UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-06367

Gabelli Equity Series Funds, Inc.

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: September 30

Date of reporting period: September 30, 2021

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

The Gabelli Equity Income Fund

Annual Report — September 30, 2021

To Our Shareholders,

For the fiscal year ended September 30, 2021, the net asset value (NAV) total return per Class AAA Share of The Gabelli Equity Income Fund was 31.3% compared with a total return of 30.0% for the Standard & Poor’s (S&P) 500 Index. Other classes of shares are available. See page 3 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of September 30, 2021.

Investment Objective and Strategy (Unaudited)

Our stock selection process is based on the investment principles of Graham and Dodd, the first investors to articulate the fundamentals of value investing. Their work provided the framework for value investing, and we contributed to this framework with the discipline of Private Market Value with a Catalyst™. This proprietary research and valuation method identifies companies whose shares are selling at a discount to intrinsic value, with an identifiable path to realizing, or surfacing, that private market value. We define private market value as the price an informed acquirer would pay for an entire enterprise. The catalyst comprises identifiable events or circumstances that might reasonably result in the narrowing of the difference between the public market price of the stock and our estimate of the private market value. This realization of value can take place gradually or suddenly, with company specific changes such as management changes or restructurings, sale of assets or of the business as a whole, or industry changes such as changes in regulation or changes in competition.

The Fund will seek to achieve its investment objective through a combination of capital appreciation and current income by investing, under normal market conditions, at least 80% of its net assets in income producing equity securities. Income producing equity securities include, for example, common stock, preferred stock, and convertible securities.

Performance Discussion (Unaudited)

During the fourth quarter of 2020 and continuing through the first quarter of 2021, investors began to look beyond COVID-19 and to anticipate more fiscal stimulus from the government. The anticipation of an infrastructure bill in the first quarter of 2021 proposed by the Biden administration provided a major catalyst for the building and construction, and the machinery sectors. Financial stocks in general also performed well in the quarter, as long term interest rates slowly moved up and the economy continued to strengthen. The first quarter was a period during which investors shifted their attention towards stocks that would benefit from an economy with strong growth, and many non-cyclical companies.

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

During the second quarter of 2021, the stock market continued to post healthy gains, as did (y)our portfolio. Generally speaking, growth stocks outperformed value stocks in the quarter, as the economy opened up from the various COVID-19 restrictions. Huge sums of both fiscal and monetary stimulus have been delivered to help the economy recover. Workers continued to rejoin the workforce as children returned to school, supplemental unemployment benefits expired, and vaccination rates continued to climb.

Through the third quarter of 2021, the 10 year government bond yield did not move much, growth stocks generally outperformed value stocks, and the overall markets, as measured by the S&P 500 total return, was up by less than 1%. The Federal Reserve indicated they will soon start the process of tapering their bond buying program as the economy heals and inflation becomes more of an issue. Unemployment should continue to fall over the next few months as vaccination rates climb and workers feel more comfortable returning to the workforce. We continue to focus on companies that we believe will be able to raise prices and adjust to an inflationary environment.

Among our better performing stocks for the fiscal year were PNC Financial Services Group (2.4% of net assets as of September 30, 2021), Deere & Co. (2.8%), and Bank of New York Mellon Corp. (2.7%). PNC Financial Services Group Inc. is one of the nation’s largest diversified financial services organizations. Deere & Co. is a leading global manufacturer of machinery for agricultural, construction, and forestry usage. Bank of New York Mellon Corp is a global leader in providing financial services to institutions and individuals. The company operates in more than 100 markets worldwide and strives to be the global provider of choice for investment management and investment services.

A few of our weaker performers were Newmont Corp (1.3%), Brown-Forman Corp. (2.4%), and Nissin Foods Holdings Co. LTD (0.8%). Newmont Corporation is the largest gold mining company in the world. It was founded in 1921 and has been publicly traded since 1925. Brown-Forman Corporation is a global alcohol spirits company that makes Jack Daniels whiskey and other leading spirits brands. Nissin Foods Holdings together with its subsidiaries, engages in the manufacture and sale of instant foods in Japan and internationally. Its products include the Cup Noodle and Chicken Ramen brands, as well as others.

We appreciate your confidence and trust.

Comparative Results

Average Annual Returns through September 30, 2021 (a)(b) (Unaudited)

Average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses.

									Since
									Inception
	1 Year		5 Year		10 Year		15 Year		(1/2/92)
Class AAA (GABEX)	31.32	%	9.78	%	11.01	%	7.56	%	9.83	%
S&P 500 Index (c)	30.00		16.90		16.63		10.37		10.36
Lipper Equity Income Fund Average (c)	28.68		11.49		12.71		7.71		8.78
Class A (GCAEX) (d)	31.31		9.78		11.01		7.56		9.82
With sales charge (e)	23.76		8.49		10.35		7.14		9.61
Class C (GCCEX) (d)	30.29		8.97		10.19		6.76		9.34
With contingent deferred sales charge (f)	29.29		8.97		10.19		6.76		9.34
Class I (GCIEX) (d)	31.71		10.06		11.29		7.81		9.96

(a)	The Fund’s fiscal year ends September 30.

(b)	The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.

(c)

The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. Inception performance is as of December 31, 1991. The Lipper Equity Income Fund Average includes the 30 largest equity funds in this category tracked by Lipper, Inc. Dividends are considered reinvested. You cannot invest directly in an index.

(d)

The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C Shares on December 31, 2003, and Class I Shares on January 11, 2008. The actual performance of the Class A Shares, and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares.

(e)	Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(f)	Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

In the current prospectuses dated January 28, 2021, the expense ratios for Class AAA, A, C, and I Shares are 1.48%, 1.48%, 2.23%, and 1.23%, respectively. See page 13 for the expense ratios for the year ended September 30, 2021. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares, and Class C Shares is 5.75%, and 1.00%, respectively.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com.

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE GABELLI EQUITY INCOME FUND (CLASS AAA SHARES) AND S&P 500 INDEX (Unaudited)

Average Annual Total Returns*
	1 Year	5 Year	10 Year
Class AAA	31.32%	9.78%	11.01%

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Gabelli Equity Income Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from April 1, 2021 through September 30, 2021	Expense Table

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return: This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you

paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the fiscal year ended September 30, 2021.

	Beginning Account Value 04/01/21	Ending Account Value 09/30/21	Annualized Expense Ratio			Expenses Paid During Period^*
The Gabelli Equity Income Fund
Actual Fund Return
Class AAA	$1,000.00	$1,053.00		1.40	%	$	7.21
Class A	$1,000.00	$1,052.90		1.40	%	$	7.20
Class C	$1,000.00	$1,050.00		2.15	%	$	11.05
Class I	$1,000.00	$1,054.10		1.15	%	$	5.92
Hypothetical 5% Return
Class AAA	$1,000.00	$1,018.05		1.40	%	$	7.08
Class A	$1,000.00	$1,018.05		1.40	%	$	7.08
Class C	$1,000.00	$1,014.29		2.15	%	$	10.86
Class I	$1,000.00	$1,019.30		1.15	%	$	5.82

*	Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183 days), then divided by 365.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of September 30, 2021:

The Gabelli Equity Income Fund

Food and Beverage	17.1	%
Financial Services	16.4	%
Consumer Products	7.5	%
Diversified Industrial	5.3	%
Retail	5.2	%
Health Care	4.8	%
Equipment and Supplies	4.4	%
Telecommunications	4.3	%
Automotive: Parts and Accessories	4.3	%
Business Services	4.2	%
Machinery	3.4	%
Building and Construction	2.3	%
Entertainment	2.3	%
Electronics	2.3	%
Energy and Utilities: Oil	2.2	%
Computer Software and Services	2.2	%
Metals and Mining	1.8	%
Energy and Utilities: Natural Gas	1.8	%
Computer Hardware	1.8	%
Transportation	1.5	%
Specialty Chemicals	1.1	%

Cable and Satellite	1.0	%
Agriculture	0.6	%
Aerospace	0.6	%
Real Estate Investment Trusts	0.6	%
Energy and Utilities: Integrated	0.5	%
Energy and Utilities: Electric	0.4	%
Energy and Utilities: Services	0.3	%
Broadcasting	0.3	%
Communications Equipment	0.3	%
Environmental Services	0.3	%
Hotels and Gaming	0.2	%
Energy and Utilities: Water	0.2	%
Automotive	0.1	%
Consumer Services	0.1	%
Paper and Forest Products	0.1	%
Wireless Communications	0.0	%*
Publishing	0.0	%*
Other Assets and Liabilities (Net)	(1.8	)%
	100.0	%

*	Amount represents less than 0.05%.

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

Proxy Voting

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

The Gabelli Equity Income Fund

Schedule of Investments — September 30, 2021

Shares			Cost		Market Value
		COMMON STOCKS — 101.8%
		Aerospace — 0.6%
	2,000	Lockheed Martin Corp.	$	47,350	$	690,200
	9,500	Rockwell Automation Inc.		285,402		2,793,380
				332,752		3,483,580
		Agriculture — 0.6%
	53,000	Archer-Daniels-Midland Co.		1,360,884		3,180,530
	12,000	The Mosaic Co.		186,246		428,640
				1,547,130		3,609,170
		Automotive — 0.1%
	10,000	PACCAR Inc.		386,268		789,200

		Automotive: Parts and Accessories — 4.3%
	76,000	Dana Inc.		1,193,901		1,690,240
	190,000	Genuine Parts Co.(a)		8,436,489		23,033,700
				9,630,390		24,723,940

		Broadcasting — 0.3%
	45,000	Liberty Global plc, Cl. A†		1,033,770		1,341,000
	10,000	Liberty Global plc, Cl. C†		216,949		294,600
				1,250,719		1,635,600

		Building and Construction — 2.3%
	30,000	Carrier Global Corp.		254,819		1,552,800
	44,000	Fortune Brands Home &
		Security Inc.		437,065		3,934,480
	29,000	Herc Holdings Inc.†		898,435		4,740,340
	48,000	Johnson Controls
		International plc		856,545		3,267,840
				2,446,864		13,495,460

		Business Services — 4.2%
	12,500	Automatic Data Processing Inc.		579,141		2,499,000
	31,300	Mastercard Inc., Cl. A		548,831		10,882,384
	2,400	MSC Industrial Direct Co. Inc., Cl. A		165,490		192,456
	32,000	Pentair plc		622,795		2,324,160
	20,000	S&P Global Inc.		862,027		8,497,800
				2,778,284		24,395,800

		Cable and Satellite — 1.0%
	129,000	DISH Network Corp., Cl. A†		2,343,606		5,606,340
	16,000	EchoStar Corp., Cl. A†		389,202		408,160
				2,732,808		6,014,500

		Communications Equipment — 0.3%
	42,000	Corning Inc.		481,575		1,532,580

		Computer Hardware — 1.8%
	47,500	Apple Inc.		869,729		6,721,250
	25,000	International Business Machines Corp.		2,042,464		3,473,250
				2,912,193		10,194,500

Shares			Cost		Market Value
		Computer Software and Services — 2.2%
	95,000	Hewlett Packard Enterprise Co.	$	543,304	$	1,353,750
	41,000	Microsoft Corp.		1,145,540		11,558,720
				1,688,844		12,912,470

		Consumer Products — 7.5%
	11,000	Altria Group Inc.		92,672		500,720
	6,000	Edgewell Personal Care Co.		182,805		217,800
	48,000	Energizer Holdings Inc.		1,205,437		1,874,400
	30,000	Essity AB, Cl. A		529,907		928,676
	1,000	National Presto Industries Inc.		30,628		82,080
	34,500	Reckitt Benckiser Group plc		1,023,563		2,710,093
	3,975,000	Swedish Match AB		4,981,348		34,808,039
	42,000	Unilever plc, ADR		838,099		2,277,240
				8,884,459		43,399,048
		Consumer Services — 0.1%
	1,600	Allegion plc		19,252		211,488
	15,000	Rollins Inc.		14,913		529,950
				34,165		741,438

		Diversified Industrial — 5.3%
	78,000	Crane Co		2,384,873		7,395,180
	36,000	Eaton Corp. plc		1,330,537		5,375,160
	1,500	Honeywell International Inc.		32,160		318,420
	8,824	Ingersoll Rand Inc.†		46,675		444,818
	48,000	ITT Inc.		961,318		4,120,320
	31,000	Jardine Matheson Holdings Ltd.		1,528,820		1,644,240
	22,000	nVent Electric plc		230,823		711,260
	108,000	Textron Inc.		841,688		7,539,480
	154,000	Toray Industries Inc.		1,030,504		991,013
	9,500	Trane Technologies plc		155,306		1,640,175
	23,000	Trinity Industries Inc.		302,107		624,910
				8,844,811		30,804,976

		Electronics — 2.3%
	10,000	Sony Group Corp.		269,547		1,119,098
	32,000	Sony Group Corp., ADR		724,495		3,538,560
	49,000	TE Connectivity Ltd		1,618,565		6,723,780
	10,000	Texas Instruments Inc.		147,000		1,922,100
				2,759,607		13,303,538

		Energy and Utilities: Electric — 0.4%
	7,500	Avangrid Inc.		210,171		364,500
	20,000	Korea Electric Power Corp., ADR		236,921		197,400
	8,000	Portland General Electric Co.		334,816		375,920
	63,000	The AES Corp.		291,918		1,438,290
				1,073,826		2,376,110

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — September 30, 2021

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities: Integrated — 0.5%
	50,000	Energy Transfer LP	$	51,674	$	479,000
	21,000	Eni SpA		220,487		280,860
	6,500	Iberdrola SA, ADR		98,020		261,560
	57,000	OGE Energy Corp.		760,843		1,878,720
				1,131,024		2,900,140

		Energy and Utilities: Natural Gas — 1.8%
	108,000	National Fuel Gas Co.		4,793,408		5,672,160
	11,500	ONE Gas Inc.		48,202		728,755
	60,000	ONEOK Inc.		30,168		3,479,400
	7,500	Southwest Gas Holdings Inc.		153,948		501,600
				5,025,726		10,381,915

		Energy and Utilities: Oil — 2.2%
	50,000	Chevron Corp.		1,865,111		5,072,500
	5,000	ConocoPhillips		91,664		338,850
	7,747	Devon Energy Corp.		78,701		275,096
	12,000	Exxon Mobil Corp.		312,521		705,840
	60,000	Hess Corp.		2,882,174		4,686,600
	18,000	Marathon Petroleum Corp.		234,717		1,112,580
	15,000	TotalEnergies SE, ADR		252,772		718,950
				5,717,660		12,910,416

		Energy and Utilities: Services — 0.3%
	80,000	Halliburton Co.		1,424,821		1,729,600
	8,000	Schlumberger NV		161,590		237,120
				1,586,411		1,966,720
		Energy and Utilities: Water — 0.2%
	5,000	Essential Utilities Inc.		36,851		230,400
	20,000	Severn Trent plc		504,721		701,726
				541,572		932,126

		Entertainment — 2.3%
	30,200	Grupo Televisa SAB, ADR		281,406		331,596
	6,934	Madison Square Garden
		Entertainment Corp.†		145,283		503,894
	2,500	Madison Square Garden
		Sports Corp.†		301,304		464,875
	287,800	ViacomCBS Inc., Cl. A		6,885,351		12,107,746
				7,613,344		13,408,111

		Environmental Services — 0.3%
	9,500	Republic Services Inc.		352,210		1,140,570
	2,500	Waste Management Inc.		72,277		373,400
				424,487		1,513,970

		Equipment and Supplies — 4.4%
	8,500	A.O. Smith Corp.		22,649		519,095
	14,000	Danaher Corp.		406,841		4,262,160
	158,000	Flowserve Corp.		1,981,245		5,477,860
	51,000	Graco Inc.		869,009		3,568,470

Shares			Cost		Market Value
	18,500	Minerals Technologies Inc.	$	703,572	$	1,292,040
	153,500	Mueller Industries Inc.		2,896,761		6,308,850
	15,200	Parker-Hannifin Corp.		814,541		4,250,224
				7,694,618		25,678,699

		Financial Services — 16.4%
	2,600	Alleghany Corp.†		384,777		1,623,466
	20,000	AllianceBernstein Holding LP		64,014		991,600
	26,000	American Express Co.(a)		391,403		4,355,780
	20,000	Ameris Bancorp		211,974		1,037,600
	6,000	Argo Group International Holdings Ltd.		110,474		313,320
	5,195	Banco Santander Chile, ADR		29,250		102,705
	130,000	Bank of America Corp.		851,958		5,518,500
	12,500	BNP Paribas SA		534,851		802,736
	42,000	Interactive Brokers Group Inc., Cl. A		625,837		2,618,280
	15,000	Jefferies Financial Group Inc.		263,160		556,950
	11,000	JPMorgan Chase & Co.		213,462		1,800,590
	53,500	Julius Baer Group Ltd.		1,730,852		3,577,574
	22,500	Kinnevik AB, Cl. A†		539,836		884,127
	70,000	Loews Corp.		2,616,598		3,775,100
	13,000	M&T Bank Corp.		1,111,523		1,941,420
	21,500	Marsh & McLennan Companies Inc.		601,590		3,255,745
	12,000	Morgan Stanley		549,368		1,167,720
	8,500	Popular Inc.		148,460		660,195
	64,000	SLM Corp.		311,552		1,126,400
	123,000	State Street Corp.		5,611,126		10,420,560
	265,000	Sterling Bancorp		2,828,809		6,614,400
	6,000	T. Rowe Price Group Inc.		122,374		1,180,200
	300,000	The Bank of New York Mellon Corp.(a)		7,545,388		15,552,000
	15,400	The Goldman Sachs Group Inc.		1,927,790		5,821,662
	70,000	The PNC Financial Services Group Inc.(a)		3,776,241		13,694,800
	53,000	Valley National Bancorp		331,250		705,430
	118,000	Wells Fargo & Co.		3,333,128		5,476,380
				36,767,045		95,575,240

		Food and Beverage — 17.1%
	1,000	Anheuser-Busch InBev SA/ NV		15,876		56,927
	218,500	Brown-Forman Corp., Cl. A		3,676,201		13,693,395
	34,000	Campbell Soup Co.		1,061,533		1,421,540
	19,000	Coca-Cola Europacific Partners plc		427,500		1,050,510
	10,000	Coca-Cola Femsa SAB de CV, ADR		340,563		562,700

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — September 30, 2021

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	6,000	Constellation Brands Inc., Cl. A	$	74,420	$	1,264,140
	38,000	Danone SA		1,509,959		2,599,221
	55,000	Davide Campari-Milano NV		184,844		775,979
	49,500	Diageo plc, ADR		3,063,927		9,553,500
	85,000	Fomento Economico Mexicano SAB de CV, ADR		2,040,249		7,371,200
	1,000	General Mills Inc.		26,640		59,820
	1,750,000	Grupo Bimbo SAB de CV, Cl. A		1,402,299		4,918,126
	93,000	Heineken NV		4,417,436		9,716,935
	134,000	ITO EN Ltd.		2,393,108		8,933,735
	21,000	Kellogg Co.		1,088,475		1,342,320
	4,000	McCormick & Co. Inc.		137,120		329,520
	31,500	McCormick & Co. Inc., Non-Voting		680,896		2,552,445
	37,000	Mondelez International Inc., Cl. A		666,521		2,152,660
	34,000	Nestlé SA		696,743		4,111,594
	55,000	Nissin Foods Holdings Co. Ltd.		1,691,974		4,427,872
	34,000	PepsiCo Inc.		2,284,715		5,113,940
	25,000	Pernod Ricard SA		2,451,708		5,522,434
	36,500	Remy Cointreau SA		1,964,105		7,081,862
	30,000	Sapporo Holdings Ltd.		664,276		694,101
	10,000	The Coca-Cola Co.		208,400		524,700
	1,000	The Hershey Co.		36,300		169,250
	50,000	The Kraft Heinz Co.		1,403,471		1,841,000
	32,000	Yakult Honsha Co. Ltd.		799,840		1,627,387
				35,409,099		99,468,813

		Health Care — 4.8%
	5,500	Abbott Laboratories		126,068		649,715
	3,000	AbbVie Inc.		74,560		323,610
	4,000	Alcon Inc.		133,378		321,880
	75,000	Baxter International Inc.		1,657,103		6,032,250
	4,400	Bio-Rad Laboratories Inc., Cl. A†		432,651		3,282,180
	92,500	Bristol-Myers Squibb Co.		2,228,107		5,473,225
	70,000	Demant A/S†		677,525		3,528,349
	8,000	GlaxoSmithKline plc, ADR		327,365		305,680
	31,000	Henry Schein Inc.†		316,934		2,360,960
	16,000	Merck & Co. Inc.		283,402		1,201,760
	13,000	Novartis AG, ADR		634,024		1,063,140
	1,600	Organon & Co.		12,724		52,464
	20,000	Pfizer Inc.		320,152		860,200
	45,000	Roche Holding AG, ADR		826,666		2,046,150

Shares			Cost		Market Value
	2,000	Zimmer Biomet Holdings Inc.	$	141,420	$	292,720
				8,192,079		27,794,283

		Hotels and Gaming — 0.2%
	21,000	MGM Resorts International		253,359		906,150
	1,500	Wynn Resorts Ltd.†		71,983		127,125
				325,342		1,033,275

		Machinery — 3.4%
	6,000	Caterpillar Inc.		35,181		1,151,820
	49,400	Deere & Co.		1,627,017		16,552,458
	10,000	Otis Worldwide Corp.		369,541		822,800
	10,500	Xylem Inc.		322,904		1,298,640
				2,354,643		19,825,718

		Metals and Mining — 1.8%
	95,000	Freeport-McMoRan Inc.		1,096,298		3,090,350
	140,000	Newmont Corp		3,329,662		7,602,000
				4,425,960		10,692,350

		Paper and Forest Products — 0.1%
	23,000	Svenska Cellulosa AB SCA, Cl. A		94,735		358,357

		Publishing — 0.0%
	3,000	Value Line Inc.		41,976		102,780

		Real Estate Investment Trusts — 0.6%
	9,285	Indus Realty Trust Inc., REIT		237,685		650,879
	74,000	Weyerhaeuser Co., REIT		1,162,915		2,632,180
				1,400,600		3,283,059

		Retail — 5.2%
	14,000	Cie Financiere Richemont SA, Cl. A		470,500		1,463,469
	30,000	Copart Inc.†		264,751		4,161,600
	10,000	Costco Wholesale Corp		465,517		4,493,500
	92,000	CVS Health Corp.		3,063,886		7,807,120
	63,000	Ingles Markets Inc., Cl. A		990,190		4,159,890
	74,000	Seven & i Holdings Co. Ltd.		2,211,852		3,381,014
	5,000	The Home Depot Inc.		138,392		1,641,300
	60,000	Walgreens Boots Alliance Inc.		1,832,858		2,823,000
	1,000	Walmart Inc.		43,340		139,380
	4,000	Weis Markets Inc		120,192		210,200
				9,601,478		30,280,473

		Specialty Chemicals — 1.1%
	3,500	Albemarle Corp.		34,885		766,395
	2,500	Ashland Global Holdings Inc.		58,812		222,800
	32,000	Ferro Corp.†		60,762		650,880
	8,000	FMC Corp.		161,197		732,480
	46,000	H.B. Fuller Co.		950,216		2,969,760

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — September 30, 2021

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Specialty Chemicals (Continued)
	2,000	NewMarket Corp.	$	7,719	$	677,540
	600	Quaker Chemical Corp.		6,478		142,632
				1,280,069		6,162,487
		Telecommunications — 4.3%
	111,000	BCE Inc.		2,120,135		5,556,660
	190,000	Deutsche Telekom AG, ADR		2,540,249		3,828,500
	17,000	Loral Space & Communications Inc.		482,487		731,170
	12,000	Orange SA, ADR		138,547		129,960
	65,000	Telefonica SA, ADR		274,093		306,150
	125,000	Telephone and Data Systems Inc.		3,327,060		2,437,500
	94,000	TELUS Corp.		713,431		2,064,240
	180,000	Verizon Communications Inc.(a)		6,241,326		9,721,800
				15,837,328		24,775,980

		Transportation — 1.5%
	100,000	GATX Corp.		3,162,200		8,956,000

		Wireless Communications — 0.0%
	80,000	BT Group plc, Cl. A†		222,654		172,252

Shares			Cost		Market Value
	20,000	Turkcell Iletisim Hizmetleri A/S, ADR	$	91,562	$	87,000
				314,216		259,252

		TOTAL COMMON STOCKS		196,726,307		591,672,074

		WARRANTS — 0.0%
		Energy and Utilities: Oil — 0.0%
	1,250	Occidental Petroleum Corp., expire 08/03/27†		6,187		14,812

		Retail — 0.0%
	28,000	Cie Financiere Richemont
		SA, expire 11/22/23†		0		13,220

		TOTAL WARRANTS		6,187		28,032

		TOTAL INVESTMENTS — 101.8%	$	196,732,494		591,700,106

		Other Assets and Liabilities (Net) — (1.8)%				(10,486,690	)

		NET ASSETS — 100.0%			$	581,213,416

(a)	Securities, or a portion thereof, with a value of $34,776,100 were deposited with Pershing LLC.

†	Non-income producing security.

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Statement of Assets and Liabilities

September 30, 2021

Assets:
Investments, at value (cost $196,732,494)	$	591,700,106
Foreign currency, at value (cost $16,541)		16,496
Receivable for Fund shares sold		1,186,031
Receivable for investments sold		141,689
Dividends receivable		1,522,997
Prepaid expenses		29,460
Total Assets		594,596,779
Liabilities:
Payable to bank		42,978
Line of credit payable		11,231,000
Payable for Fund shares redeemed		1,152,892
Payable for investment advisory fees		498,945
Payable for distribution fees		129,145
Payable for accounting fees		7,500
Other accrued expenses		320,903
Total Liabilities		13,383,363
Net Assets
(applicable to 57,238,699 shares outstanding)	$	581,213,416
Net Assets Consist of:
Paid-in capital	$	190,053,532
Total distributable earnings		391,159,884
Net Assets	$	581,213,416

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($297,368,990 ÷ 27,398,414 shares outstanding; 150,000,000 shares authorized)	$	10.85
Class A:
Net Asset Value and redemption price per share ($98,631,374 ÷ 9,224,750 shares outstanding; 50,000,000 shares authorized)	$	10.69
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	11.34
Class C:
Net Asset Value and offering price per share ($51,139,988 ÷ 9,759,766 shares outstanding; 50,000,000 shares authorized)	$	5.24	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($134,073,064 ÷ 10,855,769 shares outstanding; 50,000,000 shares authorized)	$	12.35

Statement of Operations

For the Year Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding taxes of $374,608)	$	12,118,304
Interest		684
Total Investment Income		12,118,988
Expenses:
Investment advisory fees.		5,901,368
Distribution fees - Class AAA		756,581
Distribution fees - Class A		226,112
Distribution fees - Class C		559,024
Shareholder services fees		456,564
Shareholder communications expenses		118,558
Custodian fees		104,373
Legal and audit fees		74,384
Registration expenses.		64,547
Accounting fees		45,000
Directors’ fees.		44,215
Interest expense		29,337
Miscellaneous expenses		48,944
Total Expenses		8,429,007
Less:
Expenses paid indirectly by broker (See Note 6)		(6,091	)
Net Expenses		8,422,916
Net Investment Income		3,696,072
Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign
Currency:
Net realized gain on investments		68,631,401
Net realized gain on securities sold short		291,686
Net realized gain on foreign currency transactions		4,039
Net realized gain on investments, securities sold
short, and foreign currency transactions		68,927,126
Net change in unrealized appreciation/depreciation:
on investments		82,924,736
on foreign currency translations		(3,715	)
Net change in unrealized appreciation/depreciation
on investments and foreign currency translations		82,921,021
Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign Currency		151,848,147
Net Increase in Net Assets Resulting from Operations	$	155,544,219

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

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Statement of Changes in Net Assets

	Year Ended September 30, 2021				Year Ended September 30, 2020

Operations:
Net investment income		$	3,696,072			$	4,517,675
Net realized gain on investments, securities sold short, and foreign currency Transactions			68,927,126				137,694,507
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			82,921,021				(141,908,799	)
Net Increase in Net Assets Resulting from Operations			155,544,219				303,383
Distributions to Shareholders:
Accumulated earnings
Class AAA			(33,908,511	)			(60,530,136	)
Class A			(10,265,934	)			(14,287,953	)
Class C			(11,014,210	)			(19,964,287	)
Class I			(14,518,170	)			(29,113,541	)
			(69,706,825	)			(123,895,917	)
Return of capital
Class AAA			(23,401,915	)			(22,602,669	)
Class A			(8,046,305	)			(6,706,415	)
Class C			(7,915,693	)			(6,207,826	)
Class I			(8,957,061	)			(8,566,767	)
			(48,320,974	)			(44,083,677	)
Total Distributions to Shareholders			(118,027,799	)			(167,979,594	)

Capital Share Transactions:
Class AAA			1,047,718				(21,606,608	)
Class A			25,393,934				16,928,786
Class C			1,702,442				(20,000,786	)
Class I			(11,136,577	)			(40,684,434	)

Net Increase/(Decrease) in Net Assets from Capital Share Transactions			17,007,517				(65,363,042	)

Redemption Fees			215				1,452

Net Increase/(Decrease) in Net Assets			54,524,152				(233,037,801	)
Net Assets:
Beginning of year			526,689,264				759,727,065
End of year		$	581,213,416			$	526,689,264

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Financial Highlights

Selected data for a share of Capital Stock outstanding throughout each year:

			Income (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	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			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income (Loss)			Operating Expenses(c)(d)			Portfolio Turnover Rate
Class AAA
2021	$	10.04	$	0.07		$	3.00		$	3.07		$	(0.08	)	$	(1.24	)	$	(0.94	)	$	(2.26	)	$	0.00	$	10.85		31.32	%	$	297,369		0.64	%		1.42	%		1	%
2020		13.61		0.10	(e)		(0.02	)		0.08			(0.11	)		(2.39	)		(1.15	)		(3.65	)		0.00		10.04		0.93			272,980		0.75	(e)		1.45			0	(f)
2019		19.09		0.13			(0.38	)		(0.25	)		(0.15	)		(3.72	)		(1.36	)		(5.23	)		0.00		13.61		(1.09	)		377,589		0.76			1.45			1
2018		22.84		0.19			1.34			1.53			(0.20	)		(3.68	)		(1.40	)		(5.28	)		0.00		19.09		6.77			521,485		0.82			1.40			0	(f)
2017		24.06		0.24			2.97			3.21			(0.25	)		(3.33	)		(0.85	)		(4.43	)		0.00		22.84		13.91			662,696		0.97			1.39			1
Class A
2021	$	9.92	$	0.08		$	2.95		$	3.03		$	(0.08	)	$	(1.24	)	$	(0.94	)	$	(2.26	)	$	0.00	$	10.69		31.31	%	$	98,631		0.65	%		1.42	%		1	%
2020		13.49		0.10	(e)		(0.02	)		0.08			(0.11	)		(2.39	)		(1.15	)		(3.65	)		0.00		9.92		0.95			69,201		0.75	(e)		1.45			0	(f)
2019		18.97		0.13			(0.38	)		(0.25	)		(0.15	)		(3.72	)		(1.36	)		(5.23	)		0.00		13.49		(1.08	)		72,778		0.76			1.45			1
2018		22.73		0.19			1.33			1.52			(0.20	)		(3.68	)		(1.40	)		(5.28	)		0.00		18.97		6.76			86,332		0.82			1.40			0	(f)
2017		23.96		0.24			2.96			3.20			(0.25	)		(3.33	)		(0.85	)		(4.43	)		0.00		22.73		13.92			115,702		0.96			1.39			1
Class C
2021	$	5.81	$	(0.01	)	$	1.70		$	1.69		$	(0.05	)	$	(1.24	)	$	(0.97	)	$	(2.26	)	$	0.00	$	5.24		30.29	%	$	51,140		(0.12	)%		2.17	%		1	%
2020		9.48		0.00	(b)(e)		(0.02	)		(0.02	)		(0.06	)		(2.39	)		(1.20	)		(3.65	)		0.00		5.81		0.27			53,605		0.00	(e)(g)		2.20			0	(f)
2019		15.03		(0.00	)(b)		(0.32	)		(0.32	)		(0.05	)		(3.72	)		(1.46	)		(5.23	)		0.00		9.48		(1.87	)		100,467		(0.00	)(g)		2.20			1
2018		19.17		0.01			1.13			1.14			(0.07	)		(3.68	)		(1.53	)		(5.28	)		0.00		15.03		6.02			176,167		0.07			2.15			0	(f)
2017		20.99		0.05			2.56			2.61			(0.10	)		(3.33	)		(1.00	)		(4.43	)		0.00		19.17		13.04			246,690		0.22			2.14			1
Class I
2021	$	11.15	$	0.12		$	3.34		$	3.46		$	(0.11	)	$	(1.24	)	$	(0.91	)	$	(2.26	)	$	0.00	$	12.35		31.71	%	$	134,073		0.89	%		1.17	%		1	%
2020		14.68		0.14	(e)		(0.02	)		0.12			(0.14	)		(2.39	)		(1.12	)		(3.65	)		0.00		11.15		1.14			130,903		1.00	(e)		1.20			0	(f)
2019		20.13		0.19			(0.41	)		(0.22	)		(0.19	)		(3.72	)		(1.32	)		(5.23	)		0.00		14.68		(0.86	)		208,893		1.00			1.20			1
2018		23.75		0.26			1.40			1.66			(0.26	)		(3.68	)		(1.34	)		(5.28	)		0.00		20.13		7.07			357,812		1.08			1.15			0	(f)
2017		24.80		0.31			3.07			3.38			(0.31	)		(3.33	)		(0.79	)		(4.43	)		0.00		23.75		14.19			443,912		1.21			1.14			1

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.
(a)	Per share amounts have been calculated using the average shares outstanding method.

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

(c)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the fiscal years ended September 30, 2021, 2020, 2019, 2018, and 2017, there was no impact on the expense ratios.

(d)

The Fund incurred interest expense during the fiscal years ended September 30, 2021, 2020, 2019, 2018, and 2017. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.41%, 1.42%, 1.40%, 1.39%, and 1.38% (Class AAA and Class A), 2.16%, 2.17%, 2.15%, 2.14%, and 2.13% (Class C), and 1.16%, 1.17%, 1.15%, 1.14%, and 1.13% (Class I), respectively.

(e)

Includes income resulting from special dividends. Without these dividends, the per share income (loss) amounts would have been $0.09 (Class AAA and Class A), $(0.01) (Class C), and $0.13 (Class I), respectively, and the net investment income (loss) ratio would have been 0.68% (Class AAA and Class A), (0.07)% (Class C), and 0.93% (Class I), respectively.

(f)	Amount represents less than 0.5%.
(g)	Amount represents less than 0.005%.

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Notes to Financial Statements

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

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

The global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions, and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objectives.

New Accounting Pronouncements. In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur through December 31, 2022. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the 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 of Directors (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 Gabelli Funds, LLC (the Adviser).

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

the securities’ 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.

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 — 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 September 30, 2021 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Total Market Value at 09/30/21
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	591,672,074	$	591,672,074
Warrants (a)		28,032		28,032
TOTAL INVESTMENTS IN SECURITIES ASSETS	$	591,700,106	$	591,700,106

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

The Fund held no Level 3 investments at September 30, 2021 or September 30, 2020.

Additional Information to Evaluate Qualitative Information.

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

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

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

Securities Sold Short. The Fund enters into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. At September 30, 2021, there were no short sales outstanding.

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

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

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

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

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At September 30, 2021, the Fund did not hold any restricted securities.

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

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

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to prior year post financial statement adjustments, tax treatment of partnership expenses, and tax equalization utilized during the year. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended September 30, 2021, reclassifications were made to increase paid-in capital by $2,671,840, with an offsetting adjustment to total distributable earnings.

The tax character of distributions paid during the fiscal years ended September 30, 2021 and 2020 was as follows:

	Year Ended September 30, 2021*			Year Ended September 30, 2020*
Distributions paid from:
Ordinary income		$	4,817,998		$	5,482,409
Net long term capital gains			67,752,576			136,799,128
Return of capital			48,320,974			44,083,677
Total distributions paid.		$	120,891,548		$	186,365,214

*	Total distributions paid differs from the Statement of Changes in Net Assets due to the utilization of equalization.

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

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 September 30, 2021, the components of accumulated earnings/losses on a tax basis were as follows:

Net unrealized appreciation on investments and foreign currency translations		$	391,159,884
Total		$	391,159,884

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2021:

		Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Investments		$200,545,071		$400,631,171		$(9,476,136)		$391,155,035

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. For the fiscal year ended September 30, 2021, the Fund did not incur any income tax, interest, or penalties. As of September 30, 2021, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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

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

5. Portfolio Securities. Purchases and sales of securities during the fiscal year ended September 30, 2021, other than short term securities and U.S. Government obligations, aggregated $7,316,627 and $110,117,872, respectively.

6. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2021, the Fund paid $8,193 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $64,774 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the fiscal year ended September 30, 2021, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $6,091.

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the fiscal year ended September 30, 2021, the Fund accrued $45,000 in connection with the cost of computing the Fund’s NAV.

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

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 2, 2022 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 custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At September 30, 2021, there was $11,231,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the fiscal year ended September 30, 2021 was $1,321,373 with a weighted average interest rate of 1.25%. The maximum amount borrowed at any time during the fiscal year ended September 30, 2021 was $18,892,000.

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

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the fiscal years ended September 30, 2021 and 2020, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

	Year Ended September 30, 2021					Year Ended September 30, 2020
	Shares		Amount			Shares		Amount
Class AAA
Shares sold	719,191		$	8,391,443		517,283		$	6,576,297
Shares issued upon reinvestment of distributions	4,944,370			55,696,708		7,517,054			80,737,011
Shares redeemed	(5,455,710	)		(63,040,433	)	(8,582,075	)		(108,919,916	)
Net increase/(decrease).	207,851		$	1,047,718		(547,738	)	$	(21,606,608	)
Class A
Shares sold	3,025,728		$	34,701,143		2,531,411		$	32,538,086
Shares issued upon reinvestment of distributions	1,538,993			17,114,296		1,830,657			19,372,951
Shares redeemed	(2,318,146	)		(26,421,505	)	(2,778,776	)		(34,982,251	)
Net increase	2,246,575		$	25,393,934		1,583,292		$	16,928,786
Class C
Shares sold	1,812,023		$	11,756,248		1,439,486		$	12,895,728
Shares issued upon reinvestment of distributions	3,201,433			18,582,717		3,855,885			25,043,742
Shares redeemed	(4,487,597	)		(28,636,523	)	(6,657,072	)		(57,940,256	)
Net increase/(decrease)	525,859		$	1,702,442		(1,361,701	)	$	(20,000,786	)
Class I
Shares sold	1,707,653		$	22,716,891		1,325,390		$	18,231,196
Shares issued upon reinvestment of distributions	1,824,386			23,208,214		3,055,726			36,304,618
Shares redeemed	(4,414,403	)		(57,061,682	)	(6,873,418	)		(95,220,248	)
Net decrease	(882,364	)	$	(11,136,577	)	(2,492,302	)	$	(40,684,434	)

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

10. 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.

The Gabelli Equity Income Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Equity Income Fund
and the Board of Directors of Gabelli Equity Series Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of The Gabelli Equity Income Fund (the “Fund”) (one of the funds constituting Gabelli Equity Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of September 30, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Gabelli Equity Series Funds, Inc.) at September 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Philadelphia, Pennsylvania

November 24, 2021

The Gabelli Equity Income Fund

Liquidity Risk Management (Unaudited)

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

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

At a meeting of the Board held on May 12, 2021, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund’s liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a “highly liquid investment minimum” as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a “highly liquid investment minimum” amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee’s annual review.

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

The Gabelli Equity Income Fund

Additional Fund Information (Unaudited)

The business and affairs of the Corporation are managed under the direction of the Corporation’s Board of Directors. Information pertaining to the Directors and officers of the Corporation is set forth below. The Corporation’s Statement of Additional Information includes additional information about the Corporation’s Directors and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The Gabelli Equity Income Fund at One Corporate Center, Rye, NY 10580-1422.

Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director³
INTERESTED DIRECTORS⁴:

Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 79	Since 1991	32	Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer– Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/ Trustee or Chief Investment Officer of other registered investment companies within the Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc.(communications) (2013-2018)

John D. Gabelli Director Age: 77	Since 1991	12	Senior Vice President of G.research, LLC	Senior Vice President of G.research, LLC

INDEPENDENT DIRECTORS⁵:
Elizabeth C. Bogan Director Age: 77	Since 2019	12	Senior Vice President of G.research, LLC	Trustee

Anthony J. Colavita⁶ Director Age: 85	Since 1991	18	President of the law firm of Anthony J. Colavita, P.C.	—

Vincent D. Enright Director Age: 77	Since 1991	17	Former Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998)	Director of Echo Therapeutics, Inc. (therapeutics and diagnostics) (2008-2014); Director of The LGL Group, Inc. (diversified manufacturing) (2011-2014)

Robert J. Morrissey Director Age: 82	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank

Kuni Nakamura Director Age: 53	Since 2009	35	President of Advanced Polymer, Inc. (chemical manufacturing company);President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees	—

The Gabelli Equity Income Fund

Additional Fund Information (Continued) (Unaudited)

Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director³

Anthonie C. van Ekris⁶ Director Age: 87	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/ export company)	—

Salvatore J. Zizza⁷ Director Age: 75	Since 2001	32	President of Zizza & Associates Corp. (private holding company); Chairman of Bergen Cove Realty Inc. (residential real estate)	Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018); Retired Chairman of BAM (semiconductor and aerospace manufacturing)

The Gabelli Equity Income Fund

Additional Fund Information (Continued) (Unaudited)

Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Principal Occupation(s) During Past Five Years
OFFICERS:
Bruce N. Alpert President Age: 69	Since 1991	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008; Vice President – Mutual Funds, G.research, LLC

John C. Ball Treasurer Age: 45	Since 2017	Treasurer of registered investment companies within the Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Chief Executive Officer, G.distributors, LLC since December 2020

Peter Goldstein Secretary and Vice President Age: 68	Since 2020	General Counsel, Gabelli Funds, LLC since July 2020; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)

Richard J. Walz Chief Compliance Officer Age: 62	Since 2013	Chief Compliance Officer of registered investment companies within the Fund Complex since 2013; Chief Compliance Officer for Gabelli Funds, LLC since 2015

Daniel Plourde Vice President Age: 41	Since 2021	Vice President of registered investment companies within the Fund Complex since 2021; Assistant Treasurer of the North American SPDR ETFs and State Street Global Advisors Mutual Funds (2017-2021); Fund Administration at State Street Bank (2009-2017)

¹	Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Fund’s By-Laws and Articles of Incorporation. For officers, includes time served in prior officer positions with the Fund. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

³	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁴	“Interested person” of the Fund as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.

⁵	Directors who are not interested persons are considered “Independent” Directors.

⁶

Mr. Colavita’s son, Anthony S. Colavita, serves as a director of other funds in the Gabelli/GAMCO Fund Complex. Mr. van Ekris is an independent director of Gabelli International Ltd., Gabelli Fund, LDC, GAMA Capital Opportunities Master, Ltd., and GAMCO International SICAV, which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund’s Adviser.

⁷

Mr. Zizza is an independent director of Gabelli International Ltd., which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund’s Adviser. On September 9, 2015, Mr. Zizza entered into a settlement with the SEC to resolve an inquiry relating to an alleged violation regarding the making of false statements or omissions to the accountants of a company concerning a related party transaction. The company in question is not an affiliate of, nor has any connection to, the Fund. Under the terms of the settlement, Mr. Zizza, without admitting or denying the SEC’s findings and allegation, paid $150,000 and agreed to cease and desist committing or causing any future violations of Rule 13b2-2 of the Securities Exchange Act of 1934, as amended. The Board has discussed this matter and has determined that it does not disqualify Mr. Zizza from serving as an Independent Director.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

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

●

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

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

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

What do we do to protect your personal information?

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

This page was intentionally left blank.

THE GABELLI EQUITY INCOME FUND

2021 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the fiscal year ended September 30, 2021, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.0822, $0.0825, $0.0463, and $0.1117 for each of Class AAA, Class A, Class C, and Class I, respectively, and long term capital gains totaling $67,752,576, or the maximum allowable. The distribution of long term capital gains has been designated as a capital gain dividend by the Fund’s Board of Directors. For the fiscal year ended September 30, 2021, 100% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.00% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010.

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

GABELLI EQUITY INCOME FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager’s Biography

Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the contents of the portfolio manager’s commentary are unrestricted. Both the commentary and the financial statements, including the portfolios of investments, will be available on our website at www.gabelli.com.

Gabelli Equity Series Funds, Inc.

THE GABELLI EQUITY INCOME FUND

One Corporate Center

Rye, New York 10580-1422

t	800-GABELLI (800-422-3554)

f	914-921-5118

e	info@gabelli.com

GABELLI.COM

Net Asset Values per share available daily
by calling 800-GABELLI after 7:00 P.M.

BOARD OF DIRECTORS

Mario J. Gabelli, CFA

Chairman and

Chief Executive Officer,

GAMCO Investors, Inc.

Executive Chairman,

Associated Capital Group Inc.

Elizabeth C. Bogan

Senior Lecturer,

Princeton University

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

Vincent D. Enright

Former Senior Vice President

and Chief Financial Officer,

KeySpan Corp.

John D. Gabelli

Former Senior Vice President,

G.research, LLC

Robert J. Morrissey

Partner,

Morrissey, Hawkins & Lynch

Kuni Nakamura

President,

Advanced Polymer, Inc.

Anthonie C. van Ekris

Chairman,

BALMAC International, Inc.

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

OFFICERS

Bruce N. Alpert

President

John C. Ball

Treasurer

Peter Goldstein

Secretary and Vice President

Richard J. Walz

Chief Compliance Officer

Daniel Plourde

Vice President

DISTRIBUTOR

G.distributors, LLC

CUSTODIAN

State Street Bank and Trust

Company

TRANSFER AGENT AND

DIVIDEND DISBURSING

AGENT

DST Asset Manager

Solutions, Inc.

LEGAL COUNSEL

Skadden, Arps, Slate, Meagher &

Flom LLP

This report is submitted for the general information of the shareholders of The Gabelli Equity Income Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB444Q321AR

The Gabelli Small Cap Growth Fund

Annual Report — September 30, 2021


Mario J. Gabelli, CFA,	Gordon Grender
Chief Investment Officer	Portfolio Manager

To Our Shareholders,

For the fiscal year ended September 30, 2021, the net asset value (NAV) total return per Class AAA Share of The Gabelli Small Cap Growth Fund was 42.2% compared with a total return of 57.6% for the Standard & Poor’s (S&P) SmallCap 600 Index. Other classes of shares are available. See page 3 for performance information for all classes.

Enclosed are the financial statements, including the summary schedule of investments, as of September 30, 2021.

Investment Objective and Strategy

The Fund invests primarily in small cap companies, that through bottom-up fundamental research, the portfolio manager believes are attractively priced relative to their earnings growth potential or private market value. The Fund characterizes small capitalization companies as those companies with a market capitalization of $3 billion or less at the time of the Fund’s initial investment.

Performance Discussion

During the fourth quarter of 2020, the stock market rebounded dramatically from the March pandemic driven lows. Favorable news on Pfizer’s COVID-19 vaccine in mid-November (followed by Moderna, Johnson & Johnson and AstraZeneca) ignited a global stock market rally on hopes the world would normalize in 2021. It also spurred a rotation into value oriented stocks from growth stocks. What’s more, the large cap S&P 500 Index, long buoyed by a handful of mega cap tech stocks, lost ground to a dynamic revival in small caps. In the month of November, for example, small cap indices rallied by 18%, a historical breakout.

Following more than a decade of growth stock leadership, the first quarter of 2021 saw the trend of rotation to value stocks continue. Following a steep, rather short, recession, the U.S. economy rebounded in tandem with massive government fiscal stimulus along with unprecedented Federal Reserve monetary accommodation.

During the second quarter of 2021, the equity bull market remained intact as U.S. and global economies rebounded from pandemic driven shutdowns with a surge of consumer spending on retail, travel, leisure, and hospitality. Widespread vaccination in the U.S. to protect against the spread of COVID-19 has allowed bars, restaurants, and entertainment venues to reopen. Air travel reached pre-pandemic levels, hotel occupancies rose rapidly, and major cities, like New York, are once again vibrant and bustling with commuter traffic. Underpinning the broad based reopening of America is trillions of dollars of government fiscal stimulus funneled to businesses along with funding to unemployed workers hit hardest by the pandemic. Against this backdrop has been the U.S. Federal Reserve with its unprecedented quantitative easing, fostering negative real interest rates, adjusted for inflation.

In the third quarter of 2021, the U.S. economy continued its robust growth trajectory. The economy has rebounded from its pandemic lows, and so have corporate earnings which now stand above their pre-pandemic highs. Supply chain constraints have become a discussion topic in virtually every corporate earnings call, with higher input cots being reflected in both producer and consumer prices. Many companies have passed these additional costs onto consumers through higher prices in recent months, further stoking consumer inflation. In September the U.S. Federal Reserve signaled that it is on track to start scaling back asset purchases before year end.

Among the better performing stocks for the fiscal year were: Herc Holdings Inc. (2.68% of net assets as of September 30, 2021) which operates through its subsidiaries as a full service equipment rental firm, renting earth moving equipment and aerial lifts, among many other items. In addition to the rental business Herc also provides industry specific solution based services. KKR & Co. Inc. (2.26%) is a private equity and real estate investment firm specializing in direct and fund of fund investments. Crane Co. (1.79%) manufactures and sells engineered industrial products in the United States, Canada, the United Kingdom, Continental Europe, and internationally.

The weaker performing stocks during the year were: CHR Hansen Holding A/S (0.84%), a bioscience company, develops natural ingredient solutions for food, nutritional, pharmaceutical, and agricultural industries worldwide. Quidel Corp (0.58%) develops, manufactures, and markets diagnostic testing solutions for applications in infectious diseases, cardiology, thyroid, women’s and general health, eye health, gastrointestinal diseases, and toxicology worldwide. Teladoc Health Inc. (0.18%), the leader in telemedicine, expands access to care while also reducing costs, addressing two persistent issues in the U.S. healthcare system.

We appreciate your confidence and trust.

Comparative Results

Average Annual Returns through September 30, 2021 (a)(b) (Unaudited)

Average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses.

	1 Year		5 Year		10 Year		15 Year		Since Inception (10/22/91)
Class AAA (GABSX)	42.16	%	11.33	%	12.95	%	9.57	%	12.26	%
S&P SmallCap 600 Index (c)	57.64		13.57		15.69		10.30		N/A
Lipper Small-Cap Core Funds Average (c)	53.83		12.74		13.79		9.09		N/A
Class A (GCASX) (d)	42.17		11.33		12.95		9.57		12.26
With sales charge (e)	34.00		10.02		12.29		9.13		12.03
Class C (GCCSX) (d)	41.10		10.50		12.11		8.75		11.76
With contingent deferred sales charge (f)	40.10		10.50		12.11		8.75		11.76
Class I (GACIX) (d)	42.51		11.61		13.24		9.82		12.39

(a)	The Fund's fiscal year ends September 30.

(b)	Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.

(c)

The S&P SmallCap 600 Index is an unmanaged indicator which measures the performance of the small-cap segment of the U.S. equity market. The inception date of the index is December 31, 1994. The Lipper Small-Cap Core Funds Average reflects the average performance of mutual funds classified in this particular category. The inception date of the index is December 31, 1991. Dividends are considered reinvested. You cannot invest directly in an index.

(d)

The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C Shares on December 31, 2003, and Class I Shares on January 11, 2008. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares.

(e)	Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(f)	Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

In the current prospectuses dated January 28, 2021, the expense ratios for Class AAA, A, C, and I Shares are 1.44%, 1.44%, 2.19%, and 1.19%, respectively. See page 12 for the expense ratios for the year ended September 30, 2021. Class AAA and Class I Shares have no sales charge. The maximum sales charge for Class A Shares, and Class C Shares is 5.75% and 1.00% respectively.

Investing in small capitalization securities involves special risks because these securities may trade less frequently and experience more abrupt price movements than large capitalization securities. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE GABELLI SMALL CAP GROWTH FUND CLASS AAA AND S&P SMALL CAP 600 INDEX (Unaudited)

Average Annual Total Returns*
	1 Year	5 Year	10 Year
Class AAA	42.16%	11.33%	12.95%

The Gabelli Small Cap Growth Fund
Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from April 1, 2021 through September 30, 2021

Expense Table

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The "Annualized Expense Ratio" represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the fiscal year ended September 30, 2021.

	Beginning	Ending	Annualized	Expenses
	Account Value	Account Value	Expense	Paid During
	04/01/21	09/30/21	Ratio	Period^*
*The Gabelli Small Cap Growth Fund*
Actual Fund Return
Class AAA	$1,000.00	$1,032.30	1.37%	$	6.98
Class A	$1,000.00	$1,032.30	1.37%	$	6.98
Class C	$1,000.00	$1,028.30	2.12%	$	10.78
Class I	$1,000.00	$1,033.40	1.12%	$	5.71
Hypothetical 5% Return
Class AAA	$1,000.00	$1,018.20	1.37%	$	6.93
Class A	$1,000.00	$1,018.20	1.37%	$	6.93
Class C	$1,000.00	$1,014.44	2.12%	$	10.71
Class I	$1,000.00	$1,019.45	1.12%	$	5.67

Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183 days), then divided by 365.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of September 30, 2021:

The Gabelli Small Cap Growth Fund

Equipment and Supplies	15.2	%
Diversified Industrial	10.9	%
Building and Construction	7.1	%
Food and Beverage	6.5	%
Health Care	6.0	%
Retail	5.7	%
Financial Services	4.9	%
Hotels and Gaming	4.8	%
Automotive: Parts and Accessories	4.3	%
Specialty Chemicals	3.5	%
Business Services	3.3	%
Machinery	2.8	%
Real Estate	2.7	%
Energy and Utilities	2.2	%
Consumer Products	2.2	%
Broadcasting	2.1	%
Aviation: Parts and Services	2.0	%
Electronics	2.0	%
Computer Software and Services	1.9	%
Transportation	1.8	%

Manufactured Housing and Recreational Vehicles	1.5	%
Entertainment	1.3	%
Consumer Services	0.9	%
Publishing	0.9	%
Telecommunications	0.9	%
Cable	0.8	%
Aerospace	0.7	%
Environmental Services	0.5	%
Home Furnishings	0.3	%
Closed-End Funds	0.2	%
Automotive	0.2	%
Miscellaneous Investments	0.1	%
Communications Equipment	0.1	%
Metals and Mining	0.0	%*
Agriculture	0.0	%*
Wireless Communications	0.0	%*
Other Assets and Liabilities (Net)	(0.3)	%
	100.0	%

*	Amount represents less than 0.05%.

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

Proxy Voting

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments — September 30, 2021

Shares			Cost		Market Value
		COMMON STOCKS* — 99.7%
		Aerospace — 0.7%
	260,000	Aerojet Rocketdyne Holdings Inc.	$	683,183	$	11,323,000
	73,500	Various Securities		862,834		1,302,485
				1,546,017		12,625,485
		Agriculture — 0.0%
	52,000	Various Securities		808,732		731,280
		Automotive — 0.2%
	80,200	Various Securities		426,012		3,097,494
		Automotive: Parts and Accessories — 4.0%
	848,055	Brembo SpA		1,568,825		10,717,379
	1,110,000	Dana Inc.		9,031,849		24,686,400
	244,000	Strattec Security Corp.†(a)		4,677,938		9,491,600
	1,274,272	Various Securities		8,273,797		30,330,675
				23,552,409		75,226,054
		Aviation: Parts and Services — 2.0%
	670,000	Kaman Corp.		9,964,092		23,898,900
	228,700	Various Securities		2,928,031		14,201,960
				12,892,123		38,100,860
		Broadcasting — 2.1%
	1,854,342	Various Securities		13,589,434		40,485,747
		Building and Construction — 7.1%
	311,500	Herc Holdings Inc.†		10,297,382		50,917,790
	380,000	Lennar Corp., Cl. B		9,178,089		29,484,200
	2,700	NVR Inc.†		1,908,454		12,944,016
	809,500	Various Securities		10,664,379		41,941,265
				32,048,304		135,287,271
		Business Services — 3.3%
	196,000	IAA Inc.†		1,593,186		10,695,720
	338,000	The Interpublic Group of Companies Inc.		1,425,712		12,394,460
	1,612,500	Trans-Lux Corp.†(a)		1,587,544		677,331
	35,000	United Rentals Inc.†		216,471		12,282,550
	1,538,000	Various Securities		9,535,060		27,293,444
				14,357,973		63,343,505
		Cable — 0.8%
	464,500	Various Securities		7,160,946		14,228,095
		Communications Equipment — 0.1%
	242,000	Various Securities		1,610,888		2,093,300
		Computer Software and Services — 1.9%
	34,500	Rockwell Automation Inc.		804,852		10,144,380
	36,000	Tyler Technologies Inc.†		71,925		16,511,400
	601,000	Various Securities		3,576,553		9,565,580
				4,453,330		36,221,360
		Consumer Products — 2.2%
	2,002,500	Various Securities		9,790,937		41,526,191

					Market
Shares			Cost		Value
		Consumer Services — 0.9%
	358,000	Rollins Inc.	$	340,833	$	12,648,140
	321,000	Various Securities		1,463,221		5,292,845
				1,804,054		17,940,985
		Diversified Industrial — 10.9%
	359,000	Crane Co.		7,725,236		34,036,790
	1,315,000	Griffon Corp.		14,366,530		32,349,000
	920,000	Myers Industries Inc.		12,634,530		18,004,400
	341,500	Textron Inc.		2,071,915		23,840,115
	2,507,411	Various Securities		42,134,579		98,531,562
				78,932,790		206,761,867
		Electronics — 2.0%
	138,500	Badger Meter Inc.		1,768,846		14,007,890
	213,800	Bel Fuse Inc., Cl. A(a)		4,047,987		3,072,306
	465,000	CTS Corp.		3,976,813		14,373,150
	258,000	Various Securities		2,077,954		5,996,067
				11,871,600		37,449,413
		Energy and Utilities — 2.2%
	2,528,800	Various Securities		11,848,138		41,583,486
		Entertainment — 1.3%
	690,213	Various Securities		8,904,095		25,392,276
		Environmental Services — 0.5%
	92,500	Various Securities		785,217		9,018,750
		Equipment and Supplies — 15.2%
	406,500	AMETEK Inc.		691,697		50,410,065
	129,000	Crown Holdings Inc.		520,753		13,000,620
	163,000	Franklin Electric Co. Inc.		636,072		13,015,550
	453,500	Graco Inc.		2,597,302		31,731,395
	154,000	Interpump Group SpA		691,669		9,989,610
	683,500	Mueller Industries Inc.		17,993,876		28,091,850
	170,700	Tennant Co.		2,876,864		12,623,265
	761,000	The Gorman-Rupp Co.		11,825,810		27,251,410
	59,000	The Middleby Corp.†		669,921		10,060,090
	2,108,403	Various Securities		19,202,702		91,780,623
				57,706,666		287,954,478
		Financial Services — 4.9%
	705,000	KKR & Co. Inc.		2,933,468		42,920,400
	10,000	Waterloo Investment Holdings Ltd.†(b)		1,373		3,000
	2,738,420	Various Securities		26,977,749		50,085,673
				29,912,590		93,009,073
		Food and Beverage — 6.5%
	195,000	Chr. Hansen Holding A/S		8,106,517		15,928,038
	254,000	Kikkoman Corp.		1,749,120		20,745,406
	690,000	Maple Leaf Foods Inc.		12,027,755		14,022,264
	5,611,051	Various Securities		25,296,369		72,602,072
				47,179,761		123,297,780

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments (Continued) — September 30, 2021

					Market
Shares			Cost		Value
		COMMON STOCKS* (Continued)
		Health Care — 6.0%
	411,000	Cutera Inc.†	$	5,198,266	$	19,152,600
	163,000	Globus Medical Inc., Cl. A†		3,684,152		12,489,060
	78,000	Quidel Corp.†		346,178		11,009,700
	1,033,600	Various Securities		15,909,129		71,447,923
				25,137,725		114,099,283

		Home Furnishings — 0.3%
	246,500	Various Securities		2,939,320		5,480,465
		Hotels and Gaming — 4.8%
	118,000	Churchill Downs Inc.		1,089,792		28,329,440
	285,000	Ryman Hospitality Properties Inc., REIT†		4,929,759		23,854,500
	7,170,548	Various Securities		14,692,696		38,926,868
				20,712,247		91,110,808
		Machinery — 2.8%
	341,500	Astec Industries Inc.		11,945,517		18,376,115
	1,427,000	CNH Industrial NV		4,242,733		23,702,470
	455,300	Various Securities		6,529,199		11,758,495
				22,717,449		53,837,080
		Manufactured Housing and Recreational Vehicles — 1.5%
	71,000	Cavco Industries Inc.†		1,418,150		16,808,540
	204,000	Various Securities		1,838,995		11,177,320
				3,257,145		27,985,860
		Metals and Mining — 0.0%
	140,000	Various Securities		529,906		796,978
		Publishing — 0.9%
	775,000	The E.W. Scripps Co., Cl. A		4,022,887		13,996,500
	60,000	Various Securities		1,492,061		3,565,020
				5,514,948		17,561,520
		Real Estate — 2.7%
	262,000	Indus Realty Trust Inc., REIT		5,058,467		18,366,200
	405,000	The St. Joe Co.		6,267,431		17,050,500
	447,467	Various Securities		6,019,255		15,416,070
				17,345,153		50,832,770
		Retail — 5.7%
	129,000	AutoNation Inc.†		2,094,018		15,707,040
	92,000	Copart Inc.†		777,200		12,762,240
	474,000	Ingles Markets Inc., Cl. A		6,938,285		31,298,220
	348,000	Rush Enterprises Inc., Cl. B		2,493,065		15,927,960
	562,723	Various Securities		5,916,505		31,639,769
				18,219,073		107,335,229
		Specialty Chemicals — 3.5%
	1,354,525	Ferro Corp.†		6,342,463		27,551,039
	252,000	H.B. Fuller Co.		2,873,618		16,269,120
	91,200	The General Chemical Group Inc.†(b)		1,186		456

					Market
Shares			Cost		Value
	492,046	Various Securities	$	7,690,121	$	22,705,649
				16,907,388		66,526,264
		Telecommunications — 0.9%
	1,298,500	Various Securities		5,703,957		16,750,225
		Transportation — 1.8%
	380,000	GATX Corp.		10,862,049		34,032,800
	118,653	Various Securities		975,418		983,440
				11,837,467		35,016,240
		Wireless Communications — 0.0%
	22,000	Various Securities		789,590		701,580
		TOTAL COMMON STOCKS		522,793,384		1,893,409,052

		CLOSED-END FUNDS* — 0.2%
	207,266	Various Securities		3,198,981		4,313,634

		PREFERRED STOCKS* — 0.3%
		Automotive: Parts and Accessories — 0.3%
	95,000	Various Securities		649,637		4,432,542

		RIGHTS* — 0.0%
		Entertainment — 0.0%
	1,680,000	Media General Inc., CVR, expire 12/31/21†(b)		2		2

		WARRANTS* — 0.0%
		Business Services — 0.0%
	1	Internap Corp., expire 05/08/24†(b)		0		652

		Diversified Industrial — 0.0%
	140,000	Various Securities		95,648		121,037

		TOTAL WARRANTS		95,648		121,689

		TOTAL MISCELLANEOUS INVESTMENTS — 0.1%(c)		1,843,659		2,204,711

		TOTAL INVESTMENTS — 100.3%	$	528,581,311		1,904,481,630
		Other Assets and Liabilities (Net) — (0.3)%				(5,050,117	)
		NET ASSETS — 100.0%			$	1,899,431,513

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments (Continued) — September 30, 2021

This Summary Schedule of Investments does not reflect the complete portfolio holdings of the Fund. It includes the Fund’s 50 largest holdings, each investment of any issuer that exceeds 1% of the Fund’s net assets, and affiliated or Level 3 securities, if any.

“Various Securities” consist of issuers not identified as a top 50 holding, issues or issuers not exceeding 1% of net assets individually or in the aggregate, any issuers that are not affiliated or level 3 securities, if any, as of September 30, 2021. The complete Schedule of Investments is available (i) without charge, upon request, by calling 800-GABELLI (800-422-3554); and (ii) on the SEC’S website at http://www.sec.gov.

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

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

(c)	Represents previously undisclosed, unrestricted securities which the Fund has held for less than one year.

†	Non-income producing security.

CVR	Contingent Value Right

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Statement of Assets and Liabilities

September 30, 2021

Assets:
Investments, at value (cost $518,267,842)	$	1,891,240,393
Investments in affiliates, at value (cost $10,313,469)		13,241,237
Foreign currency, at value (cost $91,743)		91,985
Cash		771
Receivable for Fund shares sold		491,503
Receivable for investments sold		419,199
Dividends receivable		1,334,130
Prepaid expenses		38,516
Total Assets		1,906,857,734
Liabilities:
Line of credit payable		3,705,000
Payable for Fund shares redeemed		1,000,493
Payable for investment advisory fees		1,580,183
Payable for distribution fees		304,810
Payable for accounting fees		7,500
Other accrued expenses		828,235
Total Liabilities		7,426,221
Net Assets
(applicable to 38,155,871 shares outstanding)	$	1,899,431,513
Net Assets Consist of:
Paid-in capital	$	330,393,125
Total distributable earnings		1,569,038,388
Net Assets	$	1,899,431,513
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($1,054,894,286 ÷ 21,263,904 shares outstanding; 150,000,000 shares authorized)	$	49.61
Class A:
Net Asset Value and redemption price per share ($134,004,869 ÷ 2,703,939 shares outstanding; 50,000,000 shares authorized)	$	49.56
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	52.58
Class C:
Net Asset Value and offering price per share ($66,466,302 ÷ 1,710,382 shares outstanding; 50,000,000 shares authorized)	$	38.86	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($644,066,056 ÷ 12,477,646 shares outstanding; 50,000,000 shares authorized)	$	51.62

Statement of Operations

For the Year Ended September 30, 2021

Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $332,657)	$	27,830,005
Dividends - affiliated		51,468
Interest		634
Total Investment Income		27,882,107
Expenses:
Investment advisory fees		19,018,307
Distribution fees - Class AAA		2,629,917
Distribution fees - Class A		326,132
Distribution fees - Class C		760,158
Shareholder services fees		1,525,224
Shareholder communications expenses		264,729
Custodian fees		201,410
Directors’ fees.		142,538
Registration expenses		90,032
Legal and audit fees		73,717
Interest expense		72,457
Accounting fees		45,000
Miscellaneous expenses		121,278
Total Expenses		25,270,899
Less:
Advisory fee reduction on unsupervised assets (See Note 3)		(126,227	)
Expenses paid indirectly by broker (See Note 6)		(17,672	)
Total Reductions		(143,899	)
Net Expenses		25,127,000
Net Investment Income		2,755,107
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		259,802,817
Net realized loss on investments - affiliated		(93,397	)
Net realized loss on foreign currency transactions		(12,318	)
Net realized gain on investments and foreign currency transactions		259,697,102
Net change in unrealized appreciation/depreciation:
on investments - unaffiliated		372,749,696
on investments - affiliated		5,864,443
on foreign currency translations		(7,733	)
Net change in unrealized appreciation/depreciation
on investments and foreign currency translations		378,606,406
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		638,303,508
Net Increase in Net Assets Resulting from Operations	$	641,058,615

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

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Statement of Changes in Net Assets

	Year Ended September 30, 2021				Year Ended September 30, 2020

Operations:
Net investment income		$	2,755,107			$	2,602,287
Net realized gain on investments and foreign currency transactions			259,697,102				421,208,660
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			378,606,406				(501,380,754	)
Net Increase/(Decrease) in Net Assets Resulting from Operations			641,058,615				(77,569,807	)
Distributions to Shareholders:
Accumulated earnings
Class AAA			(191,595,179	)			(225,788,690	)
Class A			(22,004,092	)			(32,301,744	)
Class C			(18,595,632	)			(27,339,966	)
Class I			(114,398,478	)			(154,155,709	)
Total Distributions to Shareholders			(346,593,381	)			(439,586,109	)

Capital Share Transactions:
Class AAA			9,809,347				(95,842,744	)
Class A			2,604,293				(23,192,192	)
Class C			(17,810,664	)			(33,587,375	)
Class I			(28,524,077	)			(137,549,435	)

Net Decrease in Net Assets from Capital Share Transactions			(33,921,101	)			(290,171,746	)

Redemption Fees			1,871				5,069

Net Increase/(Decrease) in Net Assets			260,546,004				(807,322,593	)
Net Assets:
Beginning of year			1,638,885,509				2,446,208,102
End of year		$	1,899,431,513			$	1,638,885,509

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year		Net Investment Income (Loss) (a)(b)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)(c)		Net Asset Value, End of Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income (Loss)(b)			Operating Expenses(d)(e)			Portfolio Turnover Rate
Class AAA
2021	$	43.30	$	0.04		$	15.83		$	15.87		$	—		$	(9.56	)	$	(9.56	)	$	0.00	$	49.61		42.16	%	$	1,054,894		0.09	%		1.38	%(f)		1	%
2020		53.92		0.04			(0.63	)		(0.59	)		(0.07	)		(9.96	)		(10.03	)		0.00		43.30		(2.08	)		884,341		0.08			1.41	(f)		0	(g)
2019		59.61		0.03			(3.50	)		(3.47	)		(0.09	)		(2.13	)		(2.22	)		0.00		53.92		(5.72	)		1,243,608		0.06			1.39	(f)		1
2018		58.63		0.09			4.01			4.10			—			(3.12	)		(3.12	)		0.00		59.61		7.21			1,711,850		0.16			1.36			3
2017		50.13		0.02			10.47			10.49			—			(1.99	)		(1.99	)		0.00		58.63		21.56			1,882,823		0.04			1.38			4
Class A
2021	$	43.26	$	0.04		$	15.82		$	15.86		$	—		$	(9.56	)	$	(9.56	)	$	0.00	$	49.56		42.17	%	$	134,005		0.08	%		1.38	%(f)		1	%
2020		53.89		0.05			(0.64	)		(0.59	)		(0.08	)		(9.96	)		(10.04	)		0.00		43.26		(2.08	)		110,975		0.11			1.41	(f)		0	(g)
2019		59.58		0.03			(3.50	)		(3.47	)		(0.09	)		(2.13	)		(2.22	)		0.00		53.89		(5.73	)		170,189		0.06			1.39	(f)		1
2018		58.60		0.09			4.01			4.10			—			(3.12	)		(3.12	)		0.00		59.58		7.21			208,947		0.16			1.36			3
2017		50.11		0.01			10.47			10.48			—			(1.99	)		(1.99	)		0.00		58.60		21.55			229,282		0.02			1.38			4
Class C
2021	$	35.95	$	(0.24	)	$	12.71		$	12.47		$	—		$	(9.56	)	$	(9.56	)	$	0.00	$	38.86		41.10	%	$	66,467		(0.64	)%		2.13	%(f)		1	%
2020		46.63		(0.24	)		(0.48	)		(0.72	)		—			(9.96	)		(9.96	)		0.00		35.95		(2.80	)		75,505		(0.65	)		2.16	(f)		0	(g)
2019		52.16		(0.32	)		(3.08	)		(3.40	)		—			(2.13	)		(2.13	)		0.00		46.63		(6.44	)		141,522		(0.69	)		2.14	(f)		1
2018		52.05		(0.30	)		3.53			3.23			—			(3.12	)		(3.12	)		0.00		52.16		6.41			215,939		(0.59	)		2.11			3
2017		45.04		(0.34	)		9.34			9.00			—			(1.99	)		(1.99	)		0.00		52.05		20.65			233,786		(0.71	)		2.13			4
Class I
2021	$	44.62	$	0.17		$	16.39		$	16.56		$	—		$	(9.56	)	$	(9.56	)	$	0.00	$	51.62		42.51	%	$	644,066		0.34	%		1.13	%(f)		1	%
2020		55.29		0.15			(0.64	)		(0.49	)		(0.22	)		(9.96	)		(10.18	)		0.00		44.62		(1.83	)		568,065		0.34			1.16	(f)		0	(g)
2019		61.09		0.17			(3.59	)		(3.42	)		(0.25	)		(2.13	)		(2.38	)		0.00		55.29		(5.50	)		890,889		0.32			1.14	(f)		1
2018		59.86		0.25			4.10			4.35			—			(3.12	)		(3.12	)		0.00		61.09		7.49			1,624,806		0.43			1.11			3
2017		51.09		0.16			10.67			10.83			(0.07	)		(1.99	)		(2.06	)		0.00		59.86		21.84			1,404,639		0.30			1.13			4

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.

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

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

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

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

(e)	Ratio of operating expenses includes advisory fee reduction on unsupervised assets totaling 0.01% of net assets for the fiscal year ended September 30, 2020. For the years ended September 30, 2021, 2019, 2018, and 2017, there was no impact on the expense ratios.

(f)

The Fund incurred interest expense during the fiscal years ended September 30, 2021, 2020 and 2019. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.37%, 1.39%, and 1.38% (Class AAA and Class A), 2.12%, 2.14%, and 2.13% (Class C), and 1.12%, 1.14%, and 1.13% (Class I). For the years ended September 30, 2018 and 2017, the effect of interest expense was minimal.

(g)	Amount represents less than 0.5%.

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Notes to Financial Statements

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

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

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 securities’ 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.

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (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 — 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).

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 09/30/21
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Automotive: Parts and Accessories	$	75,226,041	$	13		—	$	75,226,054
Aviation: Parts and Services		36,933,980		1,166,880		—		38,100,860
Consumer Services		17,665,120		275,865		—		17,940,985
Diversified Industrial		206,608,300		888,487		—		207,496,787
Financial Services		91,543,053		1,463,020	$	3,000		93,009,073
Manufactured Housing and Recreational Vehicles		25,500,860		2,485,000		—		27,985,860
Publishing		17,299,870		261,650		—		17,561,520
Real Estate		49,888,807		943,963		—		50,832,770
Retail		107,325,884		10,225		—		107,336,109
Specialty Chemicals		66,525,808		—		456		66,526,264
Other Industries (a)		1,193,597,481		—		—		1,193,597,481
Total Common Stocks		1,888,115,204		7,495,103		3,456		1,895,613,763
Closed-End Funds		4,313,634		—		—		4,313,634
Preferred Stocks (a)		4,432,542		—		—		4,432,542
Rights (a)		—		—		2		2
Warrants (a)		121,037		—		652		121,689
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,896,982,417	$	7,495,103	$	4,110	$	1,904,481,630

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

During the fiscal year ended September 30, 2021, the Fund did not have material transfers into or out of Level 3.

Additional Information to Evaluate Qualitative Information.

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

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At September 30, 2021, the Fund did not hold any restricted securities.

Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the fiscal year ended September 30, 2021, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains as determined under the GAAP. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due the tax treatment of currency gains and losses, the adjustments for sales on investments in passive foreign investment companies, utilization of tax equalization, redesignation of dividends paid, and basis and capital gain adjustments on sale of Partnerships. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended September 30, 2021, reclassifications were made to increase paid-in capital by $21,654,530, with an offsetting adjustment to total distributable earnings.

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

The tax character of distributions paid during the fiscal years ended September 30, 2021 and 2020 was as follows:

	Year Ended September 30, 2021*		Year Ended September 30, 2020*
Distributions paid from:
Ordinary income	$	373,251	$	5,852,594
Net long term capital gains		368,128,057		503,827,323
Total distributions paid	$	368,501,308	$	509,679,917

*	Total distributions paid differs from the Statement of Changes in Net Assets due to the utilization of equalization.

At September 30, 2021, the components of accumulated earnings/losses on a tax basis were as follows:

Undistributed ordinary income	$	3,394,293
Undistributed long term capital gains		210,830,577
Net unrealized appreciation on investments and foreign currency translations		1,354,813,518
Total	$	1,569,038,388

At September 30, 2021, the temporary difference between book basis and tax basis net unrealized appreciation on investments was due to deferral of losses from wash sales for tax purposes, mark-to-market adjustments on investments considered passive foreign investment companies, tax basis adjustments on investments in partnerships, and tax basis adjustments on investments in real estate investment trusts.

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2021:

		Gross	Gross
		Unrealized	Unrealized	Net Unrealized
	Cost	Appreciation	Depreciation	Appreciation
Investments	$549,673,218	$1,389,818,482	$(35,010,070)	$1,354,808,412

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

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.

There was a reduction in the advisory fee paid to the Adviser relating to certain portfolio holdings, i.e., unsupervised assets, of the Fund with respect to which the Adviser transferred dispositive and voting control to the Fund’s Proxy Voting Committee. During the fiscal year ended September 30, 2021, the Fund’s Proxy Voting Committee exercised control and discretion over all rights to vote or consent with respect to such securities, and the Adviser reduced its fee with respect to such securities by $126,227.

6. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2021, the Fund paid $44,034 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $11,061 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

The average daily amount of borrowings outstanding under the line of credit during the fiscal year ended September 30, 2021 was $4,399,655 with a weighted average interest rate of 1.28%. The maximum amount borrowed at any time during the fiscal year ended September 30, 2021 was $41,179,000.

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

	Year Ended						Year Ended
	September 30, 2021						September 30, 2020
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		580,407		$	27,170,660			598,564		$	24,465,838
Shares issued upon reinvestment of distributions		4,663,083			185,171,154			4,774,548			218,340,063
Shares redeemed		(4,404,600	)		(202,532,467	)		(8,012,510	)		(338,648,645	)
Net increase/(decrease)		838,890		$	9,809,347			(2,639,398	)	$	(95,842,744	)
Class A
Shares sold		596,881		$	27,627,213			645,315		$	29,221,937
Shares issued upon reinvestment of distributions		509,988			20,231,248			665,223			30,394,069
Shares redeemed		(968,174	)		(45,254,168	)		(1,903,125	)		(82,808,198	)
Net increase/(decrease)		138,695		$	2,604,293			(592,587	)	$	(23,192,192	)
Class C
Shares sold		113,421		$	4,140,636			151,481		$	5,540,011
Shares issued upon reinvestment of distributions		588,946			18,439,890			670,396			25,615,826
Shares redeemed		(1,092,311	)		(40,391,190	)		(1,756,395	)		(64,743,212	)
Net decrease		(389,944	)	$	(17,810,664	)		(934,518	)	$	(33,587,375	)
Class I
Shares sold		1,947,762		$	95,525,742			2,748,459		$	121,429,673
Shares issued upon reinvestment of distributions		2,640,278			108,858,645			2,942,208			138,342,624
Shares redeemed		(4,842,756	)		(232,908,464	)		(9,070,988	)		(397,321,732	)
Net decrease		(254,716	)	$	(28,524,077	)		(3,380,321	)	$	(137,549,435	)

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

9. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Fund’s transactions in the securities of these issuers during the fiscal year ended September 30, 2021 is set forth below:

	Market Value at September 30, 2020		Purchases		Sales Proceeds		Realized Gain/ (Loss)			Change In Unrealized Appreciation		Market Value at September 30, 2021		Dividend Income		Percent Owned of Shares
Bel Fuse Inc., Cl. A	$	2,408,400		—	$	31,450	$	(35,958	)	$	731,314	$	3,072,306	$	51,468		9.83	%
Indus Realty Trust Inc., REIT*		13,843,550	$	507,965		330,981		—			—		—		—		—
Strattec Security Corp.†		4,923,260		48,493		203,941		46,690			4,677,098		9,491,600		—		6.19	%
Trans-Lux Corp.†		347,800		—		22,371		(104,129	)		456,031		677,331		—		11.99	%
Total							$	(93,397	)	$	5,864,443	$	13,241,237	$	51,468

*	Name change from Griffin Industrial Realty Inc. Security is no longer considered affiliated at September 30, 2021.

†	Non-income producing security.

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

11. 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.

The Gabelli Small Cap Growth Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Small Cap Growth Fund
and the Board of Directors of Gabelli Equity Series Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of The Gabelli Small Cap Growth Fund (the “Fund”) (one of the funds constituting Gabelli Equity Series Funds, Inc. (the “Corporation”)), including the summary schedule of investments, as of September 30, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Gabelli Equity Series Funds, Inc.) at September 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

Philadelphia, Pennsylvania

November 24, 2021

The Gabelli Small Cap Growth Fund

Liquidity Risk Management Program (Unaudited)

The Gabelli Small Cap Growth Fund

Additional Fund Information (Unaudited)

The business and affairs of the Corporation are managed under the direction of the Corporation’s Board of Directors. Information pertaining to the Directors and officers of the Corporation is set forth below. The Corporation’s Statement of Additional Information includes additional information about the Corporation’s Directors and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The Gabelli Small Cap Growth Fund at One Corporate Center, Rye, NY 10580-1422.

		Number of
		Funds
		in Fund
Name, Position(s)	Term of Office	Complex
Address¹	and Length of	Overseen by	Principal Occupation(s)	Other Directorships
and Age	Time Served²	Director	During Past Five Years	Held by Director³
INTERESTED DIRECTORS⁴:

Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 79	Since 1991	32	Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer– Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/ Trustee or Chief Investment Officer of other registered investment companies within the Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc.(communications) (2013- 2018)

John D. Gabelli Director Age: 77	Since 1991	12	Former Senior Vice President of G.research, LLC	—

INDEPENDENT DIRECTORS⁵:
Elizabeth C. Bogan Director Age: 77	Since 2019	12	Senior Lecturer in Economics at Princeton University	—

Anthony J. Colavita⁶ Director Age: 85	Since 1991	18	President of the law firm of Anthony J. Colavita, P.C.	—

Vincent D. Enright Director Age: 77	Since 1991	17	Former Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998)	Director of Echo Therapeutics, Inc. (therapeutics and diagnostics) (2008-2014); Director of The LGL Group, Inc. (diversified manufacturing) (2011-2014)

Robert J. Morrissey Director Age: 82	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank

Kuni Nakamura Director Age: 53	Since 2009	35	President of Advanced Polymer, Inc. (chemical manufacturing company);President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees	—

The Gabelli Small Cap Growth Fund

Additional Fund Information (Continued) (Unaudited)

		Number of
		Funds
		in Fund
Name, Position(s)	Term of Office	Complex
Address¹	and Length of	Overseen by	Principal Occupation(s)	Other Directorships
and Age	Time Served²	Director	During Past Five Years	Held by Director³

Anthonie C. van Ekris⁶ Director Age: 87	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/export company)	—

Salvatore J. Zizza⁷ Director Age: 75	Since 2001	32	President of Zizza & Associates Corp. (private holding company); Chairman of Bergen Cove Realty Inc. (residential real estate)	Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018); Retired Chairman of BAM (semiconductor and aerospace manufacturing)

The Gabelli Small Cap Growth Fund

Additional Fund Information (Continued) (Unaudited)

Name, Position(s)	Term of Office
Address¹	and Length of	Principal Occupation(s)
and Age	Time Served²	During Past Five Years
OFFICERS:
Bruce N. Alpert President Age: 69	Since 1991	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008; Vice President – Mutual Funds, G.research, LLC

John C. Ball Treasurer Age: 45	Since 2017	Treasurer of registered investment companies within the Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Chief Executive Officer, G.distributors, LLC since December 2020

Peter Goldstein Secretary and Vice President Age: 68	Since 2020	General Counsel, Gabelli Funds, LLC since July 2020; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)

Richard J. Walz Chief Compliance Officer Age: 62	Since 2013	Chief Compliance Officer of registered investment companies within the Fund Complex since 2013; Chief Compliance Officer for Gabelli Funds, LLC since 2015

Daniel Plourde Vice President Age: 41	Since 2021	Vice President of registered investment companies within the Fund Complex since 2021; Assistant Treasurer of the North American SPDR ETFs and State Street Global Advisors Mutual Funds (2017-2021); Fund Administration at State Street Bank (2009-2017)

¹	Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

³	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁴	“Interested person” of the Fund as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.

⁵	Directors who are not interested persons are considered “Independent” Directors.

⁶

⁷

THE GABELLI SMALL CAP GROWTH FUND

2021 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the fiscal year ended September 30, 2020, the Fund paid to shareholders long term capital gains totaling $368,128,057 or the maximum allowable. The distribution of long term capital gains has been designated as a capital gain dividend by the Fund’s Board of Directors.

Gabelli Funds and Your Personal Privacy

Who are we?

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?

What do we do to protect your personal information?

This page was intentionally left blank.

THE GABELLI SMALL CAP GROWTH FUND
One Corporate Center
Rye, NY 10580-1422

Portfolio Management Team

Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

Gordon Grender joined GAMCO UK in 2020 as a portfolio manager. Prior to joining the Firm, Mr. Grender served as the portfolio manager for a U.S. equity fund at GAM International Ltd.

We have separated the portfolio managers’ commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the contents of the portfolio manager’s commentary are unrestricted. Both the commentary and the financial statements, including the portfolios of investments, will be available on our website at www.gabelli.com.

Gabelli Equity Series Funds, Inc.

THE GABELLI SMALL CAP GROWTH FUND

One Corporate Center
Rye, New York 10580-1422

t   800-GABELLI (800-422-3554)
f   914-921-5118
e info@gabelli.com
    GABELLI.COM

Net Asset Values per share available daily
by calling 800-GABELLI after 7:00 P.M.

BOARD OF DIRECTORS	Salvatore J. Zizza
Mario J. Gabelli, CFA	Chairman,
Chairman and	Zizza & Associates Corp.
Chief Executive Officer,
GAMCO Investors, Inc.	OFFICERS
Executive Chairman,	Bruce N. Alpert
Associated Capital Group Inc.	President

Elizabeth C. Bogan	John C. Ball
Senior Lecturer,	Treasurer
Princeton University
	Peter Goldstein
Anthony J. Colavita	Secretary and Vice President
President,
Anthony J. Colavita, P.C.	Richard J. Walz
	Chief Compliance Officer
Vincent D. Enright
Former Senior Vice President	Daniel Plourde
and Chief Financial Officer,	Vice President
Keyspan Corp.
	DISTRIBUTOR
John D. Gabelli	G.distributors, LLC
Former Senior Vice President,
G.research, LLC	CUSTODIAN
	State Street Bank and Trust
Robert J. Morrissey	Company
Partner,
Morrissey, Hawkins & Lynch	TRANSFER AGENT AND
	DIVIDEND DISBURSING
Kuni Nakamura	AGENT
President,	DST Asset Manager
Advanced Polymer, Inc.	Solutions, Inc.

Anthonie C. van Ekris	LEGAL COUNSEL
Chairman,	Skadden, Arps, Slate, Meagher &
BALMAC International, Inc.	Flom LLP

This report is submitted for the general information of the shareholders of The Gabelli Small Cap Growth Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB443Q321AR

The Gabelli Focused Growth and
Income Fund

Annual Report — September 30, 2021

Daniel M. Miller

Portfolio Manager

GAMCO Investors

BS, University of Miami

To Our Shareholders,

For the fiscal year ended September 30, 2021, the net asset value (NAV) total return per Class I Share of The Gabelli Focused Growth and Income Fund (formerly The Gabelli Focus Five Fund) was 46.2% compared with a total return of 28.7% for the Lipper Equity Income Fund Average. Other classes of shares are available. See page 3 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of September 30, 2021.

Investment Objective and Strategy (Unaudited)

The Gabelli Focused Growth and Income Fund is a concentrated, actively managed strategy. The Fund invests in a global portfolio of common and preferred equities, REITs, bonds, and other securities that have the potential for capital appreciation while emphasizing a high level of current net investment income. The Fund has a managed, monthly distribution, currently set at $0.06 per share.

Performance Discussion (Unaudited)

As a Fund with a concentrated portfolio of holdings, stock selection is an important element of performance as the Fund is driven more by the results of the companies selected rather than the movement of the overall market.

Some of the better performing investments during the fiscal year were: Herc Holdings Inc. (3.66% of net assets as of September 30, 2021), MGM Growth Properties LLC (8.38%), and Option Care Health Inc. (2.83%). Bonita Springs, Florida based Herc operates through its subsidiaries, as a full service equipment rental firm, which rents earth moving equipment and aerial lifts, among many other items. In addition to the rental business Herc also provides industry specific solution based services. MGM Growth Properties is one of the leading publicly traded real estate investment trusts (REIT). The company’s high quality assets, competent management team, and strong balance sheet set them apart from other REITs. Option Care Health is a leading provider of healthcare management solutions with a commitment to bring infusion therapy services into the home or alternate-site settings.

A few of our weaker performers were Ontrak Inc. (1.14%), EchoStar Corp (no longer held) and Liberty Broadband (no longer held). Ontrak is a leading AI and technology-enabled behavioral health company, offering virtualized outpatient healthcare. EchoStar together with its subsidiaries, provides broadband satellite technologies and broadband internet services. Liberty Broadband, a cable operator, provides internet, video and voice services to residential and business customers in the U.S., they are the owner of cable operator Charter Communications.

We appreciate your confidence and trust.

Comparative Results

Average Annual Returns through September 30, 2021 (a)(b) (Unaudited)

Average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses.

									Since
									Inception
	1 Year		3 Year		5 Year		10 Year		(12/31/02)
Class I (GWSIX) (c)	46.21	%	9.89	%	6.50	%	10.30	%	7.82	%
Class AAA (GWSVX)	44.76		9.32		6.06		9.93		7.57
S&P MidCap 400 Index (d)	43.68		11.08		12.97		14.72		11.78
Lipper Equity Income Fund Average (d)	28.68		10.41		11.49		12.71		9.04
Class A (GWSAX)	44.82		9.37		6.09		9.95		7.60
With sales charge (e)	36.50		7.24		4.84		9.30		7.25
Class C (GWSCX)	43.75		8.55		5.29		9.13		6.81
With contingent deferred sales charge (f)	42.75		8.55		5.29		9.13		6.81

(a)

The Fund’s fiscal year ends September 30.

(b)

Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.

(c)

The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class I Shares on January 11, 2008. The actual performance of Class I Shares would have been higher due to lower expenses associated with this class of shares.

(d)

The S&P Midcap 400 Index is an index comprised of U.S. stocks in the middle capitalization range, which is generally considered to be between $200 million and $5 billion in market value. The Lipper Equity Income Fund Average includes the 30 largest equity funds in this category tracked by Lipper, Inc. Dividends are considered reinvested. You cannot invest directly in an index.

(e)

Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(f)

Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

In the current prospectuses dated January 28, 2021, the expense ratios for Class AAA, A, C, and I Shares are 1.71%, 1.71%, 2.46%, and 1.46%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) are 1.71%, 1.71%, 2.46%, and 0.80%, respectively. See page 11 for the expense ratios for the year ended September 30, 2021. Class AAA and Class I Shares have no sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE GABELLI FOCUSED GROWTH AND INCOME FUND (CLASS AAA SHARES)

AND S&P MIDCAP 400 INDEX (Unaudited)

Average Annual Total Returns*
	1 Year	5 Year	10 Year
Class AAA	44.76%	6.06%	9.93%

The Gabelli Focused Growth and Income Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from April 1, 2021 through September 30, 2021

Expense Table

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

	Beginning Account Value 04/01/21	Ending Account Value 09/30/21	Annualized Expense Ratio	Expenses Paid During Period^*
The Gabelli Focused Growth and Income Fund
Actual Fund Return
Class AAA	$1,000.00	$1,096.50	2.25%	$ 11.83
Class A	$1,000.00	$1,097.30	2.15%	$ 11.30
Class C	$1,000.00	$1,092.80	2.91%	$ 15.27
Class I	$1,000.00	$1,104.70	0.80%	$ 4.22
Hypothetical 5% Return
Class AAA	$1,000.00	$1,013.79	2.25%	$ 11.36
Class A	$1,000.00	$1,014.29	2.15%	$ 10.86
Class C	$1,000.00	$1,010.48	2.91%	$ 14.67
Class I	$1,000.00	$1,021.06	0.80%	$ 4.05

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of September 30, 2021:

The Gabelli Focused Growth and Income Fund

Energy and Utilities	23.6	%
Real Estate Investment Trusts	15.2	%
Financial Services	13.8	%
Food and Beverage	9.2	%
Health Care	7.4	%
Diversified Industrial	4.5	%
Retail	4.3	%
Building and Construction	3.7	%
Telecommunications	3.3	%
Computer Software and Services	3.0	%

Automotive: Parts and Accessories	2.9	%
Entertainment	2.6	%
Cable and Satellite	1.9	%
U.S. Government Obligations	1.8	%
Consumer Products	1.0	%
Automotive	0.9	%
Aerospace and Defense	0.8	%
Other Assets and Liabilities (Net)	0.1	%
	100.0	%

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

Proxy Voting

The Gabelli Focused Growth and Income Fund

Schedule of Investments — September 30, 2021

Shares			Cost		Market Value
		COMMON STOCKS — 84.7%
		Aerospace and Defense — 0.8%
	7,500	Aerojet Rocketdyne Holdings Inc.	$	267,231	$	326,625

		Automotive — 0.9%
	20,000	Stellantis NV		238,106		382,000

		Automotive: Parts and Accessories — 2.9%
	7,750	Aptiv plc†		405,874		1,154,517

		Building and Construction — 3.7%
	9,000	Herc Holdings Inc.†		173,772		1,471,140

		Cable and Satellite — 1.9%
	16,000	Liberty Media Corp. -Liberty Formula One, Cl. A†		453,144		752,800

		Computer Software and Services — 3.0%
	450	Alphabet Inc., Cl. C†		266,938		1,199,390

		Consumer Products — 1.0%
	10,000	Terminix Global Holdings Inc.†		267,352		416,700

		Diversified Industrial — 0.9%
	775	Roper Technologies Inc.		222,013		345,751

		Energy and Utilities — 19.2%
	15,000	Atlantica Sustainable Infrastructure plc		523,279		517,650
	97,500	Energy Transfer LP		657,321		934,050
	87,500	Enterprise Products Partners LP		1,642,080		1,893,500
	105,000	Kinder Morgan Inc.		1,304,954		1,756,650
	35,000	NextEra Energy Partners LP.		1,597,111		2,637,600
				5,724,745		7,739,450

		Entertainment — 2.6%
	175,000	Sirius XM Holdings Inc.		517,281		1,067,500

		Financial Services — 13.8%
	42,500	Apollo Global Management Inc.		1,525,058		2,617,575
	12,500	Morgan Stanley		525,580		1,216,375
	100,000	New York Community Bancorp Inc.		877,712		1,287,000
	1,650	PayPal Holdings Inc.†		149,927		429,346
				3,078,277		5,550,296
		Food and Beverage — 9.2%
	75,000	Maple Leaf Foods Inc.		1,225,395		1,524,159
	16,500	Mondelēz International Inc., Cl. A		675,416		959,970

Shares			Cost		Market Value
	11,000	Post Holdings Inc.†	$	366,228	$	1,211,760
				2,267,039		3,695,889
		Health Care — 6.3%
	13,000	AbbVie Inc.		1,342,477		1,402,310
	47,000	Option Care Health Inc.†		257,598		1,140,220
				1,600,075		2,542,530
		Real Estate Investment Trusts — 15.2%
	43,000	Blackstone Mortgage Trust Inc., Cl. A		1,067,666		1,303,760
	8,000	Hannon Armstrong Sustainable Infrastructure Capital Inc.		249,961		427,840
	30,000	Healthpeak Properties Inc.		881,663		1,004,400
	88,000	MGM Growth Properties LLC, Cl. A		1,970,940		3,370,400
				4,170,230		6,106,400
		Telecommunications — 3.3%
	55,000	Lumen Technologies Inc.		514,544		681,450
	5,000	T-Mobile US Inc.†		366,791		638,800
				881,335		1,320,250
		TOTAL COMMON STOCKS		20,533,412		34,071,238
		PREFERRED STOCKS — 13.4%
		Diversified Industrial — 3.6%
	17,704	Babcock & Wilcox Enterprises Inc., 8.125%, 02/28/26		445,279		463,137
	42,500	Steel Partners Holdings LP, Ser. A, 6.000%, 02/07/26		870,682		997,475
				1,315,961		1,460,612
		Energy and Utilities — 4.4%
	70,000	Energy Transfer LP, Ser. D, 7.625%		1,397,654		1,753,500

		Health Care — 1.1%
	27,700	Ontrak Inc., 9.500%		578,075		457,050

		Retail — 4.3%
	16,000	Qurate Retail Inc., 8.000%, 03/15/31		1,569,395		1,730,400

		TOTAL PREFERRED STOCKS		4,861,085		5,401,562

See accompanying notes to financial statements.

The Gabelli Focused Growth and Income Fund

Schedule of Investments (Continued) — September 30, 2021

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 1.8%
$	721,000	U.S. Treasury Bills, 0.017% to 0.055%††, 11/12/21 to 12/23/21	$	720,961	$	720,963

		TOTAL INVESTMENTS — 99.9%	$	26,115,458		40,193,763
		Other Assets and Liabilities (Net) — 0.1%				49,608
		NET ASSETS — 100.0%			$	40,243,371

†

Non-income producing security.

††

Represents annualized yields at dates of purchase.

See accompanying notes to financial statements.

The Gabelli Focused Growth and Income Fund

Statement of Assets and Liabilities

September 30, 2021

Assets:
Investments, at value (cost $26,115,458)	$	40,193,763
Foreign currency, at value (cost $9,034)		9,060
Cash		60,639
Receivable for Fund shares sold		4,103
Receivable from Adviser		17,287
Dividends receivable		80,995
Prepaid expenses		21,630
Total Assets		40,387,477
Liabilities:
Payable for Fund shares redeemed		38,426
Payable for investment advisory fees		33,523
Payable for distribution fees		10,123
Payable for shareholder communications		27,684
Payable for legal and audit fees		21,950
Other accrued expenses		12,400
Total Liabilities		144,106
Net Assets
(applicable to 2,338,000 shares outstanding)	$	40,243,371
Net Assets Consist of:
Paid-in capital	$	27,674,307
Total distributable earnings		12,569,064
Net Assets	$	40,243,371
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($6,928,219 ÷ 395,875 shares outstanding; 100,000,000 shares authorized)	$	17.50
Class A:
Net Asset Value and redemption price per share ($8,957,912 ÷ 505,865 shares outstanding; 50,000,000 shares authorized)	$	17.71
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	18.79
Class C:
Net Asset Value and offering price per share ($8,142,599 ÷ 552,637 shares outstanding; 50,000,000 shares authorized)	$	14.73	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($16,214,641 ÷ 883,623 shares outstanding; 50,000,000 shares authorized)	$	18.35

(a)

Redemption price varies based on the length of time held.

Statement of Operations

For the Year Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding taxes of $6,279)	$	1,421,854
Interest		691
Total Investment Income		1,422,545
Expenses:
Investment advisory fees		371,866
Distribution fees - Class AAA		20,529
Distribution fees - Class A		20,767
Distribution fees - Class C		78,247
Legal and audit fees		116,201
Registration expenses		62,086
Shareholder communications expenses		33,189
Shareholder services fees		28,718
Custodian fees		8,389
Directors’ fees		2,753
Interest expense		153
Miscellaneous expenses		13,969
Total Expenses		756,867
Less:
Expense reimbursements (See Note 3)		(97,862	)
Net Expenses		659,005
Net Investment Income		763,540
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		6,177,346
Net realized loss on foreign currency transactions		(320	)
Net realized gain on investments and foreign currency transactions		6,177,026
Net change in unrealized appreciation/depreciation:
on investments		6,127,574
on foreign currency translations		(22	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		6,127,552
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		12,304,578
Net Increase in Net Assets Resulting from Operations	$	13,068,118

See accompanying notes to financial statements.

The Gabelli Focused Growth and Income Fund

Statement of Changes in Net Assets

	Year Ended September 30, 2021				Year Ended September 30, 2020
Operations:
Net investment income/(loss)		$	763,540			$	(135,502	)
Net realized gain/(loss) on investments, written options, and foreign currency transactions			6,177,026				(1,877,976	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			6,127,552				(78,140	)
Net Increase/(Decrease)in Net Assets Resulting from Operations			13,068,118				(2,091,618	)
Distributions to Shareholders:
Class AAA			(246,442	)			—
Class A			(274,575	)			—
Class C			(301,224	)			—
Class I			(435,658	)			—
Total Distributions to Shareholders			(1,257,899	)			—

Capital Share Transactions:
Class AAA			(4,833,791	)			(2,854,458	)
Class A			(298,998	)			(2,048,935	)
Class C			(1,224,967	)			(6,433,896	)
Class I			4,175,125				(6,519,450	)
Net Decrease in Net Assets from Capital Share Transactions			(2,182,631	)			(17,856,739	)
Redemption Fees			—				137

Net Increase/(Decrease) in Net Assets			9,627,588				(19,948,220	)
Net Assets:
Beginning of year			30,615,783				50,564,003
End of year		$	40,243,371			$	30,615,783

See accompanying notes to financial statements.

The Gabelli Focused Growth and Income Fund

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions																	Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year		Net Investment Income (Loss) (a)(b)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)			Net Asset Value, End of Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income (Loss)(b)			Operating Expenses(c)			Portfolio Turnover Rate
Class AAA
2021	$	12.48	$	0.34		$	5.22		$	5.56		$	(0.54	)	$	—		$	(0.54	)	$	—		$	17.50		44.76	%	$	6,927		2.15	%		1.96	%		54	%
2020		12.93		(0.03	)		(0.42	)		(0.45	)		—			—			—			0.00	(d)		12.48		(3.48	)		8,713		(0.24	)		1.71			59
2019		13.84		(0.07	)		(0.83	)		(0.90	)		—			(0.01	)		(0.01	)		—			12.93		(6.50	)		12,189		(0.56	)		1.64	(e)		67
2018		14.61		(0.09	)		(0.61	)		(0.70	)		—			(0.07	)		(0.07	)		0.00	(d)		13.84		(4.78	)		16,630		(0.63	)		1.53			105
2017		13.70		(0.15	)		1.21			1.06			—			(0.15	)		(0.15	)		0.00	(d)		14.61		7.88			22,542		(1.08	)		1.43	(e)		77
Class A
2021	$	12.62	$	0.30		$	5.33		$	5.63		$	(0.54	)	$	—		$	(0.54	)	$	—		$	17.71		44.82	%	$	8,958		1.83	%		1.96	%		54	%
2020		13.06		(0.03	)		(0.41	)		(0.44	)		—			—			—			0.00	(d)		12.62		(3.37	)		6,644		(0.24	)		1.71			59
2019		13.98		(0.07	)		(0.84	)		(0.91	)		—			(0.01	)		(0.01	)		—			13.06		(6.51	)		9,013		(0.57	)		1.64	(e)		67
2018		14.76		(0.09	)		(0.62	)		(0.71	)		—			(0.07	)		(0.07	)		0.00	(d)		13.98		(4.80	)		15,137		(0.65	)		1.53			105
2017		13.84		(0.15	)		1.22			1.07			—			(0.15	)		(0.15	)		0.00	(d)		14.76		7.87			29,391		(1.08	)		1.43	(e)		77
Class C
2021	$	10.64	$	0.15		$	4.48		$	4.63		$	(0.54	)	$	—		$	(0.54	)	$	—		$	14.73		43.75	%	$	8,143		1.13	%		2.71	%		54	%
2020		11.10		(0.11	)		(0.35	)		(0.46	)		—			—			—			0.00	(d)		10.64		(4.14	)		6,926		(1.00	)		2.46			59
2019		11.97		(0.14	)		(0.72	)		(0.86	)		—			(0.01	)		(0.01	)		—			11.10		(7.18	)		13,807		(1.33	)		2.39	(e)		67
2018		12.74		(0.17	)		(0.53	)		(0.70	)		—			(0.07	)		(0.07	)		0.00	(d)		11.97		(5.48	)		24,992		(1.38	)		2.28			105
2017		12.06		(0.22	)		1.05			0.83			—			(0.15	)		(0.15	)		0.00	(d)		12.74		7.04			37,147		(1.83	)		2.18	(e)		77
Class I
2021	$	12.94	$	0.46		$	5.49		$	5.95		$	(0.54	)	$	—		$	(0.54	)	$	—		$	18.35		46.21	%	$	16,215		2.70	%		1.71	%(f)		54	%
2020		13.36		0.00	(d)		(0.42	)		(0.42	)		—			—			—			0.00	(d)		12.94		(3.14	)		8,333		0.01			1.46			59
2019		14.27		(0.05	)		(0.85	)		(0.90	)		—			(0.01	)		(0.01	)		—			13.36		(6.30	)		15,555		(0.36	)		1.39	(e)		67
2018		15.02		(0.06	)		(0.62	)		(0.68	)		—			(0.07	)		(0.07	)		0.00	(d)		14.27		(4.50	)		34,947		(0.39	)		1.28			105
2017		14.05		(0.11	)		1.23			1.12			—			(0.15	)		(0.15	)		0.00	(d)		15.02		8.11			71,138		(0.83	)		1.18	(e)		77

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.

(a)

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

(b)

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

(c)

The Fund incurred interest expense. For the fiscal year ended September 30, 2020, if interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.70% (Class AAA and Class A), 2.45% (Class C), and 1.45% (Class I). For the fiscal years ended September 30, 2021, 2019, 2018, and 2017, the effect of interest expense was minimal.

(d)

Amount represents less than $0.005 per share.

(e)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. If such credits had not been received the ratios of operating expenses to average net assets would have been 1.64% (Class AAA and Class A), 2.39% (Class C), and 1.40% (Class I) for the fiscal year ended September 30, 2019. For the fiscal years ended September 30, 2017, there was no impact to the expense ratios.

(f)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $97,862 with the operating expenses net of reimbursement ratio of 0.95% for the fiscal year ended September 30, 2021.

See accompanying notes to financial statements.

The Gabelli Focused Growth and Income Fund

Notes to Financial Statements

1. Organization. Effective January 14, 2021. The Gabelli Focus Five Fund changed its name to Gabelli Focused Growth and Income Fund with a corresponding change in the name of each of its Classes of Shares. The Fund is a series of the Gabelli Equity Series Funds, Inc. (the Corporation), which was incorporated on July 25, 1991 in Maryland. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and one of four separately managed portfolios of the Corporation. The Fund seeks to provide a high level of capital appreciation. The Fund commenced investment operations on December 31, 2002.

The Gabelli Focused Growth and Income Fund

Notes to Financial Statements (Continued)

the security is valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ 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.

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 — 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).

	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Total Market Value at 09/30/21
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$	34,071,238			—		$	34,071,238
Preferred Stocks (a)			5,401,562			—			5,401,562
U.S. Government Obligations			—		$	720,963			720,963
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	39,472,800		$	720,963		$	40,193,763

(a)

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

The Fund held no Level 3 investments at September 30, 2021 or September 30, 2020.

The Gabelli Focused Growth and Income Fund

Notes to Financial Statements (Continued)

Additional Information to Evaluate Qualitative Information.

The Gabelli Focused Growth and Income Fund

Notes to Financial Statements (Continued)

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to distribution in excess of income. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended September 30, 2021, reclassifications were made to decrease paid-in capital by $589,514, with an offsetting adjustment to total distributable earnings.

The Gabelli Focused Growth and Income Fund

Notes to Financial Statements (Continued)

The tax character of distributions paid during the fiscal year ended September 20, 2021 was as follows. There was no distribution during the fiscal year ended September 30, 2020.

	Year Ended September 30, 2021
Distributions paid from:
Ordinary income		$	1,257,899
Total distributions paid		$	1,257,899

At September 30, 2021, the components of accumulated earnings/losses on a tax basis were as follows:

Accumulated capital loss carryforwards	$	(1,518,552	)
Net unrealized appreciation on investments and foreign currency translations		14,087,928
Qualified late year loss deferrals		(312	)
Total	$	12,569,064

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. The Fund has a short term capital loss carryforward with no expiration of $1,518,552. The Fund utilized $3,800,312 of the capital loss carryovers for the fiscal year ended September 30, 2021.

At September 30, 2021, the temporary difference between book basis and tax basis net unrealized appreciation on investments was due to tax basis adjustments on investments in partnerships, tax basis adjustments on investments in real estate investment trusts, and deferral of losses from wash sales for tax purposes.

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2021:

		Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Investments		$26,105,861		$14,292,576		$(204,674)		$14,087,902

The Gabelli Focused Growth and Income Fund

Notes to Financial Statements (Continued)

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.

Effective January 21, 2021, the Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of Class I (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than an annual rate of 0.80% of the value of that class’s average daily net assets. This agreement is in effect through January 31, 2022 and may be terminated only by the Board before such time. During the fiscal year ended September 30, 2021, the Adviser reimbursed expenses in the amount of $97,862 for Class I. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Class I Shares would not exceed 0.80% of the value of the Class I average daily net assets. At September 30, 2021, the cumulative amount which the Fund may repay the Adviser, expiring September 30, 2023, subject to the terms above, is $97,862.

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.

6. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2021, the Distributor retained a total of $4,954 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The Gabelli Focused Growth and Income Fund

Notes to Financial Statements (Continued)

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 fiscal year ended September 30, 2021, there were no borrowings under the line of credit.

Transactions in shares of capital stock were as follows:

	Year Ended September 30, 2021						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		12,780		$	207,769			31,364		$	432,781
Shares issued upon reinvestment of distributions		14,570			244,259			—			—
Shares redeemed		(329,648	)		(5,285,819	)		(276,063	)		(3,287,239	)
Net decrease		(302,298	)	$	(4,833,791	)		(244,699	)	$	(2,854,458	)
Class A
Shares sold		97,320		$	1,561,225			135,152		$	1,638,263
Shares issued upon reinvestment of distributions		14,276			244,498			—			—
Shares redeemed		(132,380	)		(2,104,721	)		(298,561	)		(3,687,198	)
Net decrease		(20,784	)	$	(298,998	)		(163,409	)	$	(2,048,935	)
Class C
Shares sold		63,456		$	902,093			36,416		$	397,493
Shares issued upon reinvestment of distributions		20,969			300,090			—			—
Shares redeemed		(182,584	)		(2,427,150	)		(629,588	)		(6,831,389	)
Net decrease		(98,159	)	$	(1,224,967	)		(593,172	)	$	(6,433,896	)
Class I
Shares sold		345,547		$	5,842,285			75,874		$	1,024,738
Shares issued upon reinvestment of distributions		23,078			409,395			—			—
Shares redeemed		(129,025	)		(2,076,555	)		(595,926	)		(7,544,188	)
Net increase/(decrease)		239,600		$	4,175,125			(520,052	)	$	(6,519,450	)

The Gabelli Focused Growth and Income Fund

Notes to Financial Statements (Continued)

losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

The Gabelli Focused Growth and Income Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Focused Growth and Income Fund

and the Board of Directors of Gabelli Equity Series Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of The Gabelli Focused Growth and Income Fund (the “Fund”) (one of the funds constituting Gabelli Equity Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of September 30, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Gabelli Equity Series Funds, Inc.) at September 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

Philadelphia, Pennsylvania
November 24, 2021

The Gabelli Focused Growth and Income Fund

Liquidity Risk Management (Unaudited)

The Gabelli Focused Growth and Income Fund

Additional Fund Information (Unaudited)

The business and affairs of the Corporation are managed under the direction of the Corporation’s Board of Directors. Information pertaining to the Directors and officers of the Corporation is set forth below. The Corporation’s Statement of Additional Information includes additional information about the Corporation’s Directors and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The Gabelli Focused Growth and Income Fund at One Corporate Center, Rye, NY 10580-1422.

Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director³
INTERESTED DIRECTORS⁴:

Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 79	Since 1991	32	Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer– Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/ Trustee or Chief Investment Officer of other registered investment companies within the Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc.(communications) (2013-2018)

John D. Gabelli Director Age: 77	Since 1991	12	Senior Vice President of G.research, LLC	—

INDEPENDENT DIRECTORS⁵:
Elizabeth C. Bogan Director Age: 77	Since 2019	12	Senior Lecturer in Economics at Princeton University	—

Anthony J. Colavita⁶ Director Age: 85	Since 1991	18	President of the law firm of Anthony J. Colavita, P.C.	—

Vincent D. Enright Director Age: 77	Since 1991	17	Former Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998)	Director of Echo Therapeutics, Inc. (therapeutics and diagnostics) (2008-2014); Director of The LGL Group, Inc. (diversified manufacturing) (2011-2014)

Robert J. Morrissey Director Age: 82	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank

Kuni Nakamura Director Age: 53	Since 2009	35	President of Advanced Polymer, Inc. (chemical manufacturing company);President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees	—

The Gabelli Focused Growth and Income Fund

Additional Fund Information (Continued) (Unaudited)

Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director³

Anthonie C. van Ekris⁶ Director Age: 87	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/ export company)	—

Salvatore J. Zizza⁷ Director Age: 75	Since 2001	32	President of Zizza & Associates Corp. (private holding company); Chairman of Bergen Cove Realty Inc. (residential real estate)	Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018); Retired Chairman of BAM (semiconductor and aerospace manufacturing)

The Gabelli Focused Growth and Income Fund

Additional Fund Information (Continued) (Unaudited)

Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Principal Occupation(s) During Past Five Years
OFFICERS:
Bruce N. Alpert President Age: 69	Since 1991	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008; Vice President – Mutual Funds, G.research, LLC

John C. Ball Treasurer Age: 45	Since 2017	Treasurer of registered investment companies within the Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Chief Executive Officer, G.distributors, LLC since December 2020

Peter Goldstein Secretary and Vice President Age: 68	Since 2020	General Counsel, Gabelli Funds, LLC since July 2020; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)

Richard J. Walz Chief Compliance Officer Age: 62	Since 2013	Chief Compliance Officer of registered investment companies within the Fund Complex since 2013; Chief Compliance Officer for Gabelli Funds, LLC since 2015

Daniel Plourde Vice President Age: 41	Since 2021	Vice President of registered investment companies within the Fund Complex since 2021; Assistant Treasurer of the North American SPDR ETFs and State Street Global Advisors Mutual Funds (2017-2021); Fund Administration at State Street Bank (2009-2017)

Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁴

“Interested person” of the Fund as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.

⁵

Directors who are not interested persons are considered “Independent” Directors.

⁶

⁷

Gabelli Funds and Your Personal Privacy

Who are we?

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.

●

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

What do we do to protect your personal information?

THE GABELLI FOCUSED GROWTH AND INCOME FUND

2021 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the fiscal year ended September 30, 2021, the Fund paid to shareholders ordinary income totaling $1,257,899, or the maximum allowable. For the fiscal year ended September 30, 2021, 100% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relied Reconciliation Act of 2003. The Fund designates 0.05% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during the fiscal year ended September 30, 2021 which was derived from U.S. Treasury securities was 0.05%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Gabelli Focused Growth and Income Fund did not meet this strict requirement in 2021. The percentage of U.S. Government securities held as of September 30, 2021 was 1.79%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

THE GABELLI FOCUSED GROWTH AND INCOME FUND
One Corporate Center
Rye, NY 10580-1422

Portfolio Manager’s Biography

Daniel M. Miller currently serves as a portfolio manager of Gabelli Funds, LLC and is also a Managing Director of GAMCO Investors, Inc. Mr. Miller joined the Firm in 2002 and graduated magna cum laude with a degree in Finance from the University of Miami in Coral Gables, Florida.

Gabelli Equity Series Funds, Inc.

THE GABELLI FOCUSED GROWTH AND INCOME FUND

One Corporate Center

Rye, New York 10580-1422

800-GABELLI (800-422-3554)

914-921-5118

info@gabelli.com

GABELLI.COM

Net Asset Values per share available daily
by calling 800-GABELLI after 7:00 P.M.

BOARD OF DIRECTORS
Mario J. Gabelli, CFA
Chairman and
Chief Executive Officer,
GAMCO Investors, Inc.
Executive Chairman,
Associated Capital Group Inc.

Elizabeth C. Bogan
Senior Lecturer,
Princeton University

Anthony J. Colavita
President,

Anthony J. Colavita, P.C.

Vincent D. Enright

Former Senior Vice President

and Chief Financial Officer,

KeySpan Corp.

John D. Gabelli

Former Senior Vice President,

G.research, LLC

Robert J. Morrissey

Partner,

Morrissey, Hawkins & Lynch

Kuni Nakamura

President,

Advanced Polymer, Inc.

Anthonie C. van Ekris

Chairman,

BALMAC International, Inc.

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

OFFICERS

Bruce N. Alpert

President

John C. Ball

Treasurer

Peter Goldstein

Secretary and Vice President

Richard J. Walz

Chief Compliance Officer

Daniel Plourde

Vice President

DISTRIBUTOR

G.distributors, LLC

CUSTODIAN

State Street Bank and Trust Company

TRANSFER AGENT AND
DIVIDEND DISBURSING
AGENT

DST Asset Manager Solutions, Inc.

LEGAL COUNSEL

Skadden, Arps, Slate, Meagher & Flom LLP

This report is submitted for the general information of the shareholders of The Gabelli Focused Growth and Income Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB840Q321AR

The Gabelli Global Financial

Services Fund

Annual Report — September 30, 2021

Ian Lapey

Portfolio Manager

BA, Williams College

MS, Northeastern University

MBA, New York University

To Our Shareholders,

For the fiscal year ended September 30, 2021, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Financial Services Fund was 69.0% compared with a total return of 53.7% for the Morgan Stanley Capital International (MSCI) World Financials Index. Other classes of shares are available. See page 4 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of September 30, 2021.

Investment Objective and Strategy (Unaudited)

The goal of the Fund is to generate long term capital appreciation, and under normal market conditions, the Fund will invest at least 80% of the value of its net assets in the securities of companies principally engaged in the group of industries comprising the financial services sector. The Fund considers a company to be engaged in financial services if it devotes a significant portion of its assets to or derives a significant portion of its revenues from providing financial services. The Adviser’s investment philosophy with respect to buying and selling equity securities is to identify assets that are selling in the public market at a discount to their private market value (PMV). The Adviser defines PMV as the value informed purchasers are willing to pay to acquire assets with similar characteristics.

Performance Discussion (Unaudited)

During the year ended September 30, 2021, the common stocks of most global financial services companies rebounded from declines in the previous year as their businesses proved to be resilient during the Covid-19 pandemic, and demand for financial services remained strong. The resilience of global banks was particularly noteworthy as their robust financial positions and prudent underwriting enabled them to book large reserves for credit losses at the outset of the pandemic without raising dilutive equity capital. As the table below shows, several of the Fund’s holdings were actually able to increase both credit reserves and capital positions during the pandemic. This has positioned them very well for future growth, particularly since underlying credit performance has been remarkably strong.

	CET1 ratio (1)						ACL (2) / Loans
Company	12/31/19			6/30/21			12/31/19		6/30/21
Ally Financial		9.5	%		11.3	%		1.0%		2.8%
Barclays		13.8	%		15.1	%		1.8%		1.8%
Capital One Financial		12.2	%		14.5	%		2.7%		4.9%
Citigroup		11.8	%		11.8	%		1.8%		2.8%
Credit Agricole		12.1	%		12.6	%		2.3%		2.4%
ING Group		13.7	%		15.7	%		0.7%		0.9%
NatWest Group		16.2	%		18.2	%		1.1%		1.3%
Societe Generale		12.7	%		13.4	%		2.1%		2.2%
Standard Chartered		13.8	%		14.1	%		2.1%		2.0%

(1) Tier 1 Common Equity Ratio (common equity capital / risk weighted assets).

(2) Allowance for Credit Losses.

Sources: Company reports, GAMCO Investors.

The common stock of CIT Group was the largest positive contributor for the fiscal year. CIT is expected to be acquired by First Citizens BancShares in an all-stock transaction in which CIT shareholders would own 31% of the combined company. While the initial purchase price was very disappointing (only an 11% premium and a 60% discount to tangible book value), the stocks of both companies appreciated sharply after the announcement as First Citizens projected the transaction to be 50% accretive to earnings and 30% accretive to tangible book value. Additionally, CIT’s earnings have rebounded in recent quarters as the credit quality of its loan portfolio has improved markedly. First Citizens appears to be an extremely well-run company with an impressive long term track of growth of tangible book value and shareholder value.

Another takeover was also a significant contributor: Waddell & Reed, a Kansas based asset management firm, agreed to an all-cash purchase by Macquarie Group, an Australian diversified financial services company. The price was a 47% premium to the previous day’s close and about a 70% premium to the Fund’s cost. Finally, the common stock price of Jefferies Financial Group more than doubled owing primarily to robust financial results. For the first nine months of fiscal 2021, diluted earnings per share increased by 214% driven by a 119% increase in investment banking revenues. Jefferies has taken significant market share in the global investment banking industry and recently noted that its backlog was at a record level.

The largest negative contributor during the quarter was Hong Kong based Dah Sing Bank, whose common stock appeared to decline due macroeconomic concerns about China following increased government regulation of several high profile industries and the financial troubles of Evergrande, a large Chinese property developer. Dah Sing reported healthy first half 2021 financial results and has a strong financial position that should enable the company to weather continued economic uncertainty in China. The only other negative contributor was Axis Capital Holdings Ltd, a Bermuda based insurer and reinsurer, whose common stock appeared to decline along with many of its peers because of expected losses associated with Hurricane Ida.

The Fund’s aggregate valuation metrics are very attractive at about 0.9 times book value, 1.6 times tangible book value and 10 times expected 2021 earnings. As the table below shows, the management teams of many of the Fund’s holdings have been taking advantage of the depressed valuations of their common stocks to repurchase shares. I believe that share repurchases are prudent if the company has a strong financial position with excess capital and the common stock is trading below private market or intrinsic value. I believe that both conditions are met for the companies in the table below and that the share repurchases increase the value of shares for shareholders who don’t sell, like the Fund.

	Position	Share count % change (1)
Company	Size	YTD	3yr.	6yr.
Ally Financial Inc.	3.7%	-3.2%	-14.9%	-24.7%
Bank of New York Mellon	4.4%	-2.7%	-13.7%	-22.0%
Barclays PLC	2.5%	-2.1%	-0.7%	1.3%
Capital One Financial	3.1%	-2.8%	-6.8%	-17.8%
Citigroup	3.9%	-2.7%	-19.5%	-32.7%
Daiwa Securities Group	2.6%	0.1%	-5.4%	-10.8%
Franklin Resources	3.7%	-0.5%	-5.0%	-18.2%
Janus Henderson	4.5%	-4.5%	-14.0%	NM
Jeffries Financial Group	4.8%	-1.1%	-25.9%	-32.6%
NatWest Group PLC	2.7%	-4.6%	-3.8%	0.0%
Shinsei Bank	2.6%	-0.8%	-14.9%	-18.9%
Standard Chartered	2.8%	-1.0%	-5.6%	22.5%
State Street Corporation	2.9%	-2.7%	-6.1%	-15.8%
Toyota Motor	2.8%	-0.1%	-3.4%	-10.3%
Westwood Holdings Group	4.0%	-0.1%	-7.8%	-3.3%

(1) As of 6/30/21

NM: Janus and Henderson merged in 2017

Sources: Company reports, GAMCO Investors.

We appreciate your confidence and trust.

Comparative Results

Average Annual Returns through September 30, 2021 (a)(b) (Unaudited)

Average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses.

	1 Year			2 Year			Since Inception (10/1/18)
Class AAA (GAFSX)		69.04	%		16.05	%		7.11	%
MSCI World Financials Index (c)		53.71			14.85			9.71
Class A (GGFSX)		69.07			16.12			7.18
With sales charge (d)		59.35			12.73			5.08
Class C (GCFSX)		67.59			15.09			6.28
With contingent deferred sales charge (e)		66.59			15.09			6.28
Class I (GFSIX)		69.45			16.31			7.37

(a)

The Fund’s fiscal year ends September 30.

(b)

Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.

(c)

The MSCI World Financials Index captures large and mid cap securities in the Financials sector across Developed Markets countries. Dividends are considered reinvested. You cannot invest directly in an index.

(d)

Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(e)

Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

In the current prospectuses dated January 28, 2021, the gross expense ratios for Class AAA, A, C, and I Shares are 2.51%, 2.51%, 3.26%, and 2.26%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) are 1.25%, 1.25%, 2.00%, and 1.00%, respectively. See page 11 for the expense ratios for the year ended September 30, 2021. The contractual reimbursements are in effect through January 31, 2022. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE GABELLI GLOBAL FINANCIAL SERVICES FUND (CLASS AAA SHARES) AND MSCI WORLD FINANCIALS INDEX (Unaudited)

Average Annual Total Returns*
	1 Year	2 Year	Since Inception
Class AAA	69.04%	16.05%	7.11%

The Gabelli Global Financial Services Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from April 1, 2021 through September 30, 2021	Expense Table

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

	Beginning Account Value 04/01/21		Ending Account Value 09/30/21		Annualized Expense Ratio			Expenses Paid During Period^*
The Gabelli Global Financial Services Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,088.60		1.25	%	$	6.54
Class A	$	1,000.00	$	1,088.10		1.25	%	$	6.54
Class C	$	1,000.00	$	1,083.50		2.00	%	$	10.45
Class I	$	1,000.00	$	1,089.60		1.00	%	$	5.24
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,018.80		1.25	%	$	6.33
Class A	$	1,000.00	$	1,018.80		1.25	%	$	6.33
Class C	$	1,000.00	$	1,015.04		2.00	%	$	10.10
Class I	$	1,000.00	$	1,020.05		1.00	%	$	5.06

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of September 30, 2021:

The Gabelli Global Financial Services Fund

Banks	22.6	%
Diversified Banks	15.8	%
Investment Management	12.2	%
Insurance	9.7	%
Institutional Brokerage	8.5	%
Institutional Trust, Fiduciary, and Custody	7.3	%
Consumer Finance	6.7	%

Automobiles	5.6	%
U.S. Government Obligations	5.1	%
Homebuilders	4.9	%
Reinsurance	1.5	%
Other Assets and Liabilities (Net)	0.1	%
	100.0	%

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

Proxy Voting

The Gabelli Global Financial Services Fund

Schedule of Investments — September 30, 2021

					Market
Shares			Cost		Value
		COMMON STOCKS 94.8%
		Automobiles 5.6%
	7,900	Daimler AG	$	454,697	$	702,062
	3,910	Toyota Motor Corp., ADR		501,290		695,003
				955,987		1,397,065
		Banks — 22.6%
	68,000	Banco Bilbao Vizcaya Argentaria SA		364,384		450,316
	19,950	CIT Group Inc		377,937		1,036,403
	96,500	Commerzbank AG†		597,486		643,298
	350,800	Dah Sing Banking Group Ltd.		363,239		321,299
	206,000	Dah Sing Financial Holdings Ltd.		859,422		615,249
	28,200	ING Groep NV		229,850		410,540
	40,300	Japan Post Bank Co. Ltd.		411,118		347,617
	21,500	Shinhan Financial Group Co. Ltd., ADR		735,279		723,905
	38,300	Shinsei Bank Ltd.		547,720		644,900
	7,700	Webster Financial Corp.		235,622		419,342
				4,722,057		5,612,869
		Consumer Finance — 6.7%
	17,900	Ally Financial Inc.		436,425		913,795
	4,700	Capital One Financial Corp.		376,974		761,259
				813,399		1,675,054
		Diversified Banks — 15.8%
	237,500	Barclays plc		489,692		606,734
	13,650	Citigroup Inc.		825,250		957,957
	44,820	Credit Agricole SA		529,047		620,203
	223,000	NatWest Group plc		559,553		675,758
	11,910	Societe Generale SA		291,611		375,181
	116,100	Standard Chartered plc		793,646		682,049
				3,488,799		3,917,882
		Homebuilders — 4.9%
	3,010	Cavco Industries Inc.†		414,062		712,587
	27,409	Legacy Housing Corp.†		338,783		492,540
				752,845		1,205,127
		Institutional Brokerage — 8.5%
	26,800	Credit Suisse Group AG, ADR		257,444		264,248
	109,900	Daiwa Securities Group Inc.		588,301		645,704
	32,310	Jefferies Financial Group Inc.		643,568		1,199,670
				1,489,313		2,109,622

		Institutional Trust, Fiduciary, and Custody — 7.3%
	8,450	State Street Corp.		444,650		715,884

Shares			Cost		Market Value

	21,050	The Bank of New York Mellon Corp.	$	974,205	$	1,091,232
				1,418,855		1,807,116
		Insurance — 9.7%
	144,118	Aegon NV		562,271		745,717
	847	E-L Financial Corp. Ltd.		662,570		625,246
	6,479	HG Holdings Inc.†		60,708		59,769
	18,829	NN Group NV		761,019		987,364
				2,046,568		2,418,096
		Investment Management — 12.2%
	30,950	Franklin Resources Inc.		835,878		919,834
	26,900	Janus Henderson Group plc		570,948		1,111,777
	52,029	Westwood Holdings Group Inc.		735,133		988,551
				2,141,959		3,020,162
		Reinsurance — 1.5%
	8,000	Axis Capital Holdings Ltd.		388,503		368,320
		TOTAL COMMON STOCKS		18,218,285		23,531,313

Principal Amount
		CONVERTIBLE CORPORATE BONDS — 0.0%
		Institutional Brokerage — 0.0%
$	13,000	Credit Suisse Group Guernsey VII Ltd., 3.000%, 11/12/21		14,304		15,030

		U.S. GOVERNMENT OBLIGATIONS — 5.1%
	1,260,000	U.S. Treasury Bills, 0.017% to 0.047%††, 10/28/21 to 12/23/21		1,259,936		1,259,940

		TOTAL INVESTMENTS — 99.9%	$	19,492,525		24,806,283

		Other Assets and Liabilities (Net) — 0.1%				13,068
		NET ASSETS — 100.0%			$	24,819,351

†

Non-income producing security.

††

Represents annualized yields at dates of purchase.

ADR

American Depositary Receipt

See accompanying notes to financial statements.

The Gabelli Global Financial Services Fund

Statement of Assets and Liabilities

September 30, 2021

Assets:
Investments, at value (cost $19,492,525)	$	24,806,283
Receivable for investments sold		63,009
Receivable for Fund shares sold		2,687
Receivable from Adviser		15,006
Dividends and interest receivable		49,177
Prepaid expenses		36,079
Total Assets		24,972,241
Liabilities:
Payable to bank		36,907
Foreign currency overdraft, at value (cost $142)		136
Payable for investments purchased		36,164
Payable for investment advisory fees		20,334
Payable for distribution fees		119
Payable for shareholder communications		25,445
Payable for legal and audit fees		21,950
Payable for custodian fees		8,822
Other accrued expenses		3,013
Total Liabilities		152,890
Net Assets
(applicable to 2,103,657 shares outstanding)	$	24,819,351
Net Assets Consist of:
Paid-in capital	$	20,053,949
Total distributable earnings		4,765,402
Net Assets	$	24,819,351
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($564,007 ÷ 47,807 shares outstanding; 120,000,000 shares authorized)	$	11.80
Class A:
Net Asset Value and redemption price per share ($33,264 ÷ 2,805 shares outstanding; 60,000,000 shares authorized)	$	11.86
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	12.58
Class C:
Net Asset Value and offering price per share ($1,200 ÷ 102.76 shares outstanding; 20,000,000 shares authorized)	$	11.68	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($24,220,880 ÷ 2,052,942 shares outstanding; 150,000,000 shares authorized)	$	11.80

Statement of Operations

For the Year Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding taxes of $49,065)	$	800,321
Interest		415
Total Investment Income		800,736
Expenses:
Investment advisory fees		211,129
Distribution fees - Class AAA		646
Distribution fees - Class A		54
Distribution fees - Class C		11
Registration expenses		57,726
Legal and audit fees		46,493
Shareholder communications expenses		23,924
Shareholder services fees		12,496
Custodian fees		10,337
Directors’ fees		1,494
Miscellaneous expenses		14,183
Total Expenses		378,493
Less:
Expense reimbursements (See Note 3)		(165,217	)
Expenses paid indirectly by broker (See Note 6)		(1,437	)
Total Credits and Reimbursements		(166,654	)
Net Expenses		211,839
Net Investment Income		588,897
Net Realized and Unrealized Gain/(Loss) on Investments, Forward Foreign Exchange Contracts, and Foreign Currency:
Net realized gain on investments		143,087
Net realized loss on forward foreign exchange contracts		(187	)
Net realized loss on foreign currency transactions		(1,369	)
Net realized gain on investments, forward foreign exchange contracts, and foreign currency transactions		141,531
Net change in unrealized appreciation/depreciation: on investments		8,857,059
on foreign currency translations		(171	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations
		8,856,888
Net Realized and Unrealized Gain/(Loss) on Investments, Forward Foreign Exchange Contracts, and Foreign Currency		8,998,419
Net Increase in Net Assets Resulting from Operations	$	9,587,316

(a)

Redemption price varies based on the length of time held.

See accompanying notes to financial statements.

The Gabelli Global Financial Services Fund

Statement of Changes in Net Assets

	Year Ended September 30, 2021			Year Ended September 30, 2020

Operations:
Net investment income	$	588,897		$	255,051
Net realized gain/(loss) on investments, forward foreign exchange contracts, and foreign currency transactions		141,531			(1,019,053	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		8,856,888			(2,603,272	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		9,587,316			(3,367,274	)
Distributions to Shareholders:
Accumulated earnings
Class AAA		(858	)		(1,646	)
Class A		(92	)		(264	)
Class C		(8	)		(17	)
Class I		(285,578	)		(377,283	)
Total Distributions to Shareholders		(286,536	)		(379,210	)

Capital Share Transactions:
Class AAA		453,786			(63,425	)
Class A		18,752			(8,303	)
Class C		8			17
Class I		1,544,852			4,081,055
Net Increase in Net Assets from Capital Share Transactions		2,017,398			4,009,344
Redemption Fees		—			503
Net Increase in Net Assets		11,318,178			263,363
Net Assets:
Beginning of year		13,501,173			13,237,810
End of year	$	24,819,351		$	13,501,173

See accompanying notes to financial statements.

The Gabelli Global Financial Services Fund

Financial Highlights

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


			Income (Loss) from Investment Operations								Distributions														Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Period		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Total Distributions			Redemption Fees(a)			Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(b)			Portfolio Turnover Rate
Class AAA
2021	$	7.08	$	0.33	$	4.52		$	4.85		$	(0.13	)	$	(0.13	)	$	—		$	11.80		69.04	%	$	564		2.99	%		2.04	%		1.25	%(c)		19	%
2020		9.09		0.11		(1.90	)		(1.79	)		(0.22	)		(0.22	)		0.00	(d)		7.08		(20.33	)		47		1.34			2.51			1.25	(c)		18
2019(e)		10.00		0.27		(1.15	)		(0.88	)		(0.03	)		(0.03	)		—			9.09		(8.76	)		134		3.01			2.32			1.25			14
Class A
2021	$	7.08	$	0.32	$	4.54		$	4.86		$	(0.08	)	$	(0.08	)	$	—		$	11.86		69.07	%	$	33		2.94	%		2.04	%		1.25	%(c)		19	%
2020		9.10		0.16		(1.94	)		(1.78	)		(0.24	)		(0.24	)		0.00	(d)		7.08		(20.24	)		8		2.12			2.51			1.25	(c)		18
2019(e)		10.00		0.35		(1.22	)		(0.87	)		(0.03	)		(0.03	)		—			9.10		(8.71	)		10		3.77			2.32			1.25			14
Class C
2021	$	7.03	$	0.18	$	4.55		$	4.73		$	(0.08	)	$	(0.08	)	$	—		$	11.68		67.59	%	$	1		1.77	%		2.79	%		2.00	%(c)		19	%
2020		9.05		0.06		(1.91	)		(1.85	)		(0.17	)		(0.17	)		0.00	(d)		7.03		(20.97	)		1		0.76			3.26			2.00	(c)		18
2019(e)		10.00		0.17		(1.11	)		(0.94	)		(0.01	)		(0.01	)		—			9.05		(9.39	)		1		1.85			3.08			2.00			14
Class I
2021	$	7.08	$	0.29	$	4.58		$	4.87		$	(0.15	)	$	(0.15	)	$	—		$	11.80		69.45	%	$	24,221		2.79	%		1.79	%		1.00	%(c)		19	%
2020		9.11		0.14		(1.91	)		(1.77	)		(0.26	)		(0.26	)		0.00	(d)		7.08		(20.17	)		13,445		1.84			2.26			1.00	(c)		18
2019(e)		10.00		0.28		(1.13	)		(0.85	)		(0.04	)		(0.04	)		—			9.11		(8.51	)		13,093		3.05			2.07			1.00			14

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the period and sold at the end of the period. 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)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $165,217, $174,126 and $124,154 for the fiscal years ended September 30, 2021, 2020 and 2019, respectively.

(c)

The Fund received credits from a designated broker who agreed to pay certain Fund expenses. For the fiscal years ended September 30, 2021 and 2020, if credits had not been received, the expense ratios would have been 1.26% and 1.26% (Class AAA and Class A), 2.01 and 2.01% (Class C), and 1.01% and 1.01% (Class I), respectively.

(d)

Amount represents less than $0.005 per share.

(e)

The Fund commenced investment operations on October 1, 2018.

See accompanying notes to financial statements.

The Gabelli Global Financial Services Fund

Notes to Financial Statements

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

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one of more dealers in the instrument in question by the Adviser.

The 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 — 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).

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 09/30/21
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Insurance	$	2,358,327	$	59,769	$	2,418,096
Other Industries (a)		21,113,217		—		21,113,217
Total Common Stocks		23,471,544		59,769		23,531,313
Convertible Corporate Bonds (a)		—		15,030		15,030
U.S. Government Obligations		—		1,259,940		1,259,940
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	23,471,544	$	1,334,739	$	24,806,283

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

The Fund held no Level 3 investments at September 30, 2021 or September 30, 2020.

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

Additional Information to Evaluate Qualitative Information.

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

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

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

The tax character of distributions paid during the fiscal years ended September 30, 2021 and 2020 was as follows:

	Year Ended		Year Ended
	September 30, 2021		September 30, 2020
Distributions paid from:
Ordinary income	$	286,536	$	379,210
Total distributions paid	$	286,536	$	379,210

At September 30, 2021, the components of accumulated earnings/losses on a tax basis were as follows:

Undistributed ordinary income	$	491,048
Accumulated capital loss carryforwards		(1,013,391	)
Net unrealized appreciation on investments and foreign currency translations		5,287,745
Total	$	4,765,402

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. The Fund has a short term capital loss carryforward with no expiration of $414,615 and a long term capital loss carryforward with no expiration of $598,776.

At September 30, 2021, the temporary difference between book basis and tax basis net unrealized appreciation on investments was due to the deferral of losses from wash sales for tax purposes and mark-to-market adjustments on investments considered passive foreign investment companies.

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2021:

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net Unrealized

Appreciation

Investments

19,518,919

5,885,493

(598,129

)

5,287,364

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

The Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than an annual rate of 1.25%, 1.25%, 2.00%, and 1.00% for Class AAA, Class A, Class C, and Class I shares, respectively. This arrangement is in effect through January 31, 2022. For the fiscal year ended September 30, 2021, the Adviser reimbursed the Fund in the amount of $165,217. In addition, the Fund has also agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayments, such adjusted annualized total operating expenses of the Fund would not exceed the foregoing expense limitations of the value of the Fund’s average daily net assets for Class AAA, Class A, Class C, and Class I Shares. At September 30, 2021, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $339,343:

For the fiscal year ended September 30, 2020, expiring September 30, 2022	$	174,126
For the fiscal year ended September 30, 2021, expiring September 30, 2023		165,217
	$	339,343

6. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2021, the Fund paid $2,172 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $38 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. The Fund reimburses the Adviser for this service. The Adviser did not seek a reimbursement during the fiscal year ended September 30, 2021.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 2, 2022 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 custodian 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 fiscal year ended September 30, 2021, there were no borrowings under the line of credit.

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

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

	Year Ended						Year Ended
	September 30, 2021						September 30, 2020
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		43,802		$	484,049			9,216		$	71,042
Shares issued upon reinvestment of distributions		96			858			171			1,647
Shares redeemed		(2,821	)		(31,121	)		(17,429	)		(136,114	)
Net increase/(decrease)		41,077		$	453,786			(8,042	)	$	(63,425	)
Class A
Shares sold		1,707		$	18,743			9,324		$	59,425
Shares issued upon reinvestment of distributions		10			92			28			264
Shares redeemed		(10	)		(83	)		(9,349	)		(67,992	)
Net increase/(decrease)		1,707		$	18,752			3		$	(8,303	)
Class C
Shares issued upon reinvestment of distributions		1		$	8			2		$	17
Net increase		1		$	8			2		$	17
Class I
Shares sold		130,600		$	1,318,396			454,386		$	3,950,997
Shares issued upon reinvestment of distributions		31,795			305,172			39,081			374,401
Shares redeemed		(7,406	)		(78,716	)		(32,357	)		(244,343	)
Net increase		154,989		$	1,544,852			461,110		$	4,081,055

9. Significant Shareholder. As of September 30, 2021, approximately 97.76% of the Fund was beneficially owned by the Adviser and its affiliates.

The Gabelli Global Financial Services Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Global Financial Services Fund

and the Board of Directors of Gabelli Equity Series Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of The Global Financial Services Fund (the “Fund”) (one of the funds constituting Gabelli Equity Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of September 30, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period from October 1, 2018 (commencement of operations) through September 30, 2019 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Gabelli Equity Series Funds, Inc.) at September 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended and the period from October 1, 2018 (commencement of operations) through September 30, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Philadelphia, Pennsylvania
November 24, 2021

The Gabelli Global Financial Services Fund

Liquidity Risk Managment (Unaudited)

The Gabelli Global Financial Services Fund
Additional Fund Information (Unaudited)

The business and affairs of the Corporation are managed under the direction of the Corporation’s Board of Directors. Information pertaining to the Directors and officers of the Corporation is set forth below. The Corporation’s Statement of Additional Information includes additional information about the Corporation’s Directors and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The Gabelli Global Financial Services Fund at One Corporate Center, Rye, NY 10580-1422.

Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director³
INTERESTED DIRECTORS⁴:

Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 79	Since 1991	32	Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer– Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/ Trustee or Chief Investment Officer of other registered investment companies within the Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc.(communications) (2013- 2018)

John D. Gabelli Director Age: 77	Since 1991	12	Senior Vice President of G.research, LLC	—

INDEPENDENT DIRECTORS⁵:
Elizabeth C. Bogan Director Age: 77	Since 2019	12	Senior Lecturer in Economics at Princeton University	—

Anthony J. Colavita⁶ Director Age: 85	Since 1991	18	President of the law firm of Anthony J. Colavita, P.C.	—

Vincent D. Enright Director Age: 77	Since 1991	17	Former Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998)	Director of Echo Therapeutics, Inc. (therapeutics and diagnostics) (2008-2014); Director of The LGL Group, Inc. (diversified manufacturing) (2011-2014)

Robert J. Morrissey Director Age: 82	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank

Kuni Nakamura Director Age: 53	Since 2009	35	President of Advanced Polymer, Inc. (chemical manufacturing company);President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees	—

The Gabelli Global Financial Services Fund

Additional Fund Information (Continued) (Unaudited)


Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director³

Anthonie C. van Ekris⁶ Director Age: 87	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/ export company)	—

Salvatore J. Zizza⁷ Director Age: 75	Since 2001	32	President of Zizza & Associates Corp. (private holding company); Chairman of Bergen Cove Realty Inc. (residential real estate)	Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018); Retired Chairman of BAM (semiconductor and aerospace manufacturing)

The Gabelli Global Financial Services Fund

Additional Fund Information (Continued) (Unaudited)

Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Principal Occupation(s) During Past Five Years
OFFICERS:
Bruce N. Alpert President Age: 69	Since 1991	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008; Vice President – Mutual Funds, G.research, LLC

John C. Ball Treasurer Age: 45	Since 2017	Treasurer of registered investment companies within the Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Chief Executive Officer, G.distributors, LLC since December 2020

Peter Goldstein Secretary and Vice President Age: 68	Since 2020	General Counsel, Gabelli Funds, LLC since July 2020; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)

Richard J. Walz Chief Compliance Officer Age: 62	Since 2013	Chief Compliance Officer of registered investment companies within the Fund Complex since 2013; Chief Compliance Officer for Gabelli Funds, LLC since 2015

Daniel Plourde Vice President Age: 41	Since 2021	Vice President of registered investment companies within the Fund Complex since 2021; Assistant Treasurer of the North American SPDR ETFs and State Street Global Advisors Mutual Funds (2017-2021); Fund Administration at State Street Bank (2009-2017)

Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

⁴

⁵

Directors who are not interested persons are considered “Independent” Directors.

⁶

⁷

Gabelli Funds and Your Personal Privacy

Who are we?

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.

●

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

What do we do to protect your personal information?

The Gabelli Global Financial Services Fund

2021 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the fiscal year ended September 30, 2021, the Fund paid to shareholders ordinary income distributions (inclusive of short term capital gains) totaling $0.1273, $0.0834, $0.0775, and $0.1490 per share for each of Class AAA, Class A, Class C, and Class I, respectively. For the fiscal year ended September 30, 2021, 73.75% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.58% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during the fiscal year ended September 30, 2021 which was derived from U.S. Treasury securities was 0.57%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Gabelli Global Financial Services Fund did not meet this strict requirement in 2021. The percentage of U.S. Government securities held as of September 30, 2021 was 5.08%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

THE GABELLI GLOBAL FINANCIAL SERVICES FUND

One Corporate Center
Rye, NY 10580-1422

Portfolio Manager’s Biography

Ian Lapey joined Gabelli in October 2018 as a portfolio manager. Prior to joining Gabelli, Mr. Lapey was a research analyst and partner at Moerus Capital Management LLC. Prior to joining Moerus, he was a partner, research analyst, and a portfolio manager at Third Avenue Management. Mr. Lapey holds an MBA in Finance and Statistics from the Stern School of Business at New York University. He also holds a Master’s degree in Accounting from Northeastern University and a BA in Economics from Williams College.

Gabelli Equity Series Funds, Inc.

THE GABELLI GLOBAL FINANCIAL SERVICES FUND

One Corporate Center
Rye, New York 10580-1422

t    800-GABELLI (800-422-3554)
f    914-921-5118
e   info@gabelli.com

GABELLI.COM

Net Asset Values per share available daily
by calling 800-GABELLI after 7:00 P.M.

BOARD OF DIRECTORS

Mario J. Gabelli, CFA

Chairman and

Chief Executive Officer,

GAMCO Investors, Inc.

Executive Chairman,

Associated Capital Group, Inc.

Elizabeth C. Bogan

Senior Lecturer,

Princeton University

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

Vincent D. Enright

Former Senior Vice President

and Chief Financial Officer,

KeySpan Corp.

John D. Gabelli

Former Senior Vice President,

G.research, LLC

Robert J. Morrissey

Partner,

Morrissey, Hawkins & Lynch

Kuni Nakamura

President,

Advanced Polymer, Inc.

Anthonie C. van Ekris

Chairman,

BALMAC International, Inc.

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

OFFICERS

Bruce N. Alpert

President

John C. Ball

Treasurer

Peter Goldstein

Secretary and Vice President

Richard J. Walz

Chief Compliance Officer

Daniel Plourde

Vice President

DISTRIBUTOR

G.distributors, LLC

CUSTODIAN

State Street Bank and Trust

Company

TRANSFER AGENT AND

DIVIDEND DISBURSING

AGENT

DST Asset Manager

Solutions, Inc.

LEGAL COUNSEL

Skadden, Arps, Slate, Meagher &

Flom LLP

This report is submitted for the general information of the shareholders of The Gabelli Global Financial Services Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB3630Q321AR

(b)

Not applicable.

Item 2. Code of Ethics.

(a)

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

(c)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d)

The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s board of directors has determined that Vincent D. Enright is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent.”

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $109,000 in 2020 and $109,000 in 2021.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 in 2020 and $0 in 2021.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $15,200 in 2020 and $15,200 in 2021. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

All Other Fees

(c)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $2,861 in 2020 and $3,186 in 2021. The fees relate to Passive Foreign Investment Company identification database subscription fees billed on an annual basis.

	(e)(1)	Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

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

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

(b) N/A

(d) 0%

(f)

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

(g)

The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $55,950 in 2020 and $56,350 in 2021.

(h)

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

The Gabelli Small Cap Growth Fund

Schedule of Investments — September 30, 2021

					Market
Shares			Cost		Value
		COMMON STOCKS — 99.7%
		Aerospace — 0.7%
	260,000	Aerojet Rocketdyne Holdings Inc.	$	683,183	$	11,323,000
	30,000	Allied Motion Technologies Inc.		664,462		938,400
	40,000	Innovative Solutions and Support Inc.		130,088		286,000
	3,500	Kratos Defense & Security Solutions Inc.†		68,284		78,085
				1,546,017		12,625,485
		Agriculture — 0.0%
	12,000	Cadiz Inc.†		93,950		84,480
	40,000	Limoneira Co		714,782		646,800
				808,732		731,280
		Automotive — 0.2%
	1,200	PACCAR Inc.		44,521		94,704
	79,000	The Shyft Group Inc.		381,491		3,002,790
				426,012		3,097,494
		Automotive: Parts and Accessories — 4.0%
	148,000	BorgWarner Inc.		693,961		6,395,080
	848,055	Brembo SpA		1,568,825		10,717,379
	90,022	China Automotive Systems Inc.†		428,854		294,372
	75,000	Commercial Vehicle Group Inc.†		665,983		709,500
	1,110,000	Dana Inc.		9,031,849		24,686,400
	385,000	Modine Manufacturing Co.†		3,507,189		4,362,050
	18,000	Monro Inc.		80,738		1,035,180
	4,300	O'Reilly Automotive Inc.†		92,532		2,627,558
	45,000	Puradyn Filter Technologies Inc.†		11,732		13
	190,000	Standard Motor Products Inc.		1,449,364		8,304,900
	244,000	Strattec Security Corp.†(a)		4,677,938		9,491,600
	280,000	Tenneco Inc., Cl. A†		1,006,626		3,995,600
	18,950	Thor Industries Inc.		175,501		2,326,302
	20,000	Uni-Select Inc.†		161,317		280,120
				23,552,409		75,226,054
		Aviation: Parts and Services — 2.0%
	20,000	AAR Corp.†		230,415		648,600
	9,500	Astronics Corp.†		13,628		133,570
	22,700	Astronics Corp., Cl. B†		31,898		322,340
	46,000	Ducommun Inc.†		918,285		2,316,100
	670,000	Kaman Corp.		9,964,092		23,898,900
	89,000	Moog Inc., Cl. A		1,052,574		6,784,470
	16,500	Moog Inc., Cl. B		496,050		1,166,880
	25,000	Woodward Inc.		185,181		2,830,000
				12,892,123		38,100,860

					Market
Shares			Cost		Value
		Broadcasting — 2.1%
	119,000	Beasley Broadcast Group Inc., Cl. A†	$	449,276	$	316,540
	10,000	Cogeco Communications Inc.		340,851		888,678
	23,300	Cogeco Inc.		592,837		1,659,293
	185,000	Corus Entertainment Inc., Cl. B		679,390		829,623
	40,000	Fox Corp., Cl. A		1,662,000		1,604,400
	25,000	Gray Television Inc.		73,674		570,500
	72,350	Gray Television Inc., Cl. A		386,480		1,604,000
	260,000	ITV plc†		529,070		373,445
	13,000	Liberty Broadband Corp., Cl. A†		78,211		2,188,550
	11,000	Liberty Broadband Corp., Cl. C†		57,595		1,899,700
	20,000	Liberty Media Corp.- Liberty Formula One, Cl. A†		66,962		941,000
	27,000	Liberty Media Corp.- Liberty Formula One, Cl. C†		91,359		1,388,070
	64,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†		214,254		3,018,880
	34,452	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		294,602		1,635,436
	92,340	Madison Square Garden Entertainment Corp.†		2,147,239		6,710,348
	22,900	Nexstar Media Group Inc., Cl. A		1,439,565		3,479,884
	100,000	Salem Media Group Inc.†		0		371,000
	255,000	Sinclair Broadcast Group Inc., Cl. A		4,169,298		8,078,400
	480,000	Sirius XM Holdings Inc.		316,771		2,928,000
				13,589,434		40,485,747
		Building and Construction — 7.1%
	79,000	Arcosa Inc.		942,643		3,963,430
	94,000	D.R. Horton Inc.		1,028,426		7,893,180
	28,000	Gibraltar Industries Inc.†		524,580		1,950,200
	311,500	Herc Holdings Inc.†		10,297,382		50,917,790
	128,000	KB Home		1,271,387		4,981,760
	2,500	Legacy Housing Corp.†		29,404		44,925
	380,000	Lennar Corp., Cl. B		9,178,089		29,484,200
	107,000	MDC Holdings Inc.		1,971,373		4,999,040
	18,000	Meritage Homes Corp.†		305,692		1,746,000
	2,700	NVR Inc.†		1,908,454		12,944,016
	136,000	PulteGroup Inc.		808,694		6,245,120
	64,000	Titan Machinery Inc.†		1,057,708		1,658,240
	153,000	Toll Brothers Inc.		2,724,472		8,459,370
				32,048,304		135,287,271
		Business Services — 3.3%
	13,000	ACCO Brands Corp.		60,332		111,670

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2021

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Business Services (Continued)
	570,000	Clear Channel Outdoor Holdings Inc.†	$	1,214,257	$	1,544,700
	390,000	Diebold Nixdorf Inc.†		3,869,432		3,942,900
	60,000	Element Solutions Inc.		537,606		1,300,800
	70,000	GP Strategies Corp.†		579,429		1,449,000
	13,000	GSE Systems Inc.†		18,200		19,240
	196,000	IAA Inc.†		1,593,186		10,695,720
	45,000	Live Nation Entertainment Inc.†		380,370		4,100,850
	40,000	Loomis AB		402,123		1,085,626
	162,000	Macquarie Infrastructure Holdings LLC		7,832		6,570,720
	16,000	McGrath RentCorp.		411,253		1,151,200
	20,000	Sealed Air Corp.		587,044		1,095,800
	69,000	Sohgo Security Services Co. Ltd.		799,632		3,130,868
	4,000	Stamps.com Inc.†		33,237		1,319,160
	41,000	Team Inc.†		519,115		123,410
	338,000	The Interpublic Group of Companies Inc.		1,425,712		12,394,460
	25,000	TransAct Technologies Inc.†		115,198		347,500
	1,612,500	Trans-Lux Corp.†(a)		1,587,544		677,331
	35,000	United Rentals Inc.†		216,471		12,282,550
				14,357,973		63,343,505
		Cable — 0.8%
	52,500	AMC Networks Inc., Cl. A†		0		2,445,975
	39,000	DISH Network Corp., Cl. A†		726,991		1,694,940
	30,000	EchoStar Corp., Cl. A†		479,334		765,300
	121,000	Liberty Global plc, Cl. A†		2,700,564		3,605,800
	138,000	Liberty Global plc, Cl. C†		2,601,189		4,065,480
	84,000	WideOpenWest Inc.†		652,868		1,650,600
				7,160,946		14,228,095
		Communications Equipment — 0.1%
	242,000	Communications Systems Inc.†		1,610,888		2,093,300

		Computer Software and Services — 1.9%
	74,000	Activision Blizzard Inc.		953,347		5,726,860
	375,000	Alithya Group Inc., Cl. A†		1,134,059		975,000
	140,000	GTY Technology Holdings Inc.†		1,280,772		1,052,800
	12,000	MKS Instruments Inc.		208,375		1,810,920
	34,500	Rockwell Automation Inc.		804,852		10,144,380
	36,000	Tyler Technologies Inc.†		71,925		16,511,400
				4,453,330		36,221,360
		Consumer Products — 2.2%
	35,000	1-800-Flowers.com Inc., Cl. A†		336,212		1,067,850
	68,000	Brunswick Corp.		1,372,115		6,478,360

					Market
Shares			Cost		Value
	32,000	Chofu Seisakusho Co. Ltd.	$	461,495	$	606,101
	40,500	Church & Dwight Co. Inc.		68,934		3,344,085
	17,000	Energizer Holdings Inc.		709,960		663,850
	5,000	Ginko International Co. Ltd.		35,851		33,201
	2,000	Harley-Davidson Inc.		4,713		73,220
	48,000	Hunter Douglas NV†		1,935,651		5,448,878
	2,500	Kobayashi Pharmaceutical Co. Ltd.		103,323		198,571
	3,800	LCI Industries		62,898		511,594
	220,000	Marine Products Corp.		136,308		2,752,200
	3,000	National Presto Industries Inc.		83,060		246,240
	190,000	Sally Beauty Holdings Inc.†		1,007,050		3,201,500
	215,000	Samick Musical Instruments Co. Ltd.		289,566		338,661
	3,700	Shimano Inc.		414,540		1,093,760
	13,500	Steven Madden Ltd.		32,850		542,160
	1,000,000	Swedish Match AB		1,904,234		8,756,740
	10,000	The Scotts Miracle-Gro Co.		174,942		1,463,600
	9,500	WD-40 Co.		248,399		2,199,060
	84,000	Wolverine World Wide Inc.		408,836		2,506,560
				9,790,937		41,526,191
		Consumer Services — 0.9%
	53,000	Bowlin Travel Centers Inc.†		53,948		275,865
	3,000	H&E Equipment Services Inc.		67,163		104,130
	5,000	IAC/InterActiveCorp.†		11,719		651,450
	260,000	KAR Auction Services Inc.†		1,330,391		4,261,400
	358,000	Rollins Inc.		340,833		12,648,140
				1,804,054		17,940,985
		Diversified Industrial — 10.9%
	10,300	Acuity Brands Inc.		97,210		1,785,711
	55,000	Albany International Corp., Cl. A		1,080,818		4,227,850
	240,000	Ampco-Pittsburgh Corp.†		1,390,885		1,128,000
	64,500	Burnham Holdings Inc., Cl. A		1,103,458		888,487
	359,000	Crane Co		7,725,236		34,036,790
	108,000	EnPro Industries Inc.		5,761,157		9,408,960
	110,000	Greif Inc., Cl. A		2,079,606		7,106,000
	96,362	Greif Inc., Cl. B		4,378,812		6,244,258
	1,315,000	Griffon Corp.		14,366,530		32,349,000
	13,100	Hyster-Yale Materials Handling Inc.		863,154		658,406
	4,000	JSP Corp.		89,499		58,295
	79,000	Kimball International Inc., Cl. B		744,560		884,800
	76,620	L.B. Foster Co., Cl. A†		1,056,909		1,186,844
	50,000	Lawson Products Inc.†		654,828		2,500,500
	45,500	Lincoln Electric Holdings Inc.		1,165,737		5,859,945

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2021

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Diversified Industrial (Continued)
	38,400	Lindsay Corp.	$	808,625	$	5,828,736
	19,000	Lydall Inc.†		184,361		1,179,710
	38,000	Matthews International Corp., Cl. A		976,341		1,318,220
	920,000	Myers Industries Inc.		12,634,530		18,004,400
	72,000	Oil-Dri Corp. of America		501,026		2,520,000
	13,000	Olin Corp.		203,184		627,250
	300,000	Park-Ohio Holdings Corp.		2,642,414		7,656,000
	12,500	Pentair plc		296,897		907,875
	90,000	Raven Industries Inc.†		2,212,968		5,184,900
	15,600	Roper Technologies Inc.		293,574		6,959,628
	59,000	Sonoco Products Co.		1,711,094		3,515,220
	52,500	Standex International Corp.		1,374,056		5,192,775
	110,000	Steel Connect Inc.†		124,473		223,300
	82,029	Steel Partners Holdings LP†		1,031,404		2,331,674
	13,000	T. Hasegawa Co. Ltd.		236,725		311,874
	7,000	Terex Corp.		166,670		294,700
	341,500	Textron Inc.		2,071,915		23,840,115
	360,000	Tredegar Corp.		5,410,627		4,384,800
	228,000	Trinity Industries Inc.		2,595,295		6,194,760
	45,000	Ultra Electronics Holdings plc		898,212		1,962,084
				78,932,790		206,761,867
		Electronics — 2.0%
	138,500	Badger Meter Inc.		1,768,846		14,007,890
	213,800	Bel Fuse Inc., Cl. A(a)		4,047,987		3,072,306
	465,000	CTS Corp.		3,976,813		14,373,150
	30,000	Daktronics Inc.†		250,418		162,900
	115,000	Gentex Corp.		1,162,259		3,792,700
	20,000	IMAX Corp.†		158,565		379,600
	30,000	Renesas Electronics Corp.†		194,117		376,297
	63,000	Stoneridge Inc.†		312,595		1,284,570
				11,871,600		37,449,413
		Energy and Utilities — 2.2%
	19,000	Avangrid Inc.		736,250		923,400
	17,000	Callon Petroleum Co.†		90,593		834,360
	11,000	Chesapeake Utilities Corp.		143,045		1,320,550
	35,500	CMS Energy Corp.		167,523		2,120,415
	11,000	Consolidated Water Co. Ltd.		141,093		125,400
	95,000	Covanta Holding Corp.		1,467		1,911,400
	45,500	Diamondback Energy Inc.		2,263,600		4,307,485
	29,800	Dril-Quip Inc.†		922,889		750,364
	74,000	Energy Recovery Inc.†		316,427		1,408,220
	24,000	Landis+Gyr Group AG		1,466,993		1,555,448
	25,000	Marathon Petroleum Corp.		123,446		1,545,250
	3,500	Middlesex Water Co.		54,166		359,730
	11,000	Northwest Natural Holding Co.		518,541		505,890
	21,500	NorthWestern Corp.		582,609		1,231,950

					Market
Shares			Cost		Value
	11,000	Otter Tail Corp.	$	216,252	$	615,670
	5,500	PNM Resources Inc.		43,446		272,140
	1,850,000	RPC Inc.†		864,702		8,991,000
	20,000	Siemens Gamesa Renewable Energy SA†		117,491		510,137
	89,000	SJW Group		1,619,026		5,879,340
	32,500	Southwest Gas Holdings Inc.		533,592		2,173,600
	9,000	Spire Inc.		354,680		550,620
	34,000	The York Water Co.		475,596		1,485,120
	55,000	Vestas Wind Systems A/S		94,711		2,205,997
				11,848,138		41,583,486
		Entertainment — 1.3%
	43,000	Discovery Inc., Cl. A†		624,892		1,091,340
	70,000	Discovery Inc., Cl. C†		461,173		1,698,900
	76,500	Inspired Entertainment Inc.†		479,260		895,050
	113,213	Liberty Media Corp.- Liberty Braves, Cl. A†		2,615,420		3,046,562
	197,000	Liberty Media Corp.- Liberty Braves, Cl. C†		2,839,833		5,204,740
	34,000	Madison Square Garden Sports Corp.†		186,907		6,322,300
	50,000	Manchester United plc, Cl. A		784,105		968,500
	9,500	Take-Two Interactive Software Inc.†		71,611		1,463,665
	4,000	The Walt Disney Co.†		22,938		676,680
	36,000	Universal Entertainment Corp.†		217,230		817,719
	57,000	World Wrestling Entertainment Inc., Cl. A		600,726		3,206,820
				8,904,095		25,392,276
		Environmental Services — 0.5%
	20,000	Primo Water Corp.		130,300		314,400
	72,500	Republic Services Inc.		654,917		8,704,350
				785,217		9,018,750
		Equipment and Supplies — 15.2%
	25,500	A.O. Smith Corp.		57,150		1,557,285
	406,500	AMETEK Inc.		691,697		50,410,065
	52,000	AZZ Inc.		1,771,545		2,766,400
	13,000	Chart Industries Inc.†		427,173		2,484,430
	144,000	CIRCOR International Inc.†		2,183,088		4,753,440
	317,000	Core Molding Technologies Inc.†		637,421		3,648,670
	129,000	Crown Holdings Inc.		520,753		13,000,620
	2,025	Danaher Corp.		13,122		616,491
	100,000	Donaldson Co. Inc.		575,112		5,741,000
	55,000	Entegris Inc.		235,130		6,924,500
	225,000	Federal Signal Corp.		1,195,159		8,689,500
	241,000	Flowserve Corp.		1,445,694		8,355,470
	163,000	Franklin Electric Co. Inc.		636,072		13,015,550

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2021

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Equipment and Supplies (Continued)
	453,500	Graco Inc.	$	2,597,302	$	31,731,395
	35,000	IDEX Corp.		128,247		7,243,250
	154,000	Interpump Group SpA		691,669		9,989,610
	8,000	Littelfuse Inc.		69,715		2,186,160
	110,000	Maezawa Kyuso Industries Co. Ltd.		359,609		1,002,201
	60,000	Minerals Technologies Inc.		2,530,695		4,190,400
	6,000	MSA Safety Inc.		179,592		874,200
	683,500	Mueller Industries Inc.		17,993,876		28,091,850
	339,000	Mueller Water Products Inc., Cl. A		2,278,449		5,159,580
	3,600	Teleflex Inc.		54,840		1,355,580
	170,700	Tennant Co.		2,876,864		12,623,265
	761,000	The Gorman-Rupp Co.		11,825,810		27,251,410
	98,000	The Greenbrier Companies Inc.		1,137,850		4,213,020
	110,003	The L.S. Starrett Co., Cl. A†		803,564		1,373,938
	30,000	The Manitowoc Co. Inc.†		283,157		642,600
	59,000	The Middleby Corp.†		669,921		10,060,090
	35,000	The Timken Co.		1,159,088		2,289,700
	30,000	The Toro Co.		524,020		2,922,300
	7,000	Valmont Industries Inc.		145,925		1,645,840
	3,400	Vicor Corp.†		15,622		456,144
	7,875	Watsco Inc., Cl. B		23,627		2,115,934
	51,000	Watts Water Technologies Inc., Cl. A		968,108		8,572,590
				57,706,666		287,954,478
		Financial Services — 4.9%
	5,000	Alleghany Corp.†		762,027		3,122,050
	8,240	Ameris Bancorp		71,897		427,491
	25,000	Argo Group International Holdings Ltd.		493,734		1,305,500
	12,000	Capitol Federal Financial Inc.		120,000		137,880
	21,800	Crazy Woman Creek Bancorp Inc.		339,160		480,145
	325,000	Energy Transfer LP		0		3,113,500
	130	Farmers & Merchants Bank of Long Beach		846,022		1,056,250
	329,950	Flushing Financial Corp.		5,378,313		7,456,870
	66,000	FNB Corp.		659,922		766,920
	195,000	GAM Holding AG†		601,170		355,706
	278,000	Hope Bancorp Inc.		3,087,049		4,014,320
	410,000	Huntington Bancshares Inc.		3,921,829		6,338,600
	705,000	KKR & Co. Inc.		2,933,468		42,920,400
	80,000	Medallion Financial Corp.†		362,763		627,200
	13,500	PROG Holdings Inc.		8,634		567,135
	55,000	Pzena Investment Management Inc., Cl. A		426,256		541,200
	44,000	Sandy Spring Bancorp Inc.		1,491,612		2,016,080

					Market
Shares			Cost		Value
	13,500	Sculptor Capital Management Inc.	$	301,309	$	376,515
	800	SouthState Corp.		58,904		59,736
	9,000	State Auto Financial Corp.		208,279		458,550
	372,000	Sterling Bancorp		3,909,506		9,285,120
	45,000	Synovus Financial Corp.		1,152,365		1,975,050
	16,000	TFS Financial Corp.		234,831		304,960
	15,000	Thomasville Bancshares Inc.		570,703		982,875
	230,000	Valley National Bancorp		1,437,500		3,061,300
	35,500	Value Line Inc.		443,012		1,216,230
	10,000	Waterloo Investment Holdings Ltd.†(b)		1,373		3,000
	133,000	Wright Investors' Service Holdings Inc.†		90,952		38,490
				29,912,590		93,009,073
		Food and Beverage — 6.5%
	425,000	Arca Continental SAB de CV		763,179		2,587,700
	80,000	Brown-Forman Corp., Cl. A		460,939		5,013,600
	40,000	Bull-Dog Sauce Co. Ltd.		95,622		846,399
	900,000	China Tontine Wines Group Ltd.†		94,571		12,139
	195,000	Chr. Hansen Holding A/S		8,106,517		15,928,038
	283,000	Crimson Wine Group Ltd.†		2,484,231		2,430,970
	220,000	Denny's Corp.†		736,620		3,594,800
	500,000	Dynasty Fine Wines Group Ltd.†		74,726		26,013
	70,000	Farmer Brothers Co.†		770,486		588,700
	415,000	Flowers Foods Inc.		986,370		9,806,450
	115,000	ITO EN Ltd.		2,159,849		7,667,011
	46,000	Iwatsuka Confectionery Co. Ltd.		1,592,452		1,651,197
	23,000	J & J Snack Foods Corp.		509,737		3,514,860
	110,000	Kameda Seika Co. Ltd.		4,422,956		4,393,279
	254,000	Kikkoman Corp.		1,749,120		20,745,406
	690,000	Maple Leaf Foods Inc.		12,027,755		14,022,264
	6,000	MEIJI Holdings Co. Ltd.		117,526		388,697
	17,000	MGP Ingredients Inc.		23,756		1,106,700
	66,000	Morinaga Milk Industry Co. Ltd.		1,268,212		4,151,130
	45,000	Nissin Foods Holdings Co. Ltd.		1,497,492		3,622,804
	15,000	Post Holdings Inc.†		62,689		1,652,400
	75,000	Rock Field Co. Ltd.		505,724		1,160,430
	1,800	The Boston Beer Co. Inc., Cl. A†		34,506		917,550
	57,200	The J.M. Smucker Co.		1,323,825		6,865,716
	625,000	Tingyi (Cayman Islands) Holding Corp.		1,326,207		1,162,544
	36,051	Tootsie Roll Industries Inc.		313,204		1,097,032
	370,000	Vina Conchay Toro SA		676,676		587,674

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2021

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	950,000	Vitasoy International Holdings Ltd.	$	542,729	$	2,416,294
	20,000	Willamette Valley Vineyards Inc.†		73,225		254,400
	100,000	Yakult Honsha Co. Ltd.		2,378,860		5,085,583
				47,179,761		123,297,780
		Health Care — 6.0%
	1,400	Align Technology Inc.†		9,766		931,602
	6,700	Bio-Rad Laboratories Inc., Cl. A†		283,604		4,997,865
	13,500	Bruker Corp.		107,977		1,054,350
	1,000	Chemed Corp.		13,731		465,120
	21,500	CONMED Corp.		441,065		2,812,845
	32,000	Covetrus Inc.†		153,127		580,480
	411,000	Cutera Inc.†		5,198,266		19,152,600
	12,500	Dexcom Inc.†		68,464		6,835,750
	10,000	Evolent Health Inc., Cl. A†		103,500		310,000
	8,000	Global Blood Therapeutics Inc.†		273,937		203,840
	163,000	Globus Medical Inc., Cl. A†		3,684,152		12,489,060
	72,000	Henry Schein Inc.†		494,318		5,483,520
	28,500	ICU Medical Inc.†		926,671		6,651,330
	35,000	Masimo Corp.†		839,798		9,474,850
	80,000	Meridian Bioscience Inc.†		1,243,246		1,539,200
	47,000	Neogen Corp.†		467,615		2,041,210
	96,000	NuVasive Inc.†		2,463,987		5,745,600
	216,000	OPKO Health Inc.†		569,980		788,400
	129,000	Orthofix Medical Inc.†		2,865,834		4,917,480
	19,000	Patterson Cos. Inc.		414,269		572,660
	78,000	Quidel Corp.†		346,178		11,009,700
	24,000	Seikagaku Corp.		280,995		229,013
	29,000	STERIS plc		1,520,020		5,924,120
	1,900	Straumann Holding AG		170,618		3,432,212
	3,000	Stryker Corp.		142,188		791,160
	52,000	Surgalign Holdings Inc.†		225,170		56,680
	30,000	SurModics Inc.†		608,729		1,668,000
	26,500	Teladoc Health Inc.†		884,474		3,360,465
	100	The Cooper Companies Inc.		3,627		41,331
	38,000	United-Guardian Inc.		332,419		538,840
				25,137,725		114,099,283
		Home Furnishings — 0.3%
	171,500	Bassett Furniture Industries Inc.		1,682,604		3,105,865
	5,000	Ethan Allen Interiors Inc.		116,387		118,500
	70,000	La-Z-Boy Inc.		1,140,329		2,256,100
				2,939,320		5,480,465
		Hotels and Gaming — 4.8%
	140,000	Boyd Gaming Corp.†		677,092		8,856,400

					Market
Shares			Cost		Value
	191,040	Canterbury Park Holding Corp.†	$	1,967,490	$	3,169,354
	118,000	Churchill Downs Inc.		1,089,792		28,329,440
	120,000	Formosa International Hotels Corp.		775,629		631,001
	535,000	Full House Resorts Inc.†		1,556,937		5,676,350
	48,508	Gaming and Leisure Properties Inc., REIT		389,693		2,246,890
	12,000	GAN Ltd.†		238,973		178,440
	750,000	Genting Singapore Ltd		688,148		397,702
	130,000	Golden Entertainment Inc.†		1,054,750		6,381,700
	2,600,000	Mandarin Oriental International Ltd.†		3,509,608		5,434,000
	3,500	Penn National Gaming Inc.†		15,199		253,610
	285,000	Ryman Hospitality Properties Inc., REIT†		4,929,759		23,854,500
	2,500,000	The Hongkong & Shanghai Hotels Ltd.†		2,476,225		2,341,146
	127,000	The Marcus Corp.†		1,342,952		2,216,150
	13,500	Wynn Resorts Ltd.†		0		1,144,125
				20,712,247		91,110,808
		Machinery — 2.8%
	341,500	Astec Industries Inc.		11,945,517		18,376,115
	1,427,000	CNH Industrial NV		4,242,733		23,702,470
	90,000	Kennametal Inc.		1,650,215		3,080,700
	5,300	Nordson Corp.		90,324		1,262,195
	160,000	The Eastern Co.		3,114,959		4,025,600
	100,000	Twin Disc Inc.†		1,080,068		1,066,000
	100,000	Welbilt Inc.†		593,633		2,324,000
				22,717,449		53,837,080
		Manufactured Housing and Recreational Vehicles — 1.5%
	71,000	Cavco Industries Inc.†		1,418,150		16,808,540
	70,000	Nobility Homes Inc.		771,717		2,485,000
	82,000	Skyline Champion Corp.†		475,234		4,924,920
	52,000	Winnebago Industries Inc.		592,044		3,767,400
				3,257,145		27,985,860
		Metals and Mining — 0.0%
	45,000	Ivanhoe Mines Ltd., Cl. A†		117,783		287,778
	95,000	Kinross Gold Corp.		412,123		509,200
				529,906		796,978
		Publishing — 0.9%
	2,500	Graham Holdings Co., Cl. B		1,163,667		1,472,900
	5,000	John Wiley & Sons Inc., Cl. B		19,375		261,650
	18,500	Meredith Corp.†		260,981		1,030,450
	34,000	News Corp., Cl. A		48,038		800,020
	775,000	The E.W. Scripps Co., Cl. A		4,022,887		13,996,500
				5,514,948		17,561,520

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2021

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Real Estate — 2.7%
	78,500	Capital Properties Inc., Cl. A	$	935,416	$	943,963
	6,967	Gyrodyne LLC†		201,352		90,501
	—	Indus Realty Trust Inc.		0		0
	262,000	Indus Realty Trust Inc., REIT		5,058,467		18,366,200
	18,300	Lamar Advertising Co., Cl. A, REIT		105,310		2,076,135
	90,000	Morguard Corp.		1,140,881		9,464,709
	10,000	Reading International Inc., Cl. A†		68,355		50,600
	3,500	Reading International Inc., Cl. B†		66,647		79,415
	18,500	Seritage Growth Properties, Cl. A, REIT†		269,861		274,355
	126,700	Tejon Ranch Co.†		2,896,958		2,250,192
	405,000	The St. Joe Co.		6,267,431		17,050,500
	95,000	Trinity Place Holdings Inc.†		334,475		186,200
				17,345,153		50,832,770
		Retail — 5.7%
	129,000	AutoNation Inc.†		2,094,018		15,707,040
	9,000	Big 5 Sporting Goods Corp.		53,145		207,360
	900	Biglari Holdings Inc., Cl. A†		548,428		738,000
	92,000	Copart Inc.†		777,200		12,762,240
	523	Hertz Global Holdings Inc.†(c)		5,957		10,225
	474,000	Ingles Markets Inc., Cl. A		6,938,285		31,298,220
	30,000	Lands' End Inc.†		395,280		706,200
	75,000	Movado Group Inc.		1,154,573		2,361,750
	155,500	Nathan's Famous Inc.		187,982		9,511,935
	71,000	Penske Automotive Group Inc.		1,036,332		7,142,600
	93,000	Pets at Home Group plc		159,631		602,231
	348,000	Rush Enterprises Inc., Cl. B		2,493,065		15,927,960
	10,000	Salvatore Ferragamo SpA†		198,277		205,028
	10,000	The Cheesecake Factory Inc.†		93,274		470,000
	38,500	Tractor Supply Co.		330,273		7,800,485
	60,000	Village Super Market Inc., Cl. A		1,471,077		1,300,800
	100	Vroom Inc.†		2,200		2,207
	8,600	Weis Markets Inc.		238,885		451,930
	600	Winmark Corp.		41,191		129,018
				18,219,073		107,335,229
		Specialty Chemicals — 3.5%
	3,500	Albemarle Corp.		52,132		766,395
	28,000	Ashland Global Holdings Inc.		210,127		2,495,360
	1,354,525	Ferro Corp.†		6,342,463		27,551,039

					Market
Shares			Cost		Value
	180,546	GCP Applied Technologies Inc.†	$	4,482,831	$	3,957,568
	252,000	H.B. Fuller Co.		2,873,618		16,269,120
	37,500	Hawkins Inc.		640,205		1,308,000
	45,000	Huntsman Corp		141,192		1,331,550
	6,000	NewMarket Corp.		602,057		2,032,620
	9,000	Quaker Chemical Corp.		139,495		2,139,480
	50,000	Sensient Technologies Corp.		972,081		4,554,000
	2,500	Takasago International Corp.		66,073		67,276
	91,200	The General Chemical Group Inc.†(b)		1,186		456
	130,000	Valvoline Inc.		383,928		4,053,400
				16,907,388		66,526,264
		Telecommunications — 0.9%
	60,000	Consolidated Communications Holdings Inc.†		369,591		551,400
	70,000	Gogo Inc.†		369,181		1,211,000
	4,500	IDT Corp., Cl. B†		16,983		188,775
	65,000	Iridium Communications Inc.†		581,750		2,590,250
	50,000	Loral Space & Communications Inc.		1,661,975		2,150,500
	86,000	Nuvera Communications Inc.		634,234		1,892,000
	84,000	Rogers Communications Inc., Cl. B		302,780		3,917,760
	75,000	Shenandoah Telecommunications Co.		183,915		2,368,500
	800,000	VEON Ltd., ADR†		1,565,983		1,664,000
	4,000	Verizon Communications Inc.		17,565		216,040
				5,703,957		16,750,225
		Transportation — 1.8%
	380,000	GATX Corp.		10,862,049		34,032,800
	18,600	Irish Continental Group plc†		13,660		92,968
	100,053	Navigator Holdings Ltd.†		961,758		890,472
				11,837,467		35,016,240
		Wireless Communications — 0.0%
	22,000	United States Cellular Corp.†		789,590		701,580

		TOTAL COMMON STOCKS		522,793,384		1,893,409,052

		CLOSED-END FUNDS — 0.2%
	55,000	The Central Europe, Russia, and Turkey Fund Inc.		1,214,513		1,587,850
	32,729	The European Equity Fund Inc.		325,355		364,928

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2021

					Market
Shares			Cost		Value
		CLOSED-END FUNDS (Continued)
	119,537	The New Germany Fund Inc.	$	1,659,113	$	2,360,856
				3,198,981		4,313,634
		TOTAL CLOSED-END FUNDS		3,198,981		4,313,634

		PREFERRED STOCKS — 0.3%
		Automotive: Parts and Accessories — 0.3%
	95,000	Jungheinrich AG		649,637		4,432,542

		RIGHTS — 0.0%
		Entertainment — 0.0%
	1,680,000	Media General Inc., CVR, expire 12/31/21†(b)		2		2

		WARRANTS — 0.0%
		Business Services — 0.0%
	1	Internap Corp., expire 05/08/24†(b)		0		652

		Diversified Industrial — 0.0%
	140,000	Ampco-Pittsburgh Corp., expire 08/01/25†		95,648		121,037

		TOTAL WARRANTS		95,648		121,689

		TOTAL MISCELLANEOUS INVESTMENTS — 0.1%(d)		1,843,659		2,204,711

		TOTAL INVESTMENTS — 100.3%	$	528,581,311		1,904,481,630
		Other Assets and Liabilities (Net) — (0.3)%				(5,050,117	)
		NET ASSETS — 100.0%			$	1,899,431,513

(a)

Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares.

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

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

(d)	Represents previously undisclosed, unrestricted securities which the Fund has held for less than one year.

†	Non-income producing security.

ADR American Depositary Receipt

CVR Contingent Value Right

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Small Cap Growth Fund

and the Board of Directors of Gabelli Equity Series Funds, Inc.

Opinion on the Financial Statements and Schedule of Investments in Securities

We have audited the accompanying statement of assets and liabilities of The Gabelli Small Cap Growth Fund (the “Fund”) (one of the funds constituting Gabelli Equity Series Funds, Inc. (the “Corporation”)), including the summary schedule of investments, as of September 30, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”) (the financial statements are included in Item 1 of this Form N-CSR), and the schedule of investments in securities as of September 30, 2021 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements and schedule of investments in securities present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Gabelli Equity Series Funds, Inc.) at September 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and schedule of investments in securities, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and schedule of investments in securities. Our procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and schedule of investments in securities. We believe that our audits provide a reasonable basis for our opinion.

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

Philadelphia, Pennsylvania

November 24, 2021

(b)

Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

	(a)	The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

	(b)	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

	(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

	(a)(2)(1)	Not applicable.

	(a)(2)(2)	Not applicable.

(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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

Gabelli Equity Series Funds, Inc.

By (Signature and Title)*	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

Date

December 3, 2021

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/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

Date

December 3, 2021

By (Signature and Title)*

/s/ John C. Ball

John C. Ball, Principal Financial Officer and Treasurer

Date

December 3, 2021

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

Date:	December 3, 2021		/s/ Bruce N. Alpert
			Bruce N. Alpert, Principal Executive Officer