# EDGAR Filing Document

**Accession Number:** 0000830779
**File Stem:** 0001829126-25-007129
**Filing Date:** 2025-9
**Character Count:** 103425
**Document Hash:** 0e4a7ead5b7dc268233d18f6af482c2c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-007129.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001829126-25-007129

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Comstock Funds, Inc.
- **CENTRAL INDEX KEY:** 0000830779

**ORGANIZATION NAME:**
- **EIN:** 133454481
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05502
- **FILM NUMBER:** 251292560

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **STREET 2:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580-1434
- **BUSINESS PHONE:** 8004223554

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **STREET 2:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580-1434

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New Comstock Fund, Inc.
- **DATE OF NAME CHANGE:** 20210326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMSTOCK FUNDS INC
- **DATE OF NAME CHANGE:** 20000823

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMSTOCK PARTNERS FUNDS INC
- **DATE OF NAME CHANGE:** 19960214

## Series and Classes Contracts Data

### COMSTOCK CAPITAL VALUE FUND (Series ID: S000001057)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002841 | CLASS A      | DRCVX           |
| C000002843 | CLASS C      | CPCCX           |
| C000002844 | CLASS I      | CPCRX           |
| C000073498 | Class AAA    | COMVX           |

?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>811-05502</u>

**Comstock 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>June 30, 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) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

# Comstock Capital Value Fund

# Class AAA - COMVX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i20a8ce43456a5500a34fe6d4.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Comstock Capital Value Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund follows a value oriented strategy and seeks to achieve its investment objective by investing in equity and debt securities, money market instruments, and derivatives. The Fund may invest in, and may shift frequently among, a wide range of asset classes and market sectors. The equity securities in which the Fund invests include common and preferred stock (including convertible preferred stock), warrants, and depository receipts. There is no restriction on the market capitalization of the Fund's equity securities. The debt securities in which the Fund may invest include: U.S. corporate debt, U.S. government and agency debt, and foreign sovereign and other debt securities (including debt securities from emerging market issuers). You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Comstock Capital Value Fund - Class AAA** | **$0** | **-%** |

---

## How did the Fund perform?
For the six months ended June 30, 2025, the Comstock Capital Value Fund outperformed its broad-based benchmark, the S&P 500 Index, and its comparative benchmarks, the Bloomberg US Government / Credit Bond Index and the MSCI USA Value Index. Merger & Acquisition activity totaled $2.0 trillion globally in the first half of 2025, a 33% increase year over year. M&A headwinds from recent years have become tailwinds given this administration's views on consolidation and antitrust regulation. Deal volumes are expected to continue to accelerate based on clarity of tariffs and anticipated rate cuts.

## 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](id3510163a09ed2d6c3b94ab0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Comstock Capital Value Fund - Class AAA** | **S&P 500 Index** | **Bloomberg US Government / Credit Bond Index** | **MSCI USA Value Index** |
| **6/15** | 10000 | 10000 | 10000 | 10000 |
| **6/16** | 9504 | 10399 | 10670 | 10537 |
| **6/17** | 7206 | 12260 | 10626 | 12223 |
| **6/18** | 6214 | 14022 | 10559 | 13070 |
| **6/19** | 5640 | 15483 | 11459 | 14263 |
| **6/20** | 4948 | 16646 | 12607 | 13088 |
| **6/21** | 4805 | 23436 | 12558 | 18324 |
| **6/22** | 4727 | 20947 | 11195 | 17557 |
| **6/23** | 5001 | 25051 | 11117 | 19179 |
| **6/24** | 5245 | 31203 | 11422 | 22056 |
| **6/25** | 5858 | 35934 | 12094 | 24969 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| Comstock Capital Value Fund - Class AAA | 6.40% | 11.69% | 3.43% | (5.21)% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| Bloomberg US Government / Credit Bond Index | 3.95% | 5.89% | (0.83)% | 1.92% |
| MSCI USA Value Index | 6.45% | 13.21% | 13.79% | 9.58% |

---

## Fund Statistics
* Total Net Assets$8,564,790

* Number of Portfolio Holdings103

* Portfolio Turnover Rate107%

* Management Fees$(87,868)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Blueprint Medicines Corp. | 5.2% |
| Kellanova | 5.1% |
| Frontier Communications Parent Inc. | 4.0% |
| Juniper Networks Inc. | 3.5% |
| Amedisys Inc. | 3.4% |
| Skechers USA Inc. | 2.9% |
| SpringWorks Therapeutics Inc. | 2.7% |
| Triumph Group Inc. | 2.7% |
| ALLETE Inc. | 2.6% |
| Paramount Global | 2.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 79.8% |
| U.S. Government Obligations | 19.0% |
| Closed-End Funds | 0.5% |
| Rights | 0.5% |
| Other Assets and Liabilities (Net) | 0.2% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i2fc68c86eed5adfd587be8bb.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| U.S. Government Obligations | 19.0% |
| Health Care | 18.2% |
| Telecommunications | 10.6% |
| Retail | 8.0% |
| Financial Services | 6.2% |
| Food and Beverage | 5.8% |
| Energy and Utilities | 5.6% |
| Broadcasting | 4.0% |
| Other Industry sectors | 22.4% |
| Other Assets and Liabilities (Net) | 0.2% |

---

![Image](i20a8ce43456a5500a34fe6d4.jpg)

#### Comstock Capital Value Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class AAA - COMVX

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

**Contact Us**

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

Email: info@gabelli.com

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

COMVX-25-SATSR

# Comstock Capital Value Fund

# Class C - CPCCX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i20a8ce43456a5500a34fe6d4.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Comstock Capital Value Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund follows a value oriented strategy and seeks to achieve its investment objective by investing in equity and debt securities, money market instruments, and derivatives. The Fund may invest in, and may shift frequently among, a wide range of asset classes and market sectors. The equity securities in which the Fund invests include common and preferred stock (including convertible preferred stock), warrants, and depository receipts. There is no restriction on the market capitalization of the Fund's equity securities. The debt securities in which the Fund may invest include: U.S. corporate debt, U.S. government and agency debt, and foreign sovereign and other debt securities (including debt securities from emerging market issuers). You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Comstock Capital Value Fund - Class C** | **$0** | **-%** |

---

## How did the Fund perform?
For the six months ended June 30, 2025, the Comstock Capital Value Fund outperformed its broad-based benchmark, the S&P 500 Index, and its comparative benchmarks, the Bloomberg US Government / Credit Bond Index and the MSCI USA Value Index. Merger & Acquisition activity totaled $2.0 trillion globally in the first half of 2025, a 33% increase year over year. M&A headwinds from recent years have become tailwinds given this administration's views on consolidation and antitrust regulation. Deal volumes are expected to continue to accelerate based on clarity of tariffs and anticipated rate cuts.

## 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](i0bd5fa0da405755439a7e404.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Comstock Capital Value Fund - Class C** | **Comstock Capital Value Fund - Class C (includes sales charge)** | **S&P 500 Index** | **Bloomberg US Government / Credit Bond Index** | **MSCI USA Value Index** |
| **6/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **6/16** | 9437 | 9342 | 10399 | 10670 | 10537 |
| **6/17** | 7096 | 6950 | 12260 | 10626 | 12223 |
| **6/18** | 6074 | 5888 | 14022 | 10559 | 13070 |
| **6/19** | 5467 | 5246 | 15483 | 11459 | 14263 |
| **6/20** | 4770 | 4531 | 16646 | 12607 | 13088 |
| **6/21** | 4638 | 4361 | 23436 | 12558 | 18324 |
| **6/22** | 4549 | 4234 | 20947 | 11195 | 17557 |
| **6/23** | 4816 | 4440 | 25051 | 11117 | 19179 |
| **6/24** | 5049 | 4610 | 31203 | 11422 | 22056 |
| **6/25** | 6199 | 5615 | 35934 | 12094 | 24969 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| Comstock Capital Value Fund - Class C | 17.30% | 22.78% | 5.37% | (4.67)% |
| Comstock Capital Value Fund - Class C (includes sales charge) | 16.30% | 21.78% | 5.37% | (4.67)% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| Bloomberg US Government / Credit Bond Index | 3.95% | 5.89% | (0.83)% | 1.92% |
| MSCI USA Value Index | 6.45% | 13.21% | 13.79% | 9.58% |

---

## Fund Statistics
* Total Net Assets$8,564,790

* Number of Portfolio Holdings103

* Portfolio Turnover Rate107%

* Management Fees$(87,868)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Blueprint Medicines Corp. | 5.2% |
| Kellanova | 5.1% |
| Frontier Communications Parent Inc. | 4.0% |
| Juniper Networks Inc. | 3.5% |
| Amedisys Inc. | 3.4% |
| Skechers USA Inc. | 2.9% |
| SpringWorks Therapeutics Inc. | 2.7% |
| Triumph Group Inc. | 2.7% |
| ALLETE Inc. | 2.6% |
| Paramount Global | 2.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 79.8% |
| U.S. Government Obligations | 19.0% |
| Closed-End Funds | 0.5% |
| Rights | 0.5% |
| Other Assets and Liabilities (Net) | 0.2% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ife125699b926599ecfdfab28.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| U.S. Government Obligations | 19.0% |
| Health Care | 18.2% |
| Telecommunications | 10.6% |
| Retail | 8.0% |
| Financial Services | 6.2% |
| Food and Beverage | 5.8% |
| Energy and Utilities | 5.6% |
| Broadcasting | 4.0% |
| Other Industry sectors | 22.4% |
| Other Assets and Liabilities (Net) | 0.2% |

---

![Image](i20a8ce43456a5500a34fe6d4.jpg)

#### Comstock Capital Value Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class C - CPCCX

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

**Contact Us**

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

Email: info@gabelli.com

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

CPCCX-25-SATSR

# Comstock Capital Value Fund

# Class I - CPCRX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i20a8ce43456a5500a34fe6d4.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Comstock Capital Value Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund follows a value oriented strategy and seeks to achieve its investment objective by investing in equity and debt securities, money market instruments, and derivatives. The Fund may invest in, and may shift frequently among, a wide range of asset classes and market sectors. The equity securities in which the Fund invests include common and preferred stock (including convertible preferred stock), warrants, and depository receipts. There is no restriction on the market capitalization of the Fund's equity securities. The debt securities in which the Fund may invest include: U.S. corporate debt, U.S. government and agency debt, and foreign sovereign and other debt securities (including debt securities from emerging market issuers). You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Comstock Capital Value Fund - Class I** | **$0** | **-%** |

---

## How did the Fund perform?
For the six months ended June 30, 2025, the Comstock Capital Value Fund outperformed its broad-based benchmark, the S&P 500 Index, and its comparative benchmarks, the Bloomberg US Government / Credit Bond Index and the MSCI USA Value Index. Merger & Acquisition activity totaled $2.0 trillion globally in the first half of 2025, a 33% increase year over year. M&A headwinds from recent years have become tailwinds given this administration's views on consolidation and antitrust regulation. Deal volumes are expected to continue to accelerate based on clarity of tariffs and anticipated rate cuts.

## 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](i5c34f96abd2f76d073f98c40.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Comstock Capital Value Fund - Class I** | **S&P 500 Index** | **Bloomberg US Government / Credit Bond Index** | **MSCI USA Value Index** |
| **6/15** | 10000 | 10000 | 10000 | 10000 |
| **6/16** | 9537 | 10399 | 10670 | 10537 |
| **6/17** | 7237 | 12260 | 10626 | 12223 |
| **6/18** | 6273 | 14022 | 10559 | 13070 |
| **6/19** | 5694 | 15483 | 11459 | 14263 |
| **6/20** | 5013 | 16646 | 12607 | 13088 |
| **6/21** | 4885 | 23436 | 12558 | 18324 |
| **6/22** | 4821 | 20947 | 11195 | 17557 |
| **6/23** | 5091 | 25051 | 11117 | 19179 |
| **6/24** | 5345 | 31203 | 11422 | 22056 |
| **6/25** | 5961 | 35934 | 12094 | 24969 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| Comstock Capital Value Fund - Class I | 6.43% | 11.53% | 3.52% | (5.04)% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| Bloomberg US Government / Credit Bond Index | 3.95% | 5.89% | (0.83)% | 1.92% |
| MSCI USA Value Index | 6.45% | 13.21% | 13.79% | 9.58% |

---

## Fund Statistics
* Total Net Assets$8,564,790

* Number of Portfolio Holdings103

* Portfolio Turnover Rate107%

* Management Fees$(87,868)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Blueprint Medicines Corp. | 5.2% |
| Kellanova | 5.1% |
| Frontier Communications Parent Inc. | 4.0% |
| Juniper Networks Inc. | 3.5% |
| Amedisys Inc. | 3.4% |
| Skechers USA Inc. | 2.9% |
| SpringWorks Therapeutics Inc. | 2.7% |
| Triumph Group Inc. | 2.7% |
| ALLETE Inc. | 2.6% |
| Paramount Global | 2.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 79.8% |
| U.S. Government Obligations | 19.0% |
| Closed-End Funds | 0.5% |
| Rights | 0.5% |
| Other Assets and Liabilities (Net) | 0.2% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i8e01627a7ea16652cfd775db.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| U.S. Government Obligations | 19.0% |
| Health Care | 18.2% |
| Telecommunications | 10.6% |
| Retail | 8.0% |
| Financial Services | 6.2% |
| Food and Beverage | 5.8% |
| Energy and Utilities | 5.6% |
| Broadcasting | 4.0% |
| Other Industry sectors | 22.4% |
| Other Assets and Liabilities (Net) | 0.2% |

---

![Image](i20a8ce43456a5500a34fe6d4.jpg)

#### Comstock Capital Value Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class I - CPCRX

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

**Contact Us**

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

Email: info@gabelli.com

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

CPCRX-25-SATSR

# Comstock Capital Value Fund

# Class A - DRCVX

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i20a8ce43456a5500a34fe6d4.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Comstock Capital Value Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. The Fund follows a value oriented strategy and seeks to achieve its investment objective by investing in equity and debt securities, money market instruments, and derivatives. The Fund may invest in, and may shift frequently among, a wide range of asset classes and market sectors. The equity securities in which the Fund invests include common and preferred stock (including convertible preferred stock), warrants, and depository receipts. There is no restriction on the market capitalization of the Fund's equity securities. The debt securities in which the Fund may invest include: U.S. corporate debt, U.S. government and agency debt, and foreign sovereign and other debt securities (including debt securities from emerging market issuers). You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request information by contacting us at 800-GABELLI (800-422-3554).

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Comstock Capital Value Fund - Class A** | **$0** | **-%** |

---

## How did the Fund perform?
For the six months ended June 30, 2025, the Comstock Capital Value Fund outperformed its broad-based benchmark, the S&P 500 Index, and its comparative benchmarks, the Bloomberg US Government / Credit Bond Index and the MSCI USA Value Index. Merger & Acquisition activity totaled $2.0 trillion globally in the first half of 2025, a 33% increase year over year. M&A headwinds from recent years have become tailwinds given this administration's views on consolidation and antitrust regulation. Deal volumes are expected to continue to accelerate based on clarity of tariffs and anticipated rate cuts.

## 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](ibd4916d72eb467c192cec92b.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Comstock Capital Value Fund - Class A** | **Comstock Capital Value Fund - Class A (includes sales charge)** | **S&P 500 Index** | **Bloomberg US Government / Credit Bond Index** | **MSCI USA Value Index** |
| **6/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **6/16** | 9478 | 8933 | 10399 | 10670 | 10537 |
| **6/17** | 7180 | 6378 | 12260 | 10626 | 12223 |
| **6/18** | 6188 | 5181 | 14022 | 10559 | 13070 |
| **6/19** | 5613 | 4430 | 15483 | 11459 | 14263 |
| **6/20** | 4935 | 3670 | 16646 | 12607 | 13088 |
| **6/21** | 4792 | 3359 | 23436 | 12558 | 18324 |
| **6/22** | 4713 | 3114 | 20947 | 11195 | 17557 |
| **6/23** | 4988 | 3106 | 25051 | 11117 | 19179 |
| **6/24** | 5245 | 3079 | 31203 | 11422 | 22056 |
| **6/25** | 5860 | 3242 | 35934 | 12094 | 24969 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| Comstock Capital Value Fund - Class A | 6.68% | 11.72% | 3.44% | (5.23)% |
| Comstock Capital Value Fund - Class A (includes sales charge) | 0.55% | 5.30% | 2.22% | (5.79)% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| Bloomberg US Government / Credit Bond Index | 3.95% | 5.89% | (0.83)% | 1.92% |
| MSCI USA Value Index | 6.45% | 13.21% | 13.79% | 9.58% |

---

## Fund Statistics
* Total Net Assets$8,564,790

* Number of Portfolio Holdings103

* Portfolio Turnover Rate107%

* Management Fees$(87,868)

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Blueprint Medicines Corp. | 5.2% |
| Kellanova | 5.1% |
| Frontier Communications Parent Inc. | 4.0% |
| Juniper Networks Inc. | 3.5% |
| Amedisys Inc. | 3.4% |
| Skechers USA Inc. | 2.9% |
| SpringWorks Therapeutics Inc. | 2.7% |
| Triumph Group Inc. | 2.7% |
| ALLETE Inc. | 2.6% |
| Paramount Global | 2.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 79.8% |
| U.S. Government Obligations | 19.0% |
| Closed-End Funds | 0.5% |
| Rights | 0.5% |
| Other Assets and Liabilities (Net) | 0.2% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i0e3f7d25a0bf13b854a3dd50.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| U.S. Government Obligations | 19.0% |
| Health Care | 18.2% |
| Telecommunications | 10.6% |
| Retail | 8.0% |
| Financial Services | 6.2% |
| Food and Beverage | 5.8% |
| Energy and Utilities | 5.6% |
| Broadcasting | 4.0% |
| Other Industry sectors | 22.4% |
| Other Assets and Liabilities (Net) | 0.2% |

---

![Image](i20a8ce43456a5500a34fe6d4.jpg)

#### Comstock Capital Value Fund

#### Semi-Annual Shareholder Report - June 30, 2025

#### Class A - DRCVX

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

**Contact Us**

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

Email: info@gabelli.com

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

DRCVX-25-SATSR

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

**Item 2. Code of Ethics.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

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

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

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

The semi-annual financial statements are attached herewith.

**Comstock Capital Value Fund**

**Semiannual Report — June 30, 2025**

**To Our Shareholders,**

For the six months ended June 30, 2025, the net asset value (NAV) total return per Class A Share of the Comstock Capital Value Fund was 6.7% compared with a total return of 6.2% for the Standard & Poor's (S&P) 500 Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of June 30, 2025:

**Comstock Capital Value Fund**

---

| | |
|:---|:---|
| U.S. Government Obligations | 19.0% |
| Health Care | 18.2% |
| Telecommunications | 10.6% |
| Retail | 8.0% |
| Financial Services | 6.2% |
| Food and Beverage | 5.8% |
| Energy and Utilities | 5.6% |
| Broadcasting | 4.0% |
| Aerospace and Defense | 3.6% |
| Hotels and Gaming | 2.9% |
| Business Services | 2.7% |
| Electronics | 2.7% |
| Diversified Industrial | 2.7% |
| Real Estate | 2.3% |
| Computer Software and Services | 1.6% |
| Entertainment | 1.1% |
| Metal and Mining | 0.9% |
| Semiconductors | 0.7% |
| Other | 0.5% |
| Closed-End Funds | 0.5% |
| Automotive: Parts and Accessories | 0.2% |
| Other Assets and Liabilities (Net) | 0.2% |
|  | 100.0% |

---

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

**Proxy Voting**

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

**Comstock Capital Value Fund**

**Schedule of Investments — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 79.8%** |  |  |
|  | **Aerospace and Defense — 3.6%** |  |  |
| 2000 | Spirit AeroSystems Holdings Inc., Cl. A† | $64977 | $76300 |
| 9000 | Triumph Group Inc.† | 211823 | 231750 |
|  |  | 276800 | 308050 |
|  | **Automotive: Parts and Accessories — 0.2%** |  |  |
| 1500 | Garrett Motion Inc. | 12720 | 15765 |
|  | **Broadcasting — 4.0%** |  |  |
| 2500 | Paramount Global, Cl. A | 55273 | 57375 |
| 12000 | Paramount Global, Cl. B | 127502 | 154800 |
| 2093 | Sirius XM Holdings Inc. | 72287 | 48076 |
| 4750 | TEGNA Inc. | 82769 | 79610 |
|  |  | 337831 | 339861 |
|  | **Business Services — 2.7%** |  |  |
| 4000 | Alight Inc., Cl. A | 24864 | 22640 |
| 20000 | Dun & Bradstreet Holdings Inc. | 178380 | 181800 |
| 250 | McGrath RentCorp. | 24976 | 28990 |
|  |  | 228220 | 233430 |
|  | **Computer Software and Services — 1.5%** |  |  |
| 1000 | Couchbase Inc.† | 24412 | 24380 |
| 11000 | E2open Parent Holdings Inc.† | 35364 | 35530 |
| 2500 | Informatica Inc., Cl. A† | 59904 | 60875 |
| 2500 | TTEC Holdings Inc.† | 13783 | 12025 |
|  |  | 133463 | 132810 |
|  | **Diversified Industrial — 2.7%** |  |  |
| 5000 | Churchill Capital Corp. IX† | 51250 | 52600 |
| 225 | Herc Holdings Inc. | 26516 | 29630 |
| 4000 | Radius Recycling Inc. | 114791 | 118760 |
| 1250 | Stratasys Ltd.† | 16038 | 14338 |
| 500 | WillScot Holdings Corp. | 14310 | 13700 |
|  |  | 222905 | 229028 |
|  | **Electronics — 2.7%** |  |  |
| 3000 | FARO Technologies Inc.† | 127271 | 131760 |
| 1500 | Rogers Corp.† | 195456 | 102720 |
|  |  | 322727 | 234480 |
|  | **Energy and Utilities — 5.6%** |  |  |
| 3500 | ALLETE Inc. | 223027 | 224245 |
| 2500 | DMC Global Inc.† | 21207 | 20150 |
| 1000 | Hess Corp. | 142784 | 138540 |
| 1750 | TXNM Energy Inc. | 99356 | 98560 |
|  |  | 486374 | 481495 |
|  | **Entertainment — 1.1%** |  |  |
| 3000 | International Game Technology plc | 53448 | 47430 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 400 | Liberty Media Corp.-Liberty Live, Cl. C† | $12877 | $32464 |
| 750 | Manchester United plc, Cl. A† | 13752 | 13357 |
| 1000 | WideOpenWest Inc.† | 4729 | 4060 |
|  |  | 84806 | 97311 |
|  | **Financial Services — 6.1%** |  |  |
| 15000 | AvidXchange Holdings Inc.† | 146180 | 146850 |
| 1000 | Cannae Holdings Inc. | 17805 | 20850 |
| 2500 | Cantaloupe Inc.† | 27368 | 27475 |
| 250 | Enstar Group Ltd.† | 80507 | 84090 |
| 6500 | GSR III Acquisition Corp.† | 62631 | 70135 |
| 2500 | NET Lease Office Properties, REIT† | 65015 | 81375 |
| 8500 | Soulpower Acquisition Corp.† | 85000 | 87890 |
|  |  | 484506 | 518665 |
|  | **Food and Beverage — 5.8%** |  |  |
| 5500 | Kellanova | 443983 | 437415 |
| 1750 | Lifeway Foods Inc.† | 39206 | 43137 |
| 500 | SpartanNash Co. | 13209 | 13245 |
|  |  | 496398 | 493797 |
|  | **Health Care — 17.9%** |  |  |
| 3000 | Amedisys Inc.† | 277728 | 295170 |
| 3500 | Blueprint Medicines Corp.† | 447328 | 448630 |
| 6500 | Cross Country Healthcare Inc.† | 117519 | 84825 |
| 1000 | CureVac NV† | 5300 | 5430 |
| 14000 | Cyteir Therapeutics Inc., Escrow†(a) | 0 | 0 |
| 9000 | Inozyme Pharma Inc.† | 35599 | 36000 |
| 3000 | iTeos Therapeutics Inc.† | 30015 | 29910 |
| 3500 | Sage Therapeutics Inc.† | 31795 | 31920 |
| 5000 | SpringWorks Therapeutics Inc.† | 228388 | 234950 |
| 2500 | Surgery Partners Inc.† | 55675 | 55575 |
| 3250 | SurModics Inc.† | 118633 | 96558 |
| 4000 | Third Harmonic Bio Inc.† | 20455 | 21720 |
| 4500 | Verve Therapeutics Inc.† | 49613 | 50535 |
| 17500 | Vigil Neuroscience Inc.† | 138175 | 139125 |
|  |  | 1556223 | 1530348 |
|  | **Hotels and Gaming — 2.9%** |  |  |
| 1500 | Atlanta Braves Holdings Inc., Cl. C† | 47569 | 70155 |
| 6500 | Everi Holdings Inc.† | 84107 | 92560 |
| 7000 | PlayAGS Inc.† | 80447 | 87430 |
|  |  | 212123 | 250145 |
|  | **Metal and Mining — 0.9%** |  |  |
| 6500 | MAC Copper Ltd.† | 78473 | 78585 |

---

See accompanying notes to financial statements.

**Comstock Capital Value Fund**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Other — 0.5%** |  |  |
| 2000 | NV5 Global Inc.† | $44085 | $46180 |
|  | **Real Estate — 2.3%** |  |  |
| 13000 | Copper Property CTL Pass Through Trust | 139960 | 161070 |
| 9000 | Seritage Growth Properties, Cl. A† | 83943 | 27720 |
| 750 | Star Holdings† | 12633 | 5858 |
|  |  | 236536 | 194648 |
|  | **Retail — 8.0%** |  |  |
| 3000 | Albertsons Companies Inc., Cl. A | 60635 | 64530 |
| 5500 | Foot Locker Inc.† | 130186 | 134750 |
| 250 | GMS Inc.† | 24711 | 27187 |
| 4000 | Skechers USA Inc., Cl. A† | 246816 | 252400 |
| 18000 | Walgreens Boots Alliance Inc. | 204116 | 206640 |
|  |  | 666464 | 685507 |
|  | **Semiconductors — 0.7%** |  |  |
| 750 | Silicon Motion Technology Corp., ADR | 36936 | 56378 |
|  | **Telecommunications — 10.6%** |  |  |
| 500 | Anterix Inc.† | 12870 | 12825 |
| 9500 | Frontier Communications Parent Inc.† | 335152 | 345800 |
| 7500 | Juniper Networks Inc. | 282454 | 299475 |
| 24000 | SatixFy Communications Ltd.† | 62845 | 70320 |
| 2750 | Telephone and Data Systems Inc. | 75199 | 97845 |
| 1250 | United States Cellular Corp.† | 70937 | 79962 |
|  |  | 839457 | 906227 |
|  | **TOTAL COMMON STOCKS** | 6757047 | 6832710 |
|  | **CLOSED-END FUNDS — 0.5%** |  |  |
| 30000 | Altaba Inc., Escrow† | 27916 | 40500 |
|  | **RIGHTS — 0.5%** |  |  |
|  | **Business Services — 0.0%** |  |  |
| 2000 | Resolute Forest Products Inc., CVR† | 0 | 3000 |
|  | **Computer Software and Services — 0.1%** |  |  |
| 1000 | Gen Digital Inc., CVR† | 0 | 8160 |
|  | **Financial Services — 0.1%** |  |  |
| 929 | GSR III Acquisition Corp., expire 11/08/29† | 2369 | 6379 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 375 | Pershing Square Tontine Holdings Ltd., expire 09/29/33† | $0 | $113 |
|  |  | 2369 | 6492 |
|  | **Health Care — 0.3%** |  |  |
| 500 | ABIOMED Inc., CVR† | 0 | 800 |
| 6000 | Akouos Inc., CVR† | 0 | 3000 |
| 1000 | Albireo Pharma Inc., CVR† | 0 | 2250 |
| 2500 | Alimera Sciences Inc., CVR† | 0 | 25 |
| 16500 | Checkpoint Therapeutics Inc., CVR† | 0 | 1650 |
| 3000 | Chinook Therapeutics Inc., CVR† | 0 | 600 |
| 1050 | CinCor Pharma Inc., CVR† | 0 | 3150 |
| 10000 | Concert Pharmaceuticals Inc., CVR† | 0 | 3000 |
| 5000 | Epizyme Inc., CVR† | 0 | 100 |
| 2250 | Fusion Pharmaceuticals Inc., CVR† | 0 | 1125 |
| 7500 | Gracell Biotechnologies Inc., CVR† | 0 | 300 |
| 6500 | Icosavax Inc., CVR† | 0 | 1950 |
| 1750 | Mirati Therapeutics Inc., CVR† | 0 | 875 |
| 500 | Opiant Pharmaceuticals Inc., CVR† | 0 | 250 |
| 1000 | Optinose Inc., CVR† | 0 | 500 |
| 22000 | Paragon 28 Inc., CVR† | 0 | 1100 |
| 6500 | Paratek Pharmaceuticals Inc., CVR† | 0 | 130 |
| 9500 | Regulus Therapeutics Inc, CVR† | 0 | 9500 |
|  |  | 0 | 30305 |
|  | **TOTAL RIGHTS** | 2369 | 47957 |
| **Principal<br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS — 19.0%** |  |  |
| $1635000 | U.S. Treasury Bills, 4.203% to 4.332%††, 07/17/25 to 09/18/25 | 1625701 | 1625678 |
|  | **TOTAL INVESTMENTS — 99.8%** | $8413033 | 8546845 |
|  | **Other Assets and Liabilities (Net) — 0.2%** |  | 17945 |
|  | **NET ASSETS — 100.0%** |  | $8564790 |

---

See accompanying notes to financial statements.

**Comstock Capital Value Fund**

**Schedule of Investments (Continued) — June 30, 2025 (Unaudited)**

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

ADR American Depositary Receipt <br> CVR Contingent Value Right <br> REIT Real Estate Investment Trust

See accompanying notes to financial statements.

**Comstock Capital Value Fund**

**Statement of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $8,413,033) | $8546845 |
| &nbsp;&nbsp;&nbsp;Cash | 74065 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 57767 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 50062 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 21751 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 1753 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 128 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 8752371 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 109197 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 12 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 6809 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 365 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 33074 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications | 20521 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 17603 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 187581 |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 1,930,458 shares outstanding) | $8564790 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $141233363 |
| &nbsp;&nbsp;&nbsp;Total accumulated loss | (132668573) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $8564790 |
| **Shares of Capital Stock, each at $0.001 par value:** |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($831,429 ÷ 192,535 shares outstanding; 25,000,000 shares authorized) | $4.32 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($1,019,050 ÷ 236,644 shares outstanding; 25,000,000 shares authorized) | $4.31 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9405, based on maximum sales charge of 5.95% of the offering price) | $4.58 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($12 ÷ 3 shares outstanding; 25,000,000 shares authorized) | $4.00 (a) |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($6,714,299 ÷ 1,501,276 shares outstanding; 25,000,000 shares authorized) | $4.47 |

---

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

See accompanying notes to financial statements.

**Comstock Capital Value Fund**

**Statement of Operations**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the<br> Period<br> May 1, 2024 to<br> December 31,<br> 2024** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $33 and $265) | $38746 | $45891 |
| &nbsp;&nbsp;&nbsp;Interest | 31828 | 40295 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 70574 | 86186 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 37918 | 44861 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 546 | 447 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 1237 | 1742 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 12 | 29 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 24399 | 36562 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 24239 | 70259 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 12000 | 18500 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 9959 | 15163 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 8051 | 16977 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 3075 | 5700 |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 37 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 5909 | 21288 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 127345 | 231565 |
| &nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 1) | (125786) | (229561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (691) | (1404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fee credits | (863) | (559) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements and Credits** | (127340) | (231524) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 5 | 41 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 70569 | 86145 |
| **Net Realized and Unrealized Gain on Investments:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 214777 | 41165 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 203900 | 197023 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 418677 | 238188 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $489246 | $324333 |

---

See accompanying notes to financial statements.

**Comstock Capital Value Fund**

**Statement of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the<br> Period<br> May 1, 2024 to<br> December 31,**<br> **2024** | <br>**Fiscal Year Ended**<br> **April 30,**<br> **2024** |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $70569 | $86145 | $147339 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 214777 | 41165 | 267385 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments | 203900 | 197023 | (117345) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 489246 | 324333 | 297379 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | (7223) | (4478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (20944) | (18584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (91) | (218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (119629) | (78816) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** |  | (147887) | (102096) |
| **Capital Stock Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 586556 | 120192 | 107161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 10256 | 10105 | 10777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 11 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 380000 | 610000 | 1278238 |
| &nbsp;&nbsp;&nbsp;Total proceeds from shares issued | 976823 | 740297 | 1396176 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | 7137 | 4411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 10083 | 9924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 91 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 117074 | 76762 |
| &nbsp;&nbsp;&nbsp;Total proceeds from reinvestment of distributions |  | 134385 | 91315 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (130044) | (50938) | (113904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (49524) | (97214) | (177787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (3787) | (2687) | (4824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (20319) | (5194) | (145898) |
| &nbsp;&nbsp;&nbsp;Total cost of shares redeemed | (203674) | (156033) | (442413) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Stock Transactions** | 773149 | 718649 | 1045078 |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 23 |  |  |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets** | 1262418 | 895095 | 1240361 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 7302372 | 6407277 | 5166916 |
| &nbsp;&nbsp;&nbsp;End of period | $8564790 | $7302372 | $6407277 |

---

See accompanying notes to financial statements.

**Comstock Capital Value Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Period Ended\*** |<br>**Net Asset Value, Beginning of Year** | **Net Investment Income (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Total Distributions** |<br>**Redemption Fees(a)** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net<br> Investment<br> Income<br> (Loss)** | **Operating<br> Expenses<br> Before Reimbursement** | **Operating<br> Expenses<br> Net of<br> Reimbursement** | **Portfolio Turnover Rate** |
| **Class AAA** | **Class AAA** | **Class AAA** | | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;2025(b) | $4.06 | $0.04 | $0.22 | $0.26 | $— | $— | $0.00 (c) | $4.32 | 6.40% | $832 | 1.87 %(d) | 3.56 %(d) | 0.00 %(d)(e)(f)(g) | 107% |
| &nbsp;&nbsp;&nbsp;2024(h) | 3.94 | 0.05 | 0.16 | 0.21 | (0.09) | (0.09) |  | 4.06 | 5.23 | 344 | 1.91 (d) | 5.36 (d) | 0.00 (d)(e)(f)(g)(i) | 133 |
| &nbsp;&nbsp;&nbsp;2024 | 3.81 | 0.10 | 0.10 | 0.20 | (0.07) | (0.07) |  | 3.94 | 5.17 | 262 | 2.44 | 3.56 | 0.00 (e)(f)(g) | 271 |
| &nbsp;&nbsp;&nbsp;2023 | 3.66 | 0.07 | 0.08 | 0.15 |  |  |  | 3.81 | 4.10 | 255 | 1.94 | 4.05 | 0.00 (e)(f)(g) | 265 |
| &nbsp;&nbsp;&nbsp;2022 | 3.70 | (0.07) | 0.03 | (0.04) |  |  |  | 3.66 | (1.08) | 190 | (1.82) | 4.93 | 1.95 (f)(g)(i) | 243 |
| &nbsp;&nbsp;&nbsp;2021 | 3.81 | (0.11) | (0.00)(j) | (0.11) |  |  | 0.00 (c) | 3.70 | (2.89) | 208 | (3.00) | 4.12 | 3.12 (g) | 0 (k) |
| &nbsp;&nbsp;&nbsp;2020 | 4.31 | (0.15) | (0.35) | (0.50) |  |  | 0.00 (c) | 3.81 | (11.60) | 245 | (3.60) | 7.49 | 5.80 (f)(i)(l)(m) | 79 |
| **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(b) | $4.04 | $0.04 | $0.23 | $0.27 | $— | $— | $0.00 (c) | $4.31 | 6.68% | $1019 | 1.86 %(d) | 3.56 %(d) | 0.00 %(d)(e)(f)(g) | 107% |
| &nbsp;&nbsp;&nbsp;2024(h) | 3.93 | 0.05 | 0.15 | 0.20 | (0.09) | (0.09) |  | 4.04 | 4.99 | 995 | 1.91 (d) | 5.36 (d) | 0.00 (d)(e)(f)(g)(i) | 133 |
| &nbsp;&nbsp;&nbsp;2024 | 3.80 | 0.09 | 0.11 | 0.20 | (0.07) | (0.07) |  | 3.93 | 5.19 | 1041 | 2.43 | 3.56 | 0.00 (e)(f)(g) | 271 |
| &nbsp;&nbsp;&nbsp;2023 | 3.65 | 0.09 | 0.06 | 0.15 |  |  |  | 3.80 | 4.11 | 1162 | 2.39 | 4.05 | 0.00 (e)(f)(g) | 265 |
| &nbsp;&nbsp;&nbsp;2022 | 3.69 | (0.07) | 0.03 | (0.04) |  |  |  | 3.65 | (1.08) | 1193 | (1.95) | 4.93 | 2.07 (f)(g)(i) | 243 |
| &nbsp;&nbsp;&nbsp;2021 | 3.80 | (0.11) | (0.00)(j) | (0.11) |  |  | 0.00 (c) | 3.69 | (2.89) | 1554 | (3.00) | 4.12 | 3.12 (g) | 0 (k) |
| &nbsp;&nbsp;&nbsp;2020 | 4.29 | (0.16) | (0.33) | (0.49) |  |  | 0.00 (c) | 3.80 | (11.42) | 1715 | (3.89) | 7.74 | 6.05 (f)(i)(l)(m) | 79 |
| **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(b) | $3.41 | $0.03 | $0.56 | $0.59 | $— | $— | $0.00 (c) | $4.00 | 17.30% | $0 (n) | 1.56 %(d) | 4.31 %(d) | — %(d)(f)(g) | 107% |
| &nbsp;&nbsp;&nbsp;2024(h) | 3.33 | 0.04 | 0.13 | 0.17 | (0.09) | (0.09) |  | 3.41 | 4.98 | 4 | 1.90 (d) | 6.10 (d) | 0.00 (d)(e)(f)(g)(i) | 133 |
| &nbsp;&nbsp;&nbsp;2024 | 3.23 | 0.08 | 0.09 | 0.17 | (0.07) | (0.07) |  | 3.33 | 5.17 | 6 | 2.43 | 4.31 | 0.00 (e)(f)(g) | 271 |
| &nbsp;&nbsp;&nbsp;2023 | 3.10 | 0.09 | 0.04 | 0.13 |  |  |  | 3.23 | 4.19 | 10 | 2.96 | 4.80 | 0.00 (e)(f)(g) | 265 |
| &nbsp;&nbsp;&nbsp;2022 | 3.15 | (0.07) | 0.02 | (0.05) |  |  |  | 3.10 | (1.59) | 35 | (2.38) | 5.68 | 2.50 (f)(g)(i) | 243 |
| &nbsp;&nbsp;&nbsp;2021 | 3.24 | (0.09) | (0.00)(j) | (0.09) |  |  | 0.00 (c) | 3.15 | (2.78) | 49 | (3.73) | 4.87 | 3.87 (g) | 0 (k) |
| &nbsp;&nbsp;&nbsp;2020 | 3.69 | (0.14) | (0.31) | (0.45) |  |  | 0.00 (c) | 3.24 | (12.20) | 330 | (3.90) | 7.81 | 6.12 (f)(i)(l)(m) | 79 |
| **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(b) | $4.20 | $0.04 | $0.23 | $0.27 | $— | $— | $0.00 (c) | $4.47 | 6.43% | $6714 | 1.86 %(d) | 3.31 %(d) | 0.00 %(d)(e)(f)(g) | 107% |
| &nbsp;&nbsp;&nbsp;2024(h) | 4.08 | 0.05 | 0.16 | 0.21 | (0.09) | (0.09) |  | 4.20 | 5.05 | 5959 | 1.92 (d) | 5.11 (d) | 0.00 (d)(e)(f)(g)(i) | 133 |
| &nbsp;&nbsp;&nbsp;2024 | 3.95 | 0.10 | 0.10 | 0.20 | (0.07) | (0.07) |  | 4.08 | 4.99 | 5098 | 2.44 | 3.31 | 0.00 (e)(f)(g) | 271 |
| &nbsp;&nbsp;&nbsp;2023 | 3.79 | 0.08 | 0.08 | 0.16 |  |  |  | 3.95 | 4.22 | 3740 | 2.10 | 3.80 | 0.00 (e)(f)(g) | 265 |
| &nbsp;&nbsp;&nbsp;2022 | 3.82 | (0.05) | 0.02 | (0.03) |  |  |  | 3.79 | (0.79) | 2737 | (1.43) | 4.68 | 1.58 (f)(g)(i) | 243 |
| &nbsp;&nbsp;&nbsp;2021 | 3.92 | (0.10) | (0.00)(j) | (0.10) |  |  | 0.00 (c) | 3.82 | (2.55) | 1987 | (2.75) | 3.87 | 2.87 (g) | 0 (k) |
| &nbsp;&nbsp;&nbsp;2020 | 4.42 | (0.11) | (0.39) | (0.50) |  |  | 0.00 (c) | 3.92 | (11.31) | 2263 | (2.65) | 6.51 | 4.82 (f)(i)(l)(m) | 79 |

---

---

| | |
|:---|:---|
| \* | For 2020 through 2024 the Fund had a fiscal year end of April 30. In August of 2024, the Fund changed fiscal year end from April to December. 2024(h) is for the period May 1, 2024 to December 31, 2024. |
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized. |
| (a) | Per share amounts have been calculated using the average shares outstanding method. |
| (b) | For the six months ended June 30, 2025, unaudited. |
| (c) | Amount represents less than $0.005 per share. |
| (d) | Annualized. |
| (e) | Amount represents less than 0.005%. |
| (f) | The Fund received credits from a designated broker who agreed to pay certain Fund expenses. For the six months ended June 30, 2025, the period May 1, 2024 to December 31, 2024, and the years ended April 30, 2024, 2023, 2022, and 2020, if credits had not been received, the expense ratios would have been 0.02%, 0.03%, 0.02%, 0.01%, 1.96%, and 5.81% (Class AAA), 0.02%, 0.03%, 0.02%, 0.01%, 2.08%, and 6.06% (Class A), 0.02%, 0.03%, 0.02%, 0.01%, 2.51%, and 6.13% (Class C), and 0.02%, 0.03%, 0.02%, 0.01%, 1.59%, and 4.83% (Class I). For the year ended April 30, 2021, the Fund did not receive any credits from the designated broker. |
| (g) | For the six months ended June 30, 2025, the period May 1, 2024 to December 31, 2024, and the years ended April 30, 2024, 2023, 2022, and 2021, the Adviser reimbursed and/or waived expenses of $125,786, $229,561, $202,406, $174,961, $114,019, and $40,792, respectively. |
| (h) | For the eight months ended December 31, 2024. |

---

See accompanying notes to financial statements.

**Comstock Capital Value Fund**

**Financial Highlights (Continued)**

(i) The
 Fund incurred interest expense during the period May 1, 2024 to December 31, 2024, and the years ended April 30, 2022 and
 2020. For the year ended April 30, 2022, if interest expense had not been incurred, the ratios of operating expenses to average net
 assets would have been 1.94% (Class AAA), 2.06% (Class A), 2.49% (Class C), and 1.57% (Class I). For the period May 1, 2024 to December 31,
 2024 and the year ended April 30, 2020, the effect of interest expense was minimal.

(j) Amount
 represents greater than $(0.005) per share.

(k) Amount
 represents less than 0.5%.

(l) 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 year ended April 30, 2020 would have been 5.36% (Class AAA), 5.64% (Class A),
 5.68% (Class C), and 4.38% (Class I).

(m) During
 the fiscal year ended April 30, 2020, the Adviser directly paid legal fees on behalf of the Fund. If the Fund had paid these expenses,
 the expense ratios for that period would have been 7.48% (Class AAA), 7.73% (Class A), 7.80% (Class C), and 6.50% (Class I).

(n) Amount
 represents less than $1,000.

See accompanying notes to financial statements.

**Comstock Capital Value Fund**

**Notes to Financial Statements (Unaudited)**

**1. Organization.** Comstock Capital Value Fund (the Fund) is the sole series of the Comstock Funds, Inc. (the Company). The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund seeks to maximize total return, consisting of capital appreciation and current income.

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 Company's Board of Directors (the Board).

**2. Significant Accounting Policies.** As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

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

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

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

**Comstock Capital Value Fund**

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

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

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

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

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

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Other Significant<br> Observable Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs (a)** |<br>**Total Market<br> Value at<br> 06/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Health Care | $1530348 |  | $0 | $1530348 |
| &nbsp;&nbsp;&nbsp;Other Industries (b) | 5302362 |  |  | 5302362 |
| Total Common Stocks | 6832710 |  | 0 | 6832710 |
| Closed-End Funds |  | $40500 |  | 40500 |
| Rights (b) | 14539 | 33418 |  | 47957 |
| U.S. Government Obligations |  | 1625678 |  | 1625678 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $6847249 | $1699596 | $0 | $8546845 |

---

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

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

At June 30, 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,

**Comstock Capital Value Fund**

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

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.

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

***Determination of Net Asset Value and Calculation of Expenses.*** Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each 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.

***Custodian Fee Credits and Interest Expense.*** When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as "Custodian fee credits." When cash balances are overdrawn, the Fund is charged an overdraft fee of 110% of the 90 day U.S. Treasury Bill rate on outstanding balances. This amount, if any, would be included in the Statement of Operations.

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

**Comstock Capital Value Fund**

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

The tax character of distributions paid during the fiscal period ended December 31, 2024 and the year ended April 30, 2024 was as follows.

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period<br> May 1, 2024 to<br> December 31,<br> 2024** | **Fiscal Year Ended<br> April 30,<br> 2024** |
| **Distributions paid from:** |  |  |
| Ordinary income | $147887 | $102096 |
| Total distributions paid | $147887 | $102096 |

---

***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, 2024, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. 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.

---

| | |
|:---|:---|
| Short term capital loss carryforward with no expiration | $74289192 |
| Long term capital loss carryforward with no expiration | 58882173 |
| Total capital loss carryforwards | $133171365 |

---

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Investments | $8419564 | $398052 | $(270771) | $127281 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2025, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

**3. Investment Advisory Agreement and Other Transactions.** The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the

**Comstock Capital Value Fund**

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

Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio, oversees the administration of all aspects of the Fund's business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse expenses to the extent necessary to maintain the total operating expenses (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least August 28, 2025 at no more than an annual rate of 0.00% for all classes of shares, on the first $25 million in Fund net assets. For the six months ended June 30, 2025, the Adviser reimbursed the Fund in the amount of $125,786.

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

**5. Portfolio Securities.** Purchases and sales of securities during the six months ended June 30, 2025, other than short term securities and U.S. Government obligations, aggregated $7,652,280 and $6,604,239, respectively.

**6. Transactions with Affiliates and Other Arrangements.** During the six months ended June 30, 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 $691.

During the six months ended June 30, 2025, the Distributor retained a total of $7,788 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

**7. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on June 25, 2026 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. During the six months ended June 30, 2025, there were no borrowings outstanding under the line of credit.

**8. Capital Stock.** Effective November 24, 2021, the Fund reopened its shares for sale. Class AAA and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

**Comstock Capital Value Fund**

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

Transactions in shares of capital stock were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the<br> Period<br> May 1, 2024 to<br> December 31,<br> 2024** | **Fiscal Year Ended<br> April 30,<br> 2024** |
|  | **Shares** | **Shares** | **Shares** |
| **Class AAA** |  |  |  |
| Shares sold | 139161 | 29356 | 27445 |
| Shares issued upon reinvestment of distributions |  | 1762 | 1111 |
| Shares redeemed | (31560) | (12599) | (28931) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | 107601 | 18519 | (375) |
| **Class A** |  |  |  |
| Shares sold | 2464 | 2552 | 2717 |
| Shares issued upon reinvestment of distributions |  | 2496 | 2506 |
| Shares redeemed | (11997) | (23792) | (45903) |
| &nbsp;&nbsp;&nbsp;Net (decrease) | (9533) | (18744) | (40680) |
| **Class C** |  |  |  |
| Shares sold | 3 |  |  |
| Shares issued upon reinvestment of distributions |  | 27 | 65 |
| Shares redeemed | (1080) | (800) | (1431) |
| &nbsp;&nbsp;&nbsp;Net (decrease) | (1077) | (773) | (1366) |
| **Class I** |  |  |  |
| Shares sold | 86980 | 142052 | 319713 |
| Shares issued upon reinvestment of distributions |  | 27941 | 18677 |
| Shares redeemed | (4682) | (1253) | (36043) |
| &nbsp;&nbsp;&nbsp;Net increase | 82298 | 168740 | 302347 |

---

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

During the six months ended June 30, 2025 the Fund did not utilize ReFlow.

**9. Significant Shareholder.** As of June 30, 2025, 62.1% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

**Comstock Capital Value Fund**

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

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

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

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

**Gabelli Funds and Your Personal Privacy**

**Who are we?**

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

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

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

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

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

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

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

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

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

**This page was intentionally left blank.**

![](ccvf_back.jpg)

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

The Financial Highlights are attached herewith.

**Comstock Capital Value Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Period Ended\*** |<br>**Net Asset Value, Beginning of Year** | **Net Investment Income (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Total Distributions** |<br>**Redemption Fees(a)** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net<br> Investment<br> Income<br> (Loss)** | **Operating<br> Expenses<br> Before Reimbursement** | **Operating<br> Expenses<br> Net of<br> Reimbursement** | **Portfolio Turnover Rate** |
| **Class AAA** | **Class AAA** | **Class AAA** | | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;2025(b) | $4.06 | $0.04 | $0.22 | $0.26 | $— | $— | $0.00 (c) | $4.32 | 6.40% | $832 | 1.87 %(d) | 3.56 %(d) | 0.00 %(d)(e)(f)(g) | 107% |
| &nbsp;&nbsp;&nbsp;2024(h) | 3.94 | 0.05 | 0.16 | 0.21 | (0.09) | (0.09) |  | 4.06 | 5.23 | 344 | 1.91 (d) | 5.36 (d) | 0.00 (d)(e)(f)(g)(i) | 133 |
| &nbsp;&nbsp;&nbsp;2024 | 3.81 | 0.10 | 0.10 | 0.20 | (0.07) | (0.07) |  | 3.94 | 5.17 | 262 | 2.44 | 3.56 | 0.00 (e)(f)(g) | 271 |
| &nbsp;&nbsp;&nbsp;2023 | 3.66 | 0.07 | 0.08 | 0.15 |  |  |  | 3.81 | 4.10 | 255 | 1.94 | 4.05 | 0.00 (e)(f)(g) | 265 |
| &nbsp;&nbsp;&nbsp;2022 | 3.70 | (0.07) | 0.03 | (0.04) |  |  |  | 3.66 | (1.08) | 190 | (1.82) | 4.93 | 1.95 (f)(g)(i) | 243 |
| &nbsp;&nbsp;&nbsp;2021 | 3.81 | (0.11) | (0.00)(j) | (0.11) |  |  | 0.00 (c) | 3.70 | (2.89) | 208 | (3.00) | 4.12 | 3.12 (g) | 0 (k) |
| &nbsp;&nbsp;&nbsp;2020 | 4.31 | (0.15) | (0.35) | (0.50) |  |  | 0.00 (c) | 3.81 | (11.60) | 245 | (3.60) | 7.49 | 5.80 (f)(i)(l)(m) | 79 |
| **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(b) | $4.04 | $0.04 | $0.23 | $0.27 | $— | $— | $0.00 (c) | $4.31 | 6.68% | $1019 | 1.86 %(d) | 3.56 %(d) | 0.00 %(d)(e)(f)(g) | 107% |
| &nbsp;&nbsp;&nbsp;2024(h) | 3.93 | 0.05 | 0.15 | 0.20 | (0.09) | (0.09) |  | 4.04 | 4.99 | 995 | 1.91 (d) | 5.36 (d) | 0.00 (d)(e)(f)(g)(i) | 133 |
| &nbsp;&nbsp;&nbsp;2024 | 3.80 | 0.09 | 0.11 | 0.20 | (0.07) | (0.07) |  | 3.93 | 5.19 | 1041 | 2.43 | 3.56 | 0.00 (e)(f)(g) | 271 |
| &nbsp;&nbsp;&nbsp;2023 | 3.65 | 0.09 | 0.06 | 0.15 |  |  |  | 3.80 | 4.11 | 1162 | 2.39 | 4.05 | 0.00 (e)(f)(g) | 265 |
| &nbsp;&nbsp;&nbsp;2022 | 3.69 | (0.07) | 0.03 | (0.04) |  |  |  | 3.65 | (1.08) | 1193 | (1.95) | 4.93 | 2.07 (f)(g)(i) | 243 |
| &nbsp;&nbsp;&nbsp;2021 | 3.80 | (0.11) | (0.00)(j) | (0.11) |  |  | 0.00 (c) | 3.69 | (2.89) | 1554 | (3.00) | 4.12 | 3.12 (g) | 0 (k) |
| &nbsp;&nbsp;&nbsp;2020 | 4.29 | (0.16) | (0.33) | (0.49) |  |  | 0.00 (c) | 3.80 | (11.42) | 1715 | (3.89) | 7.74 | 6.05 (f)(i)(l)(m) | 79 |
| **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(b) | $3.41 | $0.03 | $0.56 | $0.59 | $— | $— | $0.00 (c) | $4.00 | 17.30% | $0 (n) | 1.56 %(d) | 4.31 %(d) | — %(d)(f)(g) | 107% |
| &nbsp;&nbsp;&nbsp;2024(h) | 3.33 | 0.04 | 0.13 | 0.17 | (0.09) | (0.09) |  | 3.41 | 4.98 | 4 | 1.90 (d) | 6.10 (d) | 0.00 (d)(e)(f)(g)(i) | 133 |
| &nbsp;&nbsp;&nbsp;2024 | 3.23 | 0.08 | 0.09 | 0.17 | (0.07) | (0.07) |  | 3.33 | 5.17 | 6 | 2.43 | 4.31 | 0.00 (e)(f)(g) | 271 |
| &nbsp;&nbsp;&nbsp;2023 | 3.10 | 0.09 | 0.04 | 0.13 |  |  |  | 3.23 | 4.19 | 10 | 2.96 | 4.80 | 0.00 (e)(f)(g) | 265 |
| &nbsp;&nbsp;&nbsp;2022 | 3.15 | (0.07) | 0.02 | (0.05) |  |  |  | 3.10 | (1.59) | 35 | (2.38) | 5.68 | 2.50 (f)(g)(i) | 243 |
| &nbsp;&nbsp;&nbsp;2021 | 3.24 | (0.09) | (0.00)(j) | (0.09) |  |  | 0.00 (c) | 3.15 | (2.78) | 49 | (3.73) | 4.87 | 3.87 (g) | 0 (k) |
| &nbsp;&nbsp;&nbsp;2020 | 3.69 | (0.14) | (0.31) | (0.45) |  |  | 0.00 (c) | 3.24 | (12.20) | 330 | (3.90) | 7.81 | 6.12 (f)(i)(l)(m) | 79 |
| **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025(b) | $4.20 | $0.04 | $0.23 | $0.27 | $— | $— | $0.00 (c) | $4.47 | 6.43% | $6714 | 1.86 %(d) | 3.31 %(d) | 0.00 %(d)(e)(f)(g) | 107% |
| &nbsp;&nbsp;&nbsp;2024(h) | 4.08 | 0.05 | 0.16 | 0.21 | (0.09) | (0.09) |  | 4.20 | 5.05 | 5959 | 1.92 (d) | 5.11 (d) | 0.00 (d)(e)(f)(g)(i) | 133 |
| &nbsp;&nbsp;&nbsp;2024 | 3.95 | 0.10 | 0.10 | 0.20 | (0.07) | (0.07) |  | 4.08 | 4.99 | 5098 | 2.44 | 3.31 | 0.00 (e)(f)(g) | 271 |
| &nbsp;&nbsp;&nbsp;2023 | 3.79 | 0.08 | 0.08 | 0.16 |  |  |  | 3.95 | 4.22 | 3740 | 2.10 | 3.80 | 0.00 (e)(f)(g) | 265 |
| &nbsp;&nbsp;&nbsp;2022 | 3.82 | (0.05) | 0.02 | (0.03) |  |  |  | 3.79 | (0.79) | 2737 | (1.43) | 4.68 | 1.58 (f)(g)(i) | 243 |
| &nbsp;&nbsp;&nbsp;2021 | 3.92 | (0.10) | (0.00)(j) | (0.10) |  |  | 0.00 (c) | 3.82 | (2.55) | 1987 | (2.75) | 3.87 | 2.87 (g) | 0 (k) |
| &nbsp;&nbsp;&nbsp;2020 | 4.42 | (0.11) | (0.39) | (0.50) |  |  | 0.00 (c) | 3.92 | (11.31) | 2263 | (2.65) | 6.51 | 4.82 (f)(i)(l)(m) | 79 |

---

---

| | |
|:---|:---|
| \* | For 2020 through 2024 the Fund had a fiscal year end of April 30. In August of 2024, the Fund changed fiscal year end from April to December. 2024(h) is for the period May 1, 2024 to December 31, 2024. |
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized. |
| (a) | Per share amounts have been calculated using the average shares outstanding method. |
| (b) | For the six months ended June 30, 2025, unaudited. |
| (c) | Amount represents less than $0.005 per share. |
| (d) | Annualized. |
| (e) | Amount represents less than 0.005%. |
| (f) | The Fund received credits from a designated broker who agreed to pay certain Fund expenses. For the six months ended June 30, 2025, the period May 1, 2024 to December 31, 2024, and the years ended April 30, 2024, 2023, 2022, and 2020, if credits had not been received, the expense ratios would have been 0.02%, 0.03%, 0.02%, 0.01%, 1.96%, and 5.81% (Class AAA), 0.02%, 0.03%, 0.02%, 0.01%, 2.08%, and 6.06% (Class A), 0.02%, 0.03%, 0.02%, 0.01%, 2.51%, and 6.13% (Class C), and 0.02%, 0.03%, 0.02%, 0.01%, 1.59%, and 4.83% (Class I). For the year ended April 30, 2021, the Fund did not receive any credits from the designated broker. |
| (g) | For the six months ended June 30, 2025, the period May 1, 2024 to December 31, 2024, and the years ended April 30, 2024, 2023, 2022, and 2021, the Adviser reimbursed and/or waived expenses of $125,786, $229,561, $202,406, $174,961, $114,019, and $40,792, respectively. |
| (h) | For the eight months ended December 31, 2024. |

---

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:

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

---

| | |
|:---|:---|
| Anthony S. Colavita | $4000 |
| Vincent D. Enright | $4500 |
| Werner J. Roeder | $3500 |

---

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

(3) All officers; $0 and

(4) Each person of whom any officer or director of the Fund is an affiliated person. $0

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

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) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ccvf_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.](ccvf_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) | Comstock Funds, Inc. |
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | September 4, 2025 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |
| Date | September 4, 2025 |
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | September 4, 2025 |

---

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

## Ex-99.Cert

**Exhibit 99.CERT**

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

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of Comstock 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: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Executive Officer |

---

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

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of Comstock 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: | September 4, 2025 | /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 Comstock Funds, Inc. (the "Registrant"), certify that:

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

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

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| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Executive Officer |

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I, John C. Ball, Principal Financial Officer and Treasurer of Comstock 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: | September 4, 2025 | /s/ John C. Ball |
|  | | John C. Ball, Principal Financial Officer and Treasurer |

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