The Gabelli Small Cap Growth Fund

Schedule of Investments — December 31, 2020 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 99.0%
		Aerospace — 2.0%
	654,000	Aerojet Rocketdyne Holdings Inc.†	$	34,563,900
	20,000	Allied Motion Technologies Inc.		1,022,000
	40,000	Innovative Solutions and Support Inc.		260,800
				35,846,700
		Agriculture — 0.0%
	12,000	Cadiz Inc.†		127,800
	13,500	Limoneira Co.		224,775
				352,575
		Automotive — 0.1%
	40,000	Navistar International Corp.†		1,758,400
	1,200	PACCAR Inc.		103,536
				1,861,936
		Automotive: Parts and Accessories — 4.0%
	155,000	BorgWarner Inc.		5,989,200
	88,022	China Automotive Systems Inc.†		549,257
	1,120,000	Dana Inc.		21,862,400
	848,000	Freni Brembo SpA†		11,188,359
	385,000	Modine Manufacturing Co.†		4,835,600
	18,000	Monro Inc.		959,400
	4,300	O’Reilly Automotive Inc.†		1,946,051
	45,000	Puradyn Filter Technologies Inc.†		360
	191,900	Standard Motor Products Inc.		7,764,274
	244,000	Strattec Security Corp.(a)		12,043,840
	318,000	Tenneco Inc., Cl. A†		3,370,800
	19,500	Thor Industries Inc.		1,813,305
	10,000	Uni-Select Inc.		63,713
				72,386,559
		Aviation: Parts and Services — 4.1%
	20,000	AAR Corp.		724,400
	9,500	Astronics Corp.†		125,685
	22,700	Astronics Corp., Cl. B†.		301,286
	46,000	Ducommun Inc.†		2,470,200
	682,000	Kaman Corp.		38,962,660
	89,000	Moog Inc., Cl. A		7,057,700
	16,500	Moog Inc., Cl. B		1,250,535
	3,840,000	Signature Aviation plc†		20,322,144
	33,500	Woodward Inc.		4,071,255
				75,285,865
		Broadcasting — 1.8%
	127,500	Beasley Broadcast Group Inc., Cl. A		189,975
	10,000	Cogeco Communications Inc.		768,796
	23,300	Cogeco Inc.		1,500,616
	185,000	Corus Entertainment Inc., Cl. B		622,044
	40,000	Fox Corp., Cl. A.		1,164,800
	25,000	Gray Television Inc.†		447,250
	72,350	Gray Television Inc., Cl. A†.		1,208,976
	260,000	ITV plc†		379,727
	13,000	Liberty Broadband Corp., Cl. A†		2,048,540
	11,000	Liberty Broadband Corp., Cl. C†		1,742,070

Shares			Market Value
	20,000	Liberty Media Corp.-Liberty Formula One, Cl. A†	$	759,800
	27,000	Liberty Media Corp.-Liberty Formula One, Cl. C†		1,150,200
	64,000	Liberty Media Corp.-Liberty SiriusXM, Cl. A†		2,764,160
	34,452	Liberty Media Corp.-Liberty SiriusXM, Cl. C†		1,499,006
	345,000	MSG Networks Inc., Cl. A†		5,085,300
	22,900	Nexstar Media Group Inc., Cl. A		2,500,451
	140,000	Salem Media Group Inc.		145,600
	166,000	Sinclair Broadcast Group Inc., Cl. A		5,287,100
	480,000	Sirius XM Holdings Inc.		3,057,600
				32,322,011
		Building and Construction — 5.6%
	79,000	Arcosa Inc.		4,339,470
	96,000	D.R. Horton Inc.		6,616,320
	29,000	Gibraltar Industries Inc.†		2,086,260
	424,000	Herc Holdings Inc.†		28,157,840
	128,000	KB Home		4,290,560
	390,000	Lennar Corp., Cl. B		23,868,000
	20,000	Louisiana-Pacific Corp.		743,400
	103,000	MDC Holdings Inc.		5,005,800
	18,500	Meritage Homes Corp.†		1,532,170
	2,700	NVR Inc.†		11,015,622
	153,000	PulteGroup Inc.		6,597,360
	65,000	Titan Machinery Inc.†.		1,270,750
	162,000	Toll Brothers Inc.		7,042,140
				102,565,692
		Business Services — 3.1%
	13,000	ACCO Brands Corp.		109,850
	583,000	Clear Channel Outdoor Holdings     Inc.†		961,950
	395,000	Diebold Nixdorf Inc.†		4,210,700
	70,000	Element Solutions Inc.		1,241,100
	70,000	GP Strategies Corp.†		830,200
	13,000	GSE Systems Inc.†		17,160
	200,000	IAA Inc.†		12,996,000
	59,000	Live Nation Entertainment Inc.†		4,335,320
	165,000	Macquarie Infrastructure Corp.		6,195,750
	16,000	McGrath RentCorp.		1,073,600
	20,000	Sealed Air Corp.		915,800
	71,000	Sohgo Security Services Co. Ltd.		3,678,756
	8,000	Stamps.com Inc.†		1,569,520
	96,000	Team Inc.†		1,046,400
	371,000	The Interpublic Group of Companies     Inc.		8,725,920
	25,000	TransAct Technologies Inc.†		177,500
	1,645,000	Trans-Lux Corp.†(a)		296,100
	37,000	United Rentals Inc.†		8,580,670
				56,962,296
		Cable — 0.8%
	160,000	AMC Networks Inc., Cl. A†		5,723,200
	40,000	DISH Network Corp., Cl. A†		1,293,600
	30,000	EchoStar Corp., Cl. A†		635,700

1

The Gabelli Small Cap Growth Fund

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

Shares			Market Value
		COMMON STOCKS (Continued)
		Cable (Continued)
	121,000	Liberty Global plc, Cl. A†	$	2,930,620
	145,000	Liberty Global plc, Cl. C†		3,429,250
	90,000	WideOpenWest Inc.†		960,300
				14,972,670
		Communications Equipment — 0.1%
	250,000	Communications Systems Inc.		1,142,500
		Computer Software and Services — 2.3%
	16,000	3D Systems Corp.†		167,680
	78,500	Activision Blizzard Inc.		7,288,725
	390,000	Alithya Group Inc., Cl. A†		819,000
	177,000	Avid Technology Inc.†		2,808,990
	140,000	GTY Technology Holdings Inc.†		725,200
	13,000	MKS Instruments Inc.		1,955,850
	38,000	Rockwell Automation Inc.		9,530,780
	78,000	Stratasys Ltd.†		1,616,160
	38,200	Tyler Technologies Inc.†		16,675,064
				41,587,449
		Consumer Products — 2.6%
	30,000	1-800-Flowers.com Inc., Cl. A†		780,000
	85,000	Brunswick Corp.		6,480,400
	32,000	Chofu Seisakusho Co. Ltd.		645,237
	41,000	Church & Dwight Co. Inc.		3,576,430
	17,000	Energizer Holdings Inc.		717,060
	5,000	Ginko International Co. Ltd.		25,981
	2,000	Harley-Davidson Inc.		73,400
	140,000	Hunter Douglas NV†		10,980,190
	2,500	Kobayashi Pharmaceutical Co. Ltd.		305,312
	4,000	LCI Industries		518,720
	230,000	Marine Products Corp.		3,344,200
	3,000	National Presto Industries Inc.		265,290
	230,000	Sally Beauty Holdings Inc.†		2,999,200
	215,000	Samick Musical Instruments Co. Ltd.		288,962
	3,700	Shimano Inc.		863,053
	14,000	Steven Madden Ltd.		494,480
	102,000	Swedish Match AB		7,906,996
	10,000	The Scotts Miracle-Gro Co.		1,991,400
	9,500	WD-40 Co.		2,523,960
	85,000	Wolverine World Wide Inc.		2,656,250
				47,436,521
		Consumer Services — 1.2%
	53,000	Bowlin Travel Centers Inc.†		135,150
	2,750	Collectors Universe Inc.		207,350
	3,000	H&E Equipment Services Inc.		89,430
	5,000	IAC/InterActiveCorp.†		946,750
	260,000	KAR Auction Services Inc.		4,838,600
	420,000	Rollins Inc.		16,409,400
				22,626,680
		Diversified Industrial — 10.1%
	10,500	Acuity Brands Inc.		1,271,445

Shares			Market Value
	58,000	Albany International Corp., Cl. A	$	4,258,360
	187,496	Ampco-Pittsburgh Corp.†		1,027,478
	65,500	Burnham Holdings Inc., Cl. A		835,125
	359,000	Crane Co.		27,879,940
	109,000	EnPro Industries Inc.		8,231,680
	115,000	Greif Inc., Cl. A		5,391,200
	95,700	Greif Inc., Cl. B		4,629,966
	1,382,000	Griffon Corp.		28,165,160
	186,000	Jardine Strategic Holdings Ltd.		4,627,680
	5,000	JSP Corp.		83,822
	83,000	Kimball International Inc., Cl. B		991,850
	60,000	L.B. Foster Co., Cl. A†		903,000
	53,000	Lawson Products Inc.†		2,698,230
	54,000	Lincoln Electric Holdings Inc.		6,277,500
	40,000	Lindsay Corp.		5,138,400
	22,500	Lydall Inc.†		675,675
	30,500	Matthews International Corp., Cl. A		896,700
	922,000	Myers Industries Inc.		19,159,160
	72,000	Oil-Dri Corp. of America		2,453,760
	14,000	Olin Corp.		343,840
	300,000	Park-Ohio Holdings Corp.		9,270,000
	12,500	Pentair plc		663,625
	94,000	Raven Industries Inc.		3,110,460
	16,100	Roper Technologies Inc.		6,940,549
	69,000	Sonoco Products Co.		4,088,250
	55,000	Standex International Corp.		4,263,600
	170,000	Steel Connect Inc.†		133,790
	33,629	Steel Partners Holdings LP†		361,512
	13,000	T. Hasegawa Co. Ltd.		273,207
	8,000	Terex Corp.		279,120
	346,000	Textron Inc.		16,722,180
	385,000	Tredegar Corp.		6,429,500
	228,000	Trinity Industries Inc.		6,016,920
	48,000	Ultra Electronics Holdings plc		1,360,061
				185,852,745
		Electronics — 2.2%
	142,500	Badger Meter Inc.		13,403,550
	214,000	Bel Fuse Inc., Cl. A(a)		2,856,900
	480,000	CTS Corp.		16,478,400
	30,000	Daktronics Inc.		140,400
	115,000	Gentex Corp.		3,901,950
	20,000	IMAX Corp.†		360,400
	30,000	Renesas Electronics Corp.†		313,496
	68,000	Stoneridge Inc.†		2,055,640
				39,510,736
		Energy and Utilities — 2.1%
	21,000	Avangrid Inc.		954,450
	25,000	Callon Petroleum Co.†		329,000
	16,000	Chesapeake Utilities Corp.		1,731,360
	35,500	CMS Energy Corp.		2,165,855
	11,000	Consolidated Water Co. Ltd.		132,550

2

The Gabelli Small Cap Growth Fund

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

Shares			Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities (Continued)
	100,000	Covanta Holding Corp.	$	1,313,000
	46,000	Diamondback Energy Inc.		2,226,400
	34,500	Dril-Quip Inc.†		1,021,890
	74,000	Energy Recovery Inc.†		1,009,360
	24,000	Landis+Gyr Group AG		1,881,396
	25,000	Marathon Petroleum Corp.		1,034,000
	31,000	Middlesex Water Co.		2,246,570
	11,000	Northwest Natural Holding Co.		505,890
	21,500	NorthWestern Corp.		1,253,665
	16,000	Otter Tail Corp.		681,760
	10,000	PNM Resources Inc.		485,300
	1,850,000	RPC Inc.†		5,827,500
	20,000	Siemens Gamesa Renewable Energy     SA		808,488
	89,000	SJW Group		6,173,040
	32,500	Southwest Gas Holdings Inc.		1,974,375
	9,000	Spire Inc.		576,360
	34,000	The York Water Co.		1,584,400
	11,000	Vestas Wind Systems A/S		2,599,058
				38,515,667
		Entertainment — 1.4%
	50,000	Discovery Inc., Cl. A†		1,504,500
	70,000	Discovery Inc., Cl. C†		1,833,300
	76,500	Inspired Entertainment Inc.†		503,370
	95,000	Liberty Media Corp.- Liberty Braves, Cl.     A†		2,362,650
	200,000	Liberty Media Corp.- Liberty Braves, Cl. C†		4,976,000
	33,000	Madison Square Garden Sports Corp.†		6,075,300
	49,000	Manchester United plc, Cl. A		820,260
	10,000	Take-Two Interactive Software Inc.†		2,077,900
	4,000	The Walt Disney Co.†		724,720
	36,000	Universal Entertainment Corp.†		829,790
	68,000	World Wrestling Entertainment Inc., Cl.     A		3,267,400
				24,975,190
		Environmental Services — 0.4%
	76,000	Republic Services Inc.		7,318,800
		Equipment and Supplies — 15.2%
	25,500	A.O. Smith Corp.		1,397,910
	416,500	AMETEK Inc.		50,371,510
	52,000	AZZ Inc.		2,466,880
	16,000	Chart Industries Inc.†		1,884,640
	150,000	CIRCOR International Inc.†		5,766,000
	330,000	Core Molding Technologies Inc.†		4,646,400
	138,500	Crown Holdings Inc.†		13,877,700
	2,025	Danaher Corp.		449,833
	105,000	Donaldson Co. Inc.		5,867,400
	59,000	Entegris Inc.		5,669,900
	262,000	Federal Signal Corp.		8,690,540
	241,000	Flowserve Corp.		8,880,850

Shares			Market Value
	180,000	Franklin Electric Co. Inc.	$	12,457,800
	478,000	Graco Inc.		34,583,300
	42,000	IDEX Corp.		8,366,400
	168,000	Interpump Group SpA		8,279,269
	9,000	Littelfuse Inc.		2,291,940
	55,000	Maezawa Kyuso Industries Co. Ltd.		1,233,112
	66,000	Minerals Technologies Inc.		4,099,920
	6,000	MSA Safety Inc.		896,340
	690,000	Mueller Industries Inc.		24,225,900
	384,000	Mueller Water Products Inc., Cl. A		4,753,920
	3,600	Teleflex Inc.		1,481,652
	173,000	Tennant Co.		12,139,410
	778,000	The Gorman-Rupp Co.		25,246,100
	105,000	The Greenbrier Companies Inc.		3,819,900
	105,000	The L.S. Starrett Co., Cl. A†		444,150
	30,000	The Manitowoc Co. Inc.†		399,300
	61,000	The Middleby Corp.†		7,864,120
	37,000	The Timken Co.		2,862,320
	30,000	The Toro Co.		2,845,200
	7,300	Valmont Industries Inc.		1,276,989
	5,000	Vicor Corp.†		461,100
	7,875	Watsco Inc., Cl. B		1,796,248
	57,200	Watts Water Technologies Inc., Cl. A		6,961,240
				278,755,193
		Financial Services — 3.8%
	5,000	Alleghany Corp.		3,018,450
	8,240	Ameris Bancorp		313,697
	25,000	Argo Group International Holdings Ltd.		1,092,500
	12,000	Capitol Federal Financial Inc.		150,000
	22,000	Crazy Woman Creek Bancorp Inc.		422,400
	330,000	Energy Transfer LP		2,039,400
	130	Farmers & Merchants Bank of Long     Beach		861,250
	331,000	Flushing Financial Corp.		5,507,840
	66,000	FNB Corp.		627,000
	220,000	GAM Holding AG†		537,761
	278,000	Hope Bancorp Inc.		3,032,980
	410,000	Huntington Bancshares Inc.		5,178,300
	729,000	KKR & Co. Inc.		29,517,210
	80,000	Medallion Financial Corp.†		392,000
	55,000	Pzena Investment Management Inc., Cl.     A		401,500
	45,000	Sandy Spring Bancorp Inc.		1,448,550
	13,500	Sculptor Capital Management Inc.		205,200
	800	South State Corp.		57,840
	9,000	State Auto Financial Corp.		159,660
	404,000	Sterling Bancorp		7,263,920
	74,000	Synovus Financial Corp.		2,395,380
	16,000	TFS Financial Corp.		282,080
	15,000	Thomasville Bancshares Inc.		765,000
	230,000	Valley National Bancorp		2,242,500
	35,500	Value Line Inc.		1,170,435
	10,000	Waterloo Investment Holdings Ltd.†(b)		3,000

3

The Gabelli Small Cap Growth Fund

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

Shares			Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	133,000	Wright Investors’ Service Holdings Inc.†	$	35,079
				69,120,932
		Food and Beverage — 7.4%
	425,000	Arca Continental SAB de CV		2,032,363
	82,200	Brown-Forman Corp., Cl. A		6,039,234
	42,000	Bull-Dog Sauce Co. Ltd.		583,700
	900,000	China Tontine Wines Group Ltd.†		11,377
	200,000	Chr. Hansen Holding A/S†		20,563,325
	283,000	Crimson Wine Group Ltd.†		1,514,050
	10,000	Davide Campari-Milano NV		114,102
	220,000	Denny’s Corp.†		3,229,600
	500,000	Dynasty Fine Wines Group Ltd.†		32,893
	70,000	Farmer Brothers Co.†		326,900
	415,000	Flowers Foods Inc.		9,391,450
	122,000	ITO EN Ltd.		7,715,462
	46,000	Iwatsuka Confectionery Co. Ltd.		1,946,831
	23,000	J & J Snack Foods Corp.		3,573,510
	115,000	Kameda Seika Co. Ltd.		5,396,107
	270,000	Kikkoman Corp.		18,748,729
	700,000	Maple Leaf Foods Inc.		15,518,894
	6,000	MEIJI Holdings Co. Ltd.		421,868
	21,000	MGP Ingredients Inc.		988,260
	66,000	Morinaga Milk Industry Co. Ltd.		3,247,107
	23,800	National Beverage Corp.		2,020,620
	45,000	Nissin Foods Holdings Co. Ltd.		3,852,598
	15,000	Post Holdings Inc.†.		1,515,150
	124,000	Rock Field Co. Ltd.		1,883,027
	1,800	The Boston Beer Co. Inc., Cl. A†		1,789,722
	60,500	The J.M. Smucker Co.		6,993,800
	625,000	Tingyi (Cayman Islands) Holding Corp.		1,067,405
	200,001	Tootsie Roll Industries Inc.		5,940,030
	390,000	Vina Concha y Toro SA		677,189
	950,000	Vitasoy International Holdings Ltd.		3,700,766
	20,000	Willamette Valley Vineyards Inc.†		127,400
	100,000	Yakult Honsha Co. Ltd.		5,036,076
				135,999,545
		Health Care — 5.8%
	1,700	Align Technology Inc.†		908,446
	6,700	Bio-Rad Laboratories Inc., Cl. A†		3,905,698
	14,000	Bruker Corp.		757,820
	46,500	Cantel Medical Corp.		3,666,990
	1,000	Chemed Corp.		532,610
	22,500	CONMED Corp.		2,520,000
	32,000	Covetrus Inc.†.		919,680
	421,000	Cutera Inc.†		10,150,310
	12,500	DexCom Inc.†		4,621,500
	15,000	Evolent Health Inc., Cl. A†		240,450
	166,500	Globus Medical Inc., Cl. A†		10,859,130
	72,000	Henry Schein Inc.†		4,813,920
	28,500	ICU Medical Inc.†		6,112,965

Shares			Market Value
	38,000	Masimo Corp.†	$	10,198,440
	82,000	Meridian Bioscience Inc.†		1,532,580
	24,000	Neogen Corp.†		1,903,200
	107,400	NuVasive Inc.†		6,049,842
	216,000	OPKO Health Inc.†.		853,200
	129,000	Orthofix Medical Inc.†		5,544,420
	20,000	Patterson Cos. Inc.		592,600
	82,500	Quidel Corp.†		14,821,125
	24,000	Seikagaku Corp.		236,386
	17,200	STERIS plc		3,260,088
	1,900	Straumann Holding AG		2,213,769
	3,000	Stryker Corp.		735,120
	32,000	SurModics Inc.†		1,392,640
	28,000	Teladoc Health Inc.†		5,598,880
	100	The Cooper Companies Inc.		36,332
	38,000	United-Guardian Inc.		542,640
				105,520,781
		Home Furnishings — 0.4%
	185,000	Bassett Furniture Industries Inc.		3,714,800
	6,000	Ethan Allen Interiors Inc.		121,260
	76,500	La-Z-Boy Inc.		3,047,760
				6,883,820
		Hotels and Gaming — 4.1%
	171,000	Boyd Gaming Corp.		7,339,320
	191,040	Canterbury Park Holding Corp.		2,273,376
	127,500	Churchill Downs Inc.		24,835,725
	120,000	Formosa International Hotels Corp.		576,553
	554,000	Full House Resorts Inc.†		2,177,220
	48,508	Gaming and Leisure Properties Inc. ,   REIT		2,056,739
	800,000	Genting Singapore Ltd.		514,528
	168,000	Golden Entertainment Inc.†		3,341,520
	2,800,000	Mandarin Oriental International Ltd.†		4,760,000
	3,500	Penn National Gaming Inc.†		302,295
	314,000	Ryman Hospitality Properties Inc.,   REIT		21,276,640
	2,700,000	The Hongkong & Shanghai Hotels Ltd.		2,403,111
	132,000	The Marcus Corp.		1,779,360
	14,000	Wynn Resorts Ltd.		1,579,620
				75,216,007
		Machinery — 2.6%
	343,000	Astec Industries Inc.		19,852,840
	1,427,000	CNH Industrial NV†		18,322,680
	95,000	Kennametal Inc.		3,442,800
	5,300	Nordson Corp.		1,065,035
	160,000	The Eastern Co.		3,856,000
	100,000	Twin Disc Inc.†		785,000
	90,000	Welbilt Inc.†		1,188,000
				48,512,355
		Manufactured Housing and Recreational Vehicles — 1.1%
	71,000	Cavco Industries Inc.†		12,456,950
	70,000	Nobility Homes Inc.		1,741,250
	85,000	Skyline Champion Corp.†		2,629,900

4

The Gabelli Small Cap Growth Fund

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

Shares			Market Value
		COMMON STOCKS (Continued)
		Manufactured Housing and Recreational Vehicles (Continued)
	54,000	Winnebago Industries Inc.	$	3,236,760
				20,064,860
		Metals and Mining — 0.0%
	45,000	Ivanhoe Mines Ltd., Cl. A†		242,517
	95,000	Kinross Gold Corp.		697,300
	2,000	Turquoise Hill Resources Ltd.†		24,840
				964,657
		Publishing — 0.9%
	2,200	Graham Holdings Co., Cl. B		1,173,436
	5,000	John Wiley & Sons Inc., Cl. B		230,200
	26,000	Meredith Corp.		499,200
	34,000	News Corp., Cl. A.		610,980
	895,000	The E.W. Scripps Co., Cl. A		13,684,550
				16,198,366
		Real Estate — 2.6%
	78,500	Capital Properties Inc., Cl. A		969,867
	6,967	Gyrodyne LLC†.		118,369
	255,700	Indus Realty Trust Inc.†		15,981,250
	18,500	Lamar Advertising Co., Cl. A, REIT		1,539,570
	90,000	Morguard Corp.		8,162,856
	3,500	Reading International Inc., Cl. B†		79,660
	13,500	Seritage Growth Properties, Cl. A, REIT†		198,180
	134,000	Tejon Ranch Co.†.		1,936,300
	455,000	The St. Joe Co.		19,314,750
	96,000	Trinity Place Holdings Inc.†		120,000
				48,420,802
		Retail — 4.7%
	129,000	AutoNation Inc.†		9,002,910
	33,000	Big 5 Sporting Goods Corp		336,930
	975	Biglari Holdings Inc., Cl. A†		570,375
	93,200	Copart Inc.†		11,859,700
	500	Hertz Global Holdings Inc.†		640
	546,500	Ingles Markets Inc., Cl. A		23,313,690
	54,000	Lands’ End Inc.†		1,164,780
	82,000	Movado Group Inc.		1,362,840
	155,500	Nathan’s Famous Inc.		8,586,710
	72,000	Penske Automotive Group Inc.		4,276,080
	93,000	Pets at Home Group plc		529,313
	355,000	Rush Enterprises Inc., Cl. B		13,450,950
	10,000	Salvatore Ferragamo SpA†.		193,754
	90,000	The Cheesecake Factory Inc.		3,335,400
	47,000	Tractor Supply Co.		6,607,260
	43,000	Village Super Market Inc., Cl. A		948,580
	21,000	Weis Markets Inc.		1,004,010
	600	Winmark Corp.		111,480
				86,655,402
		Specialty Chemicals — 3.4%
	4,500	Albemarle Corp.		663,840
	28,000	Ashland Global Holdings Inc.		2,217,600

Shares			Market Value
	1,744,000	Ferro Corp.†	$	25,514,720
	120,000	GCP Applied Technologies Inc.†		2,838,000
	281,000	H.B. Fuller Co.		14,578,280
	17,000	Hawkins Inc.		889,270
	72,000	Huntsman Corp.		1,810,080
	6,400	NewMarket Corp.		2,549,056
	9,500	Quaker Chemical Corp.		2,407,205
	60,000	Sensient Technologies Corp.		4,426,200
	2,500	Takasago International Corp.		57,479
	91,200	The General Chemical Group Inc.†		456
	150,000	Valvoline Inc.		3,471,000
				61,423,186
		Telecommunications — 1.0%
	74,000	Consolidated Communications Holdings   Inc.†		361,860
	70,000	Gogo Inc.†		674,100
	162,000	HC2 Holdings Inc.†		528,120
	6,000	IDT Corp., Cl. B†		74,160
	96,000	Iridium Communications Inc.†		3,775,200
	51,000	Loral Space & Communications Inc.		1,070,490
	118,900	Nuvera Communications Inc.		2,294,770
	84,000	Rogers Communications Inc., Cl. B		3,913,560
	89,000	Shenandoah Telecommunications Co.		3,849,250
	710,000	VEON Ltd., ADR		1,072,100
	5,000	Verizon Communications Inc.		293,750
				17,907,360
		Transportation — 2.0%
	437,000	GATX Corp.		36,349,660
	18,600	Irish Continental Group plc†		102,252
	80,000	Navigator Holdings Ltd.†		876,000
				37,327,912
		Wireless Communications — 0.1%
	51,000	United States Cellular Corp.†		1,565,190
		TOTAL COMMON STOCKS		1,812,058,960
		CLOSED-END FUNDS — 0.2%
	55,000	The Central Europe, Russia, and Turkey Fund Inc.		1,323,850
	32,729	The European Equity Fund Inc.		340,382
	119,537	The New Germany Fund Inc.		2,274,789
		TOTAL CLOSED-END FUNDS		3,939,021
		PREFERRED STOCKS — 0.3%
		Automotive: Parts and Accessories — 0.3%
	106,000	Jungheinrich AG		4,739,513
		RIGHTS — 0.0%
		Entertainment — 0.0%
	1,680,000	Media General Inc., CVR†(b)		2

5

The Gabelli Small Cap Growth Fund

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

Shares			Market Value
		WARRANTS — 0.0%
		Business Services — 0.0%
	1	Internap Corp.,   expire 05/08/24†	$	652
		Diversified Industrial — 0.0%
	140,000	Ampco-Pittsburgh Corp., expire   08/01/25†		123,199
		TOTAL WARRANTS		123,851
		TOTAL MISCELLANEOUS     INVESTMENTS — 0.5%(c)		9,601,784
		TOTAL INVESTMENTS — 100.0%     (Cost $584,966,761)	$	1,830,463,131

(a) Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares.

(b) Security is valued under procedures adopted by the Board of Trustees 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

6