The Gabelli Equity Income Fund

Schedule of Investments — December 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 100.0%
		Aerospace — 1.1%
	53,000	Aerojet Rocketdyne Holdings Inc.†	$	2,801,050
	2,000	Lockheed Martin Corp.		709,960
	7,000	Raytheon Technologies Corp.		500,570
	9,500	Rockwell Automation Inc.		2,382,695
				6,394,275
		Agriculture — 0.6%
	60,000	Archer-Daniels-Midland Co.		3,024,600
	12,000	The Mosaic Co.		276,120
				3,300,720
		Automotive — 0.2%
	10,000	PACCAR Inc.		862,800
		Automotive: Parts and Accessories — 3.8%
	76,000	Dana Inc.		1,483,520
	202,000	Genuine Parts Co.(a)		20,286,860
				21,770,380
		Broadcasting — 0.3%
	38,000	Liberty Global plc, Cl. A†		920,360
	10,000	Liberty Global plc, Cl. C†		236,500
	34,500	MSG Networks Inc., Cl. A†		508,530
				1,665,390
		Building and Construction — 1.9%
	30,000	Carrier Global Corp.		1,131,600
	52,500	Fortune Brands Home & Security Inc.		4,500,300
	43,000	Herc Holdings Inc.†		2,855,630
	50,000	Johnson Controls International plc		2,329,500
				10,817,030
		Business Services — 4.4%
	15,500	Automatic Data Processing Inc.		2,731,100
	35,500	Mastercard Inc., Cl. A		12,671,370
	2,400	MSC Industrial Direct Co. Inc., Cl. A		202,536
	32,000	Pentair plc		1,698,880
	22,500	S&P Global Inc.		7,396,425
				24,700,311
		Cable and Satellite — 0.8%
	138,000	DISH Network Corp., Cl. A†		4,462,920
	16,000	EchoStar Corp., Cl. A†		339,040
				4,801,960
		Communications Equipment — 0.3%
	42,000	Corning Inc.		1,512,000
		Computer Hardware — 1.7%
	49,000	Apple Inc.		6,501,810
	25,000	International Business Machines Corp.		3,147,000
				9,648,810

Shares			Market Value
		Computer Software and Services — 1.9%
	100,000	Hewlett Packard Enterprise Co.	$	1,185,000
	42,000	Microsoft Corp.		9,341,640
				10,526,640
		Consumer Products — 7.4%
	12,000	Altria Group Inc.		492,000
	11,000	Edgewell Personal Care Co.		380,380
	53,000	Energizer Holdings Inc.		2,235,540
	30,000	Essity AB, Cl. A		986,314
	1,500	National Presto Industries Inc.		132,645
	34,500	Reckitt Benckiser Group plc		3,086,434
	417,000	Swedish Match AB		32,325,660
	42,000	Unilever plc, ADR		2,535,120
				42,174,093
		Consumer Services — 0.2%
	1,600	Allegion plc		186,208
	18,000	Rollins Inc.		703,260
				889,468
		Diversified Industrial — 5.2%
	80,000	Crane Co.		6,212,800
	36,000	Eaton Corp. plc		4,325,040
	1,700	Honeywell International Inc.		361,590
	8,824	Ingersoll Rand Inc.†		402,021
	48,000	ITT Inc.		3,696,960
	31,000	Jardine Matheson Holdings Ltd.		1,736,000
	148,000	Jardine Strategic Holdings Ltd.		3,682,240
	24,000	nVent Electric plc		558,960
	112,000	Textron Inc.		5,412,960
	158,000	Toray Industries Inc.		934,794
	9,500	Trane Technologies plc		1,379,020
	25,000	Trinity Industries Inc.		659,750
				29,362,135
		Electronics — 2.3%
	15,000	Sony Corp.		1,494,117
	39,000	Sony Corp., ADR		3,942,900
	50,000	TE Connectivity Ltd.		6,053,500
	10,000	Texas Instruments Inc.		1,641,300
				13,131,817
		Energy and Utilities: Electric — 0.4%
	6,000	Avangrid Inc.		272,700
	22,000	Korea Electric Power Corp., ADR†		269,940
	8,000	Portland General Electric Co.		342,160
	65,000	The AES Corp.		1,527,500
				2,412,300
		Energy and Utilities: Integrated — 0.6%
	50,000	Energy Transfer LP		309,000
	21,000	Eni SpA		219,296
	6,500	Iberdrola SA, ADR		373,750

1

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — December 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities: Integrated (Continued)
	58,000	OGE Energy Corp.	$	1,847,880
	15,000	PNM Resources Inc.		727,950
				3,477,876
		Energy and Utilities: Natural Gas — 1.5%
	110,500	National Fuel Gas Co.		4,544,865
	11,500	ONE Gas Inc.		882,855
	61,000	ONEOK Inc.		2,341,180
	7,500	Southwest Gas Holdings Inc.		455,625
				8,224,525
		Energy and Utilities: Oil — 1.9%
	56,000	Chevron Corp.		4,729,200
	7,000	ConocoPhillips		279,930
	12,000	Exxon Mobil Corp.		494,640
	62,000	Hess Corp.		3,272,980
	18,000	Marathon Petroleum Corp.		744,480
	7,000	Royal Dutch Shell plc, Cl. A, ADR		245,980
	16,000	TOTAL SE, ADR		670,560
	15,000	WPX Energy Inc.†		122,250
				10,560,020
		Energy and Utilities: Services — 0.5%
	135,000	Halliburton Co.		2,551,500
	10,000	Schlumberger NV		218,300
				2,769,800
		Energy and Utilities: Water — 0.2%
	5,000	Essential Utilities Inc.		236,450
	25,000	Severn Trent plc		782,552
				1,019,002
		Entertainment — 2.3%
	28,000	Grupo Televisa SAB, ADR†		230,720
	1,000	Madison Square Garden Entertainment Corp.†		105,040
	1,000	Madison Square Garden Sports Corp.†		184,100
	335,000	ViacomCBS Inc., Cl. A.		12,669,700
				13,189,560
		Environmental Services — 0.2%
	10,000	Republic Services Inc.		963,000
	2,500	Waste Management Inc.		294,825
				1,257,825
		Equipment and Supplies — 4.3%
	9,000	A.O. Smith Corp.		493,380
	14,200	Danaher Corp.		3,154,388
	164,000	Flowserve Corp.		6,043,400
	55,000	Graco Inc.		3,979,250
	20,000	Minerals Technologies Inc.		1,242,400
	157,000	Mueller Industries Inc.		5,512,270

Shares			Market Value
	15,500	Parker-Hannifin Corp.	$	4,222,355
				24,647,443
		Financial Services — 14.9%
	3,000	Alleghany Corp.		1,811,070
	22,000	AllianceBernstein Holding LP		742,940
	32,000	American Express Co.(a)		3,869,120
	21,500	Ameris Bancorp		818,505
	7,000	Argo Group International Holdings Ltd		305,900
	5,195	Banco Santander Chile, ADR		98,653
	145,000	Bank of America Corp.		4,394,950
	12,500	BNP Paribas SA†		658,240
	19,000	Eaton Vance Corp.		1,290,670
	44,000	Interactive Brokers Group Inc., Cl. A		2,680,480
	15,000	Jefferies Financial Group Inc.		369,000
	13,500	JPMorgan Chase & Co.		1,715,445
	56,000	Julius Baer Group Ltd.		3,226,025
	25,000	Kinnevik AB, Cl. A		1,288,347
	75,000	Loews Corp.		3,376,500
	16,500	M&T Bank Corp.		2,100,450
	22,500	Marsh & McLennan Cos. Inc.		2,632,500
	15,000	Morgan Stanley		1,027,950
	9,000	Popular Inc.		506,880
	92,000	SLM Corp.		1,139,880
	125,000	State Street Corp.		9,097,500
	265,000	Sterling Bancorp		4,764,700
	6,600	T. Rowe Price Group Inc.		999,174
	309,000	The Bank of New York Mellon Corp.(a)		13,113,960
	18,000	The Goldman Sachs Group Inc.		4,746,780
	81,000	The PNC Financial Services Group     Inc.(a)		12,069,000
	53,000	Valley National Bancorp		516,750
	52,000	Waddell & Reed Financial Inc., Cl. A		1,324,440
	123,000	Wells Fargo & Co.		3,712,140
				84,397,949
		Food and Beverage — 18.3%
	1,000	Anheuser-Busch InBev SA/NV		69,646
	240,000	Brown-Forman Corp., Cl. A		17,632,800
	34,000	Campbell Soup Co.		1,643,900
	72,000	Coca-Cola Amatil Ltd., ADR		705,600
	19,000	Coca-Cola European Partners plc		946,770
	10,000	Coca-Cola Femsa SAB de CV, ADR		461,000
	6,000	Constellation Brands Inc., Cl. A		1,314,300
	46,000	Danone SA		3,021,092
	140,000	Davide Campari-Milano NV		1,597,430
	49,500	Diageo plc, ADR		7,861,095
	86,000	Fomento Economico Mexicano SAB de CV, ADR		6,516,220
	1,000	General Mills Inc.		58,800
	1,880,000	Grupo Bimbo SAB de CV, Cl. A		4,076,585
	93,000	Heineken NV		10,363,819
	142,000	ITO EN Ltd.		8,980,292
	21,500	Kellogg Co.		1,337,945

2

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — December 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	4,000	McCormick & Co. Inc., Cl. V	$	382,280
	31,500	McCormick & Co. Inc., Non-Voting		3,011,400
	37,000	Mondele¯z International Inc., Cl. A		2,163,390
	34,000	Nestlé SA		4,004,112
	57,000	Nissin Foods Holdings Co. Ltd.		4,879,957
	35,000	PepsiCo Inc.		5,190,500
	27,000	Pernod Ricard SA		5,171,977
	39,500	Remy Cointreau SA		7,349,263
	35,000	Sapporo Holdings Ltd.		674,883
	10,000	The Coca-Cola Co.		548,400
	1,000	The Hershey Co.		152,330
	50,000	The Kraft Heinz Co.		1,733,000
	6,001	Tootsie Roll Industries Inc.		178,230
	32,000	Yakult Honsha Co. Ltd.		1,611,544
				103,638,560
		Health Care — 4.7%
	5,500	Abbott Laboratories		602,195
	3,000	AbbVie Inc.		321,450
	4,000	Alcon Inc.†		263,920
	75,000	Baxter International Inc.		6,018,000
	4,400	Bio-Rad Laboratories Inc., Cl. A†		2,564,936
	95,000	Bristol-Myers Squibb Co.		5,892,850
	72,000	Demant A/S†		2,843,411
	8,000	GlaxoSmithKline plc, ADR		294,400
	32,000	Henry Schein Inc.†		2,139,520
	16,000	Merck & Co. Inc.		1,308,800
	16,000	Novartis AG, ADR		1,510,880
	20,000	Pfizer Inc.		736,200
	45,000	Roche Holding AG, ADR		1,972,800
	2,400	Zimmer Biomet Holdings Inc.		369,816
				26,839,178
		Hotels and Gaming — 0.1%
	21,000	MGM Resorts International		661,710
	1,500	Wynn Resorts Ltd.		169,245
				830,955
		Machinery — 3.2%
	6,000	Caterpillar Inc.		1,092,120
	57,000	Deere & Co.		15,335,850
	11,000	Otis Worldwide Corp.		743,050
	11,000	Xylem Inc.		1,119,690
				18,290,710
		Metals and Mining — 2.1%
	130,000	Freeport-McMoRan Inc.		3,382,600
	145,000	Newmont Corp.		8,684,050
				12,066,650
		Paper and Forest Products — 0.1%
	23,000	Svenska Cellulosa AB SCA, Cl. A†		413,170

Shares			Market Value
		Publishing — 0.0%
	3,000	Value Line Inc.	$	98,910
		Real Estate — 0.7%
	9,000	Indus Realty Trust Inc.†		562,500
	108,000	Weyerhaeuser Co., REIT		3,621,240
				4,183,740
		Retail — 4.5%
	14,000	Cie Financiere Richemont SA, Cl. A		1,266,373
	30,000	Copart Inc.†		3,817,500
	11,000	Costco Wholesale Corp.		4,144,580
	95,000	CVS Health Corp.		6,488,500
	68,500	Ingles Markets Inc., Cl. A		2,922,210
	78,000	Seven & i Holdings Co. Ltd.		2,764,050
	6,000	The Home Depot Inc.		1,593,720
	60,000	Walgreens Boots Alliance Inc.		2,392,800
	1,000	Walmart Inc.		144,150
	5,200	Weis Markets Inc.		248,612
				25,782,495
		Specialty Chemicals — 1.1%
	6,500	Albemarle Corp.		958,880
	3,000	Ashland Global Holdings Inc.		237,600
	66,000	Ferro Corp.†		965,580
	8,000	FMC Corp.		919,440
	46,000	H.B. Fuller Co.		2,386,480
	2,000	NewMarket Corp.		796,580
	600	Quaker Chemical Corp.		152,034
				6,416,594
		Telecommunications — 4.5%
	113,000	BCE Inc.		4,836,400
	190,000	Deutsche Telekom AG, ADR		3,471,300
	15,500	Loral Space & Communications Inc.		325,345
	12,000	Orange SA, ADR		142,320
	12,000	Proximus SA		237,635
	25,520	Telefonica SA, ADR		103,101
	136,000	Telephone and Data Systems Inc.		2,525,520
	94,000	TELUS Corp.		1,861,200
	200,000	Verizon Communications Inc.(a)		11,750,000
				25,252,821
		Transportation — 1.7%
	118,500	GATX Corp.		9,856,830
		Wireless Communications — 0.1%
	100,000	BT Group plc, Cl. A		180,852
	20,000	Turkcell Iletisim Hizmetleri A/S, ADR		107,800
				288,652
		TOTAL COMMON STOCKS		567,473,394

3

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — December 31, 2020 (Unaudited)

Shares			Market Value
		WARRANTS — 0.0%
		Energy and Utilities: Oil — 0.0%
	1,250	Occidental Petroleum Corp., expire   08/03/27†	$	8,513
		Retail — 0.0%
	28,000	Cie Financiere Richemont SA, expire   11/22/23†		7,274
		TOTAL WARRANTS		15,787
		TOTAL INVESTMENTS — 100.0%
		(Cost $218,366,033)	$	567,489,181

(a)     Securities, or a portion thereof, with a value of $29,552,500 were     deposited with Pershing LLC.

†     Non-income producing security.

ADR     American Depositary Receipt

REIT     Real Estate Investment Trust

4