The Gabelli Small Cap Growth Fund
Schedule of Investments — December 31, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Aerospace — 2.0% | ||||||||
993,000 | Aerojet Rocketdyne Holdings Inc.† | $ | 45,340,380 | |||||
17,000 | Allied Motion Technologies Inc. | 824,500 | ||||||
40,000 | Innovative Solutions & Support Inc.† | 233,600 | ||||||
|
| |||||||
46,398,480 | ||||||||
|
| |||||||
Agriculture — 0.0% | ||||||||
12,000 | Cadiz Inc.† | 132,240 | ||||||
4,000 | Limoneira Co. | 76,920 | ||||||
|
| |||||||
209,160 | ||||||||
|
| |||||||
Automotive — 1.5% | ||||||||
1,150,000 | Navistar International Corp.† | 33,281,000 | ||||||
11,000 | PACCAR Inc. | 870,100 | ||||||
|
| |||||||
34,151,100 | ||||||||
|
| |||||||
Automotive: Parts and Accessories — 3.3% | ||||||||
190,000 | BorgWarner Inc. | 8,242,200 | ||||||
88,022 | China Automotive Systems Inc.† | 277,269 | ||||||
1,150,000 | Dana Inc. | 20,930,000 | ||||||
950,000 | Freni Brembo SpA | 11,785,754 | ||||||
10,000 | Garrett Motion Inc.† | 99,900 | ||||||
1,600 | Lear Corp. | 219,520 | ||||||
610,000 | Modine Manufacturing Co.† | 4,697,000 | ||||||
18,000 | Monro Inc. | 1,407,600 | ||||||
11,000 | O’Reilly Automotive Inc.† | 4,820,860 | ||||||
45,000 | Puradyn Filter Technologies Inc.† | 1,278 | ||||||
100,000 | SORL Auto Parts Inc.† | 444,000 | ||||||
85,000 | Spartan Motors Inc. | 1,536,800 | ||||||
200,000 | Standard Motor Products Inc. | 10,644,000 | ||||||
200,000 | Strattec Security Corp.(a) | 4,442,000 | ||||||
144,000 | Superior Industries International Inc. | 531,360 | ||||||
357,000 | Tenneco Inc., Cl. A | 4,676,700 | ||||||
22,500 | Thor Industries Inc. | 1,671,525 | ||||||
180,000 | Uni-Select Inc. | 1,578,838 | ||||||
|
| |||||||
78,006,604 | ||||||||
|
| |||||||
Aviation: Parts and Services — 3.9% | ||||||||
22,500 | AAR Corp. | 1,014,750 | ||||||
9,500 | Astronics Corp.† | 265,525 | ||||||
22,700 | Astronics Corp., Cl. B† | 637,303 | ||||||
45,000 | Ducommun Inc.† | 2,273,850 | ||||||
800,000 | Kaman Corp. | 52,736,000 | ||||||
90,000 | Moog Inc., Cl. A | 7,679,700 | ||||||
16,500 | Moog Inc., Cl. B | 1,418,423 | ||||||
4,950,000 | Signature Aviation plc | 20,798,209 | ||||||
42,500 | Woodward Inc. | 5,033,700 | ||||||
|
| |||||||
91,857,460 | ||||||||
|
| |||||||
Broadcasting — 1.7% | ||||||||
345,000 | Beasley Broadcast Group Inc., Cl. A | 1,066,050 | ||||||
10,000 | Cogeco Communications Inc. | 871,742 | ||||||
23,300 | Cogeco Inc. | 1,867,696 | ||||||
200,000 | Corus Entertainment Inc., Cl. B | 819,375 | ||||||
40,000 | Fox Corp., Cl. A | 1,482,800 |
Shares | Market Value | |||||||
25,000 | Gray Television Inc.† | $ | 536,000 | |||||
72,350 | Gray Television Inc., Cl. A† | 1,437,595 | ||||||
415,000 | ITV plc | 830,066 | ||||||
17,000 | Liberty Broadband Corp., Cl. A† | 2,117,520 | ||||||
17,000 | Liberty Broadband Corp., Cl. C† | 2,137,750 | ||||||
20,000 | Liberty Media Corp.-Liberty Formula One, Cl. A† | 875,600 | ||||||
28,000 | Liberty Media Corp.-Liberty Formula One, Cl. C† | 1,287,020 | ||||||
72,000 | Liberty Media Corp.-Liberty SiriusXM, Cl. A† | 3,480,480 | ||||||
26,000 | Liberty Media Corp.-Liberty SiriusXM, Cl. C† | 1,251,640 | ||||||
352,000 | MSG Networks Inc., Cl. A† | 6,124,800 | ||||||
38,500 | Nexstar Media Group Inc., Cl. A | 4,514,125 | ||||||
350,000 | Salem Media Group Inc. | 504,000 | ||||||
160,000 | Sinclair Broadcast Group Inc., Cl. A | 5,334,400 | ||||||
484,700 | Sirius XM Holdings Inc. | 3,465,605 | ||||||
|
| |||||||
40,004,264 | ||||||||
|
| |||||||
Building and Construction — 4.5% | ||||||||
85,000 | Arcosa Inc. | 3,786,750 | ||||||
50,000 | Armstrong Flooring Inc.† | 213,500 | ||||||
145,000 | D.R. Horton Inc. | 7,648,750 | ||||||
29,000 | Gibraltar Industries Inc.† | 1,462,760 | ||||||
468,000 | Herc Holdings Inc.† | 22,903,920 | ||||||
150,000 | KB Home | 5,140,500 | ||||||
410,000 | Lennar Corp., Cl. B | 18,327,000 | ||||||
330,000 | Louisiana-Pacific Corp. | 9,791,100 | ||||||
124,000 | MDC Holdings Inc. | 4,731,840 | ||||||
40,000 | Meritage Homes Corp.† | 2,444,400 | ||||||
2,700 | NVR Inc.† | 10,282,707 | ||||||
200,000 | PulteGroup Inc. | 7,760,000 | ||||||
65,000 | Titan Machinery Inc.† | 960,700 | ||||||
225,000 | Toll Brothers Inc. | 8,889,750 | ||||||
|
| |||||||
104,343,677 | ||||||||
|
| |||||||
Business Services — 4.3% | ||||||||
15,000 | ACCO Brands Corp. | 140,400 | ||||||
750,012 | Clear Channel Outdoor Holdings Inc.† | 2,145,034 | ||||||
531,000 | Diebold Nixdorf Inc.† | 5,607,360 | ||||||
100,000 | Element Solutions Inc.† | 1,168,000 | ||||||
72,000 | GP Strategies Corp.† | 952,560 | ||||||
13,000 | GSE Systems Inc.† | 21,450 | ||||||
254,000 | IAA Inc.† | 11,953,240 | ||||||
945,000 | Internap Corp.† | 1,039,500 | ||||||
337,000 | Live Nation Entertainment Inc.† | 24,085,390 | ||||||
140,000 | Loomis AB, Cl. B | 5,796,495 | ||||||
175,000 | Macquarie Infrastructure Corp. | 7,497,000 | ||||||
24,000 | McGrath RentCorp | 1,836,960 | ||||||
20,000 | Sealed Air Corp. | 796,600 | ||||||
95,000 | Sohgo Security Services Co. Ltd. | 5,176,016 | ||||||
16,700 | Stamps.com Inc.† | 1,394,784 | ||||||
340,000 | Team Inc.† | 5,429,800 | ||||||
670,000 | The Interpublic Group of Companies Inc. | 15,477,000 |
1
The Gabelli Small Cap Growth Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Business Services (Continued) | ||||||||
25,000 | TransAct Technologies Inc. | $ | 274,250 | |||||
1,765,000 | Trans-Lux Corp.†(a) | 573,625 | ||||||
45,000 | United Rentals Inc.† | 7,504,650 | ||||||
8,000 | Vectrus Inc.† | 410,080 | ||||||
|
| |||||||
99,280,194 | ||||||||
|
| |||||||
Cable — 0.8% | ||||||||
160,000 | AMC Networks Inc., Cl. A† | 6,320,000 | ||||||
42,225 | DISH Network Corp., Cl. A† | 1,497,721 | ||||||
30,000 | EchoStar Corp., Cl. A† | 1,299,300 | ||||||
128,000 | Liberty Global plc, Cl. A† | 2,910,720 | ||||||
300,000 | Liberty Global plc, Cl. C† | 6,538,500 | ||||||
100,000 | WideOpenWest Inc.† | 742,000 | ||||||
|
| |||||||
19,308,241 | ||||||||
|
| |||||||
Communications Equipment — 0.1% | ||||||||
249,000 | Communications Systems Inc. | 1,536,330 | ||||||
|
| |||||||
Computer Software and Services — 2.5% | ||||||||
33,000 | 3D Systems Corp.† | 288,750 | ||||||
106,000 | Activision Blizzard Inc. | 6,298,520 | ||||||
656,000 | Alithya Group Inc., Cl. A† | 1,849,920 | ||||||
190,000 | Avid Technology Inc.† | 1,630,200 | ||||||
329,000 | GTY Technology Holdings Inc.† | 1,937,810 | ||||||
33,000 | InterXion Holding NV† | 2,765,730 | ||||||
18,000 | MKS Instruments Inc. | 1,980,180 | ||||||
66,000 | Rockwell Automation Inc. | 13,376,220 | ||||||
112,000 | Stratasys Ltd.† | 2,265,200 | ||||||
87,500 | Tyler Technologies Inc.† | 26,251,750 | ||||||
|
| |||||||
58,644,280 | ||||||||
|
| |||||||
Consumer Products — 2.2% | ||||||||
160,000 | 1-800-Flowers.com Inc., Cl. A† | 2,320,000 | ||||||
78,000 | Brunswick Corp. | 4,678,440 | ||||||
32,000 | Chofu Seisakusho Co. Ltd. | 725,673 | ||||||
56,000 | Church & Dwight Co. Inc. | 3,939,040 | ||||||
17,000 | Energizer Holdings Inc. | 853,740 | ||||||
30,000 | Ginko International Co. Ltd. | 212,163 | ||||||
2,000 | Harley-Davidson Inc. | 74,380 | ||||||
146,400 | Hunter Douglas NV | 9,524,621 | ||||||
2,800 | Kobayashi Pharmaceutical Co. Ltd. | 238,885 | ||||||
9,500 | LCI Industries | 1,017,735 | ||||||
259,000 | Marine Products Corp. | 3,729,600 | ||||||
8,500 | National Presto Industries Inc. | 751,315 | ||||||
230,000 | Sally Beauty Holdings Inc.† | 4,197,500 | ||||||
220,000 | Samick Musical Instruments Co. Ltd. | 352,890 | ||||||
10,000 | Shimano Inc. | 1,635,452 | ||||||
14,000 | Steven Madden Ltd. | 602,140 | ||||||
137,000 | Swedish Match AB | 7,061,833 | ||||||
20,000 | The ScottsMiracle-Gro Co. | 2,123,600 | ||||||
19,000 | WD-40 Co. | 3,688,660 | ||||||
85,000 | Wolverine World Wide Inc. | 2,867,900 | ||||||
|
| |||||||
50,595,567 | ||||||||
|
|
Shares | Market Value | |||||||
Consumer Services — 1.5% | ||||||||
53,000 | Bowlin Travel Centers Inc.† | $ | 152,375 | |||||
2,750 | Collectors Universe Inc. | 63,388 | ||||||
13,000 | GCI Liberty Inc., Cl. A† | 921,050 | ||||||
2,000 | H&E Equipment Services Inc. | 66,860 | ||||||
12,000 | IAC/InterActiveCorp.† | 2,989,320 | ||||||
260,000 | KAR Auction Services Inc. | 5,665,400 | ||||||
760,000 | Rollins Inc. | 25,201,600 | ||||||
|
| |||||||
35,059,993 | ||||||||
|
| |||||||
Diversified Industrial — 8.8% | ||||||||
14,500 | Acuity Brands Inc. | 2,001,000 | ||||||
70,000 | Albany International Corp., Cl. A | 5,314,400 | ||||||
145,000 | Ampco-Pittsburgh Corp.† | 436,450 | ||||||
6,000 | Anixter International Inc.† | 552,600 | ||||||
70,500 | Burnham Holdings Inc., Cl. A | 994,050 | ||||||
381,000 | Crane Co. | 32,910,780 | ||||||
126,000 | EnPro Industries Inc. | 8,426,880 | ||||||
115,000 | Greif Inc., Cl. A | 5,083,000 | ||||||
96,000 | Greif Inc., Cl. B | 4,969,920 | ||||||
1,450,000 | Griffon Corp. | 29,478,500 | ||||||
4,000 | Haynes International Inc. | 143,120 | ||||||
190,000 | Jardine Strategic Holdings Ltd. | 5,823,500 | ||||||
7,000 | JSP Corp. | 126,271 | ||||||
98,000 | Kimball International Inc., Cl. B | 2,025,660 | ||||||
50,000 | L.B. Foster Co., Cl. A† | 969,000 | ||||||
57,200 | Lawson Products Inc.† | 2,980,120 | ||||||
71,000 | Lincoln Electric Holdings Inc. | 6,867,830 | ||||||
55,000 | Lindsay Corp. | 5,279,450 | ||||||
27,000 | Lydall Inc.† | 554,040 | ||||||
39,000 | Matthews International Corp., Cl. A | 1,488,630 | ||||||
971,000 | Myers Industries Inc. | 16,196,280 | ||||||
15,000 | nVent Electric plc | 383,700 | ||||||
92,000 | Oil-Dri Corp. of America | 3,335,000 | ||||||
25,000 | Olin Corp. | 431,250 | ||||||
300,000 | Park-Ohio Holdings Corp. | 10,095,000 | ||||||
19,000 | Pentair plc | 871,530 | ||||||
94,000 | Raven Industries Inc. | 3,239,240 | ||||||
19,000 | Roper Technologies Inc. | 6,730,370 | ||||||
78,000 | Sonoco Products Co. | 4,814,160 | ||||||
57,000 | Standex International Corp. | 4,522,950 | ||||||
456,000 | Steel Connect Inc.† | 665,760 | ||||||
283,046 | Steel Partners Holdings LP† | 3,425,423 | ||||||
15,000 | T. Hasegawa Co. Ltd. | 294,188 | ||||||
8,000 | Terex Corp. | 238,240 | ||||||
375,000 | Textron Inc. | 16,725,000 | ||||||
490,000 | Tredegar Corp. | 10,951,500 | ||||||
230,000 | Trinity Industries Inc. | 5,094,500 | ||||||
50,000 | Ultra Electronics Holdings plc | 1,400,111 | ||||||
|
| |||||||
205,839,403 | ||||||||
|
| |||||||
Educational Services — 0.0% | ||||||||
42,000 | Career Education Corp.† | 772,380 | ||||||
|
|
2
The Gabelli Small Cap Growth Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Electronics — 1.7% | ||||||||
164,500 | Badger Meter Inc. | $ | 10,680,985 | |||||
225,500 | Bel Fuse Inc., Cl. A(a) | 3,608,000 | ||||||
540,000 | CTS Corp. | 16,205,400 | ||||||
36,382 | Daktronics Inc. | 221,566 | ||||||
135,000 | Gentex Corp. | 3,912,300 | ||||||
40,000 | IMAX Corp.† | 817,200 | ||||||
40,000 | Renesas Electronics Corp.† | 276,103 | ||||||
100,000 | Stoneridge Inc.† | 2,932,000 | ||||||
|
| |||||||
38,653,554 | ||||||||
|
| |||||||
Energy and Utilities — 4.1% | ||||||||
30,000 | Avangrid Inc. | 1,534,800 | ||||||
700,000 | Black Ridge Oil and Gas Inc.† | 12,600 | ||||||
28,100 | Chesapeake Utilities Corp. | 2,692,823 | ||||||
36,000 | CMS Energy Corp. | 2,262,240 | ||||||
11,000 | Consolidated Water Co. Ltd. | 179,300 | ||||||
100,000 | Covanta Holding Corp. | 1,484,000 | ||||||
58,000 | Diamondback Energy Inc. | 5,385,880 | ||||||
46,000 | Dril-Quip Inc.† | 2,157,860 | ||||||
76,000 | Energy Recovery Inc.† | 744,040 | ||||||
84,000 | Hawaiian Electric Industries Inc. | 3,936,240 | ||||||
30,000 | KLX Energy Services Holdings Inc.† | 193,200 | ||||||
25,500 | Landis+Gyr Group AG | 2,653,286 | ||||||
25,000 | Marathon Petroleum Corp. | 1,506,250 | ||||||
33,500 | Middlesex Water Co. | 2,129,595 | ||||||
52,000 | National Fuel Gas Co. | 2,420,080 | ||||||
15,000 | Northwest Natural Holding Co. | 1,105,950 | ||||||
34,000 | NorthWestern Corp. | 2,436,780 | ||||||
60,000 | Oceaneering International Inc.† | 894,600 | ||||||
50,000 | Otter Tail Corp. | 2,564,500 | ||||||
708,000 | PNM Resources Inc. | 35,902,680 | ||||||
1,865,000 | RPC Inc. | 9,772,600 | ||||||
20,000 | Siemens Gamesa Renewable Energy SA | 350,757 | ||||||
94,000 | SJW Group | 6,679,640 | ||||||
40,000 | Southwest Gas Holdings Inc. | 3,038,800 | ||||||
9,000 | Spire Inc. | 749,790 | ||||||
37,500 | The York Water Co. | 1,729,125 | ||||||
12,000 | Vestas Wind Systems A/S | 1,212,636 | ||||||
|
| |||||||
95,730,052 | ||||||||
|
| |||||||
Entertainment — 2.6% | ||||||||
4,000 | AMC Entertainment Holdings Inc., Cl. A | 28,960 | ||||||
50,000 | Discovery Inc., Cl. A† | 1,637,000 | ||||||
79,000 | Discovery Inc., Cl. C† | 2,408,710 | ||||||
96,000 | Inspired Entertainment Inc.† | 648,000 | ||||||
83,000 | Liberty Media Corp.- Liberty Braves, Cl. A† | 2,460,950 | ||||||
236,000 | Liberty Media Corp.- Liberty Braves, Cl. C† | 6,971,440 | ||||||
30,000 | Manchester United plc, Cl. A | 597,900 | ||||||
35,000 | Take-Two Interactive Software Inc.† | 4,285,050 | ||||||
100,000 | The Madison Square Garden Co., Cl. A† | 29,419,000 |
Shares | Market Value | |||||||
26,000 | The Walt Disney Co. | $ | 3,760,380 | |||||
74,000 | Universal Entertainment Corp. | 2,530,118 | ||||||
76,000 | World Wrestling Entertainment Inc., Cl. A | 4,930,120 | ||||||
|
| |||||||
59,677,628 | ||||||||
|
| |||||||
Environmental Services — 0.7% | ||||||||
185,000 | Republic Services Inc. | 16,581,550 | ||||||
|
| |||||||
Equipment and Supplies — 12.7% | ||||||||
55,000 | A.O. Smith Corp. | 2,620,200 | ||||||
458,000 | AMETEK Inc. | 45,680,920 | ||||||
50,000 | AZZ Inc. | 2,297,500 | ||||||
24,000 | Chart Industries Inc.† | 1,619,760 | ||||||
189,000 | CIRCOR International Inc.† | 8,739,360 | ||||||
390,062 | Core Molding Technologies Inc.† | 1,267,702 | ||||||
150,000 | Crown Holdings Inc.† | 10,881,000 | ||||||
2,025 | Danaher Corp. | 310,797 | ||||||
130,200 | Donaldson Co. Inc. | 7,502,124 | ||||||
88,000 | Entegris Inc. | 4,407,920 | ||||||
376,000 | Federal Signal Corp. | 12,126,000 | ||||||
260,000 | Flowserve Corp. | 12,940,200 | ||||||
271,000 | Franklin Electric Co. Inc. | 15,533,720 | ||||||
622,000 | Graco Inc. | 32,344,000 | ||||||
67,000 | IDEX Corp. | 11,524,000 | ||||||
290,000 | Interpump Group SpA | 9,186,315 | ||||||
22,000 | Littelfuse Inc. | 4,208,600 | ||||||
55,000 | Maezawa Kyuso Industries Co. Ltd. | 1,124,753 | ||||||
78,000 | Minerals Technologies Inc. | 4,495,140 | ||||||
6,000 | MSA Safety Inc. | 758,160 | ||||||
723,000 | Mueller Industries Inc. | 22,955,250 | ||||||
600,000 | Mueller Water Products Inc., Cl. A | 7,188,000 | ||||||
3,600 | Teleflex Inc. | 1,355,184 | ||||||
215,000 | Tennant Co. | 16,752,800 | ||||||
819,800 | The Gorman-Rupp Co. | 30,742,500 | ||||||
110,000 | The Greenbrier Companies Inc. | 3,567,300 | ||||||
230,000 | The L.S. Starrett Co., Cl. A† | 1,315,600 | ||||||
33,000 | The Manitowoc Co. Inc.† | 577,500 | ||||||
63,500 | The Middleby Corp.† | 6,954,520 | ||||||
40,000 | The Timken Co. | 2,252,400 | ||||||
42,000 | The Toro Co. | 3,346,140 | ||||||
7,500 | Valmont Industries Inc. | 1,123,350 | ||||||
30,000 | Vicor Corp.† | 1,401,600 | ||||||
7,875 | Watsco Inc., Cl. B | 1,430,494 | ||||||
70,000 | Watts Water Technologies Inc., Cl. A | 6,983,200 | ||||||
|
| |||||||
297,514,009 | ||||||||
|
| |||||||
Financial Services — 3.7% | ||||||||
8,500 | Alleghany Corp.† | 6,796,345 | ||||||
8,240 | Ameris Bancorp | 350,530 | ||||||
26,000 | Argo Group International Holdings Ltd. | 1,709,500 | ||||||
9,400 | BKF Capital Group Inc.† | 110,450 | ||||||
16,000 | Cadence BanCorp | 290,080 | ||||||
12,000 | Capitol Federal Financial Inc. | 164,760 | ||||||
22,000 | Crazy Woman Creek Bancorp Inc. | 422,840 |
3
The Gabelli Small Cap Growth Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Financial Services (Continued) | ||||||||
365,000 | Energy Transfer LP | $ | 4,682,950 | |||||
124 | Farmers & Merchants Bank of Long Beach | 973,276 | ||||||
430,000 | Flushing Financial Corp. | 9,290,150 | ||||||
66,000 | FNB Corp. | 838,200 | ||||||
360,000 | GAM Holding AG† | 1,043,025 | ||||||
290,000 | Hope Bancorp Inc. | 4,309,400 | ||||||
445,000 | Huntington Bancshares Inc. | 6,710,600 | ||||||
38,000 | Janus Henderson Group plc | 929,100 | ||||||
740,000 | KKR & Co. Inc., Cl. A | 21,585,800 | ||||||
2,500 | Manning & Napier Inc. | 4,350 | ||||||
90,000 | Medallion Financial Corp.† | 654,300 | ||||||
56,000 | Pzena Investment Management Inc., Cl. A | 482,720 | ||||||
43,072 | Sandy Spring Bancorp Inc. | 1,631,567 | ||||||
15,000 | Sculptor Capital Management Inc. | 331,500 | ||||||
843 | South State Corp. | 73,130 | ||||||
20,000 | State Auto Financial Corp. | 620,400 | ||||||
410,000 | Sterling Bancorp | 8,642,800 | ||||||
84,000 | Synovus Financial Corp. | 3,292,800 | ||||||
20,000 | TFS Financial Corp. | 393,600 | ||||||
15,000 | Thomasville Bancshares Inc. | 690,000 | ||||||
240,000 | Valley National Bancorp | 2,748,000 | ||||||
40,000 | Value Line Inc. | 1,156,400 | ||||||
328,000 | Waddell & Reed Financial Inc., Cl. A | 5,484,160 | ||||||
10,000 | Waterloo Investment Holdings Ltd.†(b) | 2,100 | ||||||
133,000 | Wright Investors’ Service Holdings Inc.† | 56,259 | ||||||
|
| |||||||
86,471,092 | ||||||||
|
| |||||||
Food and Beverage — 8.9% | ||||||||
425,000 | Arca Continental SAB de CV | 2,248,010 | ||||||
112,000 | Brown-Forman Corp., Cl. A | 7,030,240 | ||||||
42,000 | Bull-Dog Sauce Co. Ltd. | 435,636 | ||||||
2,100,000 | China Tontine Wines Group Ltd.† | 34,765 | ||||||
211,000 | Chr. Hansen Holding A/S | 16,767,625 | ||||||
340,000 | Cott Corp. | 4,651,200 | ||||||
345,200 | Crimson Wine Group Ltd.† | 2,554,480 | ||||||
2,100,000 | Davide Campari-Milano SpA | 19,174,425 | ||||||
205,000 | Denny’s Corp.† | 4,075,400 | ||||||
1,500,000 | Dynasty Fine Wines Group Ltd.† | 62,562 | ||||||
103,000 | Farmer Brothers Co.† | 1,551,180 | ||||||
435,000 | Flowers Foods Inc. | 9,456,900 | ||||||
148,000 | ITO EN Ltd. | 7,464,360 | ||||||
76,000 | Iwatsuka Confectionery Co. Ltd. | 2,930,744 | ||||||
23,000 | J & J Snack Foods Corp. | 4,238,210 | ||||||
140,000 | Kameda Seika Co. Ltd. | 6,423,082 | ||||||
885,000 | Kikkoman Corp. | 43,738,898 | ||||||
764,000 | Maple Leaf Foods Inc. | 15,226,460 | ||||||
6,000 | MEIJI Holdings Co. Ltd. | 407,528 | ||||||
32,000 | MGP Ingredients Inc. | 1,550,400 | ||||||
84,000 | Morinaga Milk Industry Co. Ltd. | 3,440,247 | ||||||
27,000 | National Beverage Corp.† | 1,377,540 | ||||||
78,000 | Nissin Foods Holdings Co. Ltd. | 5,829,092 |
Shares | Market Value | |||||||
23,000 | Post Holdings Inc.† | $ | 2,509,300 | |||||
285,000 | Rock Field Co. Ltd. | 4,013,161 | ||||||
9,500 | The Boston Beer Co. Inc., Cl. A† | 3,589,575 | ||||||
286,000 | The Hain Celestial Group Inc.† | 7,423,130 | ||||||
67,000 | The J.M. Smucker Co. | 6,976,710 | ||||||
625,000 | Tingyi (Cayman Islands) Holding Corp. | 1,066,758 | ||||||
293,000 | Tootsie Roll Industries Inc. | 10,003,020 | ||||||
19,000 | United Natural Foods Inc.† | 166,440 | ||||||
410,000 | Vina Concha y Toro SA | 771,964 | ||||||
1,225,000 | Vitasoy International Holdings Ltd. | 4,441,083 | ||||||
20,000 | Willamette Valley Vineyards Inc.† | 138,600 | ||||||
114,000 | Yakult Honsha Co. Ltd. | 6,326,630 | ||||||
|
| |||||||
208,095,355 | ||||||||
|
| |||||||
Health Care — 5.9% | ||||||||
3,500 | Align Technology Inc.† | 976,640 | ||||||
7,000 | Bio-Rad Laboratories Inc., Cl. A† | 2,590,210 | ||||||
15,000 | Bruker Corp. | 764,550 | ||||||
63,000 | Cantel Medical Corp. | 4,466,700 | ||||||
13,000 | Cardiovascular Systems Inc.† | 631,670 | ||||||
7,000 | Chemed Corp. | 3,074,820 | ||||||
26,000 | CONMED Corp. | 2,907,580 | ||||||
34,400 | Covetrus Inc.† | 454,080 | ||||||
442,000 | Cutera Inc.† | 15,828,020 | ||||||
32,000 | DexCom Inc.† | 6,999,680 | ||||||
44,000 | Evolent Health Inc., Cl. A† | 398,200 | ||||||
186,000 | Globus Medical Inc., Cl. A† | 10,951,680 | ||||||
78,000 | Henry Schein Inc.† | 5,204,160 | ||||||
33,500 | ICU Medical Inc.† | 6,268,520 | ||||||
12,000 | LivaNova plc† | 905,160 | ||||||
63,500 | Masimo Corp.† | 10,036,810 | ||||||
110,000 | Meridian Bioscience Inc. | 1,074,700 | ||||||
25,400 | Neogen Corp.† | 1,657,604 | ||||||
127,000 | NuVasive Inc.† | 9,822,180 | ||||||
216,000 | OPKO Health Inc.† | 317,520 | ||||||
138,000 | Orthofix Medical Inc.† | 6,372,840 | ||||||
44,000 | Owens & Minor Inc. | 227,480 | ||||||
44,500 | Patterson Cos. Inc. | 911,360 | ||||||
406,000 | Quidel Corp.† | 30,462,180 | ||||||
120,000 | RTI Surgical Holdings Inc.† | 328,800 | ||||||
25,000 | Seikagaku Corp. | 283,926 | ||||||
24,000 | STERIS plc | 3,658,080 | ||||||
1,900 | Straumann Holding AG | 1,865,840 | ||||||
3,000 | Stryker Corp. | 629,820 | ||||||
34,000 | SurModics Inc.† | 1,408,620 | ||||||
32,000 | Teladoc Health Inc.† | 2,679,040 | ||||||
2,700 | The Cooper Companies Inc. | 867,483 | ||||||
38,000 | United-Guardian Inc. | 746,700 | ||||||
30,000 | Wright Medical Group NV† | 914,400 | ||||||
|
| |||||||
136,687,053 | ||||||||
|
| |||||||
Home Furnishings — 0.3% | ||||||||
208,000 | Bassett Furniture Industries Inc. | 3,469,440 |
4
The Gabelli Small Cap Growth Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Home Furnishings (Continued) | ||||||||
17,000 | Ethan Allen Interiors Inc. | $ | 324,020 | |||||
88,000 | La-Z-Boy Inc. | 2,770,240 | ||||||
|
| |||||||
6,563,700 | ||||||||
|
| |||||||
Hotels and Gaming — 4.4% | ||||||||
269,000 | Boyd Gaming Corp. | 8,053,860 | ||||||
190,000 | Canterbury Park Holding Corp. | 2,356,000 | ||||||
174,000 | Churchill Downs Inc. | 23,872,800 | ||||||
140,000 | Formosa International Hotels Corp. | 784,602 | ||||||
556,000 | Full House Resorts Inc.† | 1,862,600 | ||||||
60,000 | Gaming and Leisure Properties Inc., REIT | 2,583,000 | ||||||
1,000,000 | Genting Singapore Ltd. | 684,040 | ||||||
171,000 | Golden Entertainment Inc.† | 3,286,620 | ||||||
12,000 | Las Vegas Sands Corp. | 828,480 | ||||||
3,000,000 | Mandarin Oriental International Ltd. | 5,460,000 | ||||||
30,000 | Penn National Gaming Inc.† | 766,800 | ||||||
434,000 | Ryman Hospitality Properties Inc., REIT | 37,610,440 | ||||||
2,950,000 | The Hongkong & Shanghai Hotels Ltd. | 3,161,133 | ||||||
276,000 | The Marcus Corp. | 8,768,520 | ||||||
22,000 | Wynn Resorts Ltd. | 3,055,140 | ||||||
|
| |||||||
103,134,035 | ||||||||
|
| |||||||
Machinery — 2.0% | ||||||||
360,000 | Astec Industries Inc. | 15,120,000 | ||||||
1,550,000 | CNH Industrial NV | 17,050,000 | ||||||
170,000 | Kennametal Inc. | 6,271,300 | ||||||
6,000 | Nordson Corp. | 977,040 | ||||||
171,000 | The Eastern Co. | 5,220,630 | ||||||
156,000 | Twin Disc Inc.† | 1,719,120 | ||||||
90,000 | Welbilt Inc.† | 1,404,900 | ||||||
|
| |||||||
47,762,990 | ||||||||
|
| |||||||
Manufactured Housing and Recreational Vehicles — 1.0% | ||||||||
88,000 | Cavco Industries Inc.† | 17,193,440 | ||||||
70,000 | Nobility Homes Inc. | 1,680,000 | ||||||
85,000 | Skyline Champion Corp.† | 2,694,500 | ||||||
55,000 | Winnebago Industries Inc. | 2,913,900 | ||||||
|
| |||||||
24,481,840 | ||||||||
|
| |||||||
Metals and Mining — 0.1% | ||||||||
50,000 | Allegheny Technologies Inc.† | 1,033,000 | ||||||
45,000 | Ivanhoe Mines Ltd., Cl. A† | 147,280 | ||||||
100,000 | Kinross Gold Corp.† | 474,000 | ||||||
130,000 | TimkenSteel Corp.† | 1,021,800 | ||||||
30,000 | Turquoise Hill Resources Ltd.† | 22,086 | ||||||
|
| |||||||
2,698,166 | ||||||||
|
| |||||||
Publishing — 0.9% | ||||||||
3,000 | Graham Holdings Co., Cl. B | 1,916,970 | ||||||
5,000 | John Wiley & Sons Inc., Cl. B | 246,025 | ||||||
48,000 | Meredith Corp. | 1,558,560 | ||||||
50,000 | News Corp., Cl. A | 707,000 | ||||||
1,105,000 | The E.W. Scripps Co., Cl. A | 17,359,550 | ||||||
|
| |||||||
21,788,105 | ||||||||
|
|
Shares | Market Value | |||||||
Real Estate — 2.0% | ||||||||
79,000 | Capital Properties Inc., Cl. A | $ | 1,216,600 | |||||
50,000 | Cohen & Steers Inc. | 3,138,000 | ||||||
260,000 | Griffin Industrial Realty Inc.(a) | 10,283,000 | ||||||
6,967 | Gyrodyne LLC† | 131,328 | ||||||
19,000 | Lamar Advertising Co., Cl. A, REIT | 1,695,940 | ||||||
92,000 | Morguard Corp. | 14,240,499 | ||||||
99,995 | Reading International Inc., Cl. A† | 1,118,944 | ||||||
2,737 | Reading International Inc., Cl. B† | 73,899 | ||||||
28,000 | Seritage Growth Properties, Cl. A, REIT | 1,122,240 | ||||||
166,000 | Tejon Ranch Co.† | 2,652,680 | ||||||
573,000 | The St. Joe Co.† | 11,362,590 | ||||||
100,000 | Trinity Place Holdings Inc.† | 301,000 | ||||||
|
| |||||||
47,336,720 | ||||||||
|
| |||||||
Retail — 5.3% | ||||||||
20,000 | Aaron’s Inc. | 1,142,200 | ||||||
155,000 | AutoNation Inc.† | 7,537,650 | ||||||
21,024 | Barnes & Noble Education Inc.† | 89,772 | ||||||
39,000 | Big 5 Sporting Goods Corp. | 117,000 | ||||||
2,500 | Biglari Holdings Inc., Cl. A† | 1,500,000 | ||||||
3,000 | Casey’s General Stores Inc. | 476,970 | ||||||
120,000 | Copart Inc.† | 10,912,800 | ||||||
2,500 | Dunkin’ Brands Group Inc. | 188,850 | ||||||
145,000 | GNC Holdings Inc., Cl. A† | 391,500 | ||||||
845,000 | Hertz Global Holdings Inc.† | 13,308,750 | ||||||
626,000 | Ingles Markets Inc., Cl. A | 29,741,260 | ||||||
77,000 | Lands’ End Inc.† | 1,293,600 | ||||||
90,000 | Macy’s Inc. | 1,530,000 | ||||||
85,000 | Movado Group Inc. | 1,847,900 | ||||||
157,000 | Nathan’s Famous Inc. | 11,128,160 | ||||||
84,000 | Penske Automotive Group Inc. | 4,218,480 | ||||||
93,000 | Pets at Home Group plc | 344,435 | ||||||
286,000 | Rush Enterprises Inc., Cl. B | 13,070,200 | ||||||
8,500 | Salvatore Ferragamo SpA | 178,772 | ||||||
324,000 | The Cheesecake Factory Inc. | 12,590,640 | ||||||
88,400 | Tractor Supply Co. | 8,260,096 | ||||||
44,500 | Village Super Market Inc., Cl. A | 1,032,400 | ||||||
55,000 | Weis Markets Inc. | 2,226,950 | ||||||
600 | Winmark Corp. | 118,980 | ||||||
|
| |||||||
123,247,365 | ||||||||
|
| |||||||
Specialty Chemicals — 3.2% | ||||||||
85,000 | Albemarle Corp. | 6,208,400 | ||||||
29,000 | Ashland Global Holdings Inc. | 2,219,370 | ||||||
1,870,000 | Ferro Corp.† | 27,732,100 | ||||||
101,000 | GCP Applied Technologies Inc.† | 2,293,710 | ||||||
91,200 | General Chemical Group Inc.† | 684 | ||||||
290,000 | H.B. Fuller Co. | 14,955,300 | ||||||
16,000 | Hawkins Inc. | 732,960 | ||||||
76,000 | Huntsman Corp. | 1,836,160 | ||||||
13,400 | NewMarket Corp. | 6,519,368 | ||||||
10,500 | Quaker Chemical Corp. | 1,727,460 |
5
The Gabelli Small Cap Growth Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Specialty Chemicals (Continued) | ||||||||
88,000 | Sensient Technologies Corp. | $ | 5,815,920 | |||||
18,000 | SGL Carbon SE† | 95,704 | ||||||
6,000 | Takasago International Corp. | 140,702 | ||||||
191,000 | Valvoline Inc. | 4,089,310 | ||||||
|
| |||||||
74,367,148 | ||||||||
|
| |||||||
Telecommunications — 1.1% | ||||||||
12,000 | ATN International Inc. | 664,680 | ||||||
80,000 | Consolidated Communications Holdings Inc. | 310,400 | ||||||
142,000 | Gogo Inc.† | 908,800 | ||||||
175,000 | HC2 Holdings Inc.† | 379,750 | ||||||
6,000 | IDT Corp., Cl. B† | 43,260 | ||||||
112,000 | Iridium Communications Inc.† | 2,759,680 | ||||||
40,000 | Liberty Latin America Ltd., Cl. C† | 778,400 | ||||||
55,000 | Loral Space & Communications Inc.† | 1,777,600 | ||||||
380,321 | NII Holdings Inc.† | 825,297 | ||||||
130,000 | Nuvera Communications Inc. | 2,470,000 | ||||||
100,000 | Rogers Communications Inc., Cl. B | 4,967,000 | ||||||
171,000 | Shenandoah Telecommunications Co. | 7,115,310 | ||||||
721,000 | VEON Ltd., ADR | 1,824,130 | ||||||
21,000 | Verizon Communications Inc. | 1,289,400 | ||||||
|
| |||||||
26,113,707 | ||||||||
|
| |||||||
Transportation — 1.7% | ||||||||
448,000 | GATX Corp. | 37,116,800 | ||||||
18,600 | Irish Continental Group plc | 100,980 | ||||||
115,000 | Navigator Holdings Ltd.† | 1,549,050 | ||||||
|
| |||||||
38,766,830 | ||||||||
|
| |||||||
Wireless Communications — 0.2% | ||||||||
47,000 | Millicom International Cellular SA, SDR | 2,251,058 | ||||||
58,000 | United States Cellular Corp.† | 2,101,340 | ||||||
|
| |||||||
4,352,398 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,326,030,430 | |||||||
|
| |||||||
CLOSED-END FUNDS — 0.2% | ||||||||
75,000 | MVC Capital Inc. | 687,750 | ||||||
54,000 | The Central Europe, Russia, and Turkey Fund Inc. | 1,528,200 |
Shares | Market Value | |||||||||
31,977 | The European Equity Fund Inc. | $ | 299,944 | |||||||
118,000 | The New Germany Fund Inc. | 1,850,240 | ||||||||
|
| |||||||||
TOTALCLOSED-END FUNDS | 4,366,134 | |||||||||
|
| |||||||||
PREFERRED STOCKS — 0.2% | ||||||||||
Automotive: Parts and Accessories — 0.2% | ||||||||||
124,000 | Jungheinrich AG | 2,990,466 | ||||||||
|
| |||||||||
RIGHTS — 0.0% | ||||||||||
Entertainment — 0.0% | ||||||||||
1,680,000 | Media General Inc., CVR†(b) | 2 | ||||||||
|
| |||||||||
Health Care — 0.0% | ||||||||||
290,000 | Sanofi, CVR† | 249,458 | ||||||||
|
| |||||||||
Specialty Chemicals — 0.0% | ||||||||||
65,000 | A. Schulman Inc., CVR†(b) | 33,995 | ||||||||
|
| |||||||||
TOTAL RIGHTS | 283,455 | |||||||||
|
| |||||||||
TOTAL MISCELLANEOUS INVESTMENTS — 0.0%(c) | 1,062,600 | |||||||||
|
| |||||||||
TOTAL INVESTMENTS — 100.0% (Cost $863,718,911) | $ | 2,334,733,085 | ||||||||
|
|
(a) | Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares. |
(b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(c) | Represents previously undisclosed, unrestricted securities which the Fund has held for less than one year. |
† | Non-income producing security. |
ADR | American Depositary Receipt |
CVR | Contingent Value Right |
REIT | Real Estate Investment Trust |
SDR | Swedish Depositary Receipt |
6