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

1

The

Gabelli

Asset

Fund

Schedule

of

Investments

—

September

30,

2021

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

99.5%

Aerospace

 —

0.5%

51,000‌

Aerojet

Rocketdyne

Holdings

Inc.

..............

$

2,221,050‌

10,000‌

HEICO

Corp.

.............................................

1,318,700‌

10,350‌

L3Harris

Technologies

Inc.

.......................

2,279,484‌

4,850‌

Lockheed

Martin

Corp.

.............................

1,673,735‌

5,800‌

Northrop

Grumman

Corp.

.........................

2,088,870‌

156,800‌

Rolls-Royce

Holdings

plc†

........................

296,077‌

1,650‌

The

Boeing

Co.†

.......................................

362,901‌

10,240,817‌

Agriculture

 —

0.4%

150,000‌

Archer-Daniels-Midland

Co.

......................

9,001,500‌

23,400‌

The

Mosaic

Co.

........................................

835,848‌

9,837,348‌

Airlines

 —

0.0%

100,000‌

American

Airlines

Group

Inc.,

Escrow†

.....

5,000‌

Automotive

 —

0.6%

5,000‌

Ferrari

NV

................................................

1,045,600‌

54,250‌

General

Motors

Co.†

................................

2,859,517‌

88,000‌

PACCAR

Inc.

............................................

6,944,960‌

22,000‌

Traton

SE

.................................................

565,738‌

2,900‌

Volkswagen

AG

........................................

900,270‌

12,316,085‌

Automotive:

Parts

and

Accessories

 —

2.9%

87,550‌

BorgWarner

Inc.

.......................................

3,783,036‌

78,814‌

Brembo

SpA

.............................................

996,020‌

443,000‌

Dana

Inc.

.................................................

9,852,320‌

77,000‌

Garrett

Motion

Inc.†

.................................

567,490‌

262,850‌

Genuine

Parts

Co.

.....................................

31,865,305‌

80,000‌

Modine

Manufacturing

Co.†

......................

906,400‌

18,900‌

O'Reilly

Automotive

Inc.†

.........................

11,549,034‌

28,000‌

Standard

Motor

Products

Inc.

...................

1,223,880‌

146,300‌

Tenneco

Inc.,

Cl. A†

..................................

2,087,701‌

62,831,186‌

Aviation:

Parts

and

Services

 —

0.3%

26,000‌

Curtiss-Wright

Corp.

................................

3,280,680‌

80,600‌

Kaman

Corp.

............................................

2,875,002‌

6,155,682‌

Broadcasting

 —

2.2%

1,000‌

Cogeco

Communications

Inc.

...................

88,868‌

17,400‌

Cogeco

Inc.

..............................................

1,239,128‌

37,400‌

Corus

Entertainment

Inc.,

Cl. B

.................

166,804‌

29,750‌

Liberty

Broadband

Corp.,

Cl. A†

................

5,008,413‌

96,663‌

Liberty

Broadband

Corp.,

Cl. C†

................

16,693,700‌

32,350‌

Liberty

Media

Corp.-

Liberty

Formula

One,

Cl. A†

...................................................

1,522,067‌

51,100‌

Liberty

Media

Corp.-

Liberty

Formula

One,

Cl. C†

...................................................

2,627,051‌

50,000‌

Liberty

Media

Corp.-

Liberty

SiriusXM,

Cl. A†

...................................................

2,358,500‌

Shares

Market

Value

258,147‌

Liberty

Media

Corp.-

Liberty

SiriusXM,

Cl. C†

...................................................

$

12,254,238‌

17,000‌

Nexstar

Media

Group

Inc.,

Cl. A

................

2,583,320‌

102,000‌

Sinclair

Broadcast

Group

Inc.,

Cl. A

...........

3,231,360‌

16,000‌

TBS

Holdings

Inc.

.....................................

246,552‌

2,800‌

Television

Broadcasts

Ltd.†

......................

2,212‌

48,022,213‌

Building

and

Construction

 —

1.3%

60,950‌

Arcosa

Inc.

...............................................

3,057,862‌

35,800‌

Assa

Abloy

AB,

Cl. B

.................................

1,045,652‌

97,500‌

Fortune

Brands

Home

&

Security

Inc.

.......

8,718,450‌

63,000‌

Herc

Holdings

Inc.†

..................................

10,297,980‌

67,000‌

Johnson

Controls

International

plc

............

4,561,360‌

25,000‌

KBR

Inc.

..................................................

985,000‌

28,666,304‌

Business

Services

 —

3.1%

120,000‌

Clear

Channel

Outdoor

Holdings

Inc.†

.......

325,200‌

14,000‌

Diebold

Nixdorf

Inc.†

................................

141,540‌

21,600‌

Ecolab

Inc.

...............................................

4,506,192‌

14,000‌

IHS

Markit

Ltd.

.........................................

1,632,680‌

18,700‌

Live

Nation

Entertainment

Inc.†

................

1,704,131‌

238,000‌

Macquarie

Infrastructure

Holdings

LLC

.....

9,653,280‌

93,825‌

Mastercard

Inc.,

Cl. A

...............................

32,621,076‌

125,000‌

The

Interpublic

Group

of

Companies

Inc.

..

4,583,750‌

1,050‌

United

Parcel

Service

Inc.,

Cl. B

................

191,205‌

3,500‌

United

Rentals

Inc.†

.................................

1,228,255‌

20,000‌

Vectrus

Inc.†

............................................

1,005,600‌

43,500‌

Visa

Inc.,

Cl. A

..........................................

9,689,625‌

67,282,534‌

Cable

and

Satellite

 —

3.5%

40,000‌

Altice

USA

Inc.,

Cl. A†

..............................

828,800‌

41,400‌

AMC

Networks

Inc.,

Cl. A†

........................

1,928,826‌

2,150‌

Charter

Communications

Inc.,

Cl. A†

.........

1,564,254‌

447,150‌

Comcast

Corp.,

Cl. A

................................

25,009,099‌

251,599‌

DISH

Network

Corp.,

Cl. A†

......................

10,934,492‌

39,600‌

EchoStar

Corp.,

Cl. A†

..............................

1,010,196‌

130,000‌

Liberty

Global

plc,

Cl. A†

..........................

3,874,000‌

239,400‌

Liberty

Global

plc,

Cl. C†

..........................

7,052,724‌

857‌

Liberty

Latin

America

Ltd.,

Cl. A†

..............

11,210‌

90,650‌

Liberty

Latin

America

Ltd.,

Cl. C†

..............

1,189,328‌

9,700‌

Naspers

Ltd.,

Cl. N

...................................

1,605,593‌

7,750‌

Prosus

NV

................................................

619,338‌

338,200‌

Rogers

Communications

Inc.,

Cl. B

...........

15,773,648‌

198,850‌

Shaw

Communications

Inc.,

Cl. B

.............

5,774,604‌

77,176,112‌

Communications

Equipment

 —

0.1%

81,950‌

Corning

Inc.

.............................................

2,990,356‌

2,550‌

QUALCOMM

Inc.

......................................

328,899‌

3,319,255‌

2

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

September

30,

2021

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Computer

Hardware

 —

0.2%

17,725‌

Apple

Inc.

................................................

$

2,508,088‌

5,075‌

Dell

Technologies

Inc.,

Cl. C†

....................

528,003‌

7,000‌

Intel

Corp.

................................................

372,960‌

5,050‌

International

Business

Machines

Corp.

......

701,596‌

4,200‌

Western

Digital

Corp.†

..............................

237,048‌

4,347,695‌

Computer

Software

and

Services

 —

1.8%

30,100‌

Activision

Blizzard

Inc.

..............................

2,329,439‌

560‌

Alphabet

Inc.,

Cl. A†

.................................

1,497,171‌

7,500‌

Alphabet

Inc.,

Cl. C†

.................................

19,989,825‌

2,900‌

Alteryx

Inc.,

Cl. A†

....................................

211,990‌

600‌

Baidu

Inc.,

ADR†

......................................

92,250‌

8,900‌

Cisco

Systems

Inc.

...................................

484,427‌

5,000‌

Facebook

Inc.,

Cl. A†

................................

1,696,950‌

19,000‌

Fidelity

National

Information

Services

Inc.

.

2,311,920‌

25,000‌

Hewlett

Packard

Enterprise

Co.

.................

356,250‌

3,075‌

Match

Group

Inc.†

...................................

482,744‌

7,200‌

Microsoft

Corp.

........................................

2,029,824‌

5,750‌

NortonLifeLock

Inc.

..................................

145,475‌

2,200‌

Oracle

Corp.

.............................................

191,686‌

55,000‌

Otonomo

Technologies

Ltd.†

....................

262,900‌

17,000‌

Rockwell

Automation

Inc.

.........................

4,998,680‌

1,225‌

salesforce.com

Inc.†

................................

332,245‌

1,900‌

SAP

SE,

ADR

............................................

256,576‌

32,807‌

Vimeo

Inc.†

..............................................

963,542‌

1,300‌

VMware

Inc.,

Cl. A†

..................................

193,310‌

38,827,204‌

Consumer

Products

 —

5.6%

25,000‌

Brunswick

Corp.

.......................................

2,381,750‌

10,700‌

Christian

Dior

SE

......................................

7,734,071‌

40,000‌

Church

&

Dwight

Co.

Inc.

.........................

3,302,800‌

410,100‌

Edgewell

Personal

Care

Co.

......................

14,886,630‌

215,950‌

Energizer

Holdings

Inc.

.............................

8,432,848‌

9,350‌

Essity

AB,

Cl. A

.........................................

289,438‌

41,650‌

Essity

AB,

Cl. B

.........................................

1,294,069‌

3,100‌

Givaudan

SA

............................................

14,176,941‌

28,000‌

Harley-Davidson

Inc.

................................

1,025,080‌

1,950‌

Hermes

International

................................

2,702,633‌

3,500‌

National

Presto

Industries

Inc.

..................

287,280‌

32,025‌

Reckitt

Benckiser

Group

plc

......................

2,515,673‌

60,000‌

Sally

Beauty

Holdings

Inc.†

......................

1,011,000‌

9,300‌

Svenska

Cellulosa

AB

SCA,

Cl. A

...............

144,901‌

36,800‌

Svenska

Cellulosa

AB

SCA,

Cl. B

...............

573,371‌

6,499,500‌

Swedish

Match

AB

...................................

56,914,428‌

3,700‌

Sysco

Corp.

.............................................

290,450‌

3,700‌

The

Estee

Lauder

Companies

Inc.,

Cl. A

.....

1,109,741‌

17,000‌

The

Procter

&

Gamble

Co.

........................

2,376,600‌

32,150‌

Wolverine

World

Wide

Inc.

.......................

959,356‌

122,409,060‌

Shares

Market

Value

Consumer

Services

 —

1.1%

3,750‌

Allegion

plc

..............................................

$

495,675‌

9,000‌

Blink

Charging

Co.†

..................................

257,490‌

1,725‌

FedEx

Corp.

..............................................

378,275‌

47,700‌

IAC/InterActiveCorp.†

...............................

6,214,833‌

150,000‌

Liberty

TripAdvisor

Holdings

Inc.,

Cl. A†

...

463,500‌

580,000‌

Qurate

Retail

Inc.,

Cl. A

.............................

5,910,200‌

210,000‌

Rollins

Inc.

...............................................

7,419,300‌

60,000‌

Terminix

Global

Holdings

Inc.†

.................

2,500,200‌

3,000‌

Travel

+

Leisure

Co.

..................................

163,590‌

1,100‌

Uber

Technologies

Inc.†

...........................

49,280‌

8,000‌

Vroom

Inc.†

.............................................

176,560‌

24,028,903‌

Diversified

Industrial

 —

5.2%

9,400‌

ABB

Ltd.,

ADR

..........................................

313,584‌

450‌

Acuity

Brands

Inc.

....................................

78,016‌

1,500‌

Agilent

Technologies

Inc.

..........................

236,295‌

200,000‌

Ardagh

Metal

Packaging

SA†

....................

1,992,000‌

205,000‌

Bollore

SA

................................................

1,188,496‌

17,000‌

ChargePoint

Holdings

Inc.†

......................

339,830‌

4,400‌

Colfax

Corp.†

...........................................

201,960‌

215,800‌

Crane

Co.

.................................................

20,459,998‌

94,900‌

Eaton

Corp.

plc

.........................................

14,169,519‌

600‌

Emerson

Electric

Co.

................................

56,520‌

10,000‌

EnPro

Industries

Inc.

................................

871,200‌

1,662‌

General

Electric

Co.

..................................

171,236‌

127,950‌

Greif

Inc.,

Cl. A

.........................................

8,265,570‌

67,550‌

Honeywell

International

Inc.

......................

14,339,514‌

6,500‌

Hyster-Yale

Materials

Handling

Inc.

...........

326,690‌

19,706‌

Ingersoll

Rand

Inc.†

.................................

993,379‌

187,050‌

ITT

Inc.

....................................................

16,056,372‌

14,350‌

Jardine

Matheson

Holdings

Ltd.

................

761,124‌

15,000‌

Li-Cycle

Holdings

Corp.†

..........................

175,500‌

238,150‌

Myers

Industries

Inc.

................................

4,660,596‌

22,000‌

nVent

Electric

plc

......................................

711,260‌

8,000‌

Park-Ohio

Holdings

Corp.

.........................

204,160‌

28,000‌

Pentair

plc

................................................

2,033,640‌

9,350‌

Sulzer

AG

.................................................

894,919‌

165,450‌

Textron

Inc.

..............................................

11,550,064‌

272,450‌

Toray

Industries

Inc.

.................................

1,753,257‌

21,800‌

Trane

Technologies

plc

.............................

3,763,770‌

210,500‌

Trinity

Industries

Inc.

................................

5,719,285‌

14,000‌

Vantage

Towers

AG

..................................

475,480‌

3,500‌

Waters

Corp.†

..........................................

1,250,550‌

1,400‌

Westinghouse

Air

Brake

Technologies

Corp.

....................................................

120,694‌

114,134,478‌

Electronics

 —

4.5%

625‌

Analog

Devices

Inc.

..................................

104,675‌

124,700‌

Flex

Ltd.†

.................................................

2,204,696‌

11,200‌

Kyocera

Corp.,

ADR

..................................

701,232‌

3

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

September

30,

2021

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Electronics

(Continued)

1,450‌

Mettler-Toledo

International

Inc.†

..............

$

1,997,172‌

278,650‌

Resideo

Technologies

Inc.†

......................

6,907,734‌

2,190‌

Samsung

Electronics

Co.

Ltd.,

GDR

..........

3,421,875‌

535,700‌

Sony

Group

Corp.,

ADR

............................

59,237,706‌

32,200‌

TE

Connectivity

Ltd.

..................................

4,418,484‌

85,950‌

Texas

Instruments

Inc.

.............................

16,520,449‌

5,000‌

Thermo

Fisher

Scientific

Inc.

.....................

2,856,650‌

98,370,673‌

Energy

and

Utilities

 —

1.5%

49,000‌

BP

plc,

ADR

.............................................

1,339,170‌

74,950‌

Chevron

Corp.

..........................................

7,603,677‌

4,500‌

ConocoPhillips

.........................................

304,965‌

85,000‌

Devon

Energy

Corp.

..................................

3,018,350‌

27,000‌

Enbridge

Inc.

............................................

1,074,600‌

79,200‌

EOG

Resources

Inc.

..................................

6,357,384‌

10,000‌

Exxon

Mobil

Corp.

....................................

588,200‌

3,350‌

Fluor

Corp.†

.............................................

53,500‌

28,250‌

Halliburton

Co.

.........................................

610,765‌

59,000‌

Kinder

Morgan

Inc.

...................................

987,070‌

2,250‌

Marathon

Petroleum

Corp.

........................

139,072‌

67,000‌

National

Fuel

Gas

Co.

................................

3,518,840‌

140,000‌

Oceaneering

International

Inc.†

.................

1,864,800‌

168,000‌

PG&E

Corp.†

............................................

1,612,800‌

4,050‌

Royal

Dutch

Shell

plc,

Cl. A,

ADR

..............

180,509‌

32,050‌

Southwest

Gas

Holdings

Inc.

....................

2,143,504‌

91,100‌

The

AES

Corp.

..........................................

2,079,813‌

52‌

Weatherford

International

PLC.†

...............

1,023‌

33,478,042‌

Entertainment

 —

5.4%

141,750‌

Discovery

Inc.,

Cl. A†

...............................

3,597,615‌

494,200‌

Discovery

Inc.,

Cl. C†

...............................

11,994,234‌

175,050‌

Fox

Corp.,

Cl. A

........................................

7,021,255‌

20,000‌

Fox

Corp.,

Cl. B

........................................

742,400‌

795,300‌

Grupo

Televisa

SAB,

ADR

.........................

8,732,394‌

42,000‌

IMAX

Corp.†

............................................

797,160‌

56,835‌

Liberty

Media

Corp.-

Liberty

Braves,

Cl. A†

1,529,430‌

148,250‌

Liberty

Media

Corp.-

Liberty

Braves,

Cl. C†

3,916,765‌

181,052‌

Madison

Square

Garden

Entertainment

Corp.†

..................................................

13,157,049‌

128,533‌

Madison

Square

Garden

Sports

Corp.†

.....

23,900,711‌

145,715‌

The

Walt

Disney

Co.†

...............................

24,650,607‌

30,000‌

Universal

Music

Group

NV†

......................

803,258‌

364,391‌

ViacomCBS

Inc.

,

Cl. A

..............................

15,329,929‌

20,000‌

ViacomCBS

Inc.,

Cl. B

..............................

790,200‌

150,000‌

Vivendi

SE

................................................

1,894,771‌

118,857,778‌

Environmental

Services

 —

2.4%

290,850‌

Republic

Services

Inc.

..............................

34,919,451‌

20,000‌

Stericycle

Inc.†

........................................

1,359,400‌

Shares

Market

Value

82,000‌

Waste

Connections

Inc.

............................

$

10,326,260‌

40,400‌

Waste

Management

Inc.

...........................

6,034,144‌

52,639,255‌

Equipment

and

Supplies

 —

9.0%

625‌

3M

Co.

.....................................................

109,637‌

501,450‌

AMETEK

Inc.

............................................

62,184,815‌

22,400‌

Amphenol

Corp.,

Cl. A

..............................

1,640,352‌

16,350‌

AZZ

Inc.

...................................................

869,820‌

38,000‌

CIRCOR

International

Inc.†

.......................

1,254,380‌

97,050‌

Crown

Holdings

Inc.

.................................

9,780,699‌

143,050‌

CTS

Corp.

................................................

4,421,675‌

5,175‌

Danaher

Corp.

..........................................

1,575,477‌

376,650‌

Donaldson

Co.

Inc.

...................................

21,623,477‌

389,450‌

Flowserve

Corp.

.......................................

13,502,231‌

100,000‌

Graco

Inc.

................................................

6,997,000‌

10,000‌

Hubbell

Inc.

..............................................

1,806,700‌

112,700‌

IDEX

Corp.

...............................................

23,323,265‌

40,650‌

Interpump

Group

SpA

..............................

2,636,868‌

10,000‌

Lawson

Products

Inc.†

.............................

500,100‌

121,000‌

Mueller

Industries

Inc.

..............................

4,973,100‌

146,400‌

Sealed

Air

Corp.

.......................................

8,021,256‌

21,700‌

The

Manitowoc

Co.

Inc.†

..........................

464,814‌

47,150‌

The

Timken

Co.

........................................

3,084,553‌

17,150‌

The

Toro

Co.

............................................

1,670,582‌

72,550‌

The

Weir

Group

plc†

.................................

1,653,507‌

21,770‌

Valmont

Industries

Inc.

.............................

5,118,562‌

121,400‌

Watts

Water

Technologies

Inc.,

Cl. A

.........

20,406,126‌

197,618,996‌

Financial

Services

 —

10.0%

9,500‌

Alleghany

Corp.†

......................................

5,931,895‌

45,650‌

AllianceBernstein

Holding

LP

....................

2,263,327‌

184,550‌

American

Express

Co.

...............................

30,917,662‌

2,400‌

Ameriprise

Financial

Inc.

...........................

633,888‌

20,000‌

Argo

Group

International

Holdings

Ltd.

.....

1,044,400‌

16,400‌

Bank

of

America

Corp.

..............................

696,180‌

103‌

Berkshire

Hathaway

Inc.,

Cl. A†

................

42,372,036‌

83,550‌

Blackstone

Inc.

.........................................

9,720,207‌

159‌

Brookfield

Asset

Management

Reinsurance

Partners

Ltd.,

Cl. A

................................

8,834‌

21,800‌

Citigroup

Inc.

...........................................

1,529,924‌

53,350‌

GAM

Holding

AG†

....................................

97,317‌

200,000‌

GS

Acquisition

Holdings

Corp.

II,

Cl. A†

....

2,044,000‌

42,500‌

Interactive

Brokers

Group

Inc.,

Cl. A

.........

2,649,450‌

4,600‌

IonQ

Inc.,

Cl. A†

.......................................

47,840‌

32,000‌

Jefferies

Financial

Group

Inc.

....................

1,188,160‌

94,800‌

JPMorgan

Chase

&

Co.

.............................

15,517,812‌

54,000‌

Kinnevik

AB,

Cl. A†

...................................

2,121,904‌

40,000‌

Kinnevik

AB,

Cl. B†

...................................

1,412,547‌

107,050‌

KKR

&

Co.

Inc.

.........................................

6,517,204‌

1,500‌

LendingTree

Inc.†

.....................................

209,745‌

35,000‌

Loews

Corp.

.............................................

1,887,550‌

4

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

September

30,

2021

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Financial

Services

(Continued)

14,450‌

M&T

Bank

Corp.

.......................................

$

2,157,963‌

38,000‌

Marsh

&

McLennan

Companies

Inc.

..........

5,754,340‌

44,800‌

PayPal

Holdings

Inc.†

...............................

11,657,408‌

13,000‌

Popular

Inc.

.............................................

1,009,710‌

50,000‌

Post

Holdings

Partnering

Corp.†

...............

505,500‌

20,000‌

PROG

Holdings

Inc.

..................................

840,200‌

20,000‌

Seven

Oaks

Acquisition

Corp.,

Cl. A†

........

198,600‌

138,800‌

State

Street

Corp.

.....................................

11,759,136‌

9,750‌

T.

Rowe

Price

Group

Inc.

..........................

1,917,825‌

393,950‌

The

Bank

of

New

York

Mellon

Corp.

..........

20,422,368‌

25,775‌

The

Goldman

Sachs

Group

Inc.

.................

9,743,723‌

20,000‌

The

Hartford

Financial

Services

Group

Inc.

1,405,000‌

80,675‌

The

PNC

Financial

Services

Group

Inc.

......

15,783,257‌

9,000‌

Value

Line

Inc.

.........................................

308,340‌

168,350‌

Wells

Fargo

&

Co.

....................................

7,813,124‌

220,088,376‌

Food

and

Beverage

 —

13.1%

717,400‌

Brown-Forman

Corp.,

Cl. A

.......................

44,959,458‌

85,450‌

Brown-Forman

Corp.,

Cl. B

.......................

5,726,005‌

22,000‌

Campbell

Soup

Co.

...................................

919,820‌

790,150‌

China

Mengniu

Dairy

Co.

Ltd.

...................

5,090,277‌

33,300‌

Chr.

Hansen

Holding

A/S

...........................

2,720,019‌

23,400‌

Coca-Cola

Europacific

Partners

plc

............

1,293,786‌

15,400‌

Coca-Cola

HBC

AG

...................................

497,792‌

309,000‌

Conagra

Brands

Inc.

.................................

10,465,830‌

23,900‌

Constellation

Brands

Inc.,

Cl. A

.................

5,035,491‌

35,000‌

Crimson

Wine

Group

Ltd.†

.......................

300,650‌

97,300‌

Danone

SA

...............................................

6,655,375‌

40,000‌

Davide

Campari-Milano

NV

.......................

564,348‌

194,320‌

Diageo

plc,

ADR

.......................................

37,503,760‌

92,184‌

Farmer

Brothers

Co.†

...............................

775,267‌

241,000‌

Flowers

Foods

Inc.

...................................

5,694,830‌

37,000‌

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

.....................................................

3,208,640‌

86,450‌

General

Mills

Inc.

.....................................

5,171,439‌

1,617,600‌

Grupo

Bimbo

SAB

de

CV,

Cl. A

..................

4,546,035‌

10,000‌

Heineken

Holding

NV

................................

871,658‌

76,750‌

Heineken

NV

............................................

8,019,083‌

19,350‌

Heineken

NV,

ADR

....................................

1,008,328‌

130,050‌

ITO

EN

Ltd.

..............................................

8,670,390‌

7,000‌

John

Bean

Technologies

Corp.

..................

983,850‌

25,000‌

Kellogg

Co.

..............................................

1,598,000‌

61,750‌

Kerry

Group

plc,

Cl. A

...............................

8,286,532‌

179,700‌

Kikkoman

Corp.

........................................

14,676,967‌

15,000‌

Lamb

Weston

Holdings

Inc.

......................

920,550‌

18,800‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

13,503,905‌

60,000‌

Maple

Leaf

Foods

Inc.

..............................

1,219,327‌

18,500‌

MEIJI

Holdings

Co.

Ltd.

............................

1,198,482‌

165,000‌

Mondelēz

International

Inc.,

Cl. A

..............

9,599,700‌

Shares

Market

Value

44,000‌

Morinaga

Milk

Industry

Co.

Ltd.

................

$

2,767,420‌

21,500‌

National

Beverage

Corp.

...........................

1,128,535‌

41,000‌

Nestlé

SA

.................................................

4,958,099‌

106,250‌

Nissin

Foods

Holdings

Co.

Ltd.

.................

8,553,843‌

42,283‌

Nomad

Foods

Ltd.†

..................................

1,165,319‌

57,250‌

PepsiCo

Inc.

.............................................

8,610,972‌

51,900‌

Pernod

Ricard

SA

.....................................

11,464,572‌

73,300‌

Post

Holdings

Inc.†

..................................

8,074,728‌

75,800‌

Remy

Cointreau

SA

..................................

14,706,991‌

16,450‌

Suntory

Beverage

&

Food

Ltd.

..................

685,817‌

27,550‌

The

Coca-Cola

Co.

....................................

1,445,548‌

25,350‌

The

Hain

Celestial

Group

Inc.†

..................

1,084,473‌

20,600‌

The

J.M.

Smucker

Co.

..............................

2,472,618‌

20,000‌

The

Kraft

Heinz

Co.

...................................

736,400‌

229,800‌

Tingyi

(Cayman

Islands)

Holding

Corp.

.....

427,444‌

27,364‌

Tootsie

Roll

Industries

Inc.

.......................

832,687‌

1,500‌

Tyson

Foods

Inc.,

Cl. A

.............................

118,410‌

126,100‌

Yakult

Honsha

Co.

Ltd.

.............................

6,412,921‌

287,332,391‌

Health

Care

 —

5.6%

10,000‌

Abbott

Laboratories

..................................

1,181,300‌

26,075‌

AbbVie

Inc.

..............................................

2,812,710‌

26,000‌

AmerisourceBergen

Corp.

.........................

3,105,700‌

28,500‌

Amgen

Inc.

..............................................

6,060,525‌

6,000‌

Anthem

Inc.

.............................................

2,236,800‌

15,932‌

AstraZeneca

plc,

ADR

...............................

956,876‌

55,000‌

Aurinia

Pharmaceuticals

Inc.†

...................

1,217,150‌

90,000‌

Bausch

Health

Cos.

Inc.†

..........................

2,506,500‌

36,100‌

Baxter

International

Inc.

............................

2,903,523‌

13,000‌

Becton,

Dickinson

and

Co.

........................

3,195,660‌

8,175‌

Biogen

Inc.†

.............................................

2,313,443‌

3,700‌

BioMarin

Pharmaceutical

Inc.†

.................

285,973‌

6,205‌

Bio-Rad

Laboratories

Inc.,

Cl. A†

..............

4,628,620‌

128,850‌

Bristol-Myers

Squibb

Co.

..........................

7,624,055‌

15,000‌

Cardiovascular

Systems

Inc.†

...................

492,450‌

10,000‌

CareDx

Inc.†

............................................

633,700‌

4,000‌

Catalent

Inc.†

...........................................

532,280‌

250‌

Centene

Corp.†

........................................

15,577‌

7,300‌

Chemed

Corp.

..........................................

3,395,376‌

20,000‌

Cigna

Corp.

..............................................

4,003,200‌

9,400‌

CONMED

Corp.

........................................

1,229,802‌

10,450‌

Covetrus

Inc.†

..........................................

189,563‌

15,000‌

DaVita

Inc.†

.............................................

1,743,900‌

108,800‌

Demant

A/S†

............................................

5,484,062‌

25,000‌

DENTSPLY

SIRONA

Inc.

...........................

1,451,250‌

11,100‌

Elanco

Animal

Health

Inc.†

.......................

353,979‌

80,000‌

Evolent

Health

Inc.,

Cl. A†

.........................

2,480,000‌

5,000‌

Gerresheimer

AG

......................................

491,140‌

5,400‌

GlaxoSmithKline

plc,

ADR

.........................

206,334‌

15,870‌

HCA

Healthcare

Inc.

..................................

3,851,966‌

88,336‌

Henry

Schein

Inc.†

...................................

6,727,670‌

5

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

September

30,

2021

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Health

Care

(Continued)

2,500‌

ICU

Medical

Inc.†

.....................................

$

583,450‌

800‌

Illumina

Inc.†

...........................................

324,488‌

27,000‌

Indivior

plc†

.............................................

78,508‌

15,000‌

Integer

Holdings

Corp.†

............................

1,340,100‌

33,450‌

Johnson

&

Johnson

.................................

5,402,175‌

3,800‌

Koninklijke

Philips

NV

...............................

168,872‌

11,000‌

Laboratory

Corp.

of

America

Holdings†

.....

3,095,840‌

8,000‌

McKesson

Corp.

.......................................

1,595,040‌

9,350‌

Medmix

AG†

............................................

441,440‌

24,400‌

Medtronic

plc

...........................................

3,058,540‌

70,250‌

Merck

&

Co.

Inc.

......................................

5,276,478‌

100,000‌

Option

Care

Health

Inc.†

...........................

2,426,000‌

10,145‌

Organon

&

Co.

.........................................

332,655‌

15,000‌

Orthofix

Medical

Inc.†

..............................

571,800‌

22,500‌

Perrigo

Co.

plc

.........................................

1,064,925‌

27,000‌

PetIQ

Inc.†

...............................................

674,190‌

20,000‌

Pfizer

Inc.

................................................

860,200‌

14,000‌

Quidel

Corp.†

...........................................

1,976,100‌

2,650‌

Regeneron

Pharmaceuticals

Inc.†

.............

1,603,727‌

45,000‌

Roche

Holding

AG,

ADR

...........................

2,046,150‌

3,600‌

Sanofi,

ADR

.............................................

173,556‌

4,800‌

Silk

Road

Medical

Inc.†

............................

264,144‌

6,900‌

Stryker

Corp.

............................................

1,819,668‌

65,442‌

Takeda

Pharmaceutical

Co.

Ltd.,

ADR

........

1,071,940‌

22,314‌

Tenet

Healthcare

Corp.†

............................

1,482,542‌

4,000‌

The

Cooper

Companies

Inc.

......................

1,653,240‌

50,000‌

Trillium

Therapeutics

Inc.†

........................

878,000‌

4,000‌

UnitedHealth

Group

Inc.

...........................

1,562,960‌

37,300‌

Zimmer

Biomet

Holdings

Inc.

...................

5,459,228‌

7,000‌

Zoetis

Inc.

................................................

1,358,980‌

122,956,020‌

Hotels

and

Gaming

 —

1.3%

10,950‌

Accor

SA†

................................................

392,568‌

9,050‌

Churchill

Downs

Inc.

................................

2,172,724‌

40,000‌

Entain

plc†

...............................................

1,147,985‌

350,000‌

Genting

Singapore

Ltd.

.............................

185,594‌

12,500‌

Hyatt

Hotels

Corp.,

Cl. A†

.........................

963,750‌

1,100‌

Las

Vegas

Sands

Corp.†

...........................

40,260‌

3,744,100‌

Mandarin

Oriental

International

Ltd.†

........

7,825,169‌

252,100‌

MGM

Resorts

International

.......................

10,878,115‌

15,000‌

Red

Rock

Resorts

Inc.,

Cl. A†

...................

768,300‌

21,600‌

Ryman

Hospitality

Properties

Inc.,

REIT†

..

1,807,920‌

1,728,350‌

The

Hongkong

&

Shanghai

Hotels

Ltd.†

....

1,618,528‌

21,000‌

Universal

Entertainment

Corp.†

.................

477,003‌

3,750‌

Wyndham

Hotels

&

Resorts

Inc.

...............

289,462‌

8,750‌

Wynn

Resorts

Ltd.†

..................................

741,562‌

29,308,940‌

Machinery

 —

6.0%

109,150‌

Caterpillar

Inc.

..........................................

20,953,525‌

Shares

Market

Value

1,523,550‌

CNH

Industrial

NV

....................................

$

25,306,166‌

91,550‌

CNH

Industrial

NV,

Borsa

ltaliana

..............

1,558,890‌

168,400‌

Deere

&

Co.

.............................................

56,425,788‌

14,300‌

Mueller

Water

Products

Inc.,

Cl. A

.............

217,646‌

1,000‌

Tennant

Co.

..............................................

73,950‌

83,050‌

Welbilt

Inc.†

.............................................

1,930,082‌

197,150‌

Xylem

Inc.

................................................

24,383,512‌

130,849,559‌

Manufactured

Housing

and

Recreational

Vehicles

 —

0.4%

28,900‌

Cavco

Industries

Inc.†

..............................

6,841,786‌

925‌

Nobility

Homes

Inc.

..................................

32,837‌

27,900‌

Skyline

Champion

Corp.†

.........................

1,675,674‌

8,550,297‌

Metals

and

Mining

 —

2.6%

48,850‌

Agnico

Eagle

Mines

Ltd.

...........................

2,532,873‌

147,400‌

Barrick

Gold

Corp.

....................................

2,660,570‌

10,000‌

Cleveland-Cliffs

Inc.†

................................

198,100‌

71,100‌

Franco-Nevada

Corp.

................................

9,236,601‌

124,550‌

Freeport-McMoRan

Inc.

............................

4,051,611‌

28,000‌

Kinross

Gold

Corp.

...................................

150,080‌

1,100‌

Livent

Corp.†

...........................................

25,421‌

15,000‌

MP

Materials

Corp.†

.................................

483,450‌

469,600‌

Newmont

Corp.

........................................

25,499,280‌

106,500‌

Royal

Gold

Inc.

.........................................

10,169,685‌

77,750‌

Wheaton

Precious

Metals

Corp.

................

2,921,845‌

57,929,516‌

Publishing

 —

1.9%

8,500‌

Meredith

Corp.†

.......................................

473,450‌

102,200‌

News

Corp.,

Cl. A

.....................................

2,404,766‌

83,950‌

S&P

Global

Inc.

........................................

35,669,516‌

118,050‌

The

E.W.

Scripps

Co.,

Cl. A

.......................

2,131,983‌

40,679,715‌

Real

Estate

 —

0.8%

23,100‌

Brookfield

Asset

Management

Inc.,

Cl. A

...

1,236,081‌

8,500‌

Host

Hotels

&

Resorts

Inc.,

REIT†

............

138,805‌

107,014‌

Indus

Realty

Trust

Inc.,

REIT

.....................

7,501,681‌

195,000‌

The

St.

Joe

Co.

.........................................

8,209,500‌

46,000‌

Weyerhaeuser

Co.,

REIT

...........................

1,636,220‌

18,722,287‌

Retail

 —

2.2%

11,000‌

Advance

Auto

Parts

Inc.

............................

2,297,790‌

72,000‌

AutoNation

Inc.†

......................................

8,766,720‌

1,300‌

AutoZone

Inc.†

.........................................

2,207,387‌

14,000‌

CarMax

Inc.†

............................................

1,791,440‌

30,900‌

Costco

Wholesale

Corp.

............................

13,884,915‌

115,450‌

CVS

Health

Corp.

......................................

9,797,087‌

1,100‌

Dollar

Tree

Inc.†

.......................................

105,292‌

20,000‌

EVgo

Inc.†

...............................................

163,000‌

1,150‌

Lowe's

Companies

Inc.

.............................

233,289‌

6

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

September

30,

2021

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Retail

(Continued)

750‌

Ocado

Group

plc†

....................................

$

16,800‌

12,000‌

Rush

Enterprises

Inc.,

Cl. B

......................

549,240‌

9,050‌

The

Home

Depot

Inc.

................................

2,970,753‌

115,950‌

The

Kroger

Co.

.........................................

4,687,859‌

8,000‌

Walgreens

Boots

Alliance

Inc.

...................

376,400‌

2,300‌

Walmart

Inc.

............................................

320,574‌

7,832‌

Zalando

SE†

.............................................

719,607‌

48,888,153‌

Specialty

Chemicals

 —

1.3%

1,550‌

Air

Products

and

Chemicals

Inc.

...............

396,970‌

175,000‌

DuPont

de

Nemours

Inc.

..........................

11,898,250‌

199,800‌

Ferro

Corp.†

.............................................

4,063,932‌

3,000‌

FMC

Corp.

................................................

274,680‌

53,200‌

H.B.

Fuller

Co.

..........................................

3,434,592‌

32,350‌

International

Flavors

&

Fragrances

Inc.

.....

4,325,842‌

36,500‌

Sensient

Technologies

Corp.

.....................

3,324,420‌

500‌

SGL

Carbon

SE†

.......................................

5,456‌

27,724,142‌

Telecommunications

 —

1.4%

10,800‌

AT&T

Inc.

.................................................

291,708‌

158,250‌

Deutsche

Telekom

AG,

ADR

......................

3,188,737‌

14,000‌

Hellenic

Telecommunications

Organization

SA

........................................................

263,038‌

23,400‌

Hellenic

Telecommunications

Organization

SA,

ADR

...............................................

216,216‌

96,350‌

Loral

Space

&

Communications

Inc.

.........

4,144,013‌

5,600‌

Orange

SA,

ADR

.......................................

60,648‌

13,350‌

SoftBank

Group

Corp.,

ADR

......................

387,684‌

2,676,400‌

Telecom

Italia

SpA

....................................

1,052,211‌

120,406‌

Telecom

Italia

SpA,

ADR

...........................

475,604‌

37,400‌

Telefonica

Brasil

SA,

ADR

.........................

290,224‌

300,000‌

Telefonica

SA,

ADR

...................................

1,413,000‌

784,000‌

Telephone

and

Data

Systems

Inc.

..............

15,288,000‌

215,000‌

Telesites

SAB

de

CV†

................................

185,091‌

18,700‌

TIM

SA,

ADR

............................................

200,838‌

93,250‌

VEON

Ltd.,

ADR†

.....................................

193,960‌

56,250‌

Verizon

Communications

Inc.

...................

3,038,063‌

30,689,035‌

Transportation

 —

1.0%

2,200‌

Canadian

National

Railway

Co.

..................

254,430‌

221,550‌

GATX

Corp.

..............................................

19,842,018‌

3,700‌

Kansas

City

Southern

...............................

1,001,368‌

21,097,816‌

Wireless

Communications

 —

0.3%

103,750‌

America

Movil

SAB

de

CV,

Cl. L,

ADR

........

1,833,262‌

25,335‌

T-Mobile

US

Inc.†

.....................................

3,236,800‌

Shares

Market

Value

34,600‌

United

States

Cellular

Corp.†

....................

$

1,103,394‌

6,173,456‌

TOTAL

COMMON

STOCKS

..................

2,181,554,323‌

CLOSED-END

FUNDS

 —

0.1%

2,000‌

Altaba

Inc.,

Escrow†

.................................

13,150‌

10,700‌

Royce

Global

Value

Trust

Inc.

...................

165,315‌

81,700‌

Royce

Value

Trust

Inc.

..............................

1,472,234‌

TOTAL

CLOSED-END

FUNDS

................

1,650,699‌

PREFERRED

STOCKS

 —

0.1%

Consumer

Services

 —

0.1%

9,500‌

Qurate

Retail

Inc.,

8.000%,

03/15/31

........

1,027,425‌

Electronics

 —

0.0%

95‌

WESCO

International

Inc.,

Ser.

A,

10.625%

2,981‌

Health

Care

 —

0.0%

31,580‌

The

Phoenix

Companies

Inc.,

7.450%,

01/15/32

...............................................

575,151‌

TOTAL

PREFERRED

STOCKS

...............

1,605,557‌

CONVERTIBLE

PREFERRED

STOCKS

 —

0.0%

Automobiles

and

Components

 —

0.0

%

94,569‌

Garrett

Motion

Inc.,

Ser.

A,

11.000%

..............................................

780,194‌

MANDATORY

CONVERTIBLE

SECURITIES(a)

 —

0.1%

Diversified

Industrial

 —

0.1%

15,000‌

Avantor

Inc.,

Ser.

A,

6.250%,

05/15/22

.................................

1,888,650‌

WARRANTS

 —

0.0%

Energy

and

Utilities

 —

0.0%

1,694‌

Weatherford

International

plc,

expire

12/13/23†

.............................................

593‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

0.2%

$

4,735,000‌

U.S.

Treasury

Bills,

0.026%

to

0.045%††,

11/26/21

to

12/23/21

............................

4,734,759‌

TOTAL

INVESTMENTS

—

100.0%

(Cost

$556,024,821)

.............................

$

2,192,214,775‌

7

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

September

30,

2021

(Unaudited)

(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

yields

at

dates

of

purchase.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

REIT

Real

Estate

Investment

Trust