1

The

Gabelli

Equity

Income

Fund

Schedule

of

Investments

—

June

30,

2023

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

96.9%

 —

0.1%

20,000‌

Iveco

Group

NV†

......................................

$

180,092‌

6,000‌

Madison

Square

Garden

Entertainment

Corp.†

..................................................

201,720‌

381,812‌

Aerospace

 —

0.8%

14,000‌

Aerojet

Rocketdyne

Holdings

Inc.†

............

768,180‌

2,000‌

Lockheed

Martin

Corp.

.............................

920,760‌

8,200‌

Rockwell

Automation

Inc.

.........................

2,701,490‌

4,390,430‌

Agriculture

 —

0.8%

50,000‌

Archer-Daniels-Midland

Co.

......................

3,778,000‌

10,000‌

The

Mosaic

Co.

........................................

350,000‌

4,128,000‌

Automotive

 —

0.4%

14,500‌

PACCAR

Inc.

............................................

1,212,925‌

44,000‌

Traton

SE

.................................................

941,051‌

2,153,976‌

Automotive:

Parts

and

Accessories

 —

5.4%

80,000‌

Dana

Inc.

.................................................

1,360,000‌

166,400‌

Genuine

Parts

Co.

.....................................

28,159,872‌

29,519,872‌

Broadcasting

 —

0.5%

74,000‌

Liberty

Global

plc,

Cl. A†

..........................

1,247,640‌

11,000‌

Liberty

Global

plc,

Cl. C†

..........................

195,470‌

45,000‌

Sinclair

Inc.

..............................................

621,900‌

44,000‌

TEGNA

Inc.

..............................................

714,560‌

2,779,570‌

Building

and

Construction

 —

2.1%

30,000‌

Carrier

Global

Corp.

..................................

1,491,300‌

39,500‌

Fortune

Brands

Innovations

Inc.

...............

2,842,025‌

23,500‌

Herc

Holdings

Inc.

....................................

3,215,975‌

47,500‌

Johnson

Controls

International

plc

............

3,236,650‌

10,000‌

Knife

River

Corp.†

....................................

435,000‌

30,000‌

Masterbrand

Inc.†

....................................

348,900‌

11,569,850‌

Business

Services

 —

3.8%

10,000‌

Automatic

Data

Processing

Inc.

................

2,197,900‌

24,600‌

Mastercard

Inc.,

Cl. A

...............................

9,675,180‌

2,400‌

MSC

Industrial

Direct

Co.

Inc.,

Cl. A

..........

228,672‌

30,500‌

Pentair

plc

................................................

1,970,300‌

16,000‌

S&P

Global

Inc.

........................................

6,414,240‌

20,486,292‌

Cable

and

Satellite

 —

0.3%

120,000‌

DISH

Network

Corp.,

Cl. A†

......................

790,800‌

16,000‌

EchoStar

Corp.,

Cl. A†

..............................

277,440‌

Shares

Market

Value

20,000‌

Liberty

Media

Corp.

-

Liberty

Braves,

Cl. A†

...................................................

$

818,400‌

1,886,640‌

Communications

Equipment

 —

0.3%

42,000‌

Corning

Inc.

.............................................

1,471,680‌

Computer

Hardware

 —

1.8%

31,300‌

Apple

Inc.

................................................

6,071,261‌

25,800‌

International

Business

Machines

Corp.

......

3,452,298‌

9,523,559‌

Computer

Software

and

Services

 —

2.3%

90,000‌

Hewlett

Packard

Enterprise

Co.

.................

1,512,000‌

31,500‌

Microsoft

Corp.

........................................

10,727,010‌

12,239,010‌

Consumer

Products

 —

1.4%

1,500‌

Ball

Corp.

.................................................

87,315‌

5,500‌

Edgewell

Personal

Care

Co.

......................

227,205‌

49,500‌

Energizer

Holdings

Inc.

.............................

1,662,210‌

30,000‌

Essity

AB,

Cl. A

.........................................

796,914‌

1,000‌

National

Presto

Industries

Inc.

..................

73,200‌

34,000‌

Reckitt

Benckiser

Group

plc

......................

2,552,802‌

41,000‌

Unilever

plc,

ADR

.....................................

2,137,330‌

7,536,976‌

Consumer

Services

 —

0.1%

1,600‌

Allegion

plc

..............................................

192,032‌

14,000‌

Rollins

Inc.

...............................................

599,620‌

791,652‌

Diversified

Industrial

 —

6.6%

1,200‌

AMETEK

Inc.

............................................

194,256‌

68,500‌

Crane

Co.

.................................................

6,104,720‌

48,000‌

Crane

NXT

Co.

..........................................

2,709,120‌

33,500‌

Eaton

Corp.

plc

.........................................

6,736,850‌

1,500‌

Honeywell

International

Inc.

......................

311,250‌

8,600‌

Ingersoll

Rand

Inc.

...................................

562,096‌

48,000‌

ITT

Inc.

....................................................

4,474,080‌

38,000‌

Jardine

Matheson

Holdings

Ltd.

................

1,924,700‌

20,000‌

Modine

Manufacturing

Co.†

......................

660,400‌

13,500‌

Myers

Industries

Inc.

................................

262,305‌

21,500‌

nVent

Electric

plc

......................................

1,110,905‌

21,500‌

Svenska

Cellulosa

AB

SCA,

Cl. A

...............

274,697‌

110,000‌

Textron

Inc.

..............................................

7,439,300‌

150,000‌

Toray

Industries

Inc.

.................................

832,045‌

8,000‌

Trane

Technologies

plc

.............................

1,530,080‌

25,000‌

Trinity

Industries

Inc.

................................

642,750‌

35,769,554‌

Electronics

 —

2.2%

6,500‌

Sony

Group

Corp.

.....................................

584,029‌

33,000‌

Sony

Group

Corp.,

ADR

............................

2,971,320‌

48,000‌

TE

Connectivity

Ltd.

..................................

6,727,680‌

2

The

Gabelli

Equity

Income

Fund

Schedule

of

Investments

(Continued)

—

June

30,

2023

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Electronics

(Continued)

10,000‌

Texas

Instruments

Inc.

.............................

$

1,800,200‌

12,083,229‌

Energy

and

Utilities:

Electric

 —

0.4%

8,000‌

Avangrid

Inc.

............................................

301,440‌

20,000‌

Korea

Electric

Power

Corp.,

ADR†

.............

155,000‌

13,500‌

Portland

General

Electric

Co.

.....................

632,205‌

63,000‌

The

AES

Corp.

..........................................

1,305,990‌

2,394,635‌

Energy

and

Utilities:

Integrated

 —

0.6%

50,000‌

Energy

Transfer

LP

...................................

635,000‌

21,000‌

Eni

SpA

....................................................

302,068‌

6,500‌

Iberdrola

SA,

ADR

....................................

339,755‌

57,000‌

OGE

Energy

Corp.

.....................................

2,046,870‌

3,323,693‌

Energy

and

Utilities:

Natural

Gas

 —

2.1%

115,000‌

National

Fuel

Gas

Co.

................................

5,906,400‌

11,500‌

ONE

Gas

Inc.

............................................

883,315‌

59,000‌

ONEOK

Inc.

..............................................

3,641,480‌

16,000‌

Southwest

Gas

Holdings

Inc.

....................

1,018,400‌

11,449,595‌

Energy

and

Utilities:

Oil

 —

3.7%

26,000‌

Callon

Petroleum

Co.†

..............................

911,820‌

40,000‌

Chevron

Corp.

..........................................

6,294,000‌

4,500‌

ConocoPhillips

.........................................

466,245‌

6,800‌

Devon

Energy

Corp.

..................................

328,712‌

12,000‌

Exxon

Mobil

Corp.

....................................

1,287,000‌

56,000‌

Hess

Corp.

...............................................

7,613,200‌

18,000‌

Marathon

Petroleum

Corp.

........................

2,098,800‌

13,500‌

TotalEnergies

SE,

ADR

..............................

778,140‌

1,706‌

Vitesse

Energy

Inc.

...................................

38,214‌

19,816,131‌

Energy

and

Utilities:

Services

 —

0.8%

4,000‌

Dril-Quip

Inc.†

..........................................

93,080‌

94,500‌

Halliburton

Co.

.........................................

3,117,555‌

23,000‌

MDU

Resources

Group

Inc.

......................

481,620‌

11,000‌

Schlumberger

NV

.....................................

540,320‌

4,232,575‌

Energy

and

Utilities:

Water

 —

0.1%

3,600‌

Essential

Utilities

Inc.

...............................

143,676‌

17,000‌

Severn

Trent

plc

.......................................

553,999‌

697,675‌

Entertainment

 —

1.3%

90,000‌

Grupo

Televisa

SAB,

ADR

.........................

461,700‌

2,500‌

Madison

Square

Garden

Sports

Corp.

.......

470,125‌

315,000‌

Paramount

Global,

Cl. A

............................

5,846,400‌

6,000‌

Sphere

Entertainment

Co.†

.......................

164,340‌

6,942,565‌

Shares

Market

Value

Environmental

Services

 —

0.2%

7,500‌

Republic

Services

Inc.

..............................

$

1,148,775‌

Equipment

and

Supplies

 —

5.8%

6,000‌

A.O.

Smith

Corp.

......................................

436,680‌

1,000‌

Crown

Holdings

Inc.

.................................

86,870‌

14,000‌

Danaher

Corp.

..........................................

3,360,000‌

160,000‌

Flowserve

Corp.

.......................................

5,944,000‌

50,000‌

Graco

Inc.

................................................

4,317,500‌

23,000‌

Minerals

Technologies

Inc.

.......................

1,326,870‌

119,200‌

Mueller

Industries

Inc.

..............................

10,403,776‌

15,000‌

Parker-Hannifin

Corp.

...............................

5,850,600‌

31,726,296‌

Financial

Services

 —

12.4%

20,000‌

AllianceBernstein

Holding

LP

....................

643,200‌

19,000‌

American

Express

Co.

...............................

3,309,800‌

19,000‌

Ameris

Bancorp

.......................................

649,990‌

3,700‌

Argo

Group

International

Holdings

Ltd.

.....

109,557‌

5,195‌

Banco

Santander

Chile,

ADR

.....................

97,926‌

124,500‌

Bank

of

America

Corp.

..............................

3,571,905‌

12,000‌

BNP

Paribas

SA

........................................

755,809‌

34,000‌

Interactive

Brokers

Group

Inc.,

Cl. A

.........

2,824,380‌

14,500‌

Jefferies

Financial

Group

Inc.

....................

480,965‌

8,500‌

JPMorgan

Chase

&

Co.

.............................

1,236,240‌

48,500‌

Julius

Baer

Group

Ltd.

..............................

3,052,891‌

21,000‌

Kinnevik

AB,

Cl. A†

...................................

325,552‌

63,500‌

Loews

Corp.

.............................................

3,770,630‌

11,200‌

M&T

Bank

Corp.

.......................................

1,386,112‌

14,500‌

Marsh

&

McLennan

Companies

Inc.

..........

2,727,160‌

10,000‌

Morgan

Stanley

........................................

854,000‌

5,800‌

Popular

Inc.

.............................................

351,016‌

64,000‌

SLM

Corp.

...............................................

1,044,480‌

122,000‌

State

Street

Corp.

.....................................

8,927,960‌

6,300‌

T.

Rowe

Price

Group

Inc.

..........................

705,726‌

297,000‌

The

Bank

of

New

York

Mellon

Corp.

..........

13,222,440‌

15,000‌

The

Goldman

Sachs

Group

Inc.

.................

4,838,100‌

23,500‌

The

PNC

Financial

Services

Group

Inc.

......

2,959,825‌

222‌

UBS

Group

AG

.........................................

4,488‌

53,000‌

Valley

National

Bancorp

............................

410,750‌

117,000‌

Webster

Financial

Corp.

............................

4,416,750‌

108,000‌

Wells

Fargo

&

Co.

....................................

4,609,440‌

67,287,092‌

Food

and

Beverage

 —

18.1%

1,000‌

Anheuser-Busch

InBev

SA/NV

...................

56,557‌

197,000‌

Brown-Forman

Corp.,

Cl. A

.......................

13,409,790‌

34,000‌

Campbell

Soup

Co.

...................................

1,554,140‌

19,000‌

Coca-Cola

Europacific

Partners

plc

............

1,224,170‌

10,000‌

Coca-Cola

Femsa

SAB

de

CV,

ADR

............

833,100‌

5,400‌

Constellation

Brands

Inc.,

Cl. A

.................

1,329,102‌

35,000‌

Danone

SA

...............................................

2,144,099‌

35,000‌

Davide

Campari-Milano

NV

.......................

484,657‌

49,500‌

Diageo

plc,

ADR

.......................................

8,587,260‌

3

The

Gabelli

Equity

Income

Fund

Schedule

of

Investments

(Continued)

—

June

30,

2023

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Food

and

Beverage

(Continued)

81,500‌

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

.....................................................

$

9,033,460‌

1,000‌

General

Mills

Inc.

.....................................

76,700‌

1,675,000‌

Grupo

Bimbo

SAB

de

CV,

Cl. A

..................

8,996,874‌

93,000‌

Heineken

NV

............................................

9,557,537‌

132,000‌

ITO

EN

Ltd.

..............................................

3,630,812‌

17,500‌

Kellogg

Co.

..............................................

1,179,500‌

4,000‌

McCormick

&

Co.

Inc.

..............................

346,400‌

31,200‌

McCormick

&

Co.

Inc.,

Non-Voting

...........

2,721,576‌

31,000‌

Mondelēz

International

Inc.,

Cl. A

..............

2,261,140‌

31,800‌

Nestlé

SA

.................................................

3,822,893‌

54,000‌

Nissin

Foods

Holdings

Co.

Ltd.

.................

4,457,119‌

31,000‌

PepsiCo

Inc.

.............................................

5,741,820‌

23,800‌

Pernod

Ricard

SA

.....................................

5,256,441‌

31,200‌

Remy

Cointreau

SA

..................................

5,002,977‌

30,000‌

Sapporo

Holdings

Ltd.

..............................

770,297‌

4,500‌

The

Boston

Beer

Co.

Inc.,

Cl. A†

...............

1,387,980‌

10,000‌

The

Coca-Cola

Co.

....................................

602,200‌

1,000‌

The

Hershey

Co.

.......................................

249,700‌

50,000‌

The

Kraft

Heinz

Co.

...................................

1,775,000‌

32,000‌

Yakult

Honsha

Co.

Ltd.

.............................

2,019,197‌

98,512,498‌

Health

Care

 —

4.5%

4,400‌

Abbott

Laboratories

..................................

479,688‌

3,000‌

AbbVie

Inc.

..............................................

404,190‌

3,200‌

Alcon

Inc.

................................................

262,752‌

75,000‌

Baxter

International

Inc.

............................

3,417,000‌

4,400‌

Bio-Rad

Laboratories

Inc.,

Cl. A†

..............

1,668,128‌

87,500‌

Bristol-Myers

Squibb

Co.

..........................

5,595,625‌

69,500‌

Demant

A/S†

............................................

2,938,485‌

6,400‌

GSK

plc,

ADR

...........................................

228,096‌

8,000‌

Haleon

plc,

ADR

.......................................

67,040‌

30,000‌

Henry

Schein

Inc.†

...................................

2,433,000‌

16,000‌

Merck

&

Co.

Inc.

......................................

1,846,240‌

12,000‌

Novartis

AG,

ADR

.....................................

1,210,920‌

24,000‌

Perrigo

Co.

plc

.........................................

814,800‌

21,500‌

Pfizer

Inc.

................................................

788,620‌

42,500‌

Roche

Holding

AG,

ADR

...........................

1,623,500‌

2,000‌

Zimmer

Biomet

Holdings

Inc.

...................

291,200‌

10,000‌

Zimvie

Inc.†

.............................................

112,300‌

24,181,584‌

Hotels

and

Gaming

 —

0.1%

12,000‌

MGM

Resorts

International

.......................

527,040‌

1,500‌

Wynn

Resorts

Ltd.

...................................

158,415‌

685,455‌

Machinery

 —

4.3%

6,000‌

Caterpillar

Inc.

..........................................

1,476,300‌

145,000‌

CNH

Industrial

NV

....................................

2,088,000‌

44,700‌

Deere

&

Co.

.............................................

18,111,993‌

Shares

Market

Value

6,000‌

Otis

Worldwide

Corp.

...............................

$

534,060‌

8,500‌

Xylem

Inc.

................................................

957,270‌

23,167,623‌

Metals

and

Mining

 —

1.7%

82,000‌

Freeport-McMoRan

Inc.

............................

3,280,000‌

138,000‌

Newmont

Corp.

........................................

5,887,080‌

9,167,080‌

Publishing

 —

0.0%

3,000‌

Value

Line

Inc.

.........................................

137,700‌

Real

Estate

Investment

Trusts

 —

0.4%

62,000‌

Weyerhaeuser

Co.

....................................

2,077,620‌

Retail

 —

4.7%

14,000‌

Cie

Financiere

Richemont

SA,

Cl. A

...........

2,372,046‌

42,000‌

Copart

Inc.†

.............................................

3,830,820‌

6,200‌

Costco

Wholesale

Corp.

............................

3,337,956‌

86,100‌

CVS

Health

Corp.

......................................

5,952,093‌

44,600‌

Ingles

Markets

Inc.,

Cl. A

..........................

3,686,190‌

63,000‌

Seven

&

i

Holdings

Co.

Ltd.

......................

2,709,138‌

3,000‌

The

Home

Depot

Inc.

................................

931,920‌

80,000‌

Walgreens

Boots

Alliance

Inc.

...................

2,279,200‌

1,000‌

Walmart

Inc.

............................................

157,180‌

25,256,543‌

Specialty

Chemicals

 —

0.9%

2,700‌

Albemarle

Corp.

.......................................

602,343‌

2,500‌

Ashland

Inc.

.............................................

217,275‌

2,200‌

FMC

Corp.

................................................

229,548‌

43,000‌

H.B.

Fuller

Co.

..........................................

3,074,930‌

2,000‌

NewMarket

Corp.

.....................................

804,240‌

600‌

Quaker

Chemical

Corp.

.............................

116,940‌

5,045,276‌

Telecommunications

 —

3.5%

105,000‌

BCE

Inc.

...................................................

4,786,950‌

190,000‌

Deutsche

Telekom

AG,

ADR

......................

4,151,500‌

14,000‌

Orange

SA,

ADR

.......................................

162,960‌

65,000‌

Telefonica

SA,

ADR

...................................

261,950‌

250,000‌

Telephone

and

Data

Systems

Inc.

..............

2,057,500‌

94,000‌

TELUS

Corp.

............................................

1,829,240‌

156,000‌

Verizon

Communications

Inc.

...................

5,801,640‌

19,051,740‌

Transportation

 —

2.3%

97,000‌

GATX

Corp.

..............................................

12,487,780‌

Wireless

Communications

 —

0.1%

80,000‌

BT

Group

plc,

Cl. A

...................................

124,308‌

40,000‌

Telesat

Corp.,

New

York†

..........................

376,800‌

20,000‌

Turkcell

Iletisim

Hizmetleri

A/S,

ADR

.........

71,400‌

572,508‌

TOTAL

COMMON

STOCKS

..................

526,074,541‌

4

The

Gabelli

Equity

Income

Fund

Schedule

of

Investments

(Continued)

—

June

30,

2023

(Unaudited)

Shares

Market

Value

WARRANTS

 —

0.0%

Retail

 —

0.0%

28,000‌

Cie

Financiere

Richemont

SA,

expire

11/22/23†

.............................................

$

38,635‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

3.1%

$

17,175,000‌

U.S.

Treasury

Bills,

4.961%

to

5.313%††,

08/17/23

to

11/16/23

............................

17,004,470‌

TOTAL

INVESTMENTS

—

100.0%

(Cost

$211,866,234)

.............................

$

543,117,646‌

†

Non-income

producing

security.

††

Represents

annualized

yields

at

dates

of

purchase.

ADR

American

Depositary

Receipt