1
The
Gabelli
Equity
Income
Fund
Schedule
of
Investments
—
June
30,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
100.0%
Aerospace
—
0.6%
2,000
Lockheed
Martin
Corp.
..............................
$
756,700
9,500
Rockwell
Automation
Inc.
..........................
2,717,190
3,473,890
Agriculture
—
0.6%
54,000
Archer-Daniels-Midland
Co.
.......................
3,272,400
12,000
The
Mosaic
Co.
.........................................
382,920
3,655,320
Automotive
—
0.1%
10,000
PACCAR
Inc.
.............................................
892,500
Automotive:
Parts
and
Accessories
—
4.2%
76,000
Dana
Inc.
..................................................
1,805,760
190,500
Genuine
Parts
Co.(a)
.................................
24,092,535
25,898,295
Broadcasting
—
0.3%
45,000
Liberty
Global
plc,
Cl. A†
...........................
1,222,200
10,000
Liberty
Global
plc,
Cl. C†
...........................
270,400
34,500
MSG
Networks
Inc.,
Cl. A†
.........................
503,010
1,995,610
Building
and
Construction
—
2.2%
30,000
Carrier
Global
Corp.
...................................
1,458,000
46,500
Fortune
Brands
Home
&
Security
Inc.
........
4,631,865
34,000
Herc
Holdings
Inc.†
...................................
3,810,380
50,000
Johnson
Controls
International
plc
.............
3,431,500
13,331,745
Business
Services
—
4.2%
13,200
Automatic
Data
Processing
Inc.
.................
2,621,784
33,000
Mastercard
Inc.,
Cl. A
................................
12,047,970
2,400
MSC
Industrial
Direct
Co.
Inc.,
Cl. A
...........
215,352
32,000
Pentair
plc
.................................................
2,159,680
21,000
S&P
Global
Inc.
.........................................
8,619,450
25,664,236
Cable
and
Satellite
—
0.9%
130,000
DISH
Network
Corp.,
Cl. A†
.......................
5,434,000
16,000
EchoStar
Corp.,
Cl. A†
...............................
388,640
5,822,640
Communications
Equipment
—
0.3%
42,000
Corning
Inc.
..............................................
1,717,800
Computer
Hardware
—
1.7%
48,000
Apple
Inc.
.................................................
6,574,080
25,000
International
Business
Machines
Corp.
.......
3,664,750
10,238,830
Computer
Software
and
Services
—
2.0%
95,000
Hewlett
Packard
Enterprise
Co.
..................
1,385,100
41,500
Microsoft
Corp.
.........................................
11,242,350
12,627,450
Consumer
Products
—
7.2%
11,000
Altria
Group
Inc.
........................................
524,480
Shares
Market
Value
6,000
Edgewell
Personal
Care
Co.
.......................
$
263,400
53,000
Energizer
Holdings
Inc.
..............................
2,277,940
30,000
Essity
AB,
Cl. A
..........................................
999,053
1,000
National
Presto
Industries
Inc.
...................
101,650
34,500
Reckitt
Benckiser
Group
plc
.......................
3,052,895
4,030,000
Swedish
Match
AB
....................................
34,366,203
42,000
Unilever
plc,
ADR
......................................
2,457,000
44,042,621
Consumer
Services
—
0.1%
1,600
Allegion
plc
...............................................
222,880
16,000
Rollins
Inc.
................................................
547,200
770,080
Diversified
Industrial
—
5.1%
78,000
Crane
Co.
..................................................
7,204,860
36,000
Eaton
Corp.
plc
..........................................
5,334,480
1,500
Honeywell
International
Inc.
.......................
329,025
8,824
Ingersoll
Rand
Inc.†
..................................
430,700
48,000
ITT
Inc.
.....................................................
4,396,320
36,000
Jardine
Matheson
Holdings
Ltd.
.................
2,301,120
22,000
nVent
Electric
plc
.......................................
687,280
108,000
Textron
Inc.
...............................................
7,427,160
154,000
Toray
Industries
Inc.
..................................
1,024,541
9,500
Trane
Technologies
plc
..............................
1,749,330
23,000
Trinity
Industries
Inc.
.................................
618,470
31,503,286
Electronics
—
2.1%
15,000
Sony
Group
Corp.
......................................
1,460,237
32,000
Sony
Group
Corp.,
ADR
.............................
3,111,040
50,000
TE
Connectivity
Ltd.
...................................
6,760,500
10,000
Texas
Instruments
Inc.
..............................
1,923,000
13,254,777
Energy
and
Utilities:
Electric
—
0.4%
7,500
Avangrid
Inc.
.............................................
385,725
22,000
Korea
Electric
Power
Corp.,
ADR
................
237,600
8,000
Portland
General
Electric
Co.
......................
368,640
63,000
The
AES
Corp.
...........................................
1,642,410
2,634,375
Energy
and
Utilities:
Integrated
—
0.5%
50,000
Energy
Transfer
LP
....................................
531,500
21,000
Eni
SpA
.....................................................
255,731
6,500
Iberdrola
SA,
ADR
.....................................
317,557
57,000
OGE
Energy
Corp.
......................................
1,918,050
3,022,838
Energy
and
Utilities:
Natural
Gas
—
1.7%
108,000
National
Fuel
Gas
Co.
.................................
5,643,000
11,500
ONE
Gas
Inc.
.............................................
852,380
60,000
ONEOK
Inc.
...............................................
3,338,400
7,500
Southwest
Gas
Holdings
Inc.
.....................
496,425
10,330,205
2
The
Gabelli
Equity
Income
Fund
Schedule
of
Investments
(Continued)
—
June
30,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Energy
and
Utilities:
Oil
—
2.3%
50,000
Chevron
Corp.
...........................................
$
5,237,000
7,000
ConocoPhillips
..........................................
426,300
7,747
Devon
Energy
Corp.
...................................
226,135
12,000
Exxon
Mobil
Corp.
.....................................
756,960
60,000
Hess
Corp.
................................................
5,239,200
18,000
Marathon
Petroleum
Corp.
.........................
1,087,560
6,000
Royal
Dutch
Shell
plc,
Cl. A,
ADR
...............
242,400
15,000
TotalEnergies
SE,
ADR
...............................
678,900
13,894,455
Energy
and
Utilities:
Services
—
0.5%
110,000
Halliburton
Co.
..........................................
2,543,200
8,000
Schlumberger
NV
......................................
256,080
2,799,280
Energy
and
Utilities:
Water
—
0.2%
5,000
Essential
Utilities
Inc.
................................
228,500
25,000
Severn
Trent
plc
........................................
864,908
1,093,408
Entertainment
—
2.5%
30,200
Grupo
Televisa
SAB,
ADR
..........................
431,256
1,000
Madison
Square
Garden
Entertainment
Corp.†
...................................................
83,970
2,000
Madison
Square
Garden
Sports
Corp.†
......
345,140
300,000
ViacomCBS
Inc.,
Cl. A
...............................
14,535,000
15,395,366
Environmental
Services
—
0.2%
10,500
Republic
Services
Inc.
...............................
1,155,105
2,500
Waste
Management
Inc.
............................
350,275
1,505,380
Equipment
and
Supplies
—
4.5%
8,500
A.O.
Smith
Corp.
.......................................
612,510
14,000
Danaher
Corp.
...........................................
3,757,040
158,000
Flowserve
Corp.
........................................
6,370,560
52,000
Graco
Inc.
.................................................
3,936,400
18,500
Minerals
Technologies
Inc.
........................
1,455,395
153,500
Mueller
Industries
Inc.
...............................
6,648,085
15,200
Parker-Hannifin
Corp.
................................
4,668,072
27,448,062
Financial
Services
—
15.9%
2,600
Alleghany
Corp.†
.......................................
1,734,382
20,000
AllianceBernstein
Holding
LP
.....................
931,200
28,000
American
Express
Co.
(a)
...........................
4,626,440
20,500
Ameris
Bancorp
........................................
1,037,915
6,000
Argo
Group
International
Holdings
Ltd.
......
310,980
5,195
Banco
Santander
Chile,
ADR
......................
103,225
145,000
Bank
of
America
Corp.
...............................
5,978,350
12,500
BNP
Paribas
SA
.........................................
783,632
42,000
Interactive
Brokers
Group
Inc.,
Cl. A
..........
2,760,660
15,000
Jefferies
Financial
Group
Inc.
.....................
513,000
Shares
Market
Value
12,000
JPMorgan
Chase
&
Co.
..............................
$
1,866,480
56,000
Julius
Baer
Group
Ltd.
...............................
3,654,450
23,000
Kinnevik
AB,
Cl. A
......................................
1,041,680
74,000
Loews
Corp.
..............................................
4,044,100
13,800
M&T
Bank
Corp.
........................................
2,005,278
22,000
Marsh
&
McLennan
Companies
Inc.
...........
3,094,960
12,000
Morgan
Stanley
.........................................
1,100,280
8,500
Popular
Inc.
..............................................
637,925
66,000
SLM
Corp.
................................................
1,382,040
125,000
State
Street
Corp.
......................................
10,285,000
265,000
Sterling
Bancorp
.......................................
6,569,350
6,400
T.
Rowe
Price
Group
Inc.
...........................
1,267,008
307,000
The
Bank
of
New
York
Mellon
Corp.
(a)
.......
15,727,610
16,200
The
Goldman
Sachs
Group
Inc.
..................
6,148,386
75,000
The
PNC
Financial
Services
Group
Inc.
(a)
...
14,307,000
53,000
Valley
National
Bancorp
.............................
711,790
120,000
Wells
Fargo
&
Co.
.....................................
5,434,800
98,057,921
Food
and
Beverage
—
16.8%
1,000
Anheuser-Busch
InBev
SA/NV
....................
72,106
220,500
Brown-Forman
Corp.,
Cl. A
........................
15,545,250
34,000
Campbell
Soup
Co.
....................................
1,550,060
19,000
Coca-Cola
Europacific
Partners
plc
.............
1,127,080
10,000
Coca-Cola
Femsa
SAB
de
CV,
ADR
.............
529,300
6,000
Constellation
Brands
Inc.,
Cl. A
..................
1,403,340
40,000
Danone
SA
................................................
2,815,919
55,000
Davide
Campari-Milano
NV
........................
736,618
49,500
Diageo
plc,
ADR
........................................
9,488,655
85,000
Fomento
Economico
Mexicano
SAB
de
CV,
ADR
......................................................
7,183,350
1,000
General
Mills
Inc.
......................................
60,930
1,830,000
Grupo
Bimbo
SAB
de
CV,
Cl. A
...................
4,030,150
93,000
Heineken
NV
.............................................
11,270,079
137,000
ITO
EN
Ltd.
...............................................
8,126,648
21,500
Kellogg
Co.
...............................................
1,383,095
4,000
McCormick
&
Co.
Inc.
...............................
352,121
31,500
McCormick
&
Co.
Inc.,
Non-Voting
............
2,782,080
37,000
Mondelēz
International
Inc.,
Cl. A
...............
2,310,280
34,000
Nestlé
SA
..................................................
4,233,969
55,000
Nissin
Foods
Holdings
Co.
Ltd.
..................
3,960,574
35,000
PepsiCo
Inc.
..............................................
5,185,950
26,000
Pernod
Ricard
SA
......................................
5,771,282
38,500
Remy
Cointreau
SA
...................................
7,947,904
32,000
Sapporo
Holdings
Ltd.
...............................
665,953
10,000
The
Coca-Cola
Co.
.....................................
541,100
1,000
The
Hershey
Co.
........................................
174,180
50,000
The
Kraft
Heinz
Co.
....................................
2,039,000
32,000
Yakult
Honsha
Co.
Ltd.
..............................
1,811,783
103,098,756
Health
Care
—
4.7%
5,500
Abbott
Laboratories
...................................
637,615
3,000
AbbVie
Inc.
...............................................
337,920
3
The
Gabelli
Equity
Income
Fund
Schedule
of
Investments
(Continued)
—
June
30,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Health
Care
(Continued)
4,000
Alcon
Inc.
.................................................
$
281,040
75,000
Baxter
International
Inc.
.............................
6,037,500
4,400
Bio-Rad
Laboratories
Inc.,
Cl. A†
...............
2,834,876
92,500
Bristol-Myers
Squibb
Co.
...........................
6,180,850
70,000
Demant
A/S†
.............................................
3,940,203
8,000
GlaxoSmithKline
plc,
ADR
..........................
318,560
32,000
Henry
Schein
Inc.†
....................................
2,374,080
16,000
Merck
&
Co.
Inc.
.......................................
1,244,320
13,000
Novartis
AG,
ADR
......................................
1,186,120
1,600
Organon
&
Co.†
........................................
48,416
20,000
Pfizer
Inc.
.................................................
783,200
45,000
Roche
Holding
AG,
ADR
............................
2,114,550
2,400
Zimmer
Biomet
Holdings
Inc.
....................
385,968
28,705,218
Hotels
and
Gaming
—
0.2%
21,000
MGM
Resorts
International
........................
895,650
1,500
Wynn
Resorts
Ltd.†
...................................
183,450
1,079,100
Machinery
—
3.5%
6,000
Caterpillar
Inc.
...........................................
1,305,780
51,500
Deere
&
Co.
..............................................
18,164,565
10,000
Otis
Worldwide
Corp.
................................
817,700
11,000
Xylem
Inc.
.................................................
1,319,560
21,607,605
Metals
and
Mining
—
2.0%
100,000
Freeport-McMoRan
Inc.
.............................
3,711,000
140,000
Newmont
Corp.
.........................................
8,873,200
12,584,200
Paper
and
Forest
Products
—
0.1%
23,000
Svenska
Cellulosa
AB
SCA,
Cl. A
................
378,939
Publishing
—
0.0%
3,000
Value
Line
Inc.
..........................................
93,000
Real
Estate
Investment
Trusts
—
0.6%
9,285
Indus
Realty
Trust
Inc.
...............................
609,560
86,000
Weyerhaeuser
Co.
.....................................
2,960,120
3,569,680
Retail
—
4.9%
14,000
Cie
Financiere
Richemont
SA,
Cl. A
............
1,693,921
30,000
Copart
Inc.†
..............................................
3,954,900
11,000
Costco
Wholesale
Corp.
.............................
4,352,370
92,000
CVS
Health
Corp.
.......................................
7,676,480
68,000
Ingles
Markets
Inc.,
Cl. A
...........................
3,962,360
76,000
Seven
&
i
Holdings
Co.
Ltd.
.......................
3,623,673
5,300
The
Home
Depot
Inc.
.................................
1,690,117
58,000
Walgreens
Boots
Alliance
Inc.
....................
3,051,380
1,000
Walmart
Inc.
.............................................
141,020
Shares
Market
Value
4,500
Weis
Markets
Inc.
......................................
$
232,470
30,378,691
Specialty
Chemicals
—
1.0%
3,500
Albemarle
Corp.
........................................
589,610
2,500
Ashland
Global
Holdings
Inc.
.....................
218,750
40,000
Ferro
Corp.†
..............................................
862,800
8,000
FMC
Corp.
.................................................
865,600
46,000
H.B.
Fuller
Co.
...........................................
2,926,060
2,000
NewMarket
Corp.
......................................
643,960
600
Quaker
Chemical
Corp.
..............................
142,314
6,249,094
Telecommunications
—
4.4%
112,000
BCE
Inc.
....................................................
5,523,840
190,000
Deutsche
Telekom
AG,
ADR
.......................
4,039,400
17,000
Loral
Space
&
Communications
Inc.
..........
660,450
12,000
Orange
SA,
ADR
........................................
137,280
12,000
Proximus
SA
.............................................
231,791
65,000
Telefonica
SA,
ADR
....................................
305,500
135,000
Telephone
and
Data
Systems
Inc.
...............
3,059,100
94,000
TELUS
Corp.
.............................................
2,108,420
196,000
Verizon
Communications
Inc.
(a
)
................
10,981,880
27,047,661
Transportation
—
1.5%
102,000
GATX
Corp.
...............................................
9,023,940
Wireless
Communications
—
0.0%
80,000
BT
Group
plc,
Cl. A†
..................................
214,688
20,000
Turkcell
Iletisim
Hizmetleri
A/S,
ADR
..........
93,400
308,088
TOTAL
COMMON
STOCKS
..................
615,194,342
WARRANTS
—
0.0%
Energy
and
Utilities:
Oil
—
0.0%
1,250
Occidental
Petroleum
Corp.,
expire
08/03/27†
..............................................
17,387
Retail
—
0.0%
28,000
Cie
Financiere
Richemont
SA,
expire
11/22/23†
..............................................
18,763
TOTAL
WARRANTS
..........................
36,150
TOTAL
INVESTMENTS
—
100.0%
(Cost
$203,364,694)
..............................
$
615,230,492
(a)
Securities,
or
a
portion
thereof,
with
a
value
of
$35,254,150
were
deposited
with
Pershing
LLC.
†
Non-income
producing
security.
ADR
American
Depositary
Receipt