The Gabelli Equity Income Fund
Schedule of Investments — December 31, 2020 (Unaudited)
Shares | Market | |||||||
COMMON STOCKS — 100.0% | ||||||||
Aerospace — 1.1% | ||||||||
53,000 | Aerojet Rocketdyne Holdings Inc.† | $ | 2,801,050 | |||||
2,000 | Lockheed Martin Corp. | 709,960 | ||||||
7,000 | Raytheon Technologies Corp. | 500,570 | ||||||
9,500 | Rockwell Automation Inc. | 2,382,695 | ||||||
|
| |||||||
6,394,275 | ||||||||
|
| |||||||
Agriculture — 0.6% |
| |||||||
60,000 | Archer-Daniels-Midland Co. | 3,024,600 | ||||||
12,000 | The Mosaic Co. | 276,120 | ||||||
|
| |||||||
3,300,720 | ||||||||
|
| |||||||
Automotive — 0.2% |
| |||||||
10,000 | PACCAR Inc. | 862,800 | ||||||
|
| |||||||
Automotive: Parts and Accessories — 3.8% |
| |||||||
76,000 | Dana Inc. | 1,483,520 | ||||||
202,000 | Genuine Parts Co.(a) | 20,286,860 | ||||||
|
| |||||||
21,770,380 | ||||||||
|
| |||||||
Broadcasting — 0.3% |
| |||||||
38,000 | Liberty Global plc, Cl. A† | 920,360 | ||||||
10,000 | Liberty Global plc, Cl. C† | 236,500 | ||||||
34,500 | MSG Networks Inc., Cl. A† | 508,530 | ||||||
|
| |||||||
1,665,390 | ||||||||
|
| |||||||
Building and Construction — 1.9% |
| |||||||
30,000 | Carrier Global Corp. | 1,131,600 | ||||||
52,500 | Fortune Brands Home & Security Inc. | 4,500,300 | ||||||
43,000 | Herc Holdings Inc.† | 2,855,630 | ||||||
50,000 | Johnson Controls International plc | 2,329,500 | ||||||
|
| |||||||
10,817,030 | ||||||||
|
| |||||||
Business Services — 4.4% |
| |||||||
15,500 | Automatic Data Processing Inc. | 2,731,100 | ||||||
35,500 | Mastercard Inc., Cl. A | 12,671,370 | ||||||
2,400 | MSC Industrial Direct Co. Inc., Cl. A | 202,536 | ||||||
32,000 | Pentair plc | 1,698,880 | ||||||
22,500 | S&P Global Inc. | 7,396,425 | ||||||
|
| |||||||
24,700,311 | ||||||||
|
| |||||||
Cable and Satellite — 0.8% |
| |||||||
138,000 | DISH Network Corp., Cl. A† | 4,462,920 | ||||||
16,000 | EchoStar Corp., Cl. A† | 339,040 | ||||||
|
| |||||||
4,801,960 | ||||||||
|
| |||||||
Communications Equipment — 0.3% |
| |||||||
42,000 | Corning Inc. | 1,512,000 | ||||||
|
| |||||||
Computer Hardware — 1.7% |
| |||||||
49,000 | Apple Inc. | 6,501,810 | ||||||
25,000 | International Business Machines Corp. | 3,147,000 | ||||||
|
| |||||||
9,648,810 | ||||||||
|
|
Shares | Market | |||||||
Computer Software and Services — 1.9% |
| |||||||
100,000 | Hewlett Packard Enterprise Co. | $ | 1,185,000 | |||||
42,000 | Microsoft Corp. | 9,341,640 | ||||||
|
| |||||||
10,526,640 | ||||||||
|
| |||||||
Consumer Products — 7.4% |
| |||||||
12,000 | Altria Group Inc. | 492,000 | ||||||
11,000 | Edgewell Personal Care Co. | 380,380 | ||||||
53,000 | Energizer Holdings Inc. | 2,235,540 | ||||||
30,000 | Essity AB, Cl. A | 986,314 | ||||||
1,500 | National Presto Industries Inc. | 132,645 | ||||||
34,500 | Reckitt Benckiser Group plc | 3,086,434 | ||||||
417,000 | Swedish Match AB | 32,325,660 | ||||||
42,000 | Unilever plc, ADR | 2,535,120 | ||||||
|
| |||||||
42,174,093 | ||||||||
|
| |||||||
Consumer Services — 0.2% |
| |||||||
1,600 | Allegion plc | 186,208 | ||||||
18,000 | Rollins Inc. | 703,260 | ||||||
|
| |||||||
889,468 | ||||||||
|
| |||||||
Diversified Industrial — 5.2% |
| |||||||
80,000 | Crane Co. | 6,212,800 | ||||||
36,000 | Eaton Corp. plc | 4,325,040 | ||||||
1,700 | Honeywell International Inc. | 361,590 | ||||||
8,824 | Ingersoll Rand Inc.† | 402,021 | ||||||
48,000 | ITT Inc. | 3,696,960 | ||||||
31,000 | Jardine Matheson Holdings Ltd. | 1,736,000 | ||||||
148,000 | Jardine Strategic Holdings Ltd. | 3,682,240 | ||||||
24,000 | nVent Electric plc | 558,960 | ||||||
112,000 | Textron Inc. | 5,412,960 | ||||||
158,000 | Toray Industries Inc. | 934,794 | ||||||
9,500 | Trane Technologies plc | 1,379,020 | ||||||
25,000 | Trinity Industries Inc. | 659,750 | ||||||
|
| |||||||
29,362,135 | ||||||||
|
| |||||||
Electronics — 2.3% |
| |||||||
15,000 | Sony Corp. | 1,494,117 | ||||||
39,000 | Sony Corp., ADR | 3,942,900 | ||||||
50,000 | TE Connectivity Ltd. | 6,053,500 | ||||||
10,000 | Texas Instruments Inc. | 1,641,300 | ||||||
|
| |||||||
13,131,817 | ||||||||
|
| |||||||
Energy and Utilities: Electric — 0.4% |
| |||||||
6,000 | Avangrid Inc. | 272,700 | ||||||
22,000 | Korea Electric Power Corp., ADR† | 269,940 | ||||||
8,000 | Portland General Electric Co. | 342,160 | ||||||
65,000 | The AES Corp. | 1,527,500 | ||||||
|
| |||||||
2,412,300 | ||||||||
|
| |||||||
Energy and Utilities: Integrated — 0.6% |
| |||||||
50,000 | Energy Transfer LP | 309,000 | ||||||
21,000 | Eni SpA | 219,296 | ||||||
6,500 | Iberdrola SA, ADR | 373,750 |
1
The Gabelli Equity Income Fund
Schedule of Investments (Continued) — December 31, 2020 (Unaudited)
Shares | Market | |||||||
COMMON STOCKS (Continued) |
| |||||||
Energy and Utilities: Integrated (Continued) |
| |||||||
58,000 | OGE Energy Corp. | $ | 1,847,880 | |||||
15,000 | PNM Resources Inc. | 727,950 | ||||||
|
| |||||||
3,477,876 | ||||||||
|
| |||||||
Energy and Utilities: Natural Gas — 1.5% |
| |||||||
110,500 | National Fuel Gas Co. | 4,544,865 | ||||||
11,500 | ONE Gas Inc. | 882,855 | ||||||
61,000 | ONEOK Inc. | 2,341,180 | ||||||
7,500 | Southwest Gas Holdings Inc. | 455,625 | ||||||
|
| |||||||
8,224,525 | ||||||||
|
| |||||||
Energy and Utilities: Oil — 1.9% |
| |||||||
56,000 | Chevron Corp. | 4,729,200 | ||||||
7,000 | ConocoPhillips | 279,930 | ||||||
12,000 | Exxon Mobil Corp. | 494,640 | ||||||
62,000 | Hess Corp. | 3,272,980 | ||||||
18,000 | Marathon Petroleum Corp. | 744,480 | ||||||
7,000 | Royal Dutch Shell plc, Cl. A, ADR | 245,980 | ||||||
16,000 | TOTAL SE, ADR | 670,560 | ||||||
15,000 | WPX Energy Inc.† | 122,250 | ||||||
|
| |||||||
10,560,020 | ||||||||
|
| |||||||
Energy and Utilities: Services — 0.5% |
| |||||||
135,000 | Halliburton Co. | 2,551,500 | ||||||
10,000 | Schlumberger NV | 218,300 | ||||||
|
| |||||||
2,769,800 | ||||||||
|
| |||||||
Energy and Utilities: Water — 0.2% |
| |||||||
5,000 | Essential Utilities Inc. | 236,450 | ||||||
25,000 | Severn Trent plc | 782,552 | ||||||
|
| |||||||
1,019,002 | ||||||||
|
| |||||||
Entertainment — 2.3% |
| |||||||
28,000 | Grupo Televisa SAB, ADR† | 230,720 | ||||||
1,000 | Madison Square Garden Entertainment Corp.† | 105,040 | ||||||
1,000 | Madison Square Garden Sports Corp.† | 184,100 | ||||||
335,000 | ViacomCBS Inc., Cl. A. | 12,669,700 | ||||||
|
| |||||||
13,189,560 | ||||||||
|
| |||||||
Environmental Services — 0.2% |
| |||||||
10,000 | Republic Services Inc. | 963,000 | ||||||
2,500 | Waste Management Inc. | 294,825 | ||||||
|
| |||||||
1,257,825 | ||||||||
|
| |||||||
Equipment and Supplies — 4.3% |
| |||||||
9,000 | A.O. Smith Corp. | 493,380 | ||||||
14,200 | Danaher Corp. | 3,154,388 | ||||||
164,000 | Flowserve Corp. | 6,043,400 | ||||||
55,000 | Graco Inc. | 3,979,250 | ||||||
20,000 | Minerals Technologies Inc. | 1,242,400 | ||||||
157,000 | Mueller Industries Inc. | 5,512,270 |
Shares | Market | |||||||
15,500 | Parker-Hannifin Corp. | $ | 4,222,355 | |||||
|
| |||||||
24,647,443 | ||||||||
|
| |||||||
Financial Services — 14.9% |
| |||||||
3,000 | Alleghany Corp. | 1,811,070 | ||||||
22,000 | AllianceBernstein Holding LP | 742,940 | ||||||
32,000 | American Express Co.(a) | 3,869,120 | ||||||
21,500 | Ameris Bancorp | 818,505 | ||||||
7,000 | Argo Group International Holdings Ltd | 305,900 | ||||||
5,195 | Banco Santander Chile, ADR | 98,653 | ||||||
145,000 | Bank of America Corp. | 4,394,950 | ||||||
12,500 | BNP Paribas SA† | 658,240 | ||||||
19,000 | Eaton Vance Corp. | 1,290,670 | ||||||
44,000 | Interactive Brokers Group Inc., Cl. A | 2,680,480 | ||||||
15,000 | Jefferies Financial Group Inc. | 369,000 | ||||||
13,500 | JPMorgan Chase & Co. | 1,715,445 | ||||||
56,000 | Julius Baer Group Ltd. | 3,226,025 | ||||||
25,000 | Kinnevik AB, Cl. A | 1,288,347 | ||||||
75,000 | Loews Corp. | 3,376,500 | ||||||
16,500 | M&T Bank Corp. | 2,100,450 | ||||||
22,500 | Marsh & McLennan Cos. Inc. | 2,632,500 | ||||||
15,000 | Morgan Stanley | 1,027,950 | ||||||
9,000 | Popular Inc. | 506,880 | ||||||
92,000 | SLM Corp. | 1,139,880 | ||||||
125,000 | State Street Corp. | 9,097,500 | ||||||
265,000 | Sterling Bancorp | 4,764,700 | ||||||
6,600 | T. Rowe Price Group Inc. | 999,174 | ||||||
309,000 | The Bank of New York Mellon Corp.(a) | 13,113,960 | ||||||
18,000 | The Goldman Sachs Group Inc. | 4,746,780 | ||||||
81,000 | The PNC Financial Services Group Inc.(a) | 12,069,000 | ||||||
53,000 | Valley National Bancorp | 516,750 | ||||||
52,000 | Waddell & Reed Financial Inc., Cl. A | 1,324,440 | ||||||
123,000 | Wells Fargo & Co. | 3,712,140 | ||||||
|
| |||||||
84,397,949 | ||||||||
|
| |||||||
Food and Beverage — 18.3% |
| |||||||
1,000 | Anheuser-Busch InBev SA/NV | 69,646 | ||||||
240,000 | Brown-Forman Corp., Cl. A | 17,632,800 | ||||||
34,000 | Campbell Soup Co. | 1,643,900 | ||||||
72,000 | Coca-Cola Amatil Ltd., ADR | 705,600 | ||||||
19,000 | Coca-Cola European Partners plc | 946,770 | ||||||
10,000 | Coca-Cola Femsa SAB de CV, ADR | 461,000 | ||||||
6,000 | Constellation Brands Inc., Cl. A | 1,314,300 | ||||||
46,000 | Danone SA | 3,021,092 | ||||||
140,000 | Davide Campari-Milano NV | 1,597,430 | ||||||
49,500 | Diageo plc, ADR | 7,861,095 | ||||||
86,000 | Fomento Economico Mexicano SAB de CV, ADR | 6,516,220 | ||||||
1,000 | General Mills Inc. | 58,800 | ||||||
1,880,000 | Grupo Bimbo SAB de CV, Cl. A | 4,076,585 | ||||||
93,000 | Heineken NV | 10,363,819 | ||||||
142,000 | ITO EN Ltd. | 8,980,292 | ||||||
21,500 | Kellogg Co. | 1,337,945 |
2
The Gabelli Equity Income Fund
Schedule of Investments (Continued) — December 31, 2020 (Unaudited)
Shares | Market | |||||||
COMMON STOCKS (Continued) |
| |||||||
Food and Beverage (Continued) |
| |||||||
4,000 | McCormick & Co. Inc., Cl. V | $ | 382,280 | |||||
31,500 | McCormick & Co. Inc., Non-Voting | 3,011,400 | ||||||
37,000 | Mondele¯z International Inc., Cl. A | 2,163,390 | ||||||
34,000 | Nestlé SA | 4,004,112 | ||||||
57,000 | Nissin Foods Holdings Co. Ltd. | 4,879,957 | ||||||
35,000 | PepsiCo Inc. | 5,190,500 | ||||||
27,000 | Pernod Ricard SA | 5,171,977 | ||||||
39,500 | Remy Cointreau SA | 7,349,263 | ||||||
35,000 | Sapporo Holdings Ltd. | 674,883 | ||||||
10,000 | The Coca-Cola Co. | 548,400 | ||||||
1,000 | The Hershey Co. | 152,330 | ||||||
50,000 | The Kraft Heinz Co. | 1,733,000 | ||||||
6,001 | Tootsie Roll Industries Inc. | 178,230 | ||||||
32,000 | Yakult Honsha Co. Ltd. | 1,611,544 | ||||||
|
| |||||||
103,638,560 | ||||||||
|
| |||||||
Health Care — 4.7% |
| |||||||
5,500 | Abbott Laboratories | 602,195 | ||||||
3,000 | AbbVie Inc. | 321,450 | ||||||
4,000 | Alcon Inc.† | 263,920 | ||||||
75,000 | Baxter International Inc. | 6,018,000 | ||||||
4,400 | Bio-Rad Laboratories Inc., Cl. A† | 2,564,936 | ||||||
95,000 | Bristol-Myers Squibb Co. | 5,892,850 | ||||||
72,000 | Demant A/S† | 2,843,411 | ||||||
8,000 | GlaxoSmithKline plc, ADR | 294,400 | ||||||
32,000 | Henry Schein Inc.† | 2,139,520 | ||||||
16,000 | Merck & Co. Inc. | 1,308,800 | ||||||
16,000 | Novartis AG, ADR | 1,510,880 | ||||||
20,000 | Pfizer Inc. | 736,200 | ||||||
45,000 | Roche Holding AG, ADR | 1,972,800 | ||||||
2,400 | Zimmer Biomet Holdings Inc. | 369,816 | ||||||
|
| |||||||
26,839,178 | ||||||||
|
| |||||||
Hotels and Gaming — 0.1% |
| |||||||
21,000 | MGM Resorts International | 661,710 | ||||||
1,500 | Wynn Resorts Ltd. | 169,245 | ||||||
|
| |||||||
830,955 | ||||||||
|
| |||||||
Machinery — 3.2% |
| |||||||
6,000 | Caterpillar Inc. | 1,092,120 | ||||||
57,000 | Deere & Co. | 15,335,850 | ||||||
11,000 | Otis Worldwide Corp. | 743,050 | ||||||
11,000 | Xylem Inc. | 1,119,690 | ||||||
|
| |||||||
18,290,710 | ||||||||
|
| |||||||
Metals and Mining — 2.1% |
| |||||||
130,000 | Freeport-McMoRan Inc. | 3,382,600 | ||||||
145,000 | Newmont Corp. | 8,684,050 | ||||||
|
| |||||||
12,066,650 | ||||||||
|
| |||||||
Paper and Forest Products — 0.1% |
| |||||||
23,000 | Svenska Cellulosa AB SCA, Cl. A† | 413,170 | ||||||
|
|
Shares | Market | |||||||
Publishing — 0.0% |
| |||||||
3,000 | Value Line Inc. | $ | 98,910 | |||||
|
| |||||||
Real Estate — 0.7% |
| |||||||
9,000 | Indus Realty Trust Inc.† | 562,500 | ||||||
108,000 | Weyerhaeuser Co., REIT | 3,621,240 | ||||||
|
| |||||||
4,183,740 | ||||||||
|
| |||||||
Retail — 4.5% |
| |||||||
14,000 | Cie Financiere Richemont SA, Cl. A | 1,266,373 | ||||||
30,000 | Copart Inc.† | 3,817,500 | ||||||
11,000 | Costco Wholesale Corp. | 4,144,580 | ||||||
95,000 | CVS Health Corp. | 6,488,500 | ||||||
68,500 | Ingles Markets Inc., Cl. A | 2,922,210 | ||||||
78,000 | Seven & i Holdings Co. Ltd. | 2,764,050 | ||||||
6,000 | The Home Depot Inc. | 1,593,720 | ||||||
60,000 | Walgreens Boots Alliance Inc. | 2,392,800 | ||||||
1,000 | Walmart Inc. | 144,150 | ||||||
5,200 | Weis Markets Inc. | 248,612 | ||||||
|
| |||||||
25,782,495 | ||||||||
|
| |||||||
Specialty Chemicals — 1.1% |
| |||||||
6,500 | Albemarle Corp. | 958,880 | ||||||
3,000 | Ashland Global Holdings Inc. | 237,600 | ||||||
66,000 | Ferro Corp.† | 965,580 | ||||||
8,000 | FMC Corp. | 919,440 | ||||||
46,000 | H.B. Fuller Co. | 2,386,480 | ||||||
2,000 | NewMarket Corp. | 796,580 | ||||||
600 | Quaker Chemical Corp. | 152,034 | ||||||
|
| |||||||
6,416,594 | ||||||||
|
| |||||||
Telecommunications — 4.5% |
| |||||||
113,000 | BCE Inc. | 4,836,400 | ||||||
190,000 | Deutsche Telekom AG, ADR | 3,471,300 | ||||||
15,500 | Loral Space & Communications Inc. | 325,345 | ||||||
12,000 | Orange SA, ADR | 142,320 | ||||||
12,000 | Proximus SA | 237,635 | ||||||
25,520 | Telefonica SA, ADR | 103,101 | ||||||
136,000 | Telephone and Data Systems Inc. | 2,525,520 | ||||||
94,000 | TELUS Corp. | 1,861,200 | ||||||
200,000 | Verizon Communications Inc.(a) | 11,750,000 | ||||||
|
| |||||||
25,252,821 | ||||||||
|
| |||||||
Transportation — 1.7% |
| |||||||
118,500 | GATX Corp. | 9,856,830 | ||||||
|
| |||||||
Wireless Communications — 0.1% |
| |||||||
100,000 | BT Group plc, Cl. A | 180,852 | ||||||
20,000 | Turkcell Iletisim Hizmetleri A/S, ADR | 107,800 | ||||||
|
| |||||||
288,652 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 567,473,394 | |||||||
|
|
3
The Gabelli Equity Income Fund
Schedule of Investments (Continued) — December 31, 2020 (Unaudited)
Shares | Market | |||||||
WARRANTS — 0.0% | ||||||||
Energy and Utilities: Oil — 0.0% | ||||||||
1,250 | Occidental Petroleum Corp., expire 08/03/27† | $ | 8,513 | |||||
|
| |||||||
Retail — 0.0% |
| |||||||
28,000 | Cie Financiere Richemont SA, expire 11/22/23† | 7,274 | ||||||
|
| |||||||
TOTAL WARRANTS | 15,787 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% | ||||||||
(Cost $218,366,033) | $ | 567,489,181 | ||||||
|
|
(a) | Securities, or a portion thereof, with a value of $29,552,500 were deposited with Pershing LLC. |
† | Non-income producing security. |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
4