# EDGAR Filing Document

**Accession Number:** 0000893783
**File Stem:** 0001829126-26-002109
**Filing Date:** 2026-3
**Character Count:** 140212
**Document Hash:** e2f04cf251b098c1bd21a179442cf1a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-002109.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001829126-26-002109

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GABELLI INVESTOR FUNDS INC
- **CENTRAL INDEX KEY:** 0000893783

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07326
- **FILM NUMBER:** 26735879

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580-1434
- **BUSINESS PHONE:** 9149215100

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580-1434

## Series and Classes Contracts Data

### THE GABELLI ABC FUND (Series ID: S000001070)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000002886 | CLASS I        | GABCX           |
| C000050409 | Advisor Shares | GADVX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

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

Investment Company Act file number <u>811-07326</u>

**Gabelli Investor Funds, Inc.**

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2025</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 ABC Fund

# Class I - GABCX

#### Annual Shareholder Report - December 31, 2025
![Image](id7ae46c1ce48394487481295.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli ABC Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. The Fund seeks to achieve total returns attractive to investors in various market conditions without excessive risk of capital loss and invests primarily in securities of domestic and foreign issuers Gabelli Funds, LLC, (the Adviser) believes will provide attractive opportunities for appreciation or investment income. The Adviser seeks to limit excessive risk of capital loss by utilizing various investment strategies, including investing in value oriented common stocks, that trade at a significant discount to the Adviser's assessment of their "private market value" (the value informed investors would be willing to pay to acquire the entire company), virtually risk free U.S. Treasury Bills, and by utilizing certain merger and arbitrage (M&A) strategies. You may find additional information about the Fund at https://gabelli.com/ticker/GABCX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli ABC Fund - Class I** | **$105** | **1.02%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli ABC Fund underperformed its broad-based benchmark, the S&P 500 Index, and outperformed its comparative indices, the S&P SmallCap 600 Index and Lipper US Treasury Money Market Fund Average. Merger and acquisition (M&A) activity was strong for the year. The total volume of $4.6 trillion in 2025 represents a 49% increase relative to the previous year and the highest since 2021. Technology, industrials, and financials continued to be the top sectors for M&A. Contributors to performance included Lennar Corp, Pan American Silver Corp, and Fox Corp. Detractors included Venture Global, Inc., Perrigo Co. plc., and KKR & Co.

## 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](ib5145cd773a02455d229fa9d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli ABC Fund - Class I** | **S&P 500 Index** | **ICE BofA 3 Month U.S. Treasury Bill Index** | **Lipper U.S. Treasury Money-Market Fund Average** |
| **12/15** | 10000 | 10000 | 10000 | 10000 |
| **12/16** | 10308 | 11196 | 10033 | 10005 |
| **12/17** | 10535 | 13640 | 10118 | 10049 |
| **12/18** | 10556 | 13043 | 10309 | 10197 |
| **12/19** | 11063 | 17150 | 10544 | 10389 |
| **12/20** | 11383 | 20305 | 10614 | 10422 |
| **12/21** | 11881 | 26135 | 10619 | 10423 |
| **12/22** | 11642 | 21402 | 10775 | 10561 |
| **12/23** | 12449 | 27029 | 11314 | 11067 |
| **12/24** | 13431 | 33791 | 11908 | 11618 |
| **12/25** | 14246 | 39833 | 12406 | 12081 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli ABC Fund - Class I | 5.77% | 4.53% | 3.57% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| ICE BofA 3 Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |
| Lipper U.S. Treasury Money-Market Fund Average | 3.98% | 3.00% | 1.91% |

---

## Fund Statistics
* Total Net Assets$434,728,085

* Number of Portfolio Holdings272

* Portfolio Turnover Rate134%

* Management Fees$2,175,093

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

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Lennar Corp. Cl B | 17.5% |
| Lennar Corp. Cl A | (14.5)% |
| Confluent Inc. Cl A | 2.3% |
| Fox Corp. Cl B | 1.9% |
| TEGNA Inc. | 1.8% |
| TXNM Energy Inc. | 1.5% |
| Pan American Silver Corp. | 1.3% |
| KKR & Co. Inc. | 1.2% |
| National Fuel Gas Co. | 0.9% |
| Chart Industries Inc. | 0.8% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 52.8% |
| Common Stocks – Securities Sold Short | (15.0)% |
| U.S. Government Obligations | 44.2% |
| Rights | 0.4% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | 17.5% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i2a156c7eb7f39378398e2e4d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Obligations | 44.2% |
| Building and Construction | 17.5% |
| Building and Construction - Short | (14.5)% |
| Energy and Utilities | 5.5% |
| Metals and Mining | 3.6% |
| Entertainment | 3.2% |
| Diversified Industrial | 3.0% |
| Computer Software and Services | 2.9% |
| Other Industry sectors | 17.1% |
| Other Assets and Liabilities (Net) | 17.5% |

---

![Image](id7ae46c1ce48394487481295.jpg)

#### The Gabelli ABC Fund

#### Annual Shareholder Report - December 31, 2025

#### Class I - GABCX

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

**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)

GABCX-25-ATSR

# The Gabelli ABC Fund

# Advisor Class - GADVX

#### Annual Shareholder Report - December 31, 2025
![Image](id7ae46c1ce48394487481295.jpg)

## Fund Overview
This annual shareholder report contains important information about The Gabelli ABC Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. The Fund seeks to achieve total returns attractive to investors in various market conditions without excessive risk of capital loss and invests primarily in securities of domestic and foreign issuers Gabelli Funds, LLC, (the Adviser) believes will provide attractive opportunities for appreciation or investment income. The Adviser seeks to limit excessive risk of capital loss by utilizing various investment strategies, including investing in value oriented common stocks, that trade at a significant discount to the Adviser's assessment of their "private market value" (the value informed investors would be willing to pay to acquire the entire company), virtually risk free U.S. Treasury Bills, and by utilizing certain merger and arbitrage (M&A) strategies. You may find additional information about the Fund at https://gabelli.com/ticker/GADVX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **The Gabelli ABC Fund - Advisor Class** | **$129** | **1.27%** |

---

## How did the Fund perform?
For the year ended December 31, 2025, The Gabelli ABC Fund underperformed its broad-based benchmark, the S&P 500 Index, and outperformed its comparative indices, the S&P SmallCap 600 Index and Lipper US Treasury Money Market Fund Average. Merger and acquisition (M&A) activity was strong for the year. The total volume of $4.6 trillion in 2025 represents a 49% increase relative to the previous year and the highest since 2021. Technology, industrials, and financials continued to be the top sectors for M&A. Contributors to performance included Lennar Corp, Pan American Silver Corp, and Fox Corp. Detractors included Venture Global, Inc., Perrigo Co. plc., and KKR & Co.

## 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](i17aec46de4ba594ed4d0d10b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Gabelli ABC Fund - Advisor Class** | **S&P 500 Index** | **ICE BofA 3 Month U.S. Treasury Bill Index** | **Lipper U.S. Treasury Money-Market Fund Average** |
| **12/15** | 10000 | 10000 | 10000 | 10000 |
| **12/16** | 10286 | 11196 | 10033 | 10005 |
| **12/17** | 10494 | 13640 | 10118 | 10049 |
| **12/18** | 10487 | 13043 | 10309 | 10197 |
| **12/19** | 10954 | 17150 | 10544 | 10389 |
| **12/20** | 11250 | 20305 | 10614 | 10422 |
| **12/21** | 11717 | 26135 | 10619 | 10423 |
| **12/22** | 11441 | 21402 | 10775 | 10561 |
| **12/23** | 12206 | 27029 | 11314 | 11067 |
| **12/24** | 13142 | 33791 | 11908 | 11618 |
| **12/25** | 13907 | 39833 | 12406 | 12081 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| The Gabelli ABC Fund - Advisor Class | 5.53% | 4.27% | 3.32% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| ICE BofA 3 Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |
| Lipper U.S. Treasury Money-Market Fund Average | 3.98% | 3.00% | 1.91% |

---

## Fund Statistics
* Total Net Assets$434,728,085

* Number of Portfolio Holdings272

* Portfolio Turnover Rate134%

* Management Fees$2,175,093

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

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Lennar Corp. Cl B | 17.5% |
| Lennar Corp. Cl A | (14.5)% |
| Confluent Inc. Cl A | 2.3% |
| Fox Corp. Cl B | 1.9% |
| TEGNA Inc. | 1.8% |
| TXNM Energy Inc. | 1.5% |
| Pan American Silver Corp. | 1.3% |
| KKR & Co. Inc. | 1.2% |
| National Fuel Gas Co. | 0.9% |
| Chart Industries Inc. | 0.8% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 52.8% |
| Common Stocks – Securities Sold Short | (15.0)% |
| U.S. Government Obligations | 44.2% |
| Rights | 0.4% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | 17.5% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i2a156c7eb7f39378398e2e4d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Obligations | 44.2% |
| Building and Construction | 17.5% |
| Building and Construction - Short | (14.5)% |
| Energy and Utilities | 5.5% |
| Metals and Mining | 3.6% |
| Entertainment | 3.2% |
| Diversified Industrial | 3.0% |
| Computer Software and Services | 2.9% |
| Other Industry sectors | 17.1% |
| Other Assets and Liabilities (Net) | 17.5% |

---

![Image](id7ae46c1ce48394487481295.jpg)

#### The Gabelli ABC Fund

#### Annual Shareholder Report - December 31, 2025

#### Advisor Class - GADVX

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

**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)

GADVX-25-ATSR

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

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the
 end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer,
 principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether
 these individuals are employed by the registrant or a third party (the "Code of Ethics").

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments,
 during the period covered by this report, to a provision of the Code of Ethics that applies to the registrant's principal executive
 officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless
 of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition
 enumerated in Item 2(b) of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted
 any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive
 officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless
 of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in Item
 2(b) of Form N-CSR.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is filed as an Exhibit.

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

As of the end of the period covered by the report, the registrant's Board of Directors has determined that Vincent D. Enright is qualified to serve as an audit committee financial expert serving on its audit committee and that he is "independent," as defined by Item 3 of Form N-CSR.

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

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed
 for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's
 annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings
 or engagements for those fiscal years are $30,200 for 2024 and $31,100 for 2025.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed
 in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the
 performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for
 2024 and $0 for 2025.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed
 in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and
 tax planning are $4,104 for 2024 and $5,500 for 2025. Tax fees represent tax compliance services provided in connection with the review
 of the Registrant's tax returns.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed
 in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported
 in paragraphs (a) through (c) of this Item are $1,964 for 2024 and $2,360 for 2025. The fees relate to Passive Foreign Investment Company
 identification database subscription fees billed on an annual basis.

---

| | |
|:---|:---|
| (e)(1) | Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
|  | Pre-Approval Policies and Procedures. The Audit Committee ("Committee") of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC ("Gabelli") that provides services to the registrant (a "Covered Services Provider") if the independent registered public accounting firm's engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson's pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee's pre-approval responsibilities to the other persons (other than Gabelli or the registrant's officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit. |

---

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 0%

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended
 on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that
 were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than
 fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees
 billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment
 adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant
 for each of the last two fiscal years of the registrant was $42,754 for 2024 and $43,950 for 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit
 committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's
 investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by
 another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides
 ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
 compatible with maintaining the principal accountant's independence.

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) The registrant is not a foreign
 issuer.

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

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

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

**Item 6. Investments.**

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

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

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

(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. <br>The annual financial statements are attached herewith.

**The Gabelli ABC Fund**

**Annual Report — December 31, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;![](investorfund_001.jpg) | *"Give a man a fish and you feed him for a day.*<br> *Teach him how to arbitrage and you feed him forever."*<br> — Warren Buffett | ![](investorfund_002.jpg) |

---

**To Our Shareholders,**

For the year ended December 31, 2025, the net asset value (NAV) total return per Class I Share of The Gabelli ABC Fund was 5.8% compared with a total return of 4.2% for the ICE BofA 3 Month U.S. Treasury Bill Index. Another class of shares is available.

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

**Summary of Portfolio Holdings (Unaudited)**

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

**The Gabelli ABC Fund**

---

| | |
|:---|:---|
| **Long Positions** |  |
| U.S. Government Obligations | 44.2% |
| Building and Construction | 17.5% |
| Energy and Utilities | 5.5% |
| Metals and Mining | 3.6% |
| Entertainment | 3.2% |
| Diversified Industrial | 3.0% |
| Computer Software and Services | 2.9% |
| Health Care | 2.8% |
| Financial Services | 2.8% |
| Broadcasting | 2.5% |
| Telecommunications | 2.2% |
| Real Estate | 1.2% |
| Machinery | 0.9% |
| Wireless Communications | 0.8% |
| Consumer Products | 0.8% |
| Hotels and Gaming | 0.6% |
| Business Services | 0.6% |
| Electronics | 0.5% |
| Retail | 0.4% |
| Food and Beverage | 0.4% |
| Aerospace and Defense | 0.3% |
| Automotive | 0.2% |

---

---

| | |
|:---|:---|
| Specialty Chemicals | 0.2 |
| Cable and Satellite | 0.2 |
| Publishing | 0.1 |
| Closed-End Funds | 0.1 |
| Paper and Forest Products | 0.0 |
| Wireless Telecommunications Services | 0.0 |
| Semiconductors | 0.0 |
| Transportation | 0.0 |
| Equipment and Supplies | 0.0 |
| Other Assets and Liabilities (Net) | 17.5 |
| **Short Positions** |  |
| Building and Construction | (14.5) |
| Real Estate | (0.4) |
| Diversified Industrial | (0.1) |
| Financial Services | (0.0) |
| Entertainment | (0.0) |
| Metals and Mining | (0.0 |
|  | 100.0 |

---

\* Amount represents less than 0.05%.

\*\* Amount represents greater than (0.05)%.

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

**Proxy Voting**

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how each 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 ABC Fund**

**Schedule of Investments — December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 52.8%** |  |  |
|  | **Aerospace and Defense — 0.3%** |  |  |
| 5865 | The Boeing Co.† | $1194173 | $1273409 |
|  | **Automotive — 0.2%** |  |  |
| 1500 | Axalta Coating Systems Ltd.† | 44827 | 48465 |
| 35000 | Iveco Group NV | 247425 | 772253 |
| 25000 | Pinewood Technologies Group plc† | 183678 | 120642 |
| 500 | REV Group Inc. | 27308 | 30405 |
|  |  | 503238 | 971765 |
|  | **Broadcasting — 2.5%** |  |  |
| 9000 | Cogeco Inc. | 211013 | 419591 |
| 2000 | Liberty Media Corp.-Liberty Formula One, Cl. A† | 131233 | 178760 |
| 170000 | Sinclair Inc. | 3343210 | 2601000 |
| 390000 | TEGNA Inc. | 7844583 | 7569900 |
|  |  | 11530039 | 10769251 |
|  | **Building and Construction — 17.5%** |  |  |
| 1000 | Johnson Controls International plc | 35190 | 119750 |
| 800000 | Lennar Corp., Cl. B | 32055687 | 76096000 |
|  |  | 32090877 | 76215750 |
|  | **Business Services — 0.6%** |  |  |
| 79200 | Dawson Geophysical Co.† | 182140 | 123552 |
| 2000 | Eventbrite Inc., Cl. A† | 8870 | 8900 |
| 13700 | McGrath RentCorp | 1535860 | 1437541 |
| 188 | Omnicom Group Inc. | 15269 | 15181 |
| 45000 | SEMrush Holdings Inc., Cl. A† | 532414 | 535050 |
| 13000 | TIC Solutions Inc.† | 137823 | 131430 |
| 11000 | Yext Inc.† | 92984 | 88660 |
|  |  | 2505360 | 2340314 |
|  | **Cable and Satellite — 0.2%** |  |  |
| 1000 | Charter Communications Inc., Cl. A† | 215343 | 208750 |
| 55000 | Liberty Latin America Ltd., Cl. A† | 493580 | 406450 |
| 2081 | Liberty Latin America Ltd., Cl. C† | 14858 | 15524 |
|  |  | 723781 | 630724 |
|  | **Computer Software and Services — 2.9%** |  |  |
| 325000 | Confluent Inc., Cl. A† | 9762768 | 9828000 |
| 2000 | CSG Systems International Inc. | 155832 | 153380 |
| 1000 | Datagroup SE | 61259 | 82381 |
| 14000 | Digi International Inc.† | 136935 | 606060 |
| 8500 | Gen Digital Inc. | 149009 | 231115 |
| 5000 | Jamf Holding Corp.† | 65030 | 65050 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 6000 | Playtech plc | $52348 | $22929 |
| 700 | PSI Software SE | 36816 | 37019 |
| 3000 | Rocket Internet SE | 67564 | 67339 |
| 1200 | Rockwell Automation Inc. | 300321 | 466884 |
| 10000 | Sapiens International Corp. NV | 434487 | 435000 |
| 60000 | Stratasys Ltd.† | 685055 | 520800 |
| 3000 | Synchronoss Technologies Inc.† | 26160 | 25680 |
|  |  | 11933584 | 12541637 |
|  | **Consumer Products — 0.8%** |  |  |
| 800 | American Woodmark Corp.† | 47982 | 43120 |
| 10000 | Bang & Olufsen A/S† | 29137 | 21398 |
| 7600 | Capri Holdings Ltd.† | 164327 | 185440 |
| 34000 | Energizer Holdings Inc. | 977679 | 676260 |
| 1540 | Gildan Activewear Inc. | 87873 | 96188 |
| 20000 | Nilfisk Holding A/S† | 436546 | 436777 |
| 48000 | Sealed Air Corp. | 2009841 | 1988640 |
|  |  | 3753385 | 3447823 |
|  | **Diversified Industrial — 3.0%** |  |  |
| 2400 | Bel Fuse Inc., Cl. A | 223592 | 364320 |
| 17000 | Chart Industries Inc.† | 3430589 | 3505910 |
| 400 | Crawford United Corp.† | 32804 | 32484 |
| 25000 | Dayforce Inc.† | 1718840 | 1729000 |
| 39564 | Gulf Island Fabrication Inc.† | 473434 | 473581 |
| 800 | Herc Holdings Inc. | 94280 | 118704 |
| 40000 | Hillenbrand Inc. | 1265023 | 1268800 |
| 70000 | Myers Industries Inc. | 898860 | 1310400 |
| 2000 | Norfolk Southern Corp. | 565887 | 577440 |
| 34000 | Steel Partners Holdings LP† | 347828 | 1462340 |
| 3500 | Target Hospitality Corp.† | 35388 | 28035 |
| 1000 | Teck Resources Ltd., Cl. B | 40030 | 47890 |
| 3000 | Textron Inc. | 252378 | 261510 |
| 12500 | Valmet Oyj | 398326 | 416168 |
| 45000 | Velan Inc. | 224131 | 611453 |
| 22000 | Wartsila OYJ Abp | 274261 | 785974 |
|  |  | 10275651 | 12994009 |
|  | **Electronics — 0.5%** |  |  |
| 23800 | Rogers Corp.† | 2345959 | 2179366 |
| 12400 | Yamada Holdings Co. Ltd. | 36458 | 41125 |
|  |  | 2382417 | 2220491 |
|  | **Energy and Utilities — 5.5%** |  |  |
| 48300 | Alerion Cleanpower SpA | 132418 | 1046694 |
| 16000 | Alvopetro Energy Ltd. | 34057 | 81483 |
| 25000 | APA Corp. | 743457 | 611500 |
| 7 | California Resources Corp. | 395 | 313 |
| 700 | Chevron Corp. | 96191 | 106687 |
| 8000 | DMC Global Inc.† | 92700 | 53520 |
| 20000 | Endesa SA | 453617 | 719928 |
| 46000 | Energy Transfer LP | 73257 | 758540 |

---

See accompanying notes to financial statements.

**The Gabelli ABC Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Energy and Utilities (Continued)** |  |  |
| 2000 | Essential Utilities Inc. | $78312 | $76720 |
| 200000 | Gulf Coast Ultra Deep Royalty Trust† | 39334 | 5900 |
| 47500 | National Fuel Gas Co. | 2402156 | 3802850 |
| 2500 | Northwestern Energy Group Inc. | 154166 | 161350 |
| 26000 | ONEOK Inc. | 1706214 | 1911000 |
| 5000 | Santos Ltd. | 22428 | 20588 |
| 45000 | Severn Trent plc | 1200785 | 1691745 |
| 31605 | SLB Ltd. | 1089740 | 1213000 |
| 31200 | Southwest Gas Holdings Inc. | 1864697 | 2496624 |
| 5405 | Sunococorp LLC† | 275655 | 266358 |
| 110000 | TXNM Energy Inc. | 5345673 | 6476800 |
| 48500 | UGI Corp. | 1566922 | 1815355 |
| 65000 | Venture Global Inc., Cl. A | 1578566 | 443300 |
| 5626 | Western Midstream Partners LP | 209693 | 222227 |
|  |  | 19160433 | 23982482 |
|  | **Entertainment — 3.2%** |  |  |
| 34500 | Atlanta Braves Holdings Inc., Cl. A† | 917799 | 1465905 |
| 25000 | Atlanta Braves Holdings Inc., Cl. C† | 922007 | 986250 |
| 1500 | Electronic Arts Inc. | 301702 | 306495 |
| 6000 | Endeavor Group Holdings Inc., Cl. A† | 156105 | 165000 |
| 127500 | Fox Corp., Cl. B | 4517564 | 8278575 |
| 500 | Grindr Inc.† | 6998 | 6770 |
| 170000 | IMAX China Holding Inc.† | 193034 | 178023 |
| 85 | Liberty Live Holdings Inc., Cl. A† | 2951 | 6927 |
| 6500 | Madison Square Garden Sports Corp.† | 1035545 | 1681225 |
| 54500 | Manchester United plc, Cl. A† | 907835 | 867640 |
|  |  | 8961540 | 13942810 |
|  | **Equipment and Supplies — 0.0%** |  |  |
| 485 | HNI Corp. | 20413 | 20389 |
|  | **Financial Services — 2.8%** |  |  |
| 5000 | Air Lease Corp. | 320360 | 321150 |
| 4000 | Aspen Insurance Holdings Ltd., Cl. A† | 145798 | 148400 |
| 20 | Beacon Financial Corp. | 462 | 527 |
| 500 | Brighthouse Financial Inc.† | 32460 | 32395 |
| 1000 | Brookfield Asset Management Ltd., Cl. A | 34876 | 52390 |
| 5700 | Brookfield Corp. | 140865 | 261573 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 10000 | Cadence Bank | $415646 | $428400 |
| 39000 | Cantaloupe Inc.† | 428409 | 414180 |
| 1000 | Clearwater Analytics Holdings Inc., Cl. A† | 24107 | 24120 |
| 211 | CNFinance Holdings Ltd., ADR† | 5549 | 1277 |
| 1000 | Comerica Inc. | 81888 | 86930 |
| 500 | Core Scientific Inc.† | 7448 | 7280 |
| 5500 | Dogwood State Bank† | 128795 | 128315 |
| 23200 | Equitable Holdings Inc. | 437684 | 1105480 |
| 2319 | First Bank | 29131 | 38171 |
| 29000 | First Horizon Corp. | 502388 | 693100 |
| 20000 | Forge Global Holdings Inc.† | 884679 | 891200 |
| 2000 | Guardian Capital Group Ltd. | 97033 | 98306 |
| 30000 | International Money Express Inc.† | 447345 | 460800 |
| 5000 | Janus Henderson Group plc | 237900 | 237850 |
| 42000 | KKR & Co. Inc. | 170632 | 5354160 |
| 800 | Mastercard Inc., Cl. A | 15971 | 456704 |
| 6700 | SouthState Bank Corp. | 455307 | 630537 |
| 12000 | Valley National Bancorp | 89564 | 140160 |
|  |  | 5134297 | 12013405 |
|  | **Food and Beverage — 0.4%** |  |  |
| 500 | Amcor plc | 4765 | 4170 |
| 10000 | JDE Peet's NV | 364616 | 374419 |
| 12000 | Olam Group Ltd. | 10444 | 8962 |
| 2000 | Pernod Ricard SA | 142616 | 171814 |
| 17000 | Remy Cointreau SA | 990636 | 732009 |
| 2700 | The J.M. Smucker Co. | 284506 | 264087 |
| 12000 | TreeHouse Foods Inc.† | 282359 | 283080 |
|  |  | 2079942 | 1838541 |
|  | **Health Care — 2.7%** |  |  |
| 5000 | Amicus Therapeutics Inc.† | 71150 | 71200 |
| 4000 | Astria Therapeutics Inc.† | 47411 | 52360 |
| 1000 | Avadel Pharmaceuticals plc† | 20615 | 21550 |
| 8000 | Avidity Biosciences Inc.† | 569052 | 577040 |
| 8500 | Biohaven Ltd.† | 62050 | 95965 |
| 400 | Bio-Rad Laboratories Inc., Cl. A† | 39976 | 121196 |
| 8500 | Bioventus Inc., Cl. A† | 78553 | 63240 |
| 9000 | Cidara Therapeutics Inc.† | 1985539 | 1988010 |
| 35000 | Cross Country Healthcare Inc.† | 529718 | 283500 |
| 12000 | Dynavax Technologies Corp.† | 185022 | 184560 |
| 8500 | Exact Sciences Corp.† | 863005 | 863260 |
| 6500 | Globus Medical Inc., Cl. A† | 341693 | 567515 |
| 10000 | Hologic Inc.† | 744607 | 744900 |
| 500 | ICU Medical Inc.† | 29090 | 71335 |
| 29000 | Idorsia Ltd.† | 298554 | 155782 |

---

See accompanying notes to financial statements.

**The Gabelli ABC Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Health Care (Continued)** |  |  |
| 300 | Illumina Inc.† | $11836 | $39348 |
| 3000 | Kenvue Inc. | 49797 | 51750 |
| 18000 | LENSAR Inc.† | 240104 | 209340 |
| 10000 | Mersana Therapeutics Inc.† | 285936 | 289300 |
| 433000 | Myrexis Inc.† | 44849 | 173 |
| 100000 | Perrigo Co. plc | 2985536 | 1392000 |
| 11666 | QIAGEN NV | 539313 | 524620 |
| 11700 | QuidelOrtho Corp.† | 398975 | 334152 |
| 43000 | STAAR Surgical Co.† | 1116656 | 992870 |
| 17000 | Surgery Partners Inc.† | 386903 | 262650 |
| 4000 | TherapeuticsMD Inc.† | 28227 | 6520 |
| 135000 | Viatris Inc. | 1733772 | 1680750 |
|  |  | 13687939 | 11644886 |
|  | **Hotels and Gaming — 0.6%** |  |  |
| 38000 | Entain plc | 460094 | 392669 |
| 23000 | Golden Entertainment Inc. | 661133 | 625370 |
| 113267 | Playa Hotels & Resorts NV† | 1528538 | 1529104 |
|  |  | 2649765 | 2547143 |
|  | **Machinery — 0.9%** |  |  |
| 32000 | Astec Industries Inc. | 1098444 | 1386240 |
| 25000 | CFT SpA†(a) | 138180 | 135148 |
| 245000 | CNH Industrial NV | 2140251 | 2258900 |
|  |  | 3376875 | 3780288 |
|  | **Metals and Mining — 3.3%** |  |  |
| 200000 | Ampco-Pittsburgh Corp.† | 637062 | 1066000 |
| 795 | DPM Metals Inc. | 15502 | 24570 |
| 5000 | Endeavour Mining plc | 101814 | 257477 |
| 32000 | Freeport-McMoRan Inc. | 573411 | 1625280 |
| 4257 | Kinross Gold Corp. | 22197 | 119905 |
| 29500 | Newmont Corp. | 1065625 | 2945575 |
| 7500 | Orogen Royalties Inc.† | 10678 | 14153 |
| 83000 | Pan American Silver Corp. | 1207174 | 4300230 |
| 20000 | Probe Gold Inc.† | 52102 | 53477 |
| 4600 | Royal Gold Inc. | 1367549 | 1022534 |
| 870 | Triple Flag Precious Metals Corp. | 20288 | 28910 |
| 10000 | Vulcan Materials Co. | 438009 | 2852200 |
|  |  | 5511411 | 14310311 |
|  | **Paper and Forest Products — 0.0%** |  |  |
| 2000 | International Paper Co. | 107307 | 78780 |
|  | **Publishing — 0.1%** |  |  |
| 63000 | Lee Enterprises Inc.† | 755315 | 301770 |
| 35000 | The E.W. Scripps Co., Cl. A† | 206973 | 139650 |
|  |  | 962288 | 441420 |
|  | **Real Estate — 1.2%** |  |  |
| 4000 | Alexander & Baldwin Inc., REIT | 83680 | 82560 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 500 | American Tower Corp., REIT | $7707 | $87785 |
| 800 | Anywhere Real Estate Inc.† | 8143 | 11328 |
| 200000 | City Office REIT Inc. | 1393953 | 1398000 |
| 4000 | Healthcare Realty Trust Inc., REIT | 72624 | 67800 |
| 82200 | Millrose Properties Inc., REIT | 909132 | 2455314 |
| 30000 | Plymouth Industrial REIT Inc. | 635553 | 656400 |
| 386500 | Primary Health Properties plc, REIT | 471450 | 510042 |
|  |  | 3582242 | 5269229 |
|  | **Retail — 0.4%** |  |  |
| 24000 | Albertsons Companies Inc., Cl. A | 484220 | 412080 |
| 35000 | Bapcor Ltd. | 115848 | 48350 |
| 15000 | Denny's Corp.† | 92325 | 93300 |
| 14000 | Macy's Inc. | 265283 | 308700 |
| 28000 | Skechers USA Inc., Cl. A† | 460575 | 455280 |
| 360000 | Sportsman's Warehouse Holdings Inc.† | 3083978 | 525600 |
| 101770 | The Bon-Ton Stores Inc.†(a) | 4946 | 0 |
|  |  | 4507175 | 1843310 |
|  | **Semiconductors — 0.0%** |  |  |
| 1000 | Tower Semiconductor Ltd.† | 23858 | 117420 |
|  | **Specialty Chemicals — 0.2%** |  |  |
| 1200 | Linde plc | 194452 | 511668 |
| 27000 | Mativ Holdings Inc. | 431513 | 328050 |
| 18000 | SGL Carbon SE† | 156514 | 66211 |
|  |  | 782479 | 905929 |
|  | **Telecommunications — 2.2%** |  |  |
| 30000 | Frontier Communications Parent Inc.† | 1081244 | 1142100 |
| 120000 | Koninklijke KPN NV | 365363 | 560711 |
| 160000 | Liberty Global Ltd., Cl. A† | 1979547 | 1782400 |
| 30000 | Liberty Global Ltd., Cl. C† | 342730 | 331200 |
| 91000 | Orange Belgium SA† | 1986744 | 2064004 |
| 61000 | Parrot SA† | 221205 | 530485 |
| 100000 | Pharol SGPS SA† | 26205 | 7404 |
| 4986 | QUALCOMM Inc. | 869758 | 852855 |
| 25000 | Sunrise Communications AG, Cl. A | 1146823 | 1338846 |
| 245000 | Telefonica Deutschland Holding AG† | 635506 | 588805 |
| 6000 | Telephone and Data Systems Inc. | 83462 | 246000 |
|  |  | 8738587 | 9444810 |
|  | **Transportation — 0.0%** |  |  |
| 10000 | Cool Co. Ltd. | 96349 | 96500 |

---

See accompanying notes to financial statements.

**The Gabelli ABC Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Wireless Communications — 0.8%** |  |  |
| 32000 | Array Digital Infrastructure Inc. | $678064 | $1715840 |
| 34500 | Millicom International Cellular SA | 648654 | 1912680 |
|  |  | 1326718 | 3628520 |
|  | **Wireless Telecommunications Services — 0.0%** |  |  |
| 400000 | NII Holdings Inc., Escrow† | 107296 | 140000 |
|  | **TOTAL COMMON STOCKS** | 157709419 | 229451346 |
|  | **CLOSED-END FUNDS — 0.1%** |  |  |
| 235000 | Altaba Inc., Escrow† | 0 | 317250 |
|  | **RIGHTS — 0.4%** |  |  |
|  | **Computer Software and Services — 0.0%** |  |  |
| 1000 | Flexion Therapeutics Inc., CVR† | 0 | 100 |
| 20000 | Gen Digital Inc., CVR† | 1 | 88200 |
|  |  | 1 | 88300 |
|  | **Health Care — 0.1%** |  |  |
| 30000 | 89bio Inc., CVR† | 0 | 9000 |
| 60000 | ABIOMED Inc., CVR† | 0 | 96000 |
| 65000 | Adamas Pharmaceuticals Inc., CVR† | 0 | 813 |
| 65000 | Adamas Pharmaceuticals Inc., CVR† | 0 | 812 |
| 120000 | Akero Therapeutics Inc., CVR† | 0 | 60000 |
| 50000 | Akouos Inc., CVR† | 0 | 25000 |
| 10000 | Albireo Pharma Inc., CVR† | 0 | 22500 |
| 411000 | Alimera Sciences Inc., CVR† | 1 | 4110 |
| 187969 | Ambit Biosciences Corp., CVR†(a) | 0 | 0 |
| 106000 | Blueprint Medicines Corp., CVR† | 1 | 42400 |
| 167895 | Checkpoint Therapeutics Inc., CVR† | 0 | 16790 |
| 195960 | Chinook Therapeutics Inc., CVR† | 0 | 39192 |
| 28000 | Epizyme Inc., CVR† | 0 | 560 |
| 18000 | Fusion Pharmaceuticals Inc., CVR† | 0 | 9000 |
| 500000 | Gracell Biotechnologies Inc., CVR† | 0 | 20000 |
| 30000 | Icosavax Inc., CVR† | 0 | 9000 |
| 640000 | Innocoll, CVR†(a) | 384000 | 1 |
| 3000 | Landos Biopharma Inc., CVR†(a) | 0 | 7530 |
| 5000 | Metsera Inc., CVR† | 0 | 22500 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 35000 | Mirati Therapeutics Inc., CVR† | $0 | $17500 |
| 2000 | Monogram Technologies Inc., CVR† | 0 | 3500 |
| 3000 | Opiant Pharmaceuticals Inc., CVR† | 0 | 1500 |
| 24000 | Paragon 28 Inc., CVR† | 0 | 1200 |
| 140000 | Paratek Pharmaceuticals Inc., CVR† | 0 | 2800 |
| 8000 | Poseida Therapeutics Inc., CVR† | 0 | 4000 |
| 11000 | Prevail Therapeutics Inc., CVR† | 0 | 2200 |
| 60000 | Regulus Therapeutics Inc, CVR† | 0 | 60000 |
| 250000 | Sage Therapeutics Inc., CVR† | 0 | 87500 |
| 22000 | scPharmaceuticals Inc., CVR† | 0 | 6600 |
| 800 | Sigilon Therapeutics Inc., CVR†(a) | 0 | 6040 |
| 120000 | Verve Therapeutics Inc., CVR† | 0 | 60000 |
| 210000 | Vigil Neuroscience Inc., CVR† | 0 | 10500 |
|  |  | 384002 | 648548 |
|  | **Metals and Mining — 0.3%** |  |  |
| 10000 | Kinross Gold Corp., CVR†(a) | 0 | 0 |
| 2200000 | Pan American Silver Corp., CVR† | 506000 | 1089000 |
|  |  | 506000 | 1089000 |
|  | **Paper and Forest Products — 0.0%** |  |  |
| 75000 | Resolute Forest Products Inc., CVR† | 0 | 112500 |
|  | **TOTAL RIGHTS** | 890003 | 1938348 |

---

See accompanying notes to financial statements.

**The Gabelli ABC Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS — 44.2%** |  |  |
| $193435000 | U.S. Treasury Bills, 3.566% to 4.202%††, 01/15/26 to 06/11/26(b) | $191942651 | $192020071 |
|  | **TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT — 97.5%** | $350542073 | 423727015 |
|  | **SECURITIES SOLD SHORT — (15.0)%** |  |  |
|  | (Proceeds received $34,196,067) |  | (65081127) |
|  | **Other Assets and Liabilities (Net) — 17.5%** |  | 76082197 |
|  | **NET ASSETS — 100.0%** |  | $434728085 |
| **Shares** |  | **Proceeds** | **Market<br> Value** |
|  | **SECURITIES SOLD SHORT — (15.0)%** |  |  |
|  | **Building and Construction — (14.5)%** |  |  |
| 609999 | Lennar Corp., Cl. A | $31966442 | $62707897 |
|  | **Diversified Industrial — (0.1)%** |  |  |
| 2400 | Bel Fuse Inc., Cl. B | 250387 | 407112 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Proceeds** | **Market<br> Value** |
|  | **Entertainment — (0.0)%** |  |  |
| 1000 | Fox Corp., Cl. A | $65530 | $73070 |
|  | **Financial Services — (0.0)%** |  |  |
| 1800 | Fifth Third Bancorp | 80229 | 84258 |
|  | **Metals and Mining — (0.0)%** |  |  |
| 2600 | Anglo American plc, ADR | 44954 | 53794 |
|  | **Real Estate — (0.4)%** |  |  |
| 400 | Compass Inc., Cl. A | 3176 | 4228 |
| 58613 | Millrose Properties Inc., REIT | 1785349 | 1750768 |
|  |  | 1788525 | 1754996 |
|  | **TOTAL SECURITIES SOLD SHORT(c)** | $34196067 | $65081127 |

---

---

| | |
|:---|:---|
| (a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (b) | At December 31, 2025, $30,850,000 of the principal amount was reserved and/or pledged with the custodian for securities sold short and forward foreign exchange contracts. |
| (c) | At December 31, 2025, these proceeds are being held at Pershing LLC. |
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Right |
| REIT | Real Estate Investment Trust |

---

As of December 31, 2025, forward foreign exchange contracts outstanding were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br> Purchased** | **Currency<br> Purchased** | **Currency<br> Sold** | **Currency<br> Sold** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> Appreciation** |
| USD | 8480190 | EUR | 7200000 | State Street Bank and Trust Co. | 01/30/26 | $6316 |
| USD | 1319217 | CAD | 1800000 | State Street Bank and Trust Co. | 01/30/26 | 5951 |
| USD | 2023125 | GBP | 1500000 | State Street Bank and Trust Co. | 01/30/26 | 1281 |
| **TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS** | $13548 |

---

See accompanying notes to financial statements.

**The Gabelli ABC Fund**

**Statement of Assets and Liabilities**

**December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $350,542,073) | $423727015 |
| &nbsp;&nbsp;&nbsp;Cash | 485389 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $32) | 33 |
| &nbsp;&nbsp;&nbsp;Deposit at brokers for securities sold short | 75299009 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 2574000 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 7881 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 380058 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency contracts | 13548 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 33856 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 502520789 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value (proceeds $34,196,067) | 65081127 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 2131991 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 271933 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 186268 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 10549 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 3750 |
| &nbsp;&nbsp;&nbsp;Dividends payable on securities sold short | 1120 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 105966 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 67792704 |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 40,061,025 shares outstanding) | $434728085 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $396799368 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 37928717 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $434728085 |
| **Shares of Capital Stock, each at $0.001 par value; 500,000,000 shares authorized:** |  |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($386,259,140 ÷ 35,556,272 shares outstanding) | $10.86 |
| &nbsp;&nbsp;&nbsp;**Advisor Class:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($48,468,945 ÷ 4,504,753 shares outstanding) | $10.76 |

---

**Statement of Operations**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $72,551) | $6729475 |
| &nbsp;&nbsp;&nbsp;Interest | 10675692 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 17405167 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 2175093 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Advisor Class | 132055 |
| &nbsp;&nbsp;&nbsp;Dividend expense on securities sold short | 1889354 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 96592 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 58000 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 45120 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 45000 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 39121 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 34587 |
| &nbsp;&nbsp;&nbsp;Interest expense | 14841 |
| &nbsp;&nbsp;&nbsp;Service fees for securities sold short (See Note 2) | 1163 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 261 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 52935 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 4584122 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (8344) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 4575778 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 12829389 |
| **Net Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short, Forward Foreign Exchange Contracts, and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments in securities | 9300657 |
| &nbsp;&nbsp;&nbsp;Net realized loss on securities sold short | (2919024) |
| &nbsp;&nbsp;&nbsp;Net realized loss on forward foreign exchange contracts | (902145) |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (16959) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments in securities, securities sold short, forward foreign exchange contracts, and foreign currency transactions | 5462529 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments in securities | (17927084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on securities sold short | 23742716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on forward foreign exchange contracts | (18078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 31273 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments in securities, securities sold short, forward foreign exchange contracts, and foreign currency translations | 5828827 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short, Forward Foreign Exchange Contracts, and Foreign Currency** | 11291356 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $24120745 |

---

See accompanying notes to financial statements.

**The Gabelli ABC Fund**

**Statement of Changes in Net Assets**

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| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $12829389 | $14640922 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments in securities, securities sold short, forward foreign exchange contracts, and foreign currency transactions | 5462529 | 7445602 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments in securities, securities sold short, forward foreign exchange contracts, and foreign currency translations | 5828827 | 12915809 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 24120745 | 35002333 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (17070919) | (17843965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (2062997) | (2769564) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (19133916) | (20613529) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1311539) | (22076983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (13873074) | (10673454) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (15184613) | (32750437) |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** |  | 13 |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets** | (10197784) | (18361620) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 444925869 | 463287489 |
| &nbsp;&nbsp;&nbsp;End of year | $434728085 | $444925869 |

---

See accompanying notes to financial statements.

**The Gabelli ABC Fund**

**Financial Highlights**

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

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| <br>**Year Ended<br> December 31** | <br>**Net Asset Value, Beginning of Year** | **Net Investment Income (Loss)(a)** | **Net<br> Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** | <br>**Redemption Fees(a)(b)** | <br>**Net Asset Value, End of Year** | <br>**Total Return†** | **Net Assets, End of Year (in 000's)** | **Net Investment Income (Loss)** | **Operating<br> Expenses(c)(d)** | **Portfolio Turnover Rate** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $10.74 | $0.16 | $0.46 | $0.62 | $(0.31) | $(0.19) | $(0.50) | $— | $10.86 | 5.77% | $386259 | 2.98% | 1.02% | 134% |
| &nbsp;&nbsp;&nbsp;2024 | 10.44 | 0.35 | 0.48 | 0.83 | (0.39) | (0.14) | (0.53) | 0.00 | 10.74 | 7.89 | 383130 | 3.24 | 0.87 (e) | 155 |
| &nbsp;&nbsp;&nbsp;2023 | 10.09 | 0.33 | 0.37 | 0.70 | (0.35) |  | (0.35) | 0.00 | 10.44 | 6.93 | 392723 | 3.18 | 0.85 | 157 |
| &nbsp;&nbsp;&nbsp;2022 | 10.44 | 0.08 | (0.29) | (0.21) | (0.14) |  | (0.14) | 0.00 | 10.09 | (2.01) | 447336 | 0.80 | 0.79 | 156 |
| &nbsp;&nbsp;&nbsp;2021 | 10.46 | 0.02 | 0.44 | 0.46 | (0.05) | (0.43) | (0.48) | 0.00 | 10.44 | 4.37 | 489797 | 0.15 | 0.77 | 205 |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $10.64 | $0.30 | $0.29 | $0.59 | $(0.28) | $(0.19) | $(0.47) | $— | $10.76 | 5.53% | $48469 | 2.76% | 1.27% | 134% |
| &nbsp;&nbsp;&nbsp;2024 | 10.34 | 0.32 | 0.48 | 0.80 | (0.36) | (0.14) | (0.50) | 0.00 | 10.64 | 7.67 | 61796 | 3.00 | 1.12 (e) | 155 |
| &nbsp;&nbsp;&nbsp;2023 | 9.99 | 0.30 | 0.37 | 0.67 | (0.32) |  | (0.32) | 0.00 | 10.34 | 6.68 | 70564 | 2.90 | 1.10 | 157 |
| &nbsp;&nbsp;&nbsp;2022 | 10.34 | 0.05 | (0.29) | (0.24) | (0.11) |  | (0.11) | 0.00 | 9.99 | (2.35) | 121084 | 0.48 | 1.04 | 156 |
| &nbsp;&nbsp;&nbsp;2021 | 10.36 | (0.05) | 0.48 | 0.43 | (0.02) | (0.43) | (0.45) | 0.00 | 10.34 | 4.15 | 168445 | (0.43) | 1.02 | 205 |

---

† Total return represents aggregate
 total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions.

(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 years presented, there was minimal
 impact on the expense ratios.

(d) The
 Fund incurred dividend expense and service fees on securities sold short. If these expenses and fees had not been incurred, the ratios
 of operating expenses to average net assets for the years ended December 31, 2025, 2024, 2023, 2022, and 2021 would have been 0.59%, 0.57%,
 0.63%, 0.58%, and 0.57% (Class I) and 0.84%, 0.82%, 0.88%, 0.83%, and 0.82% (Advisor Class), respectively.

(e) Ratio
 of operating expenses includes advisory fee reduction on unsupervised assets. For the year ended December 31, 2024, there was minimal
 impact on the expense ratios.

See accompanying notes to financial statements.

**The Gabelli ABC Fund**

**Notes to Financial Statements**

**1. Organization.** The Gabelli ABC Fund (the Fund), the sole series of the Gabelli Investor Funds, Inc. (the Corporation), was incorporated on October 30, 1992 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). The Fund's primary objective is to achieve total returns that are attractive to investors in various market conditions without excessive risk of capital loss. The Fund commenced investment operations on May 14, 1993.

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).

Effective September 29, 2025, Class AAA shares of the Fund were renamed Class I shares.

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

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

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

**The Gabelli ABC Fund**

**Notes to Financial Statements (Continued)**

Securities and assets for which market quotations are not readily available are fair valued as determined by the Valuation Designee. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the 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 and other financial instruments by inputs used to value the Fund's investments as of December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2 Other<br> Significant<br> Observable Inputs** | **Level 3 Significant<br> Unobservable<br> Inputs (a)** |<br>**Total<br> Market Value<br> at 12/31/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Computer Software and Services | $12039298 | $502339 |  | $12541637 |
| &nbsp;&nbsp;&nbsp;Entertainment | 13777810 | 165000 |  | 13942810 |
| &nbsp;&nbsp;&nbsp;Health Care | 11644713 | 173 |  | 11644886 |
| &nbsp;&nbsp;&nbsp;Hotels and Gaming | 1018039 | 1529104 |  | 2547143 |
| &nbsp;&nbsp;&nbsp;Machinery | 3645140 |  | $135148 | 3780288 |
| &nbsp;&nbsp;&nbsp;Retail | 1388030 | 455280 | 0 | 1843310 |
| &nbsp;&nbsp;&nbsp;Telecommunications | 8856005 | 588805 |  | 9444810 |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunications Services |  | 140000 |  | 140000 |
| &nbsp;&nbsp;&nbsp;Other Industries (b) | 173566462 |  |  | 173566462 |
| Total Common Stocks | 225935497 | 3380701 | 135148 | 229451346 |
| Closed-End Funds |  | 317250 |  | 317250 |
| Rights (b) | 1177200 | 747577 | 13571 | 1938348 |
| U.S. Government Obligations |  | 192020071 |  | 192020071 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $227112697 | $196465599 | $148719 | $423727015 |

---

**The Gabelli ABC Fund**

**Notes to Financial Statements (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2 Other<br> Significant<br> Observable Inputs** | **Level 3 Significant<br> Unobservable<br> Inputs (a)** | <br>**Total<br> Market Value<br> at 12/31/25** |
| **LIABILITIES (Market Value):** |  |  |  |  |
| Common Stocks Sold Short (b) | $(65081127) |  |  | $(65081127) |
| **TOTAL INVESTMENTS IN SECURITIES – LIABILITIES** | $(65081127) |  |  | $(65081127) |
| **OTHER FINANCIAL INSTRUMENTS:\*** |  |  |  |  |
| **ASSETS (Unrealized Appreciation):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**FORWARD CURRENCY EXCHANGE CONTRACTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Exchange Contracts |  | $13548 |  | $13548 |

---

(a) 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.

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

\* Other financial instruments are derivatives reflected in the SOI, such as options, futures, forwards, and swaps, may be valued at the unrealized appreciation/(depreciation) of the instrument.

At December 31, 2025, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

***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.

***Derivative Financial Instruments.*** The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging

**The Gabelli ABC Fund**

**Notes to Financial Statements (Continued)**

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

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

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

The Fund's derivative contracts held at December 31, 2025, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

***Swap Agreements*.** The Fund may enter into equity contract for difference swap transactions for the purpose of increasing the income of the Fund. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In an equity contract for difference swap, a set of future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance of the shares of a stock. Depending on the general state of short term interest rates and the returns on the Fund's portfolio securities at the time an equity contract for difference swap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction.

Unrealized gains related to swaps are reported as an asset and unrealized losses are reported as a liability in the Statement of Assets and Liabilities. The change in value of swaps, including the accrual of periodic amounts of interest to be received or paid on swaps, is reported as unrealized gain or loss in the Statement of Operations. A realized gain or loss is recorded upon receipt or payment of a periodic payment or termination of swap agreements. During the year ended December 31, 2025, the Fund held no investments in equity contract for difference swap agreements.

**The Gabelli ABC Fund**

**Notes to Financial Statements (Continued)**

***Forward Foreign Exchange Contracts.*** The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/depreciation on forward foreign exchange contracts. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund's portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. Forward foreign exchange contracts at December 31, 2025 are reflected within the Schedule of Investments. The Fund's volume of activity in forward foreign exchange contracts during the year ended December 31, 2025 had an average monthly notional amount of approximately $11,675,018.

At December 31, 2025, the value of forward foreign exchange contracts can be found in the Statement of Assets and Liabilities under Assets, Unrealized appreciation on forward foreign exchange contracts. For the year ended December 31, 2025, the effect of forward foreign exchange contracts can be found in the Statement of Operations under Net Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short, Forward Foreign Exchange Contracts, and Foreign Currency, within Net realized loss on forward foreign exchange contracts and Net change in unrealized appreciation/depreciation on forward foreign exchange contracts.

At December 31, 2025, the Fund's derivative assets (by type) are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Amounts of<br> Recognized Assets<br> Presented in the<br> Statement of**<br> **Assets and Liabilities** | **Gross Amounts<br> Available for<br> Offset in the<br> Statement of**<br> **Assets and Liabilities** | **Net Amounts<br> of Assets<br> Presented in the<br> Statement of**<br> **Assets and Liabilities** |
| **Assets** | | | |
| Forward Foreign Exchange Contracts | $13548 |  | $13548 |

---

The following table presents the Fund's derivative assets by counterparty net of the related collateral segregated by the Fund for the benefit of the counterparty as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Amounts Not Offset in the Statement of<br> Assets and Liabilities** | **Net Amounts Not Offset in the Statement of<br> Assets and Liabilities** | **Net Amounts Not Offset in the Statement of<br> Assets and Liabilities** | **Net Amounts Not Offset in the Statement of<br> Assets and Liabilities** |
|  | **Net Amounts<br> of Assets<br> Presented in the<br> Statement of<br> Assets and Liabilities** | **Securities Pledged<br> as Collateral** | **Cash Collateral<br> Received** | **Net Amount** |
| **Counterparty** |  |  |  |  |
| State Street Bank and Trust Co. | $13548 |  |  | $13548 |

---

**The Gabelli ABC Fund**

**Notes to Financial Statements (Continued)**

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

**<u>For the Year Ended December 31, 2025</u>**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Purchased<br> Option and<br> Structured Options<br> (Investments)** | **Written Options**<br> **and Structured**<br> **Options** | **Futures**<br> **Contracts** | **Swap<br> Agreements** | **Foreign<br> Currency<br> Exchange<br> Contracts** | **Total** |
| Foreign currency exchange rate risk | $| $| $| $| $(902145) | $(902145) |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Purchased<br> Options and<br> Structured Options<br> (Investments)** | **Written Options<br> and Structured<br> Options** | **Futures<br> Contracts** | **Swap<br> Agreements** | **Foreign<br> Currency**<br> **Exchange**<br> **Contracts** | **Total** |
| Foreign currency exchange rate risk | $| $| $| $| $(18078) | $(18078) |

---

***Securities Sold Short***. The Fund entered 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. Securities sold short and details of collateral at December 31, 2025 are reflected within the Schedule of Investments. For the year ended December 31, 2025, the Fund incurred $1,163 in service fees related to its investment positions sold short and held by the broker. These amounts are included in the Statement of Operations under Expenses, Service fees for securities sold short.

***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

**The Gabelli ABC Fund**

**Notes to Financial Statements (Continued)**

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 December 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. The Fund owns real-estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

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

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

***Distributions to Shareholders.*** Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are

**The Gabelli ABC Fund**

**Notes to Financial Statements (Continued)**

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. Permanent differences were primarily due to utilization of tax equalization. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2025, reclassifications were made to increase paid-in capital by $693,535, with an offsetting adjustment to total distributable earnings.

The tax character of distributions paid during the years ended December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> December 31,<br> 2025** | **Year ended<br> December 31,<br> 2024** |
| **Distributions paid from:** |  |  |
| Ordinary income | $12711109 | $16443940 |
| Net long term capital gains | 6422807 | 4517861 |
| Total distributions paid | $19133916 | $20961801 |

---

***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.

At December 31, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Net unrealized appreciation on investments, foreign currency translations, and forward foreign exchange contracts | $38507777 |
| Other temporary differences\* | (579060) |
| Total | $37928717 |

---

\* Other temporary differences are due to short positions.

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.

At December 31, 2025, the temporary difference between book basis and tax basis net unrealized appreciation on investments was primarily due to deferral of losses from wash sales for tax purposes and tax treatment of constructive sales and basis adjustments on investments in partnerships.

**The Gabelli ABC Fund**

**Notes to Financial Statements (Continued)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost/<br> (Proceeds)** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments and other derivative instruments | $320164117 | $91812056 | $(53330285) | $38481771 |

---

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

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

**3. Investment Advisory Agreement and Other Transactions.** The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 0.50% 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 the Advisor Class Shares pursuant to Rule 12b-1 under the 1940 Act. Under the Advisor Class Share Plan, payment is authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at an annual rate of 0.25% of the average daily net assets of the Advisor Class Shares, the annual limitation under the Plan. Such payments are accrued daily and paid monthly.

**5. Portfolio Securities.** Purchases and sales of securities during the year ended December 31, 2025, other than short term securities and U.S. Government obligations, aggregated $343,789,022 and $333,839,301, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the year ended December 31, 2025, the Fund paid $131,021 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the year ended December 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 $8,344.

**The Gabelli ABC Fund**

**Notes to Financial Statements (Continued)**

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. During the year ended December 31, 2025, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

As of December 31, 2025, the Fund's Adviser and its affiliates beneficially owned greater than 47% of the voting securities of the Fund. This includes accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

The Fund 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 Fund.

**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 year ended December 31, 2025, there were no borrowings under the line of credit.

**8. Capital Stock.** The Fund offers Class I Shares and Advisor Class Shares to investors without a front-end sales charge. Effective September 29, 2025, Class AAA shares of the Fund were renamed Class I shares. Class I Shares are available directly through the Distributor or through the Fund's transfer agent. Advisor Class Shares are available through registered broker-dealers or other financial intermediaries that have entered into appropriate selling agreements with the Distributor.

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 years ended December 31, 2025 and 2024, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

**The Gabelli ABC Fund**

**Notes to Financial Statements (Continued)**

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class I** |  |  |  |  |
| Shares sold | 2374793 | $26477248 | 4913140 | $52355610 |
| Shares issued upon reinvestment of distributions | 1550919 | 16874001 | 1641307 | 17644044 |
| Shares redeemed | (4035746) | (44662788) | (8516328) | (92076637) |
| &nbsp;&nbsp;&nbsp;Net decrease | (110034) | $(1311539) | (1961881) | $(22076983) |
| **Advisor Class** |  |  |  |  |
| Shares sold | 708917 | $7731008 | 484517 | $5202680 |
| Shares issued upon reinvestment of distributions | 177754 | 1916185 | 247296 | 2633701 |
| Shares redeemed | (2189265) | (23520267) | (1747930) | (18509835) |
| &nbsp;&nbsp;&nbsp;Net decrease | (1302594) | $(13873074) | (1016117) | $(10673454) |

---

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

During the year ended December 31, 2025 the Fund did not utilize ReFlow.

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

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

**The Gabelli ABC Fund**

**Notes to Financial Statements (Continued)**

**11. Subsequent Events.** On February 25, 2026, the Fund renewed the unsecured and uncommitted line of credit, which expires on April 30, 2026, 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.

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 other subsequent events requiring recognition or disclosure in the financial statements.

**The Gabelli ABC Fund**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of The Gabelli ABC Fund

and the Board of Directors of Gabelli Investor Funds, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Gabelli Investor Funds, Inc. (the "Corporation") (comprising The Gabelli ABC Fund (the "Fund")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund comprising Gabelli Investor Funds, Inc. at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Corporation's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Corporation's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](investorfund_003.jpg)

We have served as the auditor of one or more Gabelli Funds investment companies since 1992.

New York, New York

March 1, 2026

**The Gabelli ABC Fund**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act,the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 15, 2024, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**The Gabelli ABC Fund**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

For the year ended December 31, 2025, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.3339 and $0.3037 per share for Class I and Advisor Class Shares, respectively, and long term capital gains totaling $6,422,807 or the maximum allowable. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund's Board of Directors. For the year ended December 31, 2025, 32.55% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 38.63% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

**U.S. Government Income:**

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2025 which was derived from U.S. Treasury securities was 47.02%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund's fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 44.1%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**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. that is 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.**

![](investorfund_back.jpg)

(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. <br>The Financial Highlights are attached herewith.

**The Gabelli ABC Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| <br>**Year Ended<br> December 31** | <br>**Net Asset Value, Beginning of Year** | **Net Investment Income (Loss)(a)** | **Net<br> Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** | <br>**Redemption Fees(a)(b)** | <br>**Net Asset Value, End of Year** | <br>**Total Return†** | **Net Assets, End of Year (in 000's)** | **Net Investment Income (Loss)** | **Operating<br> Expenses(c)(d)** | **Portfolio Turnover Rate** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $10.74 | $0.16 | $0.46 | $0.62 | $(0.31) | $(0.19) | $(0.50) | $— | $10.86 | 5.77% | $386259 | 2.98% | 1.02% | 134% |
| &nbsp;&nbsp;&nbsp;2024 | 10.44 | 0.35 | 0.48 | 0.83 | (0.39) | (0.14) | (0.53) | 0.00 | 10.74 | 7.89 | 383130 | 3.24 | 0.87 (e) | 155 |
| &nbsp;&nbsp;&nbsp;2023 | 10.09 | 0.33 | 0.37 | 0.70 | (0.35) |  | (0.35) | 0.00 | 10.44 | 6.93 | 392723 | 3.18 | 0.85 | 157 |
| &nbsp;&nbsp;&nbsp;2022 | 10.44 | 0.08 | (0.29) | (0.21) | (0.14) |  | (0.14) | 0.00 | 10.09 | (2.01) | 447336 | 0.80 | 0.79 | 156 |
| &nbsp;&nbsp;&nbsp;2021 | 10.46 | 0.02 | 0.44 | 0.46 | (0.05) | (0.43) | (0.48) | 0.00 | 10.44 | 4.37 | 489797 | 0.15 | 0.77 | 205 |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $10.64 | $0.30 | $0.29 | $0.59 | $(0.28) | $(0.19) | $(0.47) | $— | $10.76 | 5.53% | $48469 | 2.76% | 1.27% | 134% |
| &nbsp;&nbsp;&nbsp;2024 | 10.34 | 0.32 | 0.48 | 0.80 | (0.36) | (0.14) | (0.50) | 0.00 | 10.64 | 7.67 | 61796 | 3.00 | 1.12 (e) | 155 |
| &nbsp;&nbsp;&nbsp;2023 | 9.99 | 0.30 | 0.37 | 0.67 | (0.32) |  | (0.32) | 0.00 | 10.34 | 6.68 | 70564 | 2.90 | 1.10 | 157 |
| &nbsp;&nbsp;&nbsp;2022 | 10.34 | 0.05 | (0.29) | (0.24) | (0.11) |  | (0.11) | 0.00 | 9.99 | (2.35) | 121084 | 0.48 | 1.04 | 156 |
| &nbsp;&nbsp;&nbsp;2021 | 10.36 | (0.05) | 0.48 | 0.43 | (0.02) | (0.43) | (0.45) | 0.00 | 10.34 | 4.15 | 168445 | (0.43) | 1.02 | 205 |

---

† Total return represents aggregate
 total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions.

(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 years presented, there was minimal
 impact on the expense ratios.

(d) The
 Fund incurred dividend expense and service fees on securities sold short. If these expenses and fees had not been incurred, the ratios
 of operating expenses to average net assets for the years ended December 31, 2025, 2024, 2023, 2022, and 2021 would have been 0.59%, 0.57%,
 0.63%, 0.58%, and 0.57% (Class I) and 0.84%, 0.82%, 0.88%, 0.83%, and 0.82% (Advisor Class), respectively.

(e) Ratio
 of operating expenses includes advisory fee reduction on unsupervised assets. For the year ended December 31, 2024, there was minimal
 impact on the expense ratios.

See accompanying notes to financial statements.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**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:

&nbsp;&nbsp;&nbsp;&nbsp;(1) All directors and all members of any advisory board for regular compensation;

---

| | |
|:---|:---|
| Vincent D. Enright | $12500 |
| Mary E. Hauck | $8500 |
| Werner J. Roeder | $9500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each director and each member of an advisory board for special compensation; $0

&nbsp;&nbsp;&nbsp;&nbsp;(3) All officers; $0 and

&nbsp;&nbsp;&nbsp;&nbsp;(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.**

Not applicable.

**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 shareholders may recommend nominees to the registrant's board of trustees, 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 officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation
 of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940
 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures
 are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed,
 summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that
 information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated
 to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely
 decisions regarding required disclosure.

&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 have materially affected, or are 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) [The registrant's Code of Ethics is attached hereto.](investorfund_ex99codeeth.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

(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.](investorfund_ex99cert.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.](investorfund_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 Investor Funds, Inc. |
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | March 9, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | March 9, 2026 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | March 9, 2026 |

---

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

## Ex-99.Code

**EX-99.CODE ETH**

**Joint Code of Ethics for Chief Executive**

**and Senior Financial Officers of the Gabelli/GAMCO/TETON Funds**

Each affiliated registered investment company (each a "<u>Company</u>") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise -- in compliance with applicable law. This Code of Ethics, applicable to each Company's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "<u>Senior Officers</u>"), sets forth policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees of the investment advisor to the Companies or service providers thereof (the "<u>Advisor</u>") and/or affiliates of the Advisor (the "Advisory Group") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:

● the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the " <u>1940 Act</u> ");

● the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the " <u>Advisers Act</u> ");

● the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the " <u>Trust's 1940 Act Code of Ethics</u> ");

● one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the " <u>Directors</u> ") of each Company that are not "interested persons" of such Company (the " <u>Independent Directors</u> ") within the meaning of the 1940 Act (the " <u>Advisory Group's 1940 Act Code of Ethics</u> " and, together with such Company's 1940 Act Code of Ethics, the " <u>1940 Act Codes of Ethics</u> ");

Revised: July 30, 2014 1

● the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the " <u>Conflict Policies</u> "); and

● the Advisory Group's policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the " <u>Advisory Policies</u> ").

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the "<u>Additional Conflict Rules</u>".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly**

Each Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

● act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

● comply with the laws, rules and regulations that govern the conduct of each Company's operations and report any suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

● adhere to a high standard of business ethics.

**Conflicts Of Interest**

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of a Company.

Revised: July 30, 2014 2

Senior Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the "CCO") and obtain the approval of the CCO prior to taking action.

Some conflict of interest situations that should always be approved by the CCO, if material, include the following:

● the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, of any of the Companies' service providers, other than the Advisory Group; or

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Advisory Group, such as compensation or equity ownership.

**Disclosures**

It is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by such Company. As a Senior Officer, you are required to promote compliance with this policy and to abide by such Company's standards, policies and procedures designed to promote compliance with this policy.

Revised: July 30, 2014 3

Each Senior Officer must:

● familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and

● not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Company's independent auditors, such Company's counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics**

If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Company, you must report that information on a timely basis to the CCO or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time. *No one will be subject to retaliation because of a good faith report of a suspected violation*.

Each Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

● the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her;

● violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation;

● if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

● appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics**

Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

Revised: July 30, 2014 4

The CCO is authorized to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged to do so.

The Board of Directors of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

**Recordkeeping**

Each Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:

● that provided the basis for any amendment or waiver to this Code of Ethics; and

● relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors.

**Confidentiality**

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.

**Amendments**

This Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company's Directors, including a majority of its Independent Directors.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Companies' business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Revised: July 30, 2014 5

ACKNOWLEDGMENT FORM

I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company's related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time.

---

| |
|:---|
| Printed Name |
| Signature |
| Date |

---

Revised: July 30, 2014 6

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of Gabelli Investor 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: | March 9, 2026 | /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 Investor 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 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: | March 9, 2026 | /s/ John C. Ball |
|  | | John C. Ball, Principal Financial Officer and Treasurer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, John C. Ball, Principal Executive Officer of Gabelli Investor Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects,
 the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2026 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Executive Officer |

---

I, John C. Ball, Principal Financial Officer and Treasurer of Gabelli Investor Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects,
 the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2026 | /s/ John C. Ball |
|  | | John C. Ball, Principal Financial Officer and Treasurer |

---