1
The
Gabelli
Small
Cap
Growth
Fund
Schedule
of
Investments
—
December
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
99
.2
%
Aerospace
—
1
.0
%
235,000
Aerojet
Rocketdyne
Holdings
Inc.
†
............
$
13,143,550
30,500
Allied
Motion
Technologies
Inc.
.................
1,061,705
40,000
Innovative
Solutions
and
Support
Inc.
†
.....
328,800
7,000
Kratos
Defense
&
Security
Solutions
Inc.
†
72,240
14,606,295
Agriculture
—
0.0
%
10,000
Cadiz
Inc.
†
...............................................
25,000
52,000
Limoneira
Co.
...........................................
634,920
659,920
Automotive
—
0
.3
%
420,000
Iveco
Group
NV
†
......................................
2,498,816
68,000
The
Shyft
Group
Inc.
................................
1,690,480
4,189,296
Automotive:
Parts
and
Accessories
—
3
.9
%
147,500
BorgWarner
Inc.
.......................................
5,936,875
846,000
Brembo
SpA
.............................................
9,463,527
94,022
China
Automotive
Systems
Inc.
†
...............
545,328
74,000
Commercial
Vehicle
Group
Inc.
†
...............
503,940
1,108,000
Dana
Inc.
.................................................
16,764,040
382,000
Modine
Manufacturing
Co.
†
......................
7,586,520
34,000
Monro
Inc.
...............................................
1,536,800
4,300
O'Reilly
Automotive
Inc.
†
.........................
3,629,329
45,000
Puradyn
Filter
Technologies
Inc.
†
..............
4
180,000
Standard
Motor
Products
Inc.
...................
6,264,000
246,000
Strattec
Security
Corp.
†
(a)
.......................
5,055,300
18,700
Thor
Industries
Inc.
..................................
1,411,663
12,500
Uni-Select
Inc.
†
........................................
395,495
59,092,821
Aviation:
Parts
and
Services
—
2
.0
%
20,000
AAR
Corp.
†
..............................................
898,000
9,500
Astronics
Corp.
†
......................................
97,850
23,200
Astronics
Corp.
,
Cl. B
†
.............................
230,840
48,000
Ducommun
Inc.
†
.....................................
2,398,080
675,000
Kaman
Corp.
............................................
15,052,500
89,000
Moog
Inc.
,
Cl. A
.......................................
7,810,640
18,000
Moog
Inc.
,
Cl. B
.......................................
1,564,560
20,000
Woodward
Inc.
.........................................
1,932,200
29,984,670
Broadcasting
—
1
.8
%
119,000
Beasley
Broadcast
Group
Inc.
,
Cl. A
†
........
109,504
10,000
Cogeco
Communications
Inc.
...................
567,134
24,000
Cogeco
Inc.
..............................................
1,126,795
194,000
Corus
Entertainment
Inc.
,
Cl. B
.................
309,483
39,500
Fox
Corp.
,
Cl. A
........................................
1,199,615
25,000
Gray
Television
Inc.
..................................
279,750
72,350
Gray
Television
Inc.
,
Cl. A
.........................
787,884
260,000
ITV
plc
.....................................................
236,248
13,000
Liberty
Broadband
Corp.
,
Cl. A
†
................
986,050
Shares
Market
Value
11,000
Liberty
Broadband
Corp.
,
Cl. C
†
................
$
838,970
20,000
Liberty
Media
Corp.-
Liberty
Formula
One
,
Cl. A
†
...................................................
1,068,600
27,000
Liberty
Media
Corp.-
Liberty
Formula
One
,
Cl. C
†
...................................................
1,614,060
64,000
Liberty
Media
Corp.-
Liberty
SiriusXM
,
Cl. A
†
...................................................
2,515,840
34,452
Liberty
Media
Corp.-
Liberty
SiriusXM
,
Cl. C
†
...................................................
1,348,107
92,340
Madison
Square
Garden
Entertainment
Corp.
†
..................................................
4,152,530
22,000
Nexstar
Media
Group
Inc.
.........................
3,850,660
100,000
Salem
Media
Group
Inc.
†
.........................
105,000
260,000
Sinclair
Broadcast
Group
Inc.
,
Cl. A
...........
4,032,600
480,000
Sirius
XM
Holdings
Inc.
............................
2,803,200
27,932,030
Building
and
Construction
—
6
.4
%
79,000
Arcosa
Inc.
...............................................
4,292,860
200,000
Armstrong
Flooring
Inc.
†
..........................
2,000
70,500
D.R.
Horton
Inc.
.......................................
6,284,370
30,000
Gibraltar
Industries
Inc.
†
..........................
1,376,400
224,100
Herc
Holdings
Inc.
....................................
29,484,837
112,000
KB
Home
.................................................
3,567,200
3,000
Legacy
Housing
Corp.
†
............................
56,880
371,600
Lennar
Corp.
,
Cl. B
...................................
27,788,248
89,500
MDC
Holdings
Inc.
...................................
2,828,200
8,500
Meritage
Homes
Corp.
†
............................
783,700
1,900
NVR
Inc.
†
................................................
8,763,902
107,000
PulteGroup
Inc.
........................................
4,871,710
58,000
Titan
Machinery
Inc.
†
...............................
2,304,340
109,500
Toll
Brothers
Inc.
......................................
5,466,240
97,870,887
Business
Services
—
2
.2
%
13,000
ACCO
Brands
Corp.
..................................
72,670
505,000
Clear
Channel
Outdoor
Holdings
Inc.
†
.......
530,250
153,000
Diebold
Nixdorf
Inc.
†
................................
217,260
60,000
Element
Solutions
Inc.
..............................
1,091,400
13,000
GSE
Systems
Inc.
†
...................................
8,840
190,000
IAA
Inc.
†
..................................................
7,600,000
35,500
Live
Nation
Entertainment
Inc.
†
................
2,475,770
40,000
Loomis
AB
...............................................
1,096,326
15,700
McGrath
RentCorp
...................................
1,550,218
20,000
Sealed
Air
Corp.
.......................................
997,600
69,000
Sohgo
Security
Services
Co.
Ltd.
..............
1,890,087
5,000
Team
Inc.
†
...............................................
26,250
80,000
The
Interpublic
Group
of
Companies
Inc.
..
2,664,800
25,000
TransAct
Technologies
Inc.
†
.....................
155,500
1,600,000
Trans-Lux
Corp.
†
(a)
.................................
661,280
34,000
United
Rentals
Inc.
†
.................................
12,084,280
33,122,531
2
The
Gabelli
Small
Cap
Growth
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Cable
—
0
.5
%
55,000
AMC
Networks
Inc.
,
Cl. A
†
........................
$
861,850
39,000
DISH
Network
Corp.
,
Cl. A
†
......................
547,560
30,000
EchoStar
Corp.
,
Cl. A
†
..............................
500,400
130,000
Liberty
Global
plc
,
Cl. A
†
..........................
2,460,900
136,000
Liberty
Global
plc
,
Cl. C
†
..........................
2,642,480
90,000
WideOpenWest
Inc.
†
................................
819,900
7,833,090
Communications
Equipment
—
0.0
%
85,000
Telesat
Corp.
†
..........................................
637,500
Computer
Software
and
Services
—
1
.4
%
51,000
Activision
Blizzard
Inc.
..............................
3,904,050
365,000
Alithya
Group
Inc.
,
Cl. A
†
..........................
540,200
10,000
I3
Verticals
Inc.
,
Cl. A
†
.............................
243,400
11,500
MKS
Instruments
Inc.
...............................
974,395
24,500
Rockwell
Automation
Inc.
.........................
6,310,465
31,000
Tyler
Technologies
Inc.
†
...........................
9,994,710
7,300
Vimeo
Inc.
†
..............................................
25,039
21,992,259
Consumer
Products
—
1
.4
%
108,000
1-800-Flowers.com
Inc.
,
Cl. A
†
.................
1,032,480
67,000
Brunswick
Corp.
.......................................
4,829,360
32,000���
Chofu
Seisakusho
Co.
Ltd.
........................
468,394
40,000
Church
&
Dwight
Co.
Inc.
.........................
3,224,400
26,000
Energizer
Holdings
Inc.
.............................
872,300
2,000
Harley-Davidson
Inc.
................................
83,200
2,500
Kobayashi
Pharmaceutical
Co.
Ltd.
...........
172,013
3,200
LCI
Industries
..........................................
295,840
220,000
Marine
Products
Corp.
..............................
2,589,400
5,500
National
Presto
Industries
Inc.
..................
376,530
225,000
Sally
Beauty
Holdings
Inc.
†
......................
2,817,000
215,000
Samick
Musical
Instruments
Co.
Ltd.
........
218,485
3,700
Shimano
Inc.
............................................
589,790
10,000
Steven
Madden
Ltd.
..................................
319,600
10,000
The
Scotts
Miracle-Gro
Co.
.......................
485,900
9,500
WD-40
Co.
...............................................
1,531,495
84,000
Wolverine
World
Wide
Inc.
.......................
918,120
20,824,307
Consumer
Services
—
0
.9
%
53,000
Bowlin
Travel
Centers
Inc.
†
.......................
245,125
16,000
H&E
Equipment
Services
Inc.
...................
726,400
5,000
IAC
Inc.
†
..................................................
222,000
180,000
KAR
Auction
Services
Inc.
†
......................
2,349,000
289,600
Rollins
Inc.
...............................................
10,581,984
14,124,509
Diversified
Industrial
—
12
.1
%
10,000
Acuity
Brands
Inc.
....................................
1,656,100
51,000
Albany
International
Corp.
,
Cl. A
................
5,028,090
192,500
Ampco-Pittsburgh
Corp.
†
.........................
483,175
Shares
Market
Value
65,100
Burnham
Holdings
Inc.
,
Cl. A
....................
$
813,750
357,500
Crane
Holdings
Co.
...................................
35,910,875
49,300
Distribution
Solutions
Group
Inc.
†
............
1,817,198
95,400
EnPro
Industries
Inc.
................................
10,369,026
105,500
Greif
Inc.
,
Cl. A
.........................................
7,074,830
95,700
Greif
Inc.
,
Cl. B
.........................................
7,486,611
465,000
Griffon
Corp.
............................................
16,642,350
20,500
Hyster-Yale
Materials
Handling
Inc.
...........
518,855
162,000
INNOVATE
Corp.
†
.....................................
302,940
5,500
JSP
Corp.
................................................
62,066
93,000
Kimball
International
Inc.
,
Cl. B
.................
604,500
89,017
L.B.
Foster
Co.
,
Cl. A
†
...............................
861,684
40,700
Lincoln
Electric
Holdings
Inc.
....................
5,880,743
32,000
Lindsay
Corp.
...........................................
5,211,200
38,000
Matthews
International
Corp.
,
Cl. A
...........
1,156,720
907,000
Myers
Industries
Inc.
................................
20,162,610
72,000
Oil-Dri
Corp.
of
America
............................
2,414,880
13,000
Olin
Corp.
................................................
688,220
320,000
Park-Ohio
Holdings
Corp.
.........................
3,913,600
12,500
Pentair
plc
................................................
562,250
14,000
Roper
Technologies
Inc.
...........................
6,049,260
54,000
Sonoco
Products
Co.
................................
3,278,340
50,000
Standex
International
Corp.
.......................
5,120,500
309,360
Steel
Connect
Inc.
†
..................................
442,385
84,029
Steel
Partners
Holdings
LP
†
.....................
3,596,441
13,000
T.
Hasegawa
Co.
Ltd.
................................
288,845
7,000
Terex
Corp.
..............................................
299,040
336,500
Textron
Inc.
..............................................
23,824,200
397,000
Tredegar
Corp.
.........................................
4,057,340
220,500
Trinity
Industries
Inc.
................................
6,520,185
183,098,809
Electronics
—
2
.8
%
115,000
Badger
Meter
Inc.
.....................................
12,538,450
211,500
Bel
Fuse
Inc.
,
Cl. A
(a)
...............................
7,040,835
437,000
CTS
Corp.
................................................
17,226,540
35,000
Daktronics
Inc.
†
.......................................
98,700
120,000
Gentex
Corp.
............................................
3,272,400
20,000
IMAX
Corp.
†
............................................
293,200
30,000
Renesas
Electronics
Corp.
†
......................
270,535
61,000
Stoneridge
Inc.
†
.......................................
1,315,160
42,055,820
Energy
and
Utilities
—
2
.9
%
18,000
Avangrid
Inc.
............................................
773,640
19,000
Callon
Petroleum
Co.
†
..............................
704,710
10,000
Chesapeake
Utilities
Corp.
........................
1,181,800
35,000
CMS
Energy
Corp.
....................................
2,216,550
20,000
Consolidated
Water
Co.
Ltd.
......................
296,000
36,800
Diamondback
Energy
Inc.
.........................
5,033,504
90,000
Dril-Quip
Inc.
†
..........................................
2,445,300
74,000
Energy
Recovery
Inc.
†
..............................
1,516,260
29,000
Landis+Gyr
Group
AG
...............................
2,046,450
3
The
Gabelli
Small
Cap
Growth
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Energy
and
Utilities
(Continued)
22,000
Marathon
Petroleum
Corp.
........................
$
2,560,580
3,500
Middlesex
Water
Co.
.................................
275,345
11,000
Northwest
Natural
Holding
Co.
..................
523,490
21,500
NorthWestern
Corp.
..................................
1,275,810
11,000
Otter
Tail
Corp.
.........................................
645,810
1,700,000
RPC
Inc.
..................................................
15,113,000
9,000
SJW
Group
..............................................
730,710
32,000
Southwest
Gas
Holdings
Inc.
....................
1,980,160
8,000
Spire
Inc.
.................................................
550,880
33,000
The
York
Water
Co.
...................................
1,484,340
19,200
TravelCenters
of
America
Inc.
†
..................
859,776
55,000
Vestas
Wind
Systems
A/S
.........................
1,600,089
43,814,204
Entertainment
—
1
.7
%
76,500
Inspired
Entertainment
Inc.
†
.....................
969,255
153,000
Liberty
Media
Corp.-
Liberty
Braves
,
Cl. A
†
4,998,510
188,000
Liberty
Media
Corp.-
Liberty
Braves
,
Cl. C
†
6,059,240
34,000
Madison
Square
Garden
Sports
Corp.
.......
6,233,220
66,000
Manchester
United
plc
,
Cl. A
.....................
1,539,780
7,800
Take-Two
Interactive
Software
Inc.
†
..........
812,214
3,500
The
Walt
Disney
Co.
†
...............................
304,080
35,000
Universal
Entertainment
Corp.
†
.................
634,182
55,200
World
Wrestling
Entertainment
Inc.
,
Cl. A
..
3,782,304
25,332,785
Environmental
Services
—
0
.5
%
59,000
Republic
Services
Inc.
..............................
7,610,410
Equipment
and
Supplies
—
16
.8
%
17,200
A.O.
Smith
Corp.
......................................
984,528
393,600
AMETEK
Inc.
............................................
54,993,792
56,000
AZZ
Inc.
...................................................
2,251,200
9,200
Chart
Industries
Inc.
†
...............................
1,060,116
6,200
Chase
Corp.
.............................................
534,812
165,000
CIRCOR
International
Inc.
†
.......................
3,953,400
316,500
Core
Molding
Technologies
Inc.
†
..............
4,111,335
95,000
Crown
Holdings
Inc.
.................................
7,809,950
2,025
Danaher
Corp.
..........................................
537,475
100,000
Donaldson
Co.
Inc.
...................................
5,887,000
38,700
Entegris
Inc.
.............................................
2,538,333
196,500
Federal
Signal
Corp.
.................................
9,131,355
241,000
Flowserve
Corp.
.......................................
7,393,880
155,000
Franklin
Electric
Co.
Inc.
...........................
12,361,250
432,000
Graco
Inc.
................................................
29,056,320
34,000
IDEX
Corp.
...............................................
7,763,220
136,500
Interpump
Group
SpA
..............................
6,160,268
6,800
Littelfuse
Inc.
...........................................
1,497,360
110,000
Maezawa
Kyuso
Industries
Co.
Ltd.
...........
766,916
60,000
Minerals
Technologies
Inc.
.......................
3,643,200
6,000
MSA
Safety
Inc.
.......................................
865,140
516,500
Mueller
Industries
Inc.
..............................
30,473,500
Shares
Market
Value
335,000
Mueller
Water
Products
Inc.
,
Cl. A
.............
$
3,604,600
3,500
Teleflex
Inc.
..............................................
873,705
169,000
Tennant
Co.
..............................................
10,405,330
742,000
The
Gorman-Rupp
Co.
..............................
19,010,040
91,500
The
Greenbrier
Companies
Inc.
.................
3,067,995
115,003
The
L.S.
Starrett
Co.
,
Cl. A
†
......................
846,422
52,000
The
Manitowoc
Co.
Inc.
†
..........................
476,320
50,000
The
Middleby
Corp.
†
................................
6,695,000
36,000
The
Timken
Co.
........................................
2,544,120
30,000
The
Toro
Co.
............................................
3,396,000
6,000
Valmont
Industries
Inc.
.............................
1,984,020
7,875
Watsco
Inc.
,
Cl. B
.....................................
2,006,511
45,000
Watts
Water
Technologies
Inc.
,
Cl. A
.........
6,580,350
255,264,763
Financial
Services
—
4
.6
%
7,000
Ameris
Bancorp
.......................................
329,980
23,000
Argo
Group
International
Holdings
Ltd.
.....
594,550
12,000
Capitol
Federal
Financial
Inc.
.....................
103,800
20,900
Crazy
Woman
Creek
Bancorp
Inc.
.............
499,510
325,000
Energy
Transfer
LP
...................................
3,857,750
150
Farmers
&
Merchants
Bank
of
Long
Beach
1,119,750
335,450
Flushing
Financial
Corp.
............................
6,501,021
66,000
FNB
Corp.
................................................
861,300
145,000
GAM
Holding
AG
†
....................................
147,407
278,000
Hope
Bancorp
Inc.
....................................
3,561,180
410,000
Huntington
Bancshares
Inc.
......................
5,781,000
676,000
KKR
&
Co.
Inc.
.........................................
31,379,920
80,000
Medallion
Financial
Corp.
..........................
571,200
8,000
PROG
Holdings
Inc.
†
................................
135,120
44,000
Sandy
Spring
Bancorp
Inc.
.......................
1,550,120
20,000
Sculptor
Capital
Management
Inc.
.............
173,200
41,000
Synovus
Financial
Corp.
...........................
1,539,550
16,000
TFS
Financial
Corp.
...................................
230,560
15,000
Thomasville
Bancshares
Inc.
.....................
995,250
230,000
Valley
National
Bancorp
............................
2,601,300
34,308
Value
Line
Inc.
.........................................
1,745,591
10,000
Waterloo
Investment
Holdings
Ltd.
†
(b)
.....
5,000
120,000
Webster
Financial
Corp.
............................
5,680,800
133,000
Wright
Investors'
Service
Holdings
Inc.
†
...
15,628
69,980,487
Food
and
Beverage
—
6
.7
%
425,000
Arca
Continental
SAB
de
CV
......................
3,446,848
14,000
BellRing
Brands
Inc.
†
...............................
358,960
75,500
Brown-Forman
Corp.
,
Cl. A
.......................
4,964,880
40,000
Bull-Dog
Sauce
Co.
Ltd.
............................
555,928
900,000
China
Tontine
Wines
Group
Ltd.
†
..............
11,761
125,000
Chr.
Hansen
Holding
A/S
...........................
8,991,550
272,000
Crimson
Wine
Group
Ltd.
†
.......................
1,525,920
220,000
Denny's
Corp.
†
........................................
2,026,200
500,000
Dynasty
Fine
Wines
Group
Ltd.
†
...............
22,420
115,000
Farmer
Brothers
Co.
†
...............................
530,150
4
The
Gabelli
Small
Cap
Growth
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Food
and
Beverage
(Continued)
400,000
Flowers
Foods
Inc.
...................................
$
11,496,000
114,000
ITO
EN
Ltd.
..............................................
4,160,774
46,000
Iwatsuka
Confectionery
Co.
Ltd.
................
1,507,162
23,000
J
&
J
Snack
Foods
Corp.
..........................
3,443,330
106,000
Kameda
Seika
Co.
Ltd.
..............................
3,513,410
240,000
Kikkoman
Corp.
........................................
12,691,253
650,000
Maple
Leaf
Foods
Inc.
..............................
11,737,445
6,000
MEIJI
Holdings
Co.
Ltd.
............................
308,138
12,000
MGP
Ingredients
Inc.
................................
1,276,560
62,000
Morinaga
Milk
Industry
Co.
Ltd.
................
2,359,723
7,500
National
Beverage
Corp.
†
.........................
348,975
43,500
Nissin
Foods
Holdings
Co.
Ltd.
.................
3,453,749
13,000
Post
Holdings
Inc.
†
..................................
1,173,380
60,000
Rock
Field
Co.
Ltd.
...................................
689,424
2,400
The
Boston
Beer
Co.
Inc.
,
Cl. A
†
...............
790,848
56,700
The
J.M.
Smucker
Co.
..............................
8,984,682
625,000
Tingyi
(Cayman
Islands)
Holding
Corp.
.....
1,103,396
32,500
Tootsie
Roll
Industries
Inc.
.......................
1,383,525
370,000
Vina
Concha
y
Toro
SA
.............................
466,725
950,000
Vitasoy
International
Holdings
Ltd.
............
1,954,660
20,000
Willamette
Valley
Vineyards
Inc.
†
..............
119,800
100,000
Yakult
Honsha
Co.
Ltd.
.............................
6,522,402
101,919,978
Health
Care
—
4
.8
%
1,400
Align
Technology
Inc.
†
.............................
295,260
6,700
Bio-Rad
Laboratories
Inc.
,
Cl. A
†
..............
2,817,283
13,300
Bruker
Corp.
............................................
909,055
850
Chemed
Corp.
..........................................
433,866
21,000
CONMED
Corp.
........................................
1,861,440
396,500
Cutera
Inc.
†
.............................................
17,533,230
50,000
Dexcom
Inc.
†
...........................................
5,662,000
10,000
Evolent
Health
Inc.
,
Cl. A
†
.........................
280,800
148,500
Globus
Medical
Inc.
,
Cl. A
†
.......................
11,029,095
70,500
Henry
Schein
Inc.
†
...................................
5,630,835
28,000
ICU
Medical
Inc.
†
.....................................
4,409,440
33,200
Masimo
Corp.
†
........................................
4,911,940
45,000
Neogen
Corp.
†
.........................................
685,350
4,000
NeoGenomics
Inc.
†
..................................
36,960
32,000
Neuronetics
Inc.
†
.....................................
219,840
90,000
NuVasive
Inc.
†
.........................................
3,711,600
190,000
OPKO
Health
Inc.
†
....................................
237,500
129,000
Orthofix
Medical
Inc.
†
..............................
2,648,370
14,000
Patterson
Cos.
Inc.
...................................
392,420
24,000
Seikagaku
Corp.
.......................................
164,401
23,400
STERIS
plc
...............................................
4,321,746
19,000
Straumann
Holding
AG
.............................
2,169,902
3,000
Stryker
Corp.
............................................
733,470
30,000
SurModics
Inc.
†
.......................................
1,023,600
19,600
Teladoc
Health
Inc.
†
.................................
463,540
Shares
Market
Value
100
The
Cooper
Companies
Inc.
......................
$
33,067
38,000
United-Guardian
Inc.
................................
395,200
73,011,210
Home
Furnishings
—
0
.3
%
161,500
Bassett
Furniture
Industries
Inc.
...............
2,806,870
5,000
Ethan
Allen
Interiors
Inc.
..........................
132,100
70,000
La-Z-Boy
Inc.
...........................................
1,597,400
4,536,370
Hotels
and
Gaming
—
4
.5
%
50,500
Boyd
Gaming
Corp.
..................................
2,753,765
190,500
Canterbury
Park
Holding
Corp.
.................
5,955,030
85,500
Churchill
Downs
Inc.
................................
18,077,265
120,000
Formosa
International
Hotels
Corp.
...........
1,005,352
530,000
Full
House
Resorts
Inc.
†
...........................
3,985,600
48,508
Gaming
and
Leisure
Properties
Inc.
,
REIT
.
2,526,782
750,000
Genting
Singapore
Ltd.
.............................
534,754
93,000
Golden
Entertainment
Inc.
†
.......................
3,478,200
2,350,000
Mandarin
Oriental
International
Ltd.
†
........
4,512,000
3,000
Penn
Entertainment
Inc.
†
.........................
89,100
249,200
Ryman
Hospitality
Properties
Inc.
,
REIT
....
20,379,576
2,500,000
The
Hongkong
&
Shanghai
Hotels
Ltd.
†
....
2,600,747
129,000
The
Marcus
Corp.
.....................................
1,856,310
13,000
Wynn
Resorts
Ltd.
†
..................................
1,072,110
68,826,591
Machinery
—
2
.9
%
335,000
Astec
Industries
Inc.
.................................
13,621,100
1,415,000
CNH
Industrial
NV
....................................
22,724,900
95,000
Kennametal
Inc.
.......................................
2,285,700
4,700
Nordson
Corp.
.........................................
1,117,284
160,000
The
Eastern
Co.
........................................
3,084,800
103,057
Twin
Disc
Inc.
†
.........................................
1,001,714
43,835,498
Manufactured
Housing
and
Recreational
Vehicles
—
1
.6
%
69,000
Cavco
Industries
Inc.
†
..............................
15,611,250
71,000
Nobility
Homes
Inc.
..................................
1,767,900
82,000
Skyline
Champion
Corp.
†
.........................
4,223,820
51,500
Winnebago
Industries
Inc.
........................
2,714,050
24,317,020
Metals
and
Mining
—
0
.1
%
45,000
Ivanhoe
Mines
Ltd.
,
Cl. A
†
........................
355,613
95,000
Kinross
Gold
Corp.
...................................
388,550
744,163
Publishing
—
0
.8
%
2,500
Graham
Holdings
Co.
,
Cl. B
.......................
1,510,525
4,500
John
Wiley
&
Sons
Inc.
,
Cl. B
...................
178,695
34,000
News
Corp.
,
Cl. A
.....................................
618,800
775,000
The
E.W.
Scripps
Co.
,
Cl. A
†
.....................
10,222,250
12,530,270
5
The
Gabelli
Small
Cap
Growth
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Real
Estate
—
2
.9
%
79,000
Capital
Properties
Inc.
,
Cl. A
.....................
$
872,950
8,900
Gyrodyne
LLC
†
........................................
72,090
241,900
Indus
Realty
Trust
Inc.
,
REIT
.....................
15,358,231
17,200
Lamar
Advertising
Co.
,
Cl. A,
REIT
............
1,623,680
89,800
Morguard
Corp.
........................................
7,458,573
15,000
Reading
International
Inc.
,
Cl. A
†
..............
41,550
4,000
Reading
International
Inc.
,
Cl. B
†
..............
79,400
33,000
Seritage
Growth
Properties
,
Cl. A,
REIT
†
...
390,390
136,600
Tejon
Ranch
Co.
†
.....................................
2,573,544
385,000
The
St.
Joe
Co.
.........................................
14,880,250
139,000
Trinity
Place
Holdings
Inc.
†
......................
102,846
43,453,504
Retail
—
6
.0
%
114,800
AutoNation
Inc.
†
......................................
12,318,040
9,000
Big
5
Sporting
Goods
Corp.
......................
79,470
900
Biglari
Holdings
Inc.
,
Cl. A
†
......................
628,178
163,000
Copart
Inc.
†
.............................................
9,925,070
523
Hertz
Global
Holdings
Inc.
†
......................
8,049
201,700
Ingles
Markets
Inc.
,
Cl. A
..........................
19,455,982
35,000
Lands'
End
Inc.
†
......................................
265,650
70,000
Movado
Group
Inc.
...................................
2,257,500
157,000
Nathan's
Famous
Inc.
...............................
10,551,970
70,100
Penske
Automotive
Group
Inc.
..................
8,056,593
90,000
Pets
at
Home
Group
plc
............................
308,572
333,500
Rush
Enterprises
Inc.
,
Cl. B
......................
18,766,045
11,000
Salvatore
Ferragamo
SpA
.........................
194,169
10,000
The
Cheesecake
Factory
Inc.
.....................
317,100
27,400
Tractor
Supply
Co.
....................................
6,164,178
60,000
Village
Super
Market
Inc.
,
Cl. A
.................
1,397,400
6,700
Vroom
Inc.
†
.............................................
6,834
600
Winmark
Corp.
.........................................
141,498
90,842,298
Specialty
Chemicals
—
2
.1
%
3,200
Albemarle
Corp.
.......................................
693,952
28,000
Ashland
Inc.
.............................................
3,010,840
245,000
H.B.
Fuller
Co.
..........................................
17,546,900
37,500
Hawkins
Inc.
............................................
1,447,500
40,000
Huntsman
Corp.
.......................................
1,099,200
5,600
NewMarket
Corp.
.....................................
1,742,216
8,400
Quaker
Chemical
Corp.
.............................
1,401,960
1,000
Rogers
Corp.
†
..........................................
119,340
29,000
Sensient
Technologies
Corp.
.....................
2,114,680
2,500
Takasago
International
Corp.
.....................
48,480
91,200
The
General
Chemical
Group
Inc.
†
(b)
........
0
88,000
Valvoline
Inc.
...........................................
2,873,200
32,098,268
Telecommunications
—
0
.7
%
30,000
Consolidated
Communications
Holdings
Inc.
†
.....................................................
107,400
Shares
Market
Value
61,000
Gogo
Inc.
†
...............................................
$
900,360
3,500
IDT
Corp.
,
Cl. B
†
......................................
98,595
31,000
Iridium
Communications
Inc.
†
..................
1,593,400
85,100
Nuvera
Communications
Inc.
....................
1,489,250
82,000
Rogers
Communications
Inc.
,
Cl. B
...........
3,840,880
109,500
Shenandoah
Telecommunications
Co.
.......
1,738,860
800,000
VEON
Ltd.
,
ADR
†
.....................................
392,000
10,160,745
Transportation
—
2
.6
%
355,000
GATX
Corp.
..............................................
37,750,700
18,600
Irish
Continental
Group
plc
.......................
85,216
124,000
Navigator
Holdings
Ltd.
†
..........................
1,483,040
39,318,956
Wireless
Communications
—
0.0
%
34,500
United
States
Cellular
Corp.
†
....................
719,325
TOTAL
COMMON
STOCKS
........................
1,506,341,589
CLOSED-END
FUNDS
—
0
.1
%
53,200
The
Central
Europe,
Russia,
and
Turkey
Fund
Inc.
..............................................
439,432
32,729
The
European
Equity
Fund
Inc.
..................
245,467
113,000
The
New
Germany
Fund
Inc.
.....................
891,570
TOTAL
CLOSED-END
FUNDS
....................
1,576,469
PREFERRED
STOCKS
—
0
.2
%
Automotive:
Parts
and
Accessories
—
0
.2
%
85,000
Jungheinrich
AG
.......................................
2,418,468
RIGHTS
—
0.0
%
Communications
Equipment
—
0.0
%
60,500
Pineapple
Energy
Inc.
,
CVR
†
.....................
213,565
WARRANTS
—
0.0
%
Business
Services
—
0.0
%
1
Internap
Corp.
,
expire
05/08/24
†
(b)
..........
652
Diversified
Industrial
—
0.0
%
140,000
Ampco-Pittsburgh
Corp.
,
expire
08/01/25
†
22,050
TOTAL
WARRANTS
..................................
22,702
TOTAL
MISCELLANEOUS
INVESTMENTS
—
0
.5
%
(c)
...........................................
7,544,045
TOTAL
INVESTMENTS
—
100.0%
(Cost
$
458,024,516
)
.............................
$
1,518,116,838
6
The
Gabelli
Small
Cap
Growth
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2022
(Unaudited)
(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
undisclosed,
unrestricted
securities
which
the
Fund
has
held
for
less
than
one
year.
†
Non-income
producing
security.
ADR
American
Depositary
Receipt
CVR
Contingent
Value
Right
REIT
Real
Estate
Investment
Trust