# EDGAR Filing Document

**Accession Number:** 0000877670
**File Stem:** 0001999371-25-007305
**Filing Date:** 2025-6
**Character Count:** 404731
**Document Hash:** 83574e19b1107e73cc098ba868554158
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007305.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001999371-25-007305

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**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:** 251029530

**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'? Consolidated ssr-output-EDGAR XBRL File

**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 **811-06367**

**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: **1-800-422-3554**

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

Date of reporting period: **<u>March 31, 202</u>**<u>5</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, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **$71** | **1.43%** |

---

## How did the Fund perform?
During the six-months ended March 31, 2025, the Gabelli Equity Income Fund outperformed its broad-based benchmark, the S&P 500 Index, while underperforming its comparative benchmark, the Lipper Equity Income Funds Average. As concern in the market increased over potential tariff increases, most top stock contributors were names less likely to be impacted directly by tariffs. Conversely, top detractors were those likely to be directly impacted by new tariffs. Top contributors were focused on the Financials, Communication Services, Utilities and Industrials sectors. Detractors to returns were primarily from the Consumer Discretionary and Consumer Staples sectors.

## 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](ib9c064c0ed9921a04be01217.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Equity Income Fund - Class AAA** | **S&P 500 Index** | **Lipper Equity Income Fund Average** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 9574 | 10178 | 9944 |
| **3/17** | 10855 | 11926 | 11544 |
| **3/18** | 11716 | 13594 | 12581 |
| **3/19** | 11993 | 14885 | 13454 |
| **3/20** | 9754 | 13846 | 11725 |
| **3/21** | 15292 | 21649 | 17333 |
| **3/22** | 16881 | 25037 | 19720 |
| **3/23** | 16694 | 23101 | 18824 |
| **3/24** | 18628 | 30004 | 22305 |
| **3/25** | 19187 | 32480 | 23998 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Equity Income Fund - Class AAA | (1.04)% | 3.00% | 14.49% | 6.73% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| Lipper Equity Income Fund Average | (0.15)% | 7.59% | 15.40% | 9.15% |

---

## Fund Statistics
* Total Net Assets$434,648,774

* Number of Portfolio Holdings213

* Portfolio Turnover Rate0%

* Management Fees$2,305,091

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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. | 4.9% |
| Genuine Parts Co. | 3.9% |
| GATX Corp. | 3.0% |
| Deere & Co. | 2.8% |
| State Street Corp. | 2.3% |
| National Fuel Gas Co. | 2.0% |
| Microsoft Corp. | 2.0% |
| Mueller Industries Inc. | 2.0% |
| Crane Co. | 2.0% |
| Hess Corp. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.7% |
| Other Assets and Liabilities (Net) | 0.3% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ie936ad72838decb2fefc6345.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 15.9% |
| Food and Beverage | 14.2% |
| Equipment and Supplies | 6.5% |
| Diversified Industrial | 6.0% |
| Retail | 5.2% |
| Telecommunications | 4.8% |
| Health Care | 4.8% |
| Automotive: Parts and Accessories | 4.1% |
| Other Industry sectors | 38.2% |
| Other Assets and Liabilities (Net) | 0.3% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Equity Income Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Equity Income Fund

# Class C - GEICX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **$108** | **2.18%** |

---

## How did the Fund perform?
During the six-months ended March 31, 2025, the Gabelli Equity Income Fund outperformed its broad-based benchmark, the S&P 500 Index, while underperforming its comparative benchmark, the Lipper Equity Income Funds Average. As concern in the market increased over potential tariff increases, most top stock contributors were names less likely to be impacted directly by tariffs. Conversely, top detractors were those likely to be directly impacted by new tariffs. Top contributors were focused on the Financials, Communication Services, Utilities and Industrials sectors. Detractors to returns were primarily from the Consumer Discretionary and Consumer Staples sectors.

## 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](ic1b339c88b22061414e949b5.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** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9504 | 9409 | 10178 | 9944 |
| **3/17** | 10694 | 10493 | 11926 | 11544 |
| **3/18** | 11453 | 11132 | 13594 | 12581 |
| **3/19** | 11640 | 11203 | 14885 | 13454 |
| **3/20** | 9386 | 8943 | 13846 | 11725 |
| **3/21** | 14611 | 13833 | 21649 | 17333 |
| **3/22** | 16027 | 15035 | 25037 | 19720 |
| **3/23** | 15708 | 14588 | 23101 | 18824 |
| **3/24** | 17391 | 16005 | 30004 | 22305 |
| **3/25** | 17821 | 16241 | 32480 | 23998 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Equity Income Fund - Class C | (1.25)% | 2.47% | 13.68% | 5.95% |
| The Gabelli Equity Income Fund - Class C (includes sales charge) | (2.24)% | 1.47% | 13.68% | 5.95% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| Lipper Equity Income Fund Average | (0.15)% | 7.59% | 15.40% | 9.15% |

---

## Fund Statistics
* Total Net Assets$434,648,774

* Number of Portfolio Holdings213

* Portfolio Turnover Rate0%

* Management Fees$2,305,091

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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. | 4.9% |
| Genuine Parts Co. | 3.9% |
| GATX Corp. | 3.0% |
| Deere & Co. | 2.8% |
| State Street Corp. | 2.3% |
| National Fuel Gas Co. | 2.0% |
| Microsoft Corp. | 2.0% |
| Mueller Industries Inc. | 2.0% |
| Crane Co. | 2.0% |
| Hess Corp. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.7% |
| Other Assets and Liabilities (Net) | 0.3% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](id42659119af174ec86c7bb9d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 15.9% |
| Food and Beverage | 14.2% |
| Equipment and Supplies | 6.5% |
| Diversified Industrial | 6.0% |
| Retail | 5.2% |
| Telecommunications | 4.8% |
| Health Care | 4.8% |
| Automotive: Parts and Accessories | 4.1% |
| Other Industry sectors | 38.2% |
| Other Assets and Liabilities (Net) | 0.3% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Equity Income Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Equity Income Fund

# Class I - GCIEX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **$59** | **1.18%** |

---

## How did the Fund perform?
During the six-months ended March 31, 2025, the Gabelli Equity Income Fund outperformed its broad-based benchmark, the S&P 500 Index, while underperforming its comparative benchmark, the Lipper Equity Income Funds Average. As concern in the market increased over potential tariff increases, most top stock contributors were names less likely to be impacted directly by tariffs. Conversely, top detractors were those likely to be directly impacted by new tariffs. Top contributors were focused on the Financials, Communication Services, Utilities and Industrials sectors. Detractors to returns were primarily from the Consumer Discretionary and Consumer Staples sectors.

## 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](i39dc488e3f890ee54d28923c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Equity Income Fund - Class I** | **S&P 500 Index** | **Lipper Equity Income Fund Average** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 9597 | 10178 | 9944 |
| **3/17** | 10908 | 11926 | 11544 |
| **3/18** | 11803 | 13594 | 12581 |
| **3/19** | 12115 | 14885 | 13454 |
| **3/20** | 9873 | 13846 | 11725 |
| **3/21** | 15526 | 21649 | 17333 |
| **3/22** | 17181 | 25037 | 19720 |
| **3/23** | 17027 | 23101 | 18824 |
| **3/24** | 19038 | 30004 | 22305 |
| **3/25** | 19677 | 32480 | 23998 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Equity Income Fund - Class I | (0.85)% | 3.36% | 14.79% | 7.00% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| Lipper Equity Income Fund Average | (0.15)% | 7.59% | 15.40% | 9.15% |

---

## Fund Statistics
* Total Net Assets$434,648,774

* Number of Portfolio Holdings213

* Portfolio Turnover Rate0%

* Management Fees$2,305,091

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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. | 4.9% |
| Genuine Parts Co. | 3.9% |
| GATX Corp. | 3.0% |
| Deere & Co. | 2.8% |
| State Street Corp. | 2.3% |
| National Fuel Gas Co. | 2.0% |
| Microsoft Corp. | 2.0% |
| Mueller Industries Inc. | 2.0% |
| Crane Co. | 2.0% |
| Hess Corp. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.7% |
| Other Assets and Liabilities (Net) | 0.3% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ic0dc62ee28a44325ab3a8a27.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 15.9% |
| Food and Beverage | 14.2% |
| Equipment and Supplies | 6.5% |
| Diversified Industrial | 6.0% |
| Retail | 5.2% |
| Telecommunications | 4.8% |
| Health Care | 4.8% |
| Automotive: Parts and Accessories | 4.1% |
| Other Industry sectors | 38.2% |
| Other Assets and Liabilities (Net) | 0.3% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Equity Income Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Equity Income Fund

# Class A - GCAEX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **$71** | **1.43%** |

---

## How did the Fund perform?
During the six-months ended March 31, 2025, the Gabelli Equity Income Fund outperformed its broad-based benchmark, the S&P 500 Index, while underperforming its comparative benchmark, the Lipper Equity Income Funds Average. As concern in the market increased over potential tariff increases, most top stock contributors were names less likely to be impacted directly by tariffs. Conversely, top detractors were those likely to be directly impacted by new tariffs. Top contributors were focused on the Financials, Communication Services, Utilities and Industrials sectors. Detractors to returns were primarily from the Consumer Discretionary and Consumer Staples sectors.

## 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](id266659b333fd7cc55f3e04d.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** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9572 | 9022 | 10178 | 9944 |
| **3/17** | 10854 | 9642 | 11926 | 11544 |
| **3/18** | 11710 | 9804 | 13594 | 12581 |
| **3/19** | 11988 | 9460 | 14885 | 13454 |
| **3/20** | 9749 | 7251 | 13846 | 11725 |
| **3/21** | 15291 | 10718 | 21649 | 17333 |
| **3/22** | 16875 | 11148 | 25037 | 19720 |
| **3/23** | 16694 | 10394 | 23101 | 18824 |
| **3/24** | 18609 | 10921 | 30004 | 22305 |
| **3/25** | 19202 | 10621 | 32480 | 23998 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Equity Income Fund - Class A | (0.89)% | 3.19% | 14.53% | 6.75% |
| The Gabelli Equity Income Fund - Class A (includes sales charge) | (6.59)% | (2.75)% | 13.18% | 6.12% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| Lipper Equity Income Fund Average | (0.15)% | 7.59% | 15.40% | 9.15% |

---

## Fund Statistics
* Total Net Assets$434,648,774

* Number of Portfolio Holdings213

* Portfolio Turnover Rate0%

* Management Fees$2,305,091

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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. | 4.9% |
| Genuine Parts Co. | 3.9% |
| GATX Corp. | 3.0% |
| Deere & Co. | 2.8% |
| State Street Corp. | 2.3% |
| National Fuel Gas Co. | 2.0% |
| Microsoft Corp. | 2.0% |
| Mueller Industries Inc. | 2.0% |
| Crane Co. | 2.0% |
| Hess Corp. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.7% |
| Other Assets and Liabilities (Net) | 0.3% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i863c49fd8943f465ad8819f1.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 15.9% |
| Food and Beverage | 14.2% |
| Equipment and Supplies | 6.5% |
| Diversified Industrial | 6.0% |
| Retail | 5.2% |
| Telecommunications | 4.8% |
| Health Care | 4.8% |
| Automotive: Parts and Accessories | 4.1% |
| Other Industry sectors | 38.2% |
| Other Assets and Liabilities (Net) | 0.3% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Equity Income Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Global Financial Services Fund

# Class A - GGFSX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **$65** | **1.25%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, The Gabelli Global Financial Services Fund outperformed its broad-based benchmark, the S&P 500 Index, while underperforming its comparative indices, the MSCI World Financials and the S&P 500 Financials. The market environment was volatile, particularly in the US, where most bank stocks initially reacted positively to the election results but then fell as the outlook for economic growth and investment banking deteriorated. Top Contributors during the period included Standard Chartered PLC, Capital One Financial Corp. and Commerzbank. Detractors included Shinhan Financial Group, HG Holdings and Jefferies Financial Group.

## 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](i2d9f2f6689447599fb21ab6d.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 |
| **3/19** | 9099 | 8575 | 11240 | 11098 | 11176 |
| **3/20** | 6170 | 5481 | 10455 | 8822 | 9259 |
| **3/21** | 11313 | 9472 | 16347 | 14328 | 15509 |
| **3/22** | 11793 | 9306 | 18905 | 16035 | 17788 |
| **3/23** | 11839 | 8805 | 17444 | 14497 | 15255 |
| **3/24** | 15494 | 10861 | 22656 | 19035 | 20373 |
| **3/25** | 18798 | 12420 | 24525 | 23297 | 24484 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **Since Inception (10/01/2018)** |
| The Gabelli Global Financial Services Fund - Class A | 8.20% | 21.32% | 24.96% | 10.20% |
| The Gabelli Global Financial Services Fund - Class A (includes sales charge) | 1.98% | 14.35% | 23.49% | 9.20% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.40% |
| MSCI World Financials Index | 10.58% | 22.39% | 21.43% | 10.98% |
| S&P 500 Financials Index | 10.86% | 20.18% | 21.47% | 11.76% |

---

## Fund Statistics
* Total Net Assets$52,068,579

* Number of Portfolio Holdings51

* Portfolio Turnover Rate3%

* Management Fees$147,569

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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)

---

| | |
|:---|:---|
| First American Financial Corp. | 3.9% |
| The Bank of New York Mellon Corp. | 3.8% |
| First Citizens BancShares Inc. | 3.6% |
| Commerzbank AG | 3.6% |
| Capital One Financial Corp. | 3.6% |
| Cavco Industries Inc. | 3.4% |
| TrustCo Bank Corp. NY | 3.2% |
| Standard Chartered plc | 3.1% |
| E-L Financial Corp. Ltd. | 3.0% |
| Diamond Hill Investment Group Inc. | 3.0% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 93.4% |
| U.S. Government Obligations | 6.4% |
| Other Assets and Liabilities (Net) | 0.2% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i20b89ba6eb750cd1d2275735.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banks | 25.5% |
| Diversified Banks | 14.1% |
| Insurance | 11.8% |
| Investment Management | 8.5% |
| U.S. Government Obligations | 6.4% |
| Institutional Trust, Fiduciary, and Custody | 6.2% |
| Automobiles | 5.8% |
| Consumer Finance | 5.0% |
| Other Industry sectors | 16.5% |
| Other Assets and Liabilities (Net) | 0.2% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Global Financial Services Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Global Financial Services Fund

# Class C - GCFSX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **1.97%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, The Gabelli Global Financial Services Fund outperformed its broad-based benchmark, the S&P 500 Index, while underperforming its comparative indices, the MSCI World Financials and the S&P 500 Financials. The market environment was volatile, particularly in the US, where most bank stocks initially reacted positively to the election results but then fell as the outlook for economic growth and investment banking deteriorated. Top Contributors during the period included Standard Chartered PLC, Capital One Financial Corp. and Commerzbank. Detractors included Shinhan Financial Group, HG Holdings and Jefferies Financial Group.

## 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](i136a17bdd7b8e33d730ed56f.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **The Gabelli Global Financial Services Fund - Class C** | **The Gabelli Global Financial Services Fund - Class C (includes sales charge)** | **S&P 500 Index** | **MSCI World Financials Index** | **S&P 500 Financials Index** |
| **10/18** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **3/19** | 9061 | 8970 | 11240 | 11098 | 11176 |
| **3/20** | 6092 | 5970 | 10455 | 8822 | 9259 |
| **3/21** | 11077 | 10797 | 16347 | 14328 | 15509 |
| **3/22** | 11463 | 11065 | 18905 | 16035 | 17788 |
| **3/23** | 11412 | 10905 | 17444 | 14497 | 15255 |
| **3/24** | 14815 | 14049 | 22656 | 19035 | 20373 |
| **3/25** | 17852 | 16788 | 24525 | 23297 | 24484 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **Since Inception (10/01/2018)** |
| The Gabelli Global Financial Services Fund - Class C | 7.91% | 20.50% | 23.99% | 9.33% |
| The Gabelli Global Financial Services Fund - Class C (includes sales charge) | 6.91% | 19.50% | 23.99% | 9.33% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.40% |
| MSCI World Financials Index | 10.58% | 22.39% | 21.43% | 10.98% |
| S&P 500 Financials Index | 10.86% | 20.18% | 21.47% | 11.76% |

---

## Fund Statistics
* Total Net Assets$52,068,579

* Number of Portfolio Holdings51

* Portfolio Turnover Rate3%

* Management Fees$147,569

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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)

---

| | |
|:---|:---|
| First American Financial Corp. | 3.9% |
| The Bank of New York Mellon Corp. | 3.8% |
| First Citizens BancShares Inc. | 3.6% |
| Commerzbank AG | 3.6% |
| Capital One Financial Corp. | 3.6% |
| Cavco Industries Inc. | 3.4% |
| TrustCo Bank Corp. NY | 3.2% |
| Standard Chartered plc | 3.1% |
| E-L Financial Corp. Ltd. | 3.0% |
| Diamond Hill Investment Group Inc. | 3.0% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 93.4% |
| U.S. Government Obligations | 6.4% |
| Other Assets and Liabilities (Net) | 0.2% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](iad9ef33088fa80e4d92f1a6b.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banks | 25.5% |
| Diversified Banks | 14.1% |
| Insurance | 11.8% |
| Investment Management | 8.5% |
| U.S. Government Obligations | 6.4% |
| Institutional Trust, Fiduciary, and Custody | 6.2% |
| Automobiles | 5.8% |
| Consumer Finance | 5.0% |
| Other Industry sectors | 16.5% |
| Other Assets and Liabilities (Net) | 0.2% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Global Financial Services Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Global Financial Services Fund

# Class I - GFSIX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **$52** | **1.00%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, The Gabelli Global Financial Services Fund outperformed its broad-based benchmark, the S&P 500 Index, while underperforming its comparative indices, the MSCI World Financials and the S&P 500 Financials. The market environment was volatile, particularly in the US, where most bank stocks initially reacted positively to the election results but then fell as the outlook for economic growth and investment banking deteriorated. Top Contributors during the period included Standard Chartered PLC, Capital One Financial Corp. and Commerzbank. Detractors included Shinhan Financial Group, HG Holdings and Jefferies Financial Group.

## 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](i135176df7f7059c83148cd07.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 |
| **3/19** | 9109 | 11240 | 11098 | 11176 |
| **3/20** | 6190 | 10455 | 8822 | 9259 |
| **3/21** | 11359 | 16347 | 14328 | 15509 |
| **3/22** | 11872 | 18905 | 16035 | 17788 |
| **3/23** | 11940 | 17444 | 14497 | 15255 |
| **3/24** | 15659 | 22656 | 19035 | 20373 |
| **3/25** | 19051 | 24525 | 23297 | 24484 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **Since Inception (10/01/2018)** |
| The Gabelli Global Financial Services Fund - Class I | 8.38% | 21.66% | 25.21% | 10.43% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.40% |
| MSCI World Financials Index | 10.58% | 22.39% | 21.43% | 10.98% |
| S&P 500 Financials Index | 10.86% | 20.18% | 21.47% | 11.76% |

---

## Fund Statistics
* Total Net Assets$52,068,579

* Number of Portfolio Holdings51

* Portfolio Turnover Rate3%

* Management Fees$147,569

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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)

---

| | |
|:---|:---|
| First American Financial Corp. | 3.9% |
| The Bank of New York Mellon Corp. | 3.8% |
| First Citizens BancShares Inc. | 3.6% |
| Commerzbank AG | 3.6% |
| Capital One Financial Corp. | 3.6% |
| Cavco Industries Inc. | 3.4% |
| TrustCo Bank Corp. NY | 3.2% |
| Standard Chartered plc | 3.1% |
| E-L Financial Corp. Ltd. | 3.0% |
| Diamond Hill Investment Group Inc. | 3.0% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 93.4% |
| U.S. Government Obligations | 6.4% |
| Other Assets and Liabilities (Net) | 0.2% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](id35de19182442f0add9a7797.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banks | 25.5% |
| Diversified Banks | 14.1% |
| Insurance | 11.8% |
| Investment Management | 8.5% |
| U.S. Government Obligations | 6.4% |
| Institutional Trust, Fiduciary, and Custody | 6.2% |
| Automobiles | 5.8% |
| Consumer Finance | 5.0% |
| Other Industry sectors | 16.5% |
| Other Assets and Liabilities (Net) | 0.2% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Global Financial Services Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Global Financial Services Fund

# Class AAA - GAFSX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **$65** | **1.25%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, The Gabelli Global Financial Services Fund outperformed its broad-based benchmark, the S&P 500 Index, while underperforming its comparative indices, the MSCI World Financials and the S&P 500 Financials. The market environment was volatile, particularly in the US, where most bank stocks initially reacted positively to the election results but then fell as the outlook for economic growth and investment banking deteriorated. Top Contributors during the period included Standard Chartered PLC, Capital One Financial Corp. and Commerzbank. Detractors included Shinhan Financial Group, HG Holdings and Jefferies Financial Group.

## 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](i818eceee8d97daefcbdda7ea.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 |
| **3/19** | 9094 | 11240 | 11098 | 11176 |
| **3/20** | 6170 | 10455 | 8822 | 9259 |
| **3/21** | 11288 | 16347 | 14328 | 15509 |
| **3/22** | 11767 | 18905 | 16035 | 17788 |
| **3/23** | 11810 | 17444 | 14497 | 15255 |
| **3/24** | 15450 | 22656 | 19035 | 20373 |
| **3/25** | 18755 | 24525 | 23297 | 24484 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **Since Inception (10/01/2018)** |
| The Gabelli Global Financial Services Fund - Class AAA | 8.29% | 21.39% | 24.90% | 10.16% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.40% |
| MSCI World Financials Index | 10.58% | 22.39% | 21.43% | 10.98% |
| S&P 500 Financials Index | 10.86% | 20.18% | 21.47% | 11.76% |

---

## Fund Statistics
* Total Net Assets$52,068,579

* Number of Portfolio Holdings51

* Portfolio Turnover Rate3%

* Management Fees$147,569

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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)

---

| | |
|:---|:---|
| First American Financial Corp. | 3.9% |
| The Bank of New York Mellon Corp. | 3.8% |
| First Citizens BancShares Inc. | 3.6% |
| Commerzbank AG | 3.6% |
| Capital One Financial Corp. | 3.6% |
| Cavco Industries Inc. | 3.4% |
| TrustCo Bank Corp. NY | 3.2% |
| Standard Chartered plc | 3.1% |
| E-L Financial Corp. Ltd. | 3.0% |
| Diamond Hill Investment Group Inc. | 3.0% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 93.4% |
| U.S. Government Obligations | 6.4% |
| Other Assets and Liabilities (Net) | 0.2% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ieb7ffb77f0d0bc7bcbaa2d22.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banks | 25.5% |
| Diversified Banks | 14.1% |
| Insurance | 11.8% |
| Investment Management | 8.5% |
| U.S. Government Obligations | 6.4% |
| Institutional Trust, Fiduciary, and Custody | 6.2% |
| Automobiles | 5.8% |
| Consumer Finance | 5.0% |
| Other Industry sectors | 16.5% |
| Other Assets and Liabilities (Net) | 0.2% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Global Financial Services Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Focused Growth and Income Fund

# Class AAA - GWSVX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **$84** | **1.67%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, the Gabelli Focused Growth and Income Fund outperformed its comparative indices: the S&P 500, the S&P MidCap 400 and the Lipper Equity Income Funds Average. After a bull market that lasted nearly two and a half years, by the end of March 2025, the S&P 500 ended in correction territory due to trade and tariff uncertainty, with the new administration taking aim at trade partners through drastic tariff increases. Contributors over the six months included AT&T Inc., Enterprise Products Partners and Dana Inc. Primary detractors over the period included XPLR Infrastructure, QVC Group and Newmont Corp.

## 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](ifa13dc9bc30d60aafe2867b5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Focused Growth and Income Fund - Class AAA** | **S&P 500 Index** | **S&P Midcap 400** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 8581 | 10178 | 9640 |
| **3/17** | 9244 | 11926 | 11657 |
| **3/18** | 9389 | 13594 | 12935 |
| **3/19** | 8429 | 14885 | 13270 |
| **3/20** | 6495 | 13846 | 10283 |
| **3/21** | 11384 | 21649 | 18866 |
| **3/22** | 13150 | 25037 | 19732 |
| **3/23** | 11458 | 23101 | 18721 |
| **3/24** | 13176 | 30004 | 23089 |
| **3/25** | 14580 | 32480 | 22463 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Focused Growth and Income Fund - Class AAA | 2.66% | 10.65% | 17.55% | 3.84% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| S&P Midcap 400 | (5.78)% | (2.71)% | 16.91% | 8.43% |

---

## Fund Statistics
* Total Net Assets$48,427,239

* Number of Portfolio Holdings36

* Portfolio Turnover Rate20%

* Management Fees$135,398

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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)

---

| | |
|:---|:---|
| VICI Properties Inc. | 8.6% |
| Energy Transfer LP | 8.5% |
| AT&T Inc. | 8.0% |
| Enterprise Products Partners LP | 7.6% |
| Franklin BSP Realty Trust Inc. | 7.0% |
| Blackstone Mortgage Trust Inc. | 5.6% |
| XPLR Infrastructure LP | 4.7% |
| Dana Inc. | 4.2% |
| Maple Leaf Foods Inc. | 4.2% |
| QVC Group Inc. | 4.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 91.5% |
| Preferred Stocks | 7.9% |
| U.S. Government Obligations | 0.2% |
| Other Assets and Liabilities (Net) | 0.4% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i0389d12afbce364b1fe729f0.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 31.7% |
| Real Estate Investment Trusts | 24.0% |
| Telecommunications | 10.9% |
| Financial Services | 6.8% |
| Food and Beverage | 5.5% |
| Automotive: Parts and Accessories | 5.0% |
| Health Care | 4.3% |
| Retail | 4.1% |
| Other Industry sectors | 7.3% |
| Other Assets and Liabilities (Net) | 0.4% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Focused Growth and Income Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Focused Growth and Income Fund

# Class C - GWSCX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **$122** | **2.42%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, the Gabelli Focused Growth and Income Fund outperformed its comparative indices: the S&P 500, the S&P MidCap 400 and the Lipper Equity Income Funds Average. After a bull market that lasted nearly two and a half years, by the end of March 2025, the S&P 500 ended in correction territory due to trade and tariff uncertainty, with the new administration taking aim at trade partners through drastic tariff increases. Contributors over the six months included AT&T Inc., Enterprise Products Partners and Dana Inc. Primary detractors over the period included XPLR Infrastructure, QVC Group and Newmont Corp.

## 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](iefd166c2e1a4bdadcf14a58d.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** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 8520 | 8435 | 10178 | 9640 |
| **3/17** | 9112 | 8937 | 11926 | 11657 |
| **3/18** | 9182 | 8916 | 13594 | 12935 |
| **3/19** | 8179 | 7863 | 14885 | 13270 |
| **3/20** | 6257 | 5955 | 13846 | 10283 |
| **3/21** | 10892 | 10306 | 21649 | 18866 |
| **3/22** | 12498 | 11723 | 25037 | 19732 |
| **3/23** | 10804 | 10033 | 23101 | 18721 |
| **3/24** | 12335 | 11354 | 30004 | 23089 |
| **3/25** | 13543 | 12352 | 32480 | 22463 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Focused Growth and Income Fund - Class C | 2.24% | 9.79% | 16.71% | 3.08% |
| The Gabelli Focused Growth and Income Fund - Class C (includes sales charge) | 1.24% | 8.79% | 16.71% | 3.08% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| S&P Midcap 400 | (5.78)% | (2.71)% | 16.91% | 8.43% |

---

## Fund Statistics
* Total Net Assets$48,427,239

* Number of Portfolio Holdings36

* Portfolio Turnover Rate20%

* Management Fees$135,398

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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)

---

| | |
|:---|:---|
| VICI Properties Inc. | 8.6% |
| Energy Transfer LP | 8.5% |
| AT&T Inc. | 8.0% |
| Enterprise Products Partners LP | 7.6% |
| Franklin BSP Realty Trust Inc. | 7.0% |
| Blackstone Mortgage Trust Inc. | 5.6% |
| XPLR Infrastructure LP | 4.7% |
| Dana Inc. | 4.2% |
| Maple Leaf Foods Inc. | 4.2% |
| QVC Group Inc. | 4.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 91.5% |
| Preferred Stocks | 7.9% |
| U.S. Government Obligations | 0.2% |
| Other Assets and Liabilities (Net) | 0.4% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i7c2c86e7d56a3047aa9b43e4.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 31.7% |
| Real Estate Investment Trusts | 24.0% |
| Telecommunications | 10.9% |
| Financial Services | 6.8% |
| Food and Beverage | 5.5% |
| Automotive: Parts and Accessories | 5.0% |
| Health Care | 4.3% |
| Retail | 4.1% |
| Other Industry sectors | 7.3% |
| Other Assets and Liabilities (Net) | 0.4% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Focused Growth and Income Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Focused Growth and Income Fund

# Class I - GWSIX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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?
During the six months ended March 31, 2025, the Gabelli Focused Growth and Income Fund outperformed its comparative indices: the S&P 500, the S&P MidCap 400 and the Lipper Equity Income Funds Average. After a bull market that lasted nearly two and a half years, by the end of March 2025, the S&P 500 ended in correction territory due to trade and tariff uncertainty, with the new administration taking aim at trade partners through drastic tariff increases. Contributors over the six months included AT&T Inc., Enterprise Products Partners and Dana Inc. Primary detractors over the period included XPLR Infrastructure, QVC Group and Newmont Corp.

## 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](i73c33161a8604a18cd8ba273.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **The Gabelli Focused Growth and Income Fund - Class I** | **S&P 500 Index** | **S&P Midcap 400** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 8610 | 10178 | 9640 |
| **3/17** | 9317 | 11926 | 11657 |
| **3/18** | 9481 | 13594 | 12935 |
| **3/19** | 8533 | 14885 | 13270 |
| **3/20** | 6594 | 13846 | 10283 |
| **3/21** | 11607 | 21649 | 18866 |
| **3/22** | 13576 | 25037 | 19732 |
| **3/23** | 11933 | 23101 | 18721 |
| **3/24** | 13862 | 30004 | 23089 |
| **3/25** | 15457 | 32480 | 22463 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Focused Growth and Income Fund - Class I | 3.11% | 11.51% | 18.57% | 4.43% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| S&P Midcap 400 | (5.78)% | (2.71)% | 16.91% | 8.43% |

---

## Fund Statistics
* Total Net Assets$48,427,239

* Number of Portfolio Holdings36

* Portfolio Turnover Rate20%

* Management Fees$135,398

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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)

---

| | |
|:---|:---|
| VICI Properties Inc. | 8.6% |
| Energy Transfer LP | 8.5% |
| AT&T Inc. | 8.0% |
| Enterprise Products Partners LP | 7.6% |
| Franklin BSP Realty Trust Inc. | 7.0% |
| Blackstone Mortgage Trust Inc. | 5.6% |
| XPLR Infrastructure LP | 4.7% |
| Dana Inc. | 4.2% |
| Maple Leaf Foods Inc. | 4.2% |
| QVC Group Inc. | 4.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 91.5% |
| Preferred Stocks | 7.9% |
| U.S. Government Obligations | 0.2% |
| Other Assets and Liabilities (Net) | 0.4% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](iedf5c26f35095302f5bcde58.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 31.7% |
| Real Estate Investment Trusts | 24.0% |
| Telecommunications | 10.9% |
| Financial Services | 6.8% |
| Food and Beverage | 5.5% |
| Automotive: Parts and Accessories | 5.0% |
| Health Care | 4.3% |
| Retail | 4.1% |
| Other Industry sectors | 7.3% |
| Other Assets and Liabilities (Net) | 0.4% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Focused Growth and Income Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Focused Growth and Income Fund

# Class A - GWSAX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **$63** | **1.25%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, the Gabelli Focused Growth and Income Fund outperformed its comparative indices: the S&P 500, the S&P MidCap 400 and the Lipper Equity Income Funds Average. After a bull market that lasted nearly two and a half years, by the end of March 2025, the S&P 500 ended in correction territory due to trade and tariff uncertainty, with the new administration taking aim at trade partners through drastic tariff increases. Contributors over the six months included AT&T Inc., Enterprise Products Partners and Dana Inc. Primary detractors over the period included XPLR Infrastructure, QVC Group and Newmont Corp.

## 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](if8360747d5bce4c96adc1481.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** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 8582 | 8089 | 10178 | 9640 |
| **3/17** | 9245 | 8212 | 11926 | 11657 |
| **3/18** | 9388 | 7860 | 13594 | 12935 |
| **3/19** | 8432 | 6653 | 14885 | 13270 |
| **3/20** | 6496 | 4831 | 13846 | 10283 |
| **3/21** | 11390 | 7984 | 21649 | 18866 |
| **3/22** | 13166 | 8698 | 25037 | 19732 |
| **3/23** | 11501 | 7161 | 23101 | 18721 |
| **3/24** | 13302 | 7806 | 30004 | 23089 |
| **3/25** | 14762 | 8165 | 32480 | 22463 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Focused Growth and Income Fund - Class A | 2.85% | 10.97% | 17.85% | 3.97% |
| The Gabelli Focused Growth and Income Fund - Class A (includes sales charge) | (3.07)% | 4.59% | 16.46% | 3.36% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| S&P Midcap 400 | (5.78)% | (2.71)% | 16.91% | 8.43% |

---

## Fund Statistics
* Total Net Assets$48,427,239

* Number of Portfolio Holdings36

* Portfolio Turnover Rate20%

* Management Fees$135,398

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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)

---

| | |
|:---|:---|
| VICI Properties Inc. | 8.6% |
| Energy Transfer LP | 8.5% |
| AT&T Inc. | 8.0% |
| Enterprise Products Partners LP | 7.6% |
| Franklin BSP Realty Trust Inc. | 7.0% |
| Blackstone Mortgage Trust Inc. | 5.6% |
| XPLR Infrastructure LP | 4.7% |
| Dana Inc. | 4.2% |
| Maple Leaf Foods Inc. | 4.2% |
| QVC Group Inc. | 4.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 91.5% |
| Preferred Stocks | 7.9% |
| U.S. Government Obligations | 0.2% |
| Other Assets and Liabilities (Net) | 0.4% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i9e44ca872989226b66f51912.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 31.7% |
| Real Estate Investment Trusts | 24.0% |
| Telecommunications | 10.9% |
| Financial Services | 6.8% |
| Food and Beverage | 5.5% |
| Automotive: Parts and Accessories | 5.0% |
| Health Care | 4.3% |
| Retail | 4.1% |
| Other Industry sectors | 7.3% |
| Other Assets and Liabilities (Net) | 0.4% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Focused Growth and Income Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Small Cap Growth Fund

# Class AAA - GABSX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **$66** | **1.37%** |

---

## How did the Fund perform?
For the six months ended March 31, 2025, the Gabelli Small Cap Growth Fund outperformed its broad-based index, the Russell 2000 Total Return Index, and comparative indices: the S&P SmallCap 600 Total Return Index and the Lipper Small Cap Core Funds Average. Small-cap growth stocks have seen mixed performance since September 2024, with some periods of gains and others of losses, particularly in the early part of 2025. The better performing stocks in the portfolio were primarily in the Industrials sector. Detractors in the portfolio were primarily in the Consumer Discretionary and Financials sectors.

## 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](i54eb908f16aac0526a058690.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Small Cap Growth Fund - Class AAA** | **Russell 2000 Index** | **S&P SmallCap 600 Index** | **Lipper Small-Cap Core Funds Average** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9474 | 9024 | 9680 | 9372 |
| **3/17** | 11372 | 11390 | 12060 | 11556 |
| **3/18** | 12562 | 12733 | 13590 | 12799 |
| **3/19** | 12421 | 12994 | 13803 | 13008 |
| **3/20** | 9414 | 9877 | 10229 | 9610 |
| **3/21** | 16897 | 19245 | 19981 | 18404 |
| **3/22** | 17730 | 18131 | 20227 | 18754 |
| **3/23** | 17539 | 16026 | 18443 | 17306 |
| **3/24** | 21766 | 19184 | 21381 | 20679 |
| **3/25** | 20981 | 18415 | 20658 | 19980 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Small Cap Growth Fund - Class AAA | (7.10)% | (3.61)% | 17.39% | 7.69% |
| Russell 2000 Index | (9.18)% | (4.01)% | 13.27% | 6.30% |
| S&P SmallCap 600 Index | (9.45)% | (3.38)% | 15.09% | 7.52% |
| Lipper Small-Cap Core Funds Average | (7.75)% | (3.38)% | 15.76% | 7.17% |

---

## Fund Statistics
* Total Net Assets$1,618,766,480

* Number of Portfolio Holdings426

* Portfolio Turnover Rate0%

* Management Fees$8,845,427

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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)

---

| | |
|:---|:---|
| KKR & Co. Inc. | 4.6% |
| AMETEK Inc. | 4.0% |
| Mueller Industries Inc. | 3.5% |
| Crane Co. | 3.2% |
| GATX Corp. | 3.1% |
| Lennar Corp. | 2.1% |
| Graco Inc. | 2.1% |
| Rush Enterprises Inc. | 1.7% |
| The Gorman-Rupp Co. | 1.6% |
| Textron Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Preferred Stocks | 0.2% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i660d3a4bf2c864b7f1a10991.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Equipment and Supplies | 19.8% |
| Diversified Industrial | 12.4% |
| Retail | 6.9% |
| Financial Services | 6.6% |
| Building and Construction | 4.9% |
| Food and Beverage | 4.7% |
| Automotive: Parts and Accessories | 4.4% |
| Hotels and Gaming | 3.7% |
| Other Industry sectors | 36.5% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Small Cap Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Small Cap Growth Fund

# Class C - GCCSX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **$102** | **2.12%** |

---

## How did the Fund perform?
For the six months ended March 31, 2025, the Gabelli Small Cap Growth Fund outperformed its broad-based index, the Russell 2000 Total Return Index, and comparative indices: the S&P SmallCap 600 Total Return Index and the Lipper Small Cap Core Funds Average. Small-cap growth stocks have seen mixed performance since September 2024, with some periods of gains and others of losses, particularly in the early part of 2025. The better performing stocks in the portfolio were primarily in the Industrials sector. Detractors in the portfolio were primarily in the Consumer Discretionary and Financials sectors.

## 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](i2b2256dab854984a31e53f73.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** |
| **3/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9403 | 9309 | 9024 | 9680 | 9372 |
| **3/17** | 11202 | 10996 | 11390 | 12060 | 11556 |
| **3/18** | 12281 | 11946 | 12733 | 13590 | 12799 |
| **3/19** | 12053 | 11607 | 12994 | 13803 | 13008 |
| **3/20** | 9065 | 8642 | 9877 | 10229 | 9610 |
| **3/21** | 16155 | 15315 | 19245 | 19981 | 18404 |
| **3/22** | 16825 | 15798 | 18131 | 20227 | 18754 |
| **3/23** | 16519 | 15355 | 16026 | 18443 | 17306 |
| **3/24** | 20343 | 18756 | 19184 | 21381 | 20679 |
| **3/25** | 19469 | 17770 | 18415 | 20658 | 19980 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Small Cap Growth Fund - Class C | (7.42)% | (4.30)% | 16.52% | 6.89% |
| The Gabelli Small Cap Growth Fund - Class C (includes sales charge) | (8.35)% | (5.25)% | 16.52% | 6.89% |
| Russell 2000 Index | (9.18)% | (4.01)% | 13.27% | 6.30% |
| S&P SmallCap 600 Index | (9.45)% | (3.38)% | 15.09% | 7.52% |
| Lipper Small-Cap Core Funds Average | (7.75)% | (3.38)% | 15.76% | 7.17% |

---

## Fund Statistics
* Total Net Assets$1,618,766,480

* Number of Portfolio Holdings426

* Portfolio Turnover Rate0%

* Management Fees$8,845,427

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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)

---

| | |
|:---|:---|
| KKR & Co. Inc. | 4.6% |
| AMETEK Inc. | 4.0% |
| Mueller Industries Inc. | 3.5% |
| Crane Co. | 3.2% |
| GATX Corp. | 3.1% |
| Lennar Corp. | 2.1% |
| Graco Inc. | 2.1% |
| Rush Enterprises Inc. | 1.7% |
| The Gorman-Rupp Co. | 1.6% |
| Textron Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Preferred Stocks | 0.2% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ic911119cb276a2510eb0e140.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Equipment and Supplies | 19.8% |
| Diversified Industrial | 12.4% |
| Retail | 6.9% |
| Financial Services | 6.6% |
| Building and Construction | 4.9% |
| Food and Beverage | 4.7% |
| Automotive: Parts and Accessories | 4.4% |
| Hotels and Gaming | 3.7% |
| Other Industry sectors | 36.5% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Small Cap Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Small Cap Growth Fund

# Class I - GACIX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **$54** | **1.12%** |

---

## How did the Fund perform?
For the six months ended March 31, 2025, the Gabelli Small Cap Growth Fund outperformed its broad-based index, the Russell 2000 Total Return Index, and comparative indices: the S&P SmallCap 600 Total Return Index and the Lipper Small Cap Core Funds Average. Small-cap growth stocks have seen mixed performance since September 2024, with some periods of gains and others of losses, particularly in the early part of 2025. The better performing stocks in the portfolio were primarily in the Industrials sector. Detractors in the portfolio were primarily in the Consumer Discretionary and Financials sectors.

## 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](iddfd318f9fe3323c200c237e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli Small Cap Growth Fund - Class I** | **Russell 2000 Index** | **S&P SmallCap 600 Index** | **Lipper Small-Cap Core Funds Average** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9500 | 9024 | 9680 | 9372 |
| **3/17** | 11430 | 11390 | 12060 | 11556 |
| **3/18** | 12657 | 12733 | 13590 | 12799 |
| **3/19** | 12547 | 12994 | 13803 | 13008 |
| **3/20** | 9533 | 9877 | 10229 | 9610 |
| **3/21** | 17157 | 19245 | 19981 | 18404 |
| **3/22** | 18047 | 18131 | 20227 | 18754 |
| **3/23** | 17895 | 16026 | 18443 | 17306 |
| **3/24** | 22265 | 19184 | 21381 | 20679 |
| **3/25** | 21512 | 18415 | 20658 | 19980 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Small Cap Growth Fund - Class I | (7.00)% | (3.38)% | 17.68% | 7.96% |
| Russell 2000 Index | (9.18)% | (4.01)% | 13.27% | 6.30% |
| S&P SmallCap 600 Index | (9.45)% | (3.38)% | 15.09% | 7.52% |
| Lipper Small-Cap Core Funds Average | (7.75)% | (3.38)% | 15.76% | 7.17% |

---

## Fund Statistics
* Total Net Assets$1,618,766,480

* Number of Portfolio Holdings426

* Portfolio Turnover Rate0%

* Management Fees$8,845,427

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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)

---

| | |
|:---|:---|
| KKR & Co. Inc. | 4.6% |
| AMETEK Inc. | 4.0% |
| Mueller Industries Inc. | 3.5% |
| Crane Co. | 3.2% |
| GATX Corp. | 3.1% |
| Lennar Corp. | 2.1% |
| Graco Inc. | 2.1% |
| Rush Enterprises Inc. | 1.7% |
| The Gorman-Rupp Co. | 1.6% |
| Textron Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Preferred Stocks | 0.2% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](icd085cdc9104648dc972b8b8.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Equipment and Supplies | 19.8% |
| Diversified Industrial | 12.4% |
| Retail | 6.9% |
| Financial Services | 6.6% |
| Building and Construction | 4.9% |
| Food and Beverage | 4.7% |
| Automotive: Parts and Accessories | 4.4% |
| Hotels and Gaming | 3.7% |
| Other Industry sectors | 36.5% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Small Cap Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-SATSR

# The Gabelli Small Cap Growth Fund

# Class A - GCASX

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i8fea771764589a4816fab433.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, 2024 to March 31, 2025. 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 www.gabelli.com/funds/open_ends. 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** | **$66** | **1.37%** |

---

## How did the Fund perform?
For the six months ended March 31, 2025, the Gabelli Small Cap Growth Fund outperformed its broad-based index, the Russell 2000 Total Return Index, and comparative indices: the S&P SmallCap 600 Total Return Index and the Lipper Small Cap Core Funds Average. Small-cap growth stocks have seen mixed performance since September 2024, with some periods of gains and others of losses, particularly in the early part of 2025. The better performing stocks in the portfolio were primarily in the Industrials sector. Detractors in the portfolio were primarily in the Consumer Discretionary and Financials sectors.

## 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](ifbf4edebe0ea0df12f873194.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** |
| **3/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9474 | 8929 | 9024 | 9680 | 9372 |
| **3/17** | 11370 | 10100 | 11390 | 12060 | 11556 |
| **3/18** | 12561 | 10516 | 12733 | 13590 | 12799 |
| **3/19** | 12419 | 9800 | 12994 | 13803 | 13008 |
| **3/20** | 9412 | 7000 | 9877 | 10229 | 9610 |
| **3/21** | 16896 | 11843 | 19245 | 19981 | 18404 |
| **3/22** | 17731 | 11714 | 18131 | 20227 | 18754 |
| **3/23** | 17537 | 10920 | 16026 | 18443 | 17306 |
| **3/24** | 21767 | 12774 | 19184 | 21381 | 20679 |
| **3/25** | 20979 | 11604 | 18415 | 20658 | 19980 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli Small Cap Growth Fund - Class A | (7.09)% | (3.62)% | 17.39% | 7.69% |
| The Gabelli Small Cap Growth Fund - Class A (includes sales charge) | (12.44)% | (9.16)% | 16.00% | 7.06% |
| Russell 2000 Index | (9.18)% | (4.01)% | 13.27% | 6.30% |
| S&P SmallCap 600 Index | (9.45)% | (3.38)% | 15.09% | 7.52% |
| Lipper Small-Cap Core Funds Average | (7.75)% | (3.38)% | 15.76% | 7.17% |

---

## Fund Statistics
* Total Net Assets$1,618,766,480

* Number of Portfolio Holdings426

* Portfolio Turnover Rate0%

* Management Fees$8,845,427

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. 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)

---

| | |
|:---|:---|
| KKR & Co. Inc. | 4.6% |
| AMETEK Inc. | 4.0% |
| Mueller Industries Inc. | 3.5% |
| Crane Co. | 3.2% |
| GATX Corp. | 3.1% |
| Lennar Corp. | 2.1% |
| Graco Inc. | 2.1% |
| Rush Enterprises Inc. | 1.7% |
| The Gorman-Rupp Co. | 1.6% |
| Textron Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Preferred Stocks | 0.2% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i4c0985c493075e53ec7e780b.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Equipment and Supplies | 19.8% |
| Diversified Industrial | 12.4% |
| Retail | 6.9% |
| Financial Services | 6.6% |
| Building and Construction | 4.9% |
| Food and Beverage | 4.7% |
| Automotive: Parts and Accessories | 4.4% |
| Hotels and Gaming | 3.7% |
| Other Industry sectors | 36.5% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i8fea771764589a4816fab433.jpg)

#### The Gabelli Small Cap Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2025

#### 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 www.gabelli.com/funds/open_ends.

**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-25-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 1(a) 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, 2025**

**To Our Shareholders,**

For the six months ended March 31, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli Equity Income Fund was (1.0)% compared with a total return of (2.0)% 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, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of March 31, 2025:

**The Gabelli Equity Income Fund**

---

| | |
|:---|:---|
| Financial Services | 15.9% |
| Food and Beverage | 14.2% |
| Equipment and Supplies | 6.5% |
| Diversified Industrial | 6.0% |
| Retail | 5.2% |
| Telecommunications | 4.8% |
| Health Care | 4.8% |
| Automotive: Parts and Accessories | 4.1% |
| Energy and Utilities: Oil | 4.1% |
| Business Services | 3.8% |
| Machinery | 3.6% |
| Energy and Utilities: Natural Gas | 3.5% |
| Transportation | 3.0% |
| Electronics | 2.4% |
| Computer Software and Services | 2.3% |
| Metals and Mining | 2.2% |
| Computer Hardware | 2.0% |
| Entertainment | 2.0% |
| Building and Construction | 1.8% |
| Consumer Products | 1.3% |
| Energy and Utilities: Integrated | 0.9% |

---

---

| | | |
|:---|:---|:---|
| Specialty Chemicals | 0.8 | % |
| Energy and Utilities: Services | 0.7 | % |
| Automotive | 0.7 | % |
| Aerospace | 0.5 | % |
| Environmental Services | 0.5 | % |
| Real Estate Investment Trusts | 0.4 | % |
| Agriculture | 0.3 | % |
| Energy and Utilities: Electric | 0.3 | % |
| Broadcasting | 0.3 | % |
| Wireless Communications | 0.2 | % |
| Energy and Utilities: Water | 0.2 | % |
| Consumer Services | 0.2 | % |
| Hotels and Gaming | 0.1 | % |
| Communications Equipment | 0.1 | % |
| Publishing | 0.0 | %\* |
| Cable and Satellite | 0.0 | %\* |
| Other Assets and Liabilities (Net) | 0.3 | % |
|  | 100.0 | % |

---

\* 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, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market <br> Value** | **Market <br> Value** |
|  | **COMMON STOCKS — 99.7%** |  |  |  |  |
|  | **Aerospace — 0.5%** |  |  |  |  |
| 1500 | Ducommun Inc.† | $| 86430 | $| 87045 |
| 800 | Hexcel Corp. |  | 49583 |  | 43808 |
| 2000 | Lockheed Martin Corp. |  | 47350 |  | 893420 |
| 5000 | Rockwell Automation Inc. |  | 150211 |  | 1291900 |
|  |  |  | 333574 |  | 2316173 |
|  | **Agriculture — 0.3%** |  |  |  |  |
| 24400 | Archer-Daniels-Midland Co. |  | 628931 |  | 1171444 |
| 10000 | The Mosaic Co. |  | 155338 |  | 270100 |
|  |  |  | 784269 |  | 1441544 |
|  | **Automotive — 0.7%** |  |  |  |  |
| 2000 | Daimler Truck Holding AG |  | 71022 |  | 80276 |
| 20000 | Iveco Group NV |  | 175902 |  | 325904 |
| 14500 | PACCAR Inc. |  | 370272 |  | 1411865 |
| 40000 | Traton SE |  | 730344 |  | 1345137 |
|  |  |  | 1347540 |  | 3163182 |
|  | **Automotive: Parts and Accessories — 4.1%** | **Automotive: Parts and Accessories — 4.1%** | **Automotive: Parts and Accessories — 4.1%** | **Automotive: Parts and Accessories — 4.1%** | **Automotive: Parts and Accessories — 4.1%** |
| 66000 | Dana Inc. |  | 1001146 |  | 879780 |
| 140500 | Genuine Parts Co. |  | 6180814 |  | 16739170 |
|  |  |  | 7181960 |  | 17618950 |
|  | **Broadcasting — 0.3%** |  |  |  |  |
| 24700 | Sinclair Inc. |  | 378329 |  | 393471 |
| 48000 | TEGNA Inc. |  | 765267 |  | 874560 |
|  |  |  | 1143596 |  | 1268031 |
|  | **Building and Construction — 1.8%** | **Building and Construction — 1.8%** | **Building and Construction — 1.8%** | **Building and Construction — 1.8%** | **Building and Construction — 1.8%** |
| 20000 | Carrier Global Corp. |  | 232283 |  | 1268000 |
| 5000 | Everus Construction Group Inc.† |  | 184528 |  | 185450 |
| 30500 | Fortune Brands Innovations Inc. |  | 256015 |  | 1856840 |
| 10000 | Herc Holdings Inc. |  | 289100 |  | 1342700 |
| 33200 | Johnson Controls International plc |  | 682232 |  | 2659652 |
| 7000 | Knife River Corp.† |  | 253902 |  | 631470 |
|  |  |  | 1898060 |  | 7944112 |
|  | **Business Services — 3.8%** |  |  |  |  |
| 5500 | Automatic Data Processing Inc. |  | 282151 |  | 1680415 |
| 12600 | Mastercard Inc., Cl. A |  | 125806 |  | 6906312 |
| 2400 | MSC Industrial Direct Co. Inc., Cl. A |  | 165490 |  | 186408 |
| 29200 | Pentair plc |  | 549425 |  | 2554416 |
| 10000 | S&P Global Inc. |  | 440246 |  | 5081000 |
|  |  |  | 1563118 |  | 16408551 |
|  | **Cable and Satellite — 0.0%** |  |  |  |  |
| 1200 | EchoStar Corp., Cl. A† |  | 15176 |  | 30696 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| 12000 | Corning Inc. | $134325 | $549360 |
|  | **Computer Hardware — 2.0%** |  |  |
| 18000 | Apple Inc. | 329582 | 3998340 |
| 19000 | International Business Machines Corp. | 1456931 | 4724540 |
|  |  | 1786513 | 8722880 |
|  | **Computer Software and Services — 2.3%** | **Computer Software and Services — 2.3%** | **Computer Software and Services — 2.3%** |
| 76000 | Hewlett Packard Enterprise Co. | 423938 | 1172680 |
| 23500 | Microsoft Corp. | 656590 | 8821665 |
|  |  | 1080528 | 9994345 |
|  | **Consumer Products — 1.3%** |  |  |
| 5500 | Edgewell Personal Care Co. | 166525 | 171655 |
| 35500 | Energizer Holdings Inc. | 633352 | 1062160 |
| 25000 | Essity AB, Cl. A | 383569 | 707585 |
| 1800 | National Presto Industries Inc. | 136679 | 158238 |
| 30200 | Reckitt Benckiser Group plc | 893144 | 2040267 |
| 4200 | The Scotts Miracle-Gro Co. | 211394 | 230538 |
| 21200 | Unilever plc, ADR | 413597 | 1262460 |
|  |  | 2838260 | 5632903 |
|  | **Consumer Services — 0.2%** |  |  |
| 1400 | Allegion plc | 17122 | 182644 |
| 10000 | Rollins Inc. | 9942 | 540300 |
|  |  | 27064 | 722944 |
|  | **Diversified Industrial — 6.0%** |  |  |
| 1400 | AMETEK Inc. | 201828 | 240996 |
| 55700 | Crane Co. | 1033473 | 8532126 |
| 300 | Eaton Corp. plc | 11088 | 81549 |
| 500 | Honeywell International Inc. | 10720 | 105875 |
| 8400 | Ingersoll Rand Inc. | 45056 | 672252 |
| 44000 | ITT Inc. | 880526 | 5683040 |
| 2700 | Jardine Matheson Holdings Ltd. | 112853 | 114372 |
| 1800 | Modine Manufacturing Co.† | 37442 | 138150 |
| 7200 | Myers Industries Inc. | 119173 | 85896 |
| 16700 | nVent Electric plc | 176672 | 875414 |
| 20000 | Svenska Cellulosa AB SCA, Cl. A | 83897 | 261048 |
| 97500 | Textron Inc. | 865117 | 7044375 |
| 116000 | Toray Industries Inc. | 770774 | 785759 |
| 3200 | Trane Technologies plc | 66949 | 1078144 |
| 20000 | Trinity Industries Inc. | 298494 | 561200 |
|  |  | 4714062 | 26260196 |
|  | **Electronics — 2.4%** |  |  |
| 32500 | Sony Group Corp. | 138866 | 815804 |
| 142000 | Sony Group Corp., ADR | 806417 | 3605380 |
| 31500 | TE Connectivity plc | 984803 | 4451580 |

---

See accompanying notes to financial statements.

**The Gabelli Equity Income Fund**

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market** <br> **Value** | **Market** <br> **Value** |
|  | **COMMON STOCKS (Continued)** |  |  |  |  |
|  | **Electronics (Continued)** |  |  |  |  |
| 9200 | Texas Instruments Inc. | $| 135240 | $| 1653240 |
|  |  |  | 2065326 |  | 10526004 |
|  | **Energy and Utilities: Electric — 0.3%** | **Energy and Utilities: Electric — 0.3%** | **Energy and Utilities: Electric — 0.3%** | **Energy and Utilities: Electric — 0.3%** | **Energy and Utilities: Electric — 0.3%** |
| 5000 | Korea Electric Power Corp., ADR† |  | 46679 |  | 37050 |
| 13500 | Portland General Electric Co. |  | 586781 |  | 602100 |
| 63000 | The AES Corp. |  | 291918 |  | 782460 |
|  |  |  | 925378 |  | 1421610 |
|  | **Energy and Utilities: Integrated — 0.9%** | **Energy and Utilities: Integrated — 0.9%** | **Energy and Utilities: Integrated — 0.9%** | **Energy and Utilities: Integrated — 0.9%** | **Energy and Utilities: Integrated — 0.9%** |
| 48000 | Energy Transfer LP |  | 0 |  | 892320 |
| 21000 | Eni SpA |  | 220487 |  | 324669 |
| 800 | Iberdrola SA, ADR |  | 12064 |  | 51592 |
| 56500 | OGE Energy Corp. |  | 754077 |  | 2596740 |
|  |  |  | 986628 |  | 3865321 |
|  | **Energy and Utilities: Natural Gas — 3.5%** | **Energy and Utilities: Natural Gas — 3.5%** | **Energy and Utilities: Natural Gas — 3.5%** | **Energy and Utilities: Natural Gas — 3.5%** | **Energy and Utilities: Natural Gas — 3.5%** |
| 111700 | National Fuel Gas Co. |  | 5069246 |  | 8845523 |
| 11500 | ONE Gas Inc. |  | 48202 |  | 869285 |
| 53500 | ONEOK Inc. |  | 0 |  | 5308270 |
| 5000 | Southwest Gas Holdings Inc. |  | 292634 |  | 359000 |
|  |  |  | 5410082 |  | 15382078 |
|  | **Energy and Utilities: Oil — 4.1%** | **Energy and Utilities: Oil — 4.1%** | **Energy and Utilities: Oil — 4.1%** | **Energy and Utilities: Oil — 4.1%** | **Energy and Utilities: Oil — 4.1%** |
| 14000 | APA Corp. |  | 416408 |  | 294280 |
| 28500 | Chevron Corp. |  | 1207035 |  | 4767765 |
| 4000 | ConocoPhillips |  | 73320 |  | 420080 |
| 6800 | Devon Energy Corp. |  | 69081 |  | 254320 |
| 9500 | Exxon Mobil Corp. |  | 259983 |  | 1129835 |
| 47000 | Hess Corp. |  | 2192004 |  | 7507310 |
| 16000 | Marathon Petroleum Corp. |  | 201848 |  | 2331040 |
| 13000 | TotalEnergies SE, ADR |  | 222755 |  | 840970 |
| 1706 | Vitesse Energy Inc. |  | 11197 |  | 41951 |
|  |  |  | 4653631 |  | 17587551 |
|  | **Energy and Utilities: Services — 0.7%** | **Energy and Utilities: Services — 0.7%** | **Energy and Utilities: Services — 0.7%** | **Energy and Utilities: Services — 0.7%** | **Energy and Utilities: Services — 0.7%** |
| 95000 | Halliburton Co. |  | 1866380 |  | 2410150 |
| 20000 | MDU Resources Group Inc. |  | 216880 |  | 338200 |
| 11000 | Schlumberger NV |  | 285160 |  | 459800 |
|  |  |  | 2368420 |  | 3208150 |
|  | **Energy and Utilities: Water — 0.2%** | **Energy and Utilities: Water — 0.2%** | **Energy and Utilities: Water — 0.2%** | **Energy and Utilities: Water — 0.2%** | **Energy and Utilities: Water — 0.2%** |
| 3600 | Essential Utilities Inc. |  | 26544 |  | 142308 |
| 21000 | Severn Trent plc |  | 552900 |  | 686578 |
|  |  |  | 579444 |  | 828886 |
|  | **Entertainment — 2.0%** |  |  |  |  |
| 20000 | Atlanta Braves Holdings Inc., Cl. A† |  | 598398 |  | 877400 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market** <br> **Value** | **Market** <br> **Value** |
| 14200 | Atlanta Braves Holdings Inc., Cl. C† | $| 522512 | $| 568142 |
| 100000 | Grupo Televisa SAB, ADR |  | 284787 |  | 175000 |
| 2500 | Madison Square Garden Entertainment Corp.† |  | 35353 |  | 81850 |
| 4400 | Madison Square Garden Sports Corp.† |  | 692423 |  | 856768 |
| 31250 | Ollamani SAB† |  | 68682 |  | 69465 |
| 250000 | Paramount Global, Cl. A |  | 4147948 |  | 5687500 |
| 10000 | Sphere Entertainment Co.† |  | 188768 |  | 327200 |
|  |  |  | 6538871 |  | 8643325 |
|  | **Environmental Services — 0.5%** | **Environmental Services — 0.5%** | **Environmental Services — 0.5%** | **Environmental Services — 0.5%** | **Environmental Services — 0.5%** |
| 7500 | Republic Services Inc. |  | 284610 |  | 1816200 |
| 1700 | Veralto Corp. |  | 15775 |  | 165665 |
|  |  |  | 300385 |  | 1981865 |
|  | **Equipment and Supplies — 6.5%** | **Equipment and Supplies — 6.5%** | **Equipment and Supplies — 6.5%** | **Equipment and Supplies — 6.5%** | **Equipment and Supplies — 6.5%** |
| 3600 | A.O. Smith Corp. |  | 9592 |  | 235296 |
| 12200 | Danaher Corp. |  | 316555 |  | 2501000 |
| 134500 | Flowserve Corp. |  | 1723029 |  | 6568980 |
| 40000 | Graco Inc. |  | 699765 |  | 3340400 |
| 18000 | Minerals Technologies Inc. |  | 784926 |  | 1144260 |
| 113500 | Mueller Industries Inc. |  | 1008946 |  | 8641890 |
| 9800 | Parker-Hannifin Corp. |  | 540181 |  | 5956930 |
| 200 | Watts Water Technologies Inc., Cl. A |  | 40495 |  | 40784 |
|  |  |  | 5123489 |  | 28429540 |
|  | **Financial Services — 15.9%** |  |  |  |  |
| 20000 | AllianceBernstein Holding LP |  | 33370 |  | 766200 |
| 8500 | American Express Co. |  | 129238 |  | 2286925 |
| 14500 | Ameris Bancorp. |  | 148430 |  | 834765 |
| 5195 | Banco Santander Chile, ADR |  | 29250 |  | 118446 |
| 14000 | Bank of America Corp. |  | 101259 |  | 584220 |
| 11000 | BNP Paribas SA |  | 451579 |  | 914790 |
| 1800 | EXOR NV |  | 178716 |  | 162617 |
| 23500 | Interactive Brokers Group Inc., Cl. A |  | 351325 |  | 3891365 |
| 6700 | Jefferies Financial Group Inc. |  | 139237 |  | 358919 |
| 5000 | JPMorgan Chase & Co. |  | 97028 |  | 1226500 |
| 42500 | Julius Baer Group Ltd |  | 1352004 |  | 2915960 |
| 54000 | Loews Corp. |  | 2003958 |  | 4963140 |
| 6800 | M&T Bank Corp. |  | 576701 |  | 1215500 |
| 9100 | Marsh & McLennan Companies Inc. |  | 235419 |  | 2220673 |
| 3500 | Morgan Stanley |  | 273175 |  | 408345 |
| 3500 | Popular Inc. |  | 54187 |  | 323295 |
| 37000 | SLM Corp. |  | 174886 |  | 1086690 |
| 113000 | State Street Corp. |  | 5153710 |  | 10116890 |
| 6300 | T. Rowe Price Group Inc. |  | 157957 |  | 578781 |

---

See accompanying notes to financial statements.

**The Gabelli Equity Income Fund**

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Financial Services (Continued)** |  |  |
| 254000 | The Bank of New York Mellon Corp. | $6189059 | $21302980 |
| 10200 | The Goldman Sachs Group Inc. | 1311533 | 5572158 |
| 9500 | The PNC Financial Services Group Inc. | 590597 | 1669815 |
| 2500 | UBS Group AG | 61065 | 75930 |
| 53000 | Valley National Bancorp | 331250 | 471170 |
| 7700 | Webster Financial Corp. | 147404 | 396935 |
| 67000 | Wells Fargo & Co. | 1789464 | 4809930 |
|  |  | 22061801 | 69272939 |
|  | **Food and Beverage — 14.2%** |  |  |
| 1000 | Anheuser-Busch InBev SA/NV | 15876 | 61548 |
| 178800 | Brown-Forman Corp., Cl. A | 3086866 | 5984436 |
| 19000 | Coca-Cola Europacific Partners plc | 427500 | 1653570 |
| 10000 | Coca-Cola Femsa SAB de CV, ADR | 340563 | 912900 |
| 1000 | Constellation Brands Inc., Cl. A | 12403 | 183520 |
| 25000 | Danone SA | 865990 | 1914982 |
| 40000 | Davide Campari-Milano NV | 175755 | 234166 |
| 49500 | Diageo plc, ADR | 3063927 | 5187105 |
| 74000 | Fomento Economico Mexicano SAB de CV, ADR | 1802345 | 7220920 |
| 1000 | General Mills Inc. | 26640 | 59790 |
| 1420000 | Grupo Bimbo SAB de CV, Cl. A | 1144436 | 3850365 |
| 90500 | Heineken NV | 4329688 | 7376510 |
| 132000 | ITO EN Ltd. | 2344495 | 2813548 |
| 4000 | McCormick & Co. Inc. | 137120 | 328200 |
| 30500 | McCormick & Co. Inc., Non-Voting | 661676 | 2510455 |
| 19100 | Mondelēz International Inc., Cl. A | 344069 | 1295935 |
| 30500 | Nestlé SA | 627215 | 3079993 |
| 158000 | Nissin Foods Holdings Co. Ltd. | 1610890 | 3216041 |
| 21500 | PepsiCo Inc. | 1392107 | 3223710 |
| 23300 | Pernod Ricard SA | 2253423 | 2299231 |
| 31200 | Remy Cointreau SA | 1660939 | 1455395 |
| 30000 | Sapporo Holdings Ltd | 664276 | 1525702 |
| 800 | The Boston Beer Co. Inc., Cl. A† | 236911 | 191072 |
| 40000 | The Campbell's Company | 1326943 | 1596800 |
| 7000 | The Coca-Cola Co. | 145880 | 501340 |
| 1000 | The Hershey Co. | 36300 | 171030 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market** <br> **Value** | **Market** <br> **Value** |
| 44500 | The Kraft Heinz Co | $| 1249902 | $| 1354135 |
| 8400 | WK Kellogg Co. |  | 92816 |  | 167412 |
| 64000 | Yakult Honsha Co. Ltd. |  | 799840 |  | 1217574 |
|  |  |  | 30876791 |  | 61587385 |
|  | **Health Care — 4.8%** |  |  |  |  |
| 4200 | Abbott Laboratories |  | 129857 |  | 557130 |
| 3000 | AbbVie Inc. |  | 74560 |  | 628560 |
| 3000 | Alcon AG |  | 100034 |  | 284790 |
| 75000 | Baxter International Inc. |  | 1657103 |  | 2567250 |
| 4400 | Bio-Rad Laboratories Inc., Cl. A† |  | 432651 |  | 1071664 |
| 85500 | Bristol-Myers Squibb Co. |  | 2057231 |  | 5214645 |
| 69000 | Demant A/S† |  | 667858 |  | 2312117 |
| 5960 | GSK plc, ADR |  | 250595 |  | 230891 |
| 4000 | Haleon plc, ADR |  | 27891 |  | 41160 |
| 30700 | Henry Schein Inc.† |  | 472791 |  | 2102643 |
| 16000 | Merck & Co. Inc. |  | 283402 |  | 1436160 |
| 10000 | Novartis AG, ADR |  | 462049 |  | 1114800 |
| 14000 | Perrigo Co. plc |  | 444008 |  | 392560 |
| 23000 | Pfizer Inc. |  | 425721 |  | 582820 |
| 41700 | Roche Holding AG, ADR |  | 767249 |  | 1715955 |
| 2300 | Zimmer Biomet Holdings Inc. |  | 193245 |  | 260314 |
| 10000 | Zimvie Inc.† |  | 86104 |  | 108000 |
|  |  |  | 8532349 |  | 20621459 |
|  | **Hotels and Gaming — 0.1%** |  |  |  |  |
| 11500 | MGM Resorts International† |  | 138744 |  | 340860 |
| 3000 | Wynn Resorts Ltd. |  | 203684 |  | 250500 |
|  |  |  | 342428 |  | 591360 |
|  | **Machinery — 3.6%** |  |  |  |  |
| 6000 | Caterpillar Inc. |  | 35181 |  | 1978800 |
| 41000 | CNH Industrial NV |  | 457045 |  | 503480 |
| 26200 | Deere & Co. |  | 786765 |  | 12296970 |
| 1000 | Otis Worldwide Corp. |  | 60383 |  | 103200 |
| 5500 | Xylem Inc. |  | 187459 |  | 657030 |
|  |  |  | 1526833 |  | 15539480 |
|  | **Metals and Mining — 2.2%** |  |  |  |  |
| 76500 | Freeport-McMoRan Inc. |  | 969707 |  | 2896290 |
| 136000 | Newmont Corp. |  | 3207852 |  | 6566080 |
|  |  |  | 4177559 |  | 9462370 |
|  | **Publishing — 0.0%** |  |  |  |  |
| 3000 | Value Line Inc. |  | 41976 |  | 116010 |
|  | **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** |
| 58000 | Weyerhaeuser Co. |  | 878950 |  | 1698240 |
|  | **Retail — 5.2%** |  |  |  |  |
| 12500 | Cie Financiere Richemont SA, Cl. A |  | 420733 |  | 2161043 |
| 71200 | Copart Inc.† |  | 156989 |  | 4029208 |

---

See accompanying notes to financial statements.

**The Gabelli Equity Income Fund**

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** <br> **Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Retail (Continued)** |  |  |
| 5000 | Costco Wholesale Corp. | $225414 | $4728900 |
| 70800 | CVS Health Corp. | 2388888 | 4796700 |
| 44300 | Ingles Markets Inc., Cl. A | 688687 | 2885259 |
| 183000 | Seven & i Holdings Co. Ltd. | 1837718 | 2639036 |
| 2700 | The Home Depot Inc. | 75123 | 989523 |
| 2700 | Walmart Inc. | 39006 | 237033 |
|  |  | 5832558 | 22466702 |
|  | **Specialty Chemicals — 0.8%** |  |  |
| 2500 | Albemarle Corp. | 25238 | 180050 |
| 2500 | Ashland Inc. | 58813 | 148225 |
| 2200 | FMC Corp. | 57788 | 92818 |
| 32200 | H.B. Fuller Co. | 664315 | 1807064 |
| 1800 | NewMarket Corp. | 6947 | 1019610 |
| 600 | Quaker Chemical Corp. | 6478 | 74166 |
|  |  | 819579 | 3321933 |
|  | **Telecommunications — 4.8%** |  |  |
| 100000 | BCE Inc. | 1908279 | 2296000 |
| 182000 | Deutsche Telekom AG, ADR | 2417531 | 6746740 |
| 72000 | Liberty Global Ltd., Cl. A† | 738824 | 828720 |
| 14000 | Orange SA, ADR | 160021 | 181020 |
| 10000 | Sunrise Communications AG, Cl. A† | 437741 | 482650 |
| 70000 | Telefonica SA, ADR | 293673 | 326200 |
| 150000 | Telephone and Data Systems Inc. | 1659583 | 5811000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** <br> **Value** |
| 94000 | TELUS Corp. | $713431 | $1347960 |
| 61000 | Verizon Communications Inc. | 1938200 | 2766960 |
|  |  | 10267283 | 20787250 |
|  | **Transportation — 3.0%** |  |  |
| 83000 | GATX Corp. | 2687341 | 12887410 |
|  | **Wireless Communications — 0.2%** | **Wireless Communications — 0.2%** |  |
| 55000 | BT Group plc, Cl. A | 143684 | 117830 |
| 22000 | Telesat Corp.† | 187713 | 414260 |
| 20000 | Turkcell Iletisim Hizmetleri A/S, ADR | 91562 | 124400 |
| 4000 | United States Cellular Corp.† | 92571 | 276600 |
|  |  | 515530 | 933090 |
|  | **TOTAL COMMON STOCKS** | 142360677 | 433233825 |
|  | **TOTAL INVESTMENTS — 99.7%** | $142360677 | 433233825 |
|  | **Other Assets and Liabilities (Net) — 0.3%** | **Other Assets and Liabilities (Net) — 0.3%** | 1414949 |
|  | **NET ASSETS — 100.0%** |  | $434648774 |

---

† Non-income producing security.

ADR American Depositary Receipt

See accompanying notes to financial statements.

**The Gabelli Equity Income Fund**

---

| | |
|:---|:---|
| **Statement of Assets and Liabilities<br> March 31, 2025 (Unaudited)** | **Statement of Assets and Liabilities<br> March 31, 2025 (Unaudited)** |
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $142,360,677) | $433233825 |
| &nbsp;&nbsp;&nbsp;Cash | 14943 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $8,769) | 8808 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1375834 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 223808 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 1440822 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 85295 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 436383335 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Line of credit payable | 735000 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 349037 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 374419 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 70718 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder services fees | 113876 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 84011 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1734561 |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 68,934,045 shares outstanding) | $434648774 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $154413909 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 280234865 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $434648774 |
| **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 ($171,971,425 ÷ 28,976,098 shares outstanding; 150,000,000 shares authorized) | $5.93 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($113,524,212 ÷ 19,583,695 shares outstanding; 50,000,000 shares authorized) | $5.80 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $6.15 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($10,783,071 ÷ 1,502,769 shares outstanding; 50,000,000 shares authorized) | $7.18 (a) |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($138,370,066 ÷ 18,871,483 shares outstanding; 50,000,000 shares authorized) | $7.33 |

---

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

---

| | |
|:---|:---|
| **Statement of Operations <br> For the six months ended March 31, 2025 (Unaudited)** | **Statement of Operations <br> For the six months ended March 31, 2025 (Unaudited)** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $91,013) | $4377086 |
| &nbsp;&nbsp;&nbsp;Interest | (20076) |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 4357010 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 2305091 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 228557 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 149239 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 57149 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 180480 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 62337 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 44339 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 31148 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 30916 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 22500 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 14223 |
| &nbsp;&nbsp;&nbsp;Interest expense | 131 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 26849 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 3152959 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (4719) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 3148240 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 1208770 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 33436198 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (4002) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 33432196 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | (38574444) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | (10458) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (38584902) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | (5152706) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | $(3943936) |

---

See accompanying notes to financial statements.

**The Gabelli Equity Income Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br> **March 31, 2025** <br> **(Unaudited)** | **Year Ended** <br> **September 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1208770 | $4002372 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 33432196 | 61358709 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (38584902) | 23948561 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Resulting from Operations** | (3943936) | 89309642 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (17230286) | (28668097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (11532383) | (16654021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (901075) | (640197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C1\* |  | (5137841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (11402639) | (14166260) |
|  | (41066383) | (65266416) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | (28340476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (17923631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (1672009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C1\* |  | (245797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (21363202) |
|  |  | (69545115) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (41066383) | (134811531) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (2688805) | (14758999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 4152521 | 19806469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (402760) | 12897516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C1\* |  | (17669929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (5098854) | 31455787 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Capital Share Transactions** | (4037898) | 31730844 |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 1664 | 257 |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets** | (49046553) | (13770788) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 483695327 | 497466115 |
| &nbsp;&nbsp;&nbsp;End of period | $434648774 | $483695327 |

---

\* On May 29, 2024, Class C1 Shares converted into Class C Shares. See Note 8.

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** |
| Year Ended September 30 | Net Asset Value, Beginning of Year | Net <br> Investment<br> Income<br> (Loss)(a) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Net Investment Income | Net Realized Gain on Investments | Return of Capital | Total<br> Distributions | Redemption Fees(a)(b) | Net Asset Value, End of Period | Total Return† | Net Assets, End of Period (in 000's) | Net Investment Income (Loss) | Operating<br> Expenses(c)(d) | Portfolio Turnover Rate |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $6.59 | $0.01 | $(0.07) | $(0.06) | $(0.60) | $— | $— | $(0.60) | $0.00 | $5.93 | (1.04)% | $171972 | 0.46 %(f) | 1.43 %(f) | 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 |
| &nbsp;&nbsp;&nbsp;2020 | 13.61 | 0.10 (h) | (0.02) | 0.08 | (0.11) | (2.39) | (1.15) | (3.65) | 0.00 | 10.04 | 0.93 | 272980 | 0.75 (h) | 1.45 | 0 (g) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $6.45 | $0.01 | $(0.06) | $(0.05) | $(0.60) | $— | $— | $(0.60) | $0.00 | $5.80 | (0.89)% | $113524 | 0.46 %(f) | 1.43 %(f) | 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 |
| &nbsp;&nbsp;&nbsp;2020 | 13.49 | 0.10 (h) | (0.02) | 0.08 | (0.11) | (2.39) | (1.15) | (3.65) | 0.00 | 9.92 | 0.95 | 69201 | 0.75 (h) | 1.45 | 0 (g) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $7.87 | $(0.01) | $(0.08) | $(0.09) | $(0.60) | $— | $— | $(0.60) | $0.00 | $7.18 | (1.25)% | $10783 | (0.29)%(f) | 2.18 %(f) | 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(i) | 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 |
| &nbsp;&nbsp;&nbsp;2020 | 9.48 | 0.00 (b)(h) | (0.02) | (0.02) | (0.06) | (2.39) | (1.20) | (3.65) | 0.00 | 5.81 | 0.27 | 53605 | 0.00 (h)(j) | 2.20 | 0 (g) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $7.99 | $0.03 | $(0.09) | $(0.06) | $(0.60) | $— | $— | $(0.60) | $0.00 | $7.33 | (0.85)% | $138370 | 0.71 %(f) | 1.18 %(f) | 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 |
| &nbsp;&nbsp;&nbsp;2020 | 14.68 | 0.14 (h) | (0.02) | 0.12 | (0.14) | (2.39) | (1.12) | (3.65) | 0.00 | 11.15 | 1.14 | 130903 | 1.00 (h) | 1.20 | 0 (g) |

---

---

| | |
|:---|:---|
| \* | 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 during the six months ended March 31, 2025, 1.43%, (Class AAA and Class A), 1.18%, (Class I) and 2.18%, (Class C), For the fiscal years ended September 30, 2024, 2023, 2022, 2021, and 2020. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been, 1.42%, 1.42%, 1.41%, 1.41%, and 1.42%, (Class AAA and Class A), 2.17%, 2.16%, 2.16%, and 2.17%, (Class C1), 1.17%, 1.17%, 1.16%, 1.16%, 1.17% (Class I), and 2.17%, and 2.29% (Class C), respectively. |
| (e) | For the six months ended March 31, 2025, unaudited. |
| (f) | Annualized. |
| (g) | Amount represents less than 0.5%. |
| (h) | Includes income resulting from special dividends. Without these dividends, the per share income (loss) amounts would have been $0.09 (Class AAA and Class A), $(0.01) (Class C), and $0.13 (Class I), respectively, and the net investment income (loss) ratio would have been 0.68% (Class AAA and Class A), (0.07)% (Class C), and 0.93% (Class I), respectively. |
| (i) | Class C commenced on June 1, 2023. |
| (j) | 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. The Board has designated the Adviser as the valuation designee under Rule 2a-5. 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.*** 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 Board so determines, by such other method as the Board 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 Board 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 Board determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Board. 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 Board. 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 equivalent U.S.

**The Gabelli Equity Income Fund**

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

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, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | |
|  | **Level 1 <br> Quoted Prices** |<br>**Total Market Value <br> at 03/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |
| **ASSETS (Market Value):** |  |  |
| Common Stocks (a) | $433233825 | $433233825 |
| **TOTAL INVESTMENTS SECURITIES – ASSETS** | $433233825 | $433233825 |

---

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

**The Gabelli Equity Income Fund**

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

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, 2025, 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 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

**The Gabelli Equity Income Fund**

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

traded securities, and accordingly the Board will monitor their liquidity. At March 31, 2025, 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.

***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 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, 2024 was as follows:

---

| | |
|:---|:---|
| **Distributions paid from:** | |
| Ordinary income | $4497175 |
| Net long term capital gains | 60769241 |
| Return of capital | 69545115 |
| Total distributions paid. | $134811531 |

---

***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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation** |
| Investments | $144314746 | $291639600 | $(2720521) | $288919079 |

---

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, 2025, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2025, 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.

**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 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.

**The Gabelli Equity Income Fund**

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

**5. Portfolio Securities.** Purchases and sales of securities during the six months ended March 31, 2025, other than short term securities and U.S. Government obligations, aggregated $735,025 and $44,896,440, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the six months ended March 31, 2025, the Fund paid $5,841 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $45,238 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2025, 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 $4,719.

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, 2025, 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 February 25, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. 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, 2025, there was $735,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 116 days of borrowings during the six months ended March 31, 2025 was $1,377,690 with a weighted average interest rate of 5.76%. The maximum amount borrowed at any time during the six months ended March 31, 2025 was $4,508,000.

**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, 2025 and the fiscal year ended September 30, 2024, 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, 2025**<br> **(Unaudited)** | **Six Months Ended**<br> **March 31, 2025**<br> **(Unaudited)** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 737532 | $4697392 | 1510162 | $11079749 |
| Shares issued upon reinvestment of distributions | 2684692 | 16809767 | 7937941 | 55430150 |
| Shares redeemed | (3820134) | (24195964) | (11225929) | (81268898) |
| &nbsp;&nbsp;&nbsp;Net decrease | (397910) | $(2688805) | (1777826) | $(14758999) |
| **Class A** |  |  |  |  |
| Shares sold | 2104431 | $13072997 | 4808239 | $34911262 |
| Shares issued upon reinvestment of distributions | 1819792 | 11137499 | 4886202 | 33335255 |
| Shares redeemed | (3250253) | (20057975) | (6780523) | (48440048) |
| &nbsp;&nbsp;&nbsp;Net increase | 673970 | $4152521 | 2913918 | $19806469 |
| **Class C** |  |  |  |  |
| Shares sold | 122957 | $918610 | 236296 | $2092438 |
| Shares issued upon reinvestment of distributions | 119531 | 900376 | 285263 | 2310279 |
| Shares redeemed | (292878) | (2221746) | (506929) | (4387777) |
| Shares issued from conversion |  |  | 1467665 | 12882576 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (50390) | $(402760) | 1482295 | $12897516 |
| **Class C1\*** |  |  |  |  |
| Shares sold |  |  | 35904 | $81023 |
| Shares issued upon reinvestment of distributions |  |  | 2347461 | 5258223 |
| Shares redeemed |  |  | (4503878) | (10126599) |
| Shares converted and exchanged |  |  | (6350620) | (12882576) |
| &nbsp;&nbsp;&nbsp;Net decrease |  |  | (8471133) | $(17669929) |
| **Class I** |  |  |  |  |
| Shares sold | 1693662 | $13075705 | 6454026 | $55775646 |
| Shares issued upon reinvestment of distributions | 1349380 | 10355942 | 3879962 | 32236852 |
| Shares redeemed | (3676709) | (28530501) | (6393684) | (56556711) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (633667) | $(5098854) | 3940304 | $31455787 |

---

\* On May 29, 2024, Class C1 Shares converted into Class C Shares. See Note 8.

**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 Equity Income Fund**

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

**10. Segment Reporting.** In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in 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.** Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no 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.**

![](equityseriesncsrs001.jpg)

---

| | |
|:---|:---|
| **The Gabelli Global Financial Services Fund**<br>**Semiannual Report — March 31, 2025**<br>| ![](equityseriesncsrs002.jpg)<br> **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, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Financial Services Fund (the Fund) was 8.3% compared with a total return of 10.6% 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, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of March 31, 2025:

**The Gabelli Global Financial Services Fund**

---

| | | | |
|:---|:---|:---|:---|
| Banks | 25.5% | Institutional Brokerage | 4.8% |
| Diversified Banks | 14.1% | Homebuilders | 4.7% |
| Insurance | 11.8% | Reinsurance | 2.9% |
| Investment Management | 8.5% | Energy and Utilities | 2.3% |
| U.S. Government Obligations | 6.4% | Institutional Banking | 1.8% |
| Institutional Trust, Fiduciary, and Custody | 6.2% | Other Assets and Liabilities (Net) | 0.2% |
| Automobiles | 5.8% |  | 100.0% |
| Consumer Finance | 5.0% |  |  |

---

*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, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **COMMON STOCKS — 93.4%** |  |  |
|  | **Automobiles — 5.8%** |  |  |
| 29599 | Daimler Truck Holding AG | $930616 | $1188040 |
| 10100 | Mercedes-Benz Group AG | 549770 | 591816 |
| 6905 | Toyota Motor Corp., ADR | 1011048 | 1218940 |
|  |  | 2491434 | 2998796 |
|  | **Banks — 25.5%** |  |  |
| 82500 | Banco Bilbao Vizcaya Argentaria SA | 435552 | 1119105 |
| 82000 | Commerzbank AG | 475767 | 1859339 |
| 1082500 | Dah Sing Banking Group Ltd. | 867155 | 1192198 |
| 367300 | Dah Sing Financial Holdings Ltd. | 886052 | 1371218 |
| 1016 | First Citizens BancShares Inc., Cl. A | 381559 | 1883786 |
| 43996 | Flushing Financial Corp. | 568432 | 558749 |
| 36500 | ING Groep NV | 311739 | 710019 |
| 44900 | Japan Post Bank Co. Ltd. | 452399 | 450826 |
| 21500 | Shinhan Financial Group Co. Ltd., ADR | 629989 | 689720 |
| 21327 | Southern First Bancshares Inc.† | 635867 | 702085 |
| 10050 | Texas Capital Bancshares Inc.† | 596731 | 750735 |
| 54005 | TrustCo Bank Corp. NY | 1614999 | 1646072 |
| 6700 | Webster Financial Corp | 192559 | 345385 |
|  |  | 8048800 | 13279237 |
|  | **Consumer Finance — 5.0%** |  |  |
| 20680 | Ally Financial Inc. | 511120 | 754200 |
| 10310 | Capital One Financial Corp. | 919647 | 1848583 |
|  |  | 1430767 | 2602783 |
|  | **Diversified Banks — 14.1%** |  |  |
| 101000 | Barclays plc | 176241 | 375483 |
| 15050 | Citigroup Inc. | 670751 | 1068400 |
| 45170 | Credit Agricole SA | 495899 | 819330 |
| 19717 | Hana Financial Group Inc. | 605123 | 798053 |
| 169785 | NatWest Group plc | 393522 | 990887 |
| 11360 | Societe Generale SA | 241448 | 508417 |
| 111200 | Standard Chartered plc | 733968 | 1636807 |
| 20700 | UniCredit SpA | 270951 | 1153391 |
|  |  | 3587903 | 7350768 |
|  | **Energy and Utilities — 2.3%** |  |  |
| 49022 | Vitesse Energy Inc. | 777561 | 1205451 |
|  | **Homebuilders — 4.7%** |  |  |
| 3400 | Cavco Industries Inc.† | 577022 | 1766742 |
| 26163 | Legacy Housing Corp.† | 381444 | 659831 |
|  |  | 958466 | 2426573 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market <br> Value** | **Market <br> Value** |
|  | **Institutional Banking — 1.8%** |  |  |  |  |
| 16350 | Moelis & Co., Cl. A | $| 554461 | $| 954186 |
|  | **Institutional Brokerage — 4.8%** |  |  |  |  |
| 118500 | Daiwa Securities Group Inc. |  | 588107 |  | 785154 |
| 93200 | Ichiyoshi Securities Co. Ltd. |  | 460050 |  | 468517 |
| 23310 | Jefferies Financial Group Inc. |  | 425633 |  | 1248717 |
|  |  |  | 1473790 |  | 2502388 |
|  | **Institutional Trust, Fiduciary, and Custody — 6.2%** | **Institutional Trust, Fiduciary, and Custody — 6.2%** | **Institutional Trust, Fiduciary, and Custody — 6.2%** | **Institutional Trust, Fiduciary, and Custody — 6.2%** | **Institutional Trust, Fiduciary, and Custody — 6.2%** |
| 14180 | State Street Corp. |  | 849827 |  | 1269535 |
| 23300 | The Bank of New York Mellon Corp. |  | 994781 |  | 1954171 |
|  |  |  | 1844608 |  | 3223706 |
|  | **Insurance — 11.8%** |  |  |  |  |
| 145618 | Aegon Ltd. |  | 569173 |  | 952613 |
| 1747 | E-L Financial Corp. Ltd. |  | 1303234 |  | 1545416 |
| 30795 | First American Financial Corp. |  | 1715895 |  | 2021076 |
| 85104 | HG Holdings Inc.† |  | 640241 |  | 394882 |
| 21555 | NN Group NV |  | 857793 |  | 1195205 |
|  |  |  | 5086336 |  | 6109192 |
|  | **Investment Management — 8.5%** |  |  |  |  |
| 10791 | Diamond Hill Investment Group Inc. |  | 1659037 |  | 1541386 |
| 17950 | Janus Henderson Group plc |  | 491616 |  | 648893 |
| 56913 | The Westaim Corp.† |  | 752788 |  | 1246189 |
| 61463 | Westwood Holdings Group Inc. |  | 682558 |  | 995701 |
|  |  |  | 3585999 |  | 4432169 |
|  | **Reinsurance — 2.9%** |  |  |  |  |
| 15050 | Axis Capital Holdings Ltd. |  | 750748 |  | 1508612 |
|  | **TOTAL COMMON STOCKS** |  | 30590873 |  | 48593861 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount** |  | | |
|  | **U.S. GOVERNMENT OBLIGATIONS — 6.4%** | **U.S. GOVERNMENT OBLIGATIONS — 6.4%** |  |
| $3370000 | U.S. Treasury Bills, 4.232% to 4.271%††, 05/01/25 to 06/26/25 | 3345504 | 3345505 |
|  | **TOTAL INVESTMENTS — 99.8%** | $33936377 | 51939366 |
|  | **Other Assets and Liabilities (Net) — 0.2%** | **Other Assets and Liabilities (Net) — 0.2%** | 129213 |
|  | **NET ASSETS — 100.0%** |  | $52068579 |

---

See accompanying notes to financial statements.

**The Gabelli Global Financial Services Fund**

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

ADR&nbsp;&nbsp;&nbsp;&nbsp;American Depositary Receipt

See accompanying notes to financial statements.

**The Gabelli Global Financial Services Fund**

**Statement of Assets and Liabilities** 

**March 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $33,936,377) | $51939366 |
| &nbsp;&nbsp;&nbsp;Cash | 3398 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 40101 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 14341 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 214788 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 57814 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 52269808 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 113383 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 44288 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 548 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 24788 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 10722 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 201229 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 3,176,133 shares outstanding) | $52068579 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $34243077 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 17825502 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $52068579 |
| **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 ($2,521,710 ÷ 153,789 shares outstanding; 120,000,000 shares authorized) | $16.40 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($24,078 ÷ 1,455 shares outstanding; 60,000,000 shares authorized) | $16.55 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price). | $17.56 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($1,785 ÷ 109.66 shares outstanding; 20,000,000 shares authorized) | $16.28 (a) |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($49,521,006 ÷ 3,020,779 shares outstanding; 150,000,000 shares authorized) | $16.39 |

---

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

**Statement of Operations**

**For the Six Months Ended March 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $46,032) | $646633 |
| &nbsp;&nbsp;&nbsp;Interest | 53083 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 699716 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 240373 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 2956 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 26 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 9 |
| &nbsp;&nbsp;&nbsp;Registration expenses. | 29082 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 25213 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 12458 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 9731 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 6467 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 1407 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 1865 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 337087 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (92804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (919) |
| &nbsp;&nbsp;&nbsp;**Total Credits and Reimbursements** | (93723) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 243364 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 456352 |
| **Net Realized and Unrealized Gain/(Loss) on** |  |
| &nbsp;&nbsp;&nbsp;**Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 215766 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (3303) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 212463 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 3045268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | (1157) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 3044111 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 3256574 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $3712926 |

---

See accompanying notes to financial statements.

**The Gabelli Global Financial Services Fund**

**Statement of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $456352 | $1121027 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments and foreign currency transactions | 212463 | (338430) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 3044111 | 11138631 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 3712926 | 11921228 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (48907) | (17033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (408) | (137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (26) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1053714) | (815347) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (1103055) | (832541) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 232193 | 1134515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 7578 | 7687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 26 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 5025718 | 3735397 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 5265515 | 4877623 |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 73 | 482 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 7875459 | 15966792 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 44193120 | 28226328 |
| &nbsp;&nbsp;&nbsp;End of period | $52068579 | $44193120 |

---

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** | **Ratios to Average Net Assets/Supplemental Data** |
| Year Ended September 30 | Net Asset Value, Beginning of Year | Net Investment Income(a) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Net Investment Income | Total Distributions | Redemption Fees(a) | Net Asset Value, End of Period | Total Return† | Net Assets, End of Period (in 000's) | Net Investment Income | Operating Expenses Before Reimbursement | Operating<br> Expenses Net of<br> Reimbursement(b)(c) | Portfolio Turnover Rate |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $15.47 | $0.14 | $1.14 | $1.28 | $(0.35) | $(0.35) | $0.00 (e) | $16.40 | 8.29% | $2522 | 1.67 %(f) | 1.64 %(f) | 1.25 %(f) | 3% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 9.09 | 0.11 | (1.90) | (1.79) | (0.22) | (0.22) | 0.00 (e) | 7.08 | (20.33) | 47 | 1.34 | 2.51 | 1.25 | 18 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $15.63 | $0.14 | $1.14 | $1.28 | $(0.36) | $(0.36) | $0.00 (e) | $16.55 | 8.20% | $24 | 1.73 %(f) | 1.64 %(f) | 1.25 %(f) | 3% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 9.10 | 0.16 | (1.94) | (1.78) | (0.24) | (0.24) | 0.00 (e) | 7.08 | (20.24) | 8 | 2.12 | 2.51 | 1.25 | 18 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $15.31 | $0.07 | $1.14 | $1.21 | $(0.24) | $(0.24) | $— | $16.28 | 7.91% | $2 | 0.91 %(f) | 2.39 %(f) | 1.97 %(f) | 3% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 9.05 | 0.06 | (1.91) | (1.85) | (0.17) | (0.17) | 0.00 (e) | 7.03 | (20.97) | 1 | 0.76 | 3.26 | 2.00 | 18 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $15.48 | $0.16 | $1.14 | $1.30 | $(0.39) | $(0.39) | $0.00 (e) | $16.39 | 8.38% | $49521 | 1.91 %(f) | 1.39 %(f) | 1.00 %(f) | 3% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 9.11 | 0.14 | (1.91) | (1.77) | (0.26) | (0.26) | 0.00 (e) | 7.08 | (20.17) | 13445 | 1.84 | 2.26 | 1.00 | 18 |

---

† 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, 2021, and 2020, if credits had not been received, the expense ratios would have been 1.26%,
 1.28%, 1.26%, and 1.26% (Class AAA and Class A), 2.01%, 2.02%, 2.01%, and 2.01% (Class C), and 1.01%, 1.03%, 1.01%, and 1.01% (Class I),
 respectively. For the six months ended March 31, 2025 and the fiscal year ended September 30, 2024, there was no material impact to the
 expense ratios.

(c) Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $92,804, $166,565,
 $174,121, $149,730, $165,217, and $174,126 for the six months ended March 31, 2025 and the fiscal years ended September 30, 2024, 2023,
 2022, 2021, and 2020, respectively.

(d) For the six months ended March 31, 2025, 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. The Board has designated the Adviser as the valuation designee under Rule 2a-5. 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.*** 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 Board so determines, by such other method as the Board 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 Board 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 Board determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Board. 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 Board. 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 equivalent U.S.

**The Gabelli Global Financial Services Fund Notes to Financial Statements (Unaudited) (Continued)**

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, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1**<br> **Quoted Prices** | **Level 2 Other**<br> **Significant**<br> **Observable**<br> **Inputs(a)** |<br>**Total Market Value**<br> **at 03/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (b) | $48593861 |  | $48593861 |
| U.S. Government Obligations |  | $3345505 | 3345505 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $48593861 | $3345505 | $51939366 |

---

(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

**The Gabelli Global Financial Services Fund Notes to Financial Statements (Unaudited) (Continued)**

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.

***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, 2025, 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

**The Gabelli Global Financial Services Fund Notes to Financial Statements (Unaudited) (Continued)**

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.

***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, 2024 was as follows:

---

| | |
|:---|:---|
| **Distributions paid from:** | |
| Ordinary income | $832541 |
| Total distributions paid | $832541 |

---

***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 $253,831 and a long term capital loss carryforward with no expiration of $455,588.

**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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $33950721 | $18377276 | $(388631) | $17988645 |

---

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, 2025, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2025, 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.

**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, 2026. For the six months ended March 31, 2025, the Adviser reimbursed the Fund in the amount of $92,804. 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, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $433,490:

---

| | |
|:---|:---|
| For the fiscal year ended September 30, 2023, expiring September 30, 2025 | $174121 |
| For the fiscal year ended September 30, 2024, expiring September 30, 2026 | 166565 |
| For the six months ended March 31, 2025, expiring September 30, 2027 | 92804 |
|  | $433490 |

---

**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.

**The Gabelli Global Financial Services Fund Notes to Financial Statements (Unaudited) (Continued)**

**5. Portfolio Securities.** Purchases and sales of securities during the six months ended March 31, 2025, other than short term securities and U.S. Government obligations, aggregated $4,500,800 and $1,524,955, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the six months ended March 31, 2025, the Fund paid $906 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the six months ended March 31, 2025, 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 $919.

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, 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, 2025, the Fund accrued $7,500 in accounting fees in the Statement of Operations.

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 February 25, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. 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, 2025, there were no borrowings outstanding 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, 2025 and the fiscal year ended September 30, 2024, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, 2024** | **Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 23366 | $384485 | 134942 | $1745685 |
| Shares issued upon reinvestment of distributions | 2990 | 48761 | 1455 | 16911 |
| Shares redeemed | (12267) | (201053) | (47221) | (628081) |
| &nbsp;&nbsp;&nbsp;Net increase | 14089 | $232193 | 89176 | $1134515 |
| **Class A** |  |  |  |  |
| Shares sold | 453 | $7297 | 1044 | $14325 |
| Shares issued upon reinvestment of distributions | 25 | 408 | 12 | 137 |
| Shares redeemed | (8) | (127) | (549) | (6775) |
| &nbsp;&nbsp;&nbsp;Net increase | 470 | $7578 | 507 | $7687 |
| **Class C** |  |  |  |  |
| Shares issued upon reinvestment of distributions | 2 | $26 | 2 | $24 |
| &nbsp;&nbsp;&nbsp;Net increase | 2 | $26 | 2 | $24 |
| **Class I** |  |  |  |  |
| Shares sold | 256052 | $4187777 | 255224 | $3334197 |
| Shares issued upon reinvestment of distributions | 64423 | 1049456 | 69967 | 811618 |
| Shares redeemed | (13033) | (211515) | (28659) | (410418) |
| &nbsp;&nbsp;&nbsp;Net increase | 307442 | $5025718 | 296532 | $3735397 |

---

**9. Significant Shareholder.** As of March 31, 2025, 82.7% 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.

**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.** In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in 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

**The Gabelli Global Financial Services Fund Notes to Financial Statements (Unaudited) (Continued)**

that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

**12. Subsequent Events.** Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

![](equityseriesncsrs003.jpg)

---

| | |
|:---|:---|
| **The Gabelli Focused Growth and Income Fund**<br>**Semiannual Report** **— March 31, 2025** | ![](equityseriesncsrs004.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, 2025, the net asset value (NAV) total return per Class I Share of The Gabelli Focused Growth and Income Fund (the Fund) was 3.1% compared with a total return of (5.8)% 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, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of March 31, 2025:

**The Gabelli Focused Growth and Income Fund**

---

| | | | |
|:---|:---|:---|:---|
| Energy and Utilities | 31.7% | Metals and Mining | 2.2% |
| Real Estate Investment Trusts | 24.0% | Diversified Industrial | 1.6% |
| Telecommunications | 10.9% | Building and Construction | 1.6% |
| Financial Services | 6.8% | Computer Software and Services | 1.2% |
| Food and Beverage | 5.5% | Specialty Chemicals | 0.5% |
| Automotive: Parts and Accessories | 5.0% | U.S. Government Obligations | 0.2% |
| Health Care | 4.3% | Other Assets and Liabilities (Net) | 0.4% |
| Retail | 4.1% |  | 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, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** <br> **Value** |
| | **COMMON STOCKS — 91.5%** | | |
|  | **Automotive: Parts and Accessories — 5.0%** | **Automotive: Parts and Accessories — 5.0%** | **Automotive: Parts and Accessories — 5.0%** |
| 154167 | Dana Inc. | $1358190 | $2055046 |
| 32500 | Stellantis NV | 408951 | 364325 |
|  |  | 1767141 | 2419371 |
|  | **Building and Construction — 1.6%** | **Building and Construction — 1.6%** | **Building and Construction — 1.6%** |
| 5750 | Herc Holdings Inc. | 109415 | 772053 |
|  | **Computer Software and Services — 1.2%** | **Computer Software and Services — 1.2%** | **Computer Software and Services — 1.2%** |
| 3750 | Alphabet Inc., Cl. C | 111224 | 585862 |
|  | **Energy and Utilities — 31.7%** |  |  |
| 220000 | Energy Transfer LP | 1721662 | 4089800 |
| 107500 | Enterprise Products Partners LP | 1522702 | 3670050 |
| 100000 | Kimbell Royalty Partners LP | 1421632 | 1400000 |
| 65000 | Kinder Morgan Inc. | 620320 | 1854450 |
| 72436 | New Fortress Energy Inc. | 1303653 | 601943 |
| 27500 | TXNM Energy Inc. | 998626 | 1470700 |
| 237762 | XPLR Infrastructure LP | 4279881 | 2258739 |
|  |  | 11868476 | 15345682 |
|  | **Financial Services — 5.4%** |  |  |
| 14000 | Apollo Global Management Inc. | 384246 | 1917160 |
| 6000 | Morgan Stanley | 227560 | 700020 |
|  |  | 611806 | 2617180 |
|  | **Food and Beverage — 5.5%** |  |  |
| 117500 | Maple Leaf Foods Inc. | 1894990 | 2046993 |
| 7500 | Mondelēz International Inc., Cl. A | 306886 | 508875 |
| 1000 | Post Holdings Inc.† | 22462 | 116360 |
|  |  | 2224338 | 2672228 |
|  | **Health Care — 4.3%** |  |  |
| 2000 | AbbVie Inc. | 204590 | 419040 |
| 27000 | Option Care Health Inc.† | 147593 | 943650 |
| 27500 | Pfizer Inc. | 713576 | 696850 |
|  |  | 1065759 | 2059540 |
|  | **Metals and Mining — 2.2%** |  |  |
| 22500 | Newmont Corp. | 792392 | 1086300 |
|  | **Real Estate Investment Trusts — 23.2%** | **Real Estate Investment Trusts — 23.2%** | **Real Estate Investment Trusts — 23.2%** |
| 135000 | Blackstone Mortgage Trust Inc., Cl. A | 2293992 | 2700000 |
| 266644 | Franklin BSP Realty Trust Inc. | 3437120 | 3397045 |
| 6000 | Simon Property Group Inc. | 675636 | 996480 |
| 127500 | VICI Properties Inc. | 2292486 | 4159050 |
|  |  | 8699234 | 11252575 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** <br> **Value** |
|  | **Specialty Chemicals — 0.5%** |  |  |
| 3000 | International Flavors & Fragrances Inc. | $188945 | $232830 |
|  | **Telecommunications — 10.9%** |  |  |
| 137000 | AT&T Inc. | 2117744 | 3874360 |
| 70000 | ATN International Inc. | 1260492 | 1421700 |
| 4000 | GCI Liberty Inc., Escrow†(a) | 0 | 0 |
|  |  | 3378236 | 5296060 |
|  | **TOTAL COMMON STOCKS** | 30816966 | 44339681 |
|  | **PREFERRED STOCKS — 7.9%** |  |  |
|  | **Diversified Industrial — 1.6%** |  |  |
| 8435 | Babcock & Wilcox Enterprises Inc., 8.125%, 02/28/26 | 147411 | 178400 |
| 25018 | Steel Partners Holdings LP, Ser. A, 6.000%, 02/07/26 | 500277 | 606687 |
|  |  | 647688 | 785087 |
|  | **Financial Services — 1.4%** | **Financial Services — 1.4%** | **Financial Services — 1.4%** |
| 18819 | Compass Diversified Holdings, Ser. A, 7.250% | 424071 | 416465 |
| 5527 | DigitalBridge Group Inc., Ser. H, 7.125% | 133058 | 131874 |
| 19000 | Greenidge Generation Holdings Inc., 8.500%, 10/31/26 | 87718 | 126920 |
|  |  | 644847 | 675259 |
|  | **Real Estate Investment Trusts — 0.8%** | **Real Estate Investment Trusts — 0.8%** | **Real Estate Investment Trusts — 0.8%** |
| 16288 | Chimera Investment Corp., Ser. A, 8.000% | 346826 | 358173 |
|  | **Retail — 4.1%** |  |  |
| 77008 | QVC Group Inc., 8.000%, 03/15/31 | 3019967 | 1987576 |
|  | **TOTAL PREFERRED STOCKS** | 4659328 | 3806095 |
| **Principal** <br> **Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS — 0.2%** | **U.S. GOVERNMENT OBLIGATIONS — 0.2%** | **U.S. GOVERNMENT OBLIGATIONS — 0.2%** |
| $80000 | U.S. Treasury Bill, 4.227%††, 06/20/25 | 79256 | 79255 |
|  | **TOTAL INVESTMENTS — 99.6%** | $35555550 | 48225031 |
|  | **Other Assets and Liabilities (Net) — 0.4%** | **Other Assets and Liabilities (Net) — 0.4%** | 202208 |
|  | **NET ASSETS — 100.0%** |  | $48427239 |

---

See accompanying notes to financial statements.

**The Gabelli Focused Growth and Income Fund**

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. <br> † Non-income producing security. <br> †† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

**The Gabelli Focused Growth and Income Fund**

---

| | |
|:---|:---|
| **Statement of Assets and Liabilities<br> March 31, 2025 (Unaudited)** | **Statement of Assets and Liabilities<br> March 31, 2025 (Unaudited)** |
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $35,555,550) | $48225031 |
| &nbsp;&nbsp;&nbsp;Cash | 48658 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $16,925) | 16799 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 18379 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 237577 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 62627 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 48609071 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 32534 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 65019 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 41325 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 7637 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 24399 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 10918 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 181832 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 2,702,136 shares outstanding) | $48427239 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $34772975 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 13654264 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $48427239 |
| **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 ($4,993,721 ÷ 285,885 shares outstanding; 100,000,000 shares authorized) | $17.47 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($23,679,052 ÷ 1,336,346 shares outstanding; 50,000,000 shares authorized) | $17.72 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $18.80 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($1,769,302 ÷ 127,725 shares outstanding; 50,000,000 shares authorized) | $13.85 (a) |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($17,985,164 ÷ 952,180 shares outstanding; 50,000,000 shares authorized) | $18.89 |

---

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

---

| | |
|:---|:---|
| **Statement of Operations <br> For the six months ended March 31, 2025 (Unaudited)** | **Statement of Operations <br> For the six months ended March 31, 2025 (Unaudited)** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $5,635) | $553976 |
| &nbsp;&nbsp;&nbsp;Interest | 28716 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 582692 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 239561 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 6300 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 28756 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 9631 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 31599 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 25225 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 18561 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 10290 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 4470 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 1445 |
| &nbsp;&nbsp;&nbsp;Interest expense | 88 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 9300 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 385226 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (104163) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 281063 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 301629 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 2585907 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (462) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 2585445 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | (1539405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | (64) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (1539469) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 1045976 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $1347605 |

---

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, 2025** <br> **(Unaudited)** | **Year Ended** <br> **September 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $301629 | $2127290 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 2585445 | 18134 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (1539469) | 6523664 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1347605 | 8669088 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (103617) | (239749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (573684) | (1002056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (49875) | (128575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (418121) | (767597) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (1145297) | (2137977) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (86624) | (1060551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2223846 | 2053952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (274078) | (922558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 8309 | 190803 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 1871453 | 261646 |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 472 |  |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 2074233 | 6792757 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 46353006 | 39560249 |
| &nbsp;&nbsp;&nbsp;End of period | $48427239 | $46353006 |

---

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** |
| Year Ended September 30 | Net Asset Value, Beginning of Year | Net<br> Investment<br> Income<br>(Loss) (a)(b) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Net Investment Income | Net Realized Gain on Investments | Total <br> Distributions | Redemption <br> Fees(a) | Net Asset Value, End of Period | Total Return† | Net Assets, End of Period (in 000's) | Net<br> Investment<br> Income<br> (Loss)(b) | Operating <br> Expenses Before Reimbursement | Operating <br> Expenses Net of<br> Reimbursement(c) | Portfolio<br> Turnover Rate |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $17.37 | $0.07 | $0.39 | $0.46 | $(0.36) | $— | $(0.36) | $0.00 (e) | $17.47 | 2.66% | $4994 | 0.78 %(f) | 1.67 %(f) | 1.67 %(f) | 20% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 12.93 | (0.03) | (0.42) | (0.45) |  |  |  | 0.00 (e) | 12.48 | (3.48) | 8713 | (0.24) | 1.71 | 1.71 | 59 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $17.66 | $0.10 | $0.40 | $0.50 | $(0.44) | $— | $(0.44) | $0.00 (e) | $17.72 | 2.85% | $23679 | 1.11 %(f) | 1.67 %(f) | 1.25 %(f)(g) | 20% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 13.06 | (0.03) | (0.41) | (0.44) |  |  |  | 0.00 (e) | 12.62 | (3.37) | 6644 | (0.24) | 1.71 | 1.71 | 59 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $13.90 | $0.02 | $0.29 | $0.31 | $(0.36) | $— | $(0.36) | $0.00 (e) | $13.85 | 2.24% | $1769 | 0.27 %(f) | 2.42 %(f) | 2.42 %(f) | 20% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 11.10 | (0.11) | (0.35) | (0.46) |  |  |  | 0.00 (e) | 10.64 | (4.14) | 6926 | (1.00) | 2.46 | 2.46 | 59 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $18.75 | $0.16 | $0.42 | $0.58 | $(0.44) | $— | $(0.44) | $0.00 (e) | $18.89 | 3.11% | $17985 | 1.69 %(f) | 1.42 %(f) | 0.80 %(f)(g) | 20% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 13.36 | 0.00 (e) | (0.42) | (0.42) |  |  |  | 0.00 (e) | 12.94 | (3.14) | 8333 | 0.01 | 1.46 | 1.46 | 59 |

---

† 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, 2022, and 2020, if interest expense had not been
 incurred, the ratios of operating expenses to average net assets would have been 1.63%, 1.78%, 1.72%, and 1.70% (Class AAA), 1.25%, 1.25%,
 1.69%, and 1.70% (Class A), 2.38%, 2.53%, 2.47%, and 2.45% (Class C), and 0.80%, 0.80%, 0.80%, and 1.45% (Class I), respectively. For
 the six months ended March 31, 2025 and the fiscal year ended September 30, 2021, the effect of interest expense was minimal.

(d) For the six months
 ended March 31, 2025, 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 $104,163, $167,786, $187,761, $119,130 and $97,862 for the
 six months ended March 31, 2025 and the fiscal years ended September 30, 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. Effective January 14, 2021, The Gabelli Focus Five Fund changed its name to Gabelli Focused Growth and Income Fund with a corresponding change in the name of each of its Classes of Shares.

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. The Board has designated the Adviser as the valuation designee under Rule 2a-5. 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.*** 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 Board so determines, by such other method as the Board 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 Board 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 Board determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Board. 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 Board. 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

**The Gabelli Focused Growth and Income Fund**

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

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, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1 <br> Quoted Prices** | **Level 2 Other Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs (a)** |<br>**Total Market Value<br> at 03/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Telecommunications | $5296060 |  | $0 | $5296060 |
| &nbsp;&nbsp;&nbsp;Other Industries (b) | 39043621 |  |  | 39043621 |
| Total Common Stocks | 44339681 |  | 0 | 44339681 |
| Preferred Stocks (b) | 3806095 |  |  | 3806095 |
| U.S. Government Obligations |  | $79255 |  | 79255 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $48145776 | $79255 | $0 | $48225031 |

---

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

(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.

**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.

***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 Gabelli Focused Growth and Income Fund**

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

***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 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, 2024 was as follows:

---

| | |
|:---|:---|
| **Distributions paid from:** | |
| Ordinary income | $2137977 |
| Total distributions paid | $2137977 |

---

***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 has a short term capital loss carryforward with no expiration of $1,135,934 and a long term capital loss carryforward with no expiration of $110,879.

**The Gabelli Focused Growth and Income Fund**

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation** |
| Investments | $35620579 | $16556575 | $(3952123) | $12604452 |

---

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, 2025, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2025, 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.

**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% 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, 2026 for Class I and Class A, and may be terminated only by the Board before such time. During the six months ended March 31, 2025, the Adviser reimbursed expenses in the amount of $104,163 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, 2025, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $459,710:

---

| | |
|:---|:---|
| For the fiscal year ended September 30, 2023, expiring September 30, 2025 | $187761 |
| For the fiscal year ended September 30, 2024, expiring September 30, 2026 | 167786 |
| For the six months ended March 31, 2025, expiring September 30, 2027 | 104163 |
|  | $459710 |

---

**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 Focused Growth and 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, 2025, other than short term securities and U.S. Government obligations, aggregated $13,112,241 and $9,400,780, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the six months ended March 31, 2025, the Distributor retained a total of $22,083 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.

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on February 25, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. 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, 2025, there were no borrowings outstanding 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. 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, 2025 and the fiscal year ended September 30, 2024, 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, 2025<br> (Unaudited)** | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended <br> September 30, 2024** | **Year Ended <br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 7812 | $138067 | 23114 | $356897 |
| Shares issued upon reinvestment of distributions | 5773 | 101149 | 14895 | 237184 |
| Shares redeemed | (18507) | (325840) | (103972) | (1654632) |
| &nbsp;&nbsp;&nbsp;Net decrease | (4922) | $(86624) | (65963) | $(1060551) |
| **Class A** |  |  |  |  |
| Shares sold | 206877 | $3682714 | 301441 | $4801975 |
| Shares issued upon reinvestment of distributions | 31013 | 552307 | 59044 | 962453 |
| Shares redeemed | (112887) | (2011175) | (226620) | (3710476) |
| &nbsp;&nbsp;&nbsp;Net increase | 125003 | $2223846 | 133865 | $2053952 |
| **Class C** |  |  |  |  |
| Shares sold | 10865 | $153630 | 39627 | $507504 |
| Shares issued upon reinvestment of distributions | 3520 | 49064 | 9831 | 125993 |
| Shares redeemed | (34540) | (476772) | (121020) | (1556055) |
| &nbsp;&nbsp;&nbsp;Net decrease | (20155) | $(274078) | (71562) | $(922558) |
| **Class I** |  |  |  |  |
| Shares sold | 96299 | $1829768 | 284507 | $4919181 |
| Shares issued upon reinvestment of distributions | 20837 | 394886 | 41208 | 711221 |
| Shares redeemed | (117336) | (2216345) | (322820) | (5439599) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (200) | $8309 | 2895 | $190803 |

---

**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.** In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in 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 Focused Growth and Income Fund**

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

**11. Subsequent Events.** Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

![](equityseriesncsrs005.jpg)

**The Gabelli Small Cap Growth Fund**

**Semiannual Report — March 31, 2025**

**To Our Shareholders,**

For the six months ended March 31, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli Small Cap Growth Fund (the Fund) was (7.1)% compared with a total return of (9.5)% for the Standard & Poor's (S&P) SmallCap 600 Index. Other classes of shares are available.

Enclosed are the financial statements, including the summary schedule of investments, as of March 31, 2025.

**Summary of Portfolio Holdings (Unaudited)** 

The following table presents portfolio holdings as a percent of net assets as of March 31, 2025:

**The Gabelli Small Cap Growth Fund**

---

| | | | |
|:---|:---|:---|:---|
| Equipment and Supplies | 19.8% | Computer Software and Services | 1.5% |
| Diversified Industrial | 12.4% | Broadcasting | 1.4% |
| Retail | 6.9% | Consumer Products | 1.4% |
| Financial Services | 6.6% | Consumer Services | 1.0% |
| Building and Construction | 4.9% | Telecommunications | 0.9% |
| Food and Beverage | 4.7% | Environmental Services | 0.9% |
| Automotive: Parts and Accessories | 4.4% | Automotive | 0.6% |
| Hotels and Gaming | 3.7% | Publishing | 0.4% |
| Health Care | 3.4% | Home Furnishings | 0.3% |
| Transportation | 3.2% | Wireless Communications | 0.2% |
| Entertainment | 2.9% | Cable | 0.2% |
| Electronics | 2.8% | Communications Equipment | 0.2% |
| Business Services | 2.6% | Food and Staples Retailing | 0.1% |
| Energy and Utilities | 2.4% | Closed-End Funds | 0.1% |
| Machinery | 2.3% | Aerospace | 0.1% |
| Manufactured Housing and Recreational |  | Metals and Mining | 0.1% |
| &nbsp;&nbsp;&nbsp;Vehicles | 2.1% | Agriculture | 0.1% |
| Real Estate | 1.9% | Other Assets and Liabilities (Net) | 0.1% |
| Specialty Chemicals | 1.7% |  | 100.0% |
| Aviation: Parts and Services | 1.7% |  |  |

---

*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, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market <br> Value** | **Market <br> Value** |
|  | **COMMON STOCKS — 99.6%** |  |  |  |  |
|  | **Aerospace — 0.1%** |  |  |  |  |
| 31000 | Allient Inc. | $| 685447 | $| 681380 |
| 2500 | Embraer SA, ADR† |  | 68200 |  | 115500 |
| 58000 | Innovative Solutions and Support Inc.† |  | 243681 |  | 364820 |
| 7000 | Kratos Defense & Security Solutions Inc.† |  | 109611 |  | 207830 |
| 12000 | Spirit AeroSystems Holdings Inc., Cl. A† |  | 372348 |  | 413520 |
|  |  |  | 1479287 |  | 1783050 |
|  | **Agriculture — 0.1%** |  |  |  |  |
| 10000 | Cadiz Inc.† |  | 67958 |  | 29300 |
| 56000 | Limoneira Co |  | 944351 |  | 992320 |
|  |  |  | 1012309 |  | 1021620 |
|  | **Automotive — 0.6%** |  |  |  |  |
| 31500 | Blue Bird Corp.† |  | 647904 |  | 1019655 |
| 500000 | Iveco Group NV |  | 2296171 |  | 8147596 |
| 56000 | The Shyft Group Inc. |  | 267411 |  | 453040 |
|  |  |  | 3211486 |  | 9620291 |
|  | **Automotive: Parts and Accessories — 4.2%** | **Automotive: Parts and Accessories — 4.2%** | **Automotive: Parts and Accessories — 4.2%** | **Automotive: Parts and Accessories — 4.2%** |  |
| 147500 | BorgWarner Inc. |  | 609138 |  | 4225875 |
| 832000 | Brembo NV |  | 1536648 |  | 7094574 |
| 94022 | China Automotive Systems Inc. |  | 443798 |  | 415577 |
| 72500 | Commercial Vehicle Group Inc.† |  | 602389 |  | 83375 |
| 1082000 | Dana Inc. |  | 8410347 |  | 14423060 |
| 100000 | Garrett Motion Inc. |  | 833494 |  | 837000 |
| 225500 | Modine Manufacturing Co.† |  | 1349887 |  | 17307125 |
| 62500 | Monro Inc. |  | 1493812 |  | 904375 |
| 4300 | O'Reilly Automotive Inc.† |  | 92532 |  | 6160094 |
| 29000 | Phinia Inc. |  | 80435 |  | 1230470 |
| 45000 | Puradyn Filter Technologies Inc.† |  | 11732 |  | 4 |
| 187000 | Standard Motor Products Inc. |  | 1567144 |  | 4661910 |
| 251700 | Strattec Security Corp.†(a) |  | 4850205 |  | 9932082 |
| 18400 | Thor Industries Inc. |  | 170396 |  | 1394904 |
|  |  |  | 22051957 |  | 68670425 |
|  | **Aviation: Parts and Services — 1.7%** | **Aviation: Parts and Services — 1.7%** | **Aviation: Parts and Services — 1.7%** | **Aviation: Parts and Services — 1.7%** | **Aviation: Parts and Services — 1.7%** |
| 20000 | AAR Corp.† |  | 230415 |  | 1119800 |
| 9500 | Astronics Corp.† |  | 13628 |  | 229615 |
| 25000 | Astronics Corp., Cl. B† |  | 67271 |  | 601625 |
| 56000 | Ducommun Inc.† |  | 1465311 |  | 3249680 |
| 87500 | Moog Inc., Cl. A |  | 921508 |  | 15168125 |
| 18212 | Moog Inc., Cl. B |  | 660459 |  | 3051056 |
| 19000 | Woodward Inc. |  | 136427 |  | 3467310 |
|  |  |  | 3495019 |  | 26887211 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **Broadcasting — 1.4%** |  |  |
| 7000 | Beasley Broadcast Group Inc., Cl. A† | $210594 | $38850 |
| 10000 | Cogeco Communications Inc. | 340851 | 487683 |
| 24000 | Cogeco Inc. | 632315 | 1058698 |
| 185000 | Corus Entertainment Inc., Cl. B† | 253053 | 16070 |
| 36200 | Fox Corp., Cl. A | 1496190 | 2048920 |
| 5000 | Fox Corp., Cl. B | 143665 | 263550 |
| 25000 | Gray Media Inc. | 73674 | 108000 |
| 71700 | Gray Media Inc., Cl. A | 377715 | 564996 |
| 700000 | Grupo Televisa SAB, ADR | 2166523 | 1225000 |
| 280000 | ITV plc | 497942 | 285193 |
| 13000 | Liberty Broadband Corp., Cl. A† | 78211 | 1105000 |
| 11000 | Liberty Broadband Corp., Cl. C† | 57594 | 935550 |
| 20000 | Liberty Media Corp.-Liberty Formula One, Cl. A† | 64271 | 1629400 |
| 27000 | Liberty Media Corp.-Liberty Formula One, Cl. C† | 88133 | 2430270 |
| 22000 | Nexstar Media Group Inc. | 1349700 | 3942840 |
| 100000 | Salem Media Group Inc.† | 0 | 53000 |
| 133000 | Sirius XM Holdings Inc. | 798697 | 2998485 |
| 95000 | Sphere Entertainment Co.† | 1063999 | 3108400 |
| 15000 | TEGNA Inc. | 220751 | 273300 |
| 40000 | Townsquare Media Inc., Cl. A | 381447 | 325600 |
|  |  | 10295325 | 22898805 |
|  | **Building and Construction — 4.9%** |  |  |
| 73500 | Arcosa Inc. | 866881 | 5668320 |
| 200000 | Armstrong Flooring Inc.† | 26719 | 20 |
| 7000 | D.R. Horton Inc. | 63123 | 889910 |
| 31500 | Gibraltar Industries Inc.† | 703058 | 1847790 |
| 167000 | Herc Holdings Inc. | 5386440 | 22423090 |
| 37500 | KB Home | 273655 | 2179500 |
| 3000 | Legacy Housing Corp.† | 38431 | 75660 |
| 317700 | Lennar Corp., Cl. B | 5764496 | 34651539 |
| 2000 | Meritage Homes Corp. | 15039 | 141760 |
| 1050 | NVR Inc.† | 699994 | 7606609 |
| 22000 | PulteGroup Inc. | 88180 | 2261600 |
| 427 | The Monarch Cement Co. | 64412 | 93940 |
| 70500 | Titan Machinery Inc.† | 1154359 | 1201320 |
| 5200 | Toll Brothers Inc. | 77265 | 549068 |
|  |  | 15222052 | 79590126 |
|  | **Business Services — 2.6%** |  |  |
| 13000 | ACCO Brands Corp. | 60332 | 54470 |
| 1260000 | Clear Channel Outdoor Holdings Inc.† | 1881553 | 1398600 |
| 57000 | Element Solutions Inc. | 507576 | 1288770 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Schedule of Investments (Continued) — March 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market <br> Value** | **Market <br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |  |  |
|  | **Business Services (Continued)** |  |  |  |  |
| 22900 | Keweenaw Land Association Ltd.† | $| 505517 | $| 824400 |
| 35000 | Live Nation Entertainment Inc.† |  | 294368 |  | 4570300 |
| 40000 | Loomis AB |  | 402123 |  | 1617223 |
| 88000 | Madison Square Garden Entertainment Corp.† |  | 955463 |  | 2881120 |
| 13600 | McGrath RentCorp. |  | 347536 |  | 1515040 |
| 30867 | Outfront Media Inc., REIT |  | 489952 |  | 498193 |
| 80000 | Ranpak Holdings Corp.† |  | 556672 |  | 433600 |
| 19000 | RB Global Inc. |  | 281486 |  | 1905700 |
| 350000 | S4 Capital plc† |  | 187717 |  | 153266 |
| 20000 | Sealed Air Corp. |  | 587044 |  | 578000 |
| 345000 | Sohgo Security Services Co. Ltd. |  | 799632 |  | 2580772 |
| 60000 | The Interpublic Group of Companies Inc. |  | 209106 |  | 1629600 |
| 25000 | TransAct Technologies Inc.† |  | 115198 |  | 92000 |
| 1600000 | Trans-Lux Corp.†(a) |  | 1575044 |  | 624000 |
| 31800 | United Rentals Inc. |  | 193032 |  | 19929060 |
|  |  |  | 9949351 |  | 42574114 |
|  | **Cable — 0.2%** |  |  |  |  |
| 54500 | AMC Networks Inc., Cl. A† |  | 36140 |  | 374960 |
| 59000 | EchoStar Corp., Cl. A† |  | 846839 |  | 1509220 |
| 185000 | WideOpenWest Inc.† |  | 1162916 |  | 915750 |
|  |  |  | 2045895 |  | 2799930 |
|  | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| 141500 | Telesat Corp.† |  | 1626308 |  | 2664445 |
|  | **Computer Software and Services — 1.5%** | **Computer Software and Services — 1.5%** | **Computer Software and Services — 1.5%** | **Computer Software and Services — 1.5%** | **Computer Software and Services — 1.5%** |
| 370000 | Alithya Group Inc., Cl. A† |  | 1101652 |  | 432900 |
| 11000 | MKS Instruments Inc. |  | 189530 |  | 881650 |
| 19400 | Rockwell Automation Inc. |  | 435976 |  | 5012572 |
| 30000 | Stratasys Ltd.† |  | 218183 |  | 293700 |
| 30250 | Tyler Technologies Inc.† |  | 60138 |  | 17587048 |
|  |  |  | 2005479 |  | 24207870 |
|  | **Consumer Products — 1.4%** |  |  |  |  |
| 194000 | 1-800-Flowers.com Inc., Cl. A† |  | 1795476 |  | 1144600 |
| 67000 | Brunswick Corp. |  | 1342085 |  | 3607950 |
| 32000 | Chofu Seisakusho Co. Ltd |  | 461495 |  | 392773 |
| 39000 | Church & Dwight Co. Inc. |  | 66381 |  | 4293510 |
| 57500 | Energizer Holdings Inc. |  | 1915682 |  | 1720400 |
| 2000 | Harley-Davidson Inc. |  | 4713 |  | 50500 |
| 2500 | Kobayashi Pharmaceutical Co. Ltd. |  | 103323 |  | 94523 |
| 3000 | LCI Industries |  | 49588 |  | 262290 |
| 216000 | Marine Products Corp. |  | 133661 |  | 1812240 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
| 7000 | National Presto Industries Inc. | $390588 | $615370 |
| 250000 | Sally Beauty Holdings Inc.† | 1679878 | 2257500 |
| 210000 | Samick Musical Instruments Co. Ltd. | 279549 | 160869 |
| 3700 | Shimano Inc. | 414540 | 517665 |
| 9500 | Steven Madden Ltd. | 19995 | 253080 |
| 17800 | The Scotts Miracle-Gro Co. | 678013 | 977042 |
| 9500 | WD-40 Co. | 248399 | 2318000 |
| 120000 | Wolverine World Wide Inc. | 781633 | 1669200 |
|  |  | 10364999 | 22147512 |
|  | **Consumer Services — 1.0%** |  |  |
| 53000 | Bowlin Travel Centers Inc.† | 53948 | 193450 |
| 6000 | H&E Equipment Services Inc. | 159225 | 568740 |
| 5000 | IAC Inc.† | 11719 | 229700 |
| 180000 | OPENLANE Inc.† | 893854 | 3470400 |
| 228700 | Rollins Inc. | 209109 | 12356661 |
|  |  | 1327855 | 16818951 |
|  | **Diversified Industrial — 12.4%** |  |  |
| 10000 | Acuity Inc. | 94378 | 2633500 |
| 50500 | Albany International Corp., Cl. A | 975483 | 3486520 |
| 200000 | Ampco-Pittsburgh Corp.† | 924662 | 434000 |
| 25000 | Ardagh Group SA† | 98100 | 73500 |
| 24000 | Arq Inc.† | 135536 | 100080 |
| 79000 | Burnham Holdings Inc., Cl. A | 1271945 | 1425950 |
| 342200 | Crane Co. | 4569640 | 52418196 |
| 129700 | Crane NXT Co. | 657845 | 6666580 |
| 95000 | Distribution Solutions Group Inc.† | 616145 | 2660000 |
| 5000 | Enerpac Tool Group Corp. | 127850 | 224300 |
| 48800 | Enpro Inc. | 2223675 | 7895352 |
| 103500 | Greif Inc., Cl. A | 1839821 | 5691465 |
| 93500 | Greif Inc., Cl. B | 4205680 | 5542680 |
| 175800 | Griffon Corp. | 1440498 | 12569700 |
| 31500 | Hyster-Yale Inc. | 1151003 | 1308510 |
| 15500 | INNOVATE Corp.† | 203743 | 121365 |
| 6000 | JSP Corp. | 97961 | 82005 |
| 114000 | L.B. Foster Co., Cl. A† | 1587505 | 2243520 |
| 37400 | Lincoln Electric Holdings Inc. | 951186 | 7074584 |
| 30000 | Lindsay Corp. | 585623 | 3795600 |
| 38000 | Matthews International Corp., Cl. A | 972165 | 845120 |
| 965000 | Myers Industries Inc. | 13321608 | 11512450 |
| 139000 | Oil-Dri Corp. of America | 474615 | 6382880 |
| 18000 | Olin Corp. | 339778 | 436320 |
| 322300 | Park-Ohio Holdings Corp. | 2962307 | 6961680 |
| 12500 | Pentair plc | 296897 | 1093500 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Schedule of Investments (Continued) — March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Diversified Industrial (Continued)** |  |  |
| 13400 | Roper Technologies Inc. | $251725 | $7900372 |
| 53200 | Sonoco Products Co. | 1529361 | 2513168 |
| 46800 | Standex International Corp. | 1180657 | 7553052 |
| 84500 | Steel Partners Holdings LP† | 1113551 | 3464923 |
| 13000 | T. Hasegawa Co. Ltd. | 236726 | 243896 |
| 7000 | Terex Corp. | 166670 | 264460 |
| 331500 | Textron Inc. | 2000007 | 23950875 |
| 692000 | Tredegar Corp.† | 6933488 | 5328400 |
| 215500 | Trinity Industries Inc. | 2432364 | 6046930 |
|  |  | 57970198 | 200945433 |
|  | **Electronics — 2.8%** |  |  |
| 102700 | Badger Meter Inc. | 1247896 | 19538675 |
| 67200 | Bel Fuse Inc., Cl. A | 955428 | 4842432 |
| 391200 | CTS Corp. | 3204220 | 16254360 |
| 58000 | Daktronics Inc.† | 424446 | 706440 |
| 120000 | Gentex Corp. | 1305089 | 2796000 |
| 20000 | IMAX Corp.† | 158565 | 527000 |
| 20000 | Napco Security Technologies Inc. | 512803 | 460400 |
| 30000 | Renesas Electronics Corp. | 194117 | 397527 |
| 59000 | Stoneridge Inc.† | 282600 | 270810 |
|  |  | 8285164 | 45793644 |
|  | **Energy and Utilities — 2.4%** |  |  |
| 32000 | APA Corp. | 765019 | 672640 |
| 9800 | Chesapeake Utilities Corp. | 127440 | 1258614 |
| 35000 | CMS Energy Corp. | 67088 | 2628850 |
| 20000 | Consolidated Water Co. Ltd. | 233823 | 489800 |
| 35100 | Diamondback Energy Inc. | 1730067 | 5611788 |
| 74000 | Energy Recovery Inc.† | 316427 | 1175860 |
| 20000 | Hawaiian Electric Industries Inc.† | 241120 | 219000 |
| 113500 | Innovex International Inc.† | 2624177 | 2038460 |
| 30000 | Landis+Gyr Group AG | 1819435 | 1770092 |
| 20700 | Marathon Petroleum Corp. | 99747 | 3015783 |
| 3500 | Middlesex Water Co. | 54166 | 224350 |
| 73000 | Northwest Natural Holding Co. | 2826254 | 3118560 |
| 21500 | Northwestern Energy Group Inc. | 582609 | 1244205 |
| 10000 | Otter Tail Corp. | 213560 | 803700 |
| 43000 | RGC Resources Inc. | 816897 | 897410 |
| 1680000 | RPC Inc. | 681607 | 9240000 |
| 8000 | SJW Group | 107086 | 437520 |
| 27800 | Southwest Gas Holdings Inc. | 364927 | 1996040 |
| 6000 | Spire Inc. | 236150 | 469500 |
| 31000 | The York Water Co. | 433596 | 1075080 |
| 50000 | Vestas Wind Systems A/S† | 84272 | 687861 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
| 58000 | XPLR Infrastructure LP | $1049798 | $551000 |
|  |  | 15475265 | 39626113 |
|  | **Entertainment — 2.9%** |  |  |
| 166321 | Atlanta Braves Holdings Inc., Cl. A† | 4254932 | 7296502 |
| 242000 | Atlanta Braves Holdings Inc., Cl. C† | 4631452 | 9682420 |
| 92000 | Inspired Entertainment Inc.† | 672379 | 785680 |
| 16856 | Liberty Media Corp.-Liberty Live, Cl. A† | 54885 | 1133397 |
| 9768 | Liberty Media Corp.-Liberty Live, Cl. C† | 65382 | 665592 |
| 370000 | Lions Gate Entertainment Corp., Cl. A† | 3586752 | 3274500 |
| 66000 | Lions Gate Entertainment Corp., Cl. B† | 605120 | 522720 |
| 37000 | Lionsgate Studios Corp.† | 322297 | 276390 |
| 36500 | Madison Square Garden Sports Corp.† | 669572 | 7107280 |
| 116000 | Manchester United plc, Cl. A† | 1696985 | 1518440 |
| 300000 | Ollamani SAB† | 601599 | 666862 |
| 240000 | Sinclair Inc. | 2806977 | 3823200 |
| 7800 | Take-Two Interactive Software Inc.† | 58796 | 1616550 |
| 3500 | The Walt Disney Co. | 20071 | 345450 |
| 43800 | TKO Group Holdings Inc. | 461158 | 6693078 |
| 35000 | Universal Entertainment Corp. | 210518 | 246650 |
| 104000 | Warner Bros Discovery Inc.† | 922964 | 1115920 |
|  |  | 21641839 | 46770631 |
|  | **Environmental Services — 0.9%** |  |  |
| 57700 | Republic Services Inc. | 521223 | 13972632 |
|  | **Equipment and Supplies — 19.8%** |  |  |
| 17200 | A.O. Smith Corp. | 35260 | 1124192 |
| 381000 | AMETEK Inc. | 648306 | 65585340 |
| 45000 | Ardagh Metal Packaging SA | 160536 | 135900 |
| 54500 | AZZ Inc. | 1892055 | 4556745 |
| 9200 | Chart Industries Inc.† | 301823 | 1328112 |
| 310500 | Core Molding Technologies Inc.† | 594326 | 4719600 |
| 90800 | Crown Holdings Inc. | 365699 | 8104808 |
| 2025 | Danaher Corp. | 11649 | 415125 |
| 100000 | Donaldson Co. Inc. | 575112 | 6706000 |
| 38700 | Entegris Inc. | 164986 | 3385476 |
| 167200 | Federal Signal Corp. | 872592 | 12297560 |
| 236000 | Flowserve Corp. | 1366914 | 11526240 |
| 150300 | Franklin Electric Co. Inc. | 586066 | 14110164 |
| 406500 | Graco Inc. | 2106942 | 33946815 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Schedule of Investments (Continued) — March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Equipment and Supplies (Continued)** | **Equipment and Supplies (Continued)** | **Equipment and Supplies (Continued)** |
| 31000 | IDEX Corp. | $113590 | $5610070 |
| 125000 | Interpump Group SpA | 547330 | 4436033 |
| 6500 | Littelfuse Inc. | 51893 | 1278810 |
| 110000 | Maezawa Kyuso Industries Co. Ltd. | 359609 | 940930 |
| 65000 | Minerals Technologies Inc. | 2808132 | 4132050 |
| 6000 | MSA Safety Inc. | 179592 | 880140 |
| 754400 | Mueller Industries Inc. | 8743948 | 57440016 |
| 294000 | Mueller Water Products Inc., Cl. A | 1896046 | 7473480 |
| 3500 | Teleflex Inc. | 53317 | 483665 |
| 161500 | Tennant Co. | 2658583 | 12879625 |
| 725000 | The Gorman-Rupp Co. | 10903010 | 25447500 |
| 82500 | The Greenbrier Companies Inc. | 834359 | 4225650 |
| 50500 | The Manitowoc Co. Inc.† | 499591 | 433795 |
| 50000 | The Middleby Corp.† | 533815 | 7599000 |
| 36000 | The Timken Co. | 1219448 | 2587320 |
| 30000 | The Toro Co. | 524020 | 2182500 |
| 4600 | Valmont Industries Inc. | 40599 | 1312702 |
| 7875 | Watsco Inc., Cl. B | 23627 | 4010580 |
| 41200 | Watts Water Technologies Inc., Cl. A | 781908 | 8401504 |
| 45000 | Xerox Holdings Corp. | 444760 | 217350 |
|  |  | 42899443 | 319914797 |
|  | **Financial Services — 6.6%** |  |  |
| 7000 | Ameris Bancorp | 49547 | 402990 |
| 2000 | Capital City Bank Group Inc. | 66887 | 71920 |
| 12300 | Capitol Federal Financial Inc. | 118692 | 68880 |
| 20800 | Crazy Woman Creek Bancorp Inc. | 318236 | 621192 |
| 44200 | Eagle Bancorp Inc. | 1307414 | 928200 |
| 325000 | Energy Transfer LP | 0 | 6041750 |
| 210 | Farmers & Merchants Bank of Long Beach | 1236514 | 1207500 |
| 330000 | Flushing Financial Corp. | 5247907 | 4191000 |
| 66000 | FNB Corp. | 659922 | 887700 |
| 370000 | GAM Holding AG† | 153776 | 37222 |
| 25000 | Hanover Bancorp Inc. | 525000 | 548250 |
| 2000 | HomeTrust Bancshares Inc. | 68879 | 68560 |
| 270000 | Hope Bancorp Inc. | 2987671 | 2826900 |
| 410000 | Huntington Bancshares Inc. | 3921829 | 6154100 |
| 638000 | KKR & Co. Inc. | 2480457 | 73759180 |
| 80000 | Medallion Financial Corp. | 362763 | 696800 |
| 11000 | PROG Holdings Inc. | 95921 | 292600 |
| 50000 | Sandy Spring Bancorp Inc. | 1560919 | 1397500 |
| 11500 | Southern First Bancshares Inc.† | 425553 | 378580 |
| 47000 | Synovus Financial Corp. | 1218657 | 2196780 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
| 16000 | TFS Financial Corp. | $234831 | $198240 |
| 14500 | Thomasville Bancshares Inc. | 550193 | 1087500 |
| 2000 | USCB Financial Holdings Inc. | 28887 | 37120 |
| 230000 | Valley National Bancorp. | 1437500 | 2044700 |
| 34308 | Value Line Inc. | 425085 | 1326690 |
| 10000 | Waterloo Investment Holdings Ltd.†(b) | 1373 | 5000 |
| 2800 | Webster Financial Corp. | 43499 | 144340 |
| 130000 | Wright Investors' Service Holdings Inc.† | 82906 | 19500 |
|  |  | 25610818 | 107640694 |
|  | **Food and Beverage — 4.7%** |  |  |
| 423000 | Arca Continental SAB de CV | 759513 | 4423161 |
| 12500 | BellRing Brands Inc.† | 12803 | 930750 |
| 74000 | Brown-Forman Corp., Cl. A | 396865 | 2476780 |
| 40000 | Bull-Dog Sauce Co. Ltd | 95622 | 452030 |
| 82000 | China Tontine Wines Group Ltd.† | 85944 | 4531 |
| 266500 | Crimson Wine Group Ltd.† | 2328461 | 1535040 |
| 220000 | Denny's Corp.† | 736620 | 807400 |
| 500000 | Dynasty Fine Wines Group Ltd.† | 74726 | 19598 |
| 100000 | Farmer Brothers Co.† | 592275 | 222000 |
| 400000 | Flowers Foods Inc. | 950682 | 7604000 |
| 114000 | ITO EN Ltd. | 2136608 | 2429882 |
| 92000 | Iwatsuka Confectionery Co. Ltd. | 1584932 | 1738303 |
| 22800 | J & J Snack Foods Corp. | 501194 | 3003216 |
| 15000 | John B Sanfilippo & Son Inc. | 1285962 | 1062900 |
| 92000 | Kameda Seika Co. Ltd. | 3468815 | 2395226 |
| 1200000 | Kikkoman Corp. | 1630295 | 11528769 |
| 72000 | Krispy Kreme Inc. | 885517 | 354240 |
| 600000 | Maple Leaf Foods Inc. | 10368850 | 10452729 |
| 12000 | MEIJI Holdings Co. Ltd. | 117526 | 260017 |
| 8000 | MGP Ingredients Inc. | 6395 | 235040 |
| 124000 | Morinaga Milk Industry Co. Ltd. | 1182249 | 2575238 |
| 7500 | National Beverage Corp. | 330160 | 311550 |
| 130500 | Nissin Foods Holdings Co. Ltd. | 1444598 | 2656287 |
| 12000 | Post Holdings Inc.† | 33079 | 1396320 |
| 100000 | Premier Foods plc | 219577 | 237682 |
| 60000 | Rock Field Co. Ltd. | 402002 | 634442 |
| 3500 | The Boston Beer Co. Inc., Cl. A† | 598838 | 835940 |
| 69500 | The Hain Celestial Group Inc.† | 700507 | 288425 |
| 56000 | The J.M. Smucker Co. | 1289479 | 6630960 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Schedule of Investments (Continued) — March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Food and Beverage (Continued)** |  |  |
| 625000 | Tingyi (Cayman Islands) Holding Corp. | $1326207 | $1048969 |
| 34479 | Tootsie Roll Industries Inc. | 261510 | 1085407 |
| 370000 | Vina Concha y Toro SA | 676677 | 473440 |
| 950000 | Vitasoy International Holdings Ltd. | 542729 | 1225736 |
| 20000 | Willamette Valley Vineyards Inc.† | 73225 | 118800 |
| 15000 | WK Kellogg Co. | 151800 | 298950 |
| 205000 | Yakult Honsha Co. Ltd. | 2470225 | 3900043 |
|  |  | 39722467 | 75653801 |
|  | **Food and Staples Retailing — 0.1%** |  |  |
| 70000 | United Natural Foods Inc.† | 945270 | 1917300 |
|  | **Health Care — 3.4%** |  |  |
| 1400 | Align Technology Inc.† | 9766 | 222404 |
| 6700 | Bio-Rad Laboratories Inc., Cl. A† | 283604 | 1631852 |
| 12500 | Bruker Corp. | 95311 | 521750 |
| 600 | Chemed Corp. | 8238 | 369192 |
| 21000 | CONMED Corp. | 429146 | 1268190 |
| 50000 | Dexcom Inc.† | 68464 | 3414500 |
| 28500 | Electromed Inc.† | 401381 | 680010 |
| 58000 | Evolent Health Inc., Cl. A† | 1000027 | 549260 |
| 212500 | Globus Medical Inc., Cl. A† | 5427248 | 15555000 |
| 26500 | GRAIL Inc.† | 450111 | 676810 |
| 70000 | Henry Schein Inc.† | 480305 | 4794300 |
| 27700 | ICU Medical Inc.† | 872208 | 3846422 |
| 33000 | Masimo Corp.† | 790451 | 5497800 |
| 60000 | Neogen Corp.† | 641570 | 520200 |
| 4000 | NeoGenomics Inc.† | 49880 | 37960 |
| 30000 | Neuronetics Inc.† | 81297 | 110400 |
| 170000 | OPKO Health Inc.† | 393670 | 282200 |
| 139000 | Orthofix Medical Inc.† | 2794793 | 2267090 |
| 70500 | QuidelOrtho Corp.† | 312578 | 2465385 |
| 22000 | Seikagaku Corp. | 240251 | 108394 |
| 22000 | STERIS plc | 959546 | 4986300 |
| 19000 | Straumann Holding AG | 170618 | 2275404 |
| 3000 | Stryker Corp. | 142188 | 1116750 |
| 20300 | SurModics Inc.† | 402508 | 619759 |
| 2000 | Teladoc Health Inc.† | 31318 | 15920 |
| 400 | The Cooper Companies Inc.† | 3627 | 33740 |
| 38000 | United-Guardian Inc. | 332419 | 341620 |
| 44000 | Zimvie Inc.† | 676323 | 475200 |
|  |  | 17548846 | 54683812 |
|  | **Home Furnishings — 0.3%** |  |  |
| 161500 | Bassett Furniture Industries Inc. | 1528689 | 2462875 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market <br> Value** | **Market <br> Value** |
| 5000 | Ethan Allen Interiors Inc. | $| 116387 | $| 138500 |
| 49500 | La-Z-Boy Inc. |  | 752177 |  | 1934955 |
|  |  |  | 2397253 |  | 4536330 |
|  | **Hotels and Gaming — 3.7%** |  |  |  |  |
| 41500 | Boyd Gaming Corp. |  | 174727 |  | 2731945 |
| 189500 | Canterbury Park Holding Corp. |  | 1941233 |  | 3458375 |
| 130200 | Churchill Downs Inc. |  | 512594 |  | 14461314 |
| 120000 | Formosa International Hotels Corp. |  | 775629 |  | 746329 |
| 533500 | Full House Resorts Inc.† |  | 1559776 |  | 2230030 |
| 48000 | Gaming and Leisure Properties Inc., REIT |  | 358331 |  | 2443200 |
| 750000 | Genting Singapore Ltd. |  | 688148 |  | 418667 |
| 120000 | Golden Entertainment Inc. |  | 1800595 |  | 3166800 |
| 2250000 | Mandarin Oriental International Ltd. |  | 2913165 |  | 3937500 |
| 3000 | Penn Entertainment Inc.† |  | 13028 |  | 48930 |
| 234000 | Ryman Hospitality Properties Inc., REIT |  | 3622466 |  | 21396960 |
| 2500000 | The Hongkong & Shanghai Hotels Ltd. |  | 2476225 |  | 1834491 |
| 160000 | The Marcus Corp. |  | 1763202 |  | 2670400 |
| 13300 | Wynn Resorts Ltd. |  | 23676 |  | 1110550 |
|  |  |  | 18622795 |  | 60655491 |
|  | **Machinery — 2.3%** |  |  |  |  |
| 350000 | Astec Industries Inc. |  | 12114494 |  | 12057500 |
| 1400000 | CNH Industrial NV |  | 3561149 |  | 17192000 |
| 100000 | Kennametal Inc. |  | 1912660 |  | 2130000 |
| 4500 | Nordson Corp. |  | 74040 |  | 907740 |
| 156000 | The Eastern Co. |  | 3035809 |  | 3949920 |
| 150000 | Twin Disc Inc. |  | 1669489 |  | 1135500 |
|  |  |  | 22367641 |  | 37372660 |
|  | **Manufactured Housing and Recreational Vehicles — 2.1%** | **Manufactured Housing and Recreational Vehicles — 2.1%** | **Manufactured Housing and Recreational Vehicles — 2.1%** | **Manufactured Housing and Recreational Vehicles — 2.1%** | **Manufactured Housing and Recreational Vehicles — 2.1%** |
| 42600 | Cavco Industries Inc.† |  | 817304 |  | 22136238 |
| 74500 | Champion Homes Inc.† |  | 421781 |  | 7059620 |
| 74908 | Nobility Homes Inc. |  | 918131 |  | 2359602 |
| 51500 | Winnebago Industries Inc. |  | 584494 |  | 1774690 |
|  |  |  | 2741710 |  | 33330150 |
|  | **Metals and Mining — 0.1%** |  |  |  |  |
| 45000 | Ivanhoe Mines Ltd., Cl. A† |  | 117783 |  | 382127 |
| 95000 | Kinross Gold Corp. |  | 412123 |  | 1197950 |
| 50000 | Sierra Metals Inc.† |  | 8130 |  | 27350 |
|  |  |  | 538036 |  | 1607427 |
|  | **Publishing — 0.4%** |  |  |  |  |
| 2700 | Graham Holdings Co., Cl. B |  | 1295342 |  | 2594322 |
| 4500 | John Wiley & Sons Inc., Cl. B |  | 17438 |  | 200700 |
| 50000 | Lee Enterprises Inc.† |  | 516251 |  | 519000 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Schedule of Investments (Continued) — March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Publishing (Continued)** |  |  |
| 34000 | News Corp., Cl. A | $48038 | $925480 |
| 771000 | The E.W. Scripps Co., Cl. A† | 3879763 | 2282160 |
|  |  | 5756832 | 6521662 |
|  | **Real Estate — 1.9%** |  |  |
| 84000 | Capital Properties Inc., Cl. A | 993062 | 800100 |
| 18007 | Gyrodyne LLC† | 295989 | 147297 |
| 17500 | Lamar Advertising Co., Cl. A, REIT | 115464 | 1991150 |
| 140000 | Millrose Properties Inc., REIT† | 1548400 | 3711400 |
| 89500 | Morguard Corp. | 1134374 | 7507415 |
| 30000 | Reading International Inc., Cl. A† | 133615 | 41700 |
| 7000 | Reading International Inc., Cl. B† | 104635 | 49140 |
| 31000 | Seritage Growth Properties, Cl. A† | 314192 | 100130 |
| 134000 | Tejon Ranch Co.† | 2911047 | 2123900 |
| 300000 | The St. Joe Co. | 4417926 | 14085000 |
| 88000 | Trinity Place Holdings Inc.† | 131322 | 4241 |
|  |  | 12100026 | 30561473 |
|  | **Retail — 6.9%** |  |  |
| 18000 | Advance Auto Parts Inc. | 745733 | 705780 |
| 18000 | Arko Corp. | 105163 | 71100 |
| 103000 | AutoNation Inc.† | 1617178 | 16677760 |
| 120000 | Big 5 Sporting Goods Corp. | 725295 | 116028 |
| 1100 | Biglari Holdings Inc., Cl. A† | 742432 | 1209989 |
| 294000 | Copart Inc.† | 615636 | 16637460 |
| 127500 | Hertz Global Holdings Inc.† | 885208 | 502350 |
| 198300 | Ingles Markets Inc., Cl. A | 2519926 | 12915279 |
| 53500 | Lands' End Inc.† | 584018 | 544630 |
| 70000 | Movado Group Inc. | 1036083 | 1170400 |
| 156000 | Nathan's Famous Inc. | 213167 | 15034500 |
| 65500 | Penske Automotive Group Inc. | 952787 | 9430690 |
| 80000 | Pets at Home Group plc | 137119 | 223628 |
| 476000 | Rush Enterprises Inc., Cl. B | 2241525 | 26903520 |
| 22500 | Salvatore Ferragamo SpA | 295627 | 150841 |
| 15000 | The Cheesecake Factory Inc. | 285075 | 729900 |
| 111500 | Tractor Supply Co. | 191121 | 6143650 |
| 49200 | Village Super Market Inc., Cl. A | 1154129 | 1870092 |
| 500 | Winmark Corp. | 34190 | 158935 |
|  |  | 15081412 | 111196532 |
|  | **Specialty Chemicals — 1.7%** |  |  |
| 3200 | Albemarle Corp. | 47663 | 230464 |
| 28000 | Ashland Inc. | 210127 | 1660120 |
| 230400 | H.B. Fuller Co. | 2408174 | 12930048 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
| 35400 | Hawkins Inc. | $572913 | $3749568 |
| 25000 | Huntsman Corp. | 74303 | 394750 |
| 5600 | NewMarket Corp. | 561284 | 3172120 |
| 8400 | Quaker Chemical Corp. | 128365 | 1038324 |
| 7500 | Rogers Corp.† | 729615 | 506475 |
| 22500 | Sensient Technologies Corp. | 433815 | 1674675 |
| 2500 | Takasago International Corp. | 66073 | 106007 |
| 91200 | The General Chemical Group Inc.†(b) | 1186 | 0 |
| 75000 | Treatt plc | 443245 | 329396 |
| 56500 | Valvoline Inc.† | 155359 | 1966765 |
|  |  | 5832122 | 27758712 |
|  | **Telecommunications — 0.9%** |  |  |
| 61000 | Gogo Inc.† | 292823 | 525820 |
| 3500 | IDT Corp., Cl. B | 11346 | 179585 |
| 165000 | Liberty Global Ltd., Cl. A† | 1771608 | 1899150 |
| 122000 | Liberty Global Ltd., Cl. C† | 1193859 | 1460340 |
| 57718 | Liberty Latin America Ltd., Cl. A† | 462756 | 365355 |
| 100 | Liberty Latin America Ltd., Cl. B† | 1002 | 546 |
| 86000 | Nuvera Communications Inc.† | 632704 | 946860 |
| 82000 | Rogers Communications Inc., Cl. B | 293920 | 2191860 |
| 110000 | Shenandoah Telecommunications Co. | 875253 | 1382700 |
| 59000 | Sunrise Communications AG, Cl. A† | 2701716 | 2847632 |
| 36000 | Telephone and Data Systems Inc. | 456151 | 1394640 |
| 42856 | VEON Ltd., ADR† | 953027 | 1868950 |
|  |  | 9646165 | 15063438 |
|  | **Transportation — 3.2%** |  |  |
| 321000 | GATX Corp. | 8947799 | 49841670 |
| 18600 | Irish Continental Group plc | 13660 | 106595 |
| 124000 | Navigator Holdings Ltd. | 1188912 | 1650440 |
|  |  | 10150371 | 51598705 |
|  | **Wireless Communications — 0.2%** |  |  |
| 49000 | United States Cellular Corp.† | 1270628 | 3388350 |
|  | **TOTAL COMMON STOCKS** | 421212846 | 1612194137 |
|  | **CLOSED-END FUNDS — 0.1%** |  |  |
| 38500 | The Central Europe, Russia, and Turkey Fund Inc. | 641988 | 555555 |
| 32229 | The European Equity Fund Inc. | 319370 | 293284 |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Schedule of Investments (Continued) — March 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market <br> Value** | **Market <br> Value** |
|  | **CLOSED-END FUNDS (Continued)** |  |  |  |  |
| 108000 | The New Germany Fund Inc. | $| 1417260 | $| 1059480 |
|  |  |  | 2378618 |  | 1908319 |
|  | **TOTAL CLOSED-END FUNDS** |  | 2378618 |  | 1908319 |
|  | **PREFERRED STOCKS — 0.2%** |  |  |  |  |
|  | **Automotive: Parts and Accessories — 0.2%** | **Automotive: Parts and Accessories — 0.2%** | **Automotive: Parts and Accessories — 0.2%** | **Automotive: Parts and Accessories — 0.2%** | **Automotive: Parts and Accessories — 0.2%** |
| 82500 | Jungheinrich AG |  | 563490 |  | 2861768 |
|  | **RIGHTS — 0.0%** |  |  |  |  |
|  | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| 60500 | Pineapple Energy Inc., CVR† |  | 0 |  | 3630 |
|  | **WARRANTS — 0.0%** |  |  |  |  |
|  | **Diversified Industrial — 0.0%** |  |  |  |  |
| 140000 | Ampco-Pittsburgh Corp., expire 08/01/25† |  | 95648 |  | 1806 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount** |  | | |
|  | **CONVERTIBLE CORPORATE BONDS — 0.0%** | **CONVERTIBLE CORPORATE BONDS — 0.0%** | **CONVERTIBLE CORPORATE BONDS — 0.0%** |
|  | **Cable — 0.0%** |  |  |
| $200000 | AMC Networks Inc., 4.250%, 02/15/29(c) | 198179 | 176600 |
|  | **TOTAL INVESTMENTS — 99.9%** | $424448781 | 1617146260 |
|  | **Other Assets and Liabilities (Net) — 0.1%** | **Other Assets and Liabilities (Net) — 0.1%** | 1620220 |
|  | **NET ASSETS — 100.0%** |  | $1618766480 |

---

(a) Security considered an affiliated holding because the Fund owns at least 5% of
 its outstanding shares. See Note 10.

(b) Security is valued using significant as Level 3 in the fair value hierarchy.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933,
 as amended. This security may be resold in transactions exempt from registration, normally to qualified

† Non-income producing security.

ADR American Depositary Receipt

CVR Contingent Value Right

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Statement of Assets and Liabilities** 

**March 31, 2025** 

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $418,023,533) | $1606590178 |
| &nbsp;&nbsp;&nbsp;Investments in affiliates, at value (cost $6,425,249) | 10556082 |
| &nbsp;&nbsp;&nbsp;Cash | 14 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $107,422) | 106668 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 5690260 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 1351519 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1578714 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 111069 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 1625984504 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Line of credit payable | 4059000 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 1410691 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 1401479 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 182876 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 156478 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 7218024 |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 38,832,275 shares outstanding) | $1618766480 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $406202305 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 1212564175 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $1618766480 |
| **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 ($637,342,259 ÷ 15,582,890 shares outstanding; 150,000,000 shares authorized) | $40.90 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($128,954,528 ÷ 3,158,236 shares outstanding; 50,000,000 shares authorized) | $40.83 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $43.32 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($18,108,245 ÷ 602,700 shares outstanding; 50,000,000 shares authorized) | $30.05 (a) |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($834,361,448 ÷ 19,488,449 shares outstanding; 50,000,000 shares authorized) | $42.81 |

---

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

**Statement of Operations**

**For the six months ended March 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $89,399) | $10470446 |
| &nbsp;&nbsp;&nbsp;Interest | 256591 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 10727037 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 8897772 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 886925 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 179034 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 105699 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 679614 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 180779 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 78546 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 54561 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 42963 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 41572 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 22500 |
| &nbsp;&nbsp;&nbsp;Interest expense | 36 |
| &nbsp;&nbsp;&nbsp;ReFlow service fees | 811 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 55377 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 11226189 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fee reduction on unsupervised assets (See Note 3) | (52345) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 11173844 |
| &nbsp;&nbsp;&nbsp;**Net Investment Loss** | (446807) |
| **Net Realized and Unrealized Gain/(Loss) on Investments, Redemption In-Kind, and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments - unaffiliated | 48244942 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments - affiliated | 2515 |
| &nbsp;&nbsp;&nbsp;Net realized gain on in-kind transactions | 524828 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (21004) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, redemption in-kind, and foreign currency transactions | 48751281 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;on investments - unaffiliated | (156536633) |
| &nbsp;&nbsp;&nbsp;on investments - affiliated | (15278523) |
| &nbsp;&nbsp;&nbsp;on foreign currency translations | 6418 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (171808738) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments, Redemption In-Kind, and Foreign Currency** | (123057457) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | $(123504264) |

---

See accompanying notes to financial statements.

**The Gabelli Small Cap Growth Fund**

**Statement of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(446807) | $2433011 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, redemption in-kind, and foreign currency transactions | 48751281 | 120727366 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (171808738) | 279272397 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Resulting from Operations** | (123504264) | 402432774 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (44445120) | (80231713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (9008256) | (10652797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1374578) | (2482651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (57872090) | (45194453) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (112700044) | (138561614) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (5653497) | (285189970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 779771 | 7078402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (2149724) | (9320759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 52475614 | 269055155 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Capital Share Transactions** | 45452164 | (18377172) |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 113 | 1198 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | (190752031) | 245495186 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1809518511 | 1564023325 |
| &nbsp;&nbsp;&nbsp;End of period | $1618766480 | $1809518511 |

---

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** |
| Year Ended September 30 | Net Asset Value, Beginning of Year | Net<br> Investment<br> Income<br> (Loss) (a)(b) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Net Investment Income | Net Realized Gain on Investments | Total Distributions | Redemption Fees(a)(c) | Net Asset Value, End of Period | Total Return† | Net Assets, End of Period (in 000's) | Net<br> Investment<br> Income<br> (Loss)(b) | Operating Expenses Before Reimbursement | Operating<br> Expenses Net of<br> Reimbursement(d)(e)(f) | Portfolio Turnover Rate |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(g) | $46.91 | $(0.04) | $(3.11) | $(3.15) | $— | $(2.86) | $(2.86) | $0.00 | $40.90 | (7.10)% | $637342 | (0.17)%(h) | 1.38 %(h) | 1.37 %(h) | 0 %(i) |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 53.92 | 0.04 | (0.63) | (0.59) | (0.07) | (9.96) | (10.03) | 0.00 | 43.30 | (2.08) | 884341 | 0.08 | 1.41 | 1.41 | 0 (i) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(g) | $46.85 | $(0.04) | $(3.10) | $(3.14) | $(0.03) | $(2.85) | $(2.88) | $0.00 | $40.83 | (7.09)% | $128955 | (0.17)%(h) | 1.38 %(h) | 1.37 %(h) | 0 %(i) |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 53.89 | 0.05 | (0.64) | (0.59) | (0.08) | (9.96) | (10.04) | 0.00 | 43.26 | (2.08) | 110975 | 0.11 | 1.41 | 1.41 | 0 (i) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(g) | $34.59 | $(0.15) | $(2.28) | $(2.43) | $— | $(2.11) | $(2.11) | $0.00 | $30.05 | (7.42)% | $18108 | (0.93)%(h) | 2.13 %(h) | 2.12 %(h) | 0 %(i) |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 46.63 | (0.24) | (0.48) | (0.72) |  | (9.96) | (9.96) | 0.00 | 35.95 | (2.80) | 75505 | (0.65) | 2.16 | 2.16 | 0 (i) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(g) | $49.19 | $0.02 | $(3.27) | $(3.25) | $(0.14) | $(2.99) | $(3.13) | $0.00 | $42.81 | (7.00)% | $834361 | 0.08 %(h) | 1.13 %(h) | 1.12 %(h) | 0 %(i) |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 55.29 | 0.15 | (0.64) | (0.49) | (0.22) | (9.96) | (10.18) | 0.00 | 44.62 | (1.83) | 568065 | 0.34 | 1.16 | 1.16 | 0 (i) |

---

† 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 years 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, 2021, and 2020. If interest expense had not been incurred, the ratios of operating expenses to average
 net assets would have been 1.38%, 1.38%, 1.37%, and 1.39% (Class AAA and Class A), 2.13%, 2.13%, 2.12%, and 2.14% (Class C), and 1.13%,
 1.13%, 1.12%, and 1.14% (Class I), respectively. For the six months ended March 31, 2025, there was no material impact to the expense
 ratios.

(f) Ratio of operating expenses includes advisory fee reduction on unsupervised assets
 totaling 0.01% of net assets for the fiscal year ended September 30, 2020. For the six months ended March 31, 2025, and the fiscal years
 ended September 30, 2024, 2023, 2022, and 2021, there was no impact on the expense ratios.

(g) For the six months ended March 31, 2025, unaudited.

(h) Annualized.

(i) Amount represents less than 0.5%.

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. The Board has designated the Adviser as the valuation designee under Rule 2a-5. 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.*** 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 Board so determines, by such other method as the Board 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 Board 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 Board determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Board. 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 Board. 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

**The Gabelli Small Cap Growth Fund**

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

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, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1**<br> **Quoted Prices** | **Level 2 Other**<br> **Significant**<br> **Observable Inputs(a)** | **Level 3 Significant**<br> **Unobservable**<br> **Inputs (b)** |<br>**Total Market Value**<br> **at 03/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automotive: Parts and Accessories | $68670421 | $4 |  | $68670425 |
| &nbsp;&nbsp;&nbsp;Aviation: Parts and Services | 23836155 | 3051056 |  | 26887211 |
| &nbsp;&nbsp;&nbsp;Consumer Services | 16625501 | 193450 |  | 16818951 |
| &nbsp;&nbsp;&nbsp;Diversified Industrial | 200871933 | 73500 |  | 200945433 |
| &nbsp;&nbsp;&nbsp;Financial Services | 107635694 |  | $5000 | 107640694 |
| &nbsp;&nbsp;&nbsp;Food and Beverage | 75649270 | 4531 |  | 75653801 |
| &nbsp;&nbsp;&nbsp;Specialty Chemicals | 27758712 |  | 0 | 27758712 |
| &nbsp;&nbsp;&nbsp;Telecommunications | 14116032 | 947406 |  | 15063438 |
| &nbsp;&nbsp;&nbsp;Other Industries (c) | 1072755472 |  |  | 1072755472 |
| Total Common Stocks | 1607919190 | 4269947 | 5000 | 1612194137 |
| Closed-End Funds | 1908319 |  |  | 1908319 |
| Preferred Stocks (c) | 2861768 |  |  | 2861768 |
| Rights (c) |  | 3630 |  | 3630 |
| Warrants (c) | 1806 |  |  | 1806 |
| Convertible Corporate Bonds (c) |  | 176600 |  | 176600 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $1612691083 | $4450177 | $5000 | $1617146260 |

---

(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) 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.

**The Gabelli Small Cap Growth Fund**

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

***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.

***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.

**The Gabelli Small Cap Growth Fund Notes to Financial Statements (Unaudited) (Continued)**

***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, 2025, 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, 2025, 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.

***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. 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 Gabelli Small Cap Growth Fund Notes to Financial Statements (Unaudited) (Continued)**

The tax character of distributions paid during the fiscal year ended September 30, 2024 was as follows:

---

| | |
|:---|:---|
| **Distributions paid from:** | |
| Ordinary income | $3883698 |
| Net long term capital gains | 142401412 |
| Total distributions paid | $146285110 |

---

***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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation** |
| Investments | $429178023 | $1220294330 | $(32326093) | $1187968237 |

---

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, 2025, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2025, 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.

**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.

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, 2025, 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 $52,346.

**The Gabelli Small Cap Growth 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, 2025, other than short term securities and U.S. Government obligations, aggregated $8,593,917 and $65,951,703, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the six months ended March 31, 2025, the Fund paid $13,340 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $8,958 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2025, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses.

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, 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, 2025, 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.

During the six months ended March 31, 2025, the Fund engaged in purchase transactions with funds that have a common investment adviser. These transactions complied with Rule 17a-7 under the Act and amounted to $414,995 in purchase transactions.

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on February 25, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. 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, 2025, there was $4,059,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 42 days of borrowings during the six months ended March 31, 2025 was $2,002,762 with a weighted average interest rate of 5.58%. The maximum amount borrowed at any time during the six months ended March 31, 2025 was $5,076,000.

**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 Gabelli Small Cap Growth Fund Notes to Financial Statements (Unaudited) (Continued)**

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, 2025 and the fiscal year ended September 30, 2024, 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, 2025<br> (Unaudited)** | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, 2024** | **Year Ended<br> September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 200258 | $8882798 | 1334397 | $55387301 |
| Shares issued upon reinvestment of distributions | 999381 | 43613090 | 2122481 | 78001154 |
| Shares redeemed | (1318818) | (58149385) | (9956447) | (418578425) |
| &nbsp;&nbsp;&nbsp;Net decrease | (119179) | $(5653497) | (6499569) | $(285189970) |
| **Class A** |  |  |  |  |
| Shares sold | 165693 | $7346799 | 529785 | $22053755 |
| Shares issued upon reinvestment of distributions | 197534 | 8606552 | 276050 | 10131018 |
| Shares redeemed | (345134) | (15173580) | (595857) | (25106371) |
| &nbsp;&nbsp;&nbsp;Net increase | 18092 | $779771 | 209978 | $7078402 |
| **Class C** |  |  |  |  |
| Shares sold | 63329 | $2066174 | 185116 | $5795194 |
| Shares issued upon reinvestment of distributions | 42700 | 1373224 | 90809 | 2478175 |
| Shares redeemed | (171517) | (5589121) | (565446) | (17594128) |
| &nbsp;&nbsp;&nbsp;Net decrease | (65488) | $(2149724) | (289521) | $(9320759) |
| **Class I** |  |  |  |  |
| Shares sold | 1525004 | $70828596 | 7871168 | $350032189 |
| Shares issued upon reinvestment of distributions | 1224193 | 55878125 | 1152679 | 44308968 |
| Shares redeemed in-kind |  | (590993) |  |  |
| Shares redeemed | (1614234) | (73640114) | (2880702) | (125286002) |
| &nbsp;&nbsp;&nbsp;Net increase | 1134963 | $52475614 | 6143145 | $269055155 |

---

***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

**The Gabelli Small Cap Growth Fund Notes to Financial Statements (Unaudited) (Continued)**

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, 2025 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** |
| 13413 | $0 | $590993 | $811 |

---

**9. 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, 2025 is set forth below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market<br> Value at<br> September 30,<br> 2024** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain** | **Change In<br> Unrealized<br> Appreciation** | **Market<br> Value at<br> March 31, 2025** | **Dividend<br> Income** | **Percent<br> Owned of<br> Shares** |
| Bel Fuse Inc., Cl. A\*\* | $16803670 |  | $10182680 | $8268893 | $10047451 | $4842432 | $13044 |  |
| Strattec Security Corp.† | 10792980 | $11067 | 68812 | 2515 | 805668 | 9932082 |  |  |
| Trans-Lux Corp.† | 1162400 |  |  |  | 538400 | 624000 |  |  |
| Total |  |  |  | $8271408 | $11391519 | $15398514 | $13044 |  |

---

\*\* Security is no longer considered affiliated at March 31, 2025.

† Non-income producing security.

**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.** In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in 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.** Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no 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.

**This page was intentionally left blank.**

**This page was intentionally left blank.**

![](equityseriesncsrs006.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:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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** |
| Year Ended September 30 | Net Asset Value, Beginning of Year | Net<br> Investment<br> Income<br> (Loss)(a) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Net Investment Income | Net Realized Gain on Investments | Return of Capital | Total<br> Distributions | Redemption Fees(a)(b) | Net Asset Value, End of Period | Total Return† | Net Assets, End of Period (in 000's) | Net Investment Income (Loss) | Operating<br> Expenses(c)(d) | Portfolio Turnover Rate |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $6.59 | $0.01 | $(0.07) | $(0.06) | $(0.60) | $— | $— | $(0.60) | $0.00 | $5.93 | (1.04)% | $171972 | 0.46 %(f) | 1.43 %(f) | 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 |
| &nbsp;&nbsp;&nbsp;2020 | 13.61 | 0.10 (h) | (0.02) | 0.08 | (0.11) | (2.39) | (1.15) | (3.65) | 0.00 | 10.04 | 0.93 | 272980 | 0.75 (h) | 1.45 | 0 (g) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $6.45 | $0.01 | $(0.06) | $(0.05) | $(0.60) | $— | $— | $(0.60) | $0.00 | $5.80 | (0.89)% | $113524 | 0.46 %(f) | 1.43 %(f) | 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 |
| &nbsp;&nbsp;&nbsp;2020 | 13.49 | 0.10 (h) | (0.02) | 0.08 | (0.11) | (2.39) | (1.15) | (3.65) | 0.00 | 9.92 | 0.95 | 69201 | 0.75 (h) | 1.45 | 0 (g) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $7.87 | $(0.01) | $(0.08) | $(0.09) | $(0.60) | $— | $— | $(0.60) | $0.00 | $7.18 | (1.25)% | $10783 | (0.29)%(f) | 2.18 %(f) | 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(i) | 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 |
| &nbsp;&nbsp;&nbsp;2020 | 9.48 | 0.00 (b)(h) | (0.02) | (0.02) | (0.06) | (2.39) | (1.20) | (3.65) | 0.00 | 5.81 | 0.27 | 53605 | 0.00 (h)(j) | 2.20 | 0 (g) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(e) | $7.99 | $0.03 | $(0.09) | $(0.06) | $(0.60) | $— | $— | $(0.60) | $0.00 | $7.33 | (0.85)% | $138370 | 0.71 %(f) | 1.18 %(f) | 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 |
| &nbsp;&nbsp;&nbsp;2020 | 14.68 | 0.14 (h) | (0.02) | 0.12 | (0.14) | (2.39) | (1.12) | (3.65) | 0.00 | 11.15 | 1.14 | 130903 | 1.00 (h) | 1.20 | 0 (g) |

---

---

| | |
|:---|:---|
| \* | 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 during the six months ended March 31, 2025, 1.43%, (Class AAA and Class A), 1.18%, (Class I) and 2.18%, (Class C), For the fiscal years ended September 30, 2024, 2023, 2022, 2021, and 2020. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been, 1.42%, 1.42%, 1.41%, 1.41%, and 1.42%, (Class AAA and Class A), 2.17%, 2.16%, 2.16%, and 2.17%, (Class C1), 1.17%, 1.17%, 1.16%, 1.16%, 1.17% (Class I), and 2.17%, and 2.29% (Class C), respectively. |
| (e) | For the six months ended March 31, 2025, unaudited. |
| (f) | Annualized. |
| (g) | Amount represents less than 0.5%. |
| (h) | Includes income resulting from special dividends. Without these dividends, the per share income (loss) amounts would have been $0.09 (Class AAA and Class A), $(0.01) (Class C), and $0.13 (Class I), respectively, and the net investment income (loss) ratio would have been 0.68% (Class AAA and Class A), (0.07)% (Class C), and 0.93% (Class I), respectively. |
| (i) | Class C commenced on June 1, 2023. |
| (j) | Amount represents less than 0.005%. |

---

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** | **Ratios to Average Net Assets/Supplemental Data** |
| Year Ended September 30 | Net Asset Value, Beginning of Year | Net Investment Income(a) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Net Investment Income | Total Distributions | Redemption<br> Fees(a) | Net Asset Value, End of Period | Total Return† | Net Assets, End of Period (in 000's) | Net Investment Income | Operating Expenses Before Reimbursement | Operating<br> Expenses Net of<br> Reimbursement(b)(c) | Portfolio Turnover Rate |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $15.47 | $0.14 | $1.14 | $1.28 | $(0.35) | $(0.35) | $0.00 (e) | $16.40 | 8.29% | $2522 | 1.67 %(f) | 1.64 %(f) | 1.25 %(f) | 3% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 9.09 | 0.11 | (1.90) | (1.79) | (0.22) | (0.22) | 0.00 (e) | 7.08 | (20.33) | 47 | 1.34 | 2.51 | 1.25 | 18 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $15.63 | $0.14 | $1.14 | $1.28 | $(0.36) | $(0.36) | $0.00 (e) | $16.55 | 8.20% | $24 | 1.73 %(f) | 1.64 %(f) | 1.25 %(f) | 3% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 9.10 | 0.16 | (1.94) | (1.78) | (0.24) | (0.24) | 0.00 (e) | 7.08 | (20.24) | 8 | 2.12 | 2.51 | 1.25 | 18 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $15.31 | $0.07 | $1.14 | $1.21 | $(0.24) | $(0.24) | $— | $16.28 | 7.91% | $2 | 0.91 %(f) | 2.39 %(f) | 1.97 %(f) | 3% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 9.05 | 0.06 | (1.91) | (1.85) | (0.17) | (0.17) | 0.00 (e) | 7.03 | (20.97) | 1 | 0.76 | 3.26 | 2.00 | 18 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $15.48 | $0.16 | $1.14 | $1.30 | $(0.39) | $(0.39) | $0.00 (e) | $16.39 | 8.38% | $49521 | 1.91 %(f) | 1.39 %(f) | 1.00 %(f) | 3% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 9.11 | 0.14 | (1.91) | (1.77) | (0.26) | (0.26) | 0.00 (e) | 7.08 | (20.17) | 13445 | 1.84 | 2.26 | 1.00 | 18 |

---

† 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, 2021, and 2020, if credits had not been received, the expense ratios would have been 1.26%,
 1.28%, 1.26%, and 1.26% (Class AAA and Class A), 2.01%, 2.02%, 2.01%, and 2.01% (Class C), and 1.01%, 1.03%, 1.01%, and 1.01% (Class I),
 respectively. For the six months ended March 31, 2025 and the fiscal year ended September 30, 2024, there was no material impact to the
 expense ratios.

(c) Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $92,804, $166,565,
 $174,121, $149,730, $165,217, and $174,126 for the six months ended March 31, 2025 and the fiscal years ended September 30, 2024, 2023,
 2022, 2021, and 2020, respectively.

(d) For the six months ended March 31, 2025, 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 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** |
| Year Ended September 30 | Net Asset Value, Beginning of Year | Net<br> Investment<br> Income<br> (Loss) (a)(b) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Net Investment Income | Net Realized Gain on Investments | Total <br> Distributions | Redemption<br> Fees(a) | Net Asset Value, End of Period | Total Return† | Net Assets, End of Period (in 000's) | Net<br> Investment<br> Income<br> (Loss)(b) | Operating <br> Expenses<br> Before<br> Reimbursement | Operating<br> Expenses Net of<br> Reimbursement(c) | Portfolio<br> Turnover Rate |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $17.37 | $0.07 | $0.39 | $0.46 | $(0.36) | $— | $(0.36) | $0.00 (e) | $17.47 | 2.66% | $4994 | 0.78 %(f) | 1.67 %(f) | 1.67 %(f) | 20% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 12.93 | (0.03) | (0.42) | (0.45) |  |  |  | 0.00 (e) | 12.48 | (3.48) | 8713 | (0.24) | 1.71 | 1.71 | 59 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $17.66 | $0.10 | $0.40 | $0.50 | $(0.44) | $— | $(0.44) | $0.00 (e) | $17.72 | 2.85% | $23679 | 1.11 %(f) | 1.67 %(f) | 1.25 %(f)(g) | 20% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 13.06 | (0.03) | (0.41) | (0.44) |  |  |  | 0.00 (e) | 12.62 | (3.37) | 6644 | (0.24) | 1.71 | 1.71 | 59 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $13.90 | $0.02 | $0.29 | $0.31 | $(0.36) | $— | $(0.36) | $0.00 (e) | $13.85 | 2.24% | $1769 | 0.27 %(f) | 2.42 %(f) | 2.42 %(f) | 20% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 11.10 | (0.11) | (0.35) | (0.46) |  |  |  | 0.00 (e) | 10.64 | (4.14) | 6926 | (1.00) | 2.46 | 2.46 | 59 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(d) | $18.75 | $0.16 | $0.42 | $0.58 | $(0.44) | $— | $(0.44) | $0.00 (e) | $18.89 | 3.11% | $17985 | 1.69 %(f) | 1.42 %(f) | 0.80 %(f)(g) | 20% |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 13.36 | 0.00 (e) | (0.42) | (0.42) |  |  |  | 0.00 (e) | 12.94 | (3.14) | 8333 | 0.01 | 1.46 | 1.46 | 59 |

---

† 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, 2022, and 2020, if interest expense had not been
 incurred, the ratios of operating expenses to average net assets would have been 1.63%, 1.78%, 1.72%, and 1.70% (Class AAA), 1.25%, 1.25%,
 1.69%, and 1.70% (Class A), 2.38%, 2.53%, 2.47%, and 2.45% (Class C), and 0.80%, 0.80%, 0.80%, and 1.45% (Class I), respectively. For
 the six months ended March 31, 2025 and the fiscal year ended September 30, 2021, the effect of interest expense was minimal.

(d) For the six months
 ended March 31, 2025, 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 $104,163, $167,786, $187,761, $119,130 and $97,862 for the
 six months ended March 31, 2025 and the fiscal years ended September 30, 2024, 2023, 2022, and 2021, respectively.

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** |
| Year Ended September 30 | Net Asset Value, Beginning of Year | Net<br> Investment<br> Income<br> (Loss) (a)(b) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Net Investment Income | Net Realized Gain on Investments | Total Distributions | Redemption Fees(a)(c) | Net Asset Value, End of Period | Total Return† | Net Assets, End of Period (in 000's) | Net<br> Investment<br> Income<br> (Loss)(b) | Operating Expenses Before Reimbursement | Operating<br> Expenses Net of<br> Reimbursement(d)(e)(f) | Portfolio Turnover Rate |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(g) | $46.91 | $(0.04) | $(3.11) | $(3.15) | $— | $(2.86) | $(2.86) | $0.00 | $40.90 | (7.10)% | $637342 | (0.17)%(h) | 1.38 %(h) | 1.37 %(h) | 0 %(i) |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 53.92 | 0.04 | (0.63) | (0.59) | (0.07) | (9.96) | (10.03) | 0.00 | 43.30 | (2.08) | 884341 | 0.08 | 1.41 | 1.41 | 0 (i) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(g) | $46.85 | $(0.04) | $(3.10) | $(3.14) | $(0.03) | $(2.85) | $(2.88) | $0.00 | $40.83 | (7.09)% | $128955 | (0.17)%(h) | 1.38 %(h) | 1.37 %(h) | 0 %(i) |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 53.89 | 0.05 | (0.64) | (0.59) | (0.08) | (9.96) | (10.04) | 0.00 | 43.26 | (2.08) | 110975 | 0.11 | 1.41 | 1.41 | 0 (i) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(g) | $34.59 | $(0.15) | $(2.28) | $(2.43) | $— | $(2.11) | $(2.11) | $0.00 | $30.05 | (7.42)% | $18108 | (0.93)%(h) | 2.13 %(h) | 2.12 %(h) | 0 %(i) |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 46.63 | (0.24) | (0.48) | (0.72) |  | (9.96) | (9.96) | 0.00 | 35.95 | (2.80) | 75505 | (0.65) | 2.16 | 2.16 | 0 (i) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(g) | $49.19 | $0.02 | $(3.27) | $(3.25) | $(0.14) | $(2.99) | $(3.13) | $0.00 | $42.81 | (7.00)% | $834361 | 0.08 %(h) | 1.13 %(h) | 1.12 %(h) | 0 %(i) |
| &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 |
| &nbsp;&nbsp;&nbsp;2020 | 55.29 | 0.15 | (0.64) | (0.49) | (0.22) | (9.96) | (10.18) | 0.00 | 44.62 | (1.83) | 568065 | 0.34 | 1.16 | 1.16 | 0 (i) |

---

† 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 years 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, 2021, and 2020. If interest expense had not been incurred, the ratios of operating expenses to average
 net assets would have been 1.38%, 1.38%, 1.37%, and 1.39% (Class AAA and Class A), 2.13%, 2.13%, 2.12%, and 2.14% (Class C), and 1.13%,
 1.13%, 1.12%, and 1.14% (Class I), respectively. For the six months ended March 31, 2025, there was no material impact to the expense
 ratios.

(f) Ratio of operating expenses includes advisory fee reduction on unsupervised assets
 totaling 0.01% of net assets for the fiscal year ended September 30, 2020. For the six months ended March 31, 2025, and the fiscal years
 ended September 30, 2024, 2023, 2022, and 2021, there was no impact on the expense ratios.

(g) For the six months ended March 31, 2025, unaudited.

(h) Annualized.

(i) Amount represents less than 0.5%.

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;

---

| | |
|:---|:---|
| &nbsp;&nbsp;Elizabeth C. Bogan | &nbsp;&nbsp;$14000 |
| &nbsp;&nbsp;Vincent D. Enright | &nbsp;&nbsp;$17000 |
| &nbsp;&nbsp;Robert Morrissey | &nbsp;&nbsp;$13000 |
| &nbsp;&nbsp;Anthonie C. van Ekris | &nbsp;&nbsp;$13000 |
| &nbsp;&nbsp;Salvatore J. Zizza | &nbsp;&nbsp;$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, 2024) 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 three- and ten-year periods, the second quartile for the five-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 three-, five-, and ten-year periods and the third quintile for the one-year period. The Independent Board Members noted the Fund's total return was above the median total return for the three-, five-, and ten-year periods and at the median for the one-year period 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, 2024) 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 second quartile for the five-year period, the third quartile for the three-year period, and the fourth quartile for the one- 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 fourth quintile for the five-year period, and the fifth quintile for the one-, three-, 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, 2024) 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 second quartile for the three-, and five-year periods, the second quartile for the three-year period, and the fourth quartile for the one- 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 third quintile for the one-, and five-, year periods, and the fifth quintile for the three-, 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, 2024) 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 three-year period, second quartile for the five- year period and 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 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.](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.](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 6, 2025 |

---

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 6, 2025 |
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | June 6, 2025 |

---

 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**[Gabelli Equity Series Funds, Inc. N-CSRS](equityseries-ncsrs_033125.htm)**

**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.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Executive Officer |

---

**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.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Financial Officer and Treasurer |

---

## Exhibit 99.906

**[Gabelli Equity Series Funds, Inc. N-CSRS](equityseries-ncsrs_033125.htm)**

**Exhibit 99.906CERT**

**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;&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;&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.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Executive Officer |

---

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;&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;&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.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Financial Officer and Treasurer |

---