Gabelli Asset Fund (GABAX) NPORT-P The Gabelli Asset Fund (Mar 2022 report)

1

The

Gabelli

Asset

Fund

Schedule

of

Investments

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

98.9%

Aerospace

 —

0.5%

49,000‌

Aerojet

Rocketdyne

Holdings

Inc.†

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

$

1,928,150‌

9,500‌

HEICO

Corp.

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

1,458,630‌

9,950‌

L3Harris

Technologies

Inc.

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

2,472,277‌

4,850‌

Lockheed

Martin

Corp.

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

2,140,790‌

5,800‌

Northrop

Grumman

Corp.

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

2,593,876‌

156,800‌

Rolls-Royce

Holdings

plc†

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

208,246‌

1,780‌

The

Boeing

Co.†

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

340,870‌

11,142,839‌

Agriculture

 —

0.7%

134,000‌

Archer-Daniels-Midland

Co.

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

12,094,840‌

23,000‌

The

Mosaic

Co.

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

1,529,500‌

725‌

The

Scotts

Miracle-Gro

Co.

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

89,146‌

13,713,486‌

Airlines

 —

0.0%

1,012‌

American

Airlines

Group

Inc.†

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

18,469‌

Automotive

 —

0.7%

5,000‌

Ferrari

NV

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

1,090,450‌

55,100‌

General

Motors

Co.†

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

2,410,074‌

292,050‌

Iveco

Group

NV†

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

1,922,328‌

87,500‌

PACCAR

Inc.

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

7,706,125‌

38,000‌

Traton

SE

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

709,172‌

2,900‌

Volkswagen

AG

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

725,678‌

14,563,827‌

Automotive:

Parts

and

Accessories

 —

2.9%

82,550‌

BorgWarner

Inc.

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

3,211,195‌

78,814‌

Brembo

SpA

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

882,342‌

465,700‌

Dana

Inc.

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

8,182,349‌

91,600‌

Garrett

Motion

Inc.†

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

658,604‌

1,000‌

Gentherm

Inc.†

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

73,040‌

254,500‌

Genuine

Parts

Co.

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

32,072,090‌

85,000‌

Modine

Manufacturing

Co.†

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

765,850‌

8,000‌

Monro

Inc.

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

354,720‌

18,900‌

O'Reilly

Automotive

Inc.†

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

12,945,744‌

28,000‌

Standard

Motor

Products

Inc.

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

1,207,920‌

15,000‌

Tenneco

Inc.,

Cl. A†

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

274,800‌

60,628,654‌

Aviation:

Parts

and

Services

 —

0.3%

20,000‌

Curtiss-Wright

Corp.

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

3,003,200‌

78,000‌

Kaman

Corp.

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

3,391,440‌

6,394,640‌

Broadcasting

 —

1.9%

1,000‌

Cogeco

Communications

Inc.

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

82,774‌

17,400‌

Cogeco

Inc.

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

1,072,825‌

37,400‌

Corus

Entertainment

Inc.,

Cl. B

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

147,730‌

29,750‌

Liberty

Broadband

Corp.,

Cl. A†

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

3,899,035‌

77,663‌

Liberty

Broadband

Corp.,

Cl. C†

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

10,509,357‌

32,350‌

Liberty

Media

Corp.-

Liberty

Formula

One,

Cl. A†

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

2,042,256‌

Shares

Market

Value

39,100‌

Liberty

Media

Corp.-

Liberty

Formula

One,

Cl. C†

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

$

2,730,744‌

50,000‌

Liberty

Media

Corp.-

Liberty

SiriusXM,

Cl. A†

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

2,285,500‌

265,147‌

Liberty

Media

Corp.-

Liberty

SiriusXM,

Cl. C†

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

12,125,172‌

17,000‌

Nexstar

Media

Group

Inc.,

Cl. A

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

3,204,160‌

98,000‌

Sinclair

Broadcast

Group

Inc.,

Cl. A

...........

2,745,960‌

16,000‌

TBS

Holdings

Inc.

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

234,861‌

41,080,374‌

Building

and

Construction

 —

1.0%

62,950‌

Arcosa

Inc.

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

3,603,887‌

35,200‌

Assa

Abloy

AB,

Cl. B

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

954,276‌

67,500‌

Fortune

Brands

Home

&

Security

Inc.

.......

5,013,900‌

51,400‌

Herc

Holdings

Inc.

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

8,588,426‌

42,000‌

Johnson

Controls

International

plc

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

2,753,940‌

20,000‌

KBR

Inc.

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

1,094,600‌

22,009,029‌

Business

Services

 —

2.5%

120,000‌

Clear

Channel

Outdoor

Holdings

Inc.†

.......

415,200‌

20,000‌

Diebold

Nixdorf

Inc.†

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

134,600‌

20,900‌

Ecolab

Inc.

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

3,690,104‌

12,850‌

Live

Nation

Entertainment

Inc.†

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

1,511,674‌

35,000‌

Macquarie

Infrastructure

Holdings

LLC

.....

130,550‌

85,650‌

Mastercard

Inc.,

Cl. A

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

30,609,597‌

125,000‌

The

Interpublic

Group

of

Companies

Inc.

..

4,431,250‌

950‌

United

Parcel

Service

Inc.,

Cl. B

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

203,737‌

2,700‌

United

Rentals

Inc.†

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

959,067‌

20,000‌

Vectrus

Inc.†

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

717,200‌

42,050‌

Visa

Inc.,

Cl. A

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

9,325,429‌

52,128,408‌

Cable

and

Satellite

 —

3.3%

39,000‌

AMC

Networks

Inc.,

Cl. A†

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

1,584,570‌

2,150‌

Charter

Communications

Inc.,

Cl. A†

.........

1,172,868‌

431,150‌

Comcast

Corp.,

Cl. A

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

20,186,443‌

250,599‌

DISH

Network

Corp.,

Cl. A†

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

7,931,458‌

54,600‌

EchoStar

Corp.,

Cl. A†

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

1,328,964‌

130,250‌

Liberty

Global

plc,

Cl. A†

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

3,322,677‌

314,400‌

Liberty

Global

plc,

Cl. C†

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

8,146,104‌

857‌

Liberty

Latin

America

Ltd.,

Cl. A†

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

8,313‌

650‌

Liberty

Latin

America

Ltd.,

Cl. C†

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

6,234‌

8,200‌

Naspers

Ltd.,

Cl. N

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

933,843‌

7,750‌

Prosus

NV

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

416,455‌

337,200‌

Rogers

Communications

Inc.,

Cl. B

...........

19,136,100‌

185,000‌

Shaw

Communications

Inc.,

Cl. B

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

5,742,400‌

69,916,429‌

Communications

Equipment

 —

0.2%

79,950‌

Corning

Inc.

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

2,950,955‌

2,350‌

QUALCOMM

Inc.

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

359,127‌

3,310,082‌

2

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Computer

Hardware

 —

0.2%

14,825‌

Apple

Inc.

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

$

2,588,593‌

5,475‌

Dell

Technologies

Inc.,

Cl. C†

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

274,791‌

7,950‌

Intel

Corp.

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

394,002‌

5,050‌

International

Business

Machines

Corp.

......

656,601‌

4,000‌

Western

Digital

Corp.†

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

198,600‌

4,112,587‌

Computer

Software

and

Services

 —

1.8%

15,600‌

Activision

Blizzard

Inc.

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

1,249,716‌

535‌

Alphabet

Inc.,

Cl. A†

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

1,488,022‌

6,700‌

Alphabet

Inc.,

Cl. C†

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

18,713,033‌

500‌

Alteryx

Inc.,

Cl. A†

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

35,765‌

8,300‌

Cisco

Systems

Inc.

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

462,808‌

14,000‌

Fidelity

National

Information

Services

Inc.

.

1,405,880‌

23,000‌

Hewlett

Packard

Enterprise

Co.

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

384,330‌

5,300‌

IonQ

Inc.†

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

67,628‌

9,950‌

Meta

Platforms

Inc.,

Cl. A†

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

2,212,482‌

12,150‌

Microsoft

Corp.

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

3,745,967‌

7,050‌

NortonLifeLock

Inc.

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

186,966‌

4,550‌

Oracle

Corp.

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

376,422‌

105,000‌

Otonomo

Technologies

Ltd.†

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

206,850‌

26,000‌

PAR

Technology

Corp.†

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

1,048,840‌

16,000‌

Rockwell

Automation

Inc.

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

4,480,480‌

1,700‌

salesforce.com

Inc.†

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

360,944‌

2,125‌

SAP

SE,

ADR

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

235,790‌

530‌

Unity

Software

Inc.†

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

52,581‌

27,000‌

Vimeo

Inc.†

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

320,760‌

3,536‌

VMware

Inc.,

Cl. A

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

402,644‌

37,437,908‌

Consumer

Products

 —

5.1%

25,000‌

Brunswick

Corp.

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

2,022,250‌

10,700‌

Christian

Dior

SE

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

7,321,107‌

40,000‌

Church

&

Dwight

Co.

Inc.

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

3,975,200‌

420,100‌

Edgewell

Personal

Care

Co.

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

15,405,067‌

115,950‌

Energizer

Holdings

Inc.

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

3,566,622‌

9,350‌

Essity

AB,

Cl. A

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

221,757‌

41,650‌

Essity

AB,

Cl. B

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

984,284‌

3,100‌

Givaudan

SA

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

12,838,807‌

28,000‌

Harley-Davidson

Inc.

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

1,103,200‌

1,900‌

Hermes

International

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

2,714,572‌

3,500‌

National

Presto

Industries

Inc.

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

269,325‌

31,025‌

Reckitt

Benckiser

Group

plc

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

2,376,889‌

60,000‌

Sally

Beauty

Holdings

Inc.†

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

937,800‌

9,300‌

Svenska

Cellulosa

AB

SCA,

Cl. A

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

180,414‌

36,800‌

Svenska

Cellulosa

AB

SCA,

Cl. B

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

718,004‌

6,434,200‌

Swedish

Match

AB

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

48,504,222‌

3,500‌

Sysco

Corp.

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

285,775‌

3,700‌

The

Estee

Lauder

Companies

Inc.,

Cl. A

.....

1,007,584‌

16,000‌

The

Procter

&

Gamble

Co.

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

2,444,800‌

Shares

Market

Value

31,000‌

Wolverine

World

Wide

Inc.

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

$

699,360‌

107,577,039‌

Consumer

Services

 —

0.9%

3,750‌

Allegion

plc

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

411,675‌

9,000‌

Blink

Charging

Co.†

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

238,140‌

1,250‌

FedEx

Corp.

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

289,237‌

50,500‌

IAC/InterActiveCorp.†

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

5,064,140‌

110,000‌

Liberty

TripAdvisor

Holdings

Inc.,

Cl. A†

...

225,500‌

280,000‌

Qurate

Retail

Inc.,

Cl. A

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

1,332,800‌

70,000‌

Rentokil

Initial

plc

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

483,686‌

208,000‌

Rollins

Inc.

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

7,290,400‌

85,000‌

Terminix

Global

Holdings

Inc.†

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

3,878,550‌

5,000‌

Uber

Technologies

Inc.†

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

178,400‌

125,000‌

Vroom

Inc.†

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

332,500‌

19,725,028‌

Diversified

Industrial

 —

5.5%

9,550‌

ABB

Ltd.,

ADR

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

308,847‌

450‌

Acuity

Brands

Inc.

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

85,185‌

1,600‌

Agilent

Technologies

Inc.

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

211,728‌

200,000‌

Ardagh

Metal

Packaging

SA†

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

1,626,000‌

25,000‌

Avantor

Inc.†

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

845,500‌

275,000‌

Bollore

SE

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

1,446,256‌

37,000‌

ChargePoint

Holdings

Inc.†

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

735,560‌

4,400‌

Colfax

Corp.†

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

175,076‌

215,800‌

Crane

Co.

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

23,366,824‌

94,900‌

Eaton

Corp.

plc

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

14,402,024‌

5,250‌

Emerson

Electric

Co.

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

514,762‌

9,500‌

EnPro

Industries

Inc.

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

928,435‌

1,875‌

General

Electric

Co.

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

171,563‌

127,450‌

Greif

Inc.,

Cl. A

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

8,291,897‌

66,500‌

Honeywell

International

Inc.

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

12,939,570‌

3,000‌

Hyster-Yale

Materials

Handling

Inc.

...........

99,630‌

19,706‌

Ingersoll

Rand

Inc.

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

992,197‌

187,050‌

ITT

Inc.

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

14,068,031‌

15,000‌

Jardine

Matheson

Holdings

Ltd.

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

825,000‌

15,000‌

Li-Cycle

Holdings

Corp.†

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

126,750‌

240,650‌

Myers

Industries

Inc.

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

5,198,040‌

21,500‌

nVent

Electric

plc

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

747,770‌

7,262‌

Park-Ohio

Holdings

Corp.

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

102,176‌

28,000‌

Pentair

plc

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

1,517,880‌

9,350‌

Sulzer

AG

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

778,113‌

166,450‌

Textron

Inc.

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

12,380,551‌

263,000‌

Toray

Industries

Inc.

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

1,380,026‌

21,300‌

Trane

Technologies

plc

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

3,252,510‌

203,500‌

Trinity

Industries

Inc.

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

6,992,260‌

14,000‌

Vantage

Towers

AG

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

496,994‌

3,000‌

Waters

Corp.†

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

931,170‌

115,938,325‌

Electronics

 —

4.3%

500‌

Analog

Devices

Inc.

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

82,590‌

141,000‌

Flex

Ltd.†

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

2,615,550‌

3

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Electronics

(Continued)

10,500‌

Kyocera

Corp.,

ADR

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

$

587,475‌

1,400‌

Mettler-Toledo

International

Inc.†

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

1,922,466‌

285,000‌

Mirion

Technologies

Inc.†

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

2,299,950‌

273,000‌

Resideo

Technologies

Inc.†

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

6,505,590‌

2,100‌

Samsung

Electronics

Co.

Ltd.,

GDR

..........

2,979,900‌

502,000‌

Sony

Group

Corp.,

ADR

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

51,560,420‌

31,400‌

TE

Connectivity

Ltd.

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

4,112,772‌

82,900‌

Texas

Instruments

Inc.

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

15,210,492‌

4,000‌

Thermo

Fisher

Scientific

Inc.

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

2,362,600‌

90,239,805‌

Energy

and

Utilities

 —

2.5%

5,500‌

APA

Corp.

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

227,315‌

53,600‌

BP

plc,

ADR

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

1,575,840‌

73,400‌

Chevron

Corp.

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

11,951,722‌

4,500‌

ConocoPhillips

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

450,000‌

85,000‌

Devon

Energy

Corp.

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

5,026,050‌

6,000‌

Dril-Quip

Inc.†

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

224,100‌

27,000‌

Enbridge

Inc.

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

1,244,430‌

77,200‌

EOG

Resources

Inc.

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

9,204,556‌

72,000‌

Exxon

Mobil

Corp.

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

5,946,480‌

2,700‌

Fluor

Corp.†

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

77,463‌

79,000‌

Halliburton

Co.

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

2,991,730‌

59,000‌

Kinder

Morgan

Inc.

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

1,115,690‌

59,000‌

National

Fuel

Gas

Co.

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

4,053,300‌

160,000‌

Oceaneering

International

Inc.†

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

2,425,600‌

160,000‌

PG&E

Corp.†

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

1,910,400‌

5,700‌

Shell

plc,

ADR

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

313,101‌

29,500‌

Southwest

Gas

Holdings

Inc.

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

2,309,555‌

91,100‌

The

AES

Corp.

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

2,344,003‌

52‌

Weatherford

International

PLC.†

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

1,732‌

53,393,067‌

Entertainment

 —

5.8%

141,750‌

Discovery

Inc.,

Cl. A†

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

3,532,410‌

458,900‌

Discovery

Inc.,

Cl. C†

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

11,458,733‌

156,375‌

Fox

Corp.,

Cl. A

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

6,168,994‌

20,000‌

Fox

Corp.,

Cl. B

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

725,600‌

831,500‌

Grupo

Televisa

SAB,

ADR

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

9,728,550‌

105,000‌

IMAX

Corp.†

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

1,987,650‌

86,800‌

Liberty

Media

Corp.-

Liberty

Braves,

Cl. A†

2,498,104‌

167,650‌

Liberty

Media

Corp.-

Liberty

Braves,

Cl. C†

4,679,112‌

177,052‌

Madison

Square

Garden

Entertainment

Corp.†

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

14,750,202‌

129,883‌

Madison

Square

Garden

Sports

Corp.†

.....

23,295,815‌

369,541‌

Paramount

Global,

Cl. A

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

14,933,152‌

160,000‌

Paramount

Global,

Cl. B

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

6,049,600‌

126,715‌

The

Walt

Disney

Co.†

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

17,380,229‌

20,000‌

Universal

Music

Group

NV

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

535,314‌

455,000‌

Vivendi

SE

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

5,959,590‌

123,683,055‌

Shares

Market

Value

Environmental

Services

 —

2.5%

261,050‌

Republic

Services

Inc.

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

$

34,589,125‌

20,000‌

Stericycle

Inc.†

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

1,178,400‌

82,000‌

Waste

Connections

Inc.

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

11,455,400‌

32,200‌

Waste

Management

Inc.

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

5,103,700‌

52,326,625‌

Equipment

and

Supplies

 —

8.6%

625‌

3M

Co.

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

93,050‌

470,950‌

AMETEK

Inc.

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

62,721,121‌

22,400‌

Amphenol

Corp.,

Cl. A

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

1,687,840‌

16,350‌

AZZ

Inc.

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

788,724‌

38,000‌

CIRCOR

International

Inc.†

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

1,011,560‌

78,950‌

Crown

Holdings

Inc.

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

9,875,856‌

143,050‌

CTS

Corp.

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

5,055,387‌

5,125‌

Danaher

Corp.

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

1,503,316‌

362,650‌

Donaldson

Co.

Inc.

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

18,832,415‌

389,950‌

Flowserve

Corp.

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

13,999,205‌

91,000‌

Graco

Inc.

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

6,344,520‌

10,000‌

Hubbell

Inc.

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

1,837,700‌

102,100‌

IDEX

Corp.

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

19,575,633‌

40,650‌

Interpump

Group

SpA

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

2,055,086‌

10,000‌

Lawson

Products

Inc.†

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

385,400‌

121,000‌

Mueller

Industries

Inc.

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

6,554,570‌

101,000‌

Sealed

Air

Corp.

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

6,762,960‌

21,700‌

The

Manitowoc

Co.

Inc.†

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

327,236‌

47,150‌

The

Timken

Co.

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

2,862,005‌

16,500‌

The

Toro

Co.

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

1,410,585‌

69,500‌

The

Weir

Group

plc

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

1,498,211‌

20,250‌

Valmont

Industries

Inc.

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

4,831,650‌

84,075‌

Watts

Water

Technologies

Inc.,

Cl. A

.........

11,736,029‌

181,750,059‌

Financial

Services

 —

9.3%

8,450‌

Alleghany

Corp.†

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

7,157,150‌

45,650‌

AllianceBernstein

Holding

LP

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

2,146,463‌

167,100‌

American

Express

Co.

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

31,247,700‌

1,700‌

Ameriprise

Financial

Inc.

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

510,612‌

20,000‌

Argo

Group

International

Holdings

Ltd.

.....

825,600‌

66,400‌

Bank

of

America

Corp.

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

2,737,008‌

90‌

Berkshire

Hathaway

Inc.,

Cl. A†

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

47,602,890‌

81,650‌

Blackstone

Inc.

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

10,364,651‌

21,800‌

Citigroup

Inc.

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

1,164,120‌

52,000‌

GAM

Holding

AG†

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

64,321‌

42,500‌

Interactive

Brokers

Group

Inc.,

Cl. A

.........

2,801,175‌

2,150‌

Intercontinental

Exchange

Inc.

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

284,058‌

32,000‌

Jefferies

Financial

Group

Inc.

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

1,051,200‌

92,825‌

JPMorgan

Chase

&

Co.

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

12,653,904‌

42,000‌

Kinnevik

AB,

Cl. A†

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

1,134,604‌

40,000‌

Kinnevik

AB,

Cl. B†

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

1,052,923‌

83,150‌

KKR

&

Co.

Inc.

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

4,861,780‌

1,500‌

LendingTree

Inc.†

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

179,505‌

32,500‌

Loews

Corp.

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

2,106,650‌

4

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Financial

Services

(Continued)

6,450‌

M&T

Bank

Corp.

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

$

1,093,275‌

33,000‌

Marsh

&

McLennan

Companies

Inc.

..........

5,623,860‌

16,800‌

PayPal

Holdings

Inc.†

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

1,942,920‌

12,500‌

Popular

Inc.

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

1,021,750‌

50,000‌

Post

Holdings

Partnering

Corp.†

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

503,750‌

20,000‌

PROG

Holdings

Inc.†

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

575,400‌

134,800‌

State

Street

Corp.

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

11,743,776‌

9,750‌

T.

Rowe

Price

Group

Inc.

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

1,474,103‌

388,650‌

The

Bank

of

New

York

Mellon

Corp.

..........

19,288,699‌

25,300‌

The

Goldman

Sachs

Group

Inc.

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

8,351,530‌

20,000‌

The

Hartford

Financial

Services

Group

Inc.

1,436,200‌

27,050‌

The

PNC

Financial

Services

Group

Inc.

......

4,989,372‌

9,000‌

Value

Line

Inc.

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

603,000‌

167,625‌

Wells

Fargo

&

Co.

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

8,123,108‌

196,717,057‌

Food

and

Beverage

 —

12.7%

71,709‌

BellRing

Brands

Inc.†

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

1,655,044‌

701,500‌

Brown-Forman

Corp.,

Cl. A

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

44,012,110‌

85,450‌

Brown-Forman

Corp.,

Cl. B

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

5,726,859‌

22,000‌

Campbell

Soup

Co.

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

980,540‌

771,150‌

China

Mengniu

Dairy

Co.

Ltd.

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

4,154,383‌

32,150‌

Chr.

Hansen

Holding

A/S

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

2,374,876‌

23,400‌

Coca-Cola

Europacific

Partners

plc

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

1,137,474‌

15,400‌

Coca-Cola

HBC

AG

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

323,582‌

208,000‌

Conagra

Brands

Inc.

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

6,982,560‌

21,900‌

Constellation

Brands

Inc.,

Cl. A

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

5,044,008‌

35,000‌

Crimson

Wine

Group

Ltd.†

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

283,150‌

95,300‌

Danone

SA

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

5,274,444‌

30,000‌

Davide

Campari-Milano

NV

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

350,294‌

190,620‌

Diageo

plc,

ADR

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

38,722,547‌

95,084‌

Farmer

Brothers

Co.†

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

676,998‌

241,000‌

Flowers

Foods

Inc.

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

6,196,110‌

32,000‌

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

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

2,651,200‌

83,450‌

General

Mills

Inc.

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

5,651,234‌

1,571,300‌

Grupo

Bimbo

SAB

de

CV,

Cl. A

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

4,739,970‌

10,000‌

Heineken

Holding

NV

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

786,544‌

75,150‌

Heineken

NV

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

7,197,801‌

19,350‌

Heineken

NV,

ADR

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

925,511‌

129,050‌

ITO

EN

Ltd.

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

6,370,877‌

7,000‌

John

Bean

Technologies

Corp.

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

829,290‌

21,500‌

Kellogg

Co.

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

1,386,535‌

59,200‌

Kerry

Group

plc,

Cl. A

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

6,634,137‌

164,700‌

Kikkoman

Corp.

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

10,998,940‌

15,000‌

Lamb

Weston

Holdings

Inc.

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

898,650‌

18,300‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

13,146,697‌

60,000‌

Maple

Leaf

Foods

Inc.

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

1,439,827‌

18,500‌

MEIJI

Holdings

Co.

Ltd.

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

1,004,477‌

160,000‌

Mondelēz

International

Inc.,

Cl. A

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

10,044,800‌

Shares

Market

Value

44,000‌

Morinaga

Milk

Industry

Co.

Ltd.

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

$

1,890,258‌

21,000‌

National

Beverage

Corp.

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

913,500‌

40,000‌

Nestlé

SA

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

5,203,182‌

96,000‌

Nissin

Foods

Holdings

Co.

Ltd.

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

6,758,009‌

41,083‌

Nomad

Foods

Ltd.†

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

927,654‌

54,950‌

PepsiCo

Inc.

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

9,197,531‌

51,400‌

Pernod

Ricard

SA

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

11,332,447‌

72,400‌

Post

Holdings

Inc.†

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

5,014,424‌

70,300‌

Remy

Cointreau

SA

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

14,542,873‌

16,450‌

Suntory

Beverage

&

Food

Ltd.

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

629,678‌

21,700‌

The

Coca-Cola

Co.

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

1,345,400‌

39,150‌

The

Hain

Celestial

Group

Inc.†

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

1,346,760‌

20,600‌

The

J.M.

Smucker

Co.

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

2,789,446‌

19,500‌

The

Kraft

Heinz

Co.

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

768,105‌

220,000‌

Tingyi

(Cayman

Islands)

Holding

Corp.

.....

370,725‌

28,015‌

Tootsie

Roll

Industries

Inc.

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

979,403‌

125,600‌

Yakult

Honsha

Co.

Ltd.

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

6,726,729‌

269,337,593‌

Health

Care

 —

5.3%

10,000‌

Abbott

Laboratories

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

1,183,600‌

25,150‌

AbbVie

Inc.

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

4,077,066‌

26,000‌

AmerisourceBergen

Corp.

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

4,022,460‌

28,500‌

Amgen

Inc.

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

6,891,870‌

6,000‌

Anthem

Inc.

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

2,947,320‌

10,000‌

AstraZeneca

plc,

ADR

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

663,400‌

65,000‌

Aurinia

Pharmaceuticals

Inc.†

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

804,700‌

90,000‌

Bausch

Health

Cos.

Inc.†

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

2,056,500‌

41,000‌

Baxter

International

Inc.

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

3,179,140‌

8,075‌

Biogen

Inc.†

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

1,700,595‌

1,500‌

BioMarin

Pharmaceutical

Inc.†

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

115,650‌

6,100‌

Bio-Rad

Laboratories

Inc.,

Cl. A†

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

3,435,703‌

97,500‌

Bristol-Myers

Squibb

Co.

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

7,120,425‌

18,000‌

Catalent

Inc.†

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

1,996,200‌

7,200‌

Chemed

Corp.

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

3,647,160‌

18,000‌

Cigna

Corp.

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

4,312,980‌

8,900‌

CONMED

Corp.

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

1,322,095‌

10,000‌

Covetrus

Inc.†

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

167,900‌

15,000‌

DaVita

Inc.†

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

1,696,650‌

106,600‌

Demant

A/S†

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

4,851,147‌

25,000‌

DENTSPLY

SIRONA

Inc.

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

1,230,500‌

75,000‌

Evolent

Health

Inc.,

Cl. A†

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

2,422,500‌

5,000‌

Gerresheimer

AG

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

366,722‌

5,400‌

GlaxoSmithKline

plc,

ADR

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

235,224‌

16,320‌

HCA

Healthcare

Inc.

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

4,090,118‌

85,336‌

Henry

Schein

Inc.†

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

7,440,446‌

2,500‌

ICU

Medical

Inc.†

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

556,600‌

800‌

Illumina

Inc.†

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

279,520‌

27,000‌

Indivior

plc†

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

99,383‌

20,000‌

Integer

Holdings

Corp.†

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

1,611,400‌

24,300‌

Johnson

&

Johnson

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

4,306,689‌

11,850‌

Laboratory

Corp.

of

America

Holdings†

.....

3,124,371‌

5

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Health

Care

(Continued)

8,000‌

McKesson

Corp.

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

$

2,449,040‌

24,600‌

Medtronic

plc

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

2,729,370‌

58,650‌

Merck

&

Co.

Inc.

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

4,812,232‌

100,000‌

Option

Care

Health

Inc.†

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

2,856,000‌

15,000‌

Orthofix

Medical

Inc.†

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

490,500‌

22,500‌

Perrigo

Co.

plc

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

864,675‌

25,000‌

PetIQ

Inc.†

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

610,000‌

20,000‌

Pfizer

Inc.

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

1,035,400‌

14,000‌

Quidel

Corp.†

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

1,574,440‌

350‌

Regeneron

Pharmaceuticals

Inc.†

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

244,447‌

40,000‌

Roche

Holding

AG,

ADR

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

1,976,400‌

4,800‌

Silk

Road

Medical

Inc.†

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

198,192‌

6,900‌

Stryker

Corp.

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

1,844,715‌

22,314‌

Tenet

Healthcare

Corp.†

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

1,918,111‌

3,000‌

The

Cooper

Companies

Inc.

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

1,252,770‌

2,350‌

UnitedHealth

Group

Inc.

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

1,198,430‌

4,950‌

Vertex

Pharmaceuticals

Inc.†

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

1,291,802‌

20,150‌

Zimmer

Biomet

Holdings

Inc.

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

2,577,185‌

2,015‌

Zimvie

Inc.†

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

46,023‌

7,000‌

Zoetis

Inc.

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

1,320,130‌

113,245,896‌

Hotels

and

Gaming

 —

1.0%

10,500‌

Accor

SA†

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

339,525‌

6,400‌

Churchill

Downs

Inc.

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

1,419,392‌

327,100‌

Genting

Singapore

Ltd.

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

196,692‌

12,500‌

Hyatt

Hotels

Corp.,

Cl. A†

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

1,193,125‌

1,100‌

Las

Vegas

Sands

Corp.†

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

42,757‌

3,391,600‌

Mandarin

Oriental

International

Ltd.†

........

6,783,200‌

166,800‌

MGM

Resorts

International

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

6,995,592‌

15,000‌

Red

Rock

Resorts

Inc.,

Cl. A

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

728,400‌

19,100‌

Ryman

Hospitality

Properties

Inc.,

REIT†

..

1,771,907‌

1,353,350‌

The

Hongkong

&

Shanghai

Hotels

Ltd.†

....

1,442,620‌

19,000‌

Universal

Entertainment

Corp.†

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

427,320‌

3,250‌

Wyndham

Hotels

&

Resorts

Inc.

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

275,242‌

6,550‌

Wynn

Resorts

Ltd.†

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

522,297‌

22,138,069‌

Machinery

 —

6.3%

108,750‌

Caterpillar

Inc.

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

24,231,675‌

1,523,800‌

CNH

Industrial

NV

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

24,167,468‌

86,550‌

CNH

Industrial

NV,

Borsa

ltaliana

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

1,378,263‌

162,395‌

Deere

&

Co.

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

67,468,627‌

14,300‌

Mueller

Water

Products

Inc.,

Cl. A

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

184,756‌

181,375‌

Xylem

Inc.

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

15,464,032‌

132,894,821‌

Manufactured

Housing

and

Recreational

Vehicles

 —

0.4%

28,100‌

Cavco

Industries

Inc.†

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

6,767,885‌

825‌

Nobility

Homes

Inc.

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

28,050‌

Shares

Market

Value

26,000‌

Skyline

Champion

Corp.†

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

$

1,426,880‌

8,222,815‌

Metals

and

Mining

 —

3.7%

48,850‌

Agnico

Eagle

Mines

Ltd.

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

2,991,574‌

147,400‌

Barrick

Gold

Corp.

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

3,615,722‌

10,000‌

Cleveland-Cliffs

Inc.†

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

322,100‌

70,100‌

Franco-Nevada

Corp.

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

11,182,352‌

104,550‌

Freeport-McMoRan

Inc.

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

5,200,317‌

28,000‌

Kinross

Gold

Corp.

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

164,640‌

15,000‌

MP

Materials

Corp.†

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

860,100‌

462,000‌

Newmont

Corp.

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

36,705,900‌

103,900‌

Royal

Gold

Inc.

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

14,678,992‌

75,750‌

Wheaton

Precious

Metals

Corp.

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

3,604,185‌

79,325,882‌

Publishing

 —

1.8%

98,000‌

News

Corp.,

Cl. A

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

2,170,700‌

82,950‌

S&P

Global

Inc.

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

34,024,431‌

118,050‌

The

E.W.

Scripps

Co.,

Cl. A†

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

2,454,260‌

38,649,391‌

Real

Estate

 —

1.0%

23,100‌

Brookfield

Asset

Management

Inc.,

Cl. A

...

1,306,767‌

8,500‌

Host

Hotels

&

Resorts

Inc.,

REIT

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

165,155‌

104,414‌

Indus

Realty

Trust

Inc.,

REIT

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

7,631,619‌

193,000‌

The

St.

Joe

Co.

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

11,433,320‌

41,500‌

Weyerhaeuser

Co.,

REIT

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

1,572,850‌

22,109,711‌

Retail

 —

2.4%

8,800‌

Advance

Auto

Parts

Inc.

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

1,821,248‌

72,000‌

AutoNation

Inc.†

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

7,169,760‌

700‌

AutoZone

Inc.†

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

1,431,206‌

16,000‌

CarMax

Inc.†

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

1,543,680‌

29,375‌

Costco

Wholesale

Corp.

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

16,915,594‌

114,600‌

CVS

Health

Corp.

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

11,598,666‌

1,300‌

Dollar

Tree

Inc.†

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

208,195‌

20,000‌

EVgo

Inc.†

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

257,200‌

1,150‌

Lowe's

Companies

Inc.

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

232,518‌

650‌

Ocado

Group

plc†

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

9,999‌

10,000‌

Rush

Enterprises

Inc.,

Cl. B

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

483,500‌

2,400‌

Starbucks

Corp.

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

218,328‌

5,550‌

The

Home

Depot

Inc.

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

1,661,281‌

103,950‌

The

Kroger

Co.

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

5,963,612‌

12,000‌

Walgreens

Boots

Alliance

Inc.

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

537,240‌

2,400‌

Walmart

Inc.

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

357,408‌

7,832‌

Zalando

SE†

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

398,551‌

50,807,986‌

Specialty

Chemicals

 —

1.1%

1,650‌

Air

Products

and

Chemicals

Inc.

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

412,351‌

173,000‌

DuPont

de

Nemours

Inc.

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

12,729,340‌

1,675‌

Eastman

Chemical

Co.

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

187,700‌

50,000‌

H.B.

Fuller

Co.

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

3,303,500‌

6

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2022

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Specialty

Chemicals

(Continued)

33,050‌

International

Flavors

&

Fragrances

Inc.

.....

$

4,340,457‌

32,200‌

Sensient

Technologies

Corp.

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

2,703,190‌

23,676,538‌

Telecommunications

 —

1.2%

6,000‌

AT&T

Inc.

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

141,780‌

158,250‌

Deutsche

Telekom

AG,

ADR

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

2,946,615‌

14,000‌

Hellenic

Telecommunications

Organization

SA

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

253,995‌

23,400‌

Hellenic

Telecommunications

Organization

SA,

ADR

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

208,962‌

5,600‌

Orange

SA,

ADR

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

66,192‌

10,800‌

SoftBank

Group

Corp.,

ADR

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

240,948‌

2,588,200‌

Telecom

Italia

SpA

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

954,876‌

92,300‌

Telecom

Italia

SpA,

ADR

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

335,972‌

37,400‌

Telefonica

Brasil

SA,

ADR

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

420,750‌

278,300‌

Telefonica

SA,

ADR

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

1,335,840‌

756,000‌

Telephone

and

Data

Systems

Inc.

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

14,273,280‌

45,087‌

Telesat

Corp.†

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

743,935‌

66,000‌

Telesat

Corp.,

New

York†

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

1,089,000‌

18,700‌

TIM

SA,

ADR

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

271,150‌

120,000‌

VEON

Ltd.,

ADR†

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

81,936‌

49,650‌

Verizon

Communications

Inc.

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

2,529,171‌

25,894,402‌

Transportation

 —

1.2%

2,100‌

Canadian

National

Railway

Co.

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

281,694‌

10,000‌

Canadian

Pacific

Railway

Ltd.

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

825,400‌

203,250‌

GATX

Corp.

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

25,066,823‌

26,173,917‌

Wireless

Communications

 —

0.3%

96,750‌

America

Movil

SAB

de

CV,

Cl. L,

ADR

........

2,046,262‌

215,000‌

Operadora

de

Sites

Mexicanos

SA

de

CV,

REIT

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

274,020‌

22,635‌

T-Mobile

US

Inc.†

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

2,905,202‌

34,000‌

United

States

Cellular

Corp.†

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

1,027,820‌

6,253,304‌

TOTAL

COMMON

STOCKS

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

2,096,537,117‌

CLOSED-END

FUNDS

 —

0.1%

2,000‌

Altaba

Inc.,

Escrow†

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

11,650‌

10,700‌

Royce

Global

Value

Trust

Inc.

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

121,552‌

81,700‌

Royce

Value

Trust

Inc.

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

1,388,083‌

TOTAL

CLOSED-END

FUNDS

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

1,521,285‌

PREFERRED

STOCKS

 —

0.1%

Consumer

Services

 —

0.1%

9,000‌

Qurate

Retail

Inc.,

8.000%,

03/15/31

........

774,090‌

Shares

Market

Value

Electronics

 —

0.0%

95‌

WESCO

International

Inc.,

Ser.

A,

10.625%

$

2,796‌

Health

Care

 —

0.0%

31,580‌

The

Phoenix

Companies

Inc.,

7.450%,

01/15/32

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

570,414‌

TOTAL

PREFERRED

STOCKS

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

1,347,300‌

CONVERTIBLE

PREFERRED

STOCKS

 —

0.0%

Automobiles

and

Components

 —

0.0%

94,569‌

Garrett

Motion

Inc.,

Ser.

A,

11.000%

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

783,031‌

MANDATORY

CONVERTIBLE

SECURITIES(a)

 —

0.1%

Diversified

Industrial

 —

0.1%

15,000‌

Avantor

Inc.,

Ser.

A,

6.250%,

05/15/22

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

1,552,950‌

WARRANTS

 —

0.0%

Energy

and

Utilities

 —

0.0%

1,694‌

Weatherford

International

plc,

expire

12/13/23†

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

1,016‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

0.8%

$

17,785,000‌

U.S.

Treasury

Bills,

0.220%

to

0.522%††,

05/05/22

to

06/30/22

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

17,774,131‌

TOTAL

INVESTMENTS

—

100.0%

(Cost

$543,966,087)

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

$

2,119,516,830‌

(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