Gabelli Asset Fund (GABAX) NPORT-P The Gabelli Asset Fund (Mar 2023 report)

1

The

Gabelli

Asset

Fund

Schedule

of

Investments

—

March

31,

2023

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

99.0%

Aerospace

 —

0.6%

28,000‌

Aerojet

Rocketdyne

Holdings

Inc.†

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

$

1,572,760‌

2,000‌

Astronics

Corp.†

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

26,720‌

9,000‌

HEICO

Corp.

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

1,539,360‌

11,425‌

L3Harris

Technologies

Inc.

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

2,242,042‌

4,850‌

Lockheed

Martin

Corp.

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

2,292,741‌

5,800‌

Northrop

Grumman

Corp.

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

2,677,976‌

2,775‌

Raytheon

Technologies

Corp.

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

271,756‌

119,400‌

Rolls-Royce

Holdings

plc†

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

219,494‌

975‌

The

Boeing

Co.†

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

207,119‌

11,049,968‌

Agriculture

 —

0.5%

10,000‌

American

Vanguard

Corp.

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

218,800‌

112,000‌

Archer-Daniels-Midland

Co.

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

8,921,920‌

20,000‌

The

Mosaic

Co.

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

917,600‌

10,058,320‌

Airlines

 —

0.0%

33‌

American

Airlines

Group

Inc.†

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

487‌

Automotive

 —

0.9%

1,500‌

Daimler

Truck

Holding

AG†

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

50,608‌

5,000‌

Ferrari

NV

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

1,354,700‌

26,000‌

General

Motors

Co.

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

953,680‌

316,050‌

Iveco

Group

NV†

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

2,990,548‌

130,000‌

PACCAR

Inc.

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

9,516,000‌

46,000‌

Traton

SE

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

899,463‌

2,900‌

Volkswagen

AG

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

496,918‌

16,261,917‌

Automotive:

Parts

and

Accessories

 —

3.9%

2,500‌

Aptiv

plc†

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

280,475‌

82,550‌

BorgWarner

Inc.

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

4,054,031‌

78,814‌

Brembo

SpA

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

1,153,896‌

361,000‌

Dana

Inc.

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

5,433,050‌

133,000‌

Garrett

Motion

Inc.†

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

1,018,780‌

242,000‌

Genuine

Parts

Co.

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

40,489,020‌

81,500‌

Modine

Manufacturing

Co.†

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

1,878,575‌

6,000‌

Monro

Inc.

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

296,580‌

18,900‌

O'Reilly

Automotive

Inc.†

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

16,045,722‌

28,000‌

Standard

Motor

Products

Inc.

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

1,033,480‌

71,683,609‌

Aviation:

Parts

and

Services

 —

0.3%

20,000‌

Curtiss-Wright

Corp.

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

3,525,200‌

78,000‌

Kaman

Corp.

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

1,783,080‌

5,308,280‌

Broadcasting

 —

1.5%

2,000‌

Cogeco

Communications

Inc.

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

97,418‌

16,800‌

Cogeco

Inc.

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

756,155‌

37,400‌

Corus

Entertainment

Inc.,

Cl. B

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

47,872‌

29,750‌

Liberty

Broadband

Corp.,

Cl. A†

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

2,443,070‌

68,663‌

Liberty

Broadband

Corp.,

Cl. C†

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

5,609,767‌

Shares

Market

Value

32,350‌

Liberty

Media

Corp.-

Liberty

Formula

One,

Cl. A†

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

$

2,183,625‌

39,100‌

Liberty

Media

Corp.-

Liberty

Formula

One,

Cl. C†

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

2,925,853‌

50,000‌

Liberty

Media

Corp.-

Liberty

SiriusXM,

Cl. A†

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

1,404,500‌

233,147‌

Liberty

Media

Corp.-

Liberty

SiriusXM,

Cl. C†

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

6,525,785‌

17,500‌

Nexstar

Media

Group

Inc.

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

3,021,550‌

92,000‌

Sinclair

Broadcast

Group

Inc.,

Cl. A

...........

1,578,720‌

16,000‌

TBS

Holdings

Inc.

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

229,561‌

26,823,876‌

Building

and

Construction

 —

0.9%

58,450‌

Arcosa

Inc.

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

3,688,780‌

700‌

Ashtead

Group

plc

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

42,813‌

33,200‌

Assa

Abloy

AB,

Cl. B

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

794,254‌

37,100‌

Fortune

Brands

Innovations

Inc.

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

2,178,883‌

54,000‌

Herc

Holdings

Inc.

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

6,150,600‌

35,000‌

Johnson

Controls

International

plc

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

2,107,700‌

13,000‌

KBR

Inc.

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

715,650‌

37,100‌

Masterbrand

Inc.†

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

298,284‌

15,976,964‌

Business

Services

 —

2.5%

120,000‌

Clear

Channel

Outdoor

Holdings

Inc.†

.......

144,000‌

28,000‌

Diebold

Nixdorf

Inc.†

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

33,600‌

20,250‌

Ecolab

Inc.

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

3,351,983‌

11,300‌

Live

Nation

Entertainment

Inc.†

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

791,000‌

75,900‌

Mastercard

Inc.,

Cl. A

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

27,582,819‌

19,000‌

Rentokil

Initial

plc,

ADR

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

693,690‌

55,000‌

The

Interpublic

Group

of

Companies

Inc.

..

2,048,200‌

2,700‌

United

Rentals

Inc.

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

1,068,552‌

18,000‌

V2X

Inc.†

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

714,960‌

40,800‌

Visa

Inc.,

Cl. A

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

9,198,768‌

45,627,572‌

Cable

and

Satellite

 —

2.6%

38,000‌

AMC

Networks

Inc.,

Cl. A†

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

668,040‌

6,650‌

Charter

Communications

Inc.,

Cl. A†

.........

2,378,106‌

404,350‌

Comcast

Corp.,

Cl. A

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

15,328,908‌

262,599‌

DISH

Network

Corp.,

Cl. A†

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

2,450,049‌

19,600‌

EchoStar

Corp.,

Cl. A†

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

358,484‌

130,000‌

Liberty

Global

plc,

Cl. A†

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

2,535,000‌

313,750‌

Liberty

Global

plc,

Cl. C†

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

6,394,225‌

857‌

Liberty

Latin

America

Ltd.,

Cl. A†

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

7,122‌

7,850‌

Naspers

Ltd.,

Cl. N

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

1,451,825‌

6,100‌

Prosus

NV

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

475,915‌

322,900‌

Rogers

Communications

Inc.,

Cl. B

...........

14,969,644‌

47,017,318‌

Communications

Equipment

 —

0.2%

79,950‌

Corning

Inc.

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

2,820,636‌

2

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2023

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Communications

Equipment

(Continued)

2,850‌

QUALCOMM

Inc.

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

$

363,603‌

3,184,239‌

Computer

Hardware

 —

0.1%

11,800‌

Apple

Inc.

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

1,945,820‌

6,100‌

Intel

Corp.

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

199,287‌

5,400‌

International

Business

Machines

Corp.

......

707,886‌

2,852,993‌

Computer

Software

and

Services

 —

1.6%

11,300‌

Activision

Blizzard

Inc.

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

967,167‌

11,050‌

Alphabet

Inc.,

Cl. A†

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

1,146,216‌

85,500‌

Alphabet

Inc.,

Cl. C†

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

8,892,000‌

6,850‌

Cisco

Systems

Inc.

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

358,084‌

2,000‌

Fidelity

National

Information

Services

Inc.

.

108,660‌

4,900‌

Gen

Digital

Inc.

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

84,084‌

23,000‌

Hewlett

Packard

Enterprise

Co.

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

366,390‌

3,800‌

Kyndryl

Holdings

Inc.†

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

56,088‌

29,850‌

Meta

Platforms

Inc.,

Cl. A†

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

6,326,409‌

17,125‌

Microsoft

Corp.

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

4,937,138‌

3,300‌

Oracle

Corp.

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

306,636‌

50,000‌

PAR

Technology

Corp.†

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

1,698,000‌

13,500‌

Rockwell

Automation

Inc.

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

3,961,575‌

2,050‌

Salesforce

Inc.†

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

409,549‌

27,000‌

Vimeo

Inc.†

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

103,410‌

2,200‌

VMware

Inc.,

Cl. A†

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

274,670‌

29,996,076‌

Consumer

Products

 —

3.2%

25,000‌

Brunswick

Corp.

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

2,050,000‌

10,700‌

Christian

Dior

SE

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

9,550,215‌

39,000‌

Church

&

Dwight

Co.

Inc.

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

3,447,990‌

378,100‌

Edgewell

Personal

Care

Co.

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

16,039,002‌

105,750‌

Energizer

Holdings

Inc.

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

3,669,525‌

9,350‌

Essity

AB,

Cl. A

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

269,807‌

41,650‌

Essity

AB,

Cl. B

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

1,189,427‌

3,100‌

Givaudan

SA

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

10,073,010‌

28,000‌

Harley-Davidson

Inc.

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

1,063,160‌

1,800‌

Hermes

International

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

3,638,714‌

3,500‌

National

Presto

Industries

Inc.

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

252,315‌

31,925‌

Reckitt

Benckiser

Group

plc

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

2,425,185‌

60,000‌

Sally

Beauty

Holdings

Inc.†

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

934,800‌

1,925‌

Sysco

Corp.

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

148,668‌

3,700‌

The

Estee

Lauder

Companies

Inc.,

Cl. A

.....

911,902‌

15,000‌

The

Procter

&

Gamble

Co.

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

2,230,350‌

1,200‌

Unilever

plc

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

62,025‌

31,000‌

Wolverine

World

Wide

Inc.

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

528,550‌

58,484,645‌

Consumer

Services

 —

0.5%

2,000‌

Allegion

plc

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

213,460‌

600‌

Amazon.com

Inc.†

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

61,974‌

Shares

Market

Value

1,075‌

FedEx

Corp.

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

$

245,627‌

22,150‌

IAC

Inc.†

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

1,142,940‌

178,200‌

Rollins

Inc.

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

6,687,846‌

5,950‌

Uber

Technologies

Inc.†

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

188,615‌

675‌

United

Parcel

Service

Inc.,

Cl. B

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

130,943‌

8,671,405‌

Diversified

Industrial

 —

6.0%

10,100‌

ABB

Ltd.,

ADR

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

346,430‌

450‌

Acuity

Brands

Inc.

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

82,228‌

1,000‌

Agilent

Technologies

Inc.

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

138,340‌

35,000‌

Ampco-Pittsburgh

Corp.†

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

85,750‌

60,000‌

Avantor

Inc.†

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

1,268,400‌

300,000‌

Bollore

SE

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

1,851,241‌

197,400‌

Crane

Holdings

Co.

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

22,404,900‌

87,050‌

Eaton

Corp.

plc

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

14,915,147‌

4,800‌

Emerson

Electric

Co.

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

418,272‌

8,000‌

EnPro

Industries

Inc.

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

831,120‌

2,375‌

General

Electric

Co.

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

227,050‌

121,450‌

Greif

Inc.,

Cl. A

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

7,696,287‌

56,750‌

Honeywell

International

Inc.

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

10,846,060‌

4,000‌

Hyster-Yale

Materials

Handling

Inc.

...........

199,560‌

19,000‌

Ingersoll

Rand

Inc.

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

1,105,420‌

180,425‌

ITT

Inc.

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

15,570,678‌

15,000‌

Jardine

Matheson

Holdings

Ltd.

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

728,550‌

236,150‌

Myers

Industries

Inc.

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

5,060,694‌

20,000‌

nVent

Electric

plc

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

858,800‌

6,500‌

Park-Ohio

Holdings

Corp.

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

78,520‌

28,000‌

Pentair

plc

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

1,547,560‌

325‌

Siemens

AG

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

52,609‌

7,500‌

Sulzer

AG

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

634,871‌

9,300‌

Svenska

Cellulosa

AB

SCA,

Cl. A

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

123,654‌

36,800‌

Svenska

Cellulosa

AB

SCA,

Cl. B

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

483,800‌

164,950‌

Textron

Inc.

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

11,650,418‌

263,000‌

Toray

Industries

Inc.

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

1,498,273‌

20,000‌

Trane

Technologies

plc

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

3,679,600‌

201,000‌

Trinity

Industries

Inc.

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

4,896,360‌

3,000‌

Waters

Corp.†

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

928,890‌

110,209,482‌

Electronics

 —

4.4%

150,000‌

Flex

Ltd.†

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

3,451,500‌

10,500‌

Kyocera

Corp.,

ADR

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

547,365‌

1,350‌

Mettler-Toledo

International

Inc.†

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

2,065,784‌

385,000‌

Mirion

Technologies

Inc.†

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

3,287,900‌

263,000‌

Resideo

Technologies

Inc.†

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

4,807,640‌

2,100‌

Samsung

Electronics

Co.

Ltd.,

GDR

..........

2,579,850‌

467,550‌

Sony

Group

Corp.,

ADR

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

42,383,407‌

30,200‌

TE

Connectivity

Ltd.

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

3,960,730‌

76,925‌

Texas

Instruments

Inc.

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

14,308,819‌

5,000‌

Thermo

Fisher

Scientific

Inc.

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

2,881,850‌

80,274,845‌

3

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2023

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Energy

and

Utilities

 —

3.2%

6,000‌

APA

Corp.

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

$

216,360‌

54,775‌

BP

plc,

ADR

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

2,078,163‌

70,125‌

Chevron

Corp.

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

11,441,595‌

34,500‌

ConocoPhillips

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

3,422,745‌

85,000‌

Devon

Energy

Corp.

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

4,301,850‌

25,000‌

Dril-Quip

Inc.†

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

717,250‌

27,000‌

Enbridge

Inc.

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

1,030,050‌

72,850‌

EOG

Resources

Inc.

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

8,350,796‌

71,500‌

Exxon

Mobil

Corp.

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

7,840,690‌

132,000‌

Halliburton

Co.

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

4,176,480‌

25,000‌

Kinder

Morgan

Inc.

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

437,750‌

58,500‌

National

Fuel

Gas

Co.

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

3,377,790‌

2,050‌

NextEra

Energy

Inc.

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

158,014‌

23,000‌

NextEra

Energy

Partners

LP

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

1,397,250‌

28,000‌

Occidental

Petroleum

Corp.

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

1,748,040‌

25,000‌

Oceaneering

International

Inc.†

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

440,750‌

1,000‌

ONE

Gas

Inc.

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

79,230‌

164,000‌

PG&E

Corp.†

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

2,651,880‌

5,600‌

Shell

plc,

ADR

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

322,224‌

27,500‌

Southwest

Gas

Holdings

Inc.

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

1,717,375‌

89,500‌

The

AES

Corp.

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

2,155,160‌

3,707‌

Vitesse

Energy

Inc.

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

70,544‌

26‌

Weatherford

International

plc†

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

1,543‌

58,133,529‌

Entertainment

 —

5.4%

131,350‌

Fox

Corp.,

Cl. A

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

4,472,468‌

30,000‌

Fox

Corp.,

Cl. B

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

939,300‌

886,100‌

Grupo

Televisa

SAB,

ADR

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

4,687,469‌

117,800‌

Liberty

Media

Corp.-

Liberty

Braves,

Cl. A†

4,073,524‌

293,650‌

Liberty

Media

Corp.-

Liberty

Braves,

Cl. C†

9,893,068‌

169,870‌

Madison

Square

Garden

Entertainment

Corp.†

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

10,034,221‌

123,533‌

Madison

Square

Garden

Sports

Corp.

.......

24,070,405‌

374,741‌

Paramount

Global,

Cl. A

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

9,683,307‌

120,000‌

Paramount

Global,

Cl. B

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

2,677,200‌

104,175‌

The

Walt

Disney

Co.†

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

10,431,043‌

25,000‌

Universal

Music

Group

NV

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

631,857‌

515,000‌

Vivendi

SE

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

5,194,213‌

738,150‌

Warner

Bros

Discovery

Inc.†

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

11,146,065‌

97,934,140‌

Environmental

Services

 —

2.6%

550‌

Advanced

Drainage

Systems

Inc.

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

46,316‌

236,500‌

Republic

Services

Inc.

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

31,979,530‌

79,000‌

Waste

Connections

Inc.

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

10,986,530‌

28,500‌

Waste

Management

Inc.

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

4,650,345‌

47,662,721‌

Equipment

and

Supplies

 —

10.2%

452,450‌

AMETEK

Inc.

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

65,754,559‌

22,000‌

Amphenol

Corp.,

Cl. A

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

1,797,840‌

Shares

Market

Value

16,350‌

AZZ

Inc.

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

$

674,274‌

40,000‌

CIRCOR

International

Inc.†

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

1,244,800‌

47,450‌

Crown

Holdings

Inc.

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

3,924,590‌

130,050‌

CTS

Corp.

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

6,432,273‌

5,300‌

Danaher

Corp.

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

1,335,812‌

10,000‌

Distribution

Solutions

Group

Inc.†

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

454,600‌

354,250‌

Donaldson

Co.

Inc.

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

23,146,695‌

382,750‌

Flowserve

Corp.

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

13,013,500‌

61,000‌

Graco

Inc.

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

4,453,610‌

12,000‌

Hubbell

Inc.

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

2,919,720‌

96,050‌

IDEX

Corp.

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

22,190,431‌

39,150‌

Interpump

Group

SpA

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

2,192,965‌

111,000‌

Mueller

Industries

Inc.

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

8,156,280‌

94,000‌

Sealed

Air

Corp.

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

4,315,540‌

24,000‌

The

Manitowoc

Co.

Inc.†

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

410,160‌

47,150‌

The

Timken

Co.

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

3,853,098‌

16,200‌

The

Toro

Co.

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

1,800,792‌

68,000‌

The

Weir

Group

plc

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

1,559,418‌

19,050‌

Valmont

Industries

Inc.

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

6,082,284‌

67,800‌

Watts

Water

Technologies

Inc.,

Cl. A

.........

11,412,096‌

187,125,337‌

Financial

Services

 —

8.3%

42,000‌

AllianceBernstein

Holding

LP

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

1,535,520‌

151,000‌

American

Express

Co.

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

24,907,450‌

1,500‌

Ameriprise

Financial

Inc.

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

459,750‌

19,200‌

Argo

Group

International

Holdings

Ltd.

.....

562,368‌

16,400‌

Bank

of

America

Corp.

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

469,040‌

79‌

Berkshire

Hathaway

Inc.,

Cl. A†

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

36,782,400‌

70,850‌

Blackstone

Inc.

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

6,223,464‌

5,625‌

Brookfield

Asset

Management

Ltd.,

Cl. A

...

184,050‌

22,500‌

Brookfield

Corp.

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

733,275‌

21,800‌

Citigroup

Inc.

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

1,022,202‌

40,000‌

FTAI

Aviation

Ltd.

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

1,118,400‌

70,000‌

GAM

Holding

AG†

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

42,538‌

40,000‌

Interactive

Brokers

Group

Inc.,

Cl. A

.........

3,302,400‌

2,950‌

Intercontinental

Exchange

Inc.

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

307,655‌

31,500‌

Jefferies

Financial

Group

Inc.

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

999,810‌

65,725‌

JPMorgan

Chase

&

Co.

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

8,564,625‌

23,000‌

Kinnevik

AB,

Cl. A†

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

373,620‌

40,000‌

Kinnevik

AB,

Cl. B†

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

595,433‌

83,150‌

KKR

&

Co.

Inc.

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

4,367,038‌

1,200‌

LendingTree

Inc.†

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

31,992‌

97,000‌

Loews

Corp.

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

5,627,940‌

6,450‌

M&T

Bank

Corp.

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

771,226‌

25,000‌

Marsh

&

McLennan

Companies

Inc.

..........

4,163,750‌

12,500‌

PayPal

Holdings

Inc.†

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

949,250‌

12,500‌

Popular

Inc.

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

717,625‌

50,000‌

Post

Holdings

Partnering

Corp.†

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

510,500‌

20,000‌

PROG

Holdings

Inc.†

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

475,800‌

126,800‌

State

Street

Corp.

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

9,597,492‌

9,750‌

T.

Rowe

Price

Group

Inc.

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

1,100,775‌

4

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2023

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Financial

Services

(Continued)

378,400‌

The

Bank

of

New

York

Mellon

Corp.

..........

$

17,194,496‌

21,700‌

The

Goldman

Sachs

Group

Inc.

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

7,098,287‌

20,000‌

The

Hartford

Financial

Services

Group

Inc.

1,393,800‌

25,100‌

The

PNC

Financial

Services

Group

Inc.

......

3,190,210‌

9,000‌

Value

Line

Inc.

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

434,970‌

166,300‌

Wells

Fargo

&

Co.

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

6,216,294‌

152,025,445‌

Food

and

Beverage

 —

14.2%

58,709‌

BellRing

Brands

Inc.†

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

1,996,106‌

667,100‌

Brown-Forman

Corp.,

Cl. A

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

43,488,249‌

85,450‌

Brown-Forman

Corp.,

Cl. B

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

5,491,871‌

22,000‌

Campbell

Soup

Co.

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

1,209,560‌

766,150‌

China

Mengniu

Dairy

Co.

Ltd.

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

3,142,719‌

23,400‌

Coca-Cola

Europacific

Partners

plc

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

1,385,046‌

15,400‌

Coca-Cola

HBC

AG

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

420,413‌

64,000‌

Conagra

Brands

Inc.

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

2,403,840‌

12,400‌

Constellation

Brands

Inc.,

Cl. A

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

2,801,036‌

32,000‌

Crimson

Wine

Group

Ltd.†

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

196,800‌

92,100‌

Danone

SA

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

5,724,263‌

30,000‌

Davide

Campari-Milano

NV

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

366,019‌

1,400‌

Diageo

plc

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

62,415‌

191,395‌

Diageo

plc,

ADR

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

34,676,946‌

95,000‌

Farmer

Brothers

Co.†

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

366,700‌

224,000‌

Flowers

Foods

Inc.

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

6,139,840‌

31,500‌

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

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

2,998,485‌

70,000‌

General

Mills

Inc.

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

5,982,200‌

1,466,300‌

Grupo

Bimbo

SAB

de

CV,

Cl. A

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

7,370,558‌

10,000‌

Heineken

Holding

NV

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

916,945‌

74,150‌

Heineken

NV

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

7,965,977‌

19,350‌

Heineken

NV,

ADR

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

1,040,062‌

128,050‌

ITO

EN

Ltd.

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

4,171,088‌

7,000‌

John

Bean

Technologies

Corp.

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

765,030‌

20,000‌

Kellogg

Co.

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

1,339,200‌

58,050‌

Kerry

Group

plc,

Cl. A

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

5,791,881‌

400‌

Kerry

Group

plc,

Cl. A

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

39,840‌

165,700‌

Kikkoman

Corp.

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

8,411,358‌

6,000‌

Lamb

Weston

Holdings

Inc.

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

627,120‌

17,450‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

15,979,869‌

55,000‌

Maple

Leaf

Foods

Inc.

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

1,064,188‌

37,000‌

MEIJI

Holdings

Co.

Ltd.

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

879,194‌

149,000‌

Mondelēz

International

Inc.,

Cl. A

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

10,388,280‌

44,000‌

Morinaga

Milk

Industry

Co.

Ltd.

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

1,580,719‌

19,500‌

National

Beverage

Corp.†

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

1,028,040‌

40,300‌

Nestlé

SA

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

4,909,381‌

94,800‌

Nissin

Foods

Holdings

Co.

Ltd.

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

8,660,697‌

83‌

Nomad

Foods

Ltd.†

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

1,555‌

52,450‌

PepsiCo

Inc.

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

9,561,635‌

45,000‌

Pernod

Ricard

SA

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

10,185,082‌

Shares

Market

Value

71,300‌

Post

Holdings

Inc.†

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

$

6,407,731‌

67,300‌

Remy

Cointreau

SA

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

12,261,791‌

16,450‌

Suntory

Beverage

&

Food

Ltd.

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

611,416‌

2,000‌

The

Boston

Beer

Co.

Inc.,

Cl. A†

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

657,400‌

20,150‌

The

Coca-Cola

Co.

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

1,249,904‌

23,950‌

The

Hain

Celestial

Group

Inc.†

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

410,743‌

19,600‌

The

J.M.

Smucker

Co.

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

3,084,452‌

61,100‌

The

Kraft

Heinz

Co.

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

2,362,737‌

220,000‌

Tingyi

(Cayman

Islands)

Holding

Corp.

.....

366,578‌

24,771‌

Tootsie

Roll

Industries

Inc.

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

1,112,466‌

5,000‌

TreeHouse

Foods

Inc.†

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

252,150‌

124,650‌

Yakult

Honsha

Co.

Ltd.

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

9,040,704‌

259,348,279‌

Health

Care

 —

5.7%

10,000‌

Abbott

Laboratories

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

1,012,600‌

25,250‌

AbbVie

Inc.

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

4,024,092‌

24,000‌

AmerisourceBergen

Corp.

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

3,842,640‌

29,750‌

Amgen

Inc.

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

7,192,063‌

10,000‌

AstraZeneca

plc,

ADR

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

694,100‌

15,000‌

Bausch

+

Lomb

Corp.†

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

261,150‌

26,000‌

Bausch

Health

Cos.

Inc.†

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

210,600‌

42,450‌

Baxter

International

Inc.

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

1,721,772‌

7,950‌

Biogen

Inc.†

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

2,210,339‌

2,055‌

BioMarin

Pharmaceutical

Inc.†

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

199,828‌

6,100‌

Bio-Rad

Laboratories

Inc.,

Cl. A†

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

2,922,022‌

86,600‌

Bristol-Myers

Squibb

Co.

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

6,002,246‌

15,000‌

Catalent

Inc.†

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

985,650‌

2,000‌

Charles

River

Laboratories

International

Inc.†

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

403,640‌

8,500‌

Chemed

Corp.

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

4,570,875‌

8,500‌

CONMED

Corp.

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

882,810‌

15,000‌

DaVita

Inc.†

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

1,216,650‌

104,400‌

Demant

A/S†

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

3,650,546‌

30,000‌

DENTSPLY

SIRONA

Inc.

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

1,178,400‌

4,000‌

Elevance

Health

Inc.

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

1,839,240‌

80,000‌

Evolent

Health

Inc.,

Cl. A†

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

2,596,000‌

2,100‌

Galapagos

NV,

ADR†

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

81,144‌

5,000‌

Gerresheimer

AG

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

494,261‌

2,750‌

GSK

plc,

ADR

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

97,845‌

9,500‌

Haleon

plc

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

37,736‌

4,000‌

Haleon

plc,

ADR

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

32,560‌

10,000‌

Halozyme

Therapeutics

Inc.†

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

381,900‌

26,700‌

HCA

Healthcare

Inc.

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

7,040,256‌

87,336‌

Henry

Schein

Inc.†

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

7,121,377‌

2,500‌

ICU

Medical

Inc.†

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

412,400‌

825‌

Illumina

Inc.†

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

191,854‌

5,400‌

Indivior

plc†

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

92,261‌

20,000‌

Integer

Holdings

Corp.†

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

1,550,000‌

800‌

IQVIA

Holdings

Inc.†

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

159,112‌

23,700‌

Johnson

&

Johnson

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

3,673,500‌

12,325‌

Laboratory

Corp.

of

America

Holdings

.......

2,827,602‌

5

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2023

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Health

Care

(Continued)

4,000‌

McKesson

Corp.

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

$

1,424,200‌

25,300‌

Medtronic

plc

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

2,039,686‌

56,000‌

Merck

&

Co.

Inc.

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

5,957,840‌

70,000‌

Option

Care

Health

Inc.†

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

2,223,900‌

27,500‌

Perrigo

Co.

plc

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

986,425‌

25,550‌

Pfizer

Inc.

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

1,042,440‌

14,000‌

QuidelOrtho

Corp.†

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

1,247,260‌

350‌

Regeneron

Pharmaceuticals

Inc.†

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

287,585‌

42,500‌

Roche

Holding

AG,

ADR

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

1,524,050‌

6,900‌

Stryker

Corp.

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

1,969,743‌

28,794‌

Tenet

Healthcare

Corp.†

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

1,710,939‌

13,550‌

The

Cigna

Group

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

3,462,431‌

5,000‌

The

Cooper

Companies

Inc.

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

1,866,800‌

1,585‌

UnitedHealth

Group

Inc.

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

749,055‌

4,775‌

Vertex

Pharmaceuticals

Inc.†

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

1,504,459‌

20,350‌

Zimmer

Biomet

Holdings

Inc.

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

2,629,220‌

7,000‌

Zoetis

Inc.

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

1,165,080‌

103,602,184‌

Hotels

and

Gaming

 —

1.0%

10,500‌

Accor

SA†

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

341,276‌

3,900‌

Churchill

Downs

Inc.

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

1,002,495‌

3,250‌

Entain

plc

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

50,376‌

327,100‌

Genting

Singapore

Ltd.

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

275,287‌

9,500‌

Hyatt

Hotels

Corp.,

Cl. A†

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

1,062,005‌

1,100‌

Las

Vegas

Sands

Corp.†

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

63,195‌

3,044,100‌

Mandarin

Oriental

International

Ltd.†

........

5,266,293‌

158,050‌

MGM

Resorts

International

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

7,020,581‌

17,100‌

Ryman

Hospitality

Properties

Inc.,

REIT

....

1,534,383‌

1,313,350‌

The

Hongkong

&

Shanghai

Hotels

Ltd.†

....

1,308,347‌

19,000‌

Universal

Entertainment

Corp.†

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

351,595‌

3,000‌

Wyndham

Hotels

&

Resorts

Inc.

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

203,550‌

6,550‌

Wynn

Resorts

Ltd.†

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

733,010‌

19,212,393‌

Machinery

 —

6.8%

22,000‌

Astec

Industries

Inc.

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

907,500‌

102,250‌

Caterpillar

Inc.

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

23,398,890‌

1,432,350‌

CNH

Industrial

NV

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

21,871,985‌

81,550‌

CNH

Industrial

NV,

Borsa

ltaliana

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

1,245,249‌

143,470‌

Deere

&

Co.

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

59,235,894‌

13,000‌

Mueller

Water

Products

Inc.,

Cl. A

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

181,220‌

1,450‌

Otis

Worldwide

Corp.

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

122,380‌

163,675‌

Xylem

Inc.

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

17,136,772‌

124,099,890‌

Manufactured

Housing

and

Recreational

Vehicles

 —

0.6%

27,300‌

Cavco

Industries

Inc.†

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

8,674,302‌

825‌

Nobility

Homes

Inc.

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

22,481‌

Shares

Market

Value

26,000‌

Skyline

Champion

Corp.†

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

$

1,955,980‌

10,652,763‌

Metals

and

Mining

 —

3.2%

48,350‌

Agnico

Eagle

Mines

Ltd.

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

2,464,399‌

147,400‌

Barrick

Gold

Corp.

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

2,737,218‌

68,600‌

Franco-Nevada

Corp.

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

10,001,880‌

105,100‌

Freeport-McMoRan

Inc.

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

4,299,641‌

28,000‌

Kinross

Gold

Corp.

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

131,880‌

15,000‌

MP

Materials

Corp.†

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

422,850‌

436,100‌

Newmont

Corp.

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

21,377,622‌

103,000‌

Royal

Gold

Inc.

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

13,360,130‌

74,750‌

Wheaton

Precious

Metals

Corp.

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

3,599,960‌

58,395,580‌

Publishing

 —

1.5%

98,000‌

News

Corp.,

Cl. A

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

1,692,460‌

71,900‌

S&P

Global

Inc.

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

24,788,963‌

118,050‌

The

E.W.

Scripps

Co.,

Cl. A†

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

1,110,850‌

27,592,273‌

Real

Estate

 —

0.8%

1,400‌

Alexandria

Real

Estate

Equities

Inc.,

REIT

..

175,826‌

8,500‌

Host

Hotels

&

Resorts

Inc.,

REIT

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

140,165‌

64,157‌

Indus

Realty

Trust

Inc.,

REIT

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

4,252,968‌

2,000‌

Prologis

Inc.,

REIT

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

249,540‌

190,500‌

The

St.

Joe

Co.

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

7,926,705‌

38,000‌

Weyerhaeuser

Co.,

REIT

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

1,144,940‌

13,890,144‌

Retail

 —

2.3%

5,000‌

Advance

Auto

Parts

Inc.

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

608,050‌

68,000‌

AutoNation

Inc.†

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

9,136,480‌

700‌

AutoZone

Inc.†

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

1,720,705‌

19,000‌

CarMax

Inc.†

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

1,221,320‌

28,790‌

Costco

Wholesale

Corp.

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

14,304,887‌

112,300‌

CVS

Health

Corp.

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

8,345,013‌

1,650‌

Dollar

Tree

Inc.†

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

236,857‌

1,175‌

Lowe's

Companies

Inc.

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

234,965‌

1,150‌

NIKE

Inc.,

Cl. B

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

141,036‌

10,000‌

Rush

Enterprises

Inc.,

Cl. B

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

598,900‌

2,550‌

Starbucks

Corp.

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

265,532‌

1,100‌

Target

Corp.

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

182,193‌

2,550‌

The

Home

Depot

Inc.

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

752,556‌

89,950‌

The

Kroger

Co.

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

4,440,831‌

12,000‌

Walgreens

Boots

Alliance

Inc.

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

414,960‌

2,225‌

Walmart

Inc.

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

328,076‌

1,300‌

Zalando

SE†

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

54,336‌

42,986,697‌

Specialty

Chemicals

 —

1.1%

1,100‌

Air

Products

and

Chemicals

Inc.

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

315,931‌

132,000‌

DuPont

de

Nemours

Inc.

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

9,473,640‌

47,000‌

H.B.

Fuller

Co.

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

3,217,150‌

24,000‌

International

Flavors

&

Fragrances

Inc.

.....

2,207,040‌

6

The

Gabelli

Asset

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2023

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Specialty

Chemicals

(Continued)

12,500‌

Rogers

Corp.†

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

$

2,042,875‌

29,200‌

Sensient

Technologies

Corp.

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

2,235,552‌

19,492,188‌

Telecommunications

 —

0.9%

3,200‌

AT&T

Inc.

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

61,600‌

158,250‌

Deutsche

Telekom

AG,

ADR

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

3,828,067‌

14,000‌

Hellenic

Telecommunications

Organization

SA

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

204,819‌

23,400‌

Hellenic

Telecommunications

Organization

SA,

ADR

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

173,394‌

5,600‌

Orange

SA,

ADR

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

66,808‌

5,500‌

SoftBank

Group

Corp.,

ADR

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

108,075‌

2,488,200‌

Telecom

Italia

SpA†

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

820,869‌

37,400‌

Telefonica

Brasil

SA,

ADR

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

283,118‌

271,000‌

Telefonica

SA,

ADR

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

1,159,880‌

733,000‌

Telephone

and

Data

Systems

Inc.

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

7,703,830‌

89,000‌

Telesat

Corp.†

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

765,400‌

18,700‌

TIM

SA,

ADR

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

231,132‌

1,000‌

VEON

Ltd.,

ADR†

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

17,620‌

21,650‌

Verizon

Communications

Inc.

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

841,969‌

16,266,581‌

Transportation

 —

1.2%

1,350‌

Canadian

National

Railway

Co.

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

159,260‌

10,000‌

Canadian

Pacific

Railway

Ltd.

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

769,400‌

186,550‌

GATX

Corp.

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

20,524,231‌

21,452,891‌

Wireless

Communications

 —

0.3%

88,750‌

America

Movil

SAB

de

CV,

ADR†

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

1,868,188‌

215,000‌

Operadora

De

Sites

Mexicanos

SAB

de

CV

214,403‌

22,635‌

T-Mobile

US

Inc.†

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

3,278,453‌

14,800‌

United

States

Cellular

Corp.†

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

306,804‌

5,667,848‌

TOTAL

COMMON

STOCKS

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

1,809,022,879‌

CLOSED-END

FUNDS

 —

0.1%

2,000‌

Altaba

Inc.,

Escrow†

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

4,710‌

10,700‌

Royce

Global

Value

Trust

Inc.

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

96,300‌

79,000‌

Royce

Value

Trust

Inc.

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

1,072,030‌

TOTAL

CLOSED-END

FUNDS

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

1,173,040‌

PREFERRED

STOCKS

 —

0.0%

Electronics

 —

0.0%

95‌

WESCO

International

Inc.,

Ser.

A,

10.625%

2,575‌

Retail

 —

0.0%

25,000‌

Qurate

Retail

Inc.,

8.000%,

03/15/31

........

732,750‌

TOTAL

PREFERRED

STOCKS

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

735,325‌

Shares

Market

Value

CONVERTIBLE

PREFERRED

STOCKS

 —

0.0%

Automobiles

and

Components

 —

0.0%

94,569‌

Garrett

Motion

Inc.,

Ser.

A,

11.000%

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

$

840,718‌

WARRANTS

 —

0.0%

Energy

and

Utilities

 —

0.0%

1,694‌

Weatherford

International

plc,

expire

12/13/23†

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

822‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

0.9%

$

15,710,000‌

U.S.

Treasury

Bills,

4.509%

to

4.872%††,

04/20/23

to

06/29/23

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

15,614,619‌

TOTAL

INVESTMENTS

—

100.0%

(Cost

$490,451,559)

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

$

1,827,387,403‌

†

Non-income

producing

security.

††

Represents

annualized

yields

at

dates

of

purchase.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

REIT

Real

Estate

Investment

Trust