# EDGAR Filing Document

**Accession Number:** 0000877670
**File Stem:** 0001829126-26-006146
**Filing Date:** 2026-6
**Character Count:** 419987
**Document Hash:** 1bf5acb008b7b0f772651c0faab35e52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-006146.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001829126-26-006146

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GABELLI EQUITY SERIES FUNDS INC
- **CENTRAL INDEX KEY:** 0000877670

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06367
- **FILM NUMBER:** 261071484

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **STREET 2:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 9149217728

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **STREET 2:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

## Series and Classes Contracts Data

### THE GABELLI EQUITY INCOME FUND (Series ID: S000001061)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002850 | CLASS A      | GCAEX           |
| C000002851 | CLASS AAA    | GABEX           |
| C000061072 | Class I      | GCIEX           |
| C000243164 | CLASS C      | GEICX           |

### THE GABELLI SMALL CAP GROWTH FUND (Series ID: S000001062)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002854 | CLASS A      | GCASX           |
| C000002855 | CLASS AAA    | GABSX           |
| C000002857 | CLASS C      | GCCSX           |
| C000061073 | Class I      | GACIX           |

### THE GABELLI FOCUSED GROWTH AND INCOME FUND (Series ID: S000001063)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002858 | CLASS A      | GWSAX           |
| C000002860 | CLASS C      | GWSCX           |
| C000002861 | CLASS AAA    | GWSVX           |
| C000061074 | Class I      | GWSIX           |

### The Gabelli Global Financial Services Fund (Series ID: S000062891)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203680 | CLASS I      | GFSIX           |
| C000203681 | CLASS A      | GGFSX           |
| C000203682 | CLASS AAA    | GAFSX           |
| C000203683 | CLASS C      | GCFSX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-06367</u>

**Gabelli Equity Series Funds, Inc.**

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-800-422-3554</u>

Date of fiscal year end: <u>September 30</u>

Date of reporting period: <u>March 31, 2026</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

# The Gabelli Equity Income Fund

# Class AAA - GABEX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Gabelli Equity Income Fund seeks to provide a high level of total return on its assets with an emphasis on income. The Fund will seek to achieve its investment objective through a combination of capital appreciation and current income by investing, under normal market conditions, at least 80% of its net assets in income producing equity securities. Income producing equity securities include, for example, common stock, preferred stock, and convertible securities. In making stock selections, Gabelli Funds, LLC, the Adviser, looks for securities that have a better yield than the average of the S&P 500 Index, as well as capital gains potential. You may find additional information about the Fund at https://gabelli.com/ticker/GABEX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Equity Income Fund - Class AAA** | **$74** | **1.46%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, The Gabelli Equity Income Fund outperformed its benchmarks, the S&P 500 Index and the Lipper Equity Income Fund Average. Economic data released during the first quarter showed early signs of strengthening in the U.S. and many international regions. More recently, this momentum has been overshadowed by the emergence of the Iran conflict and its associated energy and supply chain disruptions. Contributors to the portfolio included Chevron Corp., Newmont Corp., and Flowserve Corp. Detractors included Genuine Parts Co., Microsoft, and Sony Group.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i78dcc8b2048724ebb3aeaeb2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Equity Income Fund - Class AAA** | **S&P 500 Index** | **Lipper Equity Income Fund Average** |
| **03/16** | 10000 | 10000 | 10000 |
| **03/17** | 11338 | 11717 | 11609 |
| **03/18** | 12237 | 13356 | 12651 |
| **03/19** | 12527 | 14625 | 13530 |
| **03/20** | 10189 | 13604 | 11791 |
| **03/21** | 15973 | 21270 | 17431 |
| **03/22** | 17633 | 24599 | 19831 |
| **03/23** | 17437 | 22697 | 18930 |
| **03/24** | 19457 | 29479 | 22431 |
| **03/25** | 20041 | 31912 | 24133 |
| **03/26** | 23370 | 37592 | 27394 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Equity Income Fund - Class AAA | 4.45% | 16.61% | 7.91% | 8.86% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| Lipper Equity Income Fund Average | 3.14% | 13.51% | 9.46% | 10.60% |

---

## Fund Statistics
* Total Net Assets$441,639,249

* Number of Portfolio Holdings215

* Portfolio Turnover Rate1%

* Management Fees$2,258,746

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GABEX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| The Bank of New York Mellon Corp. | 5.0% |
| Chevron Corp. | 3.3% |
| Newmont Corp. | 3.1% |
| Genuine Parts Co. | 3.1% |
| Deere & Co. | 3.0% |
| GATX Corp. | 2.7% |
| State Street Corp. | 2.7% |
| National Fuel Gas Co. | 2.3% |
| Textron Inc. | 1.9% |
| Parker-Hannifin Corp. | 1.9% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| U.S. Government Obligations | 0.2% |
| Other Assets and Liabilities (Net) | 0.2% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i6116866b506586c6e4b4d10b.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 16.2% |
| Food and Beverage | 12.7% |
| Diversified Industrial | 7.0% |
| Equipment and Supplies | 6.2% |
| Health Care | 5.8% |
| Energy and Utilities: Oil | 5.1% |
| Machinery | 4.2% |
| Metals and Mining | 4.2% |
| Other Industry sectors | 38.4% |
| Other Assets and Liabilities (Net) | 0.2% |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Equity Income Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class AAA - GABEX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GABEX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GABEX-26-SATSR

# The Gabelli Equity Income Fund

# Class C - GEICX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Gabelli Equity Income Fund seeks to provide a high level of total return on its assets with an emphasis on income. The Fund will seek to achieve its investment objective through a combination of capital appreciation and current income by investing, under normal market conditions, at least 80% of its net assets in income producing equity securities. Income producing equity securities include, for example, common stock, preferred stock, and convertible securities. In making stock selections, Gabelli Funds, LLC, the Adviser, looks for securities that have a better yield than the average of the S&P 500 Index, as well as capital gains potential. You may find additional information about the Fund at https://gabelli.com/ticker/GEICX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Equity Income Fund - Class C** | **$112** | **2.21%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, The Gabelli Equity Income Fund outperformed its benchmarks, the S&P 500 Index and the Lipper Equity Income Fund Average. Economic data released during the first quarter showed early signs of strengthening in the U.S. and many international regions. More recently, this momentum has been overshadowed by the emergence of the Iran conflict and its associated energy and supply chain disruptions. Contributors to the portfolio included Chevron Corp., Newmont Corp., and Flowserve Corp. Detractors included Genuine Parts Co., Microsoft, and Sony Group.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](id816f4695786c86ee6352990.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Equity Income Fund - Class C** | **The Gabelli Equity Income Fund - Class C (includes sales charge)** | **S&P 500 Index** | **Lipper Equity Income Fund Average** |
| **03/16** | 10000 | 10000 | 10000 | 10000 |
| **03/17** | 11252 | 11152 | 11717 | 11609 |
| **03/18** | 12051 | 11944 | 13356 | 12651 |
| **03/19** | 12248 | 12139 | 14625 | 13530 |
| **03/20** | 9876 | 9788 | 13604 | 11791 |
| **03/21** | 15374 | 15238 | 21270 | 17431 |
| **03/22** | 16864 | 16714 | 24599 | 19831 |
| **03/23** | 16528 | 16381 | 22697 | 18930 |
| **03/24** | 18299 | 18137 | 29479 | 22431 |
| **03/25** | 18752 | 18585 | 31912 | 24133 |
| **03/26** | 21654 | 21462 | 37592 | 27394 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Equity Income Fund - Class C | 3.92% | 15.48% | 7.09% | 8.03% |
| The Gabelli Equity Income Fund - Class C (includes sales charge) | 2.92% | 14.48% | 7.09% | 8.03% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| Lipper Equity Income Fund Average | 3.14% | 13.51% | 9.46% | 10.60% |

---

## Fund Statistics
* Total Net Assets$441,639,249

* Number of Portfolio Holdings215

* Portfolio Turnover Rate1%

* Management Fees$2,258,746

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GEICX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| The Bank of New York Mellon Corp. | 5.0% |
| Chevron Corp. | 3.3% |
| Newmont Corp. | 3.1% |
| Genuine Parts Co. | 3.1% |
| Deere & Co. | 3.0% |
| GATX Corp. | 2.7% |
| State Street Corp. | 2.7% |
| National Fuel Gas Co. | 2.3% |
| Textron Inc. | 1.9% |
| Parker-Hannifin Corp. | 1.9% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| U.S. Government Obligations | 0.2% |
| Other Assets and Liabilities (Net) | 0.2% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i6116866b506586c6e4b4d10b.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 16.2% |
| Food and Beverage | 12.7% |
| Diversified Industrial | 7.0% |
| Equipment and Supplies | 6.2% |
| Health Care | 5.8% |
| Energy and Utilities: Oil | 5.1% |
| Machinery | 4.2% |
| Metals and Mining | 4.2% |
| Other Industry sectors | 38.4% |
| Other Assets and Liabilities (Net) | 0.2% |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Equity Income Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class C - GEICX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GEICX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GEICX-26-SATSR

# The Gabelli Equity Income Fund

# Class I - GCIEX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Gabelli Equity Income Fund seeks to provide a high level of total return on its assets with an emphasis on income. The Fund will seek to achieve its investment objective through a combination of capital appreciation and current income by investing, under normal market conditions, at least 80% of its net assets in income producing equity securities. Income producing equity securities include, for example, common stock, preferred stock, and convertible securities. In making stock selections, Gabelli Funds, LLC, the Adviser, looks for securities that have a better yield than the average of the S&P 500 Index, as well as capital gains potential. You may find additional information about the Fund at https://gabelli.com/ticker/GCIEX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Equity Income Fund - Class I** | **$62** | **1.21%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, The Gabelli Equity Income Fund outperformed its benchmarks, the S&P 500 Index and the Lipper Equity Income Fund Average. Economic data released during the first quarter showed early signs of strengthening in the U.S. and many international regions. More recently, this momentum has been overshadowed by the emergence of the Iran conflict and its associated energy and supply chain disruptions. Contributors to the portfolio included Chevron Corp., Newmont Corp., and Flowserve Corp. Detractors included Genuine Parts Co., Microsoft, and Sony Group.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $50,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $50,000 Investment
![Growth of 10K Chart](i333c0169e2b4bb78d517de8a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Equity Income Fund - Class I** | **S&P 500 Index** | **Lipper Equity Income Fund Average** |
| **03/16** | 50000 | 50000 | 50000 |
| **03/17** | 56833 | 58585 | 58045 |
| **03/18** | 61495 | 66781 | 63257 |
| **03/19** | 63121 | 73125 | 67648 |
| **03/20** | 51440 | 68021 | 58955 |
| **03/21** | 80889 | 106351 | 87153 |
| **03/22** | 89512 | 122995 | 99154 |
| **03/23** | 88708 | 113487 | 94652 |
| **03/24** | 99188 | 147397 | 112153 |
| **03/25** | 102519 | 159558 | 120666 |
| **03/26** | 119803 | 187959 | 136968 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Equity Income Fund - Class I | 4.56% | 16.86% | 8.17% | 9.13% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| Lipper Equity Income Fund Average | 3.14% | 13.51% | 9.46% | 10.60% |

---

## Fund Statistics
* Total Net Assets$441,639,249

* Number of Portfolio Holdings215

* Portfolio Turnover Rate1%

* Management Fees$2,258,746

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GCIEX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| The Bank of New York Mellon Corp. | 5.0% |
| Chevron Corp. | 3.3% |
| Newmont Corp. | 3.1% |
| Genuine Parts Co. | 3.1% |
| Deere & Co. | 3.0% |
| GATX Corp. | 2.7% |
| State Street Corp. | 2.7% |
| National Fuel Gas Co. | 2.3% |
| Textron Inc. | 1.9% |
| Parker-Hannifin Corp. | 1.9% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| U.S. Government Obligations | 0.2% |
| Other Assets and Liabilities (Net) | 0.2% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i6116866b506586c6e4b4d10b.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 16.2% |
| Food and Beverage | 12.7% |
| Diversified Industrial | 7.0% |
| Equipment and Supplies | 6.2% |
| Health Care | 5.8% |
| Energy and Utilities: Oil | 5.1% |
| Machinery | 4.2% |
| Metals and Mining | 4.2% |
| Other Industry sectors | 38.4% |
| Other Assets and Liabilities (Net) | 0.2% |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Equity Income Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class I - GCIEX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GCIEX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GCIEX-26-SATSR

# The Gabelli Equity Income Fund

# Class A - GCAEX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Gabelli Equity Income Fund seeks to provide a high level of total return on its assets with an emphasis on income. The Fund will seek to achieve its investment objective through a combination of capital appreciation and current income by investing, under normal market conditions, at least 80% of its net assets in income producing equity securities. Income producing equity securities include, for example, common stock, preferred stock, and convertible securities. In making stock selections, Gabelli Funds, LLC, the Adviser, looks for securities that have a better yield than the average of the S&P 500 Index, as well as capital gains potential. You may find additional information about the Fund at https://gabelli.com/ticker/GCAEX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Equity Income Fund - Class A** | **$74** | **1.46%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, The Gabelli Equity Income Fund outperformed its benchmarks, the S&P 500 Index and the Lipper Equity Income Fund Average. Economic data released during the first quarter showed early signs of strengthening in the U.S. and many international regions. More recently, this momentum has been overshadowed by the emergence of the Iran conflict and its associated energy and supply chain disruptions. Contributors to the portfolio included Chevron Corp., Newmont Corp., and Flowserve Corp. Detractors included Genuine Parts Co., Microsoft, and Sony Group.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i0ce8eb2a615f7f7379afc785.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Equity Income Fund - Class A** | **The Gabelli Equity Income Fund - Class A (includes sales charge)** | **S&P 500 Index** | **Lipper Equity Income Fund Average** |
| **03/16** | 10000 | 10000 | 10000 | 10000 |
| **03/17** | 11339 | 10687 | 11717 | 11609 |
| **03/18** | 12233 | 10866 | 13356 | 12651 |
| **03/19** | 12523 | 10485 | 14625 | 13530 |
| **03/20** | 10185 | 8037 | 13604 | 11791 |
| **03/21** | 15974 | 11880 | 21270 | 17431 |
| **03/22** | 17628 | 12357 | 24599 | 19831 |
| **03/23** | 17439 | 11521 | 22697 | 18930 |
| **03/24** | 19440 | 12105 | 29479 | 22431 |
| **03/25** | 20060 | 11772 | 31912 | 24133 |
| **03/26** | 23376 | 12929 | 37592 | 27394 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Equity Income Fund - Class A | 4.38% | 16.53% | 7.92% | 8.87% |
| The Gabelli Equity Income Fund - Class A (includes sales charge) | (1.62)% | 9.83% | 6.65% | 8.22% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| Lipper Equity Income Fund Average | 3.14% | 13.51% | 9.46% | 10.60% |

---

## Fund Statistics
* Total Net Assets$441,639,249

* Number of Portfolio Holdings215

* Portfolio Turnover Rate1%

* Management Fees$2,258,746

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GCAEX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| The Bank of New York Mellon Corp. | 5.0% |
| Chevron Corp. | 3.3% |
| Newmont Corp. | 3.1% |
| Genuine Parts Co. | 3.1% |
| Deere & Co. | 3.0% |
| GATX Corp. | 2.7% |
| State Street Corp. | 2.7% |
| National Fuel Gas Co. | 2.3% |
| Textron Inc. | 1.9% |
| Parker-Hannifin Corp. | 1.9% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| U.S. Government Obligations | 0.2% |
| Other Assets and Liabilities (Net) | 0.2% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i6116866b506586c6e4b4d10b.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 16.2% |
| Food and Beverage | 12.7% |
| Diversified Industrial | 7.0% |
| Equipment and Supplies | 6.2% |
| Health Care | 5.8% |
| Energy and Utilities: Oil | 5.1% |
| Machinery | 4.2% |
| Metals and Mining | 4.2% |
| Other Industry sectors | 38.4% |
| Other Assets and Liabilities (Net) | 0.2% |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Equity Income Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class A - GCAEX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GCAEX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GCAEX-26-SATSR

# The Gabelli Global Financial Services Fund

# Class A - GGFSX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Financial Services Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide capital appreciation. The Fund invests primarily in the common stocks of companies engaged in financial services. The Fund seeks to purchase common stocks that are selling in the public market at a discount to their private market value ("PMV"). Gabelli Funds, LLC (the "Adviser") prefers issuers that are well managed and strongly financed. The Fund can also invest in debt securities but will usually only do so when they offer equity like returns. You may find additional information about the Fund at https://gabelli.com/ticker/GGFSX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Financial Services Fund - Class A** | **$64** | **1.25%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, The Gabelli Global Financial Services Fund outperformed its broad-based benchmark, the S&P 500 Index, and its comparatives, the MSCI World Financials and S&P 500 Financials Indices. At quarter end, the Fund's aggregate holdings were valued at approximately 0.9 times book value, 1.0 times tangible book value ("TBV"), and 10 times expected 2026 earnings per share ("EPS"). Contributors to the portfolio included Diamond Hill Investment Group, TrustCo Bank Corp., and Ichiyoshi Securities Co., Ltd. Detractors from performance included Westaim Corporation, Jefferies Financial Group, and Capital One Financial Corporation.

## How has the Fund performed since inception?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests since inception. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](if2fb9c5c0ffa441dfa228a71.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **The Gabelli Global Financial Services Fund - Class A** | **The Gabelli Global Financial Services Fund - Class A (includes sales charge)** | **S&P 500 Index** | **MSCI World Financials Index** | **S&P 500 Financials Index** |
| **10/18** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **03/19** | 9099 | 8575 | 10950 | 9238 | 9533 |
| **03/20** | 6170 | 5481 | 10186 | 7343 | 7898 |
| **03/21** | 11313 | 9472 | 15925 | 11927 | 13229 |
| **03/22** | 11793 | 9306 | 18418 | 13347 | 15173 |
| **03/23** | 11839 | 8805 | 16994 | 12067 | 13012 |
| **03/24** | 15494 | 10861 | 22072 | 15845 | 17378 |
| **03/25** | 18798 | 12420 | 23893 | 19392 | 20884 |
| **03/26** | 24033 | 14965 | 28146 | 21987 | 21035 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **Since Inception (10/01/2018)** |
| The Gabelli Global Financial Services Fund - Class A | 5.48% | 27.85% | 16.26% | 12.41% |
| The Gabelli Global Financial Services Fund - Class A (includes sales charge) | (0.59)% | 20.50% | 14.90% | 11.52% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 13.10% |
| MSCI World Financials Index | (2.49)% | 13.38% | 13.01% | 11.30% |
| S&P 500 Financials Index | (7.52)% | 0.72% | 9.72% | 10.22% |

---

## Fund Statistics
* Total Net Assets$123,274,194

* Number of Portfolio Holdings52

* Portfolio Turnover Rate13%

* Management Fees$368,230

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GGFSX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| TrustCo Bank Corp. NY | 4.0% |
| Capital One Financial Corp. | 4.0% |
| First Citizens BancShares Inc. | 3.9% |
| First American Financial Corp. | 3.7% |
| Ally Financial Inc. | 3.6% |
| Toyota Motor Corp. | 3.5% |
| E-L Financial Corp. Ltd. | 3.4% |
| Cavco Industries Inc. | 3.3% |
| Credit Agricole SA | 3.2% |
| Daimler Truck Holding AG | 3.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 90.6% |
| U.S. Government Obligations | 9.3% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ifde133edcbb6593a16f1fb6c.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banks | 29.7% |
| Insurance | 13.3% |
| Diversified Banks | 11.2% |
| U.S. Government Obligations | 9.3% |
| Automobiles | 7.7% |
| Consumer Finance | 7.5% |
| Homebuilders | 5.7% |
| Investment Management | 3.8% |
| Other Industry sectors | 11.7% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Global Financial Services Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class A - GGFSX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GGFSX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GGFSX-26-SATSR

# The Gabelli Global Financial Services Fund

# Class C - GCFSX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Financial Services Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide capital appreciation. The Fund invests primarily in the common stocks of companies engaged in financial services. The Fund seeks to purchase common stocks that are selling in the public market at a discount to their private market value ("PMV"). Gabelli Funds, LLC (the "Adviser") prefers issuers that are well managed and strongly financed. The Fund can also invest in debt securities but will usually only do so when they offer equity like returns. You may find additional information about the Fund at https://gabelli.com/ticker/GCFSX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Financial Services Fund - Class C** | **$102** | **2.00%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, The Gabelli Global Financial Services Fund outperformed its broad-based benchmark, the S&P 500 Index, and its comparatives, the MSCI World Financials and S&P 500 Financials Indices. At quarter end, the Fund's aggregate holdings were valued at approximately 0.9 times book value, 1.0 times tangible book value ("TBV"), and 10 times expected 2026 earnings per share ("EPS"). Contributors to the portfolio included Diamond Hill Investment Group, TrustCo Bank Corp., and Ichiyoshi Securities Co., Ltd. Detractors from performance included Westaim Corporation, Jefferies Financial Group, and Capital One Financial Corporation.

## How has the Fund performed since inception?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests since inception. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i1829a71e082eeb32c572c6e5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Global Financial Services Fund - Class C** | **S&P 500 Index** | **MSCI World Financials Index** | **S&P 500 Financials Index** |
| **10/18** | 10000 | 10000 | 10000 | 10000 |
| **03/19** | 9061 | 10950 | 9238 | 9533 |
| **03/20** | 6092 | 10186 | 7343 | 7898 |
| **03/21** | 11077 | 15925 | 11927 | 13229 |
| **03/22** | 11463 | 18418 | 13347 | 15173 |
| **03/23** | 11412 | 16994 | 12067 | 13012 |
| **03/24** | 14815 | 22072 | 15845 | 17378 |
| **03/25** | 17852 | 23893 | 19392 | 20884 |
| **03/26** | 22640 | 28146 | 21987 | 21035 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **Since Inception (10/01/2018)** |
| The Gabelli Global Financial Services Fund - Class C | 5.07% | 26.82% | 15.37% | 11.52% |
| The Gabelli Global Financial Services Fund - Class C (includes sales charge) | 4.07% | 25.82% | 15.37% | 11.52% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 13.10% |
| MSCI World Financials Index | (2.49)% | 13.38% | 13.01% | 11.30% |
| S&P 500 Financials Index | (7.52)% | 0.72% | 9.72% | 10.22% |

---

## Fund Statistics
* Total Net Assets$123,274,194

* Number of Portfolio Holdings52

* Portfolio Turnover Rate13%

* Management Fees$368,230

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GCFSX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| TrustCo Bank Corp. NY | 4.0% |
| Capital One Financial Corp. | 4.0% |
| First Citizens BancShares Inc. | 3.9% |
| First American Financial Corp. | 3.7% |
| Ally Financial Inc. | 3.6% |
| Toyota Motor Corp. | 3.5% |
| E-L Financial Corp. Ltd. | 3.4% |
| Cavco Industries Inc. | 3.3% |
| Credit Agricole SA | 3.2% |
| Daimler Truck Holding AG | 3.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 90.6% |
| U.S. Government Obligations | 9.3% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ifde133edcbb6593a16f1fb6c.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banks | 29.7% |
| Insurance | 13.3% |
| Diversified Banks | 11.2% |
| U.S. Government Obligations | 9.3% |
| Automobiles | 7.7% |
| Consumer Finance | 7.5% |
| Homebuilders | 5.7% |
| Investment Management | 3.8% |
| Other Industry sectors | 11.7% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Global Financial Services Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class C - GCFSX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GCFSX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GCFSX-26-SATSR

# The Gabelli Global Financial Services Fund

# Class I - GFSIX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Financial Services Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide capital appreciation. The Fund invests primarily in the common stocks of companies engaged in financial services. The Fund seeks to purchase common stocks that are selling in the public market at a discount to their private market value ("PMV"). Gabelli Funds, LLC (the "Adviser") prefers issuers that are well managed and strongly financed. The Fund can also invest in debt securities but will usually only do so when they offer equity like returns. You may find additional information about the Fund at https://gabelli.com/ticker/GFSIX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Financial Services Fund - Class I** | **$51** | **1.00%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, The Gabelli Global Financial Services Fund outperformed its broad-based benchmark, the S&P 500 Index, and its comparatives, the MSCI World Financials and S&P 500 Financials Indices. At quarter end, the Fund's aggregate holdings were valued at approximately 0.9 times book value, 1.0 times tangible book value ("TBV"), and 10 times expected 2026 earnings per share ("EPS"). Contributors to the portfolio included Diamond Hill Investment Group, TrustCo Bank Corp., and Ichiyoshi Securities Co., Ltd. Detractors from performance included Westaim Corporation, Jefferies Financial Group, and Capital One Financial Corporation.

## How has the Fund performed since inception?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests since inception. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ide84e4ef1c1ab1bc18b3d9d9.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Global Financial Services Fund - Class I** | **S&P 500 Index** | **MSCI World Financials Index** | **S&P 500 Financials Index** |
| **10/18** | 10000 | 10000 | 10000 | 10000 |
| **03/19** | 9109 | 10950 | 9238 | 9533 |
| **03/20** | 6190 | 10186 | 7343 | 7898 |
| **03/21** | 11359 | 15925 | 11927 | 13229 |
| **03/22** | 11872 | 18418 | 13347 | 15173 |
| **03/23** | 11940 | 16994 | 12067 | 13012 |
| **03/24** | 15659 | 22072 | 15845 | 17378 |
| **03/25** | 19051 | 23893 | 19392 | 20884 |
| **03/26** | 24428 | 28146 | 21987 | 21035 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **Since Inception (10/01/2018)** |
| The Gabelli Global Financial Services Fund - Class I | 5.66% | 28.22% | 16.55% | 12.65% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 13.10% |
| MSCI World Financials Index | (2.49)% | 13.38% | 13.01% | 11.30% |
| S&P 500 Financials Index | (7.52)% | 0.72% | 9.72% | 10.22% |

---

## Fund Statistics
* Total Net Assets$123,274,194

* Number of Portfolio Holdings52

* Portfolio Turnover Rate13%

* Management Fees$368,230

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GFSIX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| TrustCo Bank Corp. NY | 4.0% |
| Capital One Financial Corp. | 4.0% |
| First Citizens BancShares Inc. | 3.9% |
| First American Financial Corp. | 3.7% |
| Ally Financial Inc. | 3.6% |
| Toyota Motor Corp. | 3.5% |
| E-L Financial Corp. Ltd. | 3.4% |
| Cavco Industries Inc. | 3.3% |
| Credit Agricole SA | 3.2% |
| Daimler Truck Holding AG | 3.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 90.6% |
| U.S. Government Obligations | 9.3% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ifde133edcbb6593a16f1fb6c.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banks | 29.7% |
| Insurance | 13.3% |
| Diversified Banks | 11.2% |
| U.S. Government Obligations | 9.3% |
| Automobiles | 7.7% |
| Consumer Finance | 7.5% |
| Homebuilders | 5.7% |
| Investment Management | 3.8% |
| Other Industry sectors | 11.7% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Global Financial Services Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class I - GFSIX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GFSIX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GFSIX-26-SATSR

# The Gabelli Global Financial Services Fund

# Class AAA - GAFSX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Global Financial Services Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide capital appreciation. The Fund invests primarily in the common stocks of companies engaged in financial services. The Fund seeks to purchase common stocks that are selling in the public market at a discount to their private market value ("PMV"). Gabelli Funds, LLC (the "Adviser") prefers issuers that are well managed and strongly financed. The Fund can also invest in debt securities but will usually only do so when they offer equity like returns. You may find additional information about the Fund at https://gabelli.com/ticker/GAFSX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Global Financial Services Fund - Class AAA** | **$64** | **1.25%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, The Gabelli Global Financial Services Fund outperformed its broad-based benchmark, the S&P 500 Index, and its comparatives, the MSCI World Financials and S&P 500 Financials Indices. At quarter end, the Fund's aggregate holdings were valued at approximately 0.9 times book value, 1.0 times tangible book value ("TBV"), and 10 times expected 2026 earnings per share ("EPS"). Contributors to the portfolio included Diamond Hill Investment Group, TrustCo Bank Corp., and Ichiyoshi Securities Co., Ltd. Detractors from performance included Westaim Corporation, Jefferies Financial Group, and Capital One Financial Corporation.

## How has the Fund performed since inception?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests since inception. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i71c1316bac11de6e3db79198.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Global Financial Services Fund - Class AAA** | **S&P 500 Index** | **MSCI World Financials Index** | **S&P 500 Financials Index** |
| **10/18** | 10000 | 10000 | 10000 | 10000 |
| **03/19** | 9094 | 10950 | 9238 | 9533 |
| **03/20** | 6170 | 10186 | 7343 | 7898 |
| **03/21** | 11288 | 15925 | 11927 | 13229 |
| **03/22** | 11767 | 18418 | 13347 | 15173 |
| **03/23** | 11810 | 16994 | 12067 | 13012 |
| **03/24** | 15450 | 22072 | 15845 | 17378 |
| **03/25** | 18755 | 23893 | 19392 | 20884 |
| **03/26** | 23975 | 28146 | 21987 | 21035 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **Since Inception (10/01/2018)** |
| The Gabelli Global Financial Services Fund - Class AAA | 5.45% | 27.83% | 16.26% | 12.37% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 13.10% |
| MSCI World Financials Index | (2.49)% | 13.38% | 13.01% | 11.30% |
| S&P 500 Financials Index | (7.52)% | 0.72% | 9.72% | 10.22% |

---

## Fund Statistics
* Total Net Assets$123,274,194

* Number of Portfolio Holdings52

* Portfolio Turnover Rate13%

* Management Fees$368,230

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GAFSX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| TrustCo Bank Corp. NY | 4.0% |
| Capital One Financial Corp. | 4.0% |
| First Citizens BancShares Inc. | 3.9% |
| First American Financial Corp. | 3.7% |
| Ally Financial Inc. | 3.6% |
| Toyota Motor Corp. | 3.5% |
| E-L Financial Corp. Ltd. | 3.4% |
| Cavco Industries Inc. | 3.3% |
| Credit Agricole SA | 3.2% |
| Daimler Truck Holding AG | 3.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 90.6% |
| U.S. Government Obligations | 9.3% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ifde133edcbb6593a16f1fb6c.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banks | 29.7% |
| Insurance | 13.3% |
| Diversified Banks | 11.2% |
| U.S. Government Obligations | 9.3% |
| Automobiles | 7.7% |
| Consumer Finance | 7.5% |
| Homebuilders | 5.7% |
| Investment Management | 3.8% |
| Other Industry sectors | 11.7% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Global Financial Services Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class AAA - GAFSX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GAFSX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GAFSX-26-SATSR

# The Gabelli Focused Growth and Income Fund

# Class AAA - GWSVX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Focused Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Gabelli Focused Growth and Income Fund is a concentrated, actively managed strategy. The Fund invests in a global portfolio of common and preferred equities, REITs, bonds, and other securities that have the potential for capital appreciation while emphasizing a high level of current net investment income. You may find additional information about the Fund at https://gabelli.com/ticker/GWSVX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Focused Growth and Income Fund - Class AAA** | **$90** | **1.76%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, The Gabelli Focused Growth and Income Fund outperformed it broad-based benchmark, the S&P 500 and the S&P Midcap 400 Indices. The first quarter of 2026 was marked by elevated market volatility, driven by uncertainty around trade policy, evolving Federal Reserve rate expectations, and a broader risk-off rotation in equity markets. Contributors to performance included ATN International, Inc., Dana Inc., and Energy Transfer LP. Detractors from the portfolio included Franklin BSP Realty Trust, VICI Properties Inc, and Apollo Global Management.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i97cc8ad5fa027883022a16f2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Focused Growth and Income Fund - Class AAA** | **S&P 500 Index** | **S&P Midcap 400** |
| **03/16** | 10000 | 10000 | 10000 |
| **03/17** | 10772 | 11717 | 12092 |
| **03/18** | 10941 | 13356 | 13418 |
| **03/19** | 9823 | 14625 | 13766 |
| **03/20** | 7568 | 13604 | 10667 |
| **03/21** | 13266 | 21270 | 19570 |
| **03/22** | 15325 | 24599 | 20468 |
| **03/23** | 13352 | 22697 | 19421 |
| **03/24** | 15355 | 29479 | 23951 |
| **03/25** | 16991 | 31912 | 23302 |
| **03/26** | 17949 | 37592 | 27345 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Focused Growth and Income Fund - Class AAA | 5.94% | 5.64% | 6.23% | 6.02% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| S&P Midcap 400 | 4.19% | 17.35% | 6.92% | 10.58% |

---

## Fund Statistics
* Total Net Assets$45,514,494

* Number of Portfolio Holdings41

* Portfolio Turnover Rate13%

* Management Fees$106,571

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GWSVX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Energy Transfer LP | 9.1% |
| AT&T Inc. | 9.1% |
| Enterprise Products Partners LP | 8.3% |
| VICI Properties Inc. | 8.0% |
| Franklin BSP Realty Trust Inc. | 7.6% |
| Blackstone Mortgage Trust Inc. | 5.2% |
| Kinder Morgan Inc. | 4.8% |
| Kimbell Royalty Partners LP | 4.4% |
| ATN International Inc. | 4.3% |
| XPLR Infrastructure LP | 4.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 91.6% |
| Preferred Stocks | 6.8% |
| U.S. Government Obligations | 1.7% |
| Exchange Traded Call Options Written | (0.1)% |
| Exchange Traded Put Options Written | (0.1)% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i1edb6382a41a83c48e18d6df.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 33.2% |
| Real Estate Investment Trusts | 23.5% |
| Telecommunications | 13.3% |
| Financial Services | 9.9% |
| Health Care | 4.5% |
| Food and Beverage | 4.1% |
| Automotive: Parts and Accessories | 3.9% |
| Computer Software and Services | 2.5% |
| Other Industry sectors | 5.0% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Focused Growth and Income Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class AAA - GWSVX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GWSVX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GWSVX-26-SATSR

# The Gabelli Focused Growth and Income Fund

# Class C - GWSCX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Focused Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Gabelli Focused Growth and Income Fund is a concentrated, actively managed strategy. The Fund invests in a global portfolio of common and preferred equities, REITs, bonds, and other securities that have the potential for capital appreciation while emphasizing a high level of current net investment income. You may find additional information about the Fund at https://gabelli.com/ticker/GWSCX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Focused Growth and Income Fund - Class C** | **$129** | **2.51%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, The Gabelli Focused Growth and Income Fund outperformed it broad-based benchmark, the S&P 500 and the S&P Midcap 400 Indices. The first quarter of 2026 was marked by elevated market volatility, driven by uncertainty around trade policy, evolving Federal Reserve rate expectations, and a broader risk-off rotation in equity markets. Contributors to performance included ATN International, Inc., Dana Inc., and Energy Transfer LP. Detractors from the portfolio included Franklin BSP Realty Trust, VICI Properties Inc, and Apollo Global Management.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iff3a7f4ed9994ec1a554d8ac.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Focused Growth and Income Fund - Class C** | **The Gabelli Focused Growth and Income Fund - Class C (includes sales charge)** | **S&P 500 Index** | **S&P Midcap 400** |
| **03/16** | 10000 | 10000 | 10000 | 10000 |
| **03/17** | 10695 | 10595 | 11717 | 12092 |
| **03/18** | 10777 | 10677 | 13356 | 13418 |
| **03/19** | 9600 | 9510 | 14625 | 13766 |
| **03/20** | 7344 | 7275 | 13604 | 10667 |
| **03/21** | 12784 | 12664 | 21270 | 19570 |
| **03/22** | 14669 | 14531 | 24599 | 20468 |
| **03/23** | 12681 | 12562 | 22697 | 19421 |
| **03/24** | 14478 | 14342 | 29479 | 23951 |
| **03/25** | 15895 | 15746 | 31912 | 23302 |
| **03/26** | 16679 | 16523 | 37592 | 27345 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Focused Growth and Income Fund - Class C | 5.62% | 4.93% | 5.47% | 5.25% |
| The Gabelli Focused Growth and Income Fund - Class C (includes sales charge) | 4.62% | 3.93% | 5.47% | 5.25% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| S&P Midcap 400 | 4.19% | 17.35% | 6.92% | 10.58% |

---

## Fund Statistics
* Total Net Assets$45,514,494

* Number of Portfolio Holdings41

* Portfolio Turnover Rate13%

* Management Fees$106,571

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GWSCX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Energy Transfer LP | 9.1% |
| AT&T Inc. | 9.1% |
| Enterprise Products Partners LP | 8.3% |
| VICI Properties Inc. | 8.0% |
| Franklin BSP Realty Trust Inc. | 7.6% |
| Blackstone Mortgage Trust Inc. | 5.2% |
| Kinder Morgan Inc. | 4.8% |
| Kimbell Royalty Partners LP | 4.4% |
| ATN International Inc. | 4.3% |
| XPLR Infrastructure LP | 4.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 91.6% |
| Preferred Stocks | 6.8% |
| U.S. Government Obligations | 1.7% |
| Exchange Traded Call Options Written | (0.1)% |
| Exchange Traded Put Options Written | (0.1)% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i1edb6382a41a83c48e18d6df.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 33.2% |
| Real Estate Investment Trusts | 23.5% |
| Telecommunications | 13.3% |
| Financial Services | 9.9% |
| Health Care | 4.5% |
| Food and Beverage | 4.1% |
| Automotive: Parts and Accessories | 3.9% |
| Computer Software and Services | 2.5% |
| Other Industry sectors | 5.0% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Focused Growth and Income Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class C - GWSCX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GWSCX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GWSCX-26-SATSR

# The Gabelli Focused Growth and Income Fund

# Class I - GWSIX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Focused Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Gabelli Focused Growth and Income Fund is a concentrated, actively managed strategy. The Fund invests in a global portfolio of common and preferred equities, REITs, bonds, and other securities that have the potential for capital appreciation while emphasizing a high level of current net investment income. You may find additional information about the Fund at https://gabelli.com/ticker/GWSIX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Focused Growth and Income Fund - Class I** | **$41** | **0.80%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, The Gabelli Focused Growth and Income Fund outperformed it broad-based benchmark, the S&P 500 and the S&P Midcap 400 Indices. The first quarter of 2026 was marked by elevated market volatility, driven by uncertainty around trade policy, evolving Federal Reserve rate expectations, and a broader risk-off rotation in equity markets. Contributors to performance included ATN International, Inc., Dana Inc., and Energy Transfer LP. Detractors from the portfolio included Franklin BSP Realty Trust, VICI Properties Inc, and Apollo Global Management.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $1,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $1,000 Investment
![Growth of 10K Chart](id917fe5f52883432be0a038d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Focused Growth and Income Fund - Class I** | **S&P 500 Index** | **S&P Midcap 400** |
| **03/16** | 1000 | 1000 | 1000 |
| **03/17** | 1082 | 1172 | 1209 |
| **03/18** | 1101 | 1336 | 1342 |
| **03/19** | 991 | 1463 | 1377 |
| **03/20** | 766 | 1360 | 1067 |
| **03/21** | 1348 | 2127 | 1957 |
| **03/22** | 1577 | 2460 | 2047 |
| **03/23** | 1386 | 2270 | 1942 |
| **03/24** | 1610 | 2948 | 2395 |
| **03/25** | 1795 | 3191 | 2330 |
| **03/26** | 1915 | 3759 | 2735 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Focused Growth and Income Fund - Class I | 6.51% | 6.65% | 7.27% | 6.69% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| S&P Midcap 400 | 4.19% | 17.35% | 6.92% | 10.58% |

---

## Fund Statistics
* Total Net Assets$45,514,494

* Number of Portfolio Holdings41

* Portfolio Turnover Rate13%

* Management Fees$106,571

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GWSIX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Energy Transfer LP | 9.1% |
| AT&T Inc. | 9.1% |
| Enterprise Products Partners LP | 8.3% |
| VICI Properties Inc. | 8.0% |
| Franklin BSP Realty Trust Inc. | 7.6% |
| Blackstone Mortgage Trust Inc. | 5.2% |
| Kinder Morgan Inc. | 4.8% |
| Kimbell Royalty Partners LP | 4.4% |
| ATN International Inc. | 4.3% |
| XPLR Infrastructure LP | 4.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 91.6% |
| Preferred Stocks | 6.8% |
| U.S. Government Obligations | 1.7% |
| Exchange Traded Call Options Written | (0.1)% |
| Exchange Traded Put Options Written | (0.1)% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i1edb6382a41a83c48e18d6df.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 33.2% |
| Real Estate Investment Trusts | 23.5% |
| Telecommunications | 13.3% |
| Financial Services | 9.9% |
| Health Care | 4.5% |
| Food and Beverage | 4.1% |
| Automotive: Parts and Accessories | 3.9% |
| Computer Software and Services | 2.5% |
| Other Industry sectors | 5.0% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Focused Growth and Income Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class I - GWSIX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GWSIX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GWSIX-26-SATSR

# The Gabelli Focused Growth and Income Fund

# Class A - GWSAX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Focused Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Gabelli Focused Growth and Income Fund is a concentrated, actively managed strategy. The Fund invests in a global portfolio of common and preferred equities, REITs, bonds, and other securities that have the potential for capital appreciation while emphasizing a high level of current net investment income. You may find additional information about the Fund at https://gabelli.com/ticker/GWSAX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Focused Growth and Income Fund - Class A** | **$64** | **1.25%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, The Gabelli Focused Growth and Income Fund outperformed it broad-based benchmark, the S&P 500 and the S&P Midcap 400 Indices. The first quarter of 2026 was marked by elevated market volatility, driven by uncertainty around trade policy, evolving Federal Reserve rate expectations, and a broader risk-off rotation in equity markets. Contributors to performance included ATN International, Inc., Dana Inc., and Energy Transfer LP. Detractors from the portfolio included Franklin BSP Realty Trust, VICI Properties Inc, and Apollo Global Management.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i60f1f18c283fdc0a68512939.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Focused Growth and Income Fund - Class A** | **The Gabelli Focused Growth and Income Fund - Class A (includes sales charge)** | **S&P 500 Index** | **S&P Midcap 400** |
| **03/16** | 10000 | 10000 | 10000 | 10000 |
| **03/17** | 10772 | 10153 | 11717 | 12092 |
| **03/18** | 10940 | 9718 | 13356 | 13418 |
| **03/19** | 9825 | 8226 | 14625 | 13766 |
| **03/20** | 7570 | 5973 | 13604 | 10667 |
| **03/21** | 13272 | 9870 | 21270 | 19570 |
| **03/22** | 15342 | 10754 | 24599 | 20468 |
| **03/23** | 13401 | 8853 | 22697 | 19421 |
| **03/24** | 15500 | 9651 | 29479 | 23951 |
| **03/25** | 17201 | 10095 | 31912 | 23302 |
| **03/26** | 18262 | 10101 | 37592 | 27345 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Focused Growth and Income Fund - Class A | 6.27% | 6.17% | 6.60% | 6.21% |
| The Gabelli Focused Growth and Income Fund - Class A (includes sales charge) | 0.16% | 0.06% | 5.34% | 5.58% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| S&P Midcap 400 | 4.19% | 17.35% | 6.92% | 10.58% |

---

## Fund Statistics
* Total Net Assets$45,514,494

* Number of Portfolio Holdings41

* Portfolio Turnover Rate13%

* Management Fees$106,571

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GWSAX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Energy Transfer LP | 9.1% |
| AT&T Inc. | 9.1% |
| Enterprise Products Partners LP | 8.3% |
| VICI Properties Inc. | 8.0% |
| Franklin BSP Realty Trust Inc. | 7.6% |
| Blackstone Mortgage Trust Inc. | 5.2% |
| Kinder Morgan Inc. | 4.8% |
| Kimbell Royalty Partners LP | 4.4% |
| ATN International Inc. | 4.3% |
| XPLR Infrastructure LP | 4.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 91.6% |
| Preferred Stocks | 6.8% |
| U.S. Government Obligations | 1.7% |
| Exchange Traded Call Options Written | (0.1)% |
| Exchange Traded Put Options Written | (0.1)% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i1edb6382a41a83c48e18d6df.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 33.2% |
| Real Estate Investment Trusts | 23.5% |
| Telecommunications | 13.3% |
| Financial Services | 9.9% |
| Health Care | 4.5% |
| Food and Beverage | 4.1% |
| Automotive: Parts and Accessories | 3.9% |
| Computer Software and Services | 2.5% |
| Other Industry sectors | 5.0% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Focused Growth and Income Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class A - GWSAX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GWSAX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GWSAX-26-SATSR

# The Gabelli Small Cap Growth Fund

# Class AAA - GABSX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Small Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund invests primarily in small cap companies that, through bottom-up fundamental research, the portfolio manager believes are attractively priced relative to their earnings growth potential or private market value. The Fund characterizes small capitalization companies as those companies with a market capitalization of $3 billion or less at the time of the Fund's initial investment. You may find additional information about the Fund at https://gabelli.com/ticker/GABSX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Small Cap Growth Fund - Class AAA** | **$69** | **1.37%** |

---

## How did the Fund perform?
For the period ended March 31, 2026, The Gabelli Small Cap Growth Fund Class AAA, A, and I outperformed its broad-based benchmark, the Russell 2000 Index, and its comparative the Lipper Small-Cap Core Funds Average, and all share classes underperformed the S&P SmallCap 600 Index. First quarter economic data showed early signs of strengthening in the U.S. and many international regions. More recently, this momentum has been overshadowed by the emergence of the Iran conflict and its associated energy and supply chain disruptions. Contributors included Dana Inc., Gorman-Rupp Company, and AMETEK Inc. Detractors included KKR & Co., Lennar Corp., and United Rentals, Inc.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i330e7f9a94bdbda50e58ec8f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Small Cap Growth Fund - Class AAA** | **Russell 2000 Index** | **S&P SmallCap 600 Index** | **Lipper Small-Cap Core Funds Average** |
| **03/16** | 10000 | 10000 | 10000 | 10000 |
| **03/17** | 12003 | 12622 | 12459 | 12330 |
| **03/18** | 13259 | 14110 | 14039 | 13657 |
| **03/19** | 13110 | 14399 | 14259 | 13879 |
| **03/20** | 9936 | 10945 | 10568 | 10254 |
| **03/21** | 17835 | 21326 | 20641 | 19638 |
| **03/22** | 18714 | 20091 | 20895 | 20011 |
| **03/23** | 18512 | 17759 | 19052 | 18466 |
| **03/24** | 22974 | 21259 | 22087 | 22065 |
| **03/25** | 22145 | 20407 | 21341 | 21319 |
| **03/26** | 25983 | 25655 | 25716 | 25144 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Small Cap Growth Fund - Class AAA | 3.42% | 17.33% | 7.82% | 10.02% |
| Russell 2000 Index | 3.10% | 25.72% | 3.77% | 9.88% |
| S&P SmallCap 600 Index | 5.27% | 20.50% | 4.49% | 9.90% |
| Lipper Small-Cap Core Funds Average | 3.40% | 17.94% | 5.07% | 9.66% |

---

## Fund Statistics
* Total Net Assets$1,813,787,223

* Number of Portfolio Holdings444

* Portfolio Turnover Rate2%

* Management Fees$9,173,568

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GABSX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| AMETEK Inc. | 4.4% |
| Mueller Industries Inc. | 3.5% |
| KKR & Co. Inc. | 3.1% |
| Crane Co. | 3.0% |
| GATX Corp. | 2.7% |
| The Gorman-Rupp Co. | 2.5% |
| Graco Inc. | 1.9% |
| Moog Inc. | 1.7% |
| Rush Enterprises Inc. | 1.7% |
| Textron Inc. | 1.6% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.2% |
| U.S. Government Obligations | 1.6% |
| Preferred Stocks | 0.1% |
| Closed-End Funds | 0.1% |
| Common Stocks – Securities Sold Short<sup>Footnote Reference\*</sup> | (0.0)% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i3d6477a134072d6728f96c68.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Equipment and Supplies | 19.9% |
| Diversified Industrial | 10.5% |
| Automotive: Parts and Accessories | 5.6% |
| Retail | 5.4% |
| Financial Services | 4.8% |
| Entertainment | 4.3% |
| Food and Beverage | 3.8% |
| Building and Construction | 3.6% |
| Other Industry sectors | 42.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Small Cap Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class AAA - GABSX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GABSX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GABSX-26-SATSR

# The Gabelli Small Cap Growth Fund

# Class C - GCCSX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Small Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund invests primarily in small cap companies that, through bottom-up fundamental research, the portfolio manager believes are attractively priced relative to their earnings growth potential or private market value. The Fund characterizes small capitalization companies as those companies with a market capitalization of $3 billion or less at the time of the Fund's initial investment. You may find additional information about the Fund at https://gabelli.com/ticker/GCCSX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Small Cap Growth Fund - Class C** | **$107** | **2.12%** |

---

## How did the Fund perform?
For the period ended March 31, 2026, The Gabelli Small Cap Growth Fund Class AAA, A, and I outperformed its broad-based benchmark, the Russell 2000 Index, and its comparative the Lipper Small-Cap Core Funds Average, and all share classes underperformed the S&P SmallCap 600 Index. First quarter economic data showed early signs of strengthening in the U.S. and many international regions. More recently, this momentum has been overshadowed by the emergence of the Iran conflict and its associated energy and supply chain disruptions. Contributors included Dana Inc., Gorman-Rupp Company, and AMETEK Inc. Detractors included KKR & Co., Lennar Corp., and United Rentals, Inc.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i4a5f14b16dbf487089c990b4.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **The Gabelli Small Cap Growth Fund - Class C** | **The Gabelli Small Cap Growth Fund - Class C (includes sales charge)** | **Russell 2000 Index** | **S&P SmallCap 600 Index** | **Lipper Small-Cap Core Funds Average** |
| **03/16** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **03/17** | 11912 | 11812 | 12622 | 12459 | 12330 |
| **03/18** | 13060 | 12951 | 14110 | 14039 | 13657 |
| **03/19** | 12818 | 12710 | 14399 | 14259 | 13879 |
| **03/20** | 9640 | 9559 | 10945 | 10568 | 10254 |
| **03/21** | 17179 | 17035 | 21326 | 20641 | 19638 |
| **03/22** | 17893 | 17742 | 20091 | 20895 | 20011 |
| **03/23** | 17567 | 17419 | 17759 | 19052 | 18466 |
| **03/24** | 21633 | 21452 | 21259 | 22087 | 22065 |
| **03/25** | 20704 | 20530 | 20407 | 21341 | 21319 |
| **03/26** | 24106 | 23903 | 25655 | 25716 | 25144 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Small Cap Growth Fund - Class C | 3.03% | 16.43% | 7.01% | 9.20% |
| The Gabelli Small Cap Growth Fund - Class C (includes sales charge) | 2.03% | 15.43% | 7.01% | 9.20% |
| Russell 2000 Index | 3.10% | 25.72% | 3.77% | 9.88% |
| S&P SmallCap 600 Index | 5.27% | 20.50% | 4.49% | 9.90% |
| Lipper Small-Cap Core Funds Average | 3.40% | 17.94% | 5.07% | 9.66% |

---

## Fund Statistics
* Total Net Assets$1,813,787,223

* Number of Portfolio Holdings444

* Portfolio Turnover Rate2%

* Management Fees$9,173,568

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GCCSX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| AMETEK Inc. | 4.4% |
| Mueller Industries Inc. | 3.5% |
| KKR & Co. Inc. | 3.1% |
| Crane Co. | 3.0% |
| GATX Corp. | 2.7% |
| The Gorman-Rupp Co. | 2.5% |
| Graco Inc. | 1.9% |
| Moog Inc. | 1.7% |
| Rush Enterprises Inc. | 1.7% |
| Textron Inc. | 1.6% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.2% |
| U.S. Government Obligations | 1.6% |
| Preferred Stocks | 0.1% |
| Closed-End Funds | 0.1% |
| Common Stocks – Securities Sold Short<sup>Footnote Reference\*</sup> | (0.0)% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i3d6477a134072d6728f96c68.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Equipment and Supplies | 19.9% |
| Diversified Industrial | 10.5% |
| Automotive: Parts and Accessories | 5.6% |
| Retail | 5.4% |
| Financial Services | 4.8% |
| Entertainment | 4.3% |
| Food and Beverage | 3.8% |
| Building and Construction | 3.6% |
| Other Industry sectors | 42.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Small Cap Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class C - GCCSX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GCCSX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GCCSX-26-SATSR

# The Gabelli Small Cap Growth Fund

# Class I - GACIX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Small Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund invests primarily in small cap companies that, through bottom-up fundamental research, the portfolio manager believes are attractively priced relative to their earnings growth potential or private market value. The Fund characterizes small capitalization companies as those companies with a market capitalization of $3 billion or less at the time of the Fund's initial investment. You may find additional information about the Fund at https://gabelli.com/ticker/GACIX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Small Cap Growth Fund - Class I** | **$57** | **1.12%** |

---

## How did the Fund perform?
For the period ended March 31, 2026, The Gabelli Small Cap Growth Fund Class AAA, A, and I outperformed its broad-based benchmark, the Russell 2000 Index, and its comparative the Lipper Small-Cap Core Funds Average, and all share classes underperformed the S&P SmallCap 600 Index. First quarter economic data showed early signs of strengthening in the U.S. and many international regions. More recently, this momentum has been overshadowed by the emergence of the Iran conflict and its associated energy and supply chain disruptions. Contributors included Dana Inc., Gorman-Rupp Company, and AMETEK Inc. Detractors included KKR & Co., Lennar Corp., and United Rentals, Inc.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $50,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $50,000 Investment
![Growth of 10K Chart](i2bebba21325ae00d4d0857fd.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Small Cap Growth Fund - Class I** | **Russell 2000 Index** | **S&P SmallCap 600 Index** | **Lipper Small-Cap Core Funds Average** |
| **03/16** | 50000 | 50000 | 50000 | 50000 |
| **03/17** | 60157 | 63110 | 62295 | 61650 |
| **03/18** | 66619 | 70551 | 70194 | 68284 |
| **03/19** | 66038 | 71997 | 71296 | 69397 |
| **03/20** | 50177 | 54725 | 52838 | 51270 |
| **03/21** | 90303 | 106631 | 103207 | 98188 |
| **03/22** | 94985 | 100457 | 104477 | 100053 |
| **03/23** | 94186 | 88794 | 95262 | 92329 |
| **03/24** | 117189 | 106296 | 110437 | 110324 |
| **03/25** | 113226 | 102033 | 106705 | 106595 |
| **03/26** | 133209 | 128276 | 128579 | 125718 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Small Cap Growth Fund - Class I | 3.57% | 17.65% | 8.09% | 10.30% |
| Russell 2000 Index | 3.10% | 25.72% | 3.77% | 9.88% |
| S&P SmallCap 600 Index | 5.27% | 20.50% | 4.49% | 9.90% |
| Lipper Small-Cap Core Funds Average | 3.40% | 17.94% | 5.07% | 9.66% |

---

## Fund Statistics
* Total Net Assets$1,813,787,223

* Number of Portfolio Holdings444

* Portfolio Turnover Rate2%

* Management Fees$9,173,568

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GACIX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| AMETEK Inc. | 4.4% |
| Mueller Industries Inc. | 3.5% |
| KKR & Co. Inc. | 3.1% |
| Crane Co. | 3.0% |
| GATX Corp. | 2.7% |
| The Gorman-Rupp Co. | 2.5% |
| Graco Inc. | 1.9% |
| Moog Inc. | 1.7% |
| Rush Enterprises Inc. | 1.7% |
| Textron Inc. | 1.6% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.2% |
| U.S. Government Obligations | 1.6% |
| Preferred Stocks | 0.1% |
| Closed-End Funds | 0.1% |
| Common Stocks – Securities Sold Short<sup>Footnote Reference\*</sup> | (0.0)% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i3d6477a134072d6728f96c68.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Equipment and Supplies | 19.9% |
| Diversified Industrial | 10.5% |
| Automotive: Parts and Accessories | 5.6% |
| Retail | 5.4% |
| Financial Services | 4.8% |
| Entertainment | 4.3% |
| Food and Beverage | 3.8% |
| Building and Construction | 3.6% |
| Other Industry sectors | 42.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Small Cap Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class I - GACIX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GACIX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GACIX-26-SATSR

# The Gabelli Small Cap Growth Fund

# Class A - GCASX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i115de64a741a2ec3b887d714.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Gabelli Small Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund invests primarily in small cap companies that, through bottom-up fundamental research, the portfolio manager believes are attractively priced relative to their earnings growth potential or private market value. The Fund characterizes small capitalization companies as those companies with a market capitalization of $3 billion or less at the time of the Fund's initial investment. You may find additional information about the Fund at https://gabelli.com/ticker/GCASX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli Small Cap Growth Fund - Class A** | **$69** | **1.37%** |

---

## How did the Fund perform?
For the period ended March 31, 2026, The Gabelli Small Cap Growth Fund Class AAA, A, and I outperformed its broad-based benchmark, the Russell 2000 Index, and its comparative the Lipper Small-Cap Core Funds Average, and all share classes underperformed the S&P SmallCap 600 Index. First quarter economic data showed early signs of strengthening in the U.S. and many international regions. More recently, this momentum has been overshadowed by the emergence of the Iran conflict and its associated energy and supply chain disruptions. Contributors included Dana Inc., Gorman-Rupp Company, and AMETEK Inc. Detractors included KKR & Co., Lennar Corp., and United Rentals, Inc.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib96b62cbc25e75238df6a41a.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **The Gabelli Small Cap Growth Fund - Class A** | **The Gabelli Small Cap Growth Fund - Class A (includes sales charge)** | **Russell 2000 Index** | **S&P SmallCap 600 Index** | **Lipper Small-Cap Core Funds Average** |
| **03/16** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **03/17** | 12001 | 11311 | 12622 | 12459 | 12330 |
| **03/18** | 13258 | 11777 | 14110 | 14039 | 13657 |
| **03/19** | 13109 | 10975 | 14399 | 14259 | 13879 |
| **03/20** | 9935 | 7839 | 10945 | 10568 | 10254 |
| **03/21** | 17834 | 13263 | 21326 | 20641 | 19638 |
| **03/22** | 18714 | 13118 | 20091 | 20895 | 20011 |
| **03/23** | 18510 | 12229 | 17759 | 19052 | 18466 |
| **03/24** | 22975 | 14305 | 21259 | 22087 | 22065 |
| **03/25** | 22143 | 12995 | 20407 | 21341 | 21319 |
| **03/26** | 25980 | 14370 | 25655 | 25716 | 25144 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Small Cap Growth Fund - Class A | 3.42% | 17.33% | 7.82% | 10.02% |
| The Gabelli Small Cap Growth Fund - Class A (includes sales charge) | (2.53)% | 10.58% | 6.55% | 9.37% |
| Russell 2000 Index | 3.10% | 25.72% | 3.77% | 9.88% |
| S&P SmallCap 600 Index | 5.27% | 20.50% | 4.49% | 9.90% |
| Lipper Small-Cap Core Funds Average | 3.40% | 17.94% | 5.07% | 9.66% |

---

## Fund Statistics
* Total Net Assets$1,813,787,223

* Number of Portfolio Holdings444

* Portfolio Turnover Rate2%

* Management Fees$9,173,568

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GCASX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| AMETEK Inc. | 4.4% |
| Mueller Industries Inc. | 3.5% |
| KKR & Co. Inc. | 3.1% |
| Crane Co. | 3.0% |
| GATX Corp. | 2.7% |
| The Gorman-Rupp Co. | 2.5% |
| Graco Inc. | 1.9% |
| Moog Inc. | 1.7% |
| Rush Enterprises Inc. | 1.7% |
| Textron Inc. | 1.6% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.2% |
| U.S. Government Obligations | 1.6% |
| Preferred Stocks | 0.1% |
| Closed-End Funds | 0.1% |
| Common Stocks – Securities Sold Short<sup>Footnote Reference\*</sup> | (0.0)% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i3d6477a134072d6728f96c68.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Equipment and Supplies | 19.9% |
| Diversified Industrial | 10.5% |
| Automotive: Parts and Accessories | 5.6% |
| Retail | 5.4% |
| Financial Services | 4.8% |
| Entertainment | 4.3% |
| Food and Beverage | 3.8% |
| Building and Construction | 3.6% |
| Other Industry sectors | 42.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

![Image](i115de64a741a2ec3b887d714.jpg)

#### The Gabelli Small Cap Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### Class A - GCASX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GCASX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GCASX-26-SATSR

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2.** **Code of Ethics.**

Not applicable.

**Item 3.** **Audit Committee Financial Expert.**

Not applicable.

**Item 4.** **Principal Accountant Fees and Services.**

Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable.

**Item 6.** **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in
 securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under
 Item 7 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7.** Financial Statements and Financial Highlights for Open-End Management Investment Companies.

&nbsp;&nbsp;&nbsp;&nbsp;(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must
 file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The semi-annual financial statements are attached herewith.

**The Gabelli Equity Income Fund**

**Semiannual Report — March 31, 2026**

**To Our Shareholders,**

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class AAA Share of The Gabelli Equity Income Fund was 4.5% compared with a total return of (1.8)% for the Standard & Poor's (S&P) 500 Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2026.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of March 31, 2026:

**The Gabelli Equity Income Fund**

---

| | |
|:---|:---|
| Financial Services | 16.2% |
| Food and Beverage | 12.7% |
| Diversified Industrial | 7.0% |
| Equipment and Supplies | 6.2% |
| Health Care | 5.8% |
| Energy and Utilities: Oil | 5.1% |
| Machinery | 4.2% |
| Metals and Mining | 4.2% |
| Retail | 3.8% |
| Energy and Utilities: Natural Gas | 3.8% |
| Telecommunications | 3.5% |
| Automotive: Parts and Accessories | 3.1% |
| Business Services | 2.8% |
| Transportation | 2.7% |
| Computer Software and Services | 2.2% |
| Computer Hardware | 2.0% |
| Building and Construction | 2.0% |
| Electronics | 1.8% |
| Wireless Telecommunications | 1.3% |
| Consumer Products | 1.2% |
| Entertainment | 1.1% |

---

---

| | | |
|:---|:---|:---|
| Energy and Utilities: Services | 1 | % |
| Energy and Utilities: Integrated | 1 | % |
| Specialty Chemicals | 0.9 | % |
| Aerospace & Defence | 0.7 | % |
| Automotive | 0.7 | % |
| Agriculture | 0.5 | % |
| Energy and Utilities: Electric | 0.4 | % |
| Semiconductors | 0.4 | % |
| Environmental Services | 0.4 | % |
| Real Estate | 0.3 | % |
| Energy and Utilities: Water | 0.2 | % |
| U.S. Government Obligations | 0.2 | % |
| Hotels and Gaming | 0.2 | % |
| Consumer Services | 0.1 | % |
| Broadcasting | 0.1 | % |
| Cable and Satellite | 0 | %\* |
| Other Assets and Liabilities (Net) | 0.2 | % |
|  | 100 | % |

---

\* Amount represents less than 0.05%.

*The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund's Form N-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.*

**Proxy Voting**

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at www.sec.gov.

**The Gabelli Equity Income Fund**

**Schedule of Investments — March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 99.6%** |  |  |
|  | **Aerospace & Defence — 0.7%** |  |  |
| 1500 | Ducommun Inc.† | $86430 | $183000 |
| 1200 | Hexcel Corp. | 69831 | 97116 |
| 2000 | Lockheed Martin Corp. | 47350 | 1208780 |
| 5000 | Rockwell Automation Inc. | 150211 | 1794400 |
|  |  | 353822 | 3283296 |
|  | **Agriculture — 0.5%** |  |  |
| 24400 | Archer-Daniels-Midland Co. | 628931 | 1773636 |
| 10000 | The Mosaic Co. | 155338 | 255000 |
|  |  | 784269 | 2028636 |
|  | **Automotive — 0.7%** |  |  |
| 2000 | Daimler Truck Holding AG | 71022 | 95866 |
| 14500 | PACCAR Inc. | 370271 | 1674750 |
| 40000 | Traton SE | 730344 | 1424932 |
|  |  | 1171637 | 3195548 |
|  | **Automotive: Parts and Accessories — 3.1%** |  |  |
| 6200 | Dana Inc. | 67242 | 208630 |
| 129400 | Genuine Parts Co. | 5686990 | 13684050 |
|  |  | 5754232 | 13892680 |
|  | **Broadcasting — 0.1%** |  |  |
| 24700 | Sinclair Inc. | 378330 | 319618 |
| 4000 | Versant Media Group Inc. | 129280 | 148080 |
|  |  | 507610 | 467698 |
|  | **Building and Construction — 2.0%** |  |  |
| 20000 | Carrier Global Corp. | 232282 | 1126200 |
| 5000 | Everus Construction Group Inc.† | 184528 | 590300 |
| 30500 | Fortune Brands Innovations Inc. | 256015 | 1188585 |
| 9800 | Herc Holdings Inc. | 283318 | 975590 |
| 32000 | Johnson Controls International plc | 659831 | 4190400 |
| 9000 | Knife River Corp.† | 401922 | 734850 |
|  |  | 2017896 | 8805925 |
|  | **Business Services — 2.8%** |  |  |
| 5200 | Automatic Data Processing Inc. | 271518 | 1056536 |
| 9400 | Mastercard Inc., Cl. A | 88683 | 4696804 |
| 2400 | MSC Industrial Direct Co. Inc., Cl. A | 165490 | 221448 |
| 29200 | Pentair plc | 549425 | 2543612 |
| 9200 | S&P Global Inc. | 399107 | 3913128 |
|  |  | 1474223 | 12431528 |
|  | **Cable and Satellite — 0.0%** |  |  |
| 1100 | EchoStar Corp., Cl. A† | 13486 | 128777 |
|  | **Computer Hardware — 2.0%** |  |  |
| 13000 | Apple Inc. | 238031 | 3299270 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 11500 | Corning Inc. | $128605 | $1563655 |
| 16800 | International Business Machines Corp. | 1286200 | 4072152 |
|  |  | 1652836 | 8935077 |
|  | **Computer Software and Services — 2.2%** |  |  |
| 76000 | Hewlett Packard Enterprise Co. | 423938 | 1809560 |
| 21400 | Microsoft Corp. | 597916 | 7921638 |
|  |  | 1021854 | 9731198 |
|  | **Consumer Products — 1.2%** |  |  |
| 13000 | Edgewell Personal Care Co. | 327783 | 277420 |
| 35000 | Energizer Holdings Inc. | 494063 | 574700 |
| 25000 | Essity AB, Cl. A | 383569 | 640406 |
| 1500 | National Presto Industries Inc. | 113679 | 205590 |
| 28992 | Reckitt Benckiser Group plc | 893144 | 1952460 |
| 10000 | The Scotts Miracle-Gro Co. | 585726 | 608100 |
| 18222 | Unilever plc, ADR | 379659 | 1038107 |
|  |  | 3177623 | 5296783 |
|  | **Consumer Services — 0.1%** |  |  |
| 1400 | Allegion plc | 17122 | 203406 |
| 5000 | Rollins Inc. | 4971 | 267050 |
|  |  | 22093 | 470456 |
|  | **Diversified Industrial — 7.0%** |  |  |
| 1500 | AMETEK Inc. | 217655 | 321540 |
| 46000 | Crane Co. | 815218 | 7866000 |
| 300 | Eaton Corp. plc | 11088 | 107301 |
| 2000 | Honeywell International Inc. | 351156 | 452060 |
| 8200 | Ingersoll Rand Inc. | 44292 | 656984 |
| 39500 | ITT Inc. | 792857 | 7525935 |
| 2700 | Jardine Matheson Holdings Ltd. | 112853 | 192105 |
| 1800 | Modine Manufacturing Co.† | 47634 | 390078 |
| 10000 | Myers Industries Inc. | 151483 | 211800 |
| 14500 | nVent Electric plc | 162020 | 1715060 |
| 18000 | Svenska Cellulosa AB SCA, Cl. A | 76675 | 207634 |
| 96400 | Textron Inc. | 857534 | 8440784 |
| 116000 | Toray Industries Inc. | 770774 | 804373 |
| 3200 | Trane Technologies plc | 66949 | 1333568 |
| 19000 | Trinity Industries Inc. | 288843 | 611420 |
|  |  | 4767031 | 30836642 |
|  | **Electronics — 1.8%** |  |  |
| 32500 | Sony Group Corp. | 94301 | 657147 |
| 130000 | Sony Group Corp., ADR | 488815 | 2691000 |
| 23000 | TE Connectivity plc | 676122 | 4807460 |
|  |  | 1259238 | 8155607 |

---

See accompanying notes to financial statements.

**The Gabelli Equity Income Fund**

**Schedule of Investments (Continued) — March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Energy and Utilities: Electric — 0.4%** |  |  |
| 5000 | Korea Electric Power Corp., ADR† | $46679 | $71250 |
| 13500 | Portland General Electric Co. | 586781 | 712395 |
| 63000 | The AES Corp. | 291918 | 887670 |
|  |  | 925378 | 1671315 |
|  | **Energy and Utilities: Integrated — 1.0%** |  |  |
| 48000 | Energy Transfer LP | 0 | 926400 |
| 21000 | Eni SpA | 220487 | 603180 |
| 400 | Iberdrola SA, ADR | 6032 | 36896 |
| 55700 | OGE Energy Corp. | 743954 | 2671372 |
|  |  | 970473 | 4237848 |
|  | **Energy and Utilities: Natural Gas — 3.8%** |  |  |
| 8000 | Avista Corp. | 306840 | 321120 |
| 109000 | National Fuel Gas Co. | 4938969 | 10241640 |
| 11500 | ONE Gas Inc. | 48202 | 990495 |
| 53500 | ONEOK Inc. | 0 | 4835865 |
| 4000 | Southwest Gas Holdings Inc. | 231682 | 347600 |
|  |  | 5525693 | 16736720 |
|  | **Energy and Utilities: Oil — 5.1%** |  |  |
| 13500 | APA Corp. | 386365 | 572940 |
| 71000 | Chevron Corp. | 3168335 | 14689900 |
| 3800 | ConocoPhillips | 69646 | 501600 |
| 6600 | Devon Energy Corp. | 67049 | 332112 |
| 8500 | Exxon Mobil Corp. | 237338 | 1442110 |
| 15000 | Marathon Petroleum Corp. | 186423 | 3662700 |
| 13000 | TotalEnergies SE | 222755 | 1182740 |
| 1506 | Vitesse Energy Inc. | 9771 | 27349 |
|  |  | 4347682 | 22411451 |
|  | **Energy and Utilities: Services — 1.0%** |  |  |
| 88000 | Halliburton Co. | 1650522 | 3431120 |
| 20000 | MDU Resources Group Inc. | 216881 | 414400 |
| 10500 | SLB Ltd. | 262598 | 539595 |
|  |  | 2130001 | 4385115 |
|  | **Energy and Utilities: Water — 0.2%** |  |  |
| 3600 | Essential Utilities Inc. | 26544 | 144972 |
| 20000 | Severn Trent plc | 524188 | 817985 |
|  |  | 550732 | 962957 |
|  | **Entertainment — 1.1%** |  |  |
| 20000 | Atlanta Braves Holdings Inc., Cl. A† | 598398 | 943000 |
| 14200 | Atlanta Braves Holdings Inc., Cl. C† | 522512 | 606340 |
| 100000 | Grupo Televisa SAB, ADR | 269371 | 291000 |
| 2500 | Madison Square Garden Entertainment Corp.† | 35353 | 147275 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 4400 | Madison Square Garden Sports Corp.† | $692423 | $1414160 |
| 6000 | Manchester United plc, Cl. A† | 98262 | 100920 |
| 31250 | Ollamani SAB† | 68682 | 127716 |
| 9000 | Sphere Entertainment Co.† | 180776 | 1056600 |
|  |  | 2465777 | 4687011 |
|  | **Environmental Services — 0.4%** |  |  |
| 7000 | Republic Services Inc. | 267710 | 1533140 |
| 1300 | Veralto Corp. | 12014 | 114946 |
|  |  | 279724 | 1648086 |
|  | **Equipment and Supplies — 6.2%** |  |  |
| 3600 | A.O. Smith Corp. | 9593 | 237384 |
| 112500 | Flowserve Corp. | 1446362 | 8269875 |
| 38700 | Graco Inc. | 679841 | 3275955 |
| 18000 | Minerals Technologies Inc. | 784926 | 1276560 |
| 51000 | Mueller Industries Inc. | 451087 | 5650800 |
| 9400 | Parker-Hannifin Corp. | 514648 | 8415256 |
| 200 | Watts Water Technologies Inc., Cl. A | 40496 | 58058 |
|  |  | 3926953 | 27183888 |
|  | **Financial Services — 16.2%** |  |  |
| 20000 | AllianceBernstein Holding LP | 29990 | 748800 |
| 6500 | American Express Co. | 98829 | 1966120 |
| 12500 | Ameris Bancorp | 107540 | 974875 |
| 5195 | Banco Santander Chile, ADR | 29250 | 173513 |
| 8200 | Bank of America Corp. | 59309 | 399750 |
| 11000 | BNP Paribas SA | 451579 | 1029735 |
| 1800 | EXOR NV | 178716 | 136587 |
| 86600 | Interactive Brokers Group Inc., Cl. A | 323669 | 5808262 |
| 5700 | Jefferies Financial Group Inc. | 107132 | 235239 |
| 5000 | JPMorgan Chase & Co. | 97028 | 1470800 |
| 40000 | Julius Baer Group Ltd. | 1265903 | 2909455 |
| 50500 | Loews Corp. | 1878662 | 5390370 |
| 4800 | M&T Bank Corp. | 404081 | 992256 |
| 9000 | Marsh & McLennan Companies Inc. | 232466 | 1561050 |
| 2300 | Morgan Stanley | 179515 | 378511 |
| 2800 | Popular Inc. | 43350 | 375676 |
| 30000 | SLM Corp. | 139725 | 642300 |
| 32500 | Sony Financial Group Inc. | 44564 | 29325 |
| 26000 | Sony Financial Group Inc., ADR† | 179296 | 117260 |
| 95000 | State Street Corp. | 4329072 | 12023200 |
| 6300 | T. Rowe Price Group Inc. | 157957 | 567882 |
| 186000 | The Bank of New York Mellon Corp. | 4271741 | 22065180 |

---

See accompanying notes to financial statements.

**The Gabelli Equity Income Fund**

**Schedule of Investments (Continued) — March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Financial Services (Continued)** |  |  |
| 7800 | The Goldman Sachs Group Inc. | $1010737 | $6598722 |
| 7500 | The PNC Financial Services Group Inc. | 463368 | 1560675 |
| 2500 | UBS Group AG | 61066 | 96079 |
| 51500 | Valley National Bancorp | 321875 | 632420 |
| 3000 | Value Line Inc. | 41976 | 105870 |
| 100 | Webster Financial Corp. | 1914 | 6942 |
| 30200 | Wells Fargo & Co. | 735814 | 2404222 |
|  |  | 17246124 | 71401076 |
|  | **Food and Beverage — 12.7%** |  |  |
| 1000 | Anheuser-Busch InBev SA/NV | 15876 | 69027 |
| 177000 | Brown-Forman Corp., Cl. A | 3057145 | 4741830 |
| 18700 | Coca-Cola Europacific Partners plc | 420750 | 1695529 |
| 9700 | Coca-Cola Femsa SAB de CV, ADR | 332657 | 946235 |
| 1000 | Constellation Brands Inc., Cl. A | 12403 | 150000 |
| 25000 | Danone SA | 865990 | 1994997 |
| 40000 | Davide Campari-Milano NV | 175755 | 283414 |
| 48500 | Diageo plc, ADR | 2942036 | 3610825 |
| 73200 | Fomento Economico Mexicano SAB de CV, ADR | 1783587 | 8129592 |
| 1000 | General Mills Inc. | 26640 | 37220 |
| 1400000 | Grupo Bimbo SAB de CV, Cl. A | 1127908 | 4689059 |
| 88500 | Heineken NV | 4258658 | 6782008 |
| 132000 | ITO EN Ltd. | 2344495 | 2475650 |
| 4000 | McCormick & Co. Inc. | 137120 | 201520 |
| 30500 | McCormick & Co. Inc., Non-Voting | 661676 | 1538420 |
| 18000 | Mondelēz International Inc., Cl. A | 324253 | 1037520 |
| 3000 | National Beverage Corp.† | 98958 | 100950 |
| 30500 | Nestlé SA | 627215 | 2991258 |
| 158000 | Nissin Foods Holdings Co. Ltd. | 1610890 | 2991651 |
| 21500 | PepsiCo Inc. | 1392107 | 3338735 |
| 23300 | Pernod Ricard SA | 2253423 | 1729528 |
| 31200 | Remy Cointreau SA | 1660939 | 1326380 |
| 150000 | Sapporo Holdings Ltd. | 664276 | 1617624 |
| 600 | The Boston Beer Co. Inc., Cl. A† | 145683 | 138240 |
| 34500 | The Campbell's Company | 1074973 | 768315 |
| 7000 | The Coca-Cola Co. | 145880 | 532350 |
| 1000 | The Hershey Co. | 36300 | 207890 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 35000 | The Kraft Heinz Co. | $984647 | $787150 |
| 2500 | The Magnum Ice Cream Co. NV† | 12009 | 37375 |
| 64000 | Yakult Honsha Co. Ltd. | 799840 | 1072682 |
|  |  | 29994089 | 56022974 |
|  | **Health Care — 5.8%** |  |  |
| 4200 | Abbott Laboratories | 129857 | 431214 |
| 3000 | AbbVie Inc. | 74559 | 652470 |
| 3000 | Alcon AG | 100034 | 226050 |
| 75000 | Baxter International Inc. | 1657103 | 1260000 |
| 4400 | Bio-Rad Laboratories Inc., Cl. A† | 432651 | 1226500 |
| 85500 | Bristol-Myers Squibb Co. | 2057231 | 5185575 |
| 46000 | CVS Health Corp. | 1554593 | 3303720 |
| 12200 | Danaher Corp. | 316555 | 2313120 |
| 69000 | Demant A/S† | 667858 | 2069402 |
| 5960 | GSK plc, ADR | 250595 | 328933 |
| 4000 | Haleon plc, ADR | 27891 | 40040 |
| 27000 | Henry Schein Inc.† | 353633 | 1989900 |
| 16000 | Merck & Co. Inc. | 283402 | 1924640 |
| 10000 | Novartis AG, ADR | 462049 | 1527500 |
| 24000 | Perrigo Co. plc | 414820 | 257760 |
| 21500 | Pfizer Inc. | 358791 | 603720 |
| 41700 | Roche Holding AG, ADR | 767249 | 2072907 |
| 2500 | Zimmer Biomet Holdings Inc. | 193368 | 226050 |
|  |  | 10102239 | 25639501 |
|  | **Hotels and Gaming — 0.2%** |  |  |
| 11500 | MGM Resorts International† | 138744 | 425615 |
| 3000 | Wynn Resorts Ltd. | 203684 | 304650 |
|  |  | 342428 | 730265 |
|  | **Machinery — 4.2%** |  |  |
| 6000 | Caterpillar Inc. | 35181 | 4250760 |
| 39000 | CNH Industrial NV | 430251 | 429000 |
| 23700 | Deere & Co. | 711692 | 13350210 |
| 1000 | Otis Worldwide Corp. | 60383 | 77080 |
| 5500 | Xylem Inc. | 187459 | 657250 |
|  |  | 1424966 | 18764300 |
|  | **Metals and Mining — 4.2%** |  |  |
| 84200 | Freeport-McMoRan Inc. | 1391344 | 4949276 |
| 126500 | Newmont Corp. | 2986882 | 13693625 |
|  |  | 4378226 | 18642901 |
|  | **Real Estate — 0.3%** |  |  |
| 58000 | Weyerhaeuser Co., REIT | 878950 | 1416940 |
|  | **Retail — 3.8%** |  |  |
| 11500 | Cie Financiere Richemont SA, Cl. A | 383098 | 1992653 |
| 71200 | Copart Inc.† | 156989 | 2363840 |
| 5000 | Costco Wholesale Corp. | 225415 | 4982150 |

---

See accompanying notes to financial statements.

**The Gabelli Equity Income Fund**

**Schedule of Investments (Continued) — March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Retail (Continued)** |  |  |
| 43200 | Ingles Markets Inc., Cl. A | $670972 | $3883248 |
| 183000 | Seven & i Holdings Co. Ltd. | 1837719 | 2448571 |
| 2500 | The Home Depot Inc. | 69558 | 822225 |
| 2700 | Walmart Inc. | 39006 | 335556 |
|  |  | 3382757 | 16828243 |
|  | **Semiconductors — 0.4%** |  |  |
| 8500 | Texas Instruments Inc. | 124950 | 1650190 |
|  | **Specialty Chemicals — 0.9%** |  |  |
| 1200 | Albemarle Corp. | 12404 | 215436 |
| 2500 | Ashland Inc. | 58813 | 139025 |
| 10000 | FMC Corp. | 163216 | 172200 |
| 33500 | H.B. Fuller Co. | 740419 | 2066280 |
| 1800 | NewMarket Corp. | 6947 | 1153710 |
| 600 | Quaker Chemical Corp. | 6478 | 74538 |
|  |  | 988277 | 3821189 |
|  | **Telecommunications — 3.5%** |  |  |
| 97500 | BCE Inc. | 1807752 | 2460900 |
| 55000 | BT Group plc, Cl. A | 143684 | 153240 |
| 181000 | Deutsche Telekom AG, ADR | 2402191 | 6711480 |
| 72000 | Liberty Global Ltd., Cl. A† | 738824 | 870480 |
| 14000 | Orange SA, ADR | 160021 | 286580 |
| 70000 | Telefonica SA, ADR | 293673 | 303800 |
| 22000 | Telesat Corp.† | 187714 | 796400 |
| 94000 | TELUS Corp. | 713431 | 1206020 |
| 55500 | Verizon Communications Inc. | 1737920 | 2786100 |
|  |  | 8185210 | 15575000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **Transportation — 2.7%** |  |  |
| 70500 | GATX Corp. | $2201417 | $12037170 |
|  | **Wireless Telecommunications — 1.3%** |  |  |
| 4000 | Array Digital Infrastructure Inc. | 92571 | 184560 |
| 125500 | Telephone and Data Systems Inc. | 1210573 | 5283550 |
| 20000 | Turkcell Iletisim Hizmetleri A/S, ADR | 91562 | 120600 |
|  |  | 1394706 | 5588710 |
|  | **TOTAL COMMON STOCKS** | 125744602 | 439702701 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS — 0.2%** |  |  |
| $885000 | U.S. Treasury Bills, |  |  |
|  | &nbsp;&nbsp;&nbsp; **3.619% to 3.648%††, 06/11/26 to 06/25/26** | 877837 | 877882 |
|  | **TOTAL INVESTMENTS — 99.8%** | $126622439 | 440580583 |
|  | **Other Assets and Liabilities (Net) — 0.2%** |  | 1058666 |
|  | **NET ASSETS — 100.0%** |  | $441639249 |

---

† Non-income producing security. <br> †† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

See accompanying notes to financial statements.

**The Gabelli Equity Income Fund**

**Statement of Assets and Liabilities**

**March 31, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $126,622,439) | $440580583 |
| &nbsp;&nbsp;&nbsp;Cash | 8103 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 465724 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 299381 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 1149203 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 92916 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 442595910 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 366444 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 380352 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 71354 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees | 47839 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 83172 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 956661 |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 80,691,799 shares outstanding) | $441639249 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $148544313 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 293094936 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $441639249 |
| **Shares of Capital Stock, each at $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($169,252,484 ÷ 33,195,765 shares outstanding; 150,000,000 shares authorized) | $5.10 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($121,123,116 ÷ 24,443,413 shares outstanding; 50,000,000 shares authorized) | $4.96 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $5.26 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($9,910,801 ÷ 1,562,373 shares outstanding; 50,000,000 shares authorized) | $6.34 (a) |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($141,352,848 ÷ 21,490,248 shares outstanding; 50,000,000 shares authorized) | $6.58 |

---

(a) Redemption
 price varies based on the length of time held.

**Statement of Operations**

**For the six months ended March 31, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $112,653) | $4440957 |
| &nbsp;&nbsp;&nbsp;Interest | 13565 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 4454522 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 2258746 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 219170 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 154138 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 52031 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 160953 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 74198 |
| &nbsp;&nbsp;&nbsp;Interest expense | 53559 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 50310 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 39521 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 27850 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 22500 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 13108 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 34729 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 3160813 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (2213) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 3158600 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 1295922 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 29312656 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (6990) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 29305666 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | (11136820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | (2495) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | (11139315) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 18166351 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $19462273 |

---

See accompanying notes to financial statements.

**The Gabelli Equity Income Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31,<br> 2026<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1295922 | $3395807 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 29305666 | 46194306 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | (11139315) | (4354377) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 19462273 | 45235736 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (19411979) | (20704800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (14074666) | (14454523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (936003) | (991093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (12457293) | (13835718) |
|  | (46879941) | (49986134) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | (29060143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (20469975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (1744169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (22338521) |
|  |  | (73612808) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (46879941) | (123598942) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 5587689 | 14591475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 7366257 | 23211490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (143235) | 58068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 3387600 | 9664134 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 16198311 | 47525167 |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 91 | 1227 |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets** | (11219266) | (30836812) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 452858515 | 483695327 |
| &nbsp;&nbsp;&nbsp;End of period | $441639249 | $452858515 |

---

See accompanying notes to financial statements.

**The Gabelli Equity Income Fund**

**Financial Highlights**

Selected data for a share of capital stock outstanding throughout each period:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended September 30** | <br>**Net Asset<br> Value,<br> Beginning <br> of Year** | **Net Investment<br> Income<br> (Loss)(a)** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments** | **Total from<br> Investment<br> Operations** | **Net<br> Investment<br> Income** | **Net Realized<br> Gain on<br> Investments** | **Return of<br> Capital** | **Total Distributions** | <br>**Redemption<br> Fees(a)(b)** | <br>**Net Asset<br> Value, End of<br> Period** | <br>**Total<br> Return†** | **Net Assets,<br> End of Period<br> (in 000's)** | **Net<br> Investment<br> Income (Loss)** | **Operating<br> Expenses(c)(d)** | **Portfolio<br> Turnover <br> Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(e) | $5.46 | $0.01 | $0.23 | $0.24 | $(0.60) | $— | $— | $(0.60) | $0.00 | $5.10 | 4.45% | $169252 | 0.51 %(f) | 1.46 %(f) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 6.59 | 0.04 | 0.56 | 0.60 | (0.05) | (0.67) | (1.01) | (1.73) | 0.00 | 5.46 | 10.48 | 175527 | 0.69 | 1.41 | 0 (g) |
| &nbsp;&nbsp;&nbsp;2024 | 7.29 | 0.06 | 1.25 | 1.31 | (0.06) | (0.90) | (1.05) | (2.01) | 0.00 | 6.59 | 19.64 | 193593 | 0.77 | 1.43 | 1 |
| &nbsp;&nbsp;&nbsp;2023 | 8.09 | 0.08 | 0.91 | 0.99 | (0.08) | (0.67) | (1.04) | (1.79) | 0.00 | 7.29 | 11.92 | 227248 | 0.89 | 1.43 | 5 |
| &nbsp;&nbsp;&nbsp;2022 | 10.85 | 0.06 | (1.01) | (0.95) | (0.06) | (0.78) | (0.97) | (1.81) | 0.00 | 8.09 | (10.08) | 230926 | 0.56 | 1.42 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 10.04 | 0.07 | 3.00 | 3.07 | (0.08) | (1.24) | (0.94) | (2.26) | 0.00 | 10.85 | 31.32 | 297369 | 0.64 | 1.42 | 1 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(e) | $5.33 | $0.01 | $0.22 | $0.23 | $(0.60) | $— | $— | $(0.60) | $0.00 | $4.96 | 4.38% | $121123 | 0.51 %(f) | 1.46 %(f) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 6.45 | 0.04 | 0.55 | 0.59 | (0.05) | (0.67) | (0.99) | (1.71) | 0.00 | 5.33 | 10.64 | 122608 | 0.69 | 1.41 | 0 (g) |
| &nbsp;&nbsp;&nbsp;2024 | 7.16 | 0.06 | 1.22 | 1.28 | (0.06) | (0.89) | (1.04) | (1.99) | 0.00 | 6.45 | 19.52 | 121992 | 0.77 | 1.43 | 1 |
| &nbsp;&nbsp;&nbsp;2023 | 7.96 | 0.07 | 0.91 | 0.98 | (0.08) | (0.67) | (1.03) | (1.78) | 0.00 | 7.16 | 11.94 | 114513 | 0.90 | 1.43 | 5 |
| &nbsp;&nbsp;&nbsp;2022 | 10.69 | 0.06 | (0.99) | (0.93) | (0.06) | (0.77) | (0.97) | (1.80) | 0.00 | 7.96 | (10.05) | 95186 | 0.57 | 1.42 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 9.92 | 0.08 | 2.95 | 3.03 | (0.08) | (1.24) | (0.94) | (2.26) | 0.00 | 10.69 | 31.31 | 98631 | 0.65 | 1.42 | 1 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(e) | $6.68 | $(0.01) | $0.27 | $0.26 | $(0.60) | $— | $— | $(0.60) | $0.00 | $6.34 | 3.92% | $9911 | (0.24)%(f) | 2.21 %(f) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 7.87 | (0.00)(b) | 0.67 | 0.67 |  | (0.67) | (1.19) | (1.86) | 0.00 | 6.68 | 9.73 | 10556 | (0.06) | 2.16 | 0 (g) |
| &nbsp;&nbsp;&nbsp;2024 | 8.58 | 0.01 | 1.49 | 1.50 | (0.01) | (0.83) | (1.37) | (2.21) | 0.00 | 7.87 | 19.18 | 12226 | 0.10 | 2.18 | 1 |
| &nbsp;&nbsp;&nbsp;2023(h) | 9.52 | 0.01 | 0.16 | 0.17 | (0.07) | (0.55) | (0.49) | (1.11) | 0.00 | 8.58 | 1.67 | 608 | 0.24 | 2.29 | 5 |
| **Class C1\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2023 | $3.41 | $0.00 (b) | $0.42 | $0.42 | $(0.07) | $(0.67) | $(0.60) | $(1.34) | $0.00 | $2.49 | 11.34% | $21071 | 0.13% | 2.18% | 5% |
| &nbsp;&nbsp;&nbsp;2022 | 5.24 | (0.01) | (0.42) | (0.43) | (0.04) | (0.78) | (0.58) | (1.40) | 0.00 | 3.41 | (10.84) | 31620 | (0.21) | 2.17 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 5.81 | (0.01) | 1.70 | 1.69 | (0.05) | (1.24) | (0.97) | (2.26) | 0.00 | 5.24 | 30.29 | 51140 | (0.12) | 2.17 | 1 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(e) | $6.87 | $0.03 | $0.28 | $0.31 | $(0.60) | $— | $— | $(0.60) | $0.00 | $6.58 | 4.56% | $141353 | 0.76 %(f) | 1.21 %(f) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 7.99 | 0.07 | 0.70 | 0.77 | (0.07) | (0.67) | (1.15) | (1.89) | 0.00 | 6.87 | 10.81 | 144168 | 0.94 | 1.16 | 0 (g) |
| &nbsp;&nbsp;&nbsp;2024 | 8.61 | 0.09 | 1.51 | 1.60 | (0.08) | (0.88) | (1.26) | (2.22) | 0.00 | 7.99 | 19.85 | 155884 | 1.01 | 1.18 | 1 |
| &nbsp;&nbsp;&nbsp;2023 | 9.36 | 0.12 | 1.04 | 1.16 | (0.09) | (0.67) | (1.15) | (1.91) | 0.00 | 8.61 | 12.19 | 134026 | 1.14 | 1.18 | 5 |
| &nbsp;&nbsp;&nbsp;2022 | 12.35 | 0.10 | (1.17) | (1.07) | (0.08) | (0.77) | (1.06) | (1.92) | 0.00 | 9.36 | (9.81) | 128315 | 0.81 | 1.17 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 11.15 | 0.12 | 3.34 | 3.46 | (0.11) | (1.24) | (0.91) | (2.26) | 0.00 | 12.35 | 31.71 | 134073 | 0.89 | 1.17 | 1 |

---

---

| | |
|:---|:---|
| \* | On May 29, 2024, Class C1 Shares converted into Class C Shares. See Note 8. |
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized. |
| (a) | Per share amounts have been calculated using the average shares outstanding method. |
| (b) | Amount represents less than $0.005 per share. |
| (c) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no material impact on the expense ratios. |
| (d) | The Fund incurred interest expense. For the six months ended March 31, 2026, the fiscal years ended September 30, 2024 and 2023, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.44%, 1.42% and 1.42% (Class AAA and Class A), 2.19%, 2.17%, and 2.29% (Class C), and 1.19%, 2.17%, and 2.16% (Class I), respectively. For the fiscal years ended September 30, 2022 and 2021, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.41%, and 1.41% (Class AAA and Class A), 2.16% and 2.17% (Class C1), 1.16% and 1.16% (Class I), respectively. For the fiscal year ended September 30, 2025, there was no material impact to the expense ratios. |
| (e) | For the six months ended March 31, 2026, unaudited. |
| (f) | Annualized. |
| (g) | Amount represents less than 0.5%. |
| (h) | Class C commenced on June 1, 2023. |
| (i) | Amount represents less than 0.005%. |

---

See accompanying notes to financial statements.

**The Gabelli Equity Income Fund**

**Notes to Financial Statements (Unaudited)**

**1. Organization.** The Gabelli Equity Income Fund (the Fund), a series of the Gabelli Equity Series Funds, Inc. (the Corporation), was incorporated on July 25, 1991 in Maryland. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and is one of four separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund seeks to provide a high level of total return on its assets with an emphasis on income. The Fund commenced investment operations on January 2, 1992.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund's investment program and manages the operations of the Fund under the general supervision of the Fund's Board of Directors (the Board).

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

***Security Valuation.*** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Valuation Designee so determines, by such other method as the Valuation Designee shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Valuation Designee if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Valuation Designee determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Valuation Designee. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one of more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Valuation Designee. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with

**The Gabelli Equity Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

● Level 1 — unadjusted quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of March 31, 2026 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1**<br> **Quoted Prices** | **Level 2<br> Other Significant<br> Observable<br> Inputs** |<br>**Total <br> Market Value**<br> **at 03/31/26** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $439702701 |  | $439702701 |
| U.S. Government Obligations |  | $877882 | 877882 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $439702701 | $877882 | $440580583 |

---

(a) Please refer to the Schedule of Investments for the industry classifications of these portfolio
 holdings.

***General.*** The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

***Fair Valuation.*** Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The

**The Gabelli Equity Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

***Securities Sold Short.*** The Fund enters into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. At March 31, 2026, there were no short sales outstanding.

***Foreign Currency Translations.*** The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

***Foreign Securities.*** The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

***Foreign Taxes.*** The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

***Restricted Securities.*** The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar

**The Gabelli Equity Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At March 31, 2026, the Fund did not hold any restricted securities.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends. The Fund owns real estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

***Determination of Net Asset Value and Calculation of Expenses.*** Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of the Fund's average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

***Distributions to Shareholders.*** Distributions to shareholders are recorded on the ex-dividend date. The characterization of distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The Fund has a fixed distribution policy. Under the policy, the Fund declares and pays monthly distributions from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the calendar year. Pursuant to this policy, distributions during the calendar year are made in excess of required distributions. To the extent such distributions are made from current earnings and profits, they are considered ordinary income or long term capital gains. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board continues to evaluate its distribution policy in light of ongoing economic and market conditions and may change the amount of the monthly distributions in the future.

**The Gabelli Equity Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

The tax character of distributions paid during the fiscal year ended September 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Distributions paid from:** |  |
| Ordinary income | $3900899 |
| Net long term capital gains | 46085235 |
| Return of capital | 73612808 |
| Total distributions paid | $123598942 |

---

***Provision for Income Taxes.*** The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $128606066 | $316112089 | $(4137572) | $311974517 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended March 31, 2026, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2026, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

***Recent Accounting Pronouncement.*** During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**3. Investment Advisory Agreement and Other Transactions.** The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio, oversees the administration of all aspects of the Fund's business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

**4. Distribution Plan.** The Fund's Board has adopted a distribution plan (the Plan) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at

**The Gabelli Equity Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

**5. Portfolio Securities.** Purchases and sales of securities during the six months ended March 31, 2026, other than short term securities and U.S. Government obligations, aggregated $4,279,748 and $41,286,660, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the six months ended March 31, 2026, the Fund paid $6,679 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $57,746 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2026, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $2,213.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended March 31, 2026, the Fund accrued $22,500 in connection with the cost of computing the Fund's NAV.

The Corporation pays retainer and per meeting fees to Directors not affiliated with the Adviser, plus specified amounts to the Lead Director and Audit Committee Chairman. Directors are also reimbursed for out of pocket expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on April 30, 2026. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. At March 31, 2026, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 78 days of borrowings during the six months ended March 31, 2026 was $4,661,173 with a weighted average interest rate of 5.28%. The maximum amount borrowed at any time during the six months ended March 31, 2026 was $11,382,000.

**8. Capital Stock.** The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. On March 13, 2023, Class C shares were renamed Class C1 shares, and effective March 15 through May 30, 2023, the Fund temporarily reopened its Class C1 shares to purchases by new investors. After May 30, 2023, neither new nor existing shareholders may purchase additional C1 shares. Class C shares were issued beginning May 30, 2023. These changes have no effect on existing Class C1 shareholders' ability to redeem these shares. Class AAA and Class I shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase. On May 29, 2024 shareholders owning Class C1 shares had their Class C1 shares converted to Class C shares of the fund equal to the aggregate value of each shareholder's Class C1 shares.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds

**The Gabelli Equity Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended March 31, 2026 and the fiscal year ended September 30, 2025, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> March 31, <br> 2026<br> (Unaudited)** | **Six Months Ended<br> March 31, <br> 2026<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 1257228 | $6813275 | 1825814 | $11150941 |
| Shares issued upon reinvestment of distributions | 3552195 | 18889512 | 8330858 | 48639904 |
| Shares redeemed | (3738242) | (20115098) | (7406096) | (45199370) |
| &nbsp;&nbsp;&nbsp;Net increase | 1071181 | $5587689 | 2750576 | $14591475 |
| **Class A** |  |  |  |  |
| Shares sold | 3114688 | $16385440 | 5330665 | $31739421 |
| Shares issued upon reinvestment of distributions | 2643135 | 13678575 | 5945061 | 33849687 |
| Shares redeemed | (4333577) | (22697758) | (7166284) | (42377618) |
| &nbsp;&nbsp;&nbsp;Net increase | 1424246 | $7366257 | 4109442 | $23211490 |
| **Class C** |  |  |  |  |
| Shares sold | 253003 | $1668203 | 226136 | $1649430 |
| Shares issued upon reinvestment of distributions | 142361 | 935304 | 386428 | 2733088 |
| Shares redeemed | (412944) | (2746742) | (585770) | (4324450) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (17580) | $(143235) | 26794 | $58068 |
| **Class I** |  |  |  |  |
| Shares sold | 1906167 | $13044776 | 3191765 | $24103994 |
| Shares issued upon reinvestment of distributions | 1669919 | 11334275 | 4552765 | 32918104 |
| Shares redeemed | (3063717) | (20991451) | (6271801) | (47357964) |
| &nbsp;&nbsp;&nbsp;Net increase | 512369 | $3387600 | 1472729 | $9664134 |

---

***ReFlow Fund LLC.*** The Funds may participate in the ReFlow Fund, LLC liquidity program (ReFlow), which is designed to provide an alternative liquidity source for funds experiencing redemptions. To pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund's net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a fund. ReFlow generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, at other times at ReFlow's discretion, or at the direction of the participating fund. In return for this service, a participating fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. This fee, if any, is shown in the Statement of Operations.

During the six months ended March 31, 2026, the Fund did not utilize ReFlow.

**The Gabelli Equity Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

**9. Indemnifications.** The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**10. Segment Reporting.** The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

**11. Subsequent Events.** On April 10, 2026, Bank of New York Mellon became Custodian to the Fund. On April 10, 2026, the Fund became party to an unsecured line of credit with Bank of New York Mellon, which expires on April 9, 2027, and may be renewed annually, of up to $200,000,000 under which the Fund may borrow up to ten percent of its net assets from the bank for temporary borrowing purposes. On April 30, 2026, the Fund terminated the line of credit with State Street Bank & Trust Co., the former Custodian to the Fund. Management has evaluated the impact on the Funds of all subsequent events occurring through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

**Gabelli Funds and Your Personal Privacy**

**Who are we?**

The Gabelli Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

**What kind of non-public information do we collect about you if you become a fund shareholder?**

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

● *Information you give us on your application form.* This could include your name, address, telephone number, social security number, bank account number, and other information.

● *Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you.* This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

**What information do we disclose and to whom do we disclose it?**

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

**What do we do to protect your personal information?**

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information.

**This page was intentionally left blank.**

![](geif_001.jpg)

**The Gabelli Small Cap Growth Fund**

**Semiannual Report — March 31, 2026**

**To Our Shareholders,**

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class AAA Share of The Gabelli Small Cap Growth Fund (the Fund) was 3.4% compared with a total return of 5.3% for the Standard & Poor's (S&P) SmallCap 600 Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2026.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of March 31, 2026:

**The Gabelli Small Cap Growth Fund**

---

| | |
|:---|:---|
| **Long Positions** |  |
| Equipment and Supplies | 19.9% |
| Diversified Industrial | 10.5% |
| Automotive: Parts and Accessories | 5.6% |
| Retail | 5.4% |
| Financial Services | 4.8% |
| Entertainment | 4.3% |
| Food and Beverage | 3.8% |
| Building and Construction | 3.6% |
| Energy and Utilities | 3.2% |
| Real Estate | 3.2% |
| Health Care | 3.0% |
| Transportation | 2.8% |
| Electronics | 2.7% |
| Specialty Chemicals | 2.7% |
| Aviation: Parts and Services | 2.7% |
| Business Services | 2.5% |
| Machinery | 2.5% |
| Aerospace and Defense | 1.9% |
| U.S. Government Obligations | 1.6% |
| Manufactured Housing and Recreational Vehicles | 1.5% |
| Broadcasting | 1.5% |
| Hotels and Gaming | 1.4% |

---

---

| | | |
|:---|:---|:---|
| Consumer Products | 1.4 | % |
| Restaurants | 1.1 | % |
| Computer Software and Services | 1 | % |
| Consumer Services | 0.7 | % |
| Environmental Services | 0.7 | % |
| Telecommunications | 0.7 | % |
| Metals and Mining | 0.6 | % |
| Wireless Telecommunications | 0.5 | % |
| Semiconductors | 0.4 | % |
| Publishing | 0.4 | % |
| Cable | 0.4 | % |
| Communications Equipment | 0.3 | % |
| Home Furnishings | 0.2 | % |
| Food and Staples Retailing | 0.2 | % |
| Automotive | 0.1 | % |
| Closed-End Funds | 0.1 | % |
| Agriculture | 0.1 | % |
| Other Assets and Liabilities (Net) | (0.0) |)%\* |
| **Short Positions** |  |  |
| Electronics | (0 |)%\* |
|  | 100 | % |

---

\* Amount represents greater than (0.05)%.

*The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund's Form N-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.*

**Proxy Voting**

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at www.sec.gov.

**The Gabelli Small Cap Growth Fund**

**Schedule of Investments — March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 98.2%** |  |  |
|  | **Aerospace and Defense — 1.9%** |  |  |
| 31000 | Allient Inc. | $685446 | $1831790 |
| 2500 | Embraer SA, ADR | 68200 | 148350 |
| 58000 | Innovative Solutions and Support Inc.† | 243681 | 1190740 |
| 6500 | Kratos Defense & Security Solutions Inc.† | 99836 | 458315 |
| 7000 | National Presto Industries Inc. | 390588 | 959420 |
| 4000 | Redwire Corp.† | 35589 | 34000 |
| 330500 | Textron Inc. | 1992817 | 28938580 |
| 2189 | The Boeing Co.† | 445702 | 435677 |
|  |  | 3961859 | 33996872 |
|  | **Agriculture — 0.1%** |  |  |
| 45000 | FMC Corp. | 617649 | 774900 |
| 64000 | Limoneira Co. | 1062533 | 858880 |
|  |  | 1680182 | 1633780 |
|  | **Automotive — 0.1%** |  |  |
| 19000 | Blue Bird Corp.† | 379748 | 1079010 |
| 94022 | China Automotive Systems Inc.† | 443798 | 394893 |
| 55000 | Iveco Group NV | 69819 | 1216763 |
|  |  | 893365 | 2690666 |
|  | **Automotive: Parts and Accessories — 5.5%** |  |  |
| 142000 | BorgWarner Inc. | 582450 | 7704920 |
| 832000 | Brembo NV | 1536648 | 7803929 |
| 77000 | Commercial Vehicle Group Inc.† | 525781 | 262570 |
| 720000 | Dana Inc. | 3761881 | 24228000 |
| 100000 | Garrett Motion Inc. | 833494 | 1817000 |
| 95700 | Modine Manufacturing Co.† | 311544 | 20739147 |
| 130000 | Monro Inc. | 2625687 | 2085200 |
| 64500 | O'Reilly Automotive Inc.† | 92532 | 5953995 |
| 28000 | Phinia Inc. | 77166 | 1916320 |
| 45000 | Puradyn Filter Technologies Inc.† | 11732 | 0 |
| 188000 | Standard Motor Products Inc. | 1613331 | 6531120 |
| 244500 | Strattec Security Corp.†(a) | 4609739 | 19154130 |
| 18400 | Thor Industries Inc. | 170396 | 1469976 |
|  |  | 16752381 | 99666307 |
|  | **Aviation: Parts and Services — 2.7%** |  |  |
| 20000 | AAR Corp.† | 230415 | 2189200 |
| 8500 | Astronics Corp.† | 12193 | 567205 |
| 25000 | Astronics Corp., Cl. B† | 67272 | 1668625 |
| 53900 | Ducommun Inc.† | 1344087 | 6575800 |
| 87200 | Moog Inc., Cl. A | 895295 | 25518208 |
| 18212 | Moog Inc., Cl. B | 660459 | 5370810 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 17200 | Woodward Inc. | $123106 | $6156224 |
|  |  | 3332827 | 48046072 |
|  | **Broadcasting — 1.5%** |  |  |
| 5000 | Beasley Broadcast Group Inc., Cl. A† | 59148 | 16700 |
| 165000 | Corus Entertainment Inc., Cl. B† | 182859 | 3559 |
| 35500 | Fox Corp., Cl. A | 1467105 | 2073200 |
| 5800 | Fox Corp., Cl. B | 183617 | 307980 |
| 25000 | Gray Media Inc. | 73674 | 108500 |
| 71700 | Gray Media Inc., Cl. A | 377715 | 889797 |
| 850000 | Grupo Televisa SAB, ADR | 2364364 | 2473500 |
| 100000 | ITV plc | 114913 | 99336 |
| 13000 | Liberty Broadband Corp., Cl. A† | 4829 | 652860 |
| 11000 | Liberty Broadband Corp., Cl. C† | 57595 | 553300 |
| 22000 | Nexstar Media Group Inc. | 1349700 | 3978260 |
| 100000 | Salem Media Group Inc.† | 0 | 41070 |
| 133000 | Sirius XM Holdings Inc. | 798697 | 3069640 |
| 45000 | Townsquare Media Inc., Cl. A | 413842 | 244350 |
| 344000 | Versant Media Group Inc. | 11945074 | 12734880 |
|  |  | 19393132 | 27246932 |
|  | **Building and Construction — 3.6%** |  |  |
| 71000 | Arcosa Inc. | 833869 | 7535940 |
| 200000 | Armstrong Flooring Inc.† | 26720 | 20 |
| 6500 | D.R. Horton Inc. | 58614 | 891930 |
| 31500 | Gibraltar Industries Inc.† | 703058 | 1255905 |
| 152000 | Herc Holdings Inc. | 4975777 | 15131600 |
| 37500 | KB Home | 273655 | 1940625 |
| 3000 | Legacy Housing Corp.† | 38432 | 61290 |
| 316200 | Lennar Corp., Cl. B | 5757918 | 26598744 |
| 2000 | Meritage Homes Corp. | 15039 | 123680 |
| 1050 | NVR Inc.† | 699994 | 6919322 |
| 21600 | PulteGroup Inc. | 86444 | 2540376 |
| 420 | The Monarch Cement Co. | 63508 | 107100 |
| 71000 | Titan Machinery Inc.† | 1161944 | 1187120 |
| 5200 | Toll Brothers Inc. | 77265 | 709644 |
| 23000 | Trex Co. Inc.† | 749800 | 837660 |
|  |  | 15522037 | 65840956 |
|  | **Business Services — 2.5%** |  |  |
| 13000 | ACCO Brands Corp. | 60332 | 39000 |
| 337000 | ALSOK Co. Ltd. | 780281 | 2654296 |
| 1409000 | Clear Channel Outdoor Holdings Inc.† | 1989156 | 3339330 |
| 34500 | Live Nation Entertainment Inc.† | 290068 | 5261595 |
| 40000 | Loomis AB | 402123 | 1809299 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Schedule of Investments (Continued) — March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Business Services (Continued)** |  |  |
| 86500 | Madison Square Garden Entertainment Corp.† | $882452 | $5095715 |
| 13000 | McGrath RentCorp. | 389942 | 1433640 |
| 85000 | Ranpak Holdings Corp.† | 564238 | 303450 |
| 18000 | RB Global Inc. | 266537 | 1725300 |
| 340000 | S4 Capital plc | 181521 | 125106 |
| 25000 | Sealed Air Corp. | 793394 | 1051250 |
| 25000 | TransAct Technologies Inc.† | 115198 | 82250 |
| 1605000 | Trans-Lux Corp.†(a) | 1576479 | 176550 |
| 31300 | United Rentals Inc. | 189370 | 22803928 |
|  |  | 8481091 | 45900709 |
|  | **Cable — 0.4%** |  |  |
| 56000 | AMC Networks Inc., Cl. A† | 45125 | 380240 |
| 55000 | EchoStar Corp., Cl. A† | 773635 | 6438850 |
|  |  | 818760 | 6819090 |
|  | **Communications Equipment — 0.3%** |  |  |
| 140000 | Telesat Corp.† | 1593608 | 5068000 |
| 6500 | Vistance Networks Inc.† | 94549 | 118300 |
|  |  | 1688157 | 5186300 |
|  | **Computer Software and Services — 1.0%** |  |  |
| 350000 | Alithya Group Inc., Cl. A† | 1020860 | 346010 |
| 6000 | Omnicom Group Inc. | 51454 | 451860 |
| 17200 | Rockwell Automation Inc. | 383204 | 6172736 |
| 30000 | Stratasys Ltd.† | 218183 | 234300 |
| 29700 | Tyler Technologies Inc.† | 59010 | 10168686 |
|  |  | 1732711 | 17373592 |
|  | **Consumer Products — 1.4%** |  |  |
| 235000 | 1-800-Flowers.com Inc., Cl. A† | 1799534 | 714400 |
| 70000 | Brunswick Corp. | 1531235 | 5093200 |
| 32000 | Chofu Seisakusho Co. Ltd. | 461495 | 402457 |
| 39000 | Church & Dwight Co. Inc. | 66381 | 3639480 |
| 20000 | Edgewell Personal Care Co. | 407098 | 426800 |
| 131000 | Energizer Holdings Inc. | 3056761 | 2151020 |
| 2000 | Harley-Davidson Inc. | 4713 | 40440 |
| 3300 | Kobayashi Pharmaceutical Co. Ltd. | 131389 | 122535 |
| 3000 | LCI Industries | 49588 | 368940 |
| 216000 | Marine Products Corp. | 133661 | 1570320 |
| 245000 | Sally Beauty Holdings Inc.† | 1604543 | 3393250 |
| 10425 | Samick Musical Instruments Co. Ltd. | 12107 | 8066 |
| 3700 | Shimano Inc. | 414540 | 383044 |
| 7000 | Spectrum Brands Holdings Inc. | 401870 | 515900 |
| 9500 | Steven Madden Ltd. | 19995 | 322240 |
| 10000 | Sturm Ruger & Co. Inc. | 317593 | 400900 |
| 25000 | The Scotts Miracle-Gro Co. | 1074470 | 1520250 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 9500 | WD-40 Co. | $248399 | $1937430 |
| 120000 | Wolverine World Wide Inc. | 781633 | 1958400 |
|  |  | 12517005 | 24969072 |
|  | **Consumer Services — 0.7%** |  |  |
| 2625 | Angi Inc.† | 2017 | 17981 |
| 53000 | Bowlin Travel Centers Inc.† | 53947 | 208820 |
| 5000 | IAC Inc.† | 9702 | 200150 |
| 179000 | OPENLANE Inc.† | 888670 | 5217850 |
| 145000 | Rollins Inc. | 126046 | 7744450 |
|  |  | 1080382 | 13389251 |
|  | **Diversified Industrial — 10.5%** |  |  |
| 10000 | Acuity Inc. | 94378 | 2802200 |
| 83000 | Albany International Corp., Cl. A | 2756085 | 4333430 |
| 313500 | Crane Co. | 3910419 | 53608500 |
| 127500 | Crane NXT Co. | 646444 | 5175225 |
| 94000 | Distribution Solutions Group Inc.† | 608409 | 2466560 |
| 18000 | Enerpac Tool Group Corp. | 595359 | 656460 |
| 39200 | Enpro Inc. | 1748128 | 9825480 |
| 103500 | Greif Inc., Cl. A | 1839821 | 6941745 |
| 93500 | Greif Inc., Cl. B | 4205680 | 8184990 |
| 172500 | Griffon Corp. | 1412448 | 12537300 |
| 35000 | Hyster-Yale Inc. | 1190745 | 1137850 |
| 15500 | INNOVATE Corp.† | 132209 | 88040 |
| 1500 | Knife River Corp.† | 110235 | 122475 |
| 113500 | L.B. Foster Co., Cl. A† | 1577215 | 3166650 |
| 36500 | Lincoln Electric Holdings Inc. | 927545 | 9091420 |
| 30000 | Lindsay Corp. | 585623 | 3572100 |
| 500 | LSB Industries Inc.† | 7460 | 7450 |
| 50000 | Matthews International Corp., Cl. A | 1242562 | 1291000 |
| 965500 | Myers Industries Inc. | 13302975 | 20449290 |
| 137200 | Oil-Dri Corp. of America | 465107 | 8930348 |
| 326701 | Park-Ohio Holdings Corp. | 3052261 | 7853892 |
| 12500 | Pentair plc | 296897 | 1088875 |
| 13400 | Roper Technologies Inc. | 251725 | 4741724 |
| 53200 | Sonoco Products Co. | 1529361 | 2877588 |
| 44200 | Standex International Corp. | 1095705 | 11264812 |
| 7000 | Terex Corp. | 166670 | 413700 |
| 215000 | Trinity Industries Inc. | 2426154 | 6918700 |
|  |  | 46177620 | 189547804 |
|  | **Electronics — 2.7%** |  |  |
| 100500 | Badger Meter Inc. | 1216744 | 15311175 |
| 60000 | Bel Fuse Inc., Cl. A | 842875 | 10812000 |
| 380500 | CTS Corp. | 3097535 | 18172680 |
| 57000 | Daktronics Inc.† | 415106 | 1114350 |
| 120000 | Gentex Corp. | 1305089 | 2622000 |
| 20000 | IMAX Corp.† | 158565 | 760200 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Schedule of Investments (Continued) — March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Electronics (Continued)** |  |  |
| 18400 | Napco Security Technologies Inc. | $467423 | $724776 |
| 59000 | Stoneridge Inc.† | 282600 | 284970 |
|  |  | 7785937 | 49802151 |
|  | **Energy and Utilities — 3.2%** |  |  |
| 32000 | APA Corp. | 765019 | 1358080 |
| 10000 | Avista Corp. | 384740 | 401400 |
| 10000 | Cadiz Inc.† | 67958 | 49100 |
| 9800 | Chesapeake Utilities Corp. | 127440 | 1238426 |
| 35000 | CMS Energy Corp. | 67088 | 2715300 |
| 20000 | Consolidated Water Co. Ltd. | 233823 | 662400 |
| 35100 | Diamondback Energy Inc. | 1730067 | 6942429 |
| 74000 | Energy Recovery Inc.† | 316427 | 745180 |
| 325000 | Energy Transfer LP | 0 | 6272500 |
| 8000 | H2O America | 107086 | 469360 |
| 20000 | Hawaiian Electric Industries Inc.† | 241120 | 296800 |
| 108000 | Innovex International Inc.† | 2464880 | 2634120 |
| 30000 | Landis+Gyr Group AG | 1819435 | 1894697 |
| 19000 | Marathon Petroleum Corp. | 90379 | 4639420 |
| 3500 | Middlesex Water Co. | 54166 | 182175 |
| 3000 | National Fuel Gas Co. | 247755 | 281880 |
| 120000 | Navigator Holdings Ltd. | 1144035 | 2319600 |
| 73000 | Northwest Natural Holding Co. | 2826254 | 3885060 |
| 21500 | Northwestern Energy Group Inc. | 582609 | 1417710 |
| 9100 | Otter Tail Corp. | 178375 | 798707 |
| 43000 | RGC Resources Inc. | 816897 | 948150 |
| 1680000 | RPC Inc. | 681607 | 11894400 |
| 26500 | Southwest Gas Holdings Inc. | 346142 | 2302850 |
| 5400 | Spire Inc. | 212444 | 488916 |
| 31000 | The York Water Co. | 433596 | 943950 |
| 50000 | Vestas Wind Systems A/S | 84272 | 1470566 |
| 75000 | XPLR Infrastructure LP† | 1137226 | 796500 |
|  |  | 17160840 | 58049676 |
|  | **Entertainment — 4.3%** |  |  |
| 182232 | Atlanta Braves Holdings Inc., Cl. A† | 4939542 | 8592239 |
| 242000 | Atlanta Braves Holdings Inc., Cl. C† | 4631452 | 10333400 |
| 46000 | Entravision Communications Corp., Cl. A | 138136 | 136620 |
| 100000 | Inspired Entertainment Inc.† | 735339 | 713000 |
| 16856 | Liberty Live Holdings Inc., Cl. A† | 54885 | 1544684 |
| 9768 | Liberty Live Holdings Inc., Cl. C† | 65382 | 919266 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 20000 | Liberty Media Corp.-Liberty Formula One, Cl. A† | $64271 | $1561600 |
| 27000 | Liberty Media Corp.-Liberty Formula One, Cl. C† | 88133 | 2295540 |
| 580000 | Lionsgate Studios Corp.† | 4653688 | 5562200 |
| 38000 | Madison Square Garden Sports Corp.† | 1006544 | 12213200 |
| 150000 | Manchester United plc, Cl. A† | 2229470 | 2523000 |
| 300000 | Ollamani SAB† | 601599 | 1226078 |
| 50000 | Reading International Inc., Cl. A† | 158144 | 56500 |
| 7000 | Reading International Inc., Cl. B† | 104634 | 63000 |
| 265000 | Sinclair Inc. | 3161937 | 3429100 |
| 95000 | Sphere Entertainment Co.† | 1063999 | 11153000 |
| 42000 | Starz Entertainment Corp.† | 481786 | 483000 |
| 2000 | Stubhub Holdings Inc., Cl. A† | 16440 | 12480 |
| 7800 | Take-Two Interactive Software Inc.† | 58796 | 1540500 |
| 185000 | The Marcus Corp. | 2141798 | 3176450 |
| 3500 | The Walt Disney Co. | 20071 | 337330 |
| 42400 | TKO Group Holdings Inc. | 446355 | 8549960 |
| 35000 | Universal Entertainment Corp.† | 210518 | 145553 |
| 79500 | Warner Bros Discovery Inc.† | 527898 | 2183070 |
|  |  | 27600817 | 78750770 |
|  | **Environmental Services — 0.7%** |  |  |
| 11000 | Gentherm Inc.† | 348069 | 305580 |
| 57000 | Republic Services Inc. | 514900 | 12484140 |
|  |  | 862969 | 12789720 |
|  | **Equipment and Supplies — 19.9%** |  |  |
| 17200 | A.O. Smith Corp. | 35260 | 1134168 |
| 370900 | AMETEK Inc. | 631120 | 79506124 |
| 45000 | Ardagh Metal Packaging SA | 160536 | 182250 |
| 50000 | AZZ Inc. | 1676478 | 6256500 |
| 9200 | Chart Industries Inc.† | 301823 | 1902100 |
| 89500 | Crown Holdings Inc. | 360422 | 8972375 |
| 99500 | Donaldson Co. Inc. | 572237 | 8444565 |
| 156000 | Federal Signal Corp. | 810377 | 16869840 |
| 232500 | Flowserve Corp. | 1322646 | 17091075 |
| 150000 | Franklin Electric Co. Inc. | 584884 | 13825500 |
| 400000 | Graco Inc. | 2039167 | 33860000 |
| 30500 | IDEX Corp. | 111758 | 5781275 |
| 125000 | Interpump Group SpA | 547330 | 4681192 |
| 6200 | Littelfuse Inc. | 48864 | 2103970 |
| 110000 | Maezawa Kyuso Industries Co. Ltd. | 359609 | 1078479 |
| 6000 | MSA Safety Inc. | 179592 | 983700 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Schedule of Investments (Continued) — March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Equipment and Supplies (Continued)** |  |  |
| 565000 | Mueller Industries Inc. | $6126904 | $62602000 |
| 228200 | Mueller Water Products Inc., Cl. A | 1373605 | 6273218 |
| 166000 | Tennant Co. | 2934386 | 11022400 |
| 720000 | The Gorman-Rupp Co. | 10775526 | 44733600 |
| 82200 | The Greenbrier Companies Inc. | 828583 | 4327830 |
| 50500 | The Manitowoc Co. Inc.† | 499591 | 588325 |
| 50000 | The Middleby Corp.† | 533815 | 6629000 |
| 36000 | The Timken Co. | 1219448 | 3620520 |
| 30500 | The Toro Co. | 562393 | 2849920 |
| 4400 | Valmont Industries Inc. | 35750 | 1758108 |
| 7800 | Watsco Inc., Cl. B | 23398 | 2899416 |
| 39000 | Watts Water Technologies Inc., Cl. A | 740108 | 11321310 |
| 50000 | Xerox Holdings Corp. | 257098 | 64500 |
|  |  | 35652708 | 361363260 |
|  | **Financial Services — 4.8%** |  |  |
| 5500 | Ameris Bancorp | 36033 | 428945 |
| 44200 | Atlantic Union Bankshares Corp. | 1526107 | 1579708 |
| 2000 | Capital City Bank Group Inc. | 66887 | 86920 |
| 12300 | Capitol Federal Financial Inc. | 118692 | 87699 |
| 20800 | Crazy Woman Creek Bancorp Inc. | 318236 | 638560 |
| 15000 | DigitalBridge Group Inc. | 220627 | 231300 |
| 37500 | Eagle Bancorp Inc. | 996030 | 932625 |
| 240 | Farmers & Merchants Bank of Long Beach | 1470835 | 1986000 |
| 295000 | Flushing Financial Corp. | 4599740 | 4531200 |
| 66000 | FNB Corp. | 659922 | 1103520 |
| 370000 | GAM Holding AG† | 153776 | 49050 |
| 25000 | Hanover Bancorp Inc. | 525000 | 539750 |
| 2000 | HomeTrust Bancshares Inc. | 68879 | 85300 |
| 270000 | Hope Bancorp Inc. | 2987671 | 3015900 |
| 410000 | Huntington Bancshares Inc. | 3921829 | 6416500 |
| 616000 | KKR & Co. Inc. | 2332512 | 56980000 |
| 78000 | Medallion Financial Corp. | 347410 | 667680 |
| 22600 | Pinnacle Financial Partners Inc. | 1108839 | 1946764 |
| 11000 | PROG Holdings Inc. | 95921 | 315590 |
| 11500 | Southern First Bancshares Inc.† | 425553 | 626750 |
| 16000 | TFS Financial Corp. | 234831 | 224800 |
| 14500 | Thomasville Bancshares Inc. | 550193 | 1352125 |
| 2000 | USCB Financial Holdings Inc. | 28887 | 37080 |
| 221000 | Valley National Bancorp | 1381250 | 2713880 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 34308 | Value Line Inc. | $425084 | $1210729 |
| 10000 | Waterloo Investment Holdings Ltd.†(b) | 1373 | 3500 |
| 130000 | Wright Investors' Service Holdings Inc.† | 82906 | 22100 |
|  |  | 24685023 | 87813975 |
|  | **Food and Beverage — 3.8%** |  |  |
| 423000 | Arca Continental SAB de CV | 759513 | 4872418 |
| 14000 | BellRing Brands Inc.† | 37160 | 225260 |
| 76000 | Brown-Forman Corp., Cl. A | 451500 | 2036040 |
| 40000 | Bull-Dog Sauce Co. Ltd. | 95622 | 468794 |
| 118000 | Canada Packers Inc. | 1340587 | 1710919 |
| 82000 | China Tontine Wines Group Ltd.† | 85944 | 3242 |
| 250000 | Crimson Wine Group Ltd.† | 2174347 | 1102500 |
| 500000 | Dynasty Fine Wines Group Ltd. | 74726 | 14029 |
| 99000 | Farmer Brothers Co.† | 584060 | 125730 |
| 400000 | Flowers Foods Inc. | 950682 | 3260000 |
| 114000 | ITO EN Ltd. | 2136608 | 2138061 |
| 92000 | Iwatsuka Confectionery Co. Ltd. | 1584932 | 1855014 |
| 22500 | J & J Snack Foods Corp. | 488379 | 1783575 |
| 28500 | John B Sanfilippo & Son Inc. | 2071135 | 2260905 |
| 255000 | Kameda Seika Co. Ltd. | 3102672 | 2328188 |
| 1200000 | Kikkoman Corp. | 1630295 | 10850320 |
| 594000 | Maple Leaf Foods Inc. | 8907486 | 12810006 |
| 12000 | MEIJI Holdings Co. Ltd. | 117526 | 291787 |
| 8000 | MGP Ingredients Inc. | 6395 | 147120 |
| 124000 | Morinaga Milk Industry Co. Ltd. | 1182249 | 3722227 |
| 10500 | National Beverage Corp.† | 453381 | 353325 |
| 130500 | Nissin Foods Holdings Co. Ltd. | 1444598 | 2470952 |
| 12000 | Post Holdings Inc.† | 33079 | 1186320 |
| 100000 | Premier Foods plc | 219577 | 244601 |
| 3500 | The Boston Beer Co. Inc., Cl. A† | 598838 | 806400 |
| 100000 | The Hain Celestial Group Inc.† | 473642 | 69780 |
| 55000 | The J.M. Smucker Co. | 1260858 | 5304200 |
| 625000 | Tingyi (Cayman Islands) Holding Corp. | 1326207 | 1034599 |
| 33475 | Tootsie Roll Industries Inc. | 245787 | 1430052 |
| 370000 | Vina Concha y Toro SA | 676676 | 353227 |
| 950000 | Vitasoy International Holdings Ltd. | 542729 | 754795 |
| 20000 | Willamette Valley Vineyards Inc.† | 73224 | 51400 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Schedule of Investments (Continued) — March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Food and Beverage (Continued)** |  |  |
| 205000 | Yakult Honsha Co. Ltd. | $2470225 | $3435935 |
|  |  | 37600639 | 69501721 |
|  | **Food and Staples Retailing — 0.2%** |  |  |
| 60000 | United Natural Foods Inc.† | 810103 | 2703600 |
|  | **Health Care — 3.0%** |  |  |
| 5400 | Align Technology Inc.† | 530884 | 925722 |
| 6700 | Bio-Rad Laboratories Inc., Cl. A† | 283604 | 1867625 |
| 12500 | Bruker Corp. | 95311 | 451500 |
| 600 | Chemed Corp. | 8238 | 226644 |
| 21000 | CONMED Corp. | 429146 | 742560 |
| 2025 | Danaher Corp. | 11649 | 383940 |
| 10000 | Dentsply Sirona Inc. | 112590 | 116000 |
| 50000 | Dexcom Inc.† | 68464 | 3140000 |
| 28500 | Electromed Inc.† | 401381 | 667185 |
| 24000 | Evolent Health Inc., Cl. A† | 213185 | 54720 |
| 209000 | Globus Medical Inc., Cl. A† | 5270938 | 18007440 |
| 25600 | GRAIL Inc.† | 434255 | 1323008 |
| 70000 | Henry Schein Inc.† | 480305 | 5159000 |
| 28000 | ICU Medical Inc.† | 907614 | 3616200 |
| 21300 | Masimo Corp.† | 503032 | 3788631 |
| 120000 | Neogen Corp.† | 752279 | 1114800 |
| 14000 | NeoGenomics Inc.† | 150854 | 103880 |
| 30000 | Neuronetics Inc.† | 81297 | 43500 |
| 170000 | OPKO Health Inc.† | 393670 | 193800 |
| 141000 | Orthofix Medical Inc.† | 2716505 | 1617270 |
| 70000 | Perrigo Co. plc | 953462 | 751800 |
| 72000 | QuidelOrtho Corp.† | 347363 | 1182960 |
| 18000 | Seikagaku Corp. | 192991 | 82682 |
| 22000 | STERIS plc | 949818 | 4864860 |
| 19000 | Straumann Holding AG | 170618 | 1948474 |
| 3000 | Stryker Corp. | 142188 | 985770 |
| 500 | Teladoc Health Inc.† | 5103 | 2725 |
| 3500 | Teleflex Inc. | 53317 | 418635 |
| 400 | The Cooper Companies Inc.† | 3627 | 28600 |
| 38000 | United-Guardian Inc. | 332419 | 251940 |
|  |  | 16996107 | 54061871 |
|  | **Home Furnishings — 0.2%** |  |  |
| 161500 | Bassett Furniture Industries Inc. | 1528689 | 2285225 |
| 5000 | Ethan Allen Interiors Inc. | 116387 | 111300 |
| 48800 | La-Z-Boy Inc. | 739016 | 1568432 |
|  |  | 2384092 | 3964957 |
|  | **Hotels and Gaming — 1.4%** |  |  |
| 23000 | Boyd Gaming Corp. | 92792 | 1890140 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 189500 | Canterbury Park Holding Corp. | $1941232 | $2918300 |
| 129000 | Churchill Downs Inc. | 506515 | 11588070 |
| 120000 | Formosa International Hotels Corp. | 775629 | 688771 |
| 533500 | Full House Resorts Inc.† | 1559776 | 1200375 |
| 745000 | Genting Singapore Ltd. | 682856 | 391129 |
| 134000 | Golden Entertainment Inc. | 2198187 | 3576460 |
| 3000 | Penn Entertainment Inc.† | 13028 | 45090 |
| 2500000 | The Hongkong & Shanghai Hotels Ltd.† | 2476225 | 1865148 |
| 13300 | Wynn Resorts Ltd. | 23676 | 1350615 |
|  |  | 10269916 | 25514098 |
|  | **Machinery — 2.5%** |  |  |
| 49000 | Aebi Schmidt Holding AG | 224057 | 475790 |
| 343000 | Astec Industries Inc. | 11847563 | 18467120 |
| 1400000 | CNH Industrial NV | 3561149 | 15400000 |
| 99500 | Kennametal Inc. | 1898810 | 3594935 |
| 4300 | Nordson Corp. | 70415 | 1144058 |
| 156000 | The Eastern Co. | 3035809 | 3157440 |
| 160000 | Twin Disc Inc. | 1828901 | 2411200 |
|  |  | 22466704 | 44650543 |
|  | **Manufactured Housing and Recreational Vehicles — 1.5%** |  |  |
| 37700 | Cavco Industries Inc.† | 720349 | 18257733 |
| 73000 | Champion Homes Inc.† | 411322 | 5429010 |
| 75500 | Nobility Homes Inc. | 936080 | 2265378 |
| 59500 | Winnebago Industries Inc. | 834874 | 1843905 |
|  |  | 2902625 | 27796026 |
|  | **Metals and Mining — 0.6%** |  |  |
| 208000 | Ampco-Pittsburgh Corp.† | 946973 | 1397760 |
| 45000 | Ivanhoe Mines Ltd., Cl. A† | 117783 | 384624 |
| 22900 | Keweenaw Land Association Ltd.† | 505518 | 1139275 |
| 95000 | Kinross Gold Corp. | 412123 | 2899400 |
| 715000 | Tredegar Corp.† | 7089725 | 5684250 |
|  |  | 9072122 | 11505309 |
|  | **Publishing — 0.4%** |  |  |
| 2700 | Graham Holdings Co., Cl. B | 1295342 | 2854602 |
| 4500 | John Wiley & Sons Inc., Cl. B | 17438 | 172800 |
| 62900 | Lee Enterprises Inc.† | 583115 | 541569 |
| 34000 | News Corp., Cl. A | 44638 | 847620 |
| 760000 | The E.W. Scripps Co., Cl. A† | 3783722 | 2827200 |
|  |  | 5724255 | 7243791 |
|  | **Real Estate — 3.2%** |  |  |
| 83500 | Capital Properties Inc., Cl. A | 980167 | 1129338 |
| 47500 | Gaming and Leisure Properties Inc., REIT | 334952 | 2107575 |
| 19007 | Gyrodyne LLC† | 304565 | 141032 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Schedule of Investments (Continued) — March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Real Estate (Continued)** |  |  |
| 17500 | Lamar Advertising Co., Cl. A, REIT | $115463 | $2216550 |
| 135500 | Millrose Properties Inc., REIT | 1498630 | 3794000 |
| 89200 | Morguard Corp. | 1130471 | 7364402 |
| 30700 | Outfront Media Inc., REIT | 482840 | 813550 |
| 234000 | Ryman Hospitality Properties Inc., REIT | 3622466 | 21591180 |
| 25000 | Seritage Growth Properties, Cl. A† | 224005 | 70250 |
| 134000 | Tejon Ranch Co.† | 2911047 | 2524560 |
| 250000 | The St. Joe Co. | 3670941 | 15700000 |
| 300000 | Trinity Place Holdings Inc.† | 106195 | 8250 |
| 80000 | Trinity Place Holdings Inc., New York†(b) | 0 | 0 |
|  |  | 15381742 | 57460687 |
|  | **Restaurants — 1.1%** |  |  |
| 1070 | Biglari Holdings Inc., Cl. A† | 713331 | 1864678 |
| 20000 | Cracker Barrel Old Country Store Inc. | 587960 | 562200 |
| 81000 | Krispy Kreme Inc. | 355368 | 274590 |
| 155200 | Nathan's Famous Inc. | 177353 | 15633296 |
| 60000 | Rock Field Co. Ltd. | 402002 | 530418 |
| 13000 | The Cheesecake Factory Inc. | 208355 | 711750 |
|  |  | 2444369 | 19576932 |
|  | **Retail — 5.4%** |  |  |
| 52000 | Advance Auto Parts Inc. | 2035347 | 2743000 |
| 25000 | Arko Corp. | 140933 | 139000 |
| 93000 | AutoNation Inc.† | 1433778 | 18159180 |
| 294000 | Copart Inc.† | 615636 | 9760800 |
| 195200 | Ingles Markets Inc., Cl. A | 2473333 | 17546528 |
| 53500 | Lands' End Inc.† | 584018 | 601340 |
| 70000 | Movado Group Inc. | 1036083 | 1709400 |
| 65000 | Penske Automotive Group Inc. | 945192 | 9718800 |
| 75000 | Pets at Home Group plc | 128461 | 179877 |
| 471500 | Rush Enterprises Inc., Cl. B | 2217339 | 30341025 |
| 21900 | Salvatore Ferragamo SpA† | 275037 | 174534 |
| 103500 | Tractor Supply Co. | 190899 | 4688550 |
| 46000 | Village Super Market Inc., Cl. A | 1065431 | 1942580 |
| 400 | Winmark Corp. | 27190 | 171020 |
|  |  | 13168677 | 97875634 |
|  | **Semiconductors — 0.4%** |  |  |
| 38200 | Entegris Inc. | 162834 | 4478568 |
| 10700 | MKS Inc. | 183876 | 2458967 |
| 30000 | Renesas Electronics Corp. | 194117 | 406698 |
|  |  | 540827 | 7344233 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **Specialty Chemicals — 2.7%** |  |  |
| 2400 | Albemarle Corp. | $35747 | $430872 |
| 30000 | Arq Inc.† | 172329 | 76800 |
| 28000 | Ashland Inc. | 210127 | 1557080 |
| 80000 | Burnham Holdings Inc., Cl. A | 1295803 | 2080000 |
| 306000 | Core Molding Technologies Inc.† | 564491 | 6854400 |
| 57000 | Element Solutions Inc. | 507576 | 1945980 |
| 230000 | H.B. Fuller Co. | 2399835 | 14186400 |
| 35400 | Hawkins Inc. | 572913 | 5437440 |
| 25000 | Huntsman Corp. | 74303 | 332750 |
| 6000 | JSP Corp. | 97961 | 86009 |
| 65000 | Minerals Technologies Inc. | 2808132 | 4609800 |
| 5600 | NewMarket Corp. | 561284 | 3589320 |
| 30000 | Olin Corp. | 585155 | 891900 |
| 8400 | Quaker Chemical Corp. | 128365 | 1043532 |
| 10000 | Rogers Corp.† | 802157 | 1073300 |
| 22500 | Sensient Technologies Corp. | 433815 | 1944900 |
| 13000 | T. Hasegawa Co. Ltd. | 236726 | 231404 |
| 12500 | Takasago International Corp. | 66073 | 93333 |
| 91200 | The General Chemical Group Inc.†(b) | 1186 | 0 |
| 120000 | Treatt plc | 588760 | 312264 |
| 55000 | Valvoline Inc.† | 150694 | 1852400 |
|  |  | 12293432 | 48629884 |
|  | **Telecommunications — 0.7%** |  |  |
| 66000 | Borussia Dortmund GmbH & Co. KGaA | 278753 | 231528 |
| 10000 | Cogeco Communications Inc. | 340851 | 507512 |
| 24000 | Cogeco Inc. | 632315 | 1196118 |
| 3000 | GCI Liberty Inc., Cl. A† | 96320 | 110550 |
| 9000 | GCI Liberty Inc., Cl. C† | 248986 | 334890 |
| 3500 | IDT Corp., Cl. B | 11346 | 171850 |
| 190000 | Liberty Global Ltd., Cl. A† | 2057048 | 2297100 |
| 122000 | Liberty Global Ltd., Cl. C† | 1193858 | 1431060 |
| 70000 | Liberty Latin America Ltd., Cl. A† | 539384 | 604800 |
| 86000 | Nuvera Communications Inc.† | 632704 | 1161000 |
| 110000 | Shenandoah Telecommunications Co. | 875253 | 1696200 |
| 42000 | Sunrise Communications AG, Cl. A | 1751570 | 2485543 |
|  |  | 8658388 | 12228151 |
|  | **Transportation — 2.8%** |  |  |
| 289500 | GATX Corp. | 7942475 | 49429230 |
| 170000 | Hertz Global Holdings Inc.† | 1102715 | 783700 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Schedule of Investments (Continued) — March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Transportation (Continued)** |  |  |
| 18600 | Irish Continental Group plc | $13660 | $136302 |
|  |  | 9058850 | 50349232 |
|  | **Wireless Telecommunications — 0.5%** |  |  |
| 47500 | Array Digital Infrastructure Inc. | 1214842 | 2191650 |
| 61000 | Gogo Inc.† | 292823 | 245220 |
| 82000 | Rogers Communications Inc., Cl. B | 293920 | 3152900 |
| 35500 | Telephone and Data Systems Inc. | 448536 | 1494550 |
| 41500 | VEON Ltd., ADR† | 898044 | 1921450 |
|  |  | 3148165 | 9005770 |
|  | **TOTAL COMMON STOCKS** | 420700816 | 1780289394 |
|  | **CLOSED-END FUNDS — 0.1%** |  |  |
| 38500 | The Central Europe, Russia, and Turkey Fund Inc. | 641987 | 704550 |
| 99000 | The New Germany Fund Inc. | 1250401 | 1011780 |
|  |  | 1892388 | 1716330 |
| 32229 | The European Equity Fund Inc. | 319370 | 318745 |
|  | **TOTAL CLOSED-END FUNDS** | 2211758 | 2035075 |
|  | **PREFERRED STOCKS — 0.1%** |  |  |
|  | **Automotive: Parts and Accessories — 0.1%** |  |  |
| 78000 | Jungheinrich AG | 532546 | 2336852 |
|  | **WARRANTS — 0.0%** |  |  |
|  | **Equipment and Supplies — 0.0%** |  |  |
| 20000 | Xerox Holdings Corp., expire 02/14/28† | 13379 | 1810 |
| **Principal<br> Amount** |  |  |  |
|  | **CONVERTIBLE CORPORATE BONDS — 0.0%** |  |  |
|  | **Cable — 0.0%** |  |  |
| $200000 | AMC Networks Inc., 4.250%, 02/15/29 | 198613 | 178250 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS — 1.6%** |  |  |
| $29896000 | **U.S. Treasury Bills,** |  |  |
|  | &nbsp;&nbsp;&nbsp; 3.607% to 3.651%††, 04/30/26 to 06/18/26(c) | $29762202 | $29761047 |
|  | **TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT — 100.0%** | $453419314 | 1814602428 |
|  | **SECURITIES SOLD SHORT — (0.0)%** |  |  |
|  | (Proceeds received $659,606) |  | (791920) |
|  | **Other Assets and Liabilities (Net) — (0.0)%** |  | (23285) |
|  | **NET ASSETS — 100.0%** |  | $1813787223 |
| **Shares** |  | **Proceeds** | **Market**<br>**Value** |
|  | **SECURITIES SOLD SHORT — (0.0)%** |  |  |
|  | **Electronics — (0.0)%** |  |  |
| 4000 | Bel Fuse Inc., Cl. B | $659606 | $791920 |
|  | **TOTAL SECURITIES SOLD SHORT(d)** | $659606 | $791920 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Schedule of Investments (Continued) — March 31, 2026**

---

| | |
|:---|:---|
| (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) | At March 31, 2026, $1,000,000 of the principal amount was pledged as collateral for securities sold short. |
| (d) | At March 31, 2026, these proceeds are being held at Pershing LLC. |
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Statement of Assets and Liabilities**

**March 31, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $447,233,096) | $1795271748 |
| &nbsp;&nbsp;&nbsp;Investments in affiliates, at value (cost $6,186,218) | 19330680 |
| &nbsp;&nbsp;&nbsp;Cash | 86364 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $105,190) | 105268 |
| &nbsp;&nbsp;&nbsp;Deposit at brokers for securities sold short | 933759 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 557101 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 442797 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1565219 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 123443 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 1818416379 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value (proceeds $659,606) | 791920 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 40778 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 1812718 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 1550346 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 193313 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 232581 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 4629156 |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 38,545,437 shares outstanding) | $1813787223 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $398785824 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 1415001399 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $1813787223 |
| **Shares of Capital Stock, each at $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($696,385,340 ÷ 15,108,806 shares outstanding; 150,000,000 shares authorized) | $46.09 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($134,222,682 ÷ 2,916,967 shares outstanding; 50,000,000 shares authorized) | $46.01 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $48.82 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($16,237,007 ÷ 481,785 shares outstanding; 50,000,000 shares authorized) | $33.70 (a) |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($966,942,194 ÷ 20,037,879 shares outstanding; 50,000,000 shares authorized) | $48.26 |

---

(a) Redemption
 price varies based on the length of time held.

**Statement of Operations**

**For the six months ended March 31, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $137,938) | $13692572 |
| &nbsp;&nbsp;&nbsp;Interest | 494764 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 14187336 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 9267791 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 891930 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 172351 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 87070 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 701688 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 229476 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 74715 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 67058 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 53850 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 40363 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 22500 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1173 |
| &nbsp;&nbsp;&nbsp;Dividend expense on securities sold short | 259 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 55603 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 11665827 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fee reduction on unsupervised assets (See Note 3) | (94223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 7) | (6664) |
| &nbsp;&nbsp;&nbsp;**Total Reductions** | (100887) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 11564940 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 2622396 |
| **Net Realized and Unrealized Gain/(Loss) on Investments, Redemptions In-Kind, Securities Sold Short, and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 79584675 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments - affiliated | 122431 |
| &nbsp;&nbsp;&nbsp;Net realized gain on in-kind transactions | 3055427 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (13828) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, redemption in-kind, and foreign currency transactions | 82748705 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - unaffiliated | (23331582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - affiliated | 2199851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on securities sold short | (132314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | (4091) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments, securities sold short, and foreign currency translations | (21268136) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments, Redemptions In-Kind, Securities Sold Short, and Foreign Currency** | 61480569 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $64102965 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, <br> 2026<br> (Unaudited)** | **Year Ended**<br> **September 30, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2622396 | $2514198 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, redemptions in-kind, and foreign currency transactions | 82748705 | 73216752 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments, securities sold short, and foreign currency translations | (21268136) | 17823824 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 64102965 | 93554774 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (27562161) | (44445120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (5337094) | (9008256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (625771) | (1374578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (39821540) | (57872090) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (73346566) | (112700044) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (17982102) | (12835123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (4008050) | (6038612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1558899) | (4522505) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (4477342) | 84079442 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Capital Share Transactions** | (28026393) | 60683202 |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 312 | 462 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | (37269682) | 41538394 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1851056905 | 1809518511 |
| &nbsp;&nbsp;&nbsp;End of period | $1813787223 | $1851056905 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Financial Highlights**

Selected data for a share of capital stock outstanding throughout each period:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended September 30** |<br>**Net Asset<br> Value,<br> Beginning<br> of Year** | **Net<br> Investment<br> Income<br> (Loss)(a)(b)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net<br> Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Redemption<br> Fees(a)(c)** | **Net Asset Value, End of Period** | **Total<br> Return†** | **Net Assets, End of Period (in 000's)** | **Net<br> Investment<br> Income<br> (Loss)(b)** | **Operating Expenses Before Reimbursement** | **Operating<br> Expenses<br> Net of<br> Reimbursement(d)(e)(f)** | **Portfolio Turnover Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(g) | $46.40 | $0.04 | $1.45 | $1.49 | $(0.13) | $(1.67) | $(1.80) | $0.00 | $46.09 | 3.42% | $696385 | 0.16 %(h) | 1.38 %(h) | 1.37 %(h)(i) | 2% |
| &nbsp;&nbsp;&nbsp;2025 | 46.91 | 0.01 | 2.34 | 2.35 | (0.00)(c) | (2.86) | (2.86) | 0.00 | 46.40 | 5.39 | 717968 | 0.02 | 1.39 | 1.38 | 1 |
| &nbsp;&nbsp;&nbsp;2024 | 40.51 | 0.03 | 10.00 | 10.03 | (0.08) | (3.55) | (3.63) | 0.00 | 46.91 | 27.24 | 736555 | 0.06 | 1.38 | 1.37 | 2 |
| &nbsp;&nbsp;&nbsp;2023 | 36.11 | 0.05 | 7.96 | 8.01 | (0.01) | (3.60) | (3.61) | 0.00 | 40.51 | 22.70 | 899376 | 0.13 | 1.39 | 1.39 | 1 |
| &nbsp;&nbsp;&nbsp;2022 | 49.61 | 0.02 | (7.13) | (7.11) | (0.05) | (6.34) | (6.39) | 0.00 | 36.11 | (17.07) | 798836 | 0.05 | 1.39 | 1.39 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 43.30 | 0.04 | 15.83 | 15.87 |  | (9.56) | (9.56) | 0.00 | 49.61 | 42.16 | 1054894 | 0.09 | 1.38 | 1.38 | 1 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(g) | $46.32 | $0.04 | $1.44 | $1.48 | $(0.12) | $(1.67) | $(1.79) | $0.00 | $46.01 | 3.42% | $134223 | 0.16 %(h) | 1.38 %(h) | 1.37 %(h)(i) | 2% |
| &nbsp;&nbsp;&nbsp;2025 | 46.85 | 0.01 | 2.34 | 2.35 | (0.03) | (2.85) | (2.88) | 0.00 | 46.32 | 5.40 | 139001 | 0.02 | 1.39 | 1.38 | 1 |
| &nbsp;&nbsp;&nbsp;2024 | 40.46 | 0.02 | 10.00 | 10.02 | (0.08) | (3.55) | (3.63) | 0.00 | 46.85 | 27.24 | 147123 | 0.06 | 1.38 | 1.37 | 2 |
| &nbsp;&nbsp;&nbsp;2023 | 36.06 | 0.05 | 7.95 | 8.00 | (0.00)(c) | (3.60) | (3.60) | 0.00 | 40.46 | 22.72 | 118557 | 0.13 | 1.39 | 1.39 | 1 |
| &nbsp;&nbsp;&nbsp;2022 | 49.56 | 0.02 | (7.13) | (7.11) | (0.05) | (6.34) | (6.39) | 0.00 | 36.06 | (17.08) | 104317 | 0.04 | 1.39 | 1.39 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 43.26 | 0.04 | 15.82 | 15.86 |  | (9.56) | (9.56) | 0.00 | 49.56 | 42.17 | 134005 | 0.08 | 1.38 | 1.38 | 1 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(g) | $33.96 | $(0.10) | $1.06 | $0.96 | $— | $(1.22) | $(1.22) | $0.00 | $33.70 | 3.03% | $16237 | (0.59)%(h) | 2.13 %(h) | 2.12 %(h)(i) | 2% |
| &nbsp;&nbsp;&nbsp;2025 | 34.59 | (0.24) | 1.72 | 1.48 |  | (2.11) | (2.11) | 0.00 | 33.96 | 4.62 | 17843 | (0.74) | 2.14 | 2.13 | 1 |
| &nbsp;&nbsp;&nbsp;2024 | 30.09 | (0.22) | 7.41 | 7.19 | (0.06) | (2.63) | (2.69) | 0.00 | 34.59 | 26.29 | 23114 | (0.70) | 2.13 | 2.12 | 2 |
| &nbsp;&nbsp;&nbsp;2023 | 27.02 | (0.19) | 5.95 | 5.76 |  | (2.69) | (2.69) | 0.00 | 30.09 | 21.79 | 28818 | (0.64) | 2.14 | 2.14 | 1 |
| &nbsp;&nbsp;&nbsp;2022 | 38.86 | (0.24) | (5.26) | (5.50) |  | (6.34) | (6.34) | 0.00 | 27.02 | (17.69) | 35068 | (0.72) | 2.14 | 2.14 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 35.95 | (0.24) | 12.71 | 12.47 |  | (9.56) | (9.56) | 0.00 | 38.86 | 41.10 | 66467 | (0.64) | 2.13 | 2.13 | 1 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(g) | $48.63 | $0.10 | $1.52 | $1.62 | $(0.24) | $(1.75) | $(1.99) | $0.00 | $48.26 | 3.57% | $966942 | 0.41 %(h) | 1.13 %(h) | 1.12 %(h)(i) | 2% |
| &nbsp;&nbsp;&nbsp;2025 | 49.19 | 0.13 | 2.44 | 2.57 | (0.14) | (2.99) | (3.13) | 0.00 | 48.63 | 5.65 | 976245 | 0.28 | 1.14 | 1.13 | 1 |
| &nbsp;&nbsp;&nbsp;2024 | 42.36 | 0.13 | 10.49 | 10.62 | (0.08) | (3.71) | (3.79) | 0.00 | 49.19 | 27.58 | 902727 | 0.30 | 1.13 | 1.12 | 2 |
| &nbsp;&nbsp;&nbsp;2023 | 37.76 | 0.16 | 8.32 | 8.48 | (0.11) | (3.77) | (3.88) | 0.00 | 42.36 | 23.02 | 517272 | 0.38 | 1.14 | 1.14 | 1 |
| &nbsp;&nbsp;&nbsp;2022 | 51.62 | 0.13 | (7.47) | (7.34) | (0.18) | (6.34) | (6.52) | 0.00 | 37.76 | (16.88) | 468753 | 0.29 | 1.14 | 1.14 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 44.62 | 0.17 | 16.39 | 16.56 |  | (9.56) | (9.56) | 0.00 | 51.62 | 42.51 | 644066 | 0.34 | 1.13 | 1.13 | 1 |

---

† Total return represents aggregate
 total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions
 and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts have been calculated
 using the average shares outstanding method.

(b) Due to capital share activity throughout
 the period, net investment income/(loss) per share and the ratio to average net assets are not necessarily correlated among the different
 classes of shares.

(c) Amount represents less than $0.005
 per share.

(d) The Fund received credits from a designated
 broker who agreed to pay certain Fund operating expenses. For all the periods presented, there was no material impact to the expense ratios.

(e) The Fund incurred interest expense
 for all years presented. For the fiscal years ended September 30, 2023, 2022, and 2021, if interest expense had not been incurred, the
 ratios of operating expenses to average net assets would have been 1.38%, 1.38%, and 1.37% (Class AAA and Class A), 2.13%, 2.13%, and
 2.12% (Class C), and 1.13%, 1.13%, and 1.12% (Class I), respectively. For the six months ended March 31, 2026, the fiscal years ended
 September 30, 2025, and 2024, there was no material impact to the expense ratios.

(f) Ratio of operating expenses includes
 advisory fee reduction on unsupervised assets. For all periods presented, there was no material impact on the expense ratios.

(g) For the six months ended March 31,
 2026, unaudited.

(h) Annualized.

(i) The Fund incurred dividend expense
 and service fees on securities sold short. For the six months ended March 31, 2026, there was no material impact on the expense ratios.

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Notes to Financial Statements (Unaudited)**

**1. Organization.** The Gabelli Small Cap Growth Fund (the Fund), a series of the Gabelli Equity Series Funds, Inc. (the Corporation), was incorporated on July 25, 1991 in Maryland. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and is one of four separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund seeks to provide a high level of capital appreciation. The Fund commenced investment operations on October 22, 1991. The Adviser currently characterizes small capitalization companies for the Fund as those with total common stock market values of $3 billion or less at the time of investment.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund's investment program and manages the operations of the Fund under the general supervision of the Fund's Board of Directors (the Board).

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

***Security Valuation.*** The Board has designated the Adviser as the valuation designee (Valuation Designee) ****under Rule 2a-5. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Valuation Designee so determines, by such other method as the Valuation Designee shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Valuation Designee if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Valuation Designee determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Valuation Designee. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one of more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Valuation Designee. Fair valuation methodologies and procedures may include, but are not limited to:

**The Gabelli Small Cap Growth Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

● Level 1 — unadjusted quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of March 31, 2026 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Other Significant<br> Observable<br> Inputs(a)** | **Level 3<br> Significant<br> Unobservable<br> Inputs (b)** |<br>**Total <br> Market Value<br> at 03/31/26** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automotive: Parts and Accessories | $99666307 | $0 |  | $99666307 |
| &nbsp;&nbsp;&nbsp;Aviation: Parts and Services | 46377447 | 1668625 |  | 48046072 |
| &nbsp;&nbsp;&nbsp;Business Services | 45724159 | 176550 |  | 45900709 |
| &nbsp;&nbsp;&nbsp;Financial Services | 87788375 | 22100 | $3500 | 87813975 |
| &nbsp;&nbsp;&nbsp;Real Estate | 57460687 |  | 0 | 57460687 |
| &nbsp;&nbsp;&nbsp;Specialty Chemicals | 48629884 |  | 0 | 48629884 |
| &nbsp;&nbsp;&nbsp;Telecommunications | 11067151 | 1161000 |  | 12228151 |
| &nbsp;&nbsp;&nbsp;Other Industries (c) | 1380543609 |  |  | 1380543609 |
| Total Common Stocks | 1777257619 | 3028275 | 3500 | 1780289394 |
| Closed-End Funds | 2035075 |  |  | 2035075 |
| Preferred Stocks (c) | 2336852 |  |  | 2336852 |
| Warrants (c) | 1810 |  |  | 1810 |
| Convertible Corporate Bonds (c) |  | 178250 |  | 178250 |
| U.S. Government Obligations |  | 29761047 |  | 29761047 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $1781631356 | $32967572 | $3500 | $1814602428 |
| **LIABILITIES (Market Value):** |  |  |  |  |
| Common Stocks Sold Short (c) | $(791920) |  |  | $(791920) |
| **TOTAL INVESTMENTS – LIABILITIES** | $(791920) |  |  | $(791920) |

---

(a) Per pricing procedures approved by the Board, the Level 2 securities
 used mean prices as there was no trading volume on the valuation date.

**The Gabelli Small Cap Growth Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

(b) The inputs for these securities are not readily available and are
 derived based on the judgment of the Adviser according to procedures approved by the Board.

(c) Please refer to the Schedule of Investments for the industry classifications
 of these portfolio holdings.

***General.*** The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with ****the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

***Fair Valuation.*** Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed ****income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

***Foreign Currency Translations.*** The books and records of the Fund are maintained in U.S. dollars. Foreign ****currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

***Foreign Securities.*** The Fund may directly purchase securities of foreign issuers. Investing in securities of ****foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

**The Gabelli Small Cap Growth Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

***Foreign Taxes.*** The Fund may be subject to foreign taxes on income, gains on investments, or currency ****repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

***Restricted Securities.*** The Fund may invest up to 15% of its net assets in securities for which the markets are ****restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At March 31, 2026, the Fund did not hold any restricted securities.

***Investments in Other Investment Companies.*** The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund's expenses. For the six months ended March 31, 2026, the Fund's pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade ****date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends. The Fund owns real estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

***Determination of Net Asset Value and Calculation of Expenses.*** Certain administrative expenses are ****common to, and allocated among, various affiliated funds. Such allocations are made on the basis of the Fund's average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

***Distributions to Shareholders*.** Distributions to shareholders are recorded on the ex-dividend date. Distributions ****to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains as determined under the GAAP. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions.

**The Gabelli Small Cap Growth Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the fiscal year ended September 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Distributions paid from:** |  |
| Ordinary income | $2699848 |
| Net long term capital gains | 110000196 |
| Total distributions paid | $112700044 |

---

***Provision for Income Taxes.*** The Fund intends to continue to qualify as a regulated investment company ****under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net <br> Unrealized**<br> **Appreciation** |
| Investments | $457384023 | $1379874283 | $(23447798) | $1356426485 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended March 31, 2026, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2026, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

***Recent Accounting Pronouncement*.** During the reporting period, the Fund adopted Accounting Standards ****Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**3. Investment Advisory Agreement and Other Transactions.** The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio, oversees the administration of all aspects of the Fund's business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

**The Gabelli Small Cap Growth Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

There was a reduction in the advisory fee paid to the Adviser relating to certain portfolio holdings, i.e., unsupervised assets, of the Fund with respect to which the Adviser transferred dispositive and voting control to the Fund's Proxy Voting Committee. During the six months ended March 31, 2026, the Fund's Proxy Voting Committee exercised control and discretion over all rights to vote or consent with respect to such securities (L.S. Starrett Co. and Strattec Security Corp.), and the Adviser reduced its fee with respect to such securities by $94,223.

**4. Distribution Plan.** The Fund's Board has adopted a distribution plan (the Plan) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

**5. Portfolio Securities.** Purchases and sales of securities during the six months ended March 31, 2026, other than short term securities and U.S. Government obligations, aggregated $33,038,931 and $105,295,382, respectively.

**6. Redemptions-in-kind.** When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended March 31, 2026 and the fiscal year ended September 30, 2025, the Fund realized net gain of $3,055,427 and $1,035,460 on $2,924,967 and $1,323,643 of redemptions-in-kind, including cash of $617,780 and $61,232, respectively.

**7. Transactions with Affiliates and Other Arrangements.** During the six months ended March 31, 2026, the Fund paid $25,787 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $7,046 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2026, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $6,664.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. During the six months ended March 31, 2026, the Fund accrued $22,500 in connection with the cost of computing the Fund's NAV.

The Corporation pays retainer and per meeting fees to Directors not affiliated with the Adviser, plus specified amounts to the Lead Director and Audit Committee Chairman. Directors are also reimbursed for out of pocket expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

**8. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on April 30, 2026. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on

**The Gabelli Small Cap Growth Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. At March 31, 2026, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 2 days of borrowings during the six months ended March 31, 2026 was $1,375,000 with a weighted average interest rate of 4.90%. The maximum amount borrowed at any time during the six months ended March 31, 2026 was $1,570,000.

**9. Capital Stock.** The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended March 31, 2026 and the fiscal year ended September 30, 2025, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> March 31,<br> 2026<br> (Unaudited)** | **Six Months Ended<br> March 31,<br> 2026<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 294816 | $13752914 | 1913538 | $82979451 |
| Shares issued upon reinvestment of distributions | 620764 | 27114956 | 999381 | 43613090 |
| Shares redeemed | (1279403) | (58849972) | (3142359) | (139427664) |
| &nbsp;&nbsp;&nbsp;Net decrease | (363823) | $(17982102) | (229440) | $(12835123) |
| **Class A** |  |  |  |  |
| Shares sold | 94596 | $4417046 | 286799 | $12543452 |
| Shares issued upon reinvestment of distributions | 117471 | 5121739 | 197534 | 8606552 |
| Shares redeemed | (295707) | (13546835) | (623869) | (27188616) |
| &nbsp;&nbsp;&nbsp;Net decrease | (83640) | $(4008050) | (139536) | $(6038612) |
| **Class C** |  |  |  |  |
| Shares sold | 51634 | $1719819 | 96693 | $3137204 |
| Shares issued upon reinvestment of distributions | 19456 | 623382 | 42700 | 1373224 |
| Shares redeemed | (114734) | (3902100) | (282152) | (9032933) |
| &nbsp;&nbsp;&nbsp;Net decrease | (43644) | $(1558899) | (142759) | $(4522505) |
| **Class I** |  |  |  |  |
| Shares sold | 1362701 | $66313364 | 3776942 | $176170665 |
| Shares issued upon reinvestment of distributions | 843674 | 38539225 | 1224193 | 55878125 |
| Shares redeemed in-kind | (60988) | (2924967) | (32360) | (1323643) |
| Shares redeemed | (2180915) | (106404964) | (3248854) | (146645705) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (35528) | $(4477342) | 1719921 | $84079442 |

---

**The Gabelli Small Cap Growth Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

***ReFlow Fund LLC.*** The Fund may participate in the ****ReFlow ****Fund LLC liquidity program (ReFlow), which ****is designed to provide an alternative liquidity source for funds experiencing redemptions. To pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund's net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a fund. ReFlow generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, at other times at ReFlow's discretion, or at the direction of the participating fund. In return for this service, a participating fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. This fee, if any, is shown in the Statement of Operations.

During the six months ended March 31, 2026 the Fund utilized ReFlow. The shares ReFlow subscribed to, cash redemptions, and redemptions-in-kind were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Shares ReFlow Subscribed to** | **Cash redemptions** | **Redemptions-in-kind** | **Service Fees** |
| 60988 | $617780 | $2307187 | $— |

---

**10. Transactions in Securities of Affiliated Issuers.** The 1940 Act defines affiliated issuers as those in which the Fund's holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Fund's transactions in the securities of these issuers during the six months ended March 31, 2026 is set forth below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market<br> Value at<br> September 30, <br> 2025** | **Purchases** | **Sales**<br> **Proceeds** | **Realized**<br> **Gain** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Market<br> Value at<br> March 31,<br> 2026** | **Shares at**<br> **March 31,**<br> **2026** | **Dividend**<br> **Income** | **Percent**<br> **Owned of**<br> **Shares** |
| Strattec Security Corp.† | $16810820 |  | $203672 | $122431 | $2424551 | $19154130 | 244500 | $— | 5.85% |
| Trans-Lux Corp.† | 401250 |  |  |  | (224700) | 176550 | 1605000 |  | 11.89% |
| Total |  |  |  | $122431 | $2199851 | $19330680 |  | $— |  |

---

† Non-income producing security.

**11. Indemnifications.** The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**12. Segment Reporting.** The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

**The Gabelli Small Cap Growth Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

**13. Subsequent Events.** On April 10, 2026, Bank of New York Mellon became Custodian to the Fund. On April 10, 2026, the Fund became party to an unsecured line of credit with Bank of New York Mellon, which expires on April 9, 2027, and may be renewed annually, of up to $200,000,000 under which the Fund may borrow up to ten percent of its net assets from the bank for temporary borrowing purposes. On April 30, 2026, the Fund terminated the line of credit with State Street Bank & Trust Co., the former Custodian to the Fund. Management has evaluated the impact on the Funds of all subsequent events occurring through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

**Gabelli Funds and Your Personal Privacy**

**Who are we?**

The Gabelli Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

**What kind of non-public information do we collect about you if you become a fund shareholder?**

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

● *Information you give us on your application form.* This could include your name, address, telephone **  number, social security number, bank account number, and other information.

● *Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you.* This would include information about the shares that you **  buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

**What information do we disclose and to whom do we disclose it?**

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

**What do we do to protect your personal information?**

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

![](gscgf_001.jpg)

---

| | |
|:---|:---|
| **The Gabelli Focused Growth and Income Fund**<br> **Semiannual Report — March 31, 2026** | ![](gfgif_001.jpg) |
|  | **Daniel M. Miller**<br> *Portfolio Manager*<br> *GAMCO Investors* <br> *BS, University of Miami* |

---

**To Our Shareholders,**

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class I Share of The Gabelli Focused Growth and Income Fund (the Fund) was 6.5% compared with a total return of 4.2% for the Standard & Poor's (S&P) Midcap 400. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2026.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of March 31, 2026:

**The Gabelli Focused Growth and Income Fund**

---

| | |
|:---|:---|
| **Long Positions** |  |
| Energy and Utilities | 33.2% |
| Real Estate Investment Trusts | 23.5% |
| Telecommunications | 13.3% |
| Financial Services | 9.9% |
| Health Care | 4.5% |
| Food and Beverage | 4.1% |
| Automotive: Parts and Accessories | 3.9% |
| Computer Software and Services | 2.5% |
| Building and Construction | 1.7% |

---

---

| | |
|:---|:---|
| U.S. Government Obligations | 1.7% |
| Diversified Industrial | 0.7% |
| Metals and Mining | 0.7% |
| Retail | 0.4% |
| Other Assets and Liabilities (Net) | 0.1% |
| **Short Positions** |  |
| Put Options Written | (0.1)% |
| Call Options Written | (0.1)% |
|  | 100.0% |

---

*The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund's Form N-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.*

**Proxy Voting**

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at www.sec.gov.

**The Gabelli Focused Growth and Income Fund**

**Schedule of Investments — March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 91.6%** |  |  |
|  | **Automotive: Parts and Accessories — 3.9%** |  |  |
| 52500 | Dana Inc. | $408768 | $1766625 |
|  | **Building and Construction — 1.7%** |  |  |
| 7750 | Herc Holdings Inc. | 335064 | 771513 |
|  | **Computer Software and Services — 2.5%** |  |  |
| 350 | Alphabet Inc., Cl. C | 10381 | 100401 |
| 10000 | ServiceNow Inc.† | 1327364 | 1045500 |
|  |  | 1337745 | 1145901 |
|  | **Diversified Industrial — 0.7%** |  |  |
| 20000 | Energizer Holdings Inc. | 356902 | 328400 |
|  | **Energy and Utilities — 33.2%** |  |  |
| 214900 | Energy Transfer LP | 1316056 | 4147570 |
| 100000 | Enterprise Products Partners LP | 1101187 | 3784000 |
| 137500 | Kimbell Royalty Partners LP | 1675203 | 1989625 |
| 65000 | Kinder Morgan Inc. | 620320 | 2179450 |
| 20000 | TXNM Energy Inc. | 721773 | 1169200 |
| 175000 | XPLR Infrastructure LP† | 2184533 | 1858500 |
|  |  | 7619072 | 15128345 |
|  | **Financial Services — 4.3%** |  |  |
| 13000 | Apollo Global Management Inc. | 355989 | 1448460 |
| 3000 | Morgan Stanley | 113780 | 493710 |
|  |  | 469769 | 1942170 |
|  | **Food and Beverage — 4.1%** |  |  |
| 66000 | Maple Leaf Foods Inc. | 1024491 | 1423334 |
| 7500 | Mondelēz International Inc., Cl. A | 306887 | 432300 |
|  |  | 1331378 | 1855634 |
|  | **Health Care — 4.5%** |  |  |
| 950 | AbbVie Inc. | 94540 | 206615 |
| 18500 | Option Care Health Inc.† | 101129 | 498020 |
| 47100 | Pfizer Inc. | 1172642 | 1322568 |
|  |  | 1368311 | 2027203 |
|  | **Metals and Mining — 0.7%** |  |  |
| 3000 | Newmont Corp. | 89619 | 324750 |
|  | **Real Estate Investment Trusts — 22.7%** |  |  |
| 122500 | Blackstone Mortgage Trust Inc., Cl. A | 1843947 | 2345875 |
| 405419 | Franklin BSP Realty Trust Inc. | 4673469 | 3442007 |
| 4900 | Simon Property Group Inc. | 511919 | 913997 |
| 132500 | VICI Properties Inc. | 2450048 | 3619900 |
|  |  | 9479383 | 10321779 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **Telecommunications — 13.3%** |  |  |
| 142500 | AT&T Inc.(a) | $2303561 | $4131075 |
| 71221 | ATN International Inc. | 1142476 | 1938636 |
|  |  | 3446037 | 6069711 |
|  | **TOTAL COMMON STOCKS** | 26242048 | 41682031 |
|  | **PREFERRED STOCKS — 6.8%** |  |  |
|  | **Financial Services — 5.6%** |  |  |
| 54800 | Compass Diversified Holdings, Ser. A, 7.250% | 1019593 | 960096 |
| 7500 | Compass Diversified Holdings, Ser. B, 7.875% | 119926 | 146325 |
| 90266 | DigitalBridge Group Inc., Ser. H, 7.125% | 1794757 | 1464115 |
|  |  | 2934276 | 2570536 |
|  | **Real Estate Investment Trusts — 0.8%** |  |  |
| 18447 | Chimera Investment Corp., Ser. A, 8.000% | 390260 | 377795 |
|  | **Retail — 0.4%** |  |  |
| 63246 | QVC Group Inc., 8.000%, 03/15/31 | 2082907 | 160012 |
|  | **TOTAL PREFERRED STOCKS** | 5407443 | 3108343 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount** |  | | |
|  | **U.S. GOVERNMENT OBLIGATIONS — 1.7%** |  |  |
| $771000 | U.S. Treasury Bills, |  |  |
|  | &nbsp;&nbsp;&nbsp;3.607% to 3.651%††, 05/21/26 to 06/18/26 | 766217 | 766205 |
|  | **TOTAL INVESTMENTS BEFORE OPTIONS WRITTEN — 100.1%** | $32415708 | 45556579 |
|  | **OPTIONS WRITTEN — (0.2)%** |  |  |
|  | (Premiums received $139,824) |  | (110588) |
|  | **Other Assets and Liabilities (Net) — 0.1%** |  | 68503 |
|  | **NET ASSETS — 100.0%** |  | $45514494 |

---

---

| | |
|:---|:---|
| (a) | Securities, or a portion thereof, with a value of $4,115,400 were deposited with the broker as collateral for options written. |
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |

---

See accompanying notes to financial statements.

**The Gabelli Focused Growth and Income Fund**

**Schedule of Investments (Continued) — March 31, 2026 (Unaudited)**

As of March 31, 2026, options written outstanding were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Notional<br> Amount** | **Exercise<br> Price** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **Exchange Traded Call Options Written — (0.1)%** |  |  |  |  |  |  |  |
| AT&T Inc. | 25 | USD | 72475 | USD | 20.00 | 04/17/26 | $22313 |
| AT&T Inc. | 300 | USD | 869700 | USD | 29.00 | 04/17/26 | 12600 |
| Energy Transfer LP | 150 | USD | 289500 | USD | 19.00 | 04/17/26 | 8400 |
| Energy Transfer LP | 75 | USD | 144750 | USD | 20.00 | 04/17/26 | 975 |
| Enterprise Products Partners LP | 100 | USD | 378400 | USD | 38.00 | 04/17/26 | 5900 |
| Enterprise Products Partners LP | 50 | USD | 189200 | USD | 40.00 | 04/17/26 | 500 |
| Pfizer Inc. | 50 | USD | 140400 | USD | 28.00 | 04/17/26 | 3400 |
| **TOTAL EXCHANGE TRADED CALL OPTIONS WRITTEN** |  |  |  |  |  |  | $54088 |
| **Exchange Traded Put Options Written — (0.1)%** |  |  |  |  |  |  |  |
| ServiceNow Inc. | 50 | USD | 522750 | USD | 110.00 | 05/15/26 | $56500 |
| **TOTAL EXCHANGE TRADED PUT OPTIONS WRITTEN** |  |  |  |  |  |  | $56500 |
| **TOTAL OPTIONS WRITTEN** |  |  |  |  |  |  | $110588 |

---

See accompanying notes to financial statements.

**The Gabelli Focused Growth and Income Fund**

**Statement of Assets and Liabilities**

**March 31, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value (cost $32,415,708) | $45556579 |
| &nbsp;&nbsp;&nbsp;Cash | 212469 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $8,655) | 8661 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 51590 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 25867 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 220369 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 64679 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 46140214 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Deposits from brokers for written options | 227882 |
| &nbsp;&nbsp;&nbsp;Options written, at value (premiums received $139,824) | 110588 |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased | 132293 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 62811 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 39053 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 6436 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 46657 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 625720 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 2,503,714 shares outstanding) | $45514494 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $31470927 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 14043567 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $45514494 |
| **Shares of Capital Stock, each at $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($3,903,801 ÷ 220,618 shares outstanding; 100,000,000 shares authorized) | $17.69 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($21,936,989 ÷ 1,233,212 shares outstanding; 50,000,000 shares authorized) | $17.79 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $18.88 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($1,024,127 ÷ 74,390 shares outstanding; 50,000,000 shares authorized) | $13.77 (a) |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($18,649,577 ÷ 975,494 shares outstanding; 50,000,000 shares authorized) | $19.12 |

---

(a) Redemption price varies based on the
 length of time held.

**Statement of Operations**

**For the six months ended March 31, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $8,432) | $632754 |
| &nbsp;&nbsp;&nbsp;Interest | 12902 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 645656 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 228521 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 5010 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 27730 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 5760 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 41931 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 25790 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 21768 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 10666 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 5055 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 1328 |
| &nbsp;&nbsp;&nbsp;Interest expense | 655 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 10233 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 384447 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (121950) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 262497 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 383159 |
| **Net Realized and Unrealized Gain/(Loss) on Investments in Securities, Written Options, and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments in securities | 2487915 |
| &nbsp;&nbsp;&nbsp;Net realized gain on written options | 40121 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (429) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments in securities, written options, and foreign currency transactions | 2527607 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments in securities | (133151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on written options | (5098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | (16) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments in securities, written options, and foreign currency translations | (138265) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments in Securities, Written Options, and Foreign Currency** | 2389342 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $2772501 |

---

See accompanying notes to financial statements.

**The Gabelli Focused Growth and Income Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, <br> 2026<br> (Unaudited)** | **Year Ended**<br> **September 30,<br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $383159 | $1159542 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments in securities, written options, and foreign currency transactions | 2527607 | 1029526 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments in securities, written options, and foreign currency translations | (138265) | (900446) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 2772501 | 1288622 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (82471) | (204057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (614400) | (1208463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (30132) | (89322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (473776) | (901442) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (1200779) | (2403284) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (865438) | (304953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1351467) | 1771864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (382200) | (601877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1347749) | 1785826 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Capital Share Transactions** | (3946854) | 2650860 |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 10 | 412 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | (2375122) | 1536610 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 47889616 | 46353006 |
| &nbsp;&nbsp;&nbsp;End of period | $45514494 | $47889616 |

---

See accompanying notes to financial statements.

**The Gabelli Focused Growth and Income Fund**

**Financial Highlights**

Selected data for a share of capital stock outstanding throughout each period:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended September 30** |<br>**Net Asset<br> Value, Beginning<br> of Year** | **Net<br> Investment**<br> **Income(a)(b)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Redemption Fees(a)** | **Net Asset Value, End of Period** | **Total<br> Return†** | **Net Assets, End of Period (in 000's)** | **Net Investment<br> Income(b)** | **Operating Expenses Before Reimbursement** | **Operating Expenses Net of Reimbursement(c)** | **Portfolio Turnover Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $17.05 | $0.10 | $0.90 | $1.00 | $(0.33) | $(0.03) | $(0.36) | $0.00 (e) | $17.69 | 5.94% | $3904 | 1.22 %(f) | 1.76 %(f) | 1.76 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 17.37 | 0.33 | 0.07 | 0.40 | (0.72) |  | (0.72) | 0.00 (e) | 17.05 | 2.37 | 4649 | 1.93 | 1.66 | 1.66 | 35 |
| &nbsp;&nbsp;&nbsp;2024 | 14.91 | 0.72 | 2.46 | 3.18 | (0.72) |  | (0.72) |  | 17.37 | 21.88 | 5051 | 4.51 | 1.64 | 1.64 | 31 |
| &nbsp;&nbsp;&nbsp;2023 | 14.79 | 0.59 | 0.29 | 0.88 | (0.66) | (0.10) | (0.76) | 0.00 (e) | 14.91 | 5.91 | 5321 | 3.79 | 1.79 | 1.79 | 36 |
| &nbsp;&nbsp;&nbsp;2022 | 17.50 | 0.32 | (2.31) | (1.99) | (0.66) | (0.06) | (0.72) |  | 14.79 | (11.85) | 5134 | 1.85 | 1.72 | 1.72 | 46 |
| &nbsp;&nbsp;&nbsp;2021 | 12.48 | 0.34 | 5.22 | 5.56 | (0.54) |  | (0.54) |  | 17.50 | 44.76 | 6927 | 2.15 | 1.96 | 1.96 | 54 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $17.21 | $0.13 | $0.93 | $1.06 | $(0.44) | $(0.04) | $(0.48) | $0.00 (e) | $17.79 | 6.27% | $21937 | 1.53 %(f) | 1.76 %(f) | 1.25 %(f)(g) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 17.66 | 0.40 | 0.07 | 0.47 | (0.92) |  | (0.92) | 0.00 (e) | 17.21 | 2.75 | 22529 | 2.32 | 1.66 | 1.25 (g) | 35 |
| &nbsp;&nbsp;&nbsp;2024 | 15.19 | 0.80 | 2.49 | 3.29 | (0.82) |  | (0.82) |  | 17.66 | 22.34 | 21388 | 4.89 | 1.64 | 1.25 (g) | 31 |
| &nbsp;&nbsp;&nbsp;2023 | 14.97 | 0.70 | 0.28 | 0.98 | (0.66) | (0.10) | (0.76) | 0.00 (e) | 15.19 | 6.53 | 16368 | 4.43 | 1.79 | 1.26 (g) | 36 |
| &nbsp;&nbsp;&nbsp;2022 | 17.71 | 0.34 | (2.36) | (2.02) | (0.66) | (0.06) | (0.72) |  | 14.97 | (11.88) | 10810 | 1.94 | 1.72 | 1.70 (g) | 46 |
| &nbsp;&nbsp;&nbsp;2021 | 12.62 | 0.30 | 5.33 | 5.63 | (0.54) |  | (0.54) |  | 17.71 | 44.82 | 8958 | 1.83 | 1.96 | 1.96 | 54 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $13.39 | $0.05 | $0.69 | $0.74 | $(0.33) | $(0.03) | $(0.36) | $0.00 (e) | $13.77 | 5.62% | $1024 | 0.68 %(f) | 2.51 %(f) | 2.51 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 13.90 | 0.16 | 0.05 | 0.21 | (0.72) |  | (0.72) | 0.00 (e) | 13.39 | 1.57 | 1377 | 1.16 | 2.41 | 2.41 | 35 |
| &nbsp;&nbsp;&nbsp;2024 | 12.15 | 0.48 | 1.99 | 2.47 | (0.72) |  | (0.72) |  | 13.90 | 20.98 | 2055 | 3.72 | 2.39 | 2.39 | 31 |
| &nbsp;&nbsp;&nbsp;2023 | 12.25 | 0.37 | 0.27 | 0.64 | (0.66) | (0.08) | (0.74) | 0.00 (e) | 12.15 | 5.17 | 2666 | 2.90 | 2.54 | 2.54 | 36 |
| &nbsp;&nbsp;&nbsp;2022 | 14.73 | 0.15 | (1.91) | (1.76) | (0.66) | (0.06) | (0.72) |  | 12.25 | (12.54) | 4357 | 1.02 | 2.47 | 2.47 | 46 |
| &nbsp;&nbsp;&nbsp;2021 | 10.64 | 0.15 | 4.48 | 4.63 | (0.54) |  | (0.54) |  | 14.73 | 43.75 | 8143 | 1.13 | 2.71 | 2.71 | 54 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $18.42 | $0.19 | $0.99 | $1.18 | $(0.44) | $(0.04) | $(0.48) | $0.00 (e) | $19.12 | 6.51% | $18649 | 2.01 %(f) | 1.51 %(f) | 0.80 %(f)(g) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 18.75 | 0.53 | 0.06 | 0.59 | (0.92) |  | (0.92) | 0.00 (e) | 18.42 | 3.24 | 19335 | 2.87 | 1.41 | 0.80 (g) | 35 |
| &nbsp;&nbsp;&nbsp;2024 | 16.01 | 0.92 | 2.64 | 3.56 | (0.82) |  | (0.82) |  | 18.75 | 22.90 | 17859 | 5.33 | 1.39 | 0.80 (g) | 31 |
| &nbsp;&nbsp;&nbsp;2023 | 15.68 | 0.79 | 0.31 | 1.10 | (0.66) | (0.11) | (0.77) | 0.00 (e) | 16.01 | 6.97 | 15205 | 4.77 | 1.54 | 0.81 (g) | 36 |
| &nbsp;&nbsp;&nbsp;2022 | 18.35 | 0.54 | (2.49) | (1.95) | (0.66) | (0.06) | (0.72) |  | 15.68 | (11.07) | 19027 | 2.94 | 1.47 | 0.80 (g) | 46 |
| &nbsp;&nbsp;&nbsp;2021 | 12.94 | 0.46 | 5.49 | 5.95 | (0.54) |  | (0.54) |  | 18.35 | 46.21 | 16215 | 2.70 | 1.71 | 0.95 (g) | 54 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including
 reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not
 annualized.

(a) Per
 share amounts have been calculated using the average shares outstanding method.

(b) Due
 to capital share activity, net investment income/(loss) per share and the ratio to average net assets are not necessarily correlated among
 the different classes of shares.

(c) The
 Fund incurred interest expense. For the fiscal years ended September 30, 2024, 2023, and 2022, if interest expense had not been incurred,
 the ratios of operating expenses to average net assets would have been 1.63%, 1.78%, and 1.72% (Class AAA), 1.25%, 1.25%, and 1.69% (Class
 A), 2.38%, 2.53%, and 2.47% (Class C), and 0.80%, 0.80%, and 0.80% (Class I), respectively. For the six months ended March 31, 2026, the
 fiscal years ended September 30, 2025 and 2021, the effect of interest expense was minimal.

(d) For
 the six months ended March 31, 2026, unaudited.

(e) Amount
 represents less than $0.005 per share.

(f) Annualized.

(g) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $121,950, $202,194, $167,786, $187,761, $119,130
 and $97,862 for the six months ended March 31, 2026 and the fiscal years ended September 30, 2025, 2024, 2023, 2022, and 2021,
 respectively.

See accompanying notes to financial statements.

**The Gabelli Focused Growth and Income Fund**

**Notes to Financial Statements (Unaudited)**

**1. Organization.** The Gabelli Focused Growth and Income Fund (the Fund), a series of the Gabelli Equity Series Funds, Inc. (the Corporation), was incorporated on July 25, 1991 in Maryland. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and is one of four separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund seeks to provide a high level of capital appreciation. The Fund commenced investment operations on December 31, 2002.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund's investment program and manages the operations of the Fund under the general supervision of the Fund's Board of Directors (the Board).

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

***Security Valuation.*** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Valuation Designee so determines, by such other method as the Valuation Designee shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Valuation Designee if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Valuation Designee determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Valuation Designee. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one of more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Valuation Designee. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with

**The Gabelli Focused Growth and Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

● Level 1 — unadjusted quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of March 31, 2026 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1**<br> **Quoted Prices** | **Level 2 Other<br> Significant<br> Observable<br> Inputs** |<br>**Total<br> Market<br> Value**<br> **at 03/31/26** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $41682031 |  | $41682031 |
| Preferred Stocks (a) | 3108343 |  | 3108343 |
| U.S. Government Obligations |  | $766205 | 766205 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $44790374 | $766205 | $45556579 |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **LIABILITIES (Market Value):** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Equity Contracts** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call Options Written | $(54088) |  | $(54088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Put Options Written | (56500) |  | (56500) |
| **TOTAL INVESTMENTS IN SECURITIES – LIABLITIES** | $(110588) |  | $(110588) |

---

(a) Please
 refer to the Schedule of Investment for the industry classifications of these portfolio holdings.

***General.*** The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

**The Gabelli Focused Growth and Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

***Fair Valuation.*** Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

***Derivative Financial Instruments.*** The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in currencies options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser's prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund's ability to pay distributions.

Collateral requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported separately in the Statement of Assets and Liabilities.

The Fund's policy with respect to offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. Therefore the Fund reflects derivative assets and liabilities any related collateral gross on the statement of assets and liabilities. The enforceability of the right to offset may vary by jurisdiction.

The Fund's derivative contracts held at March 31, 2026, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

***Options.*** The Fund may purchase or write call or put options on securities or indices for the purpose of increasing the income of the Fund. As a writer of put options, the Fund receives a premium at the outset and then bears

**The Gabelli Focused Growth and Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

the risk of unfavorable changes in the price of the financial instrument underlying the option. The Fund would incur a loss if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. The Fund would realize a gain, to the extent of the premium, if the price of the financial instrument increases between those dates.

As a purchaser of put options, the Fund pays a premium for the right to sell to the seller of the put option the underlying security at a specified price. The seller of the put has the obligation to purchase the underlying security upon exercise at the exercise price. If the price of the underlying security declines, the Fund would realize a gain upon sale or exercise. If the price of the underlying security increases or stays the same, the Fund would realize a loss upon sale or at the expiration date, but only to the extent of the premium paid.

If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In the case of call options, the exercise prices are referred to as "in-the-money," "at-the-money," and "out-of-the-money," respectively. The Fund may write (a) in-the-money call options when the Adviser expects that the price of the underlying security will remain stable or decline during the option period, (b) at-the-money call options when the Adviser expects that the price of the underlying security will remain stable, decline, or advance moderately during the option period, and (c) out-of-the-money call options when the Adviser expects that the premiums received from writing the call option will be greater than the appreciation in the price of the underlying security above the exercise price. By writing a call option, the Fund limits its opportunity to profit from any increase in the market value of the underlying security above the exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options (the reverse of call options as to the relation of exercise price to market price) may be utilized in the same market environments that such call options are used in equivalent transactions. Option positions at March 31, 2026 are reflected within the Schedule of Investments.

The Fund's volume of activity in equity options contracts during the six months ended March 31, 2026 had an average monthly market value of approximately $93,559.

**<u>The Effect of Derivative Instruments on the Statement of Operations</u>**

**<u>For the six months ended March 31, 2026</u>**

**<u>Net Realized Gain/(Loss) from Derivatives Recognized in Income</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Purchased<br> Options and<br> Structured Options<br> (Investments)** | **Written Options<br> and Structured<br> Options** | **Futures<br> Contracts** | **Swap <br> Agreements** | **Foreign<br> Currency<br> Exchange<br> Contracts** | **Total** |
| Equity risk | $— | $40121 | $— | $— | $— | $40121 |

---

**<u>Net Change in Unrealized Appreciation/(Depreciation)</u>**

**<u>On Derivatives Recognized in Income</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Purchased<br> Options and<br> Structured Options<br> (Investments)** | **Written Options<br> and Structured<br> Options** | **Futures<br> Contracts** | **Swap <br> Agreements** | **Foreign<br> Currency<br> Exchange<br> Contracts** | **Total** |
| Equity risk | $— | $(5098) | $— | $— | $— | $(5098) |

---

**The Gabelli Focused Growth and Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

***Foreign Currency Translations.*** The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

***Foreign Securities.*** The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

***Foreign Taxes.*** The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends. The Fund owns real estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

***Determination of Net Asset Value and Calculation of Expenses.*** Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of the Fund's average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

***Distributions to Shareholders.*** Distributions to common stockholders are recorded on the ex-dividend date. Distributions to stockholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and

**The Gabelli Focused Growth and Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The Fund has a fixed distribution policy. Under the policy, the Fund declares and pays monthly distributions from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the calendar year. Pursuant to this policy, distributions during the calendar year are made in excess of required distributions. To the extent such distributions are made from current earnings and profits, they are considered ordinary income or long term capital gains. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board continues to evaluate its distribution policy in light of ongoing economic and market conditions and may change the amount of the monthly distributions in the future.

The tax character of distributions paid during the fiscal year ended September 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Distributions paid from:** |  |
| Ordinary income | $2403284 |
| Total distributions paid | $2403284 |

---

***Provision for Income Taxes.*** The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net Unrealized**<br> **Appreciation** |
| Investments and other derivative instruments | $32483715 | $17365699 | $(4403423) | $12962276 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended March 31, 2026, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2026, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

**The Gabelli Focused Growth and Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

***Recent Accounting Pronouncement.*** During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**3. Investment Advisory Agreement and Other Transactions.** The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio, oversees the administration of all aspects of the Fund's business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

Effective August 17, 2022, the Adviser agreed to add the Fund's Class A shares to the classes of shares of the Fund for which the Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of Class I and Class A (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than an annual rate of 0.80% and 1.25% of the value of that class's average daily net assets. This agreement is in effect through January 31, 2027 for Class I and Class A, and may be terminated only by the Board before such time. During the six months ended March 31, 2026, the Adviser reimbursed expenses in the amount of $121,950 for Class I and Class A. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses would not exceed 0.80% and 1.25% of the value of the average daily net assets of Class I and Class A, respectively. At March 31, 2026, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $491,930:

---

| | |
|:---|:---|
| For the fiscal year ended September 30, 2024, expiring September 30, 2026 | $167786 |
| For the fiscal year ended September 30, 2025, expiring September 30, 2027 | 202194 |
| For the six months ended March 31, 2026, expiring September 30, 2028 | 121950 |
|  | $491930 |

---

**4. Distribution Plan.** The Fund's Board has adopted a distribution plan (the Plan) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

**5. Portfolio Securities.** Purchases and sales of securities during the six months ended March 31, 2026, other than short term securities and U.S. Government obligations, aggregated $5,887,397 and $9,646,380, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the six months ended March 31, 2026, the Distributor retained a total of $5,472 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The Corporation pays retainer and per meeting fees to Directors not affiliated with the Adviser, plus specified amounts to the Lead Director and Audit Committee Chairman. Directors are also reimbursed for out of pocket

**The Gabelli Focused Growth and Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service monthly. During the six months ended March 31, 2026, the Fund did not accrue any fees.

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on April 30, 2026. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. At March 31, 2026, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 10 days of borrowings during the six months ended March 31, 2026 was $193,800 with a weighted average interest rate of 5.14%. The maximum amount borrowed at any time during the six months ended March 31, 2026 was $276,000.

**8. Capital Stock.** The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. From January 3, 2022 through March 14, 2023, the Fund's Class C Shares were closed to all purchases. On March 15, 2023, Class C Shares were re-opened for purchases. Class AAA and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended March 31, 2026 and the fiscal year ended September 30, 2025, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

**The Gabelli Focused Growth and Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> March 31, <br> 2026<br> (Unaudited)** | **Six Months Ended<br> March 31, <br> 2026<br> (Unaudited)** | **Year Ended**<br> **September 30, <br> 2025** | **Year Ended**<br> **September 30, <br> 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 9761 | $172516 | 29949 | $507878 |
| Shares issued upon reinvestment of distributions | 4662 | 80022 | 11626 | 199091 |
| Shares redeemed | (66517) | (1117976) | (59670) | (1011922) |
| &nbsp;&nbsp;&nbsp;Net decrease | (52094) | $(865438) | (18095) | $(304953) |
| **Class A** |  |  |  |  |
| Shares sold | 55960 | $951247 | 280247 | $4919287 |
| Shares issued upon reinvestment of distributions | 34188 | 591955 | 67147 | 1164066 |
| Shares redeemed | (166102) | (2894669) | (249571) | (4311489) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (75954) | $(1351467) | 97823 | $1771864 |
| **Class C** |  |  |  |  |
| Shares sold | 575 | $7680 | 13396 | $187150 |
| Shares issued upon reinvestment of distributions | 2208 | 29592 | 6465 | 87917 |
| Shares redeemed | (31199) | (419472) | (64935) | (876944) |
| &nbsp;&nbsp;&nbsp;Net decrease | (28416) | $(382200) | (45074) | $(601877) |
| **Class I** |  |  |  |  |
| Shares sold | 44208 | $838162 | 271622 | $4993972 |
| Shares issued upon reinvestment of distributions | 23953 | 445012 | 45832 | 847390 |
| Shares redeemed | (142406) | (2630923) | (220095) | (4055536) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (74245) | $(1347749) | 97359 | $1785826 |

---

**ReFlow Services, LLC.** The Fund may participate in the ReFlow Services, LLC liquidity program (ReFlow), which is designed to provide an alternative liquidity source for funds experiencing redemptions. To pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund's net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a fund. ReFlow generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, at other times at ReFlow's discretion, or at the direction of the participating fund. In return for this service, a participating fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. This fee, if any, is shown in the Statement of Operations.

During the six months ended March 31, 2026, the Fund did not utilize ReFlow.

**9. Indemnifications.** The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**The Gabelli Focused Growth and Income Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

**10. Segment Reporting.** The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

**11. Subsequent Events.** On April 10, 2026, Bank of New York Mellon became Custodian to the Fund. On April 10, 2026, the Fund became party to an unsecured line of credit with Bank of New York Mellon, which expires on April 9, 2027, and may be renewed annually, of up to $200,000,000 under which the Fund may borrow up to ten percent of its net assets from the bank for temporary borrowing purposes. On April 30, 2026, the Fund terminated the line of credit with State Street Bank & Trust Co., the former Custodian to the Fund. Management has evaluated the impact on the Funds of all subsequent events occurring through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

**Gabelli Funds and Your Personal Privacy**

**Who are we?**

The Gabelli Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

**What kind of non-public information do we collect about you if you become a fund shareholder?**

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

● *Information you give us on your application form.* This could include your name, address, telephone number, social security number, bank account number, and other information.

● *Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you.* This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

**What information do we disclose and to whom do we disclose it?**

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

**What do we do to protect your personal information?**

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

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![](gfgif_002.jpg)

---

| | |
|:---|:---|
| **The Gabelli Global Financial Services Fund**<br> **Semiannual Report — March 31, 2026** | ![](ggfsf_001.jpg) |
|  | **Ian Lapey**<br> *Portfolio Manager*<br> *BA, Williams College*<br> *MS, Northeastern University*<br> *MBA, New York University* |

---

**To Our Shareholders,**

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Financial Services Fund (the Fund) was 5.5% compared with a total return of (2.5)% for the Morgan Stanley Capital International (MSCI) World Financials Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2026.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of March 31, 2026:

**The Gabelli Global Financial Services Fund**

---

| | |
|:---|:---|
| Banks | 29.7% |
| Insurance | 13.3% |
| Diversified Banks | 11.2% |
| U.S. Government Obligations | 9.3% |
| Automobiles | 7.7% |
| Consumer Finance | 7.5% |
| Homebuilders | 5.7% |
| Investment Management | 3.8% |

---

---

| | |
|:---|:---|
| Institutional Trust, Fiduciary, and Custody | 3.7% |
| Institutional Brokerage | 2.7% |
| Energy and Utilities | 2.6% |
| Institutional Banking | 1.4% |
| Reinsurance | 1.3% |
| Other Assets and Liabilities (Net) | 0.1% |
|  | 100.0% |

---

*The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund's Form N-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.*

**Proxy Voting**

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at www.sec.gov.

**The Gabelli Global Financial Services Fund**

**Schedule of Investments — March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 90.6%** |  |  |
|  | **Automobiles — 7.7%** |  |  |
| 82199 | Daimler Truck Holding AG | $3185553 | $3940053 |
| 19400 | Mercedes-Benz Group AG | 1105027 | 1174766 |
| 21175 | Toyota Motor Corp., ADR | 3663831 | 4363956 |
|  |  | 7954411 | 9478775 |
|  | **Banks — 29.7%** |  |  |
| 82500 | Banco Bilbao Vizcaya Argentaria SA | 435552 | 1740277 |
| 75250 | Commerzbank AG | 427358 | 2678044 |
| 1878000 | Dah Sing Banking Group Ltd. | 1960262 | 2909976 |
| 599900 | Dah Sing Financial Holdings Ltd. | 1999583 | 3081668 |
| 2581 | First Citizens BancShares Inc., Cl. A | 3248787 | 4864307 |
| 144978 | Flushing Financial Corp. | 2010849 | 2226862 |
| 36500 | ING Groep NV | 311739 | 932577 |
| 44900 | Japan Post Bank Co. Ltd. | 452399 | 712238 |
| 30076 | Shinhan Financial Group Co. Ltd., ADR | 1038213 | 1844260 |
| 43355 | Southern First Bancshares Inc.† | 1667562 | 2362847 |
| 12600 | Texas Capital Bancshares Inc.† | 794524 | 1195488 |
| 2138400 | The Bank of East Asia Ltd. | 3561476 | 3564364 |
| 111505 | TrustCo Bank Corp. NY | 4036313 | 4881689 |
| 52400 | Webster Financial Corp. | 3333453 | 3637608 |
|  |  | 25278070 | 36632205 |
|  | **Consumer Finance — 7.5%** |  |  |
| 111980 | Ally Financial Inc. | 4025203 | 4392975 |
| 26660 | Capital One Financial Corp. | 4033882 | 4863584 |
|  |  | 8059085 | 9256559 |
|  | **Diversified Banks — 11.2%** |  |  |
| 147500 | Barclays plc | 439493 | 760327 |
| 15050 | Citigroup Inc. | 670751 | 1706821 |
| 217170 | Credit Agricole SA | 3827124 | 3998684 |
| 18523 | Hana Financial Group Inc. | 551907 | 1289166 |
| 169785 | NatWest Group plc | 393522 | 1243192 |
| 14110 | Societe Generale SA | 441406 | 1007247 |
| 111200 | Standard Chartered plc | 733968 | 2288716 |
| 20700 | UniCredit SpA | 270951 | 1456142 |
|  |  | 7329122 | 13750295 |
|  | **Energy and Utilities — 2.6%** |  |  |
| 175788 | Vitesse Energy Inc. | 3137574 | 3192310 |
|  | **Homebuilders — 5.7%** |  |  |
| 8330 | Cavco Industries Inc.† | 2901314 | 4034136 |
| 145096 | Legacy Housing Corp.† | 2728551 | 2964311 |
|  |  | 5629865 | 6998447 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **Institutional Banking — 1.4%** |  |  |
| 29950 | Moelis & Co., Cl. A | $1259218 | $1707150 |
|  | **Institutional Brokerage — 2.7%** |  |  |
| 149600 | Daiwa Securities Group Inc. | 838307 | 1376239 |
| 139600 | Ichiyoshi Securities Co. Ltd. | 712970 | 1271050 |
| 17310 | Jefferies Financial Group Inc. | 303005 | 714384 |
|  |  | 1854282 | 3361673 |
|  | **Institutional Trust, Fiduciary, and Custody — 3.7%** |  |  |
| 14180 | State Street Corp. | 849827 | 1794621 |
| 23300 | The Bank of New York Mellon Corp. | 994781 | 2764079 |
|  |  | 1844608 | 4558700 |
|  | **Insurance — 13.3%** |  |  |
| 472388 | Aegon Ltd. | 2895434 | 3400548 |
| 367500 | E-L Financial Corp. Ltd. | 3510360 | 4181960 |
| 76306 | First American Financial Corp. | 4483675 | 4600489 |
| 23155 | NN Group NV | 970061 | 1794774 |
| 61850 | Old Republic International Corp. | 2403776 | 2467815 |
|  |  | 14263306 | 16445586 |
|  | **Investment Management — 3.8%** |  |  |
| 4870 | Diamond Hill Investment Group Inc. | 602263 | 838127 |
| 19250 | Janus Henderson Group plc | 531321 | 988872 |
| 116213 | The Westaim Corp.† | 1803882 | 1988261 |
| 54363 | Westwood Holdings Group Inc. | 585599 | 895359 |
|  |  | 3523065 | 4710619 |
|  | **Reinsurance — 1.3%** |  |  |
| 15550 | Axis Capital Holdings Ltd. | 795308 | 1576926 |
|  | **TOTAL COMMON STOCKS** | 80927914 | 111669245 |
| **Principal<br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS — 9.3%** |  |  |
| $11590000 | U.S. Treasury Bills, |  |  |
|  | &nbsp;&nbsp;&nbsp;3.610% to 3.760%††, 05/14/26 to 06/25/26 | 11514760 | 11514740 |
|  | **TOTAL INVESTMENTS — 99.9%** | $92442674 | 123183985 |
|  | **Other Assets and Liabilities (Net) — 0.1%** |  | 90209 |
|  | **NET ASSETS — 100.0%** |  | $123274194 |

---

See accompanying notes to financial statements.

**The Gabelli Global Financial Services Fund**

**Schedule of Investments (Continued) — March 31, 2026 (Unaudited)**

† Non-income producing security. <br> †† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt

See accompanying notes to financial statements.

**The Gabelli Global Financial Services Fund**

**Statement of Assets and Liabilities**

**March 31, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $92,442,674) | $123183985 |
| &nbsp;&nbsp;&nbsp;Cash | 1643 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $6,837) | 6856 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 396348 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 336699 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 35055 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 387823 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 72290 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 124420699 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 978870 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 17210 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 101503 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 2627 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 38795 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1146505 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 5,982,346 shares outstanding) | $123274194 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $91577714 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 31696480 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $123274194 |
| **Shares of Capital Stock, each at $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($9,957,652 ÷ 483,533 shares outstanding; 120,000,000 shares authorized) | $20.59 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($1,154,927 ÷ 55,568 shares outstanding; 60,000,000 shares authorized) | $20.78 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $22.05 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($206,295 ÷ 10,143 shares outstanding; 20,000,000 shares authorized) | $20.34 (a) |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($111,955,320 ÷ 5,433,102 shares outstanding; 150,000,000 shares authorized) | $20.61 |

---

(a) Redemption
 price varies based on the length of time held.

**Statement of Operations**

**For the six months ended March 31, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $77,228) | $1273379 |
| &nbsp;&nbsp;&nbsp;Interest | 200112 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 1473491 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 506350 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 11689 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 974 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 741 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 44815 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 25765 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 22500 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 15837 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 12356 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 7126 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 2713 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 7254 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 658120 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (138120) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 520000 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 953491 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 685930 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (12128) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 673802 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 2213574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | (1910) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 2211664 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 2885466 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $3838957 |

---

See accompanying notes to financial statements.

**The Gabelli Global Financial Services Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31,<br> 2026<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $953491 | $1453987 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 673802 | 359290 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 2211664 | 13573522 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 3838957 | 15386799 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (149495) | (48907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (9569) | (408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1755) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1481033) | (1053714) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (1641852) | (1103055) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 2492866 | 4085594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 806111 | 271913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 79582 | 114948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 41156155 | 13591383 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 44534714 | 18063838 |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 722 | 951 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 46732541 | 32348533 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 76541653 | 44193120 |
| &nbsp;&nbsp;&nbsp;End of period | $123274194 | $76541653 |

---

See accompanying notes to financial statements.

**The Gabelli Global Financial Services Fund**

**Financial Highlights**

Selected data for a share of capital stock outstanding throughout each period:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended September 30** |<br>**Net Asset Value,<br> Beginning of<br> Year** | **Net Investment<br> Income(a)** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments** | **Total from Investment Operations** | **Net Investment Income** | **Total Distributions** |<br>**Redemption Fees(a)** |<br>**Net Asset Value, End of Period** |<br>**Total<br> Return†** | **Net Assets, End of Period (in 000's)** | **Net Investment<br> Income** | **Operating Expenses Before Reimbursement** | **Operating<br> Expenses<br> Net of<br> Reimbursement(b)(c)** | **Portfolio Turnover Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $19.88 | $0.17 | $0.90 | $1.07 | $(0.36) | $(0.36) | $0.00 (e) | $20.59 | 5.45% | $9958 | 1.65 %(f) | 1.52 %(f) | 1.25 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 15.47 | 0.45 | 4.31 | 4.76 | (0.35) | (0.35) | 0.00 (e) | 19.88 | 31.26 | 7236 | 2.53 | 1.62 | 1.25 | 9 |
| &nbsp;&nbsp;&nbsp;2024 | 11.43 | 0.41 | 3.94 | 4.35 | (0.31) | (0.31) | 0.00 (e) | 15.47 | 38.95 | 2162 | 3.05 | 1.71 | 1.25 | 9 |
| &nbsp;&nbsp;&nbsp;2023 | 9.28 | 0.28 | 2.14 | 2.42 | (0.27) | (0.27) |  | 11.43 | 26.47 | 577 | 2.57 | 1.91 | 1.25 | 21 |
| &nbsp;&nbsp;&nbsp;2022 | 11.80 | 0.27 (g) | (2.56) | (2.29) | (0.23) | (0.23) |  | 9.28 | (19.79) | 339 | 2.39 (g) | 1.88 | 1.27 (h) | 26 |
| &nbsp;&nbsp;&nbsp;2021 | 7.08 | 0.33 | 4.52 | 4.85 | (0.13) | (0.13) |  | 11.80 | 69.04 | 564 | 2.99 | 2.04 | 1.25 | 19 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $20.06 | $0.19 | $0.90 | $1.09 | $(0.37) | $(0.37) | $0.00 (e) | $20.78 | 5.48% | $1155 | 1.80 %(f) | 1.52 %(f) | 1.25 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 15.63 | 0.51 | 4.28 | 4.79 | (0.36) | (0.36) | 0.00 (e) | 20.06 | 31.15 | 361 | 2.80 | 1.62 | 1.25 | 9 |
| &nbsp;&nbsp;&nbsp;2024 | 11.50 | 0.37 | 4.03 | 4.40 | (0.27) | (0.27) | 0.00 (e) | 15.63 | 39.09 | 15 | 2.76 | 1.71 | 1.25 | 9 |
| &nbsp;&nbsp;&nbsp;2023 | 9.34 | 0.27 | 2.17 | 2.44 | (0.28) | (0.28) |  | 11.50 | 26.44 | 6 | 2.51 | 1.91 | 1.25 | 21 |
| &nbsp;&nbsp;&nbsp;2022 | 11.86 | 0.27 (g) | (2.57) | (2.30) | (0.22) | (0.22) |  | 9.34 | (19.75) | 15 | 2.34 (g) | 1.88 | 1.27 (h) | 26 |
| &nbsp;&nbsp;&nbsp;2021 | 7.08 | 0.32 | 4.54 | 4.86 | (0.08) | (0.08) |  | 11.86 | 69.07 | 33 | 2.94 | 2.04 | 1.25 | 19 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $19.65 | $0.10 | $0.89 | $0.99 | $(0.30) | $(0.30) | $0.00 (e) | $20.34 | 5.07% | $206 | 1.00 %(f) | 2.27 %(f) | 2.00 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 15.31 | 0.31 | 4.27 | 4.58 | (0.24) | (0.24) | 0.00 (e) | 19.65 | 30.25 | 126 | 1.67 | 2.37 | 2.00 | 9 |
| &nbsp;&nbsp;&nbsp;2024 | 11.32 | 0.27 | 3.95 | 4.22 | (0.23) | (0.23) | 0.00 (e) | 15.31 | 37.93 | 2 | 2.05 | 2.46 | 2.00 | 9 |
| &nbsp;&nbsp;&nbsp;2023 | 9.19 | 0.19 | 2.13 | 2.32 | (0.19) | (0.19) |  | 11.32 | 25.48 | 1 | 1.72 | 2.66 | 2.00 | 21 |
| &nbsp;&nbsp;&nbsp;2022 | 11.68 | 0.29 (g) | (2.64) | (2.35) | (0.14) | (0.14) |  | 9.19 | (20.35) | 1 | 2.62 (g) | 2.63 | 2.02 (h) | 26 |
| &nbsp;&nbsp;&nbsp;2021 | 7.03 | 0.18 | 4.55 | 4.73 | (0.08) | (0.08) |  | 11.68 | 67.59 | 1 | 1.77 | 2.79 | 2.00 | 19 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $19.89 | $0.20 | $0.91 | $1.11 | $(0.39) | $(0.39) | $0.00 (e) | $20.61 | 5.66% | $111955 | 1.91 %(f) | 1.27 %(f) | 1.00 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 15.48 | 0.46 | 4.34 | 4.80 | (0.39) | (0.39) | 0.00 (e) | 19.89 | 31.53 | 68819 | 2.64 | 1.37 | 1.00 | 9 |
| &nbsp;&nbsp;&nbsp;2024 | 11.44 | 0.41 | 3.97 | 4.38 | (0.34) | (0.34) | 0.00 (e) | 15.48 | 39.25 | 42014 | 3.09 | 1.46 | 1.00 | 9 |
| &nbsp;&nbsp;&nbsp;2023 | 9.29 | 0.30 | 2.16 | 2.46 | (0.31) | (0.31) | 0.00 (e) | 11.44 | 26.82 | 27642 | 2.77 | 1.66 | 1.00 | 21 |
| &nbsp;&nbsp;&nbsp;2022 | 11.80 | 0.31 (g) | (2.57) | (2.26) | (0.25) | (0.25) |  | 9.29 | (19.57) | 21128 | 2.76 (g) | 1.63 | 1.02 (h) | 26 |
| &nbsp;&nbsp;&nbsp;2021 | 7.08 | 0.29 | 4.58 | 4.87 | (0.15) | (0.15) |  | 11.80 | 69.45 | 24221 | 2.79 | 1.79 | 1.00 | 19 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including
 reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not
 annualized.

(a) Per
 share amounts have been calculated using the average shares outstanding method.

(b) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the fiscal years ended September
 30, 2023, 2022, and 2021, if credits had not been received, the expense ratios would have been 1.26%, 1.28%, and 1.26% (Class AAA and
 Class A), 2.01%, 2.02%, and 2.01% (Class C), and 1.01%, 1.03%, and 1.01% (Class I), respectively. For the six months ended March 31, 2026,
 the fiscal years ended September 30, 2025, and 2024, there was no material impact to the expense ratios.

(c) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $138,120, $203,619, $166,565, $174,121, $149,730,
 and $165,217, For the six months ended March 31, 2026 and the fiscal years ended September 30, 2025, 2024, 2023, 2022, and 2021,
 respectively.

(d) For
 the six months ended March 31, 2026, unaudited.

(e) Amount
 represents less than $0.005 per share.

(f) Annualized.

(g) Includes
 income resulting from special dividends. Without these dividends, the per share income amounts would have been $0.21 (Class AAA and Class
 A), $0.23 (Class C), and $0.25 (Class I), and the net investment income ratios would have been 1.88% (Class AAA), 1.84% (Class A), 2.12%
 (Class C), and 2.25% (Class I) for the fiscal year ended September 30, 2022.

(h) The
 Fund incurred tax expense for the fiscal year ended September 30, 2022. If tax expense had not been incurred, the ratios of operating
 expenses to average net assets would have been 1.25% (Class AAA and Class A), 2.00% (Class C), and 1.00% (Class I).

See accompanying notes to financial statements.

**The Gabelli Global Financial Services Fund**

**Notes to Financial Statements (Unaudited)**

**1. Organization.** The Gabelli Global Financial Services Fund (the Fund), a series of the Gabelli Equity Series Funds, Inc. (the Corporation), was incorporated on July 25, 1991 in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and is one of four separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund seeks to provide capital appreciation. The Fund commenced investment operations on October 1, 2018.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund's investment program and manages the operations of the Fund under the general supervision of the Fund's Board of Directors (the Board).

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

***Security Valuation.*** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Valuation Designee so determines, by such other method as the Valuation Designee shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Valuation Designee if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Valuation Designee determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Valuation Designee. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one of more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Valuation Designee. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with

**The Gabelli Global Financial Services Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

● Level 1 — unadjusted quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of March 31, 2026 is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Other Significant<br> Observable<br> Inputs(a)** |<br>**Total<br> Market Value<br> at 03/31/26** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (b) | $111669245 |  | $111669245 |
| U.S. Government Obligations |  | $11514740 | 11514740 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $111669245 | $11514740 | $123183985 |

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(a) Per pricing procedures approved by the Board, the Level 2 securities
 used mean prices as there was no trading volume on the valuation date.

(b) Please refer to the Schedule of Investments for the industry classifications
 of these portfolio holdings.

***General.*** The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

***Fair Valuation.*** Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A

**The Gabelli Global Financial Services Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

***Foreign Currency Translations.*** The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

***Foreign Securities.*** The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

***Foreign Taxes.*** The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

***Restricted Securities.*** The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At March 31, 2026, the Fund did not hold any restricted securities.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest

**The Gabelli Global Financial Services Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

***Determination of Net Asset Value and Calculation of Expenses.*** Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of the Fund's average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

***Distributions to Shareholders.*** Distributions to shareholders are recorded on the ex-dividend date. The characterization of distributions to shareholders is based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the fiscal year ended September 30, 2025 was as follows:

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| | |
|:---|:---|
| **Distributions paid from:** |  |
| Ordinary income | $1103055 |
| Total distributions paid | $1103055 |

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***Provision for Income Taxes.*** The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. The Fund had a short term capital loss carryforward with no expiration of $252,043 and a long term capital loss carryforward with no expiration of $99,039.

**The Gabelli Global Financial Services Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized**<br> **Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $92442674 | $30741523 | $(212) | $30741311 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended March 31, 2026, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2026, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

***Recent Accounting Pronouncement.*** During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**3. Investment Advisory Agreement and Other Transactions.** The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio, oversees the administration of all aspects of the Fund's business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

The Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than an annual rate of 1.25%, 1.25%, 2.00%, and 1.00% for Class AAA, Class A, Class C, and Class I shares, respectively. This arrangement is in effect through January 31, 2027. For the six months ended March 31, 2026, the Adviser reimbursed the Fund in the amount of $138,120. In addition, the Fund has also agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayments, such adjusted annualized total operating expenses of the Fund would not exceed the foregoing expense limitations of the value of the Fund's average daily net assets for Class AAA, Class A, Class C, and Class I Shares. At March 31, 2026, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $508,303:

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| | |
|:---|:---|
| For the fiscal year ended September 30, 2024, expiring September 30, 2026 | $166564 |
| For the fiscal year ended September 30, 2025, expiring September 30, 2027 | 203619 |
| For the six months ended March 31, 2026, expiring September 30, 2028 | 138120 |
|  | $508303 |

---

**The Gabelli Global Financial Services Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

**4. Distribution Plan.** The Fund's Board has adopted a distribution plan (the Plan) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

**5. Portfolio Securities.** Purchases and sales of securities during the six months ended March 31, 2026, other than short term securities and U.S. Government obligations, aggregated $51,389,947 and $11,698,764, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the six months ended March 31, 2026, the Fund paid $13,185 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $4,200 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The Corporation pays retainer and per meeting fees to Directors not affiliated with the Adviser, plus specified amounts to the Lead Director and Audit Committee Chairman. Directors are also reimbursed for out of pocket expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service monthly. During the six months ended March 31, 2026, the Fund accrued $22,500 in accounting fees which is shown in the Statement of Operations.

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on April 30, 2026. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. During the six months ended March 31, 2026, there were no borrowings under the line of credit.

**8. Capital Stock.** The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended March 31, 2026 and the fiscal year ended September 30, 2025, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

**The Gabelli Global Financial Services Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

Transactions in shares of capital stock were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> March 31,<br> 2026<br>(Unaudited)** | **Six Months Ended<br> March 31,<br> 2026<br>(Unaudited)** | **Year Ended<br> September 30,<br>2025** | **Year Ended<br> September 30,<br>2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 192839 | $4024880 | 297306 | $5422300 |
| Shares issued upon reinvestment of distributions | 7510 | 149292 | 2990 | 48761 |
| Shares redeemed | (80818) | (1681306) | (75994) | (1385467) |
| &nbsp;&nbsp;&nbsp;Net increase | 119531 | $2492866 | 224302 | $4085594 |
| **Class A** |  |  |  |  |
| Shares sold | 43121 | $920207 | 17815 | $286877 |
| Shares issued upon reinvestment of distributions | 477 | 9569 | 25 | 408 |
| Shares redeemed | (6018) | (123665) | (837) | (15372) |
| &nbsp;&nbsp;&nbsp;Net increase | 37580 | $806111 | 17003 | $271913 |
| **Class C** |  |  |  |  |
| Shares sold | 4852 | $101807 | 6314 | $114922 |
| Shares issued upon reinvestment of distributions | 89 | 1755 | 2 | 26 |
| Shares redeemed | (1222) | (23980) |  |  |
| &nbsp;&nbsp;&nbsp;Net increase | 3719 | $79582 | 6316 | $114948 |
| **Class I** |  |  |  |  |
| Shares sold | 2389271 | $50069470 | 764932 | $14066502 |
| Shares issued upon reinvestment of distributions | 74265 | 1476381 | 64423 | 1049456 |
| Shares redeemed | (489658) | (10389696) | (83468) | (1524575) |
| &nbsp;&nbsp;&nbsp;Net increase | 1973878 | $41156155 | 745887 | $13591383 |

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**ReFlow Services, LLC.** The Fund may participate in the ReFlow Services, LLC liquidity program (ReFlow), which is designed to provide an alternative liquidity source for funds experiencing redemptions. To pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund's net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a fund. ReFlow generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, at other times at ReFlow's discretion, or at the direction of the participating fund. In return for this service, a participating fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. This fee, if any, is shown in the Statement of Operations.

During the six months ended March 31, 2026, the Fund did not utilize ReFlow.

**9. Significant Shareholder.** As of March 31, 2026, 50.8% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

**The Gabelli Global Financial Services Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

**10. Indemnifications.** The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**11. Segment Reporting.** The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

**12. Subsequent Events.** On April 10, 2026, Bank of New York Mellon became Custodian to the Fund. On April 10, 2026, the Fund became party to an unsecured line of credit with Bank of New York Mellon, which expires on April 9, 2027, and may be renewed annually, of up to $200,000,000 under which the Fund may borrow up to ten percent of its net assets from the bank for temporary borrowing purposes. On April 30, 2026, the Fund terminated the line of credit with State Street Bank & Trust Co., the former Custodian to the Fund. Management has evaluated the impact on the Funds of all subsequent events occurring through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

![](ggfsf_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(b) An open-end management investment company registered on Form N-1A
 [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

**The Gabelli Equity Income Fund**

**Financial Highlights**

Selected data for a share of capital stock outstanding throughout each period:

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended September 30** | <br>**Net Asset<br> Value,<br> Beginning <br> of Year** | **Net Investment<br> Income<br> (Loss)(a)** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments** | **Total from<br> Investment<br> Operations** | **Net<br> Investment<br> Income** | **Net Realized<br> Gain on<br> Investments** | **Return of<br> Capital** | **Total Distributions** | <br>**Redemption<br> Fees(a)(b)** | <br>**Net Asset<br> Value, End of<br> Period** | <br>**Total<br> Return†** | **Net Assets,<br> End of Period<br> (in 000's)** | **Net<br> Investment<br> Income (Loss)** | **Operating<br> Expenses(c)(d)** | **Portfolio<br> Turnover <br> Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(e) | $5.46 | $0.01 | $0.23 | $0.24 | $(0.60) | $— | $— | $(0.60) | $0.00 | $5.10 | 4.45% | $169252 | 0.51 %(f) | 1.46 %(f) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 6.59 | 0.04 | 0.56 | 0.60 | (0.05) | (0.67) | (1.01) | (1.73) | 0.00 | 5.46 | 10.48 | 175527 | 0.69 | 1.41 | 0 (g) |
| &nbsp;&nbsp;&nbsp;2024 | 7.29 | 0.06 | 1.25 | 1.31 | (0.06) | (0.90) | (1.05) | (2.01) | 0.00 | 6.59 | 19.64 | 193593 | 0.77 | 1.43 | 1 |
| &nbsp;&nbsp;&nbsp;2023 | 8.09 | 0.08 | 0.91 | 0.99 | (0.08) | (0.67) | (1.04) | (1.79) | 0.00 | 7.29 | 11.92 | 227248 | 0.89 | 1.43 | 5 |
| &nbsp;&nbsp;&nbsp;2022 | 10.85 | 0.06 | (1.01) | (0.95) | (0.06) | (0.78) | (0.97) | (1.81) | 0.00 | 8.09 | (10.08) | 230926 | 0.56 | 1.42 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 10.04 | 0.07 | 3.00 | 3.07 | (0.08) | (1.24) | (0.94) | (2.26) | 0.00 | 10.85 | 31.32 | 297369 | 0.64 | 1.42 | 1 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(e) | $5.33 | $0.01 | $0.22 | $0.23 | $(0.60) | $— | $— | $(0.60) | $0.00 | $4.96 | 4.38% | $121123 | 0.51 %(f) | 1.46 %(f) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 6.45 | 0.04 | 0.55 | 0.59 | (0.05) | (0.67) | (0.99) | (1.71) | 0.00 | 5.33 | 10.64 | 122608 | 0.69 | 1.41 | 0 (g) |
| &nbsp;&nbsp;&nbsp;2024 | 7.16 | 0.06 | 1.22 | 1.28 | (0.06) | (0.89) | (1.04) | (1.99) | 0.00 | 6.45 | 19.52 | 121992 | 0.77 | 1.43 | 1 |
| &nbsp;&nbsp;&nbsp;2023 | 7.96 | 0.07 | 0.91 | 0.98 | (0.08) | (0.67) | (1.03) | (1.78) | 0.00 | 7.16 | 11.94 | 114513 | 0.90 | 1.43 | 5 |
| &nbsp;&nbsp;&nbsp;2022 | 10.69 | 0.06 | (0.99) | (0.93) | (0.06) | (0.77) | (0.97) | (1.80) | 0.00 | 7.96 | (10.05) | 95186 | 0.57 | 1.42 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 9.92 | 0.08 | 2.95 | 3.03 | (0.08) | (1.24) | (0.94) | (2.26) | 0.00 | 10.69 | 31.31 | 98631 | 0.65 | 1.42 | 1 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(e) | $6.68 | $(0.01) | $0.27 | $0.26 | $(0.60) | $— | $— | $(0.60) | $0.00 | $6.34 | 3.92% | $9911 | (0.24)%(f) | 2.21 %(f) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 7.87 | (0.00)(b) | 0.67 | 0.67 |  | (0.67) | (1.19) | (1.86) | 0.00 | 6.68 | 9.73 | 10556 | (0.06) | 2.16 | 0 (g) |
| &nbsp;&nbsp;&nbsp;2024 | 8.58 | 0.01 | 1.49 | 1.50 | (0.01) | (0.83) | (1.37) | (2.21) | 0.00 | 7.87 | 19.18 | 12226 | 0.10 | 2.18 | 1 |
| &nbsp;&nbsp;&nbsp;2023(h) | 9.52 | 0.01 | 0.16 | 0.17 | (0.07) | (0.55) | (0.49) | (1.11) | 0.00 | 8.58 | 1.67 | 608 | 0.24 | 2.29 | 5 |
| **Class C1\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2023 | $3.41 | $0.00 (b) | $0.42 | $0.42 | $(0.07) | $(0.67) | $(0.60) | $(1.34) | $0.00 | $2.49 | 11.34% | $21071 | 0.13% | 2.18% | 5% |
| &nbsp;&nbsp;&nbsp;2022 | 5.24 | (0.01) | (0.42) | (0.43) | (0.04) | (0.78) | (0.58) | (1.40) | 0.00 | 3.41 | (10.84) | 31620 | (0.21) | 2.17 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 5.81 | (0.01) | 1.70 | 1.69 | (0.05) | (1.24) | (0.97) | (2.26) | 0.00 | 5.24 | 30.29 | 51140 | (0.12) | 2.17 | 1 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(e) | $6.87 | $0.03 | $0.28 | $0.31 | $(0.60) | $— | $— | $(0.60) | $0.00 | $6.58 | 4.56% | $141353 | 0.76 %(f) | 1.21 %(f) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 7.99 | 0.07 | 0.70 | 0.77 | (0.07) | (0.67) | (1.15) | (1.89) | 0.00 | 6.87 | 10.81 | 144168 | 0.94 | 1.16 | 0 (g) |
| &nbsp;&nbsp;&nbsp;2024 | 8.61 | 0.09 | 1.51 | 1.60 | (0.08) | (0.88) | (1.26) | (2.22) | 0.00 | 7.99 | 19.85 | 155884 | 1.01 | 1.18 | 1 |
| &nbsp;&nbsp;&nbsp;2023 | 9.36 | 0.12 | 1.04 | 1.16 | (0.09) | (0.67) | (1.15) | (1.91) | 0.00 | 8.61 | 12.19 | 134026 | 1.14 | 1.18 | 5 |
| &nbsp;&nbsp;&nbsp;2022 | 12.35 | 0.10 | (1.17) | (1.07) | (0.08) | (0.77) | (1.06) | (1.92) | 0.00 | 9.36 | (9.81) | 128315 | 0.81 | 1.17 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 11.15 | 0.12 | 3.34 | 3.46 | (0.11) | (1.24) | (0.91) | (2.26) | 0.00 | 12.35 | 31.71 | 134073 | 0.89 | 1.17 | 1 |

---

---

| | |
|:---|:---|
| \* | On May 29, 2024, Class C1 Shares converted into Class C Shares. See Note 8. |
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized. |
| (a) | Per share amounts have been calculated using the average shares outstanding method. |
| (b) | Amount represents less than $0.005 per share. |
| (c) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no material impact on the expense ratios. |
| (d) | The Fund incurred interest expense. For the six months ended March 31, 2026, the fiscal years ended September 30, 2024 and 2023, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.44%, 1.42% and 1.42% (Class AAA and Class A), 2.19%, 2.17%, and 2.29% (Class C), and 1.19%, 2.17%, and 2.16% (Class I), respectively. For the fiscal years ended September 30, 2022 and 2021, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.41%, and 1.41% (Class AAA and Class A), 2.16% and 2.17% (Class C1), 1.16% and 1.16% (Class I), respectively. For the fiscal year ended September 30, 2025, there was no material impact to the expense ratios. |
| (e) | For the six months ended March 31, 2026, unaudited. |
| (f) | Annualized. |
| (g) | Amount represents less than 0.5%. |
| (h) | Class C commenced on June 1, 2023. |
| (i) | Amount represents less than 0.005%. |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Financial Highlights**

Selected data for a share of capital stock outstanding throughout each period:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended September 30** |<br>**Net Asset<br> Value,<br> Beginning<br> of Year** | **Net<br> Investment<br> Income<br> (Loss)(a)(b)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net<br> Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Redemption<br> Fees(a)(c)** | **Net Asset Value, End of Period** | **Total<br> Return†** | **Net Assets, End of Period (in 000's)** | **Net<br> Investment<br> Income<br> (Loss)(b)** | **Operating Expenses Before Reimbursement** | **Operating<br> Expenses<br> Net of<br> Reimbursement(d)(e)(f)** | **Portfolio Turnover Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(g) | $46.40 | $0.04 | $1.45 | $1.49 | $(0.13) | $(1.67) | $(1.80) | $0.00 | $46.09 | 3.42% | $696385 | 0.16 %(h) | 1.38 %(h) | 1.37 %(h)(i) | 2% |
| &nbsp;&nbsp;&nbsp;2025 | 46.91 | 0.01 | 2.34 | 2.35 | (0.00)(c) | (2.86) | (2.86) | 0.00 | 46.40 | 5.39 | 717968 | 0.02 | 1.39 | 1.38 | 1 |
| &nbsp;&nbsp;&nbsp;2024 | 40.51 | 0.03 | 10.00 | 10.03 | (0.08) | (3.55) | (3.63) | 0.00 | 46.91 | 27.24 | 736555 | 0.06 | 1.38 | 1.37 | 2 |
| &nbsp;&nbsp;&nbsp;2023 | 36.11 | 0.05 | 7.96 | 8.01 | (0.01) | (3.60) | (3.61) | 0.00 | 40.51 | 22.70 | 899376 | 0.13 | 1.39 | 1.39 | 1 |
| &nbsp;&nbsp;&nbsp;2022 | 49.61 | 0.02 | (7.13) | (7.11) | (0.05) | (6.34) | (6.39) | 0.00 | 36.11 | (17.07) | 798836 | 0.05 | 1.39 | 1.39 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 43.30 | 0.04 | 15.83 | 15.87 |  | (9.56) | (9.56) | 0.00 | 49.61 | 42.16 | 1054894 | 0.09 | 1.38 | 1.38 | 1 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(g) | $46.32 | $0.04 | $1.44 | $1.48 | $(0.12) | $(1.67) | $(1.79) | $0.00 | $46.01 | 3.42% | $134223 | 0.16 %(h) | 1.38 %(h) | 1.37 %(h)(i) | 2% |
| &nbsp;&nbsp;&nbsp;2025 | 46.85 | 0.01 | 2.34 | 2.35 | (0.03) | (2.85) | (2.88) | 0.00 | 46.32 | 5.40 | 139001 | 0.02 | 1.39 | 1.38 | 1 |
| &nbsp;&nbsp;&nbsp;2024 | 40.46 | 0.02 | 10.00 | 10.02 | (0.08) | (3.55) | (3.63) | 0.00 | 46.85 | 27.24 | 147123 | 0.06 | 1.38 | 1.37 | 2 |
| &nbsp;&nbsp;&nbsp;2023 | 36.06 | 0.05 | 7.95 | 8.00 | (0.00)(c) | (3.60) | (3.60) | 0.00 | 40.46 | 22.72 | 118557 | 0.13 | 1.39 | 1.39 | 1 |
| &nbsp;&nbsp;&nbsp;2022 | 49.56 | 0.02 | (7.13) | (7.11) | (0.05) | (6.34) | (6.39) | 0.00 | 36.06 | (17.08) | 104317 | 0.04 | 1.39 | 1.39 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 43.26 | 0.04 | 15.82 | 15.86 |  | (9.56) | (9.56) | 0.00 | 49.56 | 42.17 | 134005 | 0.08 | 1.38 | 1.38 | 1 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(g) | $33.96 | $(0.10) | $1.06 | $0.96 | $— | $(1.22) | $(1.22) | $0.00 | $33.70 | 3.03% | $16237 | (0.59)%(h) | 2.13 %(h) | 2.12 %(h)(i) | 2% |
| &nbsp;&nbsp;&nbsp;2025 | 34.59 | (0.24) | 1.72 | 1.48 |  | (2.11) | (2.11) | 0.00 | 33.96 | 4.62 | 17843 | (0.74) | 2.14 | 2.13 | 1 |
| &nbsp;&nbsp;&nbsp;2024 | 30.09 | (0.22) | 7.41 | 7.19 | (0.06) | (2.63) | (2.69) | 0.00 | 34.59 | 26.29 | 23114 | (0.70) | 2.13 | 2.12 | 2 |
| &nbsp;&nbsp;&nbsp;2023 | 27.02 | (0.19) | 5.95 | 5.76 |  | (2.69) | (2.69) | 0.00 | 30.09 | 21.79 | 28818 | (0.64) | 2.14 | 2.14 | 1 |
| &nbsp;&nbsp;&nbsp;2022 | 38.86 | (0.24) | (5.26) | (5.50) |  | (6.34) | (6.34) | 0.00 | 27.02 | (17.69) | 35068 | (0.72) | 2.14 | 2.14 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 35.95 | (0.24) | 12.71 | 12.47 |  | (9.56) | (9.56) | 0.00 | 38.86 | 41.10 | 66467 | (0.64) | 2.13 | 2.13 | 1 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(g) | $48.63 | $0.10 | $1.52 | $1.62 | $(0.24) | $(1.75) | $(1.99) | $0.00 | $48.26 | 3.57% | $966942 | 0.41 %(h) | 1.13 %(h) | 1.12 %(h)(i) | 2% |
| &nbsp;&nbsp;&nbsp;2025 | 49.19 | 0.13 | 2.44 | 2.57 | (0.14) | (2.99) | (3.13) | 0.00 | 48.63 | 5.65 | 976245 | 0.28 | 1.14 | 1.13 | 1 |
| &nbsp;&nbsp;&nbsp;2024 | 42.36 | 0.13 | 10.49 | 10.62 | (0.08) | (3.71) | (3.79) | 0.00 | 49.19 | 27.58 | 902727 | 0.30 | 1.13 | 1.12 | 2 |
| &nbsp;&nbsp;&nbsp;2023 | 37.76 | 0.16 | 8.32 | 8.48 | (0.11) | (3.77) | (3.88) | 0.00 | 42.36 | 23.02 | 517272 | 0.38 | 1.14 | 1.14 | 1 |
| &nbsp;&nbsp;&nbsp;2022 | 51.62 | 0.13 | (7.47) | (7.34) | (0.18) | (6.34) | (6.52) | 0.00 | 37.76 | (16.88) | 468753 | 0.29 | 1.14 | 1.14 | 1 |
| &nbsp;&nbsp;&nbsp;2021 | 44.62 | 0.17 | 16.39 | 16.56 |  | (9.56) | (9.56) | 0.00 | 51.62 | 42.51 | 644066 | 0.34 | 1.13 | 1.13 | 1 |

---

† Total return represents aggregate
 total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions
 and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts have been calculated
 using the average shares outstanding method.

(b) Due to capital share activity throughout
 the period, net investment income/(loss) per share and the ratio to average net assets are not necessarily correlated among the different
 classes of shares.

(c) Amount represents less than $0.005
 per share.

(d) The Fund received credits from a designated
 broker who agreed to pay certain Fund operating expenses. For all the periods presented, there was no material impact to the expense ratios.

(e) The Fund incurred interest expense
 for all years presented. For the fiscal years ended September 30, 2023, 2022, and 2021, if interest expense had not been incurred, the
 ratios of operating expenses to average net assets would have been 1.38%, 1.38%, and 1.37% (Class AAA and Class A), 2.13%, 2.13%, and
 2.12% (Class C), and 1.13%, 1.13%, and 1.12% (Class I), respectively. For the six months ended March 31, 2026, the fiscal years ended
 September 30, 2025, and 2024, there was no material impact to the expense ratios.

(f) Ratio of operating expenses includes
 advisory fee reduction on unsupervised assets. For all periods presented, there was no material impact on the expense ratios.

(g) For the six months ended March 31,
 2026, unaudited.

(h) Annualized.

(i) The Fund incurred dividend expense
 and service fees on securities sold short. For the six months ended March 31, 2026, there was no material impact on the expense ratios.

See accompanying notes to financial statements.

**The Gabelli Focused Growth and Income Fund**

**Financial Highlights**

Selected data for a share of capital stock outstanding throughout each period:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended September 30** |<br>**Net Asset<br> Value, Beginning<br> of Year** | **Net<br> Investment**<br> **Income(a)(b)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Redemption Fees(a)** | **Net Asset Value, End of Period** | **Total<br> Return†** | **Net Assets, End of Period (in 000's)** | **Net Investment<br> Income(b)** | **Operating Expenses Before Reimbursement** | **Operating Expenses Net of Reimbursement(c)** | **Portfolio Turnover Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $17.05 | $0.10 | $0.90 | $1.00 | $(0.33) | $(0.03) | $(0.36) | $0.00 (e) | $17.69 | 5.94% | $3904 | 1.22 %(f) | 1.76 %(f) | 1.76 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 17.37 | 0.33 | 0.07 | 0.40 | (0.72) |  | (0.72) | 0.00 (e) | 17.05 | 2.37 | 4649 | 1.93 | 1.66 | 1.66 | 35 |
| &nbsp;&nbsp;&nbsp;2024 | 14.91 | 0.72 | 2.46 | 3.18 | (0.72) |  | (0.72) |  | 17.37 | 21.88 | 5051 | 4.51 | 1.64 | 1.64 | 31 |
| &nbsp;&nbsp;&nbsp;2023 | 14.79 | 0.59 | 0.29 | 0.88 | (0.66) | (0.10) | (0.76) | 0.00 (e) | 14.91 | 5.91 | 5321 | 3.79 | 1.79 | 1.79 | 36 |
| &nbsp;&nbsp;&nbsp;2022 | 17.50 | 0.32 | (2.31) | (1.99) | (0.66) | (0.06) | (0.72) |  | 14.79 | (11.85) | 5134 | 1.85 | 1.72 | 1.72 | 46 |
| &nbsp;&nbsp;&nbsp;2021 | 12.48 | 0.34 | 5.22 | 5.56 | (0.54) |  | (0.54) |  | 17.50 | 44.76 | 6927 | 2.15 | 1.96 | 1.96 | 54 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $17.21 | $0.13 | $0.93 | $1.06 | $(0.44) | $(0.04) | $(0.48) | $0.00 (e) | $17.79 | 6.27% | $21937 | 1.53 %(f) | 1.76 %(f) | 1.25 %(f)(g) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 17.66 | 0.40 | 0.07 | 0.47 | (0.92) |  | (0.92) | 0.00 (e) | 17.21 | 2.75 | 22529 | 2.32 | 1.66 | 1.25 (g) | 35 |
| &nbsp;&nbsp;&nbsp;2024 | 15.19 | 0.80 | 2.49 | 3.29 | (0.82) |  | (0.82) |  | 17.66 | 22.34 | 21388 | 4.89 | 1.64 | 1.25 (g) | 31 |
| &nbsp;&nbsp;&nbsp;2023 | 14.97 | 0.70 | 0.28 | 0.98 | (0.66) | (0.10) | (0.76) | 0.00 (e) | 15.19 | 6.53 | 16368 | 4.43 | 1.79 | 1.26 (g) | 36 |
| &nbsp;&nbsp;&nbsp;2022 | 17.71 | 0.34 | (2.36) | (2.02) | (0.66) | (0.06) | (0.72) |  | 14.97 | (11.88) | 10810 | 1.94 | 1.72 | 1.70 (g) | 46 |
| &nbsp;&nbsp;&nbsp;2021 | 12.62 | 0.30 | 5.33 | 5.63 | (0.54) |  | (0.54) |  | 17.71 | 44.82 | 8958 | 1.83 | 1.96 | 1.96 | 54 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $13.39 | $0.05 | $0.69 | $0.74 | $(0.33) | $(0.03) | $(0.36) | $0.00 (e) | $13.77 | 5.62% | $1024 | 0.68 %(f) | 2.51 %(f) | 2.51 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 13.90 | 0.16 | 0.05 | 0.21 | (0.72) |  | (0.72) | 0.00 (e) | 13.39 | 1.57 | 1377 | 1.16 | 2.41 | 2.41 | 35 |
| &nbsp;&nbsp;&nbsp;2024 | 12.15 | 0.48 | 1.99 | 2.47 | (0.72) |  | (0.72) |  | 13.90 | 20.98 | 2055 | 3.72 | 2.39 | 2.39 | 31 |
| &nbsp;&nbsp;&nbsp;2023 | 12.25 | 0.37 | 0.27 | 0.64 | (0.66) | (0.08) | (0.74) | 0.00 (e) | 12.15 | 5.17 | 2666 | 2.90 | 2.54 | 2.54 | 36 |
| &nbsp;&nbsp;&nbsp;2022 | 14.73 | 0.15 | (1.91) | (1.76) | (0.66) | (0.06) | (0.72) |  | 12.25 | (12.54) | 4357 | 1.02 | 2.47 | 2.47 | 46 |
| &nbsp;&nbsp;&nbsp;2021 | 10.64 | 0.15 | 4.48 | 4.63 | (0.54) |  | (0.54) |  | 14.73 | 43.75 | 8143 | 1.13 | 2.71 | 2.71 | 54 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $18.42 | $0.19 | $0.99 | $1.18 | $(0.44) | $(0.04) | $(0.48) | $0.00 (e) | $19.12 | 6.51% | $18649 | 2.01 %(f) | 1.51 %(f) | 0.80 %(f)(g) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 18.75 | 0.53 | 0.06 | 0.59 | (0.92) |  | (0.92) | 0.00 (e) | 18.42 | 3.24 | 19335 | 2.87 | 1.41 | 0.80 (g) | 35 |
| &nbsp;&nbsp;&nbsp;2024 | 16.01 | 0.92 | 2.64 | 3.56 | (0.82) |  | (0.82) |  | 18.75 | 22.90 | 17859 | 5.33 | 1.39 | 0.80 (g) | 31 |
| &nbsp;&nbsp;&nbsp;2023 | 15.68 | 0.79 | 0.31 | 1.10 | (0.66) | (0.11) | (0.77) | 0.00 (e) | 16.01 | 6.97 | 15205 | 4.77 | 1.54 | 0.81 (g) | 36 |
| &nbsp;&nbsp;&nbsp;2022 | 18.35 | 0.54 | (2.49) | (1.95) | (0.66) | (0.06) | (0.72) |  | 15.68 | (11.07) | 19027 | 2.94 | 1.47 | 0.80 (g) | 46 |
| &nbsp;&nbsp;&nbsp;2021 | 12.94 | 0.46 | 5.49 | 5.95 | (0.54) |  | (0.54) |  | 18.35 | 46.21 | 16215 | 2.70 | 1.71 | 0.95 (g) | 54 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including
 reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not
 annualized.

(a) Per
 share amounts have been calculated using the average shares outstanding method.

(b) Due
 to capital share activity, net investment income/(loss) per share and the ratio to average net assets are not necessarily correlated among
 the different classes of shares.

(c) The
 Fund incurred interest expense. For the fiscal years ended September 30, 2024, 2023, and 2022, if interest expense had not been incurred,
 the ratios of operating expenses to average net assets would have been 1.63%, 1.78%, and 1.72% (Class AAA), 1.25%, 1.25%, and 1.69% (Class
 A), 2.38%, 2.53%, and 2.47% (Class C), and 0.80%, 0.80%, and 0.80% (Class I), respectively. For the six months ended March 31, 2026, the
 fiscal years ended September 30, 2025 and 2021, the effect of interest expense was minimal.

(d) For
 the six months ended March 31, 2026, unaudited.

(e) Amount
 represents less than $0.005 per share.

(f) Annualized.

(g) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $121,950, $202,194, $167,786, $187,761, $119,130
 and $97,862 for the six months ended March 31, 2026 and the fiscal years ended September 30, 2025, 2024, 2023, 2022, and 2021,
 respectively.

See accompanying notes to financial statements.

**The Gabelli Global Financial Services Fund**

**Financial Highlights**

Selected data for a share of capital stock outstanding throughout each period:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended September 30** |<br>**Net Asset Value,<br> Beginning of<br> Year** | **Net Investment<br> Income(a)** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments** | **Total from Investment Operations** | **Net Investment Income** | **Total Distributions** |<br>**Redemption Fees(a)** |<br>**Net Asset Value, End of Period** |<br>**Total<br> Return†** | **Net Assets, End of Period (in 000's)** | **Net Investment<br> Income** | **Operating Expenses Before Reimbursement** | **Operating<br> Expenses<br> Net of<br> Reimbursement(b)(c)** | **Portfolio Turnover Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $19.88 | $0.17 | $0.90 | $1.07 | $(0.36) | $(0.36) | $0.00 (e) | $20.59 | 5.45% | $9958 | 1.65 %(f) | 1.52 %(f) | 1.25 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 15.47 | 0.45 | 4.31 | 4.76 | (0.35) | (0.35) | 0.00 (e) | 19.88 | 31.26 | 7236 | 2.53 | 1.62 | 1.25 | 9 |
| &nbsp;&nbsp;&nbsp;2024 | 11.43 | 0.41 | 3.94 | 4.35 | (0.31) | (0.31) | 0.00 (e) | 15.47 | 38.95 | 2162 | 3.05 | 1.71 | 1.25 | 9 |
| &nbsp;&nbsp;&nbsp;2023 | 9.28 | 0.28 | 2.14 | 2.42 | (0.27) | (0.27) |  | 11.43 | 26.47 | 577 | 2.57 | 1.91 | 1.25 | 21 |
| &nbsp;&nbsp;&nbsp;2022 | 11.80 | 0.27 (g) | (2.56) | (2.29) | (0.23) | (0.23) |  | 9.28 | (19.79) | 339 | 2.39 (g) | 1.88 | 1.27 (h) | 26 |
| &nbsp;&nbsp;&nbsp;2021 | 7.08 | 0.33 | 4.52 | 4.85 | (0.13) | (0.13) |  | 11.80 | 69.04 | 564 | 2.99 | 2.04 | 1.25 | 19 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $20.06 | $0.19 | $0.90 | $1.09 | $(0.37) | $(0.37) | $0.00 (e) | $20.78 | 5.48% | $1155 | 1.80 %(f) | 1.52 %(f) | 1.25 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 15.63 | 0.51 | 4.28 | 4.79 | (0.36) | (0.36) | 0.00 (e) | 20.06 | 31.15 | 361 | 2.80 | 1.62 | 1.25 | 9 |
| &nbsp;&nbsp;&nbsp;2024 | 11.50 | 0.37 | 4.03 | 4.40 | (0.27) | (0.27) | 0.00 (e) | 15.63 | 39.09 | 15 | 2.76 | 1.71 | 1.25 | 9 |
| &nbsp;&nbsp;&nbsp;2023 | 9.34 | 0.27 | 2.17 | 2.44 | (0.28) | (0.28) |  | 11.50 | 26.44 | 6 | 2.51 | 1.91 | 1.25 | 21 |
| &nbsp;&nbsp;&nbsp;2022 | 11.86 | 0.27 (g) | (2.57) | (2.30) | (0.22) | (0.22) |  | 9.34 | (19.75) | 15 | 2.34 (g) | 1.88 | 1.27 (h) | 26 |
| &nbsp;&nbsp;&nbsp;2021 | 7.08 | 0.32 | 4.54 | 4.86 | (0.08) | (0.08) |  | 11.86 | 69.07 | 33 | 2.94 | 2.04 | 1.25 | 19 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $19.65 | $0.10 | $0.89 | $0.99 | $(0.30) | $(0.30) | $0.00 (e) | $20.34 | 5.07% | $206 | 1.00 %(f) | 2.27 %(f) | 2.00 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 15.31 | 0.31 | 4.27 | 4.58 | (0.24) | (0.24) | 0.00 (e) | 19.65 | 30.25 | 126 | 1.67 | 2.37 | 2.00 | 9 |
| &nbsp;&nbsp;&nbsp;2024 | 11.32 | 0.27 | 3.95 | 4.22 | (0.23) | (0.23) | 0.00 (e) | 15.31 | 37.93 | 2 | 2.05 | 2.46 | 2.00 | 9 |
| &nbsp;&nbsp;&nbsp;2023 | 9.19 | 0.19 | 2.13 | 2.32 | (0.19) | (0.19) |  | 11.32 | 25.48 | 1 | 1.72 | 2.66 | 2.00 | 21 |
| &nbsp;&nbsp;&nbsp;2022 | 11.68 | 0.29 (g) | (2.64) | (2.35) | (0.14) | (0.14) |  | 9.19 | (20.35) | 1 | 2.62 (g) | 2.63 | 2.02 (h) | 26 |
| &nbsp;&nbsp;&nbsp;2021 | 7.03 | 0.18 | 4.55 | 4.73 | (0.08) | (0.08) |  | 11.68 | 67.59 | 1 | 1.77 | 2.79 | 2.00 | 19 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $19.89 | $0.20 | $0.91 | $1.11 | $(0.39) | $(0.39) | $0.00 (e) | $20.61 | 5.66% | $111955 | 1.91 %(f) | 1.27 %(f) | 1.00 %(f) | 13% |
| &nbsp;&nbsp;&nbsp;2025 | 15.48 | 0.46 | 4.34 | 4.80 | (0.39) | (0.39) | 0.00 (e) | 19.89 | 31.53 | 68819 | 2.64 | 1.37 | 1.00 | 9 |
| &nbsp;&nbsp;&nbsp;2024 | 11.44 | 0.41 | 3.97 | 4.38 | (0.34) | (0.34) | 0.00 (e) | 15.48 | 39.25 | 42014 | 3.09 | 1.46 | 1.00 | 9 |
| &nbsp;&nbsp;&nbsp;2023 | 9.29 | 0.30 | 2.16 | 2.46 | (0.31) | (0.31) | 0.00 (e) | 11.44 | 26.82 | 27642 | 2.77 | 1.66 | 1.00 | 21 |
| &nbsp;&nbsp;&nbsp;2022 | 11.80 | 0.31 (g) | (2.57) | (2.26) | (0.25) | (0.25) |  | 9.29 | (19.57) | 21128 | 2.76 (g) | 1.63 | 1.02 (h) | 26 |
| &nbsp;&nbsp;&nbsp;2021 | 7.08 | 0.29 | 4.58 | 4.87 | (0.15) | (0.15) |  | 11.80 | 69.45 | 24221 | 2.79 | 1.79 | 1.00 | 19 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including
 reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not
 annualized.

(a) Per
 share amounts have been calculated using the average shares outstanding method.

(b) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the fiscal years ended September
 30, 2023, 2022, and 2021, if credits had not been received, the expense ratios would have been 1.26%, 1.28%, and 1.26% (Class AAA and
 Class A), 2.01%, 2.02%, and 2.01% (Class C), and 1.01%, 1.03%, and 1.01% (Class I), respectively. For the six months ended March 31, 2026,
 the fiscal years ended September 30, 2025, and 2024, there was no material impact to the expense ratios.

(c) Under
 an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $138,120, $203,619, $166,565, $174,121, $149,730,
 and $165,217, For the six months ended March 31, 2026 and the fiscal years ended September 30, 2025, 2024, 2023, 2022, and 2021,
 respectively.

(d) For
 the six months ended March 31, 2026, unaudited.

(e) Amount
 represents less than $0.005 per share.

(f) Annualized.

(g) Includes
 income resulting from special dividends. Without these dividends, the per share income amounts would have been $0.21 (Class AAA and Class
 A), $0.23 (Class C), and $0.25 (Class I), and the net investment income ratios would have been 1.88% (Class AAA), 1.84% (Class A), 2.12%
 (Class C), and 2.25% (Class I) for the fiscal year ended September 30, 2022.

(h) The
 Fund incurred tax expense for the fiscal year ended September 30, 2022. If tax expense had not been incurred, the ratios of operating
 expenses to average net assets would have been 1.25% (Class AAA and Class A), 2.00% (Class C), and 1.00% (Class I).

See accompanying notes to financial statements.

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

None.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

(1) All directors and all members of any advisory board for regular compensation;

---

| | |
|:---|:---|
| Elizabeth C. Bogan | $14000 |
| Vincent D. Enright | $17000 |
| Robert Morrissey | $13000 |
| Anthonie C. van Ekris | $13000 |
| Salvatore J. Zizza | $14000 |

---

(2) Each director and each member of an advisory board for special compensation; $0

(3) All officers; $0 and

(4) Each person of whom any officer or director of the Fund is an affiliated person. $0

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

During the six months ended March 31, 2025, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Funds on the basis of the recommendation by the directors (the Independent Board Members) who are not "interested persons" of the Funds. The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

**<u>Small Cap Growth Fund</u>**

**Nature, Extent and Quality of Services.** The Independent Board Members considered information regarding the portfolio manager, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of supervisory, administrative, shareholder and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service and reputation of the portfolio manager.

**Investment Performance.** The Independent Board Members reviewed the short, medium and long term performance (as of December 31, 2025) of the Fund against a peer group of ten other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of all retail and institutional small-cap core funds, regardless of asset size or primary channel of distribution, as represented by the Lipper Small-Cap Core Index. The Independent Board Members noted that the Fund's performance was in the first quartile for the five- and ten-year periods, the second quartile for the three-year period, and the third quartile for the one-year period, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund's performance was in the first quintile for the five-, and ten-year periods, and the second quintile for the one- and three-years periods. The Independent Board Members noted the Fund's total return was above the median total return for the one-, three-, five-, and ten-year periods within the Adviser Peer Group.

**Profitability.** The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without such a charge. The Independent Board Members also noted that a substantial portion of the Fund's portfolio transactions were executed by an affiliated broker, that another affiliated broker received distribution fees and minor amounts of sales commissions, and that the Adviser received a moderate level of soft dollar research benefits through the Fund's portfolio brokerage.

**Economies of Scale.** The Independent Board Members discussed the major elements of the Adviser's cost structure and the relationship of those elements to potential economies of scale.

**Sharing of Economies of Scale.** The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may develop.

**Service and Cost Comparisons.** The Independent Board Members compared the expense ratios of the investment management fee, other expenses and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of sixteen other small cap core funds selected by Broadridge and noted that the Adviser's management fee includes substantially all administrative services for the Fund as well as investment advisory services. The Independent Board Members noted that the Fund's expense ratio was above average within this group, and the Fund's size was near average within this group. The Independent Board Members also noted that the management fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fees to the fees for other types of accounts managed by affiliates of the Adviser.

**Conclusions.** The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services and an acceptable overall performance record. The Independent Board Members also concluded that the Fund's expense ratios and the profitability to the Adviser of managing the Fund were reasonable in light of the Fund's performance and that economies of scale were not a significant factor in their thinking at this time. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund's advisory fee was acceptable in light of the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund's Advisory Agreement. The Board based its decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

**<u>Equity Income Fund</u>**

**Nature, Extent and Quality of Services.** The Independent Board Members considered information regarding the portfolio manager, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of supervisory, administrative, shareholder and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service and reputation of the portfolio manager.

**Investment Performance.** The Independent Board Members reviewed the short, medium and long term performance (as of December 31, 2025) of the Fund against a peer group of seven other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of institutional equity income funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund's performance was in the first quartile for the one-year period, and the fourth quartile for the five-year period, and the fifth quartile for the three-and ten-year periods as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund's performance was in the second quintile for the one-year period, and the fourth quintile for the three-, five-, and ten-year periods.

**Profitability.** The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without such a charge. The Independent Board Members also noted that a substantial portion of the Fund's portfolio transactions were executed by an affiliated broker, that another affiliated broker received distribution fees and minor amounts of sales commissions, and that the Adviser received a moderate level of soft dollar research benefits through the Fund's portfolio brokerage.

**Economies of Scale.** The Independent Board Members discussed the major elements of the Adviser's cost structure and the relationship of those elements to potential economies of scale.

**Sharing of Economies of Scale.** The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may develop.

**Service and Cost Comparisons.** The Independent Board Members compared the expense ratios of the investment management fee, other expenses and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of seventeen other equity income funds selected by Broadridge and noted that the Adviser's management fee includes substantially all administrative services for the Fund as well as investment advisory services. The Independent Board Members noted that the Fund's expense ratio was above average within this group. The Independent Board Members also noted that the management fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

**Conclusions.** The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services and an acceptable overall performance record. The Independent Board Members also concluded that the Fund's expense ratios and the profitability to the Adviser of managing the Fund were acceptable and that economies of scale were not a significant factor in their thinking at this time. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund's advisory fee was acceptable in light of the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund's Advisory Agreement. The Board based its decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

**<u>Focused Growth and Income Fund</u>**

**Nature, Extent and Quality of Services.** The Independent Board Members considered information regarding the portfolio manager, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of supervisory, administrative, shareholder, and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio manager.

**Investment Performance.** The Independent Board Members reviewed the short, medium and long term performance (as of December 31, 2025) of the Fund against nine other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of all retail and institutional mid-cap value funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund's performance was in the fourth quartile for the one-, three- and ten-year periods, and the third quartile for five-year periods as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund's performance was in the fifth quintile for the one-, three-, five-and ten-year periods.

**Profitability.** The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without such a charge. The Independent Board Members also noted that an affiliated broker of the Adviser received distribution fees and minor amounts of sales commissions and that the Adviser received a moderate level of soft dollar research benefits through the Fund's portfolio brokerage.

**Economies of Scale.** The Independent Board Members discussed the major elements of the Adviser's cost structure and the relationship of those elements to potential economies of scale.

**Sharing of Economies of Scale.** The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may develop or any losses or diminished profitability to the Adviser in prior years.

**Service and Cost Comparisons.** The Independent Board Members compared the expense ratios of the investment management fee, other expenses, and total expenses of the Fund to expense ratios of the Adviser Peer Group and a peer group of sixteen other midcap value funds selected by Broadridge and noted that the Adviser's management fee includes substantially all administrative services for the Fund as well as investment advisory services. The Independent Board Members noted that the Fund's total expense ratio was approximately 27 basis points lower than the Adviser Peer Group average, was at approximately the median of the group selected by Broadridge and that the Fund's size was below average within each peer group. The Independent Board Members also noted that the management fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members noted the contractual Expense Deferral Agreement between the Adviser and the Company, on behalf of the Fund, pursuant to which the net expense ratio was limited to 1.25% for Class A Shares and 0.80% for Class I Shares. The Independent Board Members also discussed the rationale for the size of the Class I Shares waiver, noting their agreement with the strategy and rationale of coupling the Class I Shares waiver with a reduction in the Class I Shares investment minimum to match the minimum required for all other classes in an effort to stimulate sales and raise assets, while encouraging holders of other share classes to convert to Class I Shares. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

**Conclusions.** The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services, and an acceptable overall performance record. The Independent Board Members also concluded that the Fund's expense ratios were reasonable given the size of the Fund relative to its peers and the unique nature of the Fund's best ideas investment strategy and that economies of scale were not a factor in their thinking at this time. The Independent Board Members also noted that they would continue to evaluate the Class I Shares waiver, revisit in a year whether it remained appropriate and expressed the view that it, coupled with the reduced investment minimum for Class I Shares, provided all new and existing investors the opportunity to invest in the Fund at the same expense ratio. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund's advisory fee was acceptable in light of the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund's Advisory Agreement. The Board based its decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

**<u>Global Financial Services Fund</u>**

**Nature, Extent and Quality of Services.** The Independent Board Members considered information regarding the portfolio manager, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of supervisory, administrative, shareholder, and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio manager.

**Investment Performance.** The Independent Board Members reviewed the short term performance of the Fund (as of December 31, 2025) of the Fund against a peer group of seven other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of the Fund and all retail and institutional global financial services fund, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund's performance was in the first quartile for the one-, three-, and five-year periods, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund's performance was in the first quintile for the one-, three-, and five-year periods.

**Profitability.** The Independent Board Members reviewed summary data regarding the historical lack of profitability of the Fund to the Adviser both with a pro rata administrative overhead charge and with a standalone administrative charge and noted the effect of the Deferral Agreement. The Independent Board Members also noted that a portion of the Fund's portfolio transactions were executed by an affiliated broker of the Adviser and that another affiliated broker of the Adviser received distribution fees and minor amounts of sales commissions.

**Economies of Scale.** The Independent Board Members discussed the major elements of the Adviser's cost structure and the relationship of those elements to potential economies of scale and reviewed data provided by the Adviser.

**Sharing of Economies of Scale.** The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may develop.

**Service and Cost Comparisons.** The Independent Board Members compared the expense ratios of the investment management fee, other expenses, and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of three other global financial services funds and eight other financial services funds selected by Broadridge and noted that the Adviser's management fee includes substantially all administrative services for the Fund as well as investment advisory services. The Independent Board Members noted the effect of the Deferral Agreement in place for the Fund. The Independent Board Members noted that the Fund's expense ratios were lower than average within each peer group and that the Fund's size was below average within the Adviser Peer Group and below average within the peer group of comparable funds selected by Broadridge. The Independent Board Members also noted that the management fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

**Conclusions.** The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services, and an acceptable overall performance record. The Independent Board Members also concluded that the Fund's expense ratios and profitability to the Adviser were acceptable, and that economies of scale were not a significant factor in their thinking at this time. The Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund's advisory fee was acceptable in light of the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund's Advisory Agreement. The Board based its decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16.** **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
 functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the
 filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures
 required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act
 of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19.** **Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](equityseries_ex99-cert.htm)

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](equityseries_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Gabelli Equity Series Funds, Inc. |
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | June 8, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | June 8, 2026 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | June 8, 2026 |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of Gabelli Equity Series Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | June 8, 2026 | /s/ John C. Ball |
| | | John C. Ball, Principal Executive Officer |

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**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of Gabelli Equity Series Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | June 8, 2026 | /s/ John C. Ball |
| | | John C. Ball, Principal Financial Officer and Treasurer |

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## Exhibit 99.906

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, John C. Ball, Principal Executive Officer of Gabelli Equity Series Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | |
|:---|:---|:---|
| Date: | June 8, 2026 | /s/ John C. Ball |
| | | John C. Ball, Principal Executive Officer |

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I, John C. Ball, Principal Financial Officer and Treasurer of Gabelli Equity Series Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | |
|:---|:---|:---|
| Date: | June 8, 2026 | /s/ John C. Ball |
| | | John C. Ball, Principal Financial Officer and Treasurer |

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