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