The Gabelli Equity Income Fund

Schedule of Investments — December 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 100.0%
		Aerospace — 2.0%
	58,000	Aerojet Rocketdyne Holdings Inc.†	$	2,648,280
	2,000	Lockheed Martin Corp.		778,760
	10,000	Raytheon Co.		2,197,400
	35,800	Rockwell Automation Inc.		7,255,586
	200,000	Rolls-Royce Holdings plc		1,809,945
	16,100,000	Rolls-Royce Holdings plc, Cl. C†		21,326
				14,711,297
		Agriculture — 0.5%
	75,000	Archer-Daniels-Midland Co.		3,476,250
	12,000	The Mosaic Co.		259,680
				3,735,930
		Automotive — 0.9%
	154,000	Navistar International Corp.†		4,456,760
	25,000	PACCAR Inc.		1,977,500
				6,434,260
		Automotive: Parts and Accessories — 3.9%
	96,000	Dana Inc.		1,747,200
	10,500	Garrett Motion Inc.†		104,895
	248,000	Genuine Parts Co.(a)		26,345,040
	300	O’Reilly Automotive Inc.†		131,478
				28,328,613
		Aviation: Parts and Services — 0.6%
	29,000	United Technologies Corp.		4,343,040
		Broadcasting — 0.3%
	38,000	Liberty Global plc, Cl. A†		864,120
	40,000	Liberty Global plc, Cl. C†		871,800
	36,000	MSG Networks Inc., Cl. A†		626,400
				2,362,320
		Building and Construction — 1.7%
	123,000	Fortune Brands Home & Security Inc.		8,036,820
	45,800	Herc Holdings Inc.†		2,241,452
	50,000	Johnson Controls International plc		2,035,500
				12,313,772
		Business Services — 4.0%
	22,000	Automatic Data Processing Inc.		3,751,000
	55,500	Mastercard Inc., Cl. A(a)		16,571,745
	2,400	MSC Industrial Direct Co. Inc., Cl. A		188,328
	36,000	Pentair plc		1,651,320
	24,000	S&P Global Inc.		6,553,200
				28,715,593
		Cable and Satellite — 0.9%
	10,000	AMC Networks Inc., Cl. A†		395,000
	163,389	DISH Network Corp., Cl. A†		5,795,408
	16,000	EchoStar Corp., Cl. A†		692,960
				6,883,368

Shares			Market Value
		Communications Equipment — 0.2%
	44,000	Corning Inc.	$	1,280,840
		Computer Hardware — 1.0%
	14,000	Apple Inc.		4,111,100
	26,000	International Business Machines Corp.		3,485,040
				7,596,140
		Computer Software and Services — 1.3%
	120,000	Hewlett Packard Enterprise Co.		1,903,200
	46,000	Microsoft Corp.		7,254,200
				9,157,400
		Consumer Products — 6.0%
	30,000	Altria Group Inc.		1,497,300
	32,000	Edgewell Personal Care Co.†		990,720
	53,000	Energizer Holdings Inc.		2,661,660
	30,000	Essity AB, Cl. A		965,691
	1,500	National Presto Industries Inc.		132,585
	45,000	Reckitt Benckiser Group plc		3,653,337
	575,000	Swedish Match AB		29,639,080
	66,000	Unilever NV		3,792,360
				43,332,733
		Consumer Services — 0.2%
	2,000	Allegion plc		249,080
	30,000	Rollins Inc.		994,800
				1,243,880
		Diversified Industrial — 4.7%
	80,000	Crane Co.		6,910,400
	57,000	Eaton Corp. plc		5,399,040
	7,000	Honeywell International Inc.		1,239,000
	50,000	ITT Inc.		3,695,500
	50,000	Jardine Matheson Holdings Ltd.		2,780,000
	178,000	Jardine Strategic Holdings Ltd.		5,455,700
	38,000	nVent Electric plc		972,040
	120,000	Textron Inc.		5,352,000
	254,000	Toray Industries Inc.		1,732,450
	25,000	Trinity Industries Inc.		553,750
				34,089,880
		Electronics — 1.9%
	35,000	Sony Corp.		2,384,014
	70,000	Sony Corp., ADR		4,760,000
	54,500	TE Connectivity Ltd.		5,223,280
	10,000	Texas Instruments Inc.		1,282,900
				13,650,194
		Energy and Utilities: Electric — 0.4%
	5,000	Avangrid Inc.		255,800
	40,000	Korea Electric Power Corp., ADR		473,200
	200,000	Texas Competitive Electric Holdings Co. LLC, Escrow†(b)		0

1

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — December 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities: Electric (Continued)
	100,000	The AES Corp.	$	1,990,000
				2,719,000
		Energy and Utilities: Integrated — 1.0%
	121,000	Energy Transfer LP		1,552,430
	29,000	Eni SpA		450,403
	6,500	Iberdrola SA, ADR		268,515
	58,000	OGE Energy Corp.		2,579,260
	49,000	PNM Resources Inc.		2,484,790
				7,335,398
		Energy and Utilities: Natural Gas — 2.0%
	158,000	National Fuel Gas Co.		7,353,320
	12,500	ONE Gas Inc.		1,169,625
	75,000	ONEOK Inc.		5,675,250
	7,500	Southwest Gas Holdings Inc.		569,775
				14,767,970
		Energy and Utilities: Oil — 2.9%
	62,000	Chevron Corp.		7,471,620
	7,000	ConocoPhillips		455,210
	29,000	Devon Energy Corp.		753,130
	15,000	Exxon Mobil Corp.		1,046,700
	75,000	Hess Corp.		5,010,750
	18,000	Marathon Petroleum Corp.		1,084,500
	10,000	Occidental Petroleum Corp.		412,100
	66,000	Royal Dutch Shell plc, Cl. A, ADR		3,892,680
	17,000	TOTAL SA, ADR		940,100
				21,066,790
		Energy and Utilities: Services — 0.9%
	216,000	Halliburton Co.		5,285,520
	36,000	Oceaneering International Inc.†		536,760
	10,000	Schlumberger Ltd.		402,000
				6,224,280
		Energy and Utilities: Water — 0.3%
	5,000	Aqua America Inc.		234,700
	60,000	Severn Trent plc		1,998,834
				2,233,534
		Entertainment — 3.6%
	32,000	Grupo Televisa SAB, ADR		375,360
	12,000	The Madison Square Garden Co., Cl. A†		3,530,280
	493,000	ViacomCBS Inc., Cl. A		22,120,910
				26,026,550
		Environmental Services — 0.4%
	25,000	Republic Services Inc.		2,240,750
	9,000	Waste Management Inc.		1,025,640
				3,266,390

Shares			Market Value
		Equipment and Supplies — 3.6%
	10,000	A.O. Smith Corp.	$	476,400
	16,000	Danaher Corp.		2,455,680
	175,000	Flowserve Corp.		8,709,750
	60,000	Graco Inc.		3,120,000
	10,000	Ingersoll-Rand plc		1,329,200
	22,000	Minerals Technologies Inc.		1,267,860
	166,000	Mueller Industries Inc.		5,270,500
	16,000	Parker-Hannifin Corp.		3,293,120
				25,922,510
		Financial Services — 15.6%
	5,700	Alleghany Corp.†		4,557,549
	28,000	AllianceBernstein Holding LP		847,280
	48,000	American Express Co.(a)		5,975,520
	22,400	Ameris Bancorp		952,896
	8,000	Argo Group International Holdings Ltd.		526,000
	5,195	Banco Santander Chile, ADR		119,849
	150,000	Bank of America Corp.		5,283,000
	13,056	BNP Paribas SA		773,694
	32,000	Eaton Vance Corp.		1,494,080
	50,000	Interactive Brokers Group Inc., Cl. A		2,331,000
	15,000	Jefferies Financial Group Inc.		320,550
	15,000	JPMorgan Chase & Co.		2,091,000
	60,000	Julius Baer Group Ltd.		3,095,474
	68,000	Kinnevik AB, Cl. A		1,731,518
	56,000	Legg Mason Inc.		2,010,960
	90,000	Loews Corp.		4,724,100
	23,000	M&T Bank Corp.		3,904,250
	40,000	Marsh & McLennan Cos. Inc.		4,456,400
	21,000	Morgan Stanley		1,073,520
	9,000	Popular Inc.		528,750
	10,000	Sculptor Capital Management Inc.		221,000
	160,000	SLM Corp.		1,425,600
	125,000	State Street Corp.		9,887,500
	270,000	Sterling Bancorp		5,691,600
	8,000	T. Rowe Price Group Inc.		974,720
	335,000	The Bank of New York Mellon Corp.(a)		16,860,550
	18,500	The Goldman Sachs Group Inc.		4,253,705
	56,000	The Hartford Financial Services Group Inc.		3,403,120
	91,000	The PNC Financial Services Group Inc.(a)		14,526,330
	4,000	The Travelers Companies Inc.		547,800
	54,400	Valley National Bancorp		622,880
	55,000	Waddell & Reed Financial Inc., Cl. A		919,600
	141,000	Wells Fargo & Co.		7,585,800
				113,717,595
		Food and Beverage — 18.1%
	1,000	Anheuser-Busch InBev SA/NV		81,559
	333,000	Brown-Forman Corp., Cl. A		20,902,410
	88,000	Campbell Soup Co.		4,348,960
	80,000	Coca-Cola Amatil Ltd., ADR		622,400
	20,000	Coca-Cola European Partners plc		1,017,600

2

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — December 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	10,000	Coca-Cola Femsa SAB de CV, ADR	$	606,200
	6,500	Constellation Brands Inc., Cl. A		1,233,375
	58,000	Danone SA		4,807,852
	660,000	Davide Campari-Milano SpA		6,026,248
	65,500	Diageo plc, ADR		11,031,510
	95,000	Fomento Economico Mexicano SAB de CV, ADR		8,978,450
	20,000	General Mills Inc.		1,071,200
	1,900,000	Grupo Bimbo SAB de CV, Cl. A		3,461,854
	120,000	Heineken NV		12,776,669
	175,000	ITO EN Ltd.		8,826,101
	34,000	Kellogg Co.		2,351,440
	2,000	McCormick & Co. Inc., Cl. V		342,140
	18,000	McCormick & Co. Inc., Non-Voting		3,055,140
	52,000	Mondele¯z International Inc., Cl. A		2,864,160
	43,000	Nestlé SA		4,655,445
	87,000	Nissin Foods Holdings Co. Ltd.		6,501,680
	46,500	PepsiCo Inc.		6,355,155
	39,000	Pernod Ricard SA		6,973,191
	53,500	Remy Cointreau SA		6,571,228
	36,000	Sapporo Holdings Ltd.		854,484
	10,000	The Coca-Cola Co.		553,500
	1,000	The Hershey Co.		146,980
	44,000	The Kraft Heinz Co.		1,413,720
	24,000	Tootsie Roll Industries Inc.		819,360
	45,000	Yakult Honsha Co. Ltd.		2,497,354
				131,747,365
		Health Care — 4.2%
	10,000	Abbott Laboratories		868,600
	4,000	AbbVie Inc.		354,160
	4,000	Alcon Inc.†		226,280
	78,000	Baxter International Inc.		6,522,360
	6,500	Bio-Rad Laboratories Inc., Cl. A†		2,405,195
	126,000	Bristol-Myers Squibb Co.		8,087,940
	17,000	Covetrus Inc.†		224,400
	74,000	Demant A/S†		2,330,464
	8,000	GlaxoSmithKline plc, ADR		375,920
	35,000	Henry Schein Inc.†		2,335,200
	19,000	Merck & Co. Inc.		1,728,050
	16,000	Novartis AG, ADR		1,515,040
	20,000	Pfizer Inc.		783,600
	45,000	Roche Holding AG, ADR		1,829,700
	10,000	Wright Medical Group NV†		304,800
	3,000	Zimmer Biomet Holdings Inc.		449,040
				30,340,749
		Hotels and Gaming — 0.8%
	70,000	MGM Resorts International		2,328,900
	34,500	Ryman Hospitality Properties Inc., REIT		2,989,770

Shares			Market Value
	2,500	Wynn Resorts Ltd.	$	347,175
				5,665,845
		Machinery — 2.0%
	6,000	Caterpillar Inc.		886,080
	70,500	Deere & Co.		12,214,830
	15,000	Xylem Inc.		1,181,850
				14,282,760
		Metals and Mining — 1.2%
	170,000	Freeport-McMoRan Inc.		2,230,400
	150,000	Newmont Goldcorp Corp.		6,517,500
				8,747,900
		Paper and Forest Products — 0.6%
	25,000	Svenska Cellulosa AB SCA, Cl. A		266,646
	146,000	Weyerhaeuser Co., REIT		4,409,200
				4,675,846
		Publishing — 0.0%
	3,000	Value Line Inc.		86,730
		Real Estate — 0.0%
	9,000	Griffin Industrial Realty Inc.		355,950
		Retail — 4.6%
	16,000	Cie Financiere Richemont SA		1,257,450
	38,500	Copart Inc.†		3,501,190
	14,000	Costco Wholesale Corp.		4,114,880
	103,000	CVS Health Corp.		7,651,870
	80,800	Ingles Markets Inc., Cl. A		3,838,808
	120,000	Macy’s Inc.		2,040,000
	84,000	Seven & i Holdings Co. Ltd.		3,094,676
	14,000	The Home Depot Inc.		3,057,320
	70,000	Walgreens Boots Alliance Inc.		4,127,200
	2,000	Walmart Inc.		237,680
	9,000	Weis Markets Inc.		364,410
				33,285,484
		Specialty Chemicals — 0.9%
	10,000	Albemarle Corp.		730,400
	3,000	Ashland Global Holdings Inc.		229,590
	70,000	Ferro Corp.†		1,038,100
	8,000	FMC Corp.		798,560
	46,000	H.B. Fuller Co.		2,372,220
	2,400	NewMarket Corp.		1,167,648
	800	Quaker Chemical Corp.		131,616
				6,468,134
		Telecommunications — 4.6%
	2,000	AT&T Inc.		78,160
	156,000	BCE Inc.		7,230,600
	185,000	Deutsche Telekom AG, ADR		3,013,650
	28,000	Loral Space & Communications Inc.†		904,960
	12,000	Orange SA, ADR		175,080

3

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — December 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Telecommunications (Continued)
	13,000	Proximus SA	$	372,137
	24,500	Telefonica SA, ADR		170,765
	178,000	Telephone & Data Systems Inc.		4,526,540
	47,000	TELUS Corp.		1,820,310
	244,000	Verizon Communications Inc.(a)		14,981,600
				33,273,802
		Transportation — 1.4%
	127,000	GATX Corp.		10,521,950
		Wireless Communications — 0.8%
	100,000	BT Group plc, Cl. A		254,908
	197,000	NTT DOCOMO Inc.		5,508,131
	20,000	Turkcell Iletisim Hizmetleri A/S, ADR		116,000
				5,879,039
		TOTAL COMMON STOCKS		726,790,831
		TOTAL INVESTMENTS — 100.0% (Cost $296,817,671)	$	726,790,831

(a) Securities, or a portion thereof, with a value of $43,513,800 were deposited with Pershing LLC.

(b) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

† Non-income producing security.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

4