1
The
Gabelli
Small
Cap
Growth
Fund
Schedule
of
Investments
—
December
31,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
99.3%
Aerospace
—
0.6%
239,500
Aerojet
Rocketdyne
Holdings
Inc.
..............
$
11,199,020
30,000
Allied
Motion
Technologies
Inc.
.................
1,094,700
40,000
Innovative
Solutions
and
Support
Inc.†
.....
262,400
5,000
Kratos
Defense
&
Security
Solutions
Inc.†
97,000
12,653,120
Agriculture
—
0.0%
12,000
Cadiz
Inc.†
...............................................
46,320
44,134
Limoneira
Co.
...........................................
662,010
708,330
Automotive
—
0.2%
1,200
PACCAR
Inc.
............................................
105,912
71,000
The
Shyft
Group
Inc.
................................
3,488,230
3,594,142
Automotive:
Parts
and
Accessories
—
3.9%
148,000
BorgWarner
Inc.
.......................................
6,670,360
846,000
Brembo
SpA
.............................................
12,068,533
94,022
China
Automotive
Systems
Inc.†
...............
251,979
75,000
Commercial
Vehicle
Group
Inc.†
...............
604,500
1,110,000
Dana
Inc.
.................................................
25,330,200
400,000
Modine
Manufacturing
Co.†
......................
4,036,000
18,000
Monro
Inc.
...............................................
1,048,860
4,300
O'Reilly
Automotive
Inc.†
.........................
3,036,789
45,000
Puradyn
Filter
Technologies
Inc.†
..............
4
180,500
Standard
Motor
Products
Inc.
...................
9,456,395
244,000
Strattec
Security
Corp.†(a)
.......................
9,032,880
280,000
Tenneco
Inc.,
Cl. A†
..................................
3,164,000
18,950
Thor
Industries
Inc.
..................................
1,966,441
20,000
Uni-Select
Inc.†
........................................
406,973
77,073,914
Aviation:
Parts
and
Services
—
2.2%
20,000
AAR
Corp.†
..............................................
780,600
9,500
Astronics
Corp.†
......................................
114,000
23,200
Astronics
Corp.,
Cl. B†
.............................
278,632
46,000
Ducommun
Inc.†
.....................................
2,151,420
670,000
Kaman
Corp.
............................................
28,910,500
89,000
Moog
Inc.,
Cl. A
.......................................
7,206,330
16,500
Moog
Inc.,
Cl. B
.......................................
1,310,017
23,000
Woodward
Inc.
.........................................
2,517,580
43,269,079
Broadcasting
—
2.0%
119,000
Beasley
Broadcast
Group
Inc.,
Cl. A†
........
224,910
10,000
Cogeco
Communications
Inc.
...................
796,316
23,300
Cogeco
Inc.
..............................................
1,496,232
185,000
Corus
Entertainment
Inc.,
Cl. B
.................
696,154
40,000
Fox
Corp.,
Cl. A
........................................
1,476,000
25,000
Gray
Television
Inc.
..................................
504,000
72,350
Gray
Television
Inc.,
Cl. A
.........................
1,330,516
260,000
ITV
plc†
...................................................
389,051
Shares
Market
Value
13,000
Liberty
Broadband
Corp.,
Cl. A†
................
$
2,091,700
11,000
Liberty
Broadband
Corp.,
Cl. C†
................
1,772,100
20,000
Liberty
Media
Corp.-
Liberty
Formula
One,
Cl. A†
...................................................
1,186,800
27,000
Liberty
Media
Corp.-
Liberty
Formula
One,
Cl. C†
...................................................
1,707,480
64,000
Liberty
Media
Corp.-
Liberty
SiriusXM,
Cl. A†
...................................................
3,254,400
34,452
Liberty
Media
Corp.-
Liberty
SiriusXM,
Cl. C†
...................................................
1,751,884
92,340
Madison
Square
Garden
Entertainment
Corp.†
..................................................
6,495,196
22,900
Nexstar
Media
Group
Inc.,
Cl. A
................
3,457,442
100,000
Salem
Media
Group
Inc.†
.........................
306,000
255,000
Sinclair
Broadcast
Group
Inc.,
Cl. A
...........
6,739,650
480,000
Sirius
XM
Holdings
Inc.
............................
3,048,000
38,723,831
Building
and
Construction
—
7.1%
79,000
Arcosa
Inc.
...............................................
4,163,300
90,000
D.R.
Horton
Inc.
.......................................
9,760,500
28,000
Gibraltar
Industries
Inc.†
..........................
1,867,040
246,000
Herc
Holdings
Inc.
....................................
38,511,300
126,000
KB
Home
.................................................
5,635,980
3,000
Legacy
Housing
Corp.†
............................
79,410
379,500
Lennar
Corp.,
Cl. B
...................................
36,287,790
103,000
MDC
Holdings
Inc.
...................................
5,750,490
18,000
Meritage
Homes
Corp.†
............................
2,197,080
2,700
NVR
Inc.†
................................................
15,953,949
133,000
PulteGroup
Inc.
........................................
7,602,280
64,000
Titan
Machinery
Inc.†
...............................
2,156,160
153,000
Toll
Brothers
Inc.
......................................
11,075,670
141,040,949
Business
Services
—
2.7%
13,000
ACCO
Brands
Corp.
..................................
107,380
570,000
Clear
Channel
Outdoor
Holdings
Inc.†
.......
1,886,700
390,000
Diebold
Nixdorf
Inc.†
................................
3,529,500
60,000
Element
Solutions
Inc.
..............................
1,456,800
13,000
GSE
Systems
Inc.†
...................................
22,230
196,000
IAA
Inc.†
..................................................
9,921,520
41,000
Live
Nation
Entertainment
Inc.†
................
4,907,290
40,000
Loomis
AB
...............................................
1,065,492
162,000
Macquarie
Infrastructure
Holdings
LLC
.....
591,300
16,000
McGrath
RentCorp
...................................
1,284,160
20,000
Sealed
Air
Corp.
.......................................
1,349,400
69,000
Sohgo
Security
Services
Co.
Ltd.
..............
2,741,285
50,000
Team
Inc.†
...............................................
54,500
338,000
The
Interpublic
Group
of
Companies
Inc.
..
12,658,100
25,000
TransAct
Technologies
Inc.†
.....................
272,500
1,612,500
Trans-Lux
Corp.†(a)
.................................
839,306
35,000
United
Rentals
Inc.†
.................................
11,630,150
54,317,613
2
The
Gabelli
Small
Cap
Growth
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Cable
—
0.6%
52,500
AMC
Networks
Inc.,
Cl. A†
........................
$
1,808,100
39,000
DISH
Network
Corp.,
Cl. A†
......................
1,265,160
30,000
EchoStar
Corp.,
Cl. A†
..............................
790,500
121,000
Liberty
Global
plc,
Cl. A†
..........................
3,356,540
138,000
Liberty
Global
plc,
Cl. C†
..........................
3,876,420
84,000
WideOpenWest
Inc.†
................................
1,807,680
12,904,400
Communications
Equipment
—
0.0%
242,000
Communications
Systems
Inc.
..................
580,800
5,000
Telesat
Corp.†
..........................................
143,350
724,150
Computer
Software
and
Services
—
2.0%
90,000
Activision
Blizzard
Inc.
..............................
5,987,700
375,000
Alithya
Group
Inc.,
Cl. A†
..........................
956,250
140,000
GTY
Technology
Holdings
Inc.†
................
938,000
12,000
MKS
Instruments
Inc.
...............................
2,090,040
30,400
Rockwell
Automation
Inc.
.........................
10,605,040
34,000
Tyler
Technologies
Inc.†
...........................
18,290,300
38,867,330
Consumer
Products
—
2.3%
35,000
1-800-Flowers.com
Inc.,
Cl. A†
.................
817,950
68,000
Brunswick
Corp.
.......................................
6,849,640
32,000
Chofu
Seisakusho
Co.
Ltd.
........................
567,504
40,500
Church
&
Dwight
Co.
Inc.
.........................
4,151,250
17,000
Energizer
Holdings
Inc.
.............................
681,700
2,000
Harley-Davidson
Inc.
................................
75,380
47,500
Hunter
Douglas
NV†
.................................
9,312,361
2,500
Kobayashi
Pharmaceutical
Co.
Ltd.
...........
196,470
3,800
LCI
Industries
..........................................
592,306
220,000
Marine
Products
Corp.
..............................
2,750,000
3,000
National
Presto
Industries
Inc.
..................
246,090
190,000
Sally
Beauty
Holdings
Inc.†
......................
3,507,400
215,000
Samick
Musical
Instruments
Co.
Ltd.
........
330,074
3,700
Shimano
Inc.
............................................
986,195
10,000
Steven
Madden
Ltd.
..................................
464,700
1,000,000
Swedish
Match
AB
...................................
7,970,164
10,000
The
Scotts
Miracle-Gro
Co.
.......................
1,610,000
9,500
WD-40
Co.
...............................................
2,324,080
84,000
Wolverine
World
Wide
Inc.
.......................
2,420,040
45,853,304
Consumer
Services
—
0.9%
53,000
Bowlin
Travel
Centers
Inc.†
.......................
298,125
3,000
H&E
Equipment
Services
Inc.
...................
132,810
5,000
IAC/InterActiveCorp.†
...............................
653,550
260,000
KAR
Auction
Services
Inc.†
......................
4,061,200
356,000
Rollins
Inc.
...............................................
12,178,760
17,324,445
Shares
Market
Value
Diversified
Industrial
—
10.8%
10,000
Acuity
Brands
Inc.
....................................
$
2,117,200
55,000
Albany
International
Corp.,
Cl. A
................
4,864,750
192,500
Ampco-Pittsburgh
Corp.†
.........................
962,500
64,000
Burnham
Holdings
Inc.,
Cl. A
....................
885,760
357,500
Crane
Co.
.................................................
36,368,475
100,000
EnPro
Industries
Inc.
................................
11,007,000
110,000
Greif
Inc.,
Cl. A
.........................................
6,640,700
96,362
Greif
Inc.,
Cl. B
.........................................
5,760,520
1,300,000
Griffon
Corp.
............................................
37,024,000
18,000
Hyster-Yale
Materials
Handling
Inc.
...........
739,800
4,000
JSP
Corp.
................................................
56,855
80,022
Kimball
International
Inc.,
Cl. B
.................
818,625
80,500
L.B.
Foster
Co.,
Cl. A†
...............................
1,106,875
50,000
Lawson
Products
Inc.†
.............................
2,737,500
44,000
Lincoln
Electric
Holdings
Inc.
....................
6,136,680
37,800
Lindsay
Corp.
...........................................
5,745,600
38,000
Matthews
International
Corp.,
Cl. A
...........
1,393,460
920,000
Myers
Industries
Inc.
................................
18,409,200
72,000
Oil-Dri
Corp.
of
America
............................
2,356,560
13,000
Olin
Corp.
................................................
747,760
300,000
Park-Ohio
Holdings
Corp.
.........................
6,351,000
12,500
Pentair
plc
................................................
912,875
14,500
Roper
Technologies
Inc.
...........................
7,131,970
55,000
Sonoco
Products
Co.
................................
3,183,950
52,000
Standex
International
Corp.
.......................
5,754,320
110,000
Steel
Connect
Inc.†
..................................
152,900
84,029
Steel
Partners
Holdings
LP†
.....................
3,529,218
13,000
T.
Hasegawa
Co.
Ltd.
................................
305,590
7,000
Terex
Corp.
..............................................
307,650
339,000
Textron
Inc.
..............................................
26,170,800
375,000
Tredegar
Corp.
.........................................
4,432,500
228,000
Trinity
Industries
Inc.
................................
6,885,600
45,000
Ultra
Electronics
Holdings
plc
...................
1,936,930
212,935,123
Electronics
—
2.0%
136,000
Badger
Meter
Inc.
.....................................
14,492,160
213,800
Bel
Fuse
Inc.,
Cl. A(a)
...............................
3,089,410
460,000
CTS
Corp.
................................................
16,891,200
32,000
Daktronics
Inc.†
.......................................
161,600
115,000
Gentex
Corp.
............................................
4,007,750
20,000
IMAX
Corp.†
............................................
356,800
30,000
Renesas
Electronics
Corp.†
......................
371,121
63,000
Stoneridge
Inc.†
.......................................
1,243,620
40,613,661
Energy
and
Utilities
—
2.0%
18,000
Avangrid
Inc.
............................................
897,840
13,000
Callon
Petroleum
Co.†
..............................
614,250
10,500
Chesapeake
Utilities
Corp.
........................
1,531,005
35,500
CMS
Energy
Corp.
....................................
2,309,275
11,000
Consolidated
Water
Co.
Ltd.
......................
117,040
3
The
Gabelli
Small
Cap
Growth
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Energy
and
Utilities
(Continued)
38,000
Diamondback
Energy
Inc.
.........................
$
4,098,300
50,000
Dril-Quip
Inc.†
..........................................
984,000
74,000
Energy
Recovery
Inc.†
..............................
1,590,260
25,000
Landis+Gyr
Group
AG
...............................
1,694,195
25,000
Marathon
Petroleum
Corp.
........................
1,599,750
3,500
Middlesex
Water
Co.
.................................
421,050
11,000
Northwest
Natural
Holding
Co.
..................
536,580
21,500
NorthWestern
Corp.
..................................
1,228,940
10,000
Otter
Tail
Corp.
.........................................
714,200
1,840,000
RPC
Inc.†
................................................
8,353,600
20,000
Siemens
Gamesa
Renewable
Energy
SA†
..
479,764
88,500
SJW
Group
..............................................
6,478,200
32,500
Southwest
Gas
Holdings
Inc.
....................
2,276,625
9,000
Spire
Inc.
.................................................
586,980
33,200
The
York
Water
Co.
...................................
1,652,696
55,000
Vestas
Wind
Systems
A/S
.........................
1,684,004
39,848,554
Entertainment
—
1.3%
43,000
Discovery
Inc.,
Cl. A†
...............................
1,012,220
70,000
Discovery
Inc.,
Cl. C†
...............................
1,603,000
76,500
Inspired
Entertainment
Inc.†
.....................
991,440
116,000
Liberty
Media
Corp.-
Liberty
Braves,
Cl. A†
3,335,000
197,000
Liberty
Media
Corp.-
Liberty
Braves,
Cl. C†
5,535,700
34,000
Madison
Square
Garden
Sports
Corp.†
.....
5,906,820
50,000
Manchester
United
plc,
Cl. A
.....................
712,000
9,500
Take-Two
Interactive
Software
Inc.†
..........
1,688,340
4,000
The
Walt
Disney
Co.†
...............................
619,560
36,000
Universal
Entertainment
Corp.†
.................
763,940
57,000
World
Wrestling
Entertainment
Inc.,
Cl. A
..
2,812,380
24,980,400
Environmental
Services
—
0.5%
66,000
Republic
Services
Inc.
..............................
9,203,700
Equipment
and
Supplies
—
16.4%
21,500
A.O.
Smith
Corp.
......................................
1,845,775
402,500
AMETEK
Inc.
............................................
59,183,600
52,000
AZZ
Inc.
...................................................
2,875,080
13,000
Chart
Industries
Inc.†
...............................
2,073,370
144,000
CIRCOR
International
Inc.†
.......................
3,913,920
317,000
Core
Molding
Technologies
Inc.†
..............
2,697,670
120,000
Crown
Holdings
Inc.
.................................
13,274,400
2,025
Danaher
Corp.
..........................................
666,245
100,000
Donaldson
Co.
Inc.
...................................
5,926,000
54,000
Entegris
Inc.
.............................................
7,483,320
216,000
Federal
Signal
Corp.
.................................
9,361,440
241,000
Flowserve
Corp.
.......................................
7,374,600
161,000
Franklin
Electric
Co.
Inc.
...........................
15,224,160
447,000
Graco
Inc.
................................................
36,037,140
35,000
IDEX
Corp.
...............................................
8,271,200
143,000
Interpump
Group
SpA
..............................
10,492,814
Shares
Market
Value
7,800
Littelfuse
Inc.
...........................................
$
2,454,504
110,000
Maezawa
Kyuso
Industries
Co.
Ltd.
...........
1,020,343
60,000
Minerals
Technologies
Inc.
.......................
4,389,000
6,000
MSA
Safety
Inc.
.......................................
905,760
677,000
Mueller
Industries
Inc.
..............................
40,186,720
335,000
Mueller
Water
Products
Inc.,
Cl. A
.............
4,824,000
3,500
Teleflex
Inc.
..............................................
1,149,680
170,000
Tennant
Co.
..............................................
13,776,800
748,000
The
Gorman-Rupp
Co.
..............................
33,323,400
98,000
The
Greenbrier
Companies
Inc.
.................
4,497,220
110,003
The
L.S.
Starrett
Co.,
Cl. A†
......................
1,028,528
30,000
The
Manitowoc
Co.
Inc.†
..........................
557,700
55,000
The
Middleby
Corp.†
................................
10,821,800
35,000
The
Timken
Co.
........................................
2,425,150
30,000
The
Toro
Co.
............................................
2,997,300
7,000
Valmont
Industries
Inc.
.............................
1,753,500
7,875
Watsco
Inc.,
Cl. B
.....................................
2,462,040
47,000
Watts
Water
Technologies
Inc.,
Cl. A
.........
9,125,990
324,400,169
Financial
Services
—
5.1%
5,000
Alleghany
Corp.†
......................................
3,337,950
8,240
Ameris
Bancorp
.......................................
409,363
25,000
Argo
Group
International
Holdings
Ltd.
.....
1,452,750
12,000
Capitol
Federal
Financial
Inc.
.....................
135,960
20,900
Crazy
Woman
Creek
Bancorp
Inc.
.............
584,155
325,000
Energy
Transfer
LP
...................................
2,674,750
130
Farmers
&
Merchants
Bank
of
Long
Beach
1,043,900
329,950
Flushing
Financial
Corp.
............................
8,017,785
66,000
FNB
Corp.
................................................
800,580
195,000
GAM
Holding
AG†
....................................
291,045
278,000
Hope
Bancorp
Inc.
....................................
4,089,380
410,000
Huntington
Bancshares
Inc.
......................
6,322,200
682,000
KKR
&
Co.
Inc.
.........................................
50,809,000
80,000
Medallion
Financial
Corp.†
........................
464,000
8,000
PROG
Holdings
Inc.†
................................
360,880
63,793
Pzena
Investment
Management
Inc.,
Cl. A
.
604,120
44,000
Sandy
Spring
Bancorp
Inc.
.......................
2,115,520
13,500
Sculptor
Capital
Management
Inc.
.............
288,225
800
SouthState
Corp.
......................................
64,088
372,000
Sterling
Bancorp
......................................
9,593,880
41,000
Synovus
Financial
Corp.
...........................
1,962,670
16,000
TFS
Financial
Corp.
...................................
285,920
15,000
Thomasville
Bancshares
Inc.
.....................
967,500
230,000
Valley
National
Bancorp
............................
3,162,500
35,500
Value
Line
Inc.
.........................................
1,662,110
10,000
Waterloo
Investment
Holdings
Ltd.†(b)
.....
3,000
133,000
Wright
Investors'
Service
Holdings
Inc.†
...
38,570
101,541,801
Food
and
Beverage
—
6.2%
425,000
Arca
Continental
SAB
de
CV
......................
2,698,762
80,000
Brown-Forman
Corp.,
Cl. A
.......................
5,423,200
4
The
Gabelli
Small
Cap
Growth
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Food
and
Beverage
(Continued)
40,000
Bull-Dog
Sauce
Co.
Ltd.
............................
$
729,201
900,000
China
Tontine
Wines
Group
Ltd.†
..............
11,080
195,000
Chr.
Hansen
Holding
A/S
...........................
15,386,134
283,000
Crimson
Wine
Group
Ltd.†
.......................
2,334,750
220,000
Denny's
Corp.†
........................................
3,520,000
500,000
Dynasty
Fine
Wines
Group
Ltd.†
...............
25,970
80,000
Farmer
Brothers
Co.†
...............................
596,000
412,000
Flowers
Foods
Inc.
...................................
11,317,640
115,000
ITO
EN
Ltd.
..............................................
6,038,425
46,000
Iwatsuka
Confectionery
Co.
Ltd.
................
1,567,591
23,000
J
&
J
Snack
Foods
Corp.
..........................
3,633,080
110,000
Kameda
Seika
Co.
Ltd.
..............................
4,088,064
244,000
Kikkoman
Corp.
........................................
20,511,866
675,000
Maple
Leaf
Foods
Inc.
..............................
15,613,661
6,000
MEIJI
Holdings
Co.
Ltd.
............................
357,820
17,000
MGP
Ingredients
Inc.
................................
1,444,830
66,000
Morinaga
Milk
Industry
Co.
Ltd.
................
3,132,748
45,000
Nissin
Foods
Holdings
Co.
Ltd.
.................
3,282,187
15,000
Post
Holdings
Inc.†
..................................
1,690,950
70,000
Rock
Field
Co.
Ltd.
...................................
916,456
1,800
The
Boston
Beer
Co.
Inc.,
Cl. A†
...............
909,180
57,200
The
J.M.
Smucker
Co.
..............................
7,768,904
625,000
Tingyi
(Cayman
Islands)
Holding
Corp.
.....
1,284,057
35,000
Tootsie
Roll
Industries
Inc.
.......................
1,268,050
370,000
Vina
Concha
y
Toro
SA
.............................
568,897
950,000
Vitasoy
International
Holdings
Ltd.
............
1,917,654
20,000
Willamette
Valley
Vineyards
Inc.†
..............
173,600
100,000
Yakult
Honsha
Co.
Ltd.
.............................
5,216,031
123,426,788
Health
Care
—
5.5%
1,400
Align
Technology
Inc.†
.............................
920,052
6,700
Bio-Rad
Laboratories
Inc.,
Cl. A†
..............
5,062,319
13,500
Bruker
Corp.
............................................
1,132,785
1,000
Chemed
Corp.
..........................................
529,040
21,500
CONMED
Corp.
........................................
3,047,840
32,000
Covetrus
Inc.†
..........................................
639,040
403,000
Cutera
Inc.†
.............................................
16,651,960
12,500
Dexcom
Inc.†
...........................................
6,711,875
10,000
Evolent
Health
Inc.,
Cl. A†
.........................
276,700
8,000
Global
Blood
Therapeutics
Inc.†
................
234,160
154,000
Globus
Medical
Inc.,
Cl. A†
.......................
11,118,800
71,000
Henry
Schein
Inc.†
...................................
5,504,630
28,200
ICU
Medical
Inc.†
.....................................
6,692,988
34,000
Masimo
Corp.†
........................................
9,954,520
80,000
Meridian
Bioscience
Inc.†
.........................
1,632,000
45,000
Neogen
Corp.†
.........................................
2,043,450
90,000
NuVasive
Inc.†
.........................................
4,723,200
216,000
OPKO
Health
Inc.†
....................................
1,038,960
129,000
Orthofix
Medical
Inc.†
..............................
4,010,610
Shares
Market
Value
19,000
Patterson
Cos.
Inc.
...................................
$
557,650
70,500
Quidel
Corp.†
...........................................
9,516,795
24,000
Seikagaku
Corp.
.......................................
196,331
28,000
STERIS
plc
...............................................
6,815,480
1,900
Straumann
Holding
AG
.............................
4,038,960
3,000
Stryker
Corp.
............................................
802,260
35,000
Surgalign
Holdings
Inc.†
..........................
25,074
30,000
SurModics
Inc.†
.......................................
1,444,500
22,500
Teladoc
Health
Inc.†
.................................
2,065,950
100
The
Cooper
Companies
Inc.
......................
41,894
38,000
United-Guardian
Inc.
................................
623,200
108,053,023
Home
Furnishings
—
0.3%
171,500
Bassett
Furniture
Industries
Inc.
...............
2,876,055
5,000
Ethan
Allen
Interiors
Inc.
..........................
131,450
70,000
La-Z-Boy
Inc.
...........................................
2,541,700
5,549,205
Hotels
and
Gaming
—
4.3%
66,000
Boyd
Gaming
Corp.†
................................
4,327,620
191,040
Canterbury
Park
Holding
Corp.†
................
3,297,351
112,000
Churchill
Downs
Inc.
................................
26,980,800
120,000
Formosa
International
Hotels
Corp.
...........
654,932
530,000
Full
House
Resorts
Inc.†
...........................
6,418,300
48,508
Gaming
and
Leisure
Properties
Inc.,
REIT
.
2,360,399
6,000
GAN
Ltd.†
................................................
55,140
750,000
Genting
Singapore
Ltd.
.............................
431,322
105,000
Golden
Entertainment
Inc.†
.......................
5,305,650
2,550,000
Mandarin
Oriental
International
Ltd.†
........
5,712,000
3,500
Penn
National
Gaming
Inc.†
......................
181,475
254,400
Ryman
Hospitality
Properties
Inc.,
REIT†
..
23,394,624
2,500,000
The
Hongkong
&
Shanghai
Hotels
Ltd.†
....
2,196,203
127,000
The
Marcus
Corp.†
...................................
2,268,220
13,500
Wynn
Resorts
Ltd.†
..................................
1,148,040
84,732,076
Machinery
—
3.1%
336,000
Astec
Industries
Inc.
.................................
23,274,720
1,420,000
CNH
Industrial
NV
....................................
27,590,600
90,000
Kennametal
Inc.
.......................................
3,231,900
5,000
Nordson
Corp.
.........................................
1,276,350
160,000
The
Eastern
Co.
........................................
4,025,600
100,000
Twin
Disc
Inc.†
.........................................
1,096,000
60,495,170
Manufactured
Housing
and
Recreational
Vehicles
—
1.8%
71,000
Cavco
Industries
Inc.†
..............................
22,553,150
70,300
Nobility
Homes
Inc.
..................................
2,460,500
81,500
Skyline
Champion
Corp.†
.........................
6,436,870
52,000
Winnebago
Industries
Inc.
........................
3,895,840
35,346,360
5
The
Gabelli
Small
Cap
Growth
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Metals
and
Mining
—
0.0%
45,000
Ivanhoe
Mines
Ltd.,
Cl. A†
........................
$
367,129
95,000
Kinross
Gold
Corp.
...................................
551,950
919,079
Publishing
—
0.9%
2,500
Graham
Holdings
Co.,
Cl. B
.......................
1,574,575
5,000
John
Wiley
&
Sons
Inc.,
Cl. B
...................
286,700
34,000
News
Corp.,
Cl. A
.....................................
758,540
775,000
The
E.W.
Scripps
Co.,
Cl. A
.......................
14,996,250
17,616,065
Real
Estate
—
2.9%
78,500
Capital
Properties
Inc.,
Cl. A
.....................
989,100
7,567
Gyrodyne
LLC†
........................................
87,096
259,000
Indus
Realty
Trust
Inc.,
REIT
.....................
20,994,540
17,500
Lamar
Advertising
Co.,
Cl. A,
REIT
............
2,122,750
89,800
Morguard
Corp.
........................................
9,687,425
10,000
Reading
International
Inc.,
Cl. A†
..............
40,400
3,500
Reading
International
Inc.,
Cl. B†
..............
80,500
20,000
Seritage
Growth
Properties,
Cl. A,
REIT†
...
265,400
125,000
Tejon
Ranch
Co.†
.....................................
2,385,000
395,000
The
St.
Joe
Co.
.........................................
20,559,750
102,136
Trinity
Place
Holdings
Inc.†
......................
187,930
57,399,891
Retail
—
5.8%
129,000
AutoNation
Inc.†
......................................
15,073,650
9,000
Big
5
Sporting
Goods
Corp.
......................
171,090
900
Biglari
Holdings
Inc.,
Cl. A†
......................
625,500
87,000
Copart
Inc.†
.............................................
13,190,940
417,000
Ingles
Markets
Inc.,
Cl. A
..........................
36,003,780
30,000
Lands'
End
Inc.†
......................................
588,900
75,000
Movado
Group
Inc.
...................................
3,137,250
155,500
Nathan's
Famous
Inc.
...............................
9,079,645
71,000
Penske
Automotive
Group
Inc.
..................
7,612,620
93,000
Pets
at
Home
Group
plc
............................
585,343
337,500
Rush
Enterprises
Inc.,
Cl. B
......................
18,214,875
10,000
Salvatore
Ferragamo
SpA†
.......................
256,504
10,000
The
Cheesecake
Factory
Inc.†
...................
391,500
33,000
Tractor
Supply
Co.
....................................
7,873,800
60,000
Village
Super
Market
Inc.,
Cl. A
.................
1,403,400
4,000
Vroom
Inc.†
.............................................
43,160
8,600
Weis
Markets
Inc.
.....................................
566,568
600
Winmark
Corp.
.........................................
148,974
114,967,499
Specialty
Chemicals
—
3.2%
3,500
Albemarle
Corp.
.......................................
818,195
28,000
Ashland
Global
Holdings
Inc.
....................
3,014,480
965,500
Ferro
Corp.†
.............................................
21,076,865
122,000
GCP
Applied
Technologies
Inc.†
................
3,862,520
250,000
H.B.
Fuller
Co.
..........................................
20,250,000
Shares
Market
Value
37,500
Hawkins
Inc.
............................................
$
1,479,375
40,000
Huntsman
Corp.
.......................................
1,395,200
5,800
NewMarket
Corp.
.....................................
1,987,776
8,400
Quaker
Chemical
Corp.
.............................
1,938,552
35,500
Sensient
Technologies
Corp.
.....................
3,552,130
2,500
Takasago
International
Corp.
.....................
62,810
91,200
The
General
Chemical
Group
Inc.†
............
0
95,000
Valvoline
Inc.
...........................................
3,542,550
62,980,453
Telecommunications
—
0.7%
60,000
Consolidated
Communications
Holdings
Inc.†
.....................................................
448,800
70,000
Gogo
Inc.†
...............................................
947,100
3,500
IDT
Corp.,
Cl. B†
......................................
154,560
61,000
Iridium
Communications
Inc.†
..................
2,518,690
86,000
Nuvera
Communications
Inc.
....................
1,806,000
82,000
Rogers
Communications
Inc.,
Cl. B
...........
3,905,660
73,000
Shenandoah
Telecommunications
Co.
.......
1,861,500
800,000
VEON
Ltd.,
ADR†
.....................................
1,368,000
13,010,310
Transportation
—
2.0%
378,000
GATX
Corp.
..............................................
39,383,820
18,600
Irish
Continental
Group
plc†
.....................
95,822
100,053
Navigator
Holdings
Ltd.†
..........................
887,470
40,367,112
Wireless
Communications
—
0.0%
22,000
United
States
Cellular
Corp.†
....................
693,440
TOTAL
COMMON
STOCKS
..................
1,966,134,486
CLOSED-END
FUNDS
—
0.2%
55,000
The
Central
Europe,
Russia,
and
Turkey
Fund
Inc.
..............................................
1,451,450
32,729
The
European
Equity
Fund
Inc.
..................
339,439
119,537
The
New
Germany
Fund
Inc.
.....................
1,770,343
TOTAL
CLOSED-END
FUNDS
................
3,561,232
PREFERRED
STOCKS
—
0.2%
Automotive:
Parts
and
Accessories
—
0.2%
95,000
Jungheinrich
AG
.......................................
4,854,108
RIGHTS
—
0.0%
Entertainment
—
0.0%
1,680,000
Media
General
Inc.,
CVR†(b)
.....................
2
WARRANTS
—
0.0%
Business
Services
—
0.0%
1
Internap
Corp.,
expire
05/08/24†(b)
..........
652
6
The
Gabelli
Small
Cap
Growth
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2021
(Unaudited)
Shares
Market
Value
WARRANTS
(Continued)
Diversified
Industrial
—
0.0%
140,000
Ampco-Pittsburgh
Corp.,
expire
08/01/25†
$
82,572
TOTAL
WARRANTS
..........................
83,224
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
0.1%
$
2,035,000
U.S.
Treasury
Bills,
0.005%
to
0.030%††,
01/20/22
to
03/24/22
............................
2,034,952
TOTAL
MISCELLANEOUS
INVESTMENTS
—
0.2%(c)
.................................
3,454,706
TOTAL
INVESTMENTS
—
100.0%
(Cost
$513,772,103)
.............................
$
1,980,122,710
(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.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt
CVR
Contingent
Value
Right
REIT
Real
Estate
Investment
Trust