A		268,077
	89,950		Welbilt Inc.†		1,461,687
	220,800		Xylem Inc.		23,223,744
					140,778,261
			Manufactured Housing and Recreational Vehicles — 0.4%
	28,900	��	Cavco Industries Inc.†		6,520,129
	1,025		Nobility Homes Inc.		31,775
	27,900		Skyline Champion Corp.†		1,262,754
					7,814,658
			Metals and Mining — 2.9%
	49,850		Agnico Eagle Mines Ltd.		2,881,829
	147,400		Barrick Gold Corp.		2,918,520
	10,000		Cleveland-Cliffs Inc.†		201,100

Shares			Market Value
	71,100	Franco-Nevada Corp.	$	8,908,119
	126,550	Freeport-McMoRan Inc.†		4,167,291
	28,000	Kinross Gold Corp.		186,760
	15,000	MP Materials Corp.†		539,250
	476,700	Newmont Corp.		28,730,709
	106,500	Royal Gold Inc.		11,461,530
	77,750	Wheaton Precious Metals Corp.		2,970,827
				62,965,935
		Publishing — 1.7%
	8,500	Meredith Corp.†		253,130
	102,200	News Corp., Cl. A		2,598,946
	89,700	S&P Global Inc.		31,652,439
	132,050	The E.W. Scripps Co., Cl. A		2,544,603
				37,049,118
		Real Estate — 0.8%
	23,100	Brookfield Asset Management Inc., Cl. A		1,027,950
	8,500	Host Hotels & Resorts Inc., REIT†		143,225
	106,968	Indus Realty Trust Inc., REIT		6,435,195
	200,000	The St. Joe Co.		8,580,000
	61,400	Weyerhaeuser Co., REIT		2,185,840
				18,372,210
		Retail — 1.9%
	12,000	Advance Auto Parts Inc.		2,201,880
	67,650	AutoNation Inc.†		6,306,333
	1,400	AutoZone Inc.†		1,966,020
	13,000	CarMax Inc.†		1,724,580
	31,500	Costco Wholesale Corp.		11,103,120
	115,800	CVS Health Corp.		8,711,634
	1,700	Dollar Tree Inc.†		194,582
	1,150	Lowe’s Companies Inc.		218,707
	300	McDonald’s Corp.		67,242
	12,000	Rush Enterprises Inc., Cl. B		541,080
	10,000	The Aaron’s Co. Inc.		256,800
	11,550	The Home Depot Inc.		3,525,637
	115,950	The Kroger Co.		4,173,041
	8,000	Walgreens Boots Alliance Inc.		439,200
	1,825	Walmart Inc.		247,890
				41,677,746
		Specialty Chemicals — 1.4%
	1,400	Air Products and Chemicals Inc.		393,876
	10,000	Ashland Global Holdings Inc.		887,700
	500	Covestro AG		33,621
	177,000	DuPont de Nemours Inc.		13,678,560
	298,800	Ferro Corp.†		5,037,768
	1,500	FMC Corp.		165,915
	54,000	H.B. Fuller Co.		3,397,140
	32,350	International Flavors & Fragrances Inc.		4,516,383
	41,200	Sensient Technologies Corp.		3,213,600

5

The Gabelli Asset Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Specialty Chemicals (Continued)
	500	SGL Carbon SE†	$	3,541
				31,328,104
		Telecommunications — 1.6%
	10,400	AT&T Inc.		314,808
	158,250	Deutsche Telekom AG, ADR		3,202,980
	14,000	Hellenic Telecommunications Organization SA		224,595
	23,400	Hellenic Telecommunications Organization SA, ADR		185,562
	111,700	Loral Space & Communications Inc.		4,207,739
	5,600	Orange SA, ADR		69,048
	13,150	SoftBank Group Corp., ADR		559,664
	2,676,400	Telecom Italia SpA		1,447,529
	121,200	Telecom Italia SpA, ADR		660,540
	37,400	Telefonica Brasil SA, ADR		294,338
	300,000	Telefonica SA, ADR		1,359,000
	809,350	Telephone and Data Systems Inc.		18,582,676
	215,000	Telesites SAB de CV†		222,684
	18,700	TIM SA, ADR		212,245
	88,250	VEON Ltd., ADR†		156,203
	66,850	Verizon Communications Inc.		3,887,327
				35,586,938
		Transportation — 1.0%
	222,050	GATX Corp.		20,592,917
	3,700	Kansas City Southern		976,504
	900	Union Pacific Corp.		198,369
				21,767,790
		Wireless Communications — 0.3%
	103,750	America Movil SAB de CV, Cl. L, ADR		1,408,925
	25,535	T-Mobile US Inc.†		3,199,280
	35,600	United States Cellular Corp.†		1,298,688
				5,906,893
		TOTAL COMMON STOCKS		2,176,173,805
		CLOSED-END FUNDS — 0.1%
	2,000	Altaba Inc., Escrow†		29,100
	10,700	Royce Global Value Trust Inc.		152,047
	81,700	Royce Value Trust Inc.		1,479,587
		TOTAL CLOSED-END FUNDS		1,660,734
		MANDATORY CONVERTIBLE SECURITIES (a) — 0.0%
		Diversified Industrial — 0.0%
	15,000	Avantor Inc., Ser. A 6.250%, 05/15/22		1,354,050

Shares			Market Value
		PREFERRED STOCKS — 0.1%
		Consumer Services — 0.1%
	17,000	Qurate Retail Inc., 8.000%, 03/15/31.	$	1,728,050
		Electronics — 0.0%
	95	WESCO International Inc., Ser. A, 10.625%		2,924
		Health Care — 0.0%
	31,580	The Phoenix Companies Inc., 7.450%, 01/15/32		540,413
		TOTAL PREFERRED STOCKS		2,271,387
		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	1,694	Weatherford International plc, expire 12/13/23†		728
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.5%
		U.S. Cash Management Bill — 0.0%
$	245,000	0.005%††, 04/20/2021		244,998
		U.S. Treasury Bills — 0.5%
	10,036,000	0.004% to 0.035%†††, 05/20/21 to 06/24/21		10,035,802
		TOTAL U.S. GOVERNMENT OBLIGATIONS	$	10,280,800
		TOTAL INVESTMENTS — 100.0% (Cost $558,608,701)	$	2,191,741,504

(a) 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.

†† Represents annualized yield at date of purchase.

††† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt

GDR Global Depositary Receipt

REIT Real Estate Investment Trust

6