1
The
Gabelli
Equity
Income
Fund
Schedule
of
Investments
—
December
31,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
100.0%
Aerospace
—
0.6%
400
L3Harris
Technologies
Inc.
.......................
$
84,248
2,000
Lockheed
Martin
Corp.
.............................
906,480
7,400
Rockwell
Automation
Inc.
.........................
2,297,552
3,288,280
Agriculture
—
0.6%
40,000
Archer-Daniels-Midland
Co.
......................
2,888,800
10,000
The
Mosaic
Co.
........................................
357,300
3,246,100
Automotive
—
0.5%
2,500
Daimler
Truck
Holding
AG
.........................
93,891
20,000
Iveco
Group
NV†
......................................
179,856
14,500
PACCAR
Inc.
............................................
1,415,925
44,000
Traton
SE
.................................................
1,035,593
2,725,265
Automotive:
Parts
and
Accessories
—
4.7%
80,000
Dana
Inc.
.................................................
1,168,800
165,000
Genuine
Parts
Co.
.....................................
22,852,500
24,021,300
Broadcasting
—
0.2%
38,000
Sinclair
Inc.
..............................................
495,140
45,000
TEGNA
Inc.
..............................................
688,500
1,183,640
Building
and
Construction
—
2.1%
26,000
Carrier
Global
Corp.
..................................
1,493,700
34,000
Fortune
Brands
Innovations
Inc.
...............
2,588,760
23,500
Herc
Holdings
Inc.
....................................
3,498,915
45,000
Johnson
Controls
International
plc
............
2,593,800
8,000
Knife
River
Corp.†
....................................
529,440
6,000
Masterbrand
Inc.†
....................................
89,100
10,793,715
Business
Services
—
4.1%
9,000
Automatic
Data
Processing
Inc.
................
2,096,730
22,200
Mastercard
Inc.,
Cl. A
...............................
9,468,522
2,400
MSC
Industrial
Direct
Co.
Inc.,
Cl. A
..........
243,024
30,000
Pentair
plc
................................................
2,181,300
15,700
S&P
Global
Inc.
........................................
6,916,164
20,905,740
Cable
and
Satellite
—
0.1%
14,000
EchoStar
Corp.,
Cl. A†
..............................
231,980
Communications
Equipment
—
0.3%
42,000
Corning
Inc.
.............................................
1,278,900
Computer
Hardware
—
1.8%
28,000
Apple
Inc.
................................................
5,390,840
25,000
International
Business
Machines
Corp.
......
4,088,750
9,479,590
Shares
Market
Value
Computer
Software
and
Services
—
2.5%
90,000
Hewlett
Packard
Enterprise
Co.
.................
$
1,528,200
30,300
Microsoft
Corp.
........................................
11,394,012
12,922,212
Consumer
Products
—
1.4%
1,800
Ball
Corp.
.................................................
103,536
5,500
Edgewell
Personal
Care
Co.
......................
201,465
49,500
Energizer
Holdings
Inc.
.............................
1,568,160
30,000
Essity
AB,
Cl. A
.........................................
739,140
1,000
National
Presto
Industries
Inc.
..................
80,280
32,000
Reckitt
Benckiser
Group
plc
......................
2,210,753
4,000
The
Scotts
Miracle-Gro
Co.
.......................
255,000
40,000
Unilever
plc,
ADR
.....................................
1,939,200
7,097,534
Consumer
Services
—
0.2%
1,600
Allegion
plc
..............................................
202,704
12,500
Rollins
Inc.
...............................................
545,875
748,579
Diversified
Industrial
—
6.9%
1,400
AMETEK
Inc.
............................................
230,846
68,500
Crane
Co.
.................................................
8,092,590
5,000
Crane
NXT
Co.
..........................................
284,350
22,000
Eaton
Corp.
plc
.........................................
5,298,040
1,300
Honeywell
International
Inc.
......................
272,623
8,600
Ingersoll
Rand
Inc.
...................................
665,124
47,500
ITT
Inc.
....................................................
5,667,700
32,500
Jardine
Matheson
Holdings
Ltd.
................
1,339,325
10,000
Modine
Manufacturing
Co.†
......................
597,000
17,000
Myers
Industries
Inc.
................................
332,350
21,000
nVent
Electric
plc
......................................
1,240,890
20,000
Svenska
Cellulosa
AB
SCA,
Cl. A
...............
297,044
105,500
Textron
Inc.
..............................................
8,484,310
146,000
Toray
Industries
Inc.
.................................
759,096
6,000
Trane
Technologies
plc
.............................
1,463,400
25,000
Trinity
Industries
Inc.
................................
664,750
35,689,438
Electronics
—
2.3%
6,500
Sony
Group
Corp.
.....................................
618,191
33,000
Sony
Group
Corp.,
ADR
............................
3,124,770
46,500
TE
Connectivity
Ltd.
..................................
6,533,250
10,000
Texas
Instruments
Inc.
.............................
1,704,600
11,980,811
Energy
and
Utilities:
Electric
—
0.4%
2,000
Avangrid
Inc.
............................................
64,820
20,000
Korea
Electric
Power
Corp.,
ADR†
.............
145,000
13,500
Portland
General
Electric
Co.
.....................
585,090
63,000
The
AES
Corp.
..........................................
1,212,750
2,007,660
Energy
and
Utilities:
Integrated
—
0.6%
50,000
Energy
Transfer
LP
...................................
690,000
2
The
Gabelli
Equity
Income
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Energy
and
Utilities:
Integrated
(Continued)
21,000
Eni
SpA
....................................................
$
355,812
5,000
Iberdrola
SA,
ADR
....................................
262,500
56,500
OGE
Energy
Corp.
.....................................
1,973,545
3,281,857
Energy
and
Utilities:
Natural
Gas
—
2.3%
115,000
National
Fuel
Gas
Co.
................................
5,769,550
11,500
ONE
Gas
Inc.
............................................
732,780
57,800
ONEOK
Inc.
..............................................
4,058,716
16,500
Southwest
Gas
Holdings
Inc.
....................
1,045,275
11,606,321
Energy
and
Utilities:
Oil
—
3.8%
27,500
Callon
Petroleum
Co.†
..............................
891,000
38,500
Chevron
Corp.
..........................................
5,742,660
4,000
ConocoPhillips
.........................................
464,280
6,800
Devon
Energy
Corp.
..................................
308,040
12,000
Exxon
Mobil
Corp.
....................................
1,199,760
52,000
Hess
Corp.
...............................................
7,496,320
17,500
Marathon
Petroleum
Corp.
........................
2,596,300
13,000
TotalEnergies
SE,
ADR
..............................
875,940
1,706
Vitesse
Energy
Inc.
...................................
37,344
19,611,644
Energy
and
Utilities:
Services
—
0.9%
4,000
Dril-Quip
Inc.†
..........................................
93,080
94,500
Halliburton
Co.
.........................................
3,416,175
22,500
MDU
Resources
Group
Inc.
......................
445,500
11,000
Schlumberger
NV
.....................................
572,440
4,527,195
Energy
and
Utilities:
Water
—
0.2%
3,600
Essential
Utilities
Inc.
...............................
134,460
22,000
Severn
Trent
plc
.......................................
723,211
857,671
Entertainment
—
1.5%
20,000
Atlanta
Braves
Holdings
Inc.,
Cl. A†
..........
855,600
12,197
Atlanta
Braves
Holdings
Inc.,
Cl. C†
..........
482,757
110,000
Grupo
Televisa
SAB,
ADR
.........................
367,400
6,000
Madison
Square
Garden
Entertainment
Corp.†
..................................................
190,740
2,500
Madison
Square
Garden
Sports
Corp.†
.....
454,575
270,000
Paramount
Global,
Cl. A
............................
5,308,200
6,000
Sphere
Entertainment
Co.†
.......................
203,760
7,863,032
Environmental
Services
—
0.3%
7,500
Republic
Services
Inc.
..............................
1,236,825
4,000
Veralto
Corp.
............................................
329,040
1,565,865
Equipment
and
Supplies
—
6.2%
5,000
A.O.
Smith
Corp.
......................................
412,200
Shares
Market
Value
14,000
Danaher
Corp.
..........................................
$
3,238,760
158,000
Flowserve
Corp.
.......................................
6,512,760
46,000
Graco
Inc.
................................................
3,990,960
20,000
Minerals
Technologies
Inc.
.......................
1,426,200
213,000
Mueller
Industries
Inc.
..............................
10,042,950
14,000
Parker-Hannifin
Corp.
...............................
6,449,800
32,073,630
Financial
Services
—
14.2%
20,000
AllianceBernstein
Holding
LP
....................
620,600
17,500
American
Express
Co.
...............................
3,278,450
18,000
Ameris
Bancorp
.......................................
954,900
5,195
Banco
Santander
Chile,
ADR
.....................
101,251
100,000
Bank
of
America
Corp.
..............................
3,367,000
11,500
BNP
Paribas
SA
........................................
794,607
1,000
EXOR
NV
.................................................
99,907
32,200
Interactive
Brokers
Group
Inc.,
Cl. A
.........
2,669,380
14,500
Jefferies
Financial
Group
Inc.
....................
585,945
8,500
JPMorgan
Chase
&
Co.
.............................
1,445,850
48,500
Julius
Baer
Group
Ltd.
..............................
2,718,952
6,000
Kinnevik
AB,
Cl. A†
...................................
63,533
60,500
Loews
Corp.
.............................................
4,210,195
10,500
M&T
Bank
Corp.
.......................................
1,439,340
13,000
Marsh
&
McLennan
Companies
Inc.
..........
2,463,110
10,000
Morgan
Stanley
........................................
932,500
5,800
Popular
Inc.
.............................................
476,006
60,000
SLM
Corp.
...............................................
1,147,200
122,000
State
Street
Corp.
.....................................
9,450,120
6,300
T.
Rowe
Price
Group
Inc.
..........................
678,447
297,000
The
Bank
of
New
York
Mellon
Corp.
..........
15,458,850
15,000
The
Goldman
Sachs
Group
Inc.
.................
5,786,550
22,000
The
PNC
Financial
Services
Group
Inc.
......
3,406,700
2,100
UBS
Group
AG
.........................................
65,169
53,000
Valley
National
Bancorp
............................
575,580
98,500
Webster
Financial
Corp.
............................
4,999,860
105,000
Wells
Fargo
&
Co.
....................................
5,168,100
72,958,102
Food
and
Beverage
—
17.9%
1,000
Anheuser-Busch
InBev
SA/NV
...................
64,493
189,500
Brown-Forman
Corp.,
Cl. A
.......................
11,292,305
34,000
Campbell
Soup
Co.
...................................
1,469,820
19,000
Coca-Cola
Europacific
Partners
plc
............
1,268,060
10,000
Coca-Cola
Femsa
SAB
de
CV,
ADR
............
946,400
5,000
Constellation
Brands
Inc.,
Cl. A
.................
1,208,750
30,000
Danone
SA
...............................................
1,943,394
33,000
Davide
Campari-Milano
NV
.......................
372,136
49,500
Diageo
plc,
ADR
.......................................
7,210,170
81,100
Fomento
Economico
Mexicano
SAB
de
CV,
ADR
.....................................................
10,571,385
1,000
General
Mills
Inc.
.....................................
65,140
1,500,000
Grupo
Bimbo
SAB
de
CV,
Cl. A
..................
7,584,359
92,500
Heineken
NV
............................................
9,388,488
3
The
Gabelli
Equity
Income
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Food
and
Beverage
(Continued)
132,000
ITO
EN
Ltd.
..............................................
$
4,008,681
14,000
Kellanova
.................................................
782,740
4,000
McCormick
&
Co.
Inc.
..............................
272,000
31,200
McCormick
&
Co.
Inc.,
Non-Voting
...........
2,134,704
27,000
Mondelēz
International
Inc.,
Cl. A
..............
1,955,610
31,800
Nestlé
SA
.................................................
3,686,841
159,600
Nissin
Foods
Holdings
Co.
Ltd.
.................
5,570,153
31,000
PepsiCo
Inc.
.............................................
5,265,040
23,800
Pernod
Ricard
SA
.....................................
4,197,273
31,200
Remy
Cointreau
SA
..................................
3,960,973
30,000
Sapporo
Holdings
Ltd.
..............................
1,322,979
4,500
The
Boston
Beer
Co.
Inc.,
Cl. A†
...............
1,555,155
10,000
The
Coca-Cola
Co.
....................................
589,300
1,000
The
Hershey
Co.
.......................................
186,440
45,000
The
Kraft
Heinz
Co.
...................................
1,664,100
8,400
WK
Kellogg
Co.
........................................
110,376
64,000
Yakult
Honsha
Co.
Ltd.
.............................
1,437,503
92,084,768
Health
Care
—
4.3%
4,400
Abbott
Laboratories
..................................
484,308
3,000
AbbVie
Inc.
..............................................
464,910
3,200
Alcon
Inc.
................................................
249,984
75,000
Baxter
International
Inc.
............................
2,899,500
4,400
Bio-Rad
Laboratories
Inc.,
Cl. A†
..............
1,420,716
87,500
Bristol-Myers
Squibb
Co.
..........................
4,489,625
69,500
Demant
A/S†
............................................
3,046,485
6,400
GSK
plc,
ADR
...........................................
237,184
8,000
Haleon
plc,
ADR
.......................................
65,840
32,000
Henry
Schein
Inc.†
...................................
2,422,720
16,000
Merck
&
Co.
Inc.
......................................
1,744,320
12,000
Novartis
AG,
ADR
.....................................
1,211,640
25,000
Perrigo
Co.
plc
.........................................
804,500
21,500
Pfizer
Inc.
................................................
618,985
42,500
Roche
Holding
AG,
ADR
...........................
1,539,775
2,300
Zimmer
Biomet
Holdings
Inc.
...................
279,910
10,000
Zimvie
Inc.†
.............................................
177,500
22,157,902
Hotels
and
Gaming
—
0.1%
12,000
MGM
Resorts
International
.......................
536,160
1,500
Wynn
Resorts
Ltd.
...................................
136,665
672,825
Machinery
—
4.2%
6,000
Caterpillar
Inc.
..........................................
1,774,020
165,000
CNH
Industrial
NV
....................................
2,009,700
42,000
Deere
&
Co.
.............................................
16,794,540
2,000
Otis
Worldwide
Corp.
...............................
178,940
8,000
Xylem
Inc.
................................................
914,880
21,672,080
Shares
Market
Value
Metals
and
Mining
—
1.8%
83,000
Freeport-McMoRan
Inc.
............................
$
3,533,310
138,000
Newmont
Corp.
........................................
5,711,820
9,245,130
Publishing
—
0.0%
3,000
Value
Line
Inc.
.........................................
146,250
Real
Estate
Investment
Trusts
—
0.4%
62,000
Weyerhaeuser
Co.
....................................
2,155,740
Retail
—
5.0%
13,000
Cie
Financiere
Richemont
SA,
Cl. A
...........
1,789,133
78,000
Copart
Inc.†
.............................................
3,822,000
6,000
Costco
Wholesale
Corp.
............................
3,960,480
85,000
CVS
Health
Corp.
......................................
6,711,600
44,600
Ingles
Markets
Inc.,
Cl. A
..........................
3,852,102
61,000
Seven
&
i
Holdings
Co.
Ltd.
......................
2,420,532
3,000
The
Home
Depot
Inc.
................................
1,039,650
65,000
Walgreens
Boots
Alliance
Inc.
...................
1,697,150
1,000
Walmart
Inc.
............................................
157,650
25,450,297
Specialty
Chemicals
—
1.0%
2,700
Albemarle
Corp.
.......................................
390,096
2,500
Ashland
Inc.
.............................................
210,775
2,200
FMC
Corp.
................................................
138,710
42,500
H.B.
Fuller
Co.
..........................................
3,459,925
1,800
NewMarket
Corp.
.....................................
982,494
600
Quaker
Chemical
Corp.
.............................
128,052
5,310,052
Telecommunications
—
4.1%
100,000
BCE
Inc.
...................................................
3,938,000
190,000
Deutsche
Telekom
AG,
ADR
......................
4,584,700
65,000
Liberty
Global
Ltd.,
Cl. A†
.........................
1,155,050
11,150
Liberty
Global
Ltd.,
Cl. C†
.........................
207,836
14,000
Orange
SA,
ADR
.......................................
160,020
70,000
Telefonica
SA,
ADR
...................................
273,000
220,000
Telephone
and
Data
Systems
Inc.
..............
4,037,000
94,000
TELUS
Corp.
............................................
1,672,260
130,000
Verizon
Communications
Inc.
...................
4,901,000
20,928,866
Transportation
—
2.3%
96,000
GATX
Corp.
..............................................
11,541,120
Wireless
Communications
—
0.2%
70,000
BT
Group
plc,
Cl. A
...................................
110,283
40,000
Telesat
Corp.†
..........................................
417,200
20,000
Turkcell
Iletisim
Hizmetleri
A/S,
ADR
.........
96,200
4
The
Gabelli
Equity
Income
Fund
Schedule
of
Investments
(Continued)
—
December
31,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Wireless
Communications
(Continued)
4,800
United
States
Cellular
Corp.†
....................
$
199,392
823,075
TOTAL
COMMON
STOCKS
..................
514,134,166
TOTAL
INVESTMENTS
—
100.0%
(Cost
$181,037,296)
.............................
$
514,134,166
†
Non-income
producing
security.
ADR
American
Depositary
Receipt