The Gabelli Equity Income Fund
Schedule of Investments — December 31, 2019 (Unaudited)
Shares | Market | |||||||
COMMON STOCKS — 100.0% | ||||||||
Aerospace — 2.0% | ||||||||
58,000 | Aerojet Rocketdyne Holdings Inc.† | $ | 2,648,280 | |||||
2,000 | Lockheed Martin Corp. | 778,760 | ||||||
10,000 | Raytheon Co. | 2,197,400 | ||||||
35,800 | Rockwell Automation Inc. | 7,255,586 | ||||||
200,000 | Rolls-Royce Holdings plc | 1,809,945 | ||||||
16,100,000 | Rolls-Royce Holdings plc, Cl. C† | 21,326 | ||||||
|
| |||||||
14,711,297 | ||||||||
|
| |||||||
Agriculture — 0.5% | ||||||||
75,000 | Archer-Daniels-Midland Co. | 3,476,250 | ||||||
12,000 | The Mosaic Co. | 259,680 | ||||||
|
| |||||||
3,735,930 | ||||||||
|
| |||||||
Automotive — 0.9% | ||||||||
154,000 | Navistar International Corp.† | 4,456,760 | ||||||
25,000 | PACCAR Inc. | 1,977,500 | ||||||
|
| |||||||
6,434,260 | ||||||||
|
| |||||||
Automotive: Parts and Accessories — 3.9% |
| |||||||
96,000 | Dana Inc. | 1,747,200 | ||||||
10,500 | Garrett Motion Inc.† | 104,895 | ||||||
248,000 | Genuine Parts Co.(a) | 26,345,040 | ||||||
300 | O’Reilly Automotive Inc.† | 131,478 | ||||||
|
| |||||||
28,328,613 | ||||||||
|
| |||||||
Aviation: Parts and Services — 0.6% | ||||||||
29,000 | United Technologies Corp. | 4,343,040 | ||||||
|
| |||||||
Broadcasting — 0.3% | ||||||||
38,000 | Liberty Global plc, Cl. A† | 864,120 | ||||||
40,000 | Liberty Global plc, Cl. C† | 871,800 | ||||||
36,000 | MSG Networks Inc., Cl. A† | 626,400 | ||||||
|
| |||||||
2,362,320 | ||||||||
|
| |||||||
Building and Construction — 1.7% | ||||||||
123,000 | Fortune Brands Home & Security Inc. | 8,036,820 | ||||||
45,800 | Herc Holdings Inc.† | 2,241,452 | ||||||
50,000 | Johnson Controls International plc | 2,035,500 | ||||||
|
| |||||||
12,313,772 | ||||||||
|
| |||||||
Business Services — 4.0% | ||||||||
22,000 | Automatic Data Processing Inc. | 3,751,000 | ||||||
55,500 | Mastercard Inc., Cl. A(a) | 16,571,745 | ||||||
2,400 | MSC Industrial Direct Co. Inc., Cl. A | 188,328 | ||||||
36,000 | Pentair plc | 1,651,320 | ||||||
24,000 | S&P Global Inc. | 6,553,200 | ||||||
|
| |||||||
28,715,593 | ||||||||
|
| |||||||
Cable and Satellite — 0.9% | ||||||||
10,000 | AMC Networks Inc., Cl. A† | 395,000 | ||||||
163,389 | DISH Network Corp., Cl. A† | 5,795,408 | ||||||
16,000 | EchoStar Corp., Cl. A† | 692,960 | ||||||
|
| |||||||
6,883,368 | ||||||||
|
|
Shares | Market | |||||||
Communications Equipment — 0.2% | ||||||||
44,000 | Corning Inc. | $ | 1,280,840 | |||||
|
| |||||||
Computer Hardware — 1.0% | ||||||||
14,000 | Apple Inc. | 4,111,100 | ||||||
26,000 | International Business Machines Corp. | 3,485,040 | ||||||
|
| |||||||
7,596,140 | ||||||||
|
| |||||||
Computer Software and Services — 1.3% | ||||||||
120,000 | Hewlett Packard Enterprise Co. | 1,903,200 | ||||||
46,000 | Microsoft Corp. | 7,254,200 | ||||||
|
| |||||||
9,157,400 | ||||||||
|
| |||||||
Consumer Products — 6.0% | ||||||||
30,000 | Altria Group Inc. | 1,497,300 | ||||||
32,000 | Edgewell Personal Care Co.† | 990,720 | ||||||
53,000 | Energizer Holdings Inc. | 2,661,660 | ||||||
30,000 | Essity AB, Cl. A | 965,691 | ||||||
1,500 | National Presto Industries Inc. | 132,585 | ||||||
45,000 | Reckitt Benckiser Group plc | 3,653,337 | ||||||
575,000 | Swedish Match AB | 29,639,080 | ||||||
66,000 | Unilever NV | 3,792,360 | ||||||
|
| |||||||
43,332,733 | ||||||||
|
| |||||||
Consumer Services — 0.2% | ||||||||
2,000 | Allegion plc | 249,080 | ||||||
30,000 | Rollins Inc. | 994,800 | ||||||
|
| |||||||
1,243,880 | ||||||||
|
| |||||||
Diversified Industrial — 4.7% | ||||||||
80,000 | Crane Co. | 6,910,400 | ||||||
57,000 | Eaton Corp. plc | 5,399,040 | ||||||
7,000 | Honeywell International Inc. | 1,239,000 | ||||||
50,000 | ITT Inc. | 3,695,500 | ||||||
50,000 | Jardine Matheson Holdings Ltd. | 2,780,000 | ||||||
178,000 | Jardine Strategic Holdings Ltd. | 5,455,700 | ||||||
38,000 | nVent Electric plc | 972,040 | ||||||
120,000 | Textron Inc. | 5,352,000 | ||||||
254,000 | Toray Industries Inc. | 1,732,450 | ||||||
25,000 | Trinity Industries Inc. | 553,750 | ||||||
|
| |||||||
34,089,880 | ||||||||
|
| |||||||
Electronics — 1.9% | ||||||||
35,000 | Sony Corp. | 2,384,014 | ||||||
70,000 | Sony Corp., ADR | 4,760,000 | ||||||
54,500 | TE Connectivity Ltd. | 5,223,280 | ||||||
10,000 | Texas Instruments Inc. | 1,282,900 | ||||||
|
| |||||||
13,650,194 | ||||||||
|
| |||||||
Energy and Utilities: Electric — 0.4% | ||||||||
5,000 | Avangrid Inc. | 255,800 | ||||||
40,000 | Korea Electric Power Corp., ADR | 473,200 | ||||||
200,000 | Texas Competitive Electric Holdings Co. LLC, Escrow†(b) | 0 |
1
The Gabelli Equity Income Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Shares | Market | |||||||
COMMON STOCKS (Continued) | ||||||||
Energy and Utilities: Electric (Continued) | ||||||||
100,000 | The AES Corp. | $ | 1,990,000 | |||||
|
| |||||||
2,719,000 | ||||||||
|
| |||||||
Energy and Utilities: Integrated — 1.0% | ||||||||
121,000 | Energy Transfer LP | 1,552,430 | ||||||
29,000 | Eni SpA | 450,403 | ||||||
6,500 | Iberdrola SA, ADR | 268,515 | ||||||
58,000 | OGE Energy Corp. | 2,579,260 | ||||||
49,000 | PNM Resources Inc. | 2,484,790 | ||||||
|
| |||||||
7,335,398 | ||||||||
|
| |||||||
Energy and Utilities: Natural Gas — 2.0% | ||||||||
158,000 | National Fuel Gas Co. | 7,353,320 | ||||||
12,500 | ONE Gas Inc. | 1,169,625 | ||||||
75,000 | ONEOK Inc. | 5,675,250 | ||||||
7,500 | Southwest Gas Holdings Inc. | 569,775 | ||||||
|
| |||||||
14,767,970 | ||||||||
|
| |||||||
Energy and Utilities: Oil — 2.9% | ||||||||
62,000 | Chevron Corp. | 7,471,620 | ||||||
7,000 | ConocoPhillips | 455,210 | ||||||
29,000 | Devon Energy Corp. | 753,130 | ||||||
15,000 | Exxon Mobil Corp. | 1,046,700 | ||||||
75,000 | Hess Corp. | 5,010,750 | ||||||
18,000 | Marathon Petroleum Corp. | 1,084,500 | ||||||
10,000 | Occidental Petroleum Corp. | 412,100 | ||||||
66,000 | Royal Dutch Shell plc, Cl. A, ADR | 3,892,680 | ||||||
17,000 | TOTAL SA, ADR | 940,100 | ||||||
|
| |||||||
21,066,790 | ||||||||
|
| |||||||
Energy and Utilities: Services — 0.9% | ||||||||
216,000 | Halliburton Co. | 5,285,520 | ||||||
36,000 | Oceaneering International Inc.† | 536,760 | ||||||
10,000 | Schlumberger Ltd. | 402,000 | ||||||
|
| |||||||
6,224,280 | ||||||||
|
| |||||||
Energy and Utilities: Water — 0.3% | ||||||||
5,000 | Aqua America Inc. | 234,700 | ||||||
60,000 | Severn Trent plc | 1,998,834 | ||||||
|
| |||||||
2,233,534 | ||||||||
|
| |||||||
Entertainment — 3.6% | ||||||||
32,000 | Grupo Televisa SAB, ADR | 375,360 | ||||||
12,000 | The Madison Square Garden Co., Cl. A† | 3,530,280 | ||||||
493,000 | ViacomCBS Inc., Cl. A | 22,120,910 | ||||||
|
| |||||||
26,026,550 | ||||||||
|
| |||||||
Environmental Services — 0.4% | ||||||||
25,000 | Republic Services Inc. | 2,240,750 | ||||||
9,000 | Waste Management Inc. | 1,025,640 | ||||||
|
| |||||||
3,266,390 | ||||||||
|
|
Shares | Market | |||||||
Equipment and Supplies — 3.6% | ||||||||
10,000 | A.O. Smith Corp. | $ | 476,400 | |||||
16,000 | Danaher Corp. | 2,455,680 | ||||||
175,000 | Flowserve Corp. | 8,709,750 | ||||||
60,000 | Graco Inc. | 3,120,000 | ||||||
10,000 | Ingersoll-Rand plc | 1,329,200 | ||||||
22,000 | Minerals Technologies Inc. | 1,267,860 | ||||||
166,000 | Mueller Industries Inc. | 5,270,500 | ||||||
16,000 | Parker-Hannifin Corp. | 3,293,120 | ||||||
|
| |||||||
25,922,510 | ||||||||
|
| |||||||
Financial Services — 15.6% | ||||||||
5,700 | Alleghany Corp.† | 4,557,549 | ||||||
28,000 | AllianceBernstein Holding LP | 847,280 | ||||||
48,000 | American Express Co.(a) | 5,975,520 | ||||||
22,400 | Ameris Bancorp | 952,896 | ||||||
8,000 | Argo Group International Holdings Ltd. | 526,000 | ||||||
5,195 | Banco Santander Chile, ADR | 119,849 | ||||||
150,000 | Bank of America Corp. | 5,283,000 | ||||||
13,056 | BNP Paribas SA | 773,694 | ||||||
32,000 | Eaton Vance Corp. | 1,494,080 | ||||||
50,000 | Interactive Brokers Group Inc., Cl. A | 2,331,000 | ||||||
15,000 | Jefferies Financial Group Inc. | 320,550 | ||||||
15,000 | JPMorgan Chase & Co. | 2,091,000 | ||||||
60,000 | Julius Baer Group Ltd. | 3,095,474 | ||||||
68,000 | Kinnevik AB, Cl. A | 1,731,518 | ||||||
56,000 | Legg Mason Inc. | 2,010,960 | ||||||
90,000 | Loews Corp. | 4,724,100 | ||||||
23,000 | M&T Bank Corp. | 3,904,250 | ||||||
40,000 | Marsh & McLennan Cos. Inc. | 4,456,400 | ||||||
21,000 | Morgan Stanley | 1,073,520 | ||||||
9,000 | Popular Inc. | 528,750 | ||||||
10,000 | Sculptor Capital Management Inc. | 221,000 | ||||||
160,000 | SLM Corp. | 1,425,600 | ||||||
125,000 | State Street Corp. | 9,887,500 | ||||||
270,000 | Sterling Bancorp | 5,691,600 | ||||||
8,000 | T. Rowe Price Group Inc. | 974,720 | ||||||
335,000 | The Bank of New York Mellon Corp.(a) | 16,860,550 | ||||||
18,500 | The Goldman Sachs Group Inc. | 4,253,705 | ||||||
56,000 | The Hartford Financial Services Group Inc. | 3,403,120 | ||||||
91,000 | The PNC Financial Services Group Inc.(a) | 14,526,330 | ||||||
4,000 | The Travelers Companies Inc. | 547,800 | ||||||
54,400 | Valley National Bancorp | 622,880 | ||||||
55,000 | Waddell & Reed Financial Inc., Cl. A | 919,600 | ||||||
141,000 | Wells Fargo & Co. | 7,585,800 | ||||||
|
| |||||||
113,717,595 | ||||||||
|
| |||||||
Food and Beverage — 18.1% | ||||||||
1,000 | Anheuser-Busch InBev SA/NV | 81,559 | ||||||
333,000 | Brown-Forman Corp., Cl. A | 20,902,410 | ||||||
88,000 | Campbell Soup Co. | 4,348,960 | ||||||
80,000 | Coca-Cola Amatil Ltd., ADR | 622,400 | ||||||
20,000 | Coca-Cola European Partners plc | 1,017,600 |
2
The Gabelli Equity Income Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Shares | Market | |||||||
COMMON STOCKS (Continued) | ||||||||
Food and Beverage (Continued) | ||||||||
10,000 | Coca-Cola Femsa SAB de CV, ADR | $ | 606,200 | |||||
6,500 | Constellation Brands Inc., Cl. A | 1,233,375 | ||||||
58,000 | Danone SA | 4,807,852 | ||||||
660,000 | Davide Campari-Milano SpA | 6,026,248 | ||||||
65,500 | Diageo plc, ADR | 11,031,510 | ||||||
95,000 | Fomento Economico Mexicano SAB de CV, ADR | 8,978,450 | ||||||
20,000 | General Mills Inc. | 1,071,200 | ||||||
1,900,000 | Grupo Bimbo SAB de CV, Cl. A | 3,461,854 | ||||||
120,000 | Heineken NV | 12,776,669 | ||||||
175,000 | ITO EN Ltd. | 8,826,101 | ||||||
34,000 | Kellogg Co. | 2,351,440 | ||||||
2,000 | McCormick & Co. Inc., Cl. V | 342,140 | ||||||
18,000 | McCormick & Co. Inc.,Non-Voting | 3,055,140 | ||||||
52,000 | Mondele¯z International Inc., Cl. A | 2,864,160 | ||||||
43,000 | Nestlé SA | 4,655,445 | ||||||
87,000 | Nissin Foods Holdings Co. Ltd. | 6,501,680 | ||||||
46,500 | PepsiCo Inc. | 6,355,155 | ||||||
39,000 | Pernod Ricard SA | 6,973,191 | ||||||
53,500 | Remy Cointreau SA | 6,571,228 | ||||||
36,000 | Sapporo Holdings Ltd. | 854,484 | ||||||
10,000 | The Coca-Cola Co. | 553,500 | ||||||
1,000 | The Hershey Co. | 146,980 | ||||||
44,000 | The Kraft Heinz Co. | 1,413,720 | ||||||
24,000 | Tootsie Roll Industries Inc. | 819,360 | ||||||
45,000 | Yakult Honsha Co. Ltd. | 2,497,354 | ||||||
|
| |||||||
131,747,365 | ||||||||
|
| |||||||
Health Care — 4.2% | ||||||||
10,000 | Abbott Laboratories | 868,600 | ||||||
4,000 | AbbVie Inc. | 354,160 | ||||||
4,000 | Alcon Inc.† | 226,280 | ||||||
78,000 | Baxter International Inc. | 6,522,360 | ||||||
6,500 | Bio-Rad Laboratories Inc., Cl. A† | 2,405,195 | ||||||
126,000 | Bristol-Myers Squibb Co. | 8,087,940 | ||||||
17,000 | Covetrus Inc.† | 224,400 | ||||||
74,000 | Demant A/S† | 2,330,464 | ||||||
8,000 | GlaxoSmithKline plc, ADR | 375,920 | ||||||
35,000 | Henry Schein Inc.† | 2,335,200 | ||||||
19,000 | Merck & Co. Inc. | 1,728,050 | ||||||
16,000 | Novartis AG, ADR | 1,515,040 | ||||||
20,000 | Pfizer Inc. | 783,600 | ||||||
45,000 | Roche Holding AG, ADR | 1,829,700 | ||||||
10,000 | Wright Medical Group NV† | 304,800 | ||||||
3,000 | Zimmer Biomet Holdings Inc. | 449,040 | ||||||
|
| |||||||
30,340,749 | ||||||||
|
| |||||||
Hotels and Gaming — 0.8% | ||||||||
70,000 | MGM Resorts International | 2,328,900 | ||||||
34,500 | Ryman Hospitality Properties Inc., REIT | 2,989,770 |
Shares | Market | |||||||
2,500 | Wynn Resorts Ltd. | $ | 347,175 | |||||
|
| |||||||
5,665,845 | ||||||||
|
| |||||||
Machinery — 2.0% | ||||||||
6,000 | Caterpillar Inc. | 886,080 | ||||||
70,500 | Deere & Co. | 12,214,830 | ||||||
15,000 | Xylem Inc. | 1,181,850 | ||||||
|
| |||||||
14,282,760 | ||||||||
|
| |||||||
Metals and Mining — 1.2% | ||||||||
170,000 | Freeport-McMoRan Inc. | 2,230,400 | ||||||
150,000 | Newmont Goldcorp Corp. | 6,517,500 | ||||||
|
| |||||||
8,747,900 | ||||||||
|
| |||||||
Paper and Forest Products — 0.6% | ||||||||
25,000 | Svenska Cellulosa AB SCA, Cl. A | 266,646 | ||||||
146,000 | Weyerhaeuser Co., REIT | 4,409,200 | ||||||
|
| |||||||
4,675,846 | ||||||||
|
| |||||||
Publishing — 0.0% | ||||||||
3,000 | Value Line Inc. | 86,730 | ||||||
|
| |||||||
Real Estate — 0.0% | ||||||||
9,000 | Griffin Industrial Realty Inc. | 355,950 | ||||||
|
| |||||||
Retail — 4.6% | ||||||||
16,000 | Cie Financiere Richemont SA | 1,257,450 | ||||||
38,500 | Copart Inc.† | 3,501,190 | ||||||
14,000 | Costco Wholesale Corp. | 4,114,880 | ||||||
103,000 | CVS Health Corp. | 7,651,870 | ||||||
80,800 | Ingles Markets Inc., Cl. A | 3,838,808 | ||||||
120,000 | Macy’s Inc. | 2,040,000 | ||||||
84,000 | Seven & i Holdings Co. Ltd. | 3,094,676 | ||||||
14,000 | The Home Depot Inc. | 3,057,320 | ||||||
70,000 | Walgreens Boots Alliance Inc. | 4,127,200 | ||||||
2,000 | Walmart Inc. | 237,680 | ||||||
9,000 | Weis Markets Inc. | 364,410 | ||||||
|
| |||||||
33,285,484 | ||||||||
|
| |||||||
Specialty Chemicals — 0.9% | ||||||||
10,000 | Albemarle Corp. | 730,400 | ||||||
3,000 | Ashland Global Holdings Inc. | 229,590 | ||||||
70,000 | Ferro Corp.† | 1,038,100 | ||||||
8,000 | FMC Corp. | 798,560 | ||||||
46,000 | H.B. Fuller Co. | 2,372,220 | ||||||
2,400 | NewMarket Corp. | 1,167,648 | ||||||
800 | Quaker Chemical Corp. | 131,616 | ||||||
|
| |||||||
6,468,134 | ||||||||
|
| |||||||
Telecommunications — 4.6% | ||||||||
2,000 | AT&T Inc. | 78,160 | ||||||
156,000 | BCE Inc. | 7,230,600 | ||||||
185,000 | Deutsche Telekom AG, ADR | 3,013,650 | ||||||
28,000 | Loral Space & Communications Inc.† | 904,960 | ||||||
12,000 | Orange SA, ADR | 175,080 |
3
The Gabelli Equity Income Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Shares | Market | |||||||
COMMON STOCKS (Continued) | ||||||||
Telecommunications (Continued) | ||||||||
13,000 | Proximus SA | $ | 372,137 | |||||
24,500 | Telefonica SA, ADR | 170,765 | ||||||
178,000 | Telephone & Data Systems Inc. | 4,526,540 | ||||||
47,000 | TELUS Corp. | 1,820,310 | ||||||
244,000 | Verizon Communications Inc.(a) | 14,981,600 | ||||||
|
| |||||||
33,273,802 | ||||||||
|
| |||||||
Transportation — 1.4% | ||||||||
127,000 | GATX Corp. | 10,521,950 | ||||||
|
| |||||||
Wireless Communications — 0.8% | ||||||||
100,000 | BT Group plc, Cl. A | 254,908 | ||||||
197,000 | NTT DOCOMO Inc. | 5,508,131 | ||||||
20,000 | Turkcell Iletisim Hizmetleri A/S, ADR | 116,000 | ||||||
|
| |||||||
5,879,039 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 726,790,831 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% | $ | 726,790,831 | ||||||
|
|
(a) | Securities, or a portion thereof, with a value of $43,513,800 were deposited with Pershing LLC. |
(b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
† | Non-income producing security. |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
4