1
The
Gabelli
Equity
Income
Fund
Schedule
of
Investments
—
December
31,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
100.0%
Aerospace
—
0.6%
2,000
Lockheed
Martin
Corp.
.............................
$
710,820
8,700
Rockwell
Automation
Inc.
.........................
3,034,995
3,745,815
Agriculture
—
0.7%
52,000
Archer-Daniels-Midland
Co.
......................
3,514,680
12,000
The
Mosaic
Co.
........................................
471,480
3,986,160
Automotive
—
0.2%
10,000
PACCAR
Inc.
............................................
882,600
Automotive:
Parts
and
Accessories
—
4.6%
76,000
Dana
Inc.
.................................................
1,734,320
186,500
Genuine
Parts
Co.(a)
................................
26,147,300
27,881,620
Broadcasting
—
0.3%
45,000
Liberty
Global
plc,
Cl. A†
..........................
1,248,300
10,000
Liberty
Global
plc,
Cl. C†
..........................
280,900
1,529,200
Building
and
Construction
—
2.3%
30,000
Carrier
Global
Corp.
..................................
1,627,200
43,000
Fortune
Brands
Home
&
Security
Inc.
.......
4,596,700
23,000
Herc
Holdings
Inc.
....................................
3,600,650
48,000
Johnson
Controls
International
plc
............
3,902,880
13,727,430
Business
Services
—
4.1%
11,500
Automatic
Data
Processing
Inc.
................
2,835,670
28,000
Mastercard
Inc.,
Cl. A
...............................
10,060,960
2,400
MSC
Industrial
Direct
Co.
Inc.,
Cl. A
..........
201,744
32,000
Pentair
plc
................................................
2,336,960
19,000
S&P
Global
Inc.
........................................
8,966,670
24,402,004
Cable
and
Satellite
—
0.8%
129,000
DISH
Network
Corp.,
Cl. A†
......................
4,184,760
16,000
EchoStar
Corp.,
Cl. A†
..............................
421,600
5,000
Liberty
Media
Corp.
-
Liberty
Braves,
Cl. A†
...................................................
143,750
4,750,110
Communications
Equipment
—
0.3%
42,000
Corning
Inc.
.............................................
1,563,660
Computer
Hardware
—
1.9%
44,500
Apple
Inc.
................................................
7,901,865
27,000
International
Business
Machines
Corp.
......
3,608,820
11,510,685
Computer
Software
and
Services
—
2.4%
90,000
Hewlett
Packard
Enterprise
Co.
.................
1,419,300
39,200
Microsoft
Corp.
........................................
13,183,744
14,603,044
Shares
Market
Value
Consumer
Products
—
6.5%
6,000
Edgewell
Personal
Care
Co.
......................
$
274,260
48,000
Energizer
Holdings
Inc.
.............................
1,924,800
30,000
Essity
AB,
Cl. A
.........................................
982,714
1,000
National
Presto
Industries
Inc.
..................
82,030
34,000
Reckitt
Benckiser
Group
plc
......................
2,918,633
3,885,000
Swedish
Match
AB
...................................
30,964,089
41,000
Unilever
plc,
ADR
.....................................
2,205,390
39,351,916
Consumer
Services
—
0.1%
1,600
Allegion
plc
..............................................
211,904
15,000
Rollins
Inc.
...............................................
513,150
725,054
Diversified
Industrial
—
5.7%
78,000
Crane
Co.
.................................................
7,934,940
35,000
Eaton
Corp.
plc
.........................................
6,048,700
1,500
Honeywell
International
Inc.
......................
312,765
8,824
Ingersoll
Rand
Inc.
...................................
545,941
48,000
ITT
Inc.
....................................................
4,905,120
36,000
Jardine
Matheson
Holdings
Ltd.
................
1,980,360
22,000
nVent
Electric
plc
......................................
836,000
108,000
Textron
Inc.
..............................................
8,337,600
154,000
Toray
Industries
Inc.
.................................
912,781
8,500
Trane
Technologies
plc
.............................
1,717,255
22,000
Trinity
Industries
Inc.
................................
664,400
34,195,862
Electronics
—
2.4%
8,000
Sony
Group
Corp.
.....................................
1,006,694
30,000
Sony
Group
Corp.,
ADR
............................
3,792,000
48,500
TE
Connectivity
Ltd.
..................................
7,824,990
10,000
Texas
Instruments
Inc.
.............................
1,884,700
14,508,384
Energy
and
Utilities:
Electric
—
0.4%
7,500
Avangrid
Inc.
............................................
374,100
20,000
Korea
Electric
Power
Corp.,
ADR
...............
182,800
8,000
Portland
General
Electric
Co.
.....................
423,360
63,000
The
AES
Corp.
..........................................
1,530,900
2,511,160
Energy
and
Utilities:
Integrated
—
0.5%
50,000
Energy
Transfer
LP
...................................
411,500
21,000
Eni
SpA
....................................................
292,162
6,500
Iberdrola
SA,
ADR
....................................
306,865
57,000
OGE
Energy
Corp.
.....................................
2,187,660
3,198,187
Energy
and
Utilities:
Natural
Gas
—
2.0%
106,500
National
Fuel
Gas
Co.
................................
6,809,610
11,500
ONE
Gas
Inc.
............................................
892,285
59,000
ONEOK
Inc.
..............................................
3,466,840
2
The
Gabelli
Equity
Income
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Energy
and
Utilities:
Natural
Gas
(Continued)
7,500
Southwest
Gas
Holdings
Inc.
....................
$
525,375
11,694,110
Energy
and
Utilities:
Oil
—
2.2%
47,000
Chevron
Corp.
..........................................
5,515,450
4,500
ConocoPhillips
.........................................
324,810
7,200
Devon
Energy
Corp.
..................................
317,160
12,000
Exxon
Mobil
Corp.
....................................
734,280
59,000
Hess
Corp.
...............................................
4,367,770
18,000
Marathon
Petroleum
Corp.
........................
1,151,820
13,500
TotalEnergies
SE,
ADR
..............................
667,710
13,079,000
Energy
and
Utilities:
Services
—
0.3%
80,000
Halliburton
Co.
.........................................
1,829,600
8,000
Schlumberger
NV
.....................................
239,600
2,069,200
Energy
and
Utilities:
Water
—
0.2%
4,200
Essential
Utilities
Inc.
...............................
225,498
20,000
Severn
Trent
plc
.......................................
797,782
1,023,280
Entertainment
—
1.8%
40,000
Grupo
Televisa
SAB,
ADR
.........................
374,800
6,000
Madison
Square
Garden
Entertainment
Corp.†
..................................................
422,040
2,500
Madison
Square
Garden
Sports
Corp.†
.....
434,325
287,800
ViacomCBS
Inc.,
Cl. A
..............................
9,603,886
10,835,051
Environmental
Services
—
0.2%
7,500
Republic
Services
Inc.
..............................
1,045,875
Equipment
and
Supplies
—
4.8%
7,000
A.O.
Smith
Corp.
......................................
600,950
14,000
Danaher
Corp.
..........................................
4,606,140
158,000
Flowserve
Corp.
.......................................
4,834,800
50,000
Graco
Inc.
................................................
4,031,000
18,500
Minerals
Technologies
Inc.
.......................
1,353,275
149,000
Mueller
Industries
Inc.
..............................
8,844,640
15,000
Parker-Hannifin
Corp.
...............................
4,771,800
29,042,605
Financial
Services
—
14.7%
2,200
Alleghany
Corp.†
......................................
1,468,698
19,000
AllianceBernstein
Holding
LP
....................
927,960
23,300
American
Express
Co.
...............................
3,811,880
20,000
Ameris
Bancorp
.......................................
993,600
5,000
Argo
Group
International
Holdings
Ltd.
.....
290,550
5,195
Banco
Santander
Chile,
ADR
.....................
84,626
125,000
Bank
of
America
Corp.
..............................
5,561,250
12,000
BNP
Paribas
SA
........................................
830,240
40,500
Interactive
Brokers
Group
Inc.,
Cl. A
.........
3,216,510
Shares
Market
Value
15,000
Jefferies
Financial
Group
Inc.
....................
$
582,000
9,000
JPMorgan
Chase
&
Co.
.............................
1,425,150
51,000
Julius
Baer
Group
Ltd.
..............................
3,424,254
21,000
Kinnevik
AB,
Cl. A†
...................................
800,845
65,000
Loews
Corp.
.............................................
3,754,400
12,700
M&T
Bank
Corp.
.......................................
1,950,466
18,300
Marsh
&
McLennan
Companies
Inc.
..........
3,180,906
11,000
Morgan
Stanley
........................................
1,079,760
7,400
Popular
Inc.
.............................................
607,096
64,000
SLM
Corp.
...............................................
1,258,880
122,000
State
Street
Corp.
.....................................
11,346,000
260,000
Sterling
Bancorp
......................................
6,705,400
6,000
T.
Rowe
Price
Group
Inc.
..........................
1,179,840
298,000
The
Bank
of
New
York
Mellon
Corp.(a)
......
17,307,840
15,000
The
Goldman
Sachs
Group
Inc.
.................
5,738,250
25,000
The
PNC
Financial
Services
Group
Inc.
......
5,013,000
53,000
Valley
National
Bancorp
............................
728,750
113,000
Wells
Fargo
&
Co.
....................................
5,421,740
88,689,891
Food
and
Beverage
—
16.9%
1,000
Anheuser-Busch
InBev
SA/NV
...................
60,534
213,500
Brown-Forman
Corp.,
Cl. A
.......................
14,473,165
34,000
Campbell
Soup
Co.
...................................
1,477,640
19,000
Coca-Cola
Europacific
Partners
plc
............
1,062,670
10,000
Coca-Cola
Femsa
SAB
de
CV,
ADR
............
547,900
6,000
Constellation
Brands
Inc.,
Cl. A
.................
1,505,820
35,000
Danone
SA
...............................................
2,175,275
35,000
Davide
Campari-Milano
NV
.......................
512,240
49,500
Diageo
plc,
ADR
.......................................
10,896,930
83,000
Fomento
Economico
Mexicano
SAB
de
CV,
ADR
.....................................................
6,449,930
1,000
General
Mills
Inc.
.....................................
67,380
1,750,000
Grupo
Bimbo
SAB
de
CV,
Cl. A
..................
5,392,176
93,000
Heineken
NV
............................................
10,467,346
132,000
ITO
EN
Ltd.
..............................................
6,931,061
18,000
Kellogg
Co.
..............................................
1,159,560
4,000
McCormick
&
Co.
Inc.
..............................
381,560
31,500
McCormick
&
Co.
Inc.,
Non-Voting
...........
3,043,215
37,000
Mondelēz
International
Inc.,
Cl. A
..............
2,453,470
32,500
Nestlé
SA
.................................................
4,545,435
54,000
Nissin
Foods
Holdings
Co.
Ltd.
.................
3,938,625
31,500
PepsiCo
Inc.
.............................................
5,471,865
24,500
Pernod
Ricard
SA
.....................................
5,899,422
32,000
Remy
Cointreau
SA
..................................
7,796,448
30,000
Sapporo
Holdings
Ltd.
..............................
569,330
10,000
The
Coca-Cola
Co.
....................................
592,100
1,000
The
Hershey
Co.
.......................................
193,470
50,000
The
Kraft
Heinz
Co.
...................................
1,795,000
32,000
Yakult
Honsha
Co.
Ltd.
.............................
1,669,130
101,528,697
3
The
Gabelli
Equity
Income
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Health
Care
—
4.8%
4,000
Abbott
Laboratories
..................................
$
562,960
3,000
AbbVie
Inc.
..............................................
406,200
3,500
Alcon
Inc.
................................................
304,920
75,000
Baxter
International
Inc.
............................
6,438,000
4,400
Bio-Rad
Laboratories
Inc.,
Cl. A†
..............
3,324,508
91,000
Bristol-Myers
Squibb
Co.
..........................
5,673,850
70,000
Demant
A/S†
............................................
3,591,062
8,000
GlaxoSmithKline
plc,
ADR
.........................
352,800
30,000
Henry
Schein
Inc.†
...................................
2,325,900
16,000
Merck
&
Co.
Inc.
......................................
1,226,240
12,000
Novartis
AG,
ADR
.....................................
1,049,640
1,600
Organon
&
Co.
.........................................
48,720
20,000
Pfizer
Inc.
................................................
1,181,000
45,000
Roche
Holding
AG,
ADR
...........................
2,326,050
1,700
Zimmer
Biomet
Holdings
Inc.
...................
215,968
29,027,818
Hotels
and
Gaming
—
0.1%
14,000
MGM
Resorts
International
.......................
628,320
1,500
Wynn
Resorts
Ltd.†
..................................
127,560
755,880
Machinery
—
3.3%
6,000
Caterpillar
Inc.
..........................................
1,240,440
48,800
Deere
&
Co.
.............................................
16,733,032
9,500
Otis
Worldwide
Corp.
...............................
827,165
8,700
Xylem
Inc.
................................................
1,043,304
19,843,941
Metals
and
Mining
—
2.0%
78,500
Freeport-McMoRan
Inc.
............................
3,275,805
137,500
Newmont
Corp.
........................................
8,527,750
11,803,555
Paper
and
Forest
Products
—
0.1%
21,500
Svenska
Cellulosa
AB
SCA,
Cl. A
...............
384,022
Publishing
—
0.0%
3,000
Value
Line
Inc.
.........................................
140,460
Real
Estate
Investment
Trusts
—
0.6%
8,800
Indus
Realty
Trust
Inc.
..............................
713,328
70,000
Weyerhaeuser
Co.
....................................
2,882,600
3,595,928
Retail
—
5.5%
14,000
Cie
Financiere
Richemont
SA,
Cl. A
...........
2,104,149
25,000
Copart
Inc.†
.............................................
3,790,500
8,000
Costco
Wholesale
Corp.
............................
4,541,600
91,000
CVS
Health
Corp.
......................................
9,387,560
60,000
Ingles
Markets
Inc.,
Cl. A
..........................
5,180,400
71,000
Seven
&
i
Holdings
Co.
Ltd.
......................
3,120,716
4,000
The
Home
Depot
Inc.
................................
1,660,040
59,000
Walgreens
Boots
Alliance
Inc.
...................
3,077,440
Shares
Market
Value
1,000
Walmart
Inc.
............................................
$
144,690
2,500
Weis
Markets
Inc.
.....................................
164,700
33,171,795
Specialty
Chemicals
—
1.0%
2,700
Albemarle
Corp.
.......................................
631,179
2,500
Ashland
Global
Holdings
Inc.
....................
269,150
7,500
FMC
Corp.
................................................
824,175
46,000
H.B.
Fuller
Co.
..........................................
3,726,000
2,000
NewMarket
Corp.
.....................................
685,440
600
Quaker
Chemical
Corp.
.............................
138,468
6,274,412
Telecommunications
—
3.9%
110,000
BCE
Inc.
...................................................
5,724,400
190,000
Deutsche
Telekom
AG,
ADR
......................
3,516,900
12,000
Orange
SA,
ADR
.......................................
126,600
2,500
Proximus
SA
............................................
48,785
65,000
Telefonica
SA,
ADR
...................................
275,600
122,500
Telephone
and
Data
Systems
Inc.
..............
2,468,375
94,000
TELUS
Corp.
............................................
2,215,580
171,000
Verizon
Communications
Inc.(a)
...............
8,885,160
23,261,400
Transportation
—
1.7%
100,000
GATX
Corp.
..............................................
10,419,000
Wireless
Communications
—
0.1%
76,000
BT
Group
plc,
Cl. A
...................................
174,416
17,000
Telesat
Corp.†
..........................................
487,390
20,000
Turkcell
Iletisim
Hizmetleri
A/S,
ADR
.........
71,800
733,606
TOTAL
COMMON
STOCKS
..................
601,492,417
WARRANTS
—
0.0%
Energy
and
Utilities:
Oil
—
0.0%
1,250
Occidental
Petroleum
Corp.,
expire
08/03/27†
.............................................
15,762
Retail
—
0.0%
28,000
Cie
Financiere
Richemont
SA,
expire
11/22/23†
.............................................
30,729
TOTAL
WARRANTS
..........................
46,491
TOTAL
INVESTMENTS
—
100.0%
(Cost
$190,929,287)
.............................
$
601,538,908
(a)
Securities,
or
a
portion
thereof,
with
a
value
of
$24,871,000
were
deposited
with
Pershing
LLC.
†
Non-income
producing
security.
ADR
American
Depositary
Receipt