# EDGAR Filing Document

**Accession Number:** 0000877670
**File Stem:** 0001387131-23-003460
**Filing Date:** 2023-3
**Character Count:** 9661
**Document Hash:** c73baa5a590a0fcfadc200bad96e5fab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-003460.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001387131-23-003460

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230315

**DATE AS OF CHANGE**: 20230315

**EFFECTIVENESS DATE**: 20230315

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GABELLI EQUITY SERIES FUNDS INC
- **CENTRAL INDEX KEY:** 0000877670
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-41913
- **FILM NUMBER:** 23735969

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 2123098448

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

## Series and Classes Contracts Data

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

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

**GABELLI EQUITY SERIES FUNDS, INC.**

Supplement dated March 15, 2023

to

The Gabelli Focused Growth and Income Fund Summary Prospectus dated January 27, 2023

This supplement amends certain information in the Summary Prospectus (the "Summary Prospectus"), dated January 27, 2023, of The Gabelli Focused Growth and Income Fund (the "Fund"), a series of Gabelli Equity Series Funds, Inc. Unless otherwise indicated, all other information included in the Fund's Summary Prospectus, or any previous supplements thereto, that is not inconsistent with the information set forth in this supplement, remains unchanged. Capitalized terms not otherwise defined in this supplement have the same meaning as in the Fund's Summary Prospectus.

**Reopening of Class C Shares**

The Fund has determined to reopen its Class C shares to new investors, effective as of March 15, 2023. All disclosures inconsistent with the foregoing in the Summary Prospectus are hereby superseded.

The minimum initial investment for Class C shares of the Fund is $1,000 ($250 for "IRAs" or Coverdell Education Savings Plans). There is no minimum initial investment for Class C in an automatic monthly investment plan.

<u>Change to Cover Page</u>

The Fund's Class C ticker symbol, GWSCX, is added to the share class and ticker symbol list located at the top of the cover page of the Fund's Summary Prospectus.

<u>Changes to "Fees and Expenses of the Focused Growth and Income Fund" and "Expense Example"</u>

The sections captioned "Fees and Expenses of the Focused Growth and Income Fund" and "Expense Example" of the Fund's Summary Prospectus are deleted and replaced in their entirety with the following:

***Fees and Expenses of the Focused Growth and Income Fund:***

This table describes the fees and expenses that you may pay if you buy and hold the following classes of shares of the Focused Growth and Income Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Gabelli family of mutual funds. More information about these and other discounts is available from your financial professional and in the section entitled, "Classes of Shares" on page 45 of the prospectus and in Appendix A, "Sales Charge Reductions and Waivers Available through Certain Intermediaries," attached to the Fund's prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class AAA<br> Shares** | **Class A<br> Shares** | **Class C<br> Shares** | **Class I<br> Shares** |
| **Shareholder Fees** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fees paid directly from your investment): |  |  |  |  |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price) |  | 5.75% |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of<br> redemption or offering price, whichever is lower) |  |  | 1.00% |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends<br> (as a percentage of amount invested) |  |  |  |  |
| Redemption Fees (as a percentage of amount redeemed for shares held 7 days or less) | 2.00% | 2.00% | 2.00% | 2.00% |
| Exchange Fee |  |  |  |  |
| **Annual Fund Operating Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(expenses that you pay each year as a percentage of the value of your investment): |  |  |  |  |
| Management Fees | 1.00% | 1.00% | 1.00% | 1.00% |
| Distribution and Service (Rule 12b-1) Fees | 0.25% | 0.25% | 1.00% |  |
| Other Expenses | 0.47% | 0.47% | 0.47% | 0.47% |
| Total Annual Fund Operating Expenses | 1.72% | 1.72% | 2.47% | 1.47% |
| Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | 0.00% | (0.47)% | 0.00% | (0.67)% |
| <br> Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement | 1.72% | 1.25% | 2.47% | 0.80% |

---

(1) The Adviser has contractually agreed
 to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent
 necessary to maintain the Total Annual Fund Operating Expenses After Fee Waiver and Expense
 Reimbursement (excluding brokerage costs, acquired fund fees and expenses, interest, taxes,
 and extraordinary expenses) at no more than an annual rate of 0.80% for Class I Shares and
 1.25% for Class A Shares. Under this same arrangement, the Fund has also agreed, during the
 two year period following the year of any such waiver or reimbursement by the Adviser, to
 repay such amount, but only to the extent the Fund's adjusted Total Annual Fund Operating
 Expenses would not exceed an annual rate of 0.80% for Class I Shares and 1.25% for Class
 A Shares. This arrangement is in effect through January 31, 2024 for both Class I Shares
 and Class A Shares, and may be terminated only by the Board of the Company before such time.
 The Fund will carry forward any fees and expenses in excess of the expense limitation and
 repay the Adviser such amount provided the Fund is able to do so without exceeding the lesser
 of (1) the expense limit in effect at the time of the waiver or reimbursement, as applicable,
 or (2) the expense limit in effect at the time of recoupment after giving effect to the repayment.

 ****

***Expense Example***

This example is intended to help you compare the cost of investing in the Focused Growth and Income Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in shares of the Focused Growth and Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year, and that the Equity Income Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class AAA Shares | $175 | $542 | $933 | $2030 |
| Class A Shares | $695 | $1043 | $1413 | $2452 |
| Class C Shares | $350 | $770 | $1316 | $2806 |
| Class I Shares | $82 | $399 | $739 | $1700 |

---

You would pay the following expenses if you did not redeem your shares of the Focused Growth and Income Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class AAA Shares | $175 | $542 | $933 | $2030 |
| Class A Shares | $695 | $1043 | $1413 | $2452 |
| Class C Shares | $250 | $770 | $1316 | $2806 |
| Class I Shares | $82 | $399 | $739 | $1700 |

---

<u>Changes to "Performance"</u>

The table directly beneath the bar chart in the section captioned "Performance" of the Fund's Summary Prospectus is deleted and replaced in its entirety with the following:

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns<br> <u>(for the years ended December 31, 2022)</u>** | **Past<br> <u>One Year</u>** | **Past<br> <u>Five Years</u>** | **Past<br> <u>Ten Years</u>** |
| The Gabelli Focused Growth and Income Fund<br> Class AAA Shares (first issued on 12/31/02) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | (13.84)% | 5.41% | 4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | (14.69)% | 2.09% | 4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | (7.67)% | 1.85% | 3.56% |
| Class A Shares (first issued on 12/31/02): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | (18.78)% | 1.25% | 4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares (first issued on 12/31/02):<br> Return Before Taxes | (15.33)% | 1.67% | 3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Shares (first issued on 1/11/08):<br> Return Before Taxes | (13.06)% | 3.02% | 5.10% |
| S&P MidCap 400 Index (reflects no deduction for fees, expenses or taxes) | (13.06)% | 6.71% | 10.78% |

---

Please refer to the Fund's statutory prospectus for additional information about share class conversions and exchanges among funds managed by the Fund's Adviser or its affiliates.

**SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE**