1
The
Gabelli
Equity
Income
Fund
Schedule
of
Investments
—
December
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
94.0%
Aerospace
—
0.6%
4,000
Aerojet
Rocketdyne
Holdings
Inc.†
............
$
223,720
2,000
Lockheed
Martin
Corp.
.............................
972,980
8,200
Rockwell
Automation
Inc.
.........................
2,112,074
3,308,774
Agriculture
—
1.0%
50,000
Archer-Daniels-Midland
Co.
......................
4,642,500
10,500
The
Mosaic
Co.
........................................
460,635
5,103,135
Automotive
—
0.2%
10,000
PACCAR
Inc.
............................................
989,700
Automotive:
Parts
and
Accessories
—
5.7%
75,000
Dana
Inc.
.................................................
1,134,750
167,600
Genuine
Parts
Co.
.....................................
29,080,276
30,215,026
Broadcasting
—
0.2%
59,000
Liberty
Global
plc,
Cl. A†
..........................
1,116,870
9,000
Liberty
Global
plc,
Cl. C†
..........................
174,870
1,291,740
Building
and
Construction
—
1.8%
30,000
Carrier
Global
Corp.
..................................
1,237,500
39,500
Fortune
Brands
Innovations
Inc.
...............
2,255,845
22,500
Herc
Holdings
Inc.
....................................
2,960,325
47,500
Johnson
Controls
International
plc
............
3,040,000
45,000
Masterbrand
Inc.†
....................................
339,750
9,833,420
Business
Services
—
3.5%
10,600
Automatic
Data
Processing
Inc.
................
2,531,916
25,700
Mastercard
Inc.,
Cl. A
...............................
8,936,661
2,400
MSC
Industrial
Direct
Co.
Inc.,
Cl. A
..........
196,080
32,000
Pentair
plc
................................................
1,439,360
16,000
S&P
Global
Inc.
........................................
5,359,040
18,463,057
Cable
and
Satellite
—
0.5%
129,000
DISH
Network
Corp.,
Cl. A†
......................
1,811,160
15,000
EchoStar
Corp.,
Cl. A†
..............................
250,200
15,000
Liberty
Media
Corp.
-
Liberty
Braves,
Cl. A†
...................................................
490,050
2,551,410
Communications
Equipment
—
0.3%
42,000
Corning
Inc.
.............................................
1,341,480
Computer
Hardware
—
1.6%
37,000
Apple
Inc.
................................................
4,807,410
24,500
International
Business
Machines
Corp.
......
3,451,805
8,259,215
Computer
Software
and
Services
—
1.9%
90,000
Hewlett
Packard
Enterprise
Co.
.................
1,436,400
Shares
Market
Value
37,000
Microsoft
Corp.
........................................
$
8,873,340
10,309,740
Consumer
Products
—
1.3%
5,500
Edgewell
Personal
Care
Co.
......................
211,970
49,500
Energizer
Holdings
Inc.
.............................
1,660,725
30,000
Essity
AB,
Cl. A
.........................................
781,995
1,000
National
Presto
Industries
Inc.
..................
68,460
34,000
Reckitt
Benckiser
Group
plc
......................
2,365,141
41,000
Unilever
plc,
ADR
.....................................
2,064,350
7,152,641
Consumer
Services
—
0.1%
1,600
Allegion
plc
..............................................
168,416
14,000
Rollins
Inc.
...............................................
511,560
679,976
Diversified
Industrial
—
5.9%
78,000
Crane
Holdings
Co.
...................................
7,835,100
34,000
Eaton
Corp.
plc
.........................................
5,336,300
1,500
Honeywell
International
Inc.
......................
321,450
8,600
Ingersoll
Rand
Inc.
...................................
449,350
48,000
ITT
Inc.
....................................................
3,892,800
36,500
Jardine
Matheson
Holdings
Ltd.
................
1,857,850
22,000
nVent
Electric
plc
......................................
846,340
21,500
Svenska
Cellulosa
AB
SCA,
Cl. A
...............
274,858
110,000
Textron
Inc.
..............................................
7,788,000
150,000
Toray
Industries
Inc.
.................................
841,893
8,000
Trane
Technologies
plc
.............................
1,344,720
22,000
Trinity
Industries
Inc.
................................
650,540
31,439,201
Electronics
—
1.9%
6,500
Sony
Group
Corp.
.....................................
497,009
30,000
Sony
Group
Corp.,
ADR
............................
2,288,400
48,500
TE
Connectivity
Ltd.
..................................
5,567,800
10,000
Texas
Instruments
Inc.
.............................
1,652,200
10,005,409
Energy
and
Utilities:
Electric
—
0.5%
7,500
Avangrid
Inc.
............................................
322,350
19,000
Korea
Electric
Power
Corp.,
ADR†
.............
164,160
10,000
Portland
General
Electric
Co.
.....................
490,000
63,000
The
AES
Corp.
..........................................
1,811,880
2,788,390
Energy
and
Utilities:
Integrated
—
0.7%
50,000
Energy
Transfer
LP
...................................
593,500
21,000
Eni
SpA
....................................................
298,662
6,500
Iberdrola
SA,
ADR
....................................
303,940
57,000
OGE
Energy
Corp.
.....................................
2,254,350
3,450,452
Energy
and
Utilities:
Natural
Gas
—
2.2%
105,500
National
Fuel
Gas
Co.
................................
6,678,150
11,500
ONE
Gas
Inc.
............................................
870,780
2
The
Gabelli
Equity
Income
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Energy
and
Utilities:
Natural
Gas
(Continued)
59,000
ONEOK
Inc.
..............................................
$
3,876,300
7,500
Southwest
Gas
Holdings
Inc.
....................
464,100
11,889,330
Energy
and
Utilities:
Oil
—
3.9%
6,000
Callon
Petroleum
Co.†
..............................
222,540
42,000
Chevron
Corp.
..........................................
7,538,580
4,500
ConocoPhillips
.........................................
531,000
6,800
Devon
Energy
Corp.
..................................
418,268
12,000
Exxon
Mobil
Corp.
....................................
1,323,600
56,600
Hess
Corp.
...............................................
8,027,012
18,000
Marathon
Petroleum
Corp.
........................
2,095,020
13,500
TotalEnergies
SE,
ADR
..............................
838,080
20,994,100
Energy
and
Utilities:
Services
—
0.7%
4,000
Dril-Quip
Inc.†
..........................................
108,680
84,000
Halliburton
Co.
.........................................
3,305,400
10,000
Schlumberger
Ltd.
....................................
534,600
3,948,680
Energy
and
Utilities:
Water
—
0.1%
3,600
Essential
Utilities
Inc.
...............................
171,828
18,000
Severn
Trent
plc
.......................................
576,887
748,715
Entertainment
—
1.2%
55,000
Grupo
Televisa
SAB,
ADR
.........................
250,800
6,000
Madison
Square
Garden
Entertainment
Corp.†
..................................................
269,820
2,500
Madison
Square
Garden
Sports
Corp.
.......
458,325
285,000
Paramount
Global,
Cl. A
............................
5,588,850
6,567,795
Environmental
Services
—
0.2%
7,500
Republic
Services
Inc.
..............................
967,425
Equipment
and
Supplies
—
4.7%
6,000
A.O.
Smith
Corp.
......................................
343,440
14,000
Danaher
Corp.
..........................................
3,715,880
158,000
Flowserve
Corp.
.......................................
4,847,440
50,000
Graco
Inc.
................................................
3,363,000
18,500
Minerals
Technologies
Inc.
.......................
1,123,320
125,000
Mueller
Industries
Inc.
..............................
7,375,000
15,000
Parker-Hannifin
Corp.
...............................
4,365,000
25,133,080
Financial
Services
—
13.3%
19,000
AllianceBernstein
Holding
LP
....................
653,030
19,000
American
Express
Co.
...............................
2,807,250
19,000
Ameris
Bancorp
.......................................
895,660
3,700
Argo
Group
International
Holdings
Ltd.
.....
95,645
5,195
Banco
Santander
Chile,
ADR
.....................
82,289
125,000
Bank
of
America
Corp.
..............................
4,140,000
Shares
Market
Value
12,000
BNP
Paribas
SA
........................................
$
684,018
35,000
Credit
Suisse
Group
AG
............................
104,623
40,000
Interactive
Brokers
Group
Inc.,
Cl. A
.........
2,894,000
15,000
Jefferies
Financial
Group
Inc.
....................
514,200
8,500
JPMorgan
Chase
&
Co.
.............................
1,139,850
51,000
Julius
Baer
Group
Ltd.
..............................
2,970,702
21,000
Kinnevik
AB,
Cl. A†
...................................
290,201
63,500
Loews
Corp.
.............................................
3,703,955
11,200
M&T
Bank
Corp.
.......................................
1,624,672
15,000
Marsh
&
McLennan
Companies
Inc.
..........
2,482,200
10,000
Morgan
Stanley
........................................
850,200
5,800
Popular
Inc.
.............................................
384,656
64,000
SLM
Corp.
...............................................
1,062,400
122,000
State
Street
Corp.
.....................................
9,463,540
6,000
T.
Rowe
Price
Group
Inc.
..........................
654,360
297,000
The
Bank
of
New
York
Mellon
Corp.
..........
13,519,440
15,000
The
Goldman
Sachs
Group
Inc.
.................
5,150,700
24,300
The
PNC
Financial
Services
Group
Inc.
......
3,837,942
53,000
Valley
National
Bancorp
............................
599,430
117,500
Webster
Financial
Corp.
............................
5,562,450
110,000
Wells
Fargo
&
Co.
....................................
4,541,900
70,709,313
Food
and
Beverage
—
17.2%
1,000
Anheuser-Busch
InBev
SA/NV
...................
60,234
197,600
Brown-Forman
Corp.,
Cl. A
.......................
12,994,176
34,000
Campbell
Soup
Co.
...................................
1,929,500
19,000
Coca-Cola
Europacific
Partners
plc
............
1,051,080
10,000
Coca-Cola
Femsa
SAB
de
CV,
ADR
............
678,800
5,400
Constellation
Brands
Inc.,
Cl. A
.................
1,251,450
35,000
Danone
SA
...............................................
1,844,439
35,000
Davide
Campari-Milano
NV
.......................
355,325
49,500
Diageo
plc,
ADR
.......................................
8,820,405
81,500
Fomento
Economico
Mexicano
SAB
de
CV,
ADR
.....................................................
6,366,780
1,000
General
Mills
Inc.
.....................................
83,850
1,700,000
Grupo
Bimbo
SAB
de
CV,
Cl. A
..................
7,179,842
93,000
Heineken
NV
............................................
8,748,617
132,000
ITO
EN
Ltd.
..............................................
4,817,739
17,500
Kellogg
Co.
..............................................
1,246,700
4,000
McCormick
&
Co.
Inc.
..............................
328,680
31,200
McCormick
&
Co.
Inc.,
Non-Voting
...........
2,586,168
31,000
Mondelēz
International
Inc.,
Cl. A
..............
2,066,150
31,800
Nestlé
SA
.................................................
3,684,694
54,000
Nissin
Foods
Holdings
Co.
Ltd.
.................
4,287,412
31,000
PepsiCo
Inc.
.............................................
5,600,460
23,800
Pernod
Ricard
SA
.....................................
4,681,345
31,200
Remy
Cointreau
SA
..................................
5,263,531
30,000
Sapporo
Holdings
Ltd.
..............................
749,771
10,000
The
Coca-Cola
Co.
....................................
636,100
1,000
The
Hershey
Co.
.......................................
231,570
50,000
The
Kraft
Heinz
Co.
...................................
2,035,500
3
The
Gabelli
Equity
Income
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Food
and
Beverage
(Continued)
32,000
Yakult
Honsha
Co.
Ltd.
.............................
$
2,087,169
91,667,487
Health
Care
—
4.6%
4,400
Abbott
Laboratories
..................................
483,076
3,000
AbbVie
Inc.
..............................................
484,830
3,200
Alcon
Inc.
................................................
219,360
75,000
Baxter
International
Inc.
............................
3,822,750
4,400
Bio-Rad
Laboratories
Inc.,
Cl. A†
..............
1,850,156
87,500
Bristol-Myers
Squibb
Co.
..........................
6,295,625
69,500
Demant
A/S†
............................................
1,926,387
6,400
GSK
plc,
ADR
...........................................
224,896
8,000
Haleon
plc,
ADR†
.....................................
64,000
29,700
Henry
Schein
Inc.†
...................................
2,372,139
16,000
Merck
&
Co.
Inc.
......................................
1,775,200
12,000
Novartis
AG,
ADR
.....................................
1,088,640
1,600
Organon
&
Co.
.........................................
44,688
24,000
Perrigo
Co.
plc
.........................................
818,160
20,000
Pfizer
Inc.
................................................
1,024,800
42,500
Roche
Holding
AG,
ADR
...........................
1,663,875
2,000
Zimmer
Biomet
Holdings
Inc.
...................
255,000
2,000
Zimvie
Inc.†
.............................................
18,680
24,432,262
Hotels
and
Gaming
—
0.1%
12,000
MGM
Resorts
International
.......................
402,360
1,500
Wynn
Resorts
Ltd.†
..................................
123,705
526,065
Machinery
—
4.3%
6,000
Caterpillar
Inc.
..........................................
1,437,360
30,000
CNH
Industrial
NV
....................................
481,800
45,300
Deere
&
Co.
.............................................
19,422,828
9,000
Otis
Worldwide
Corp.
...............................
704,790
8,500
Xylem
Inc.
................................................
939,845
22,986,623
Metals
and
Mining
—
1.8%
80,000
Freeport-McMoRan
Inc.
............................
3,040,000
136,500
Newmont
Corp.
........................................
6,442,800
9,482,800
Publishing
—
0.0%
3,000
Value
Line
Inc.
.........................................
152,640
Real
Estate
Investment
Trusts
—
0.5%
7,800
Indus
Realty
Trust
Inc.,
REIT
.....................
495,222
63,000
Weyerhaeuser
Co.
....................................
1,953,000
2,448,222
Retail
—
4.9%
14,000
Cie
Financiere
Richemont
SA,
Cl. A
...........
1,815,390
44,500
Copart
Inc.†
.............................................
2,709,605
6,200
Costco
Wholesale
Corp.
............................
2,830,300
Shares
Market
Value
86,100
CVS
Health
Corp.
......................................
$
8,023,659
44,600
Ingles
Markets
Inc.,
Cl. A
..........................
4,302,116
67,000
Seven
&
i
Holdings
Co.
Ltd.
......................
2,889,515
3,000
The
Home
Depot
Inc.
................................
947,580
62,000
Walgreens
Boots
Alliance
Inc.
...................
2,316,320
1,000
Walmart
Inc.
............................................
141,790
25,976,275
Specialty
Chemicals
—
1.0%
2,700
Albemarle
Corp.
.......................................
585,522
2,500
Ashland
Inc.
.............................................
268,825
3,600
FMC
Corp.
................................................
449,280
43,000
H.B.
Fuller
Co.
..........................................
3,079,660
2,000
NewMarket
Corp.
.....................................
622,220
600
Quaker
Chemical
Corp.
.............................
100,140
5,105,647
Telecommunications
—
3.5%
105,000
BCE
Inc.
...................................................
4,614,750
190,000
Deutsche
Telekom
AG,
ADR
......................
3,796,200
12,000
Orange
SA,
ADR
.......................................
118,560
4,000
Proximus
SA
............................................
38,519
65,000
Telefonica
SA,
ADR
...................................
232,050
185,000
Telephone
and
Data
Systems
Inc.
..............
1,940,650
94,000
TELUS
Corp.
............................................
1,815,140
160,000
Verizon
Communications
Inc.
...................
6,304,000
18,859,869
Transportation
—
2.0%
98,700
GATX
Corp.
..............................................
10,495,758
Wireless
Communications
—
0.1%
80,000
BT
Group
plc,
Cl. A
...................................
108,370
12,000
Telesat
Corp.,
New
York†
..........................
90,000
20,000
Turkcell
Iletisim
Hizmetleri
A/S,
ADR
.........
95,800
294,170
TOTAL
COMMON
STOCKS
..................
500,569,022
MANDATORY
CONVERTIBLE
SECURITIES(a)
—
0.1%
Entertainment
—
0.1%
22,000
Paramount
Global,
Ser.
A,
5.750%,
04/01/24
.................................
544,940
WARRANTS
—
0.0%
Retail
—
0.0%
28,000
Cie
Financiere
Richemont
SA,
expire
11/22/23†
.............................................
23,317
4
The
Gabelli
Equity
Income
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2022
(Unaudited)
Principal
Amount
Market
Value
U.S.
GOVERNMENT
OBLIGATIONS
—
5.9%
$
31,450,000
U.S.
Treasury
Bills,
4.135%
to
4.342%††,
02/16/23
to
03/30/23
............................
$
31,284,103
TOTAL
INVESTMENTS
—
100.0%
(Cost
$214,887,340)
.............................
$
532,421,382
(a)
Mandatory
convertible
securities
are
required
to
be
converted
on
the
dates
listed;
they
generally
may
be
converted
prior
to
these
dates
at
the
option
of
the
holder.
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt