The Gabelli Small Cap Growth Fund

Schedule of Investments — December 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 99.6%
		Aerospace — 2.0%
	993,000	Aerojet Rocketdyne Holdings Inc.†	$	45,340,380
	17,000	Allied Motion Technologies Inc.		824,500
	40,000	Innovative Solutions & Support Inc.†		233,600
				46,398,480
		Agriculture — 0.0%
	12,000	Cadiz Inc.†		132,240
	4,000	Limoneira Co.		76,920
				209,160
		Automotive — 1.5%
	1,150,000	Navistar International Corp.†		33,281,000
	11,000	PACCAR Inc.		870,100
				34,151,100
		Automotive: Parts and Accessories — 3.3%
	190,000	BorgWarner Inc.		8,242,200
	88,022	China Automotive Systems Inc.†		277,269
	1,150,000	Dana Inc.		20,930,000
	950,000	Freni Brembo SpA		11,785,754
	10,000	Garrett Motion Inc.†		99,900
	1,600	Lear Corp.		219,520
	610,000	Modine Manufacturing Co.†		4,697,000
	18,000	Monro Inc.		1,407,600
	11,000	O’Reilly Automotive Inc.†		4,820,860
	45,000	Puradyn Filter Technologies Inc.†		1,278
	100,000	SORL Auto Parts Inc.†		444,000
	85,000	Spartan Motors Inc.		1,536,800
	200,000	Standard Motor Products Inc.		10,644,000
	200,000	Strattec Security Corp.(a)		4,442,000
	144,000	Superior Industries International Inc.		531,360
	357,000	Tenneco Inc., Cl. A		4,676,700
	22,500	Thor Industries Inc.		1,671,525
	180,000	Uni-Select Inc.		1,578,838
				78,006,604
		Aviation: Parts and Services — 3.9%
	22,500	AAR Corp.		1,014,750
	9,500	Astronics Corp.†		265,525
	22,700	Astronics Corp., Cl. B†		637,303
	45,000	Ducommun Inc.†		2,273,850
	800,000	Kaman Corp.		52,736,000
	90,000	Moog Inc., Cl. A		7,679,700
	16,500	Moog Inc., Cl. B		1,418,423
	4,950,000	Signature Aviation plc		20,798,209
	42,500	Woodward Inc.		5,033,700
				91,857,460
		Broadcasting — 1.7%
	345,000	Beasley Broadcast Group Inc., Cl. A		1,066,050
	10,000	Cogeco Communications Inc.		871,742
	23,300	Cogeco Inc.		1,867,696
	200,000	Corus Entertainment Inc., Cl. B		819,375
	40,000	Fox Corp., Cl. A		1,482,800

Shares			Market Value
	25,000	Gray Television Inc.†	$	536,000
	72,350	Gray Television Inc., Cl. A†		1,437,595
	415,000	ITV plc		830,066
	17,000	Liberty Broadband Corp., Cl. A†		2,117,520
	17,000	Liberty Broadband Corp., Cl. C†		2,137,750
	20,000	Liberty Media Corp.-Liberty Formula One, Cl. A†		875,600
	28,000	Liberty Media Corp.-Liberty Formula One, Cl. C†		1,287,020
	72,000	Liberty Media Corp.-Liberty SiriusXM, Cl. A†		3,480,480
	26,000	Liberty Media Corp.-Liberty SiriusXM, Cl. C†		1,251,640
	352,000	MSG Networks Inc., Cl. A†		6,124,800
	38,500	Nexstar Media Group Inc., Cl. A		4,514,125
	350,000	Salem Media Group Inc.		504,000
	160,000	Sinclair Broadcast Group Inc., Cl. A		5,334,400
	484,700	Sirius XM Holdings Inc.		3,465,605
				40,004,264
		Building and Construction — 4.5%
	85,000	Arcosa Inc.		3,786,750
	50,000	Armstrong Flooring Inc.†		213,500
	145,000	D.R. Horton Inc.		7,648,750
	29,000	Gibraltar Industries Inc.†		1,462,760
	468,000	Herc Holdings Inc.†		22,903,920
	150,000	KB Home		5,140,500
	410,000	Lennar Corp., Cl. B		18,327,000
	330,000	Louisiana-Pacific Corp.		9,791,100
	124,000	MDC Holdings Inc.		4,731,840
	40,000	Meritage Homes Corp.†		2,444,400
	2,700	NVR Inc.†		10,282,707
	200,000	PulteGroup Inc.		7,760,000
	65,000	Titan Machinery Inc.†		960,700
	225,000	Toll Brothers Inc.		8,889,750
				104,343,677
		Business Services — 4.3%
	15,000	ACCO Brands Corp.		140,400
	750,012	Clear Channel Outdoor Holdings Inc.†		2,145,034
	531,000	Diebold Nixdorf Inc.†		5,607,360
	100,000	Element Solutions Inc.†		1,168,000
	72,000	GP Strategies Corp.†		952,560
	13,000	GSE Systems Inc.†		21,450
	254,000	IAA Inc.†		11,953,240
	945,000	Internap Corp.†		1,039,500
	337,000	Live Nation Entertainment Inc.†		24,085,390
	140,000	Loomis AB, Cl. B		5,796,495
	175,000	Macquarie Infrastructure Corp.		7,497,000
	24,000	McGrath RentCorp		1,836,960
	20,000	Sealed Air Corp.		796,600
	95,000	Sohgo Security Services Co. Ltd.		5,176,016
	16,700	Stamps.com Inc.†		1,394,784
	340,000	Team Inc.†		5,429,800
	670,000	The Interpublic Group of Companies Inc.		15,477,000

1

The Gabelli Small Cap Growth Fund

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

Shares			Market Value
		COMMON STOCKS (Continued)
		Business Services (Continued)
	25,000	TransAct Technologies Inc.	$	274,250
	1,765,000	Trans-Lux Corp.†(a)		573,625
	45,000	United Rentals Inc.†		7,504,650
	8,000	Vectrus Inc.†		410,080
				99,280,194
		Cable — 0.8%
	160,000	AMC Networks Inc., Cl. A†		6,320,000
	42,225	DISH Network Corp., Cl. A†		1,497,721
	30,000	EchoStar Corp., Cl. A†		1,299,300
	128,000	Liberty Global plc, Cl. A†		2,910,720
	300,000	Liberty Global plc, Cl. C†		6,538,500
	100,000	WideOpenWest Inc.†		742,000
				19,308,241
		Communications Equipment — 0.1%
	249,000	Communications Systems Inc.		1,536,330
		Computer Software and Services — 2.5%
	33,000	3D Systems Corp.†		288,750
	106,000	Activision Blizzard Inc.		6,298,520
	656,000	Alithya Group Inc., Cl. A†		1,849,920
	190,000	Avid Technology Inc.†		1,630,200
	329,000	GTY Technology Holdings Inc.†		1,937,810
	33,000	InterXion Holding NV†		2,765,730
	18,000	MKS Instruments Inc.		1,980,180
	66,000	Rockwell Automation Inc.		13,376,220
	112,000	Stratasys Ltd.†		2,265,200
	87,500	Tyler Technologies Inc.†		26,251,750
				58,644,280
		Consumer Products — 2.2%
	160,000	1-800-Flowers.com Inc., Cl. A†		2,320,000
	78,000	Brunswick Corp.		4,678,440
	32,000	Chofu Seisakusho Co. Ltd.		725,673
	56,000	Church & Dwight Co. Inc.		3,939,040
	17,000	Energizer Holdings Inc.		853,740
	30,000	Ginko International Co. Ltd.		212,163
	2,000	Harley-Davidson Inc.		74,380
	146,400	Hunter Douglas NV		9,524,621
	2,800	Kobayashi Pharmaceutical Co. Ltd.		238,885
	9,500	LCI Industries		1,017,735
	259,000	Marine Products Corp.		3,729,600
	8,500	National Presto Industries Inc.		751,315
	230,000	Sally Beauty Holdings Inc.†		4,197,500
	220,000	Samick Musical Instruments Co. Ltd.		352,890
	10,000	Shimano Inc.		1,635,452
	14,000	Steven Madden Ltd.		602,140
	137,000	Swedish Match AB		7,061,833
	20,000	The Scotts Miracle-Gro Co.		2,123,600
	19,000	WD-40 Co.		3,688,660
	85,000	Wolverine World Wide Inc.		2,867,900
				50,595,567

Shares			Market Value
		Consumer Services — 1.5%
	53,000	Bowlin Travel Centers Inc.†	$	152,375
	2,750	Collectors Universe Inc.		63,388
	13,000	GCI Liberty Inc., Cl. A†		921,050
	2,000	H&E Equipment Services Inc.		66,860
	12,000	IAC/InterActiveCorp.†		2,989,320
	260,000	KAR Auction Services Inc.		5,665,400
	760,000	Rollins Inc.		25,201,600
				35,059,993
		Diversified Industrial — 8.8%
	14,500	Acuity Brands Inc.		2,001,000
	70,000	Albany International Corp., Cl. A		5,314,400
	145,000	Ampco-Pittsburgh Corp.†		436,450
	6,000	Anixter International Inc.†		552,600
	70,500	Burnham Holdings Inc., Cl. A		994,050
	381,000	Crane Co.		32,910,780
	126,000	EnPro Industries Inc.		8,426,880
	115,000	Greif Inc., Cl. A		5,083,000
	96,000	Greif Inc., Cl. B		4,969,920
	1,450,000	Griffon Corp.		29,478,500
	4,000	Haynes International Inc.		143,120
	190,000	Jardine Strategic Holdings Ltd.		5,823,500
	7,000	JSP Corp.		126,271
	98,000	Kimball International Inc., Cl. B		2,025,660
	50,000	L.B. Foster Co., Cl. A†		969,000
	57,200	Lawson Products Inc.†		2,980,120
	71,000	Lincoln Electric Holdings Inc.		6,867,830
	55,000	Lindsay Corp.		5,279,450
	27,000	Lydall Inc.†		554,040
	39,000	Matthews International Corp., Cl. A		1,488,630
	971,000	Myers Industries Inc.		16,196,280
	15,000	nVent Electric plc		383,700
	92,000	Oil-Dri Corp. of America		3,335,000
	25,000	Olin Corp.		431,250
	300,000	Park-Ohio Holdings Corp.		10,095,000
	19,000	Pentair plc		871,530
	94,000	Raven Industries Inc.		3,239,240
	19,000	Roper Technologies Inc.		6,730,370
	78,000	Sonoco Products Co.		4,814,160
	57,000	Standex International Corp.		4,522,950
	456,000	Steel Connect Inc.†		665,760
	283,046	Steel Partners Holdings LP†		3,425,423
	15,000	T. Hasegawa Co. Ltd.		294,188
	8,000	Terex Corp.		238,240
	375,000	Textron Inc.		16,725,000
	490,000	Tredegar Corp.		10,951,500
	230,000	Trinity Industries Inc.		5,094,500
	50,000	Ultra Electronics Holdings plc		1,400,111
				205,839,403
		Educational Services — 0.0%
	42,000	Career Education Corp.†		772,380

2

The Gabelli Small Cap Growth Fund

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

Shares			Market Value
		COMMON STOCKS (Continued)
		Electronics — 1.7%
	164,500	Badger Meter Inc.	$	10,680,985
	225,500	Bel Fuse Inc., Cl. A(a)		3,608,000
	540,000	CTS Corp.		16,205,400
	36,382	Daktronics Inc.		221,566
	135,000	Gentex Corp.		3,912,300
	40,000	IMAX Corp.†		817,200
	40,000	Renesas Electronics Corp.†		276,103
	100,000	Stoneridge Inc.†		2,932,000
				38,653,554
		Energy and Utilities — 4.1%
	30,000	Avangrid Inc.		1,534,800
	700,000	Black Ridge Oil and Gas Inc.†		12,600
	28,100	Chesapeake Utilities Corp.		2,692,823
	36,000	CMS Energy Corp.		2,262,240
	11,000	Consolidated Water Co. Ltd.		179,300
	100,000	Covanta Holding Corp.		1,484,000
	58,000	Diamondback Energy Inc.		5,385,880
	46,000	Dril-Quip Inc.†		2,157,860
	76,000	Energy Recovery Inc.†		744,040
	84,000	Hawaiian Electric Industries Inc.		3,936,240
	30,000	KLX Energy Services Holdings Inc.†		193,200
	25,500	Landis+Gyr Group AG		2,653,286
	25,000	Marathon Petroleum Corp.		1,506,250
	33,500	Middlesex Water Co.		2,129,595
	52,000	National Fuel Gas Co.		2,420,080
	15,000	Northwest Natural Holding Co.		1,105,950
	34,000	NorthWestern Corp.		2,436,780
	60,000	Oceaneering International Inc.†		894,600
	50,000	Otter Tail Corp.		2,564,500
	708,000	PNM Resources Inc.		35,902,680
	1,865,000	RPC Inc.		9,772,600
	20,000	Siemens Gamesa Renewable Energy SA		350,757
	94,000	SJW Group		6,679,640
	40,000	Southwest Gas Holdings Inc.		3,038,800
	9,000	Spire Inc.		749,790
	37,500	The York Water Co.		1,729,125
	12,000	Vestas Wind Systems A/S		1,212,636
				95,730,052
		Entertainment — 2.6%
	4,000	AMC Entertainment Holdings Inc., Cl. A		28,960
	50,000	Discovery Inc., Cl. A†		1,637,000
	79,000	Discovery Inc., Cl. C†		2,408,710
	96,000	Inspired Entertainment Inc.†		648,000
	83,000	Liberty Media Corp.- Liberty Braves, Cl. A†		2,460,950
	236,000	Liberty Media Corp.- Liberty Braves, Cl. C†		6,971,440
	30,000	Manchester United plc, Cl. A		597,900
	35,000	Take-Two Interactive Software Inc.†		4,285,050
	100,000	The Madison Square Garden Co., Cl. A†		29,419,000

Shares			Market Value
	26,000	The Walt Disney Co.	$	3,760,380
	74,000	Universal Entertainment Corp.		2,530,118
	76,000	World Wrestling Entertainment Inc., Cl. A		4,930,120
				59,677,628
		Environmental Services — 0.7%
	185,000	Republic Services Inc.		16,581,550
		Equipment and Supplies — 12.7%
	55,000	A.O. Smith Corp.		2,620,200
	458,000	AMETEK Inc.		45,680,920
	50,000	AZZ Inc.		2,297,500
	24,000	Chart Industries Inc.†		1,619,760
	189,000	CIRCOR International Inc.†		8,739,360
	390,062	Core Molding Technologies Inc.†		1,267,702
	150,000	Crown Holdings Inc.†		10,881,000
	2,025	Danaher Corp.		310,797
	130,200	Donaldson Co. Inc.		7,502,124
	88,000	Entegris Inc.		4,407,920
	376,000	Federal Signal Corp.		12,126,000
	260,000	Flowserve Corp.		12,940,200
	271,000	Franklin Electric Co. Inc.		15,533,720
	622,000	Graco Inc.		32,344,000
	67,000	IDEX Corp.		11,524,000
	290,000	Interpump Group SpA		9,186,315
	22,000	Littelfuse Inc.		4,208,600
	55,000	Maezawa Kyuso Industries Co. Ltd.		1,124,753
	78,000	Minerals Technologies Inc.		4,495,140
	6,000	MSA Safety Inc.		758,160
	723,000	Mueller Industries Inc.		22,955,250
	600,000	Mueller Water Products Inc., Cl. A		7,188,000
	3,600	Teleflex Inc.		1,355,184
	215,000	Tennant Co.		16,752,800
	819,800	The Gorman-Rupp Co.		30,742,500
	110,000	The Greenbrier Companies Inc.		3,567,300
	230,000	The L.S. Starrett Co., Cl. A†		1,315,600
	33,000	The Manitowoc Co. Inc.†		577,500
	63,500	The Middleby Corp.†		6,954,520
	40,000	The Timken Co.		2,252,400
	42,000	The Toro Co.		3,346,140
	7,500	Valmont Industries Inc.		1,123,350
	30,000	Vicor Corp.†		1,401,600
	7,875	Watsco Inc., Cl. B		1,430,494
	70,000	Watts Water Technologies Inc., Cl. A		6,983,200
				297,514,009
		Financial Services — 3.7%
	8,500	Alleghany Corp.†		6,796,345
	8,240	Ameris Bancorp		350,530
	26,000	Argo Group International Holdings Ltd.		1,709,500
	9,400	BKF Capital Group Inc.†		110,450
	16,000	Cadence BanCorp		290,080
	12,000	Capitol Federal Financial Inc.		164,760
	22,000	Crazy Woman Creek Bancorp Inc.		422,840

3

The Gabelli Small Cap Growth Fund

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

Shares			Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	365,000	Energy Transfer LP	$	4,682,950
	124	Farmers & Merchants Bank of Long Beach		973,276
	430,000	Flushing Financial Corp.		9,290,150
	66,000	FNB Corp.		838,200
	360,000	GAM Holding AG†		1,043,025
	290,000	Hope Bancorp Inc.		4,309,400
	445,000	Huntington Bancshares Inc.		6,710,600
	38,000	Janus Henderson Group plc		929,100
	740,000	KKR & Co. Inc., Cl. A		21,585,800
	2,500	Manning & Napier Inc.		4,350
	90,000	Medallion Financial Corp.†		654,300
	56,000	Pzena Investment Management Inc., Cl. A		482,720
	43,072	Sandy Spring Bancorp Inc.		1,631,567
	15,000	Sculptor Capital Management Inc.		331,500
	843	South State Corp.		73,130
	20,000	State Auto Financial Corp.		620,400
	410,000	Sterling Bancorp		8,642,800
	84,000	Synovus Financial Corp.		3,292,800
	20,000	TFS Financial Corp.		393,600
	15,000	Thomasville Bancshares Inc.		690,000
	240,000	Valley National Bancorp		2,748,000
	40,000	Value Line Inc.		1,156,400
	328,000	Waddell & Reed Financial Inc., Cl. A		5,484,160
	10,000	Waterloo Investment Holdings Ltd.†(b)		2,100
	133,000	Wright Investors’ Service Holdings Inc.†		56,259
				86,471,092
		Food and Beverage — 8.9%
	425,000	Arca Continental SAB de CV		2,248,010
	112,000	Brown-Forman Corp., Cl. A		7,030,240
	42,000	Bull-Dog Sauce Co. Ltd.		435,636
	2,100,000	China Tontine Wines Group Ltd.†		34,765
	211,000	Chr. Hansen Holding A/S		16,767,625
	340,000	Cott Corp.		4,651,200
	345,200	Crimson Wine Group Ltd.†		2,554,480
	2,100,000	Davide Campari-Milano SpA		19,174,425
	205,000	Denny’s Corp.†		4,075,400
	1,500,000	Dynasty Fine Wines Group Ltd.†		62,562
	103,000	Farmer Brothers Co.†		1,551,180
	435,000	Flowers Foods Inc.		9,456,900
	148,000	ITO EN Ltd.		7,464,360
	76,000	Iwatsuka Confectionery Co. Ltd.		2,930,744
	23,000	J & J Snack Foods Corp.		4,238,210
	140,000	Kameda Seika Co. Ltd.		6,423,082
	885,000	Kikkoman Corp.		43,738,898
	764,000	Maple Leaf Foods Inc.		15,226,460
	6,000	MEIJI Holdings Co. Ltd.		407,528
	32,000	MGP Ingredients Inc.		1,550,400
	84,000	Morinaga Milk Industry Co. Ltd.		3,440,247
	27,000	National Beverage Corp.†		1,377,540
	78,000	Nissin Foods Holdings Co. Ltd.		5,829,092

Shares			Market Value
	23,000	Post Holdings Inc.†	$	2,509,300
	285,000	Rock Field Co. Ltd.		4,013,161
	9,500	The Boston Beer Co. Inc., Cl. A†		3,589,575
	286,000	The Hain Celestial Group Inc.†		7,423,130
	67,000	The J.M. Smucker Co.		6,976,710
	625,000	Tingyi (Cayman Islands) Holding Corp.		1,066,758
	293,000	Tootsie Roll Industries Inc.		10,003,020
	19,000	United Natural Foods Inc.†		166,440
	410,000	Vina Concha y Toro SA		771,964
	1,225,000	Vitasoy International Holdings Ltd.		4,441,083
	20,000	Willamette Valley Vineyards Inc.†		138,600
	114,000	Yakult Honsha Co. Ltd.		6,326,630
				208,095,355
		Health Care — 5.9%
	3,500	Align Technology Inc.†		976,640
	7,000	Bio-Rad Laboratories Inc., Cl. A†		2,590,210
	15,000	Bruker Corp.		764,550
	63,000	Cantel Medical Corp.		4,466,700
	13,000	Cardiovascular Systems Inc.†		631,670
	7,000	Chemed Corp.		3,074,820
	26,000	CONMED Corp.		2,907,580
	34,400	Covetrus Inc.†		454,080
	442,000	Cutera Inc.†		15,828,020
	32,000	DexCom Inc.†		6,999,680
	44,000	Evolent Health Inc., Cl. A†		398,200
	186,000	Globus Medical Inc., Cl. A†		10,951,680
	78,000	Henry Schein Inc.†		5,204,160
	33,500	ICU Medical Inc.†		6,268,520
	12,000	LivaNova plc†		905,160
	63,500	Masimo Corp.†		10,036,810
	110,000	Meridian Bioscience Inc.		1,074,700
	25,400	Neogen Corp.†		1,657,604
	127,000	NuVasive Inc.†		9,822,180
	216,000	OPKO Health Inc.†		317,520
	138,000	Orthofix Medical Inc.†		6,372,840
	44,000	Owens & Minor Inc.		227,480
	44,500	Patterson Cos. Inc.		911,360
	406,000	Quidel Corp.†		30,462,180
	120,000	RTI Surgical Holdings Inc.†		328,800
	25,000	Seikagaku Corp.		283,926
	24,000	STERIS plc		3,658,080
	1,900	Straumann Holding AG		1,865,840
	3,000	Stryker Corp.		629,820
	34,000	SurModics Inc.†		1,408,620
	32,000	Teladoc Health Inc.†		2,679,040
	2,700	The Cooper Companies Inc.		867,483
	38,000	United-Guardian Inc.		746,700
	30,000	Wright Medical Group NV†		914,400
				136,687,053
		Home Furnishings — 0.3%
	208,000	Bassett Furniture Industries Inc.		3,469,440

4

The Gabelli Small Cap Growth Fund

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

Shares			Market Value
		COMMON STOCKS (Continued)
		Home Furnishings (Continued)
	17,000	Ethan Allen Interiors Inc.	$	324,020
	88,000	La-Z-Boy Inc.		2,770,240
				6,563,700
		Hotels and Gaming — 4.4%
	269,000	Boyd Gaming Corp.		8,053,860
	190,000	Canterbury Park Holding Corp.		2,356,000
	174,000	Churchill Downs Inc.		23,872,800
	140,000	Formosa International Hotels Corp.		784,602
	556,000	Full House Resorts Inc.†		1,862,600
	60,000	Gaming and Leisure Properties Inc., REIT		2,583,000
	1,000,000	Genting Singapore Ltd.		684,040
	171,000	Golden Entertainment Inc.†		3,286,620
	12,000	Las Vegas Sands Corp.		828,480
	3,000,000	Mandarin Oriental International Ltd.		5,460,000
	30,000	Penn National Gaming Inc.†		766,800
	434,000	Ryman Hospitality Properties Inc., REIT		37,610,440
	2,950,000	The Hongkong & Shanghai Hotels Ltd.		3,161,133
	276,000	The Marcus Corp.		8,768,520
	22,000	Wynn Resorts Ltd.		3,055,140
				103,134,035
		Machinery — 2.0%
	360,000	Astec Industries Inc.		15,120,000
	1,550,000	CNH Industrial NV		17,050,000
	170,000	Kennametal Inc.		6,271,300
	6,000	Nordson Corp.		977,040
	171,000	The Eastern Co.		5,220,630
	156,000	Twin Disc Inc.†		1,719,120
	90,000	Welbilt Inc.†		1,404,900
				47,762,990
		Manufactured Housing and Recreational Vehicles — 1.0%
	88,000	Cavco Industries Inc.†		17,193,440
	70,000	Nobility Homes Inc.		1,680,000
	85,000	Skyline Champion Corp.†		2,694,500
	55,000	Winnebago Industries Inc.		2,913,900
				24,481,840
		Metals and Mining — 0.1%
	50,000	Allegheny Technologies Inc.†		1,033,000
	45,000	Ivanhoe Mines Ltd., Cl. A†		147,280
	100,000	Kinross Gold Corp.†		474,000
	130,000	TimkenSteel Corp.†		1,021,800
	30,000	Turquoise Hill Resources Ltd.†		22,086
				2,698,166
		Publishing — 0.9%
	3,000	Graham Holdings Co., Cl. B		1,916,970
	5,000	John Wiley & Sons Inc., Cl. B		246,025
	48,000	Meredith Corp.		1,558,560
	50,000	News Corp., Cl. A		707,000
	1,105,000	The E.W. Scripps Co., Cl. A		17,359,550
				21,788,105

Shares			Market Value
		Real Estate — 2.0%
	79,000	Capital Properties Inc., Cl. A	$	1,216,600
	50,000	Cohen & Steers Inc.		3,138,000
	260,000	Griffin Industrial Realty Inc.(a)		10,283,000
	6,967	Gyrodyne LLC†		131,328
	19,000	Lamar Advertising Co., Cl. A, REIT		1,695,940
	92,000	Morguard Corp.		14,240,499
	99,995	Reading International Inc., Cl. A†		1,118,944
	2,737	Reading International Inc., Cl. B†		73,899
	28,000	Seritage Growth Properties, Cl. A, REIT		1,122,240
	166,000	Tejon Ranch Co.†		2,652,680
	573,000	The St. Joe Co.†		11,362,590
	100,000	Trinity Place Holdings Inc.†		301,000
				47,336,720
		Retail — 5.3%
	20,000	Aaron’s Inc.		1,142,200
	155,000	AutoNation Inc.†		7,537,650
	21,024	Barnes & Noble Education Inc.†		89,772
	39,000	Big 5 Sporting Goods Corp.		117,000
	2,500	Biglari Holdings Inc., Cl. A†		1,500,000
	3,000	Casey’s General Stores Inc.		476,970
	120,000	Copart Inc.†		10,912,800
	2,500	Dunkin’ Brands Group Inc.		188,850
	145,000	GNC Holdings Inc., Cl. A†		391,500
	845,000	Hertz Global Holdings Inc.†		13,308,750
	626,000	Ingles Markets Inc., Cl. A		29,741,260
	77,000	Lands’ End Inc.†		1,293,600
	90,000	Macy’s Inc.		1,530,000
	85,000	Movado Group Inc.		1,847,900
	157,000	Nathan’s Famous Inc.		11,128,160
	84,000	Penske Automotive Group Inc.		4,218,480
	93,000	Pets at Home Group plc		344,435
	286,000	Rush Enterprises Inc., Cl. B		13,070,200
	8,500	Salvatore Ferragamo SpA		178,772
	324,000	The Cheesecake Factory Inc.		12,590,640
	88,400	Tractor Supply Co.		8,260,096
	44,500	Village Super Market Inc., Cl. A		1,032,400
	55,000	Weis Markets Inc.		2,226,950
	600	Winmark Corp.		118,980
				123,247,365
		Specialty Chemicals — 3.2%
	85,000	Albemarle Corp.		6,208,400
	29,000	Ashland Global Holdings Inc.		2,219,370
	1,870,000	Ferro Corp.†		27,732,100
	101,000	GCP Applied Technologies Inc.†		2,293,710
	91,200	General Chemical Group Inc.†		684
	290,000	H.B. Fuller Co.		14,955,300
	16,000	Hawkins Inc.		732,960
	76,000	Huntsman Corp.		1,836,160
	13,400	NewMarket Corp.		6,519,368
	10,500	Quaker Chemical Corp.		1,727,460

5

The Gabelli Small Cap Growth Fund

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

Shares			Market Value
		COMMON STOCKS (Continued)
		Specialty Chemicals (Continued)
	88,000	Sensient Technologies Corp.	$	5,815,920
	18,000	SGL Carbon SE†		95,704
	6,000	Takasago International Corp.		140,702
	191,000	Valvoline Inc.		4,089,310
				74,367,148
		Telecommunications — 1.1%
	12,000	ATN International Inc.		664,680
	80,000	Consolidated Communications Holdings Inc.		310,400
	142,000	Gogo Inc.†		908,800
	175,000	HC2 Holdings Inc.†		379,750
	6,000	IDT Corp., Cl. B†		43,260
	112,000	Iridium Communications Inc.†		2,759,680
	40,000	Liberty Latin America Ltd., Cl. C†		778,400
	55,000	Loral Space & Communications Inc.†		1,777,600
	380,321	NII Holdings Inc.†		825,297
	130,000	Nuvera Communications Inc.		2,470,000
	100,000	Rogers Communications Inc., Cl. B		4,967,000
	171,000	Shenandoah Telecommunications Co.		7,115,310
	721,000	VEON Ltd., ADR		1,824,130
	21,000	Verizon Communications Inc.		1,289,400
				26,113,707
		Transportation — 1.7%
	448,000	GATX Corp.		37,116,800
	18,600	Irish Continental Group plc		100,980
	115,000	Navigator Holdings Ltd.†		1,549,050
				38,766,830
		Wireless Communications — 0.2%
	47,000	Millicom International Cellular SA, SDR		2,251,058
	58,000	United States Cellular Corp.†		2,101,340
				4,352,398
		TOTAL COMMON STOCKS		2,326,030,430
		CLOSED-END FUNDS — 0.2%
	75,000	MVC Capital Inc.		687,750
	54,000	The Central Europe, Russia, and Turkey Fund Inc.		1,528,200

Shares			Market Value
	31,977	The European Equity Fund Inc.		$	299,944
	118,000	The New Germany Fund Inc.			1,850,240
		TOTAL CLOSED-END FUNDS			4,366,134
		PREFERRED STOCKS — 0.2%
		Automotive: Parts and Accessories — 0.2%
	124,000	Jungheinrich AG			2,990,466
		RIGHTS — 0.0%
		Entertainment — 0.0%
	1,680,000	Media General Inc., CVR†(b)			2
		Health Care — 0.0%
	290,000	Sanofi, CVR†			249,458
		Specialty Chemicals — 0.0%
	65,000	A. Schulman Inc., CVR†(b)			33,995
		TOTAL RIGHTS			283,455
		TOTAL MISCELLANEOUS INVESTMENTS — 0.0%(c)			1,062,600
		TOTAL INVESTMENTS — 100.0%     (Cost $863,718,911)		$	2,334,733,085

(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 previously 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

SDR Swedish Depositary Receipt

6