The Gabelli Equity Income Fund

Annual Report — September 30, 2022

To Our Shareholders,

For the fiscal year ended September 30, 2022, the net asset value (NAV) total return per Class AAA Share of The Gabelli Equity Income Fund was (10.1)% compared with a total return of (15.5)% for the Standard & Poor’s (S&P) 500 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, 2022.

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.

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.

Performance Discussion (Unaudited)

During the fourth quarter of 2021, stock market volatility intensified and supply chain, labor, and raw material headwinds challenged operations for many companies, increasing inflation and the fear of higher interest rates. Despite this, consumer demand remained strong and in December the national unemployment level approached pre-pandemic levels when it declined to 3.9%. While the Omicron variant presented challenges, households and corporations were able to continue to operate with little restriction.

Markets declined in the first quarter of 2022 with the S&P 500 Index falling 4.6%. Two years of a macro environment underpinned by economic reopening and expansion was finally replaced by one with significantly elevated inflation, rising interest rates, and the first major war in Europe in over 70 years. At its March meeting, the Fed raised interest rates by a quarter percentage point and signaled hikes at all six remaining meetings of the year, launching a campaign to tackle rampant inflation as risks to economic growth continued to mount.

In the second quarter of 2022, large and small capitalization stocks both declined, high grade bonds were down 7%, and gold retraced 3%. April and June brought some of biggest market declines in years as the reality of higher interest rates and the increasing prospect of a global slowdown took hold. While the rotation to Value that began in late 2021 continued into this year, by the end of Q2 there was no place to hide as energy stocks and other statistically cheap securities succumbed to the selling.

The third quarter of 2022 was the third straight quarter of the S&P 500 being down. Although the U.S. economy drew closer to normal after over two years of global pandemic shutdowns, and supply chain disruptions, the main concern investors faced was inflation. After keeping the Federal Funds rate near zero since just after the start of the COVID-19 pandemic, the Fed has been in catch-up mode and raising rates aggressively this year, including two 75 bp increases in the third quarter. Amid this tightening, signs of economic weakness are emerging, most notably in the housing market. Soaring mortgage rates sent home prices down 6% in August from their June peak, the biggest two month drop in nearly a decade. This weakness threatens to spill over to other areas of the economy imminently.

Among our better performing stocks for the fiscal year were Genuine Parts Co. (5.5% of net assets as of September 30, 2022), the auto parts supply company that owns the NAPA brand. The company beat sales and earnings expectations in the second quarter, as consumers hold on to their cars and trucks for longer, and spend more to maintain them. Sales for the full year should be up double digits for Genuine Parts as they are able to pass along price increases to their customers; another top contributor is tobacco product producer Swedish Match AB (6.2%). The company has been benefiting from the growth of the smokeless tobacco market in both Scandinavia and the U.S., as public smoking bans and health concerns are driving consumers to seek alternative tobacco products to cigarettes. The company has a tobacco free nicotine pouch product called ZYN that is growing rapidly in the U.S. as well as around the world. In May, the company announced that its board recommended an all cash offer from Philip Morris International (PM) for SEK 106 per share, creating a global smoke free champion and accelerating PM’s goal of having over 50% of revenues come from smoke free products.

A few of our weaker performers were Paramount Global, (1.3%), a globally scaled content company with networks including CBS, Showtime, Nickelodeon, MTV, Comedy Central, VH1, BET, thirty television stations and the Paramount movie studio. Share prices have declined as headwinds from cord cutting consumers and a decrease in TV media segment’s profitability affect the company’s cash flow and debt burden. The company has better used its increased scale to navigate the shifts in consumer behavior and monetization primarily through the successful launch of its Paramount+ direct-to-consumer platform; another top detractor was DISH Network Corp., (0.4%), which is a direct broadcast satellite provider with other telecommunications services. DISH has seen a continued decrease in net pay-TV subscribers and retail wireless net subscribers. Revenues and net incomes have so far been weaker in 2022 when compared with the previous year.

We appreciate your confidence and trust.

The views expressed reflect the opinions of the Fund's portfolio manager and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Comparative Results

Average Annual Returns through September 30, 2022 (a)(b) (Unaudited)

Total returns and 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)
ClassAAA(GABEX)		(10.08	)%		4.71	%		7.52	%		5.61	%		9.12	%
S&P 500 Index (c)		(15.47	)		9.24			11.70			8.03			9.40
Lipper Equity Income Fund Average (c)		(8.18	)		6.42			9.13			6.09			8.18
Class A (GCAEX) (d)		(10.05	)		4.71			7.52			5.62			9.11
With sales charge (e)		(15.22	)		3.48			6.89			5.20			8.90
Class C (GCCEX) (d)(f)		(10.84	)		3.92			6.71			4.82			8.62
With contingent deferred sales charge (g)		(11.73	)		3.92			6.71			4.82			8.62
Class I (GCIEX) (d)		(9.81	)		4.98			7.79			5.88			9.25

(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)

Effective January 3, 2022, the Equity Income Fund's Class C Shares have been "closed to all purchases." "Closed to all purchases" means neither new investors nor existing shareholders may purchase any additional Class C Shares after the Effective Date. These changes have no effect on existing shareholders' ability to redeem shares of the Equity Income Fund as described herein.

(g)	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, 2022, the expense ratios for Class AAA, A, and I Shares are 1.42%, 1.42%, and 1.17%, respectively. See page 14 for the expense ratios for the year ended September 30, 2022. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares is 5.75%.

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	(10.08)%	4.71%	7.52%

* 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, 2022 through September 30, 2022

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, 2022.

	Beginning	Ending	Annualized		Expenses
	Account Value	Account Value	Expense		Paid During
	04/01/22	09/30/22	Ratio		Period *
The Gabelli Equity Income Fund
Actual Fund Return
Class AAA	$1,000.00	$857.70	1.41	%	$	6.57
Class A	$1,000.00	$858.20	1.41	%	$	6.57
Class C	$1,000.00	$853.50	2.16	%	$	10.04
Class I	$1,000.00	$859.10	1.16	%	$	5.41
Hypothetical 5% Return
Class AAA	$1,000.00	$1,018.00	1.41	%	$	7.13
Class A	$1,000.00	$1,018.00	1.41	%	$	7.13
Class C	$1,000.00	$1,014.24	2.16	%	$	10.91
Class I	$1,000.00	$1,019.25	1.16	%	$	5.87

*	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, 2022:

The Gabelli Equity Income Fund

Food and Beverage	17.6	%
Financial Services	13.2	%
Consumer Products	7.5	%
Automotive: Parts and Accessories	5.7	%
Diversified Industrial	5.4	%
Retail	5.1	%
Equipment and Supplies	4.7	%
Health Care	4.6	%
Machinery	3.8	%
Telecommunications	3.6	%
Energy and Utilities: Oil	3.5	%
Business Services	3.5	%
Energy and Utilities: Natural Gas	2.2	%
Computer Software and Services	2.0	%
Electronics	1.9	%
Transportation	1.7	%
Computer Hardware	1.7	%
Metals and Mining	1.6	%
Building and Construction	1.6	%
Entertainment	1.4	%
Specialty Chemicals	1.0	%

Agriculture	0.9	%
Energy and Utilities: Integrated	0.6	%
Aerospace	0.5	%
Energy and Utilities: Services	0.5	%
Cable and Satellite	0.5	%
Energy and Utilities: Electric	0.5	%
Real Estate Investment Trusts	0.5	%
Communications Equipment	0.3	%
Environmental Services	0.2	%
Broadcasting	0.2	%
Automotive	0.2	%
Consumer Services	0.1	%
Energy and Utilities: Water	0.1	%
Hotels and Gaming	0.1	%
Paper and Forest Products	0.1	%
Wireless Communications	0.0	%*
Publishing	0.0	%*
Other Assets and Liabilities (Net)	1.4	%
	100.0	%

* Amount represents less than 0.05%.

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

Proxy Voting

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

The Gabelli Equity Income Fund

Schedule of Investments — September 30, 2022

					Market
Shares			Cost		Value
		COMMON STOCKS — 98.6%
		Aerospace — 0.5%
	2,000	Lockheed Martin Corp.	$	47,350	$	772,580
	8,200	Rockwell Automation Inc.		246,347		1,763,902
				293,697		2,536,482
		Agriculture — 0.9%
	50,000	Archer-Daniels-Midland Co.		1,281,567		4,022,500
	11,000	The Mosaic Co.		170,792		531,630
				1,452,359		4,554,130
		Automotive — 0.2%
	10,000	PACCAR Inc.		386,268		836,900

		Automotive: Parts and Accessories — 5.7%
	75,000	Dana Inc.		1,181,712		857,250
	180,500	Genuine Parts Co.		8,115,799		26,952,260
				9,297,511		27,809,510
		Broadcasting — 0.2%
	45,000	Liberty Global plc, Cl. A†		1,033,770		701,550
	9,000	Liberty Global plc, Cl. C†		195,254		148,500
				1,229,024		850,050

		Building and Construction — 1.6%
	30,000	Carrier Global Corp.		254,818		1,066,800
	39,500	Fortune Brands Home & Security Inc.		390,211		2,120,755
	22,500	Herc Holdings Inc.		684,644		2,337,300
	47,500	Johnson Controls International plc		871,643		2,337,950
				2,201,316		7,862,805
		Business Services — 3.5%
	10,800	Automatic Data Processing Inc.		518,883		2,442,852
	26,300	Mastercard Inc., Cl. A		529,331		7,478,142
	2,400	MSC Industrial Direct Co. Inc., Cl. A		165,490		174,744
	32,000	Pentair plc		622,795		1,300,160
	17,800	S&P Global Inc.		788,492		5,435,230
				2,624,991		16,831,128
		Cable and Satellite — 0.5%
	129,000	DISH Network Corp., Cl. A†		2,343,606		1,784,070
	15,000	EchoStar Corp., Cl. A†		344,371		247,050
	15,000	Liberty Media Corp. - Liberty Braves, Cl. A†		423,698		422,250
				3,111,675		2,453,370
		Communications Equipment — 0.3%
	42,000	Corning Inc.		481,575		1,218,840

		Computer Hardware — 1.7%
	37,200	Apple Inc.		681,135		5,141,040

					Market
Shares			Cost		Value
	24,500	International Business Machines Corp.	$	1,892,888	$	2,910,845
				2,574,023		8,051,885
		Computer Software and Services — 2.0%
	90,000	Hewlett Packard Enterprise Co.		509,279		1,078,200
	37,000	Microsoft Corp.		1,033,780		8,617,300
				1,543,059		9,695,500
		Consumer Products — 7.5%
	6,000	Edgewell Personal Care Co.		182,805		224,400
	50,000	Energizer Holdings Inc.		1,257,737		1,257,000
	30,000	Essity AB, Cl. A		529,907		594,720
	1,000	National Presto Industries Inc.		30,628		65,050
	34,000	Reckitt Benckiser Group plc		1,008,398		2,268,651
	3,050,000	Swedish Match AB		3,576,325		30,231,626
	41,000	Unilever plc, ADR		818,025		1,797,440
				7,403,825		36,438,887
		Consumer Services — 0.1%
	1,600	Allegion plc		19,252		143,488
	15,000	Rollins Inc.		14,913		520,200
				34,165		663,688
		Diversified Industrial — 5.4%
	78,000	Crane Holdings Co.		2,384,873		6,828,120
	34,000	Eaton Corp. plc		1,256,618		4,534,240
	1,500	Honeywell International Inc.		32,160		250,455
	8,600	Ingersoll Rand Inc.		45,820		372,036
	48,000	ITT Inc.		961,318		3,136,320
	36,500	Jardine Matheson Holdings Ltd.		1,849,122		1,848,360
	22,000	nVent Electric plc		230,823		695,420
	108,000	Textron Inc.		841,688		6,292,080
	150,000	Toray Industries Inc.		1,002,210		737,718
	8,000	Trane Technologies plc		137,872		1,158,480
	22,000	Trinity Industries Inc.		290,669		469,700
				9,033,173		26,322,929
		Electronics — 1.9%
	6,500	Sony Group Corp.		138,865		417,045
	30,000	Sony Group Corp., ADR		682,008		1,921,500
	48,500	TE Connectivity Ltd.		1,600,853		5,352,460
	10,000	Texas Instruments Inc.		147,000		1,547,800
				2,568,726		9,238,805
		Energy and Utilities: Electric — 0.5%
	7,500	Avangrid Inc.		210,171		312,750
	19,000	Korea Electric Power Corp., ADR†		223,895		129,200
	8,000	Portland General Electric Co.		334,816		347,680

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — September 30, 2022

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Energy and Utilities: Electric (Continued)
	63,000	The AES Corp.	$	291,918	$	1,423,800
				1,060,800		2,213,430
		Energy and Utilities: Integrated — 0.6%
	50,000	Energy Transfer LP		13,799		551,500
	21,000	Eni SpA		220,487		224,539
	6,500	Iberdrola SA, ADR		98,020		241,865
	57,000	OGE Energy Corp.		760,843		2,078,220
				1,093,149		3,096,124
		Energy and Utilities: Natural Gas — 2.2%
	105,500	National Fuel Gas Co.		4,687,433		6,493,525
	11,500	ONE Gas Inc.		48,202		809,485
	59,000	ONEOK Inc.		5,368		3,023,160
	7,500	Southwest Gas Holdings Inc.		153,948		523,125
				4,894,951		10,849,295
		Energy and Utilities: Oil — 3.5%
	3,000	Callon Petroleum Co.†		117,351		105,030
	43,000	Chevron Corp.		1,712,765		6,177,810
	4,500	ConocoPhillips		82,502		460,530
	7,200	Devon Energy Corp.		73,144		432,936
	12,000	Exxon Mobil Corp.		312,521		1,047,720
	57,400	Hess Corp.		2,744,140		6,256,026
	18,000	Marathon Petroleum Corp.		234,717		1,787,940
	13,500	TotalEnergies SE, ADR		230,259		628,020
				5,507,399		16,896,012
		Energy and Utilities: Services — 0.5%
	4,000	Dril-Quip Inc.†		96,160		78,080
	84,000	Halliburton Co.		1,527,900		2,068,080
	10,000	Schlumberger NV		240,037		359,000
				1,864,097		2,505,160
		Energy and Utilities: Water — 0.1%
	3,600	Essential Utilities Inc.		26,544		148,968
	18,500	Severn Trent plc		464,897		486,453
				491,441		635,421
		Entertainment — 1.4%
	37,800	Grupo Televisa SAB, ADR		350,008		203,364
	6,000	Madison Square Garden Entertainment Corp.†		128,559		264,540
	2,500	Madison Square Garden Sports Corp.†		301,305		341,650
	285,000	Paramount Global, Cl. A		6,751,924		6,138,900
				7,531,796		6,948,454
		Environmental Services — 0.2%
	7,500	Republic Services Inc.		284,610		1,020,300

		Equipment and Supplies — 4.7%
	6,500	A.O. Smith Corp.		17,320		315,770

					Market
Shares			Cost		Value
	14,000	Danaher Corp.	$	406,841	$	3,616,060
	158,000	Flowserve Corp.		1,981,245		3,839,400
	50,000	Graco Inc.		853,683		2,997,500
	18,500	Minerals Technologies Inc.		703,572		914,085
	130,000	Mueller Industries Inc.		2,364,448		7,727,200
	15,000	Parker-Hannifin Corp.		809,385		3,634,650
				7,136,494		23,044,665
		Financial Services — 13.2%
	2,000	Alleghany Corp.†		295,806		1,678,740
	19,000	AllianceBernstein Holding LP		0		666,140
	19,000	American Express Co.		459,057		2,563,290
	19,000	Ameris BanCorp.		200,916		849,490
	3,700	Argo Group International Holdings Ltd.		66,521		71,262
	5,195	Banco Santander Chile, ADR		29,250		72,782
	125,000	Bank of America Corp.		823,246		3,775,000
	12,000	BNP Paribas SA		513,665		512,821
	25,000	Credit Suisse Group AG		135,501		100,740
	40,000	Interactive Brokers Group Inc., Cl. A		596,884		2,556,400
	15,000	Jefferies Financial Group Inc.		263,160		442,500
	8,500	JPMorgan Chase & Co.		164,948		888,250
	51,000	Julius Baer Group Ltd.		1,644,750		2,248,404
	21,000	Kinnevik AB, Cl. A†		509,320		280,816
	63,500	Loews Corp.		2,344,007		3,164,840
	11,200	M&T Bank Corp.		956,465		1,974,784
	15,200	Marsh & McLennan Companies Inc.		415,551		2,269,208
	10,000	Morgan Stanley		497,929		790,100
	5,800	Popular Inc.		93,651		417,948
	64,000	SLM Corp.		311,552		895,360
	122,000	State Street Corp.		5,565,671		7,418,820
	6,000	T. Rowe Price Group Inc.		122,374		630,060
	297,000	The Bank of New York Mellon Corp.		7,458,271		11,440,440
	15,000	The Goldman Sachs Group Inc.		1,887,537		4,395,750
	24,300	The PNC Financial Services Group Inc.		1,914,956		3,630,906
	53,000	Valley National BanCorp.		331,250		572,400
	118,000	Webster Financial Corp.		2,730,948		5,333,600
	113,000	Wells Fargo & Co.		3,182,298		4,544,860
				33,515,484		64,185,711
		Food and Beverage — 17.6%
	1,000	Anheuser-Busch InBev SA/NV		15,876		45,812
	200,000	Brown-Forman Corp., Cl. A		3,430,702		13,512,000
	34,000	Campbell Soup Co.		1,061,533		1,602,080

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — September 30, 2022

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	19,000	Coca-Cola Europacific Partners plc	$	427,500	$	809,780
	10,000	Coca-Cola Femsa SAB de CV, ADR		340,562		583,900
	5,800	Constellation Brands Inc., Cl. A		71,940		1,332,144
	35,000	Danone SA		1,347,433		1,666,036
	35,000	Davide Campari-Milano NV		117,659		312,558
	49,500	Diageo plc, ADR		3,063,927		8,405,595
	81,500	Fomento Economico Mexicano SAB de CV, ADR		1,986,761		5,114,125
	1,000	General Mills Inc.		26,640		76,610
	1,700,000	Grupo Bimbo SAB de CV, Cl. A		1,363,229		5,973,783
	93,000	Heineken NV		4,417,436		8,190,258
	132,000	ITO EN Ltd.		2,344,495		5,344,573
	17,500	Kellogg Co.		910,204		1,219,050
	4,000	McCormick & Co. Inc.		137,120		292,720
	31,200	McCormick & Co. Inc., Non-Voting		675,130		2,223,624
	33,000	Mondelēz International Inc., Cl. A		594,465		1,809,390
	31,800	Nestlé SA		653,040		3,451,043
	54,000	Nissin Foods Holdings Co. Ltd.		1,657,298		3,757,203
	31,300	PepsiCo Inc.		2,107,123		5,110,038
	23,800	Pernod Ricard SA		2,337,623		4,404,962
	31,200	Remy Cointreau SA		1,660,939		5,225,705
	30,000	Sapporo Holdings Ltd.		664,276		659,158
	10,000	The Coca-Cola Co.		208,400		560,200
	1,000	The Hershey Co.		36,300		220,470
	50,000	The Kraft Heinz Co.		1,403,471		1,667,500
	32,000	Yakult Honsha Co. Ltd.		799,840		1,859,463
				33,860,922		85,429,780
		Health Care — 4.6%
	4,000	Abbott Laboratories		91,738		387,040
	3,000	AbbVie Inc.		74,560		402,630
	3,200	Alcon Inc.		106,703		186,176
	75,000	Baxter International Inc.		1,657,103		4,039,500
	4,400	Bio-Rad Laboratories Inc., Cl. A†		432,651		1,835,416
	87,500	Bristol-Myers Squibb Co.		2,105,675		6,220,375
	69,500	Demant A/S†		672,691		1,730,973
	6,400	GSK plc, ADR		270,041		188,352
	8,000	Haleon plc, ADR†		57,324		48,720
	29,700	Henry Schein Inc.†		306,559		1,953,369
	16,000	Merck & Co. Inc.		283,402		1,377,920
	12,000	Novartis AG, ADR		585,253		912,120

					Market
Shares			Cost		Value
	1,600	Organon & Co.	$	12,724	$	37,440
	20,000	Pfizer Inc.		320,152		875,200
	42,500	Roche Holding AG, ADR		781,653		1,726,350
	2,000	Zimmer Biomet Holdings Inc.		158,739		209,100
	170	Zimvie Inc.†		3,097		1,678
				7,920,065		22,132,359
		Hotels and Gaming — 0.1%
	12,000	MGM Resorts International		144,776		356,640
	1,500	Wynn Resorts Ltd.†		71,983		94,545
				216,759		451,185
		Machinery — 3.8%
	6,000	Caterpillar Inc.		35,181		984,480
	47,800	Deere & Co.		1,549,705		15,959,942
	9,500	Otis Worldwide Corp.		365,921		606,100
	8,500	Xylem Inc.		274,006		742,560
				2,224,813		18,293,082
		Metals and Mining — 1.6%
	80,000	Freeport-McMoRan Inc.		937,109		2,186,400
	136,500	Newmont Corp.		3,244,212		5,737,095
				4,181,321		7,923,495
		Paper and Forest Products — 0.1%
	21,500	Svenska Cellulosa AB SCA, Cl. A		89,315		276,266

		Publishing — 0.0%
	3,000	Value Line Inc.		41,976		131,700

		Real Estate Investment Trusts — 0.5%
	7,800	Indus Realty Trust Inc.		224,765		408,486
	63,000	Weyerhaeuser Co.		991,974		1,799,280
				1,216,739		2,207,766
		Retail — 5.1%
	14,000	Cie Financiere Richemont SA, Cl. A		470,500		1,337,712
	22,700	Copart Inc.†		200,428		2,415,280
	6,700	Costco Wholesale Corp.		307,049		3,164,209
	89,000	CVS Health Corp.		2,975,872		8,487,930
	46,500	Ingles Markets Inc., Cl. A		724,037		3,683,265
	67,000	Seven & i Holdings Co. Ltd.		2,010,760		2,687,777
	3,000	The Home Depot Inc.		83,470		827,820
	59,000	Walgreens Boots Alliance Inc.		1,805,941		1,852,600
	1,000	Walmart Inc.		43,340		129,700
				8,621,397		24,586,293
		Specialty Chemicals — 1.0%
	2,700	Albemarle Corp.		27,305		713,988
	2,500	Ashland Inc.		58,813		237,425
	6,700	FMC Corp.		142,955		708,190
	44,000	H.B. Fuller Co.		908,899		2,644,400

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — September 30, 2022

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Specialty Chemicals (Continued)
	2,000	NewMarket Corp.	$	7,719	$	601,660
	600	Quaker Chemical Corp.		6,478		86,628
				1,152,169		4,992,291
		Telecommunications — 3.6%
	105,000	BCE Inc.		2,004,577		4,403,700
	190,000	Deutsche Telekom AG, ADR		2,540,249		3,241,400
	12,000	Orange SA, ADR		138,547		107,880
	2,000	Proximus SA		36,706		20,767
	65,000	Telefonica SA, ADR		274,093		210,600
	121,500	Telephone and Data Systems Inc.		3,227,521		1,688,850
	94,000	TELUS Corp.		713,431		1,866,840
	160,000	Verizon Communications Inc.		5,448,818		6,075,200
				14,383,942		17,615,237
		Transportation — 1.7%
	98,700	GATX Corp.		3,135,264		8,404,305

					Market
Shares			Cost		Value
		Wireless Communications — 0.0%
	74,000	BT Group plc, Cl. A	$	206,260	$	100,265
	10,000	Telesat Corp., New York†		111,800		78,100
	20,000	Turkcell Iletisim Hizmetleri A/S, ADR		91,562		53,200
				409,622		231,565
		TOTAL COMMON STOCKS		185,069,912		479,434,805

		WARRANTS — 0.0%
		Retail — 0.0%
	28,000	Cie Financiere Richemont SA, expire 11/22/23†		0		12,486

		TOTAL INVESTMENTS — 98.6%	$	185,069,912		479,447,291

		Other Assets and Liabilities (Net) — 1.4%				6,599,210

		NET ASSETS — 100.0%			$	486,046,501

†	Non-income producing security.

ADR	American Depositary Receipt

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Statement of Assets and Liabilities

September 30, 2022

Assets:
Investments, at value (cost $185,069,912)	$	479,447,291
Cash		5,561
Receivable for Fund shares sold		11,737,802
Dividends receivable		1,268,456
Prepaid expenses		28,430
Total Assets		492,487,540
Liabilities:
Line of credit payable		5,258,000
Payable for Fund shares redeemed		439,069
Payable for investment advisory fees		421,038
Payable for distribution fees		100,300
Payable for accounting fees		7,500
Other accrued expenses		215,132
Total Liabilities		6,441,039
Net Assets
(applicable to 63,473,682 shares outstanding)	$	486,046,501
Net Assets Consist of:
Paid-in capital	$	195,568,509
Total distributable earnings		290,477,992
Net Assets	$	486,046,501

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($230,926,021 ÷ 28,535,920 shares outstanding; 150,000,000 shares authorized)	$	8.09
Class A:
Net Asset Value and redemption price per share ($95,185,378 ÷ 11,959,639 shares outstanding; 50,000,000 shares authorized)	$	7.96
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	8.45
Class C:
Net Asset Value and redemption price per share ($31,619,853 ÷ 9,264,294 shares outstanding; 50,000,000 shares authorized)	$	3.41	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($128,315,249 ÷ 13,713,829 shares outstanding; 50,000,000 shares authorized)	$	9.36

Statement of Operations

For the Year Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding taxes of $306,110)	$	11,123,598
Interest		5,238
Total Investment Income		11,128,836
Expenses:
Investment advisory fees.		5,636,697
Distribution fees - Class AAA		702,567
Distribution fees - Class A		268,179
Distribution fees - Class C		437,816
Shareholder services fees		391,143
Shareholder communications expenses		156,837
Custodian fees		91,124
Legal and audit fees		68,745
Registration expenses		64,512
Directors’ fees		45,273
Accounting fees		45,000
Interest expense		18,316
Miscellaneous expenses		49,249
Total Expenses		7,975,458
Less:
Expenses paid indirectly by broker (See Note 6)		(4,725	)
Net Expenses		7,970,733
Net Investment Income		3,158,103
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		44,895,112
Net realized loss on foreign currency transactions		(17,254	)
Net realized gain on investments and foreign currency transactions		44,877,858
Net change in unrealized appreciation/depreciation:
on investments		(100,590,233	)
on foreign currency translations		(18,793	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(100,609,026	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(55,731,168	)
Net Decrease in Net Assets Resulting from Operations	$	(52,573,065	)

(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, 2022			Year Ended September 30, 2021

Operations:
Net investment income	$	3,158,103		$	3,696,072
Net realized gain on investments, securities sold short, and foreign currency transactions		44,877,858			68,927,126
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(100,609,026	)		82,921,021
Net Increase/(Decrease) in Net Assets Resulting from Operations		(52,573,065	)		155,544,219

Distributions to Shareholders:
Accumulated earnings
Class AAA		(22,272,154	)		(33,908,511	)
Class A		(8,652,015	)		(10,265,934	)
Class C		(7,436,270	)		(11,014,210	)
Class I		(9,375,536	)		(14,518,170	)
		(47,735,975	)		(69,706,825	)
Return of capital
Class AAA		(25,806,376	)		(23,401,915	)
Class A		(10,503,964	)		(8,046,305	)
Class C		(5,196,111	)		(7,915,693	)
Class I		(12,186,613	)		(8,957,061	)
		(53,693,064	)		(48,320,974	)
Total Distributions to Shareholders		(101,429,039	)		(118,027,799	)

Capital Share Transactions:
Class AAA		6,853,900			1,047,718
Class A		26,476,191			25,393,934
Class C		(3,093,552	)		1,702,442
Class I		28,598,222			(11,136,577	)

Net Increase in Net Assets from Capital Share Transactions		58,834,761			17,007,517

Redemption Fees		428			215

Net Increase/(Decrease) in Net Assets		(95,166,915	)		54,524,152
Net Assets:
Beginning of year		581,213,416			526,689,264
End of year	$	486,046,501		$	581,213,416

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
2022	$	10.85	$	0.06		$	(1.01	)	$	(0.95	)	$	(0.06	)	$	(0.78	)	$	(0.97	)	$	(1.81	)	$	0.00	$	8.09	(10.08	)%	$	230,926	0.56	%	1.42	%	1	%
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)
Class A
2022	$	10.69	$	0.06		$	(0.99	)	$	(0.93	)	$	(0.06	)	$	(0.77	)	$	(0.97	)	$	(1.80	)	$	0.00	$	7.96	(10.05	)%	$	95,186	0.57	%	1.42	%	1	%
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)
Class C
2022	$	5.24	$	(0.01	)	$	(0.42	)	$	(0.43	)	$	(0.04	)	$	(0.78	)	$	(0.58	)	$	(1.40	)	$	0.00	$	3.41	(10.84	)%	$	31,620	(0.21	)%	2.17	%	1	%
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)
Class I
2022	$	12.35	$	0.10		$	(1.17	)	$	(1.07	)	$	(0.08	)	$	(0.77	)	$	(1.06	)	$	(1.92	)	$	0.00	$	9.36	(9.81	)%	$	128,315	0.81	%	1.17	%	1	%
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)

†	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 all years presented, there was no impact on the expense ratios.

(d)

The Fund incurred interest expense during the fiscal years ended September 30, 2022, 2021, 2020, 2019, and 2018. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.41%, 1.41%, 1.42%, 1.40%, and 1.39% (Class AAA and Class A), 2.16%, 2.16%, 2.17%, 2.15%, and 2.14% (Class C), and 1.16%, 1.16%, 1.17%, 1.15%, and 1.14% (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, a series of the Gabelli Equity Series Funds, Inc. (the Corporation), was incorporated on July 25, 1991 in Maryland. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and is one of four separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund seeks to provide a high level of total return on its assets with an emphasis on income. The Fund commenced investment operations on January 2, 1992.

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.

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 the Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the 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.

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

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

●

Level 1 — 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, 2022 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Total Market Value at 09/30/22
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	479,434,805	$	479,434,805
Warrants (a)		12,486		12,486
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	479,447,291	$	479,447,291

(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, 2022 or September 30, 2021.

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 Equity Income Fund

Notes to Financial Statements (Continued)

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. During the fiscal year ended September 30, 2022, there were no short sales outstanding.

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

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

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

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

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, 2022, 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. The characterization of distributions to shareholders is based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to tax equalization utilized during the year, prior year post financial statement adjustments, and tax treatment of partnership expenses. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended September 30, 2022, reclassifications were made to increase paid-in capital by $372,852, with an offsetting adjustment to total distributable earnings.

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

The tax character of distributions paid during the fiscal years ended September 30, 2022 and 2021 was as follows:

	Year Ended September 30, 2022*		Year Ended September 30, 2021*
Distributions paid from:
Ordinary income	$	3,432,763	$	4,817,998
Net long term capital gains		44,793,364		67,752,576
Return of capital		53,693,064		48,320,974
Total distributions paid	$	101,919,191	$	120,891,548

*	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, 2022, the components of accumulated earnings/losses on a tax basis were as follows:

Net unrealized appreciation on investments and foreign currency translations		$	290,477,993
Total		$	290,477,993

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2022:

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

Investments

$188,955,354

$306,861,063

$(16,369,126)

$290,491,937

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the fiscal year ended September 30, 2022, the Fund did not incur any income tax, interest, or penalties. As of September 30, 2022, 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, 2022, other than short term securities and U.S. Government obligations, aggregated $2,911,825 and $59,112,974, respectively.

6. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2022, the Fund paid $3,923 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $104,877 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the fiscal year ended September 30, 2022, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $4,725.

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, 2022, 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.

The Gabelli Equity 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. At September 30, 2022, there was $5,258,000 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, 2022 was $1,819,827 with a weighted average interest rate of 1.70%. The maximum amount borrowed at any time during the fiscal year ended September 30, 2022 was $12,402,000.

8. Capital Stock. The Fund offers three classes of shares – Class AAA Shares, Class A Shares, and Class I Shares. Effective January 3, 2022, the Fund’s Class C Shares were “closed to all purchases.” “Closed to all purchases” means neither new investors nor existing shareholders may purchase any additional Class C Shares after the Effective Date. These changes will have no effect on existing shareholders’ ability to redeem shares of the Fund as described in the Fund’s Prospectus. 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, 2022 and 2021, 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, 2022					Year Ended September 30, 2021
	Shares		Amount			Shares		Amount
Class AAA
Shares sold	645,461		$	6,748,143		719,191		$	8,391,443
Shares issued upon reinvestment of distributions	4,931,483			46,611,265		4,944,370			55,696,708
Shares redeemed	(4,439,438	)		(46,505,508	)	(5,455,710	)		(63,040,433	)
Net increase	1,137,506		$	6,853,900		207,851		$	1,047,718
Class A
Shares sold	3,034,549		$	31,417,004		3,025,728		$	34,701,143
Shares issued upon reinvestment of distributions	1,968,136			18,209,199		1,538,993			17,114,296
Shares redeemed	(2,267,796	)		(23,150,012	)	(2,318,146	)		(26,421,505	)
Net increase	2,734,889		$	26,476,191		2,246,575		$	25,393,934
Class C
Shares sold	1,055,129		$	5,423,547		1,812,023		$	11,756,248
Shares issued upon reinvestment of distributions	2,813,019			12,443,798		3,201,433			18,582,717
Shares redeemed	(4,363,620	)		(20,960,897	)	(4,487,597	)		(28,636,523	)
Net increase/(decrease)	(495,472	)	$	(3,093,552	)	525,859		$	1,702,442
Class I
Shares sold	3,822,498		$	42,274,555		1,707,653		$	22,716,891
Shares issued upon reinvestment of distributions	1,978,810			21,251,482		1,824,386			23,208,214
Shares redeemed	(2,943,248	)		(34,927,815	)	(4,414,403	)		(57,061,682	)
Net increase/(decrease)	2,858,060		$	28,598,222		(882,364	)	$	(11,136,577	)

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, 2022, 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, 2022, 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, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

November 29, 2022

The Gabelli Equity Income Fund

Liquidity Risk Management Program (Unaudited)

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

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

At a meeting of the Board held on August 16, 2022, 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: 80	Since 1991	31	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 Gabelli Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holding, Co. (holding company) (2001-2019); 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: 78	Since 1991	12	Former Senior Vice President of G.research, LLC (and its predecessor) (1991-2019)	—

INDEPENDENT DIRECTORS⁵:

Elizabeth C. Bogan Director Age: 78	Since 2019	12	Senior Lecturer in Economics at Princeton University	—

Anthony J. Colavita⁶ Director Age: 86	Since 1991	18	President of the law firm of Anthony J. Colavita, P.C.	—

Vincent D. Enright Director Age: 78	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: 83	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank

The Gabelli Equity Income Fund

Additional Fund Information (Unaudited) (Continued)

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

Kuni Nakamura Director Age: 54	Since 2009	36	President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees; Trustee on Fordham Preparatory School Board of Trustees	—

Anthonie C. van Ekris⁶ Director Age: 88	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/export company)	—

Salvatore J. Zizza⁷ Director Age: 76	Since 2001	34	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 (Unaudited) (Continued)

Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Principal Occupation(s) During Past Five Years

OFFICERS:

John C. Ball President and Treasurer Age: 46	Since 2017	Officer of registered investment companies within the Gabelli 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: 69	Since 2020	General Counsel, GAMCO Investors, Inc. and Chief Legal Officer, Associated Capital Group, Inc. since 2021; 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: 63	Since 2013	Chief Compliance Officer of registered investment companies within the Gabelli Fund Complex since 2013

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.

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 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.

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THE GABELLI EQUITY INCOME FUND

2022 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the fiscal year ended September 30, 2022, the Fund paid to shareholders ordinary income distributions totaling $0.0585, $0.0589, $0.0370, and $0.0848 for each of Class AAA, Class A, Class C, and Class I, respectively, and long term capital gains totaling $44,793,364, 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, 2022, 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 0.04% 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, 2022 which was derived from U.S. Treasury securities was 0.04%. 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 Equity Income Fund did not meet this strict requirement in 2022. The percentage of U.S. Government securities held as of September 30, 2022 was 0.00%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

___________

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

THE 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.

The Gabelli Small Cap Growth Fund

Annual Report — September 30, 2022

(Y)our Portfolio Management Team


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

To Our Shareholders,

For the fiscal year ended September 30, 2022, the net asset value (NAV) total return per Class AAA Share of The Gabelli Small Cap Growth Fund was (17.1)% compared with a total return of (18.8)% for the Standard & Poor's (S&P) SmallCap 600 Index. Other classes of shares are available. See page 4 for performance information for all classes.

Enclosed are the financial statements, including the summary schedule of investments, as of September 30, 2022.

Investment Objective and Strategy (Unaudited)

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 (Unaudited)

Markets declined in the first quarter of 2022 with the S&P 500 Index falling 4.6%. Two years of a macro environment underpinned by economic reopening and expansion was finally replaced by one with significantly elevated inflation, rising interest rates, and the first major war in Europe in over 70 years. At its March meeting, the Fed raised interest rates by a quarter percentage point and signaled hikes at all six remaining meetings this year, launching a campaign to tackle rampant inflation as risks to economic growth continued to mount.

The third quarter of 2022 was the third straight quarter of the S&P 500 being down. Although the U.S. economy drew closer to normal after over two years of global pandemic shutdowns, and supply chain disruptions, the main concern investors faced was inflation. After keeping the Federal Funds rate near zero since just after the start of the COVID-19 pandemic, the Fed has been in catch-up mode and raising rates aggressively this year, including two 75 bps increases in the third quarter. Amid this tightening, signs of economic weakness are emerging, most notably in the housing market. Soaring mortgage rates sent home prices down 6% in August from their June peak, the biggest two month drop in nearly a decade. This weakness threatens to spill over to other areas of the economy imminently.

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.

Among our better performing stocks for the fiscal year were Mueller Industries, Inc. (2.6% of net assets as of September 30, 2022), a global industrial corporation whose holdings include manufacturers and distributors of technical and essential products, serving industries including plumbing, heating, HVACR, and industrial manufacturing. Mueller's second quarter net sales increased 13.6%, while operating income increased by 70%. The company also ended the quarter with no net debt; another top performer was Griffon Corp. (2.5%), a provider of branded consumer and professional tools and products for home storage and organization, landscaping, and enhancing outdoor lifestyles in its Consumer and Profession Products segment, and residential and commercial sectional garage doors in its Home and Building Products segment. Griffon rebounded in its third fiscal quarter with a 31% increase in revenues and income from continuing operations that more than doubled.

A few of our weaker performers in the fiscal year included Dana Inc. (0.9%), a leading supplier of drivetrain and electric propulsion systems for passenger vehicles. Dana faces pressure from supply chain problems and growing inflation and, despite continued top line growth, has seen share prices decline. Another detractor was The Gorman-Rupp Co. (1.3%), a pump manufacturer offering more than 5,000 models of pumps and pumping systems for fluid-handling applications. Second quarter net sales increased by 28%, but gross margins were negatively impacted by the company's last in, first out (LIFO) accounting policy and acquired customer backlog amortization from its acquisition of Fill-Rite.

We appreciate your confidence and trust.

The views expressed reflect the opinions of the Fund's portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Comparative Results

Average Annual Returns through September 30, 2022 (a)(b) (Unaudited)

Total returns and 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		(10/22/91)
Class AAA (GABSX)	(17.07	)%	3.13	%	8.33	%	6.79	%		11.16	%
S&P SmallCap 600 Index (c)	(18.83	)	4.84		10.09		7.77			N/A
Lipper Small-Cap Core Funds Average (c)	(18.03	)	4.44		8.83		6.65			N/A
Class A (GCASX) (d)	(17.08	)	3.13		8.32		6.78			11.16
With sales charge (e)	(21.85	)	1.92		7.68		6.36			10.95
Class C (GCCSX) (d)	(17.69	)	2.36		7.51		5.99			10.66
With contingent deferred sales charge (f)	(18.52	)	2.36		7.51		5.99			10.66
Class I (GACIX) (d)	(16.88	)	3.39		8.59		7.05			11.30

(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, 2022, the expense ratios for Class AAA, A, C, and I Shares are 1.38%, 1.38%, 2.13%, and 1.13%, respectively. See page 13 for the expense ratios for the year ended September 30, 2022. 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	(17.07)%	3.13%	8.33%

The Gabelli Small Cap Growth Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from April 1, 2022 through September 30, 2022	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:

	Beginning Account Value 04/01/22	Ending Account Value 09/30/22	Annualized Expense Ratio	Expenses Paid During Period *
The Gabelli Small Cap Growth Fund
Actual Fund Return
Class AAA	$1,000.00	$815.90	1.40%	$	6.37
Class A	$1,000.00	$815.70	1.40%	$	6.37
Class C	$1,000.00	$812.60	2.15%	$	9.77
Class I	$1,000.00	$816.60	1.15%	$	5.24
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, 2022:

The Gabelli Small Cap Growth Fund

Equipment and Supplies	16.8	%	Manufactured Housing and Recreational
Diversified Industrial	12.5	%	Vehicles	1.6	%
Food and Beverage	6.8	%	Entertainment	1.5	%
Building and Construction	6.0	%	Consumer Services	1.1	%
Retail	5.9	%	Aerospace	0.8	%
Health Care	5.0	%	Publishing	0.8	%
Financial Services	4.9	%	Telecommunications	0.8	%
Hotels and Gaming	4.4	%	Environmental Services	0.6	%
Automotive: Parts and Accessories	3.5	%	Cable	0.5	%
Energy and Utilities	3.0	%	Miscellaneous Investments	0.5	%
Electronics	3.0	%	Home Furnishings	0.3	%
Real Estate	2.7	%	Automotive	0.2	%
Business Services	2.5	%	Closed-End Funds	0.1	%
Machinery	2.4	%	Communications Equipment	0.1	%
Transportation	2.3	%	Agriculture	0.1	%
Aviation: Parts and Services	2.2	%	Wireless Communications	0.1	%
Specialty Chemicals	2.0	%	Metals and Mining	0.0	%*
Broadcasting	2.0	%	Other Assets and Liabilities (Net)	(0.7	)%
Consumer Products	1.9	%		100.0	%
Computer Software and Services	1.8	%
			* Amount represents less than 0.05%.

Proxy Voting

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments — September 30, 2022

Shares			Cost		Market Value
		*COMMON STOCKS — 100.0%**
		Aerospace — 0.8%
	250,000	Aerojet Rocketdyne Holdings Inc.†	$	1,025,125	$	9,997,500
	76,200	Various Securities		910,752		1,276,022
				1,935,877		11,273,522
		Agriculture — 0.1%
	62,000	Various Securities		950,733		704,360

		Automotive — 0.2%
	489,000	Various Securities		1,841,282		3,414,264

		Automotive: Parts and Accessories — 3.4%
	1,110,000	Dana Inc.		9,031,850		12,687,300
	245,660	Strattec Security Corp.†(a)		4,740,228		5,109,728
	1,918,522	Various Securities		9,752,571		30,636,997
				23,524,649		48,434,025
		Aviation: Parts and Services — 2.2%
	670,000	Kaman Corp.		9,964,092		18,713,100
	229,200	Various Securities		3,127,208		12,145,322
				13,091,300		30,858,422
		Broadcasting — 2.0%
	1,871,042	Various Securities		13,743,063		28,276,334

		Building and Construction — 6.0%
	237,500	Herc Holdings Inc.		7,774,176		24,671,500
	374,000	Lennar Corp., Cl. B		8,997,736		22,256,740
	2,000	NVR Inc.†		1,386,843		7,974,160
	942,000	Various Securities		9,762,102		29,986,765
				27,920,857		84,889,165
		Business Services — 2.5%
	338,000	The Interpublic Group of Companies Inc.		1,425,712		8,652,800
	1,602,400	Trans-Lux Corp.†(a)		1,577,444		640,960
	34,000	United Rentals Inc.†		209,146		9,184,080
	1,223,200	Various Securities		6,841,249		16,251,045
				10,053,551		34,728,885
		Cable — 0.5%
	468,500	Various Securities		7,222,453		7,333,910

		Communications Equipment — 0.1%
	85,000	Various Securities		1,252,811		663,850

		Computer Software and Services — 1.8%
	31,600	Tyler Technologies Inc.†		62,905		10,981,000
	500,917	Various Securities		3,390,046		13,733,970
				3,452,951		24,714,970
		Consumer Products — 1.9%
	1,174,000	Various Securities		9,566,030		27,326,682

Shares			Cost		Market Value
		Consumer Services — 1.1%
	343,000	Rollins Inc.	$	325,525	$	11,895,240
	254,400	Various Securities		1,531,484		3,023,901
				1,857,009		14,919,141
		Diversified Industrial — 12.5%
	357,500	Crane Holdings Co.		7,663,159		31,295,550
	100,000	EnPro Industries Inc.		5,227,056		8,498,000
	1,175,000	Griffon Corp.		11,846,530		34,686,000
	920,000	Myers Industries Inc.		12,634,530		15,152,400
	339,000	Textron Inc.		2,053,938		19,750,140
	2,443,932	Various Securities		33,892,614		66,401,760
				73,317,827		175,783,850
		Electronics — 3.0%
	132,500	Badger Meter Inc.		1,673,949		12,241,675
	211,500	Bel Fuse Inc., Cl. A(a)		3,977,515		5,911,425
	457,500	CTS Corp.		3,894,763		19,054,875
	268,000	Various Securities		2,244,090		4,555,054
				11,790,317		41,763,029
		Energy and Utilities — 3.0%
	1,790,000	RPC Inc.		770,420		12,404,700
	656,656	Various Securities		13,021,210		30,205,577
				13,791,630		42,610,277
		Entertainment — 1.5%
	634,800	Various Securities		9,228,329		21,662,544

		Environmental Services — 0.6%
	66,000	Republic Services Inc.		596,200		8,978,640

		Equipment and Supplies — 16.8%
	398,200	AMETEK Inc.		677,573		45,159,862
	102,000	Crown Holdings Inc.		411,160		8,265,060
	215,500	Federal Signal Corp.		1,141,928		8,042,460
	158,000	Franklin Electric Co. Inc.		616,384		12,910,180
	438,000	Graco Inc.		2,435,487		26,258,100
	613,000	Mueller Industries Inc.		15,754,320		36,436,720
	169,500	Tennant Co.		2,846,578		9,586,920
	744,000	The Gorman-Rupp Co.		11,389,014		17,699,760
	2,085,503	Various Securities		20,249,367		71,688,530
				55,521,811		236,047,592
		Financial Services — 4.9%
	678,000	KKR & Co. Inc.		2,749,449		29,154,000
	10,000	Waterloo Investment
		Holdings Ltd.†(b)		1,373		5,000
	2,536,848	Various Securities		26,110,541		39,992,875
				28,861,363		69,151,875
		Food and Beverage — 6.8%
	195,000	Chr. Hansen Holding A/S		8,106,517		9,633,691
	410,000	Flowers Foods Inc.		974,474		10,122,900

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments (Continued) — September 30, 2022

Shares			Cost		Market Value
		COMMON STOCKS* (Continued)

		Food and Beverage (Continued)
	240,000	Kikkoman Corp.	$	1,630,295	$	13,597,734
	665,000	Maple Leaf Foods Inc.		11,568,939		9,936,367
	57,000	The J.M. Smucker Co.		1,318,101		7,832,370
	5,163,100	Various Securities		23,097,687		44,729,127
				46,696,013		95,852,189
		Health Care — 5.0%
	400,000	Cutera Inc.†		4,959,093		18,240,000
	150,000	Globus Medical Inc., Cl. A†		3,358,348		8,935,500
	1,028,800	Various Securities		14,964,267		43,588,625
				23,281,708		70,764,125
		Home Furnishings — 0.3%
	236,500	Various Securities		2,785,404		4,217,920

		Hotels and Gaming — 4.4%
	98,000	Churchill Downs Inc.		864,402		18,046,700
	252,000	Ryman Hospitality Properties
		Inc., REIT		4,066,941		18,544,680
	6,932,548	Various Securities		13,517,974		25,935,351
				18,449,317		62,526,731

		Machinery — 2.4%
	336,000	Astec Industries Inc.		11,735,785		10,479,840
	1,420,000	CNH Industrial NV		3,654,806		15,861,400
	363,057	Various Securities		6,107,550		6,974,514
				21,498,141		33,315,754
		Manufactured Housing and Recreational Vehicles — 1.6%
	69,500	Cavco Industries Inc.†		1,374,753		14,300,320
	204,000	Various Securities		1,859,236		8,770,970
				3,233,989		23,071,290
		Metals and Mining — 0.0%
	140,000	Various Securities		529,906		646,808

		Publishing — 0.8%
	775,000	The E.W. Scripps Co., Cl. A†		4,022,887		8,734,250
	41,500	Various Securities		1,231,080		2,047,740
				5,253,967		10,781,990
		Real Estate — 2.7%
	249,000	Indus Realty Trust Inc., REIT		4,282,484		13,040,130
	387,500	The St. Joe Co.		5,949,955		12,411,625
	472,467	Various Securities		6,297,650		11,965,391
				16,530,089		37,417,146
		Retail — 5.9%
	121,000	AutoNation Inc.†		1,947,298		12,326,270
	84,000	Copart Inc.†		707,140		8,937,600
	222,500	Ingles Markets Inc., Cl. A		2,886,793		17,624,225
	157,000	Nathan’s Famous Inc.		264,162		9,996,190
	336,500	Rush Enterprises Inc., Cl. B		2,398,027		16,121,715

Shares			Cost		Market Value
	391,623	Various Securities	$	5,297,624	$	17,441,588
				13,501,044		82,447,588
		Specialty Chemicals — 2.0%
	248,000	H.B. Fuller Co.		2,785,028		14,904,800
	91,200	The General Chemical Group Inc.†(b)		1,185		0
	255,200	Various Securities		2,766,793		13,636,856
				5,553,006		28,541,656
		Telecommunications — 0.8%
	1,264,000	Various Securities		4,245,790		10,523,615

		Transportation — 2.3%
	362,700	GATX Corp.		10,296,282		30,883,905
	143,653	Various Securities		1,214,387		1,502,038
				11,510,669		32,385,943
		Wireless Communications — 0.1%
	25,000	Various Securities		876,740		650,750

		TOTAL COMMON STOCKS		483,465,826		1,406,678,842

		CLOSED-END FUNDS* — 0.1%
	202,129	Various Securities		2,997,772		1,362,674

		PREFERRED STOCKS* — 0.1%
		Automotive: Parts and Accessories — 0.1%
	87,000	Various Securities		594,435		1,782,025

		RIGHTS* — 0.0%
		Communications Equipment — 0.0%
	60,500	Various Securities		0		213,565

		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		37,772

		TOTAL WARRANTS		95,648		38,424

		TOTAL MISCELLANEOUS INVESTMENTS — 0.5%(c)		1,890,321		6,759,340

		TOTAL INVESTMENTS — 100.7%	$	489,044,002		1,416,834,870
		Other Assets and Liabilities (Net) — (0.7)%				(9,860,735	)
		NET ASSETS — 100.0%			$	1,406,974,135

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments (Continued) — September 30, 2022

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, or 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, 2022. 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 undisclosed, unrestricted securities which the Fund has held for less than one year.

†	Non-income producing security.

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Statement of Assets and Liabilities

September 30, 2022

Assets:
Investments, at value (cost $478,748,815)	$	1,405,172,757
Investments in affiliates, at value (cost $10,295,187)		11,662,113
Cash		826
Foreign currency, at value (cost $98,295)		97,384
Receivable for Fund shares sold		499,668
Dividends receivable		1,362,894
Prepaid expenses		39,384
Total Assets		1,418,835,026
Liabilities:
Line of credit payable		9,021,000
Payable for Fund shares redeemed		829,215
Payable for investment advisory fees		1,240,365
Payable for distribution fees		231,451
Payable for accounting fees		7,500
Other accrued expenses		531,360
Total Liabilities		11,860,891
Net Assets
(applicable to 38,727,686 shares outstanding)	$	1,406,974,135
Net Assets Consist of:
Paid-in capital	$	379,570,265
Total distributable earnings		1,027,403,870
Net Assets	$	1,406,974,135

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($798,836,384 ÷ 22,124,688 shares outstanding; 150,000,000 shares authorized)	$	36.11
Class A:
Net Asset Value and redemption price per share ($104,316,780 ÷ 2,892,672 shares outstanding; 50,000,000 shares authorized)	$	36.06
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	38.26
Class C:
Net Asset Value and offering price per share ($35,068,111 ÷ 1,297,909 shares outstanding; 50,000,000 shares authorized)	$	27.02	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($468,752,860 ÷ 12,412,417 shares outstanding; 50,000,000 shares authorized)	$	37.76

Statement of Operations

For the Year Ended September 30, 2022

Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $314,201)	$	25,172,827
Dividends - affiliated		51,246
Interest		20,221
Total Investment Income		25,244,294
Expenses:
Investment advisory fees		17,638,189
Distribution fees - Class AAA		2,476,035
Distribution fees - Class A		327,747
Distribution fees - Class C		514,749
Shareholder services fees		1,396,705
Shareholder communications expenses		422,088
Custodian fees		188,138
Directors’ fees		142,833
Registration expenses		81,275
Legal and audit fees		77,881
Accounting fees		45,000
Interest expense		31,243
Miscellaneous expenses		146,079
Total Expenses		23,487,962
Less:
Advisory fee reduction on unsupervised assets (See Note 3)		(95,359	)
Expenses paid indirectly by broker (See Note 6)		(29,993	)
Total Reductions		(125,352	)
Net Expenses		23,362,610
Net Investment Income		1,881,684
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		154,395,244
Net realized loss on investments - affiliated		(17,308	)
Net realized loss on foreign currency transactions		(60,924	)
Net realized gain on investments and foreign currency transactions		154,317,012
Net change in unrealized appreciation/depreciation:
on investments - unaffiliated		(446,548,609	)
on investments - affiliated		(1,560,842	)
on foreign currency translations		(56,350	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(448,165,801	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(293,848,789	)
Net Decrease in Net Assets Resulting from Operations	$	(291,967,105	)

(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, 2022			Year Ended September 30, 2021

Operations:
Net investment income	$	1,881,684		$	2,755,107
Net realized gain on investments and foreign currency transactions		154,317,012			259,697,102
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(448,165,801	)		378,606,406
Net Increase/(Decrease) in Net Assets Resulting from Operations		(291,967,105	)		641,058,615

Distributions to Shareholders:
Accumulated earnings
Class AAA		(133,745,388	)		(191,595,179	)
Class A		(17,235,275	)		(22,004,092	)
Class C		(10,378,509	)		(18,595,632	)
Class I		(79,705,424	)		(114,398,478	)
Total Distributions to Shareholders		(241,064,596	)		(346,593,381	)

Capital Share Transactions:
Class AAA		44,158,782			9,809,347
Class A		9,841,866			2,604,293
Class C		(13,302,976	)		(17,810,664	)
Class I		(123,739	)		(28,524,077	)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		40,573,933			(33,921,101	)

Redemption Fees		390			1,871

Net Increase/(Decrease) in Net Assets		(492,457,378	)		260,546,004
Net Assets:
Beginning of year		1,899,431,513			1,638,885,509
End of year	$	1,406,974,135		$	1,899,431,513

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
2022	$	49.61	$	0.02		$	(7.13	)	$	(7.11	)	$	(0.05	)	$	(6.34	)	$	(6.39	)	$	0.00	$	36.11		(17.07	)%	$	798,836		0.05	%		1.39	%(f)		1	%
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
Class A
2022	$	49.56	$	0.02		$	(7.13	)	$	(7.11	)	$	(0.05	)	$	(6.34	)	$	(6.39	)	$	0.00	$	36.06		(17.08	)%	$	104,317		0.04	%		1.39	%(f)		1	%
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
Class C
2022	$	38.86	$	(0.24	)	$	(5.26	)	$	(5.50	)	$	—		$	(6.34	)	$	(6.34	)	$	0.00	$	27.02		(17.69	)%	$	35,068		(0.72	)%		2.14	%(f)		1	%
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
Class I
2022	$	51.62	$	0.13		$	(7.47	)	$	(7.34	)	$	(0.18	)	$	(6.34	)	$	(6.52	)	$	0.00	$	37.76		(16.88	)%	$	468,753		0.29	%		1.14	%(f)		1	%
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

†	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, 2022, 2021, 2019, and 2018, there was no impact on the expense ratios.

(f)

The Fund incurred interest expense during the fiscal years ended September 30, 2022, 2021, 2020, and 2019. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.38%, 1.37%, 1.39%, and 1.38% (Class AAA and Class A), 2.13%, 2.12%, 2.14%, and 2.13% (Class C), and 1.13%, 1.12%, 1.14%, and 1.13% (Class I). For the year ended September 30, 2018, 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, a series of the Gabelli Equity Series Funds, Inc. (the Corporation), was incorporated on July 25, 1991 in Maryland. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and is one of four separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund seeks to provide a high level of capital appreciation. The Fund commenced investment operations on October 22, 1991. The Adviser currently characterizes small capitalization companies for the Fund as those with total common stock market values of $3 billion or less at the time of investment.

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

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

●

Level 1 — 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		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 09/30/22
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Automotive: Parts and Accessories	$	48,434,021	$	4		—	$	48,434,025
Aviation: Parts and Services		29,394,590		1,463,832		—		30,858,422
Building and Construction		84,883,925		5,240		—		84,889,165
Consumer Services		14,647,516		271,625		—		14,919,141
Diversified Industrial		174,928,107		855,743		—		175,783,850
Equipment and Supplies		234,017,220		2,030,372		—		236,047,592
Financial Services		67,465,625		2,159,250	$	5,000		69,629,875
Publishing		10,592,940		189,050		—		10,781,990
Real Estate		36,518,321		898,825		—		37,417,146
Retail		81,909,193		538,395		—		82,447,588
Specialty Chemicals		28,541,656		—		0		28,541,656
Other Industries (b)		593,687,732		—		—		593,687,732
Total Common Stocks		1,405,020,846		8,412,336		5,000		1,413,438,182
Closed-End Funds		1,362,674		—		—		1,362,674
Preferred Stocks (b)		1,782,025		—		—		1,782,025
Rights (b)		—		213,565		—		213,565
Warrants (b)		37,772		—		652		38,424
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,408,203,317	$	8,625,901	$	5,652	$	1,416,834,870

(a)

The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.

(b)

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

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

During the fiscal year ended September 30, 2022, 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.

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

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At September 30, 2022, 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, 2022, 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

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

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, reversal of prior year’s Real Estate Investment Trust adjustments and losses and utilization of tax equalization. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended September 30, 2022, reclassifications were made to increase paid-in capital by $8,602,817, with an offsetting adjustment to total distributable earnings.

The tax character of distributions paid during the fiscal years ended September 30, 2022 and 2021 was as follows:

	Year Ended September 30, 2022*			Year Ended September 30, 2021*
Distributions paid from:
Ordinary income (inclusive of short term capital gains)		$	3,571,562		$	373,251
Net long term capital gains			246,311,919			368,128,057
Total distributions paid		$	249,883,481		$	368,501,308

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

At September 30, 2022, the components of accumulated earnings/losses on a tax basis were as follows:

Undistributed ordinary income	$	1,912,787
Undistributed long term capital gains		118,314,734
Net unrealized appreciation on investments and foreign currency translations		907,176,349
Total	$	1,027,403,870

At September 30, 2022, 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, 2022:

		Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Investments		$509,607,277		$962,626,098		$(55,398,505)		$907,227,593

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

threshold. During the fiscal year ended September 30, 2022, the Fund did not incur any income tax, interest, or penalties. As of September 30, 2022, 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.

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, 2022, 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 $95,359.

6. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2022, the Fund paid $18,213 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $11,015 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)

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 1, 2023 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At September 30, 2022, there was $9,021,000 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, 2022 was $3,425,346 with a weighted average interest rate of 2.69%. The maximum amount borrowed at any time during the fiscal year ended September 30, 2022 was $14,505,000.

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

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

Transactions in shares of capital stock were as follows:

	Year Ended September 30, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		1,183,539		$	52,061,933			580,407		$	27,170,660
Shares issued upon reinvestment of distributions		2,817,801			129,196,144			4,663,083			185,171,154
Shares redeemed		(3,140,556	)		(137,099,295	)		(4,404,600	)		(202,532,467	)
Net increase		860,784		$	44,158,782			838,890		$	9,809,347
Class A
Shares sold		412,514		$	18,248,925			596,881		$	27,627,213
Shares issued upon reinvestment of distributions		353,484			16,189,558			509,988			20,231,248
Shares redeemed		(577,265	)		(24,596,617	)		(968,174	)		(45,254,168	)
Net increase		188,733		$	9,841,866			138,695		$	2,604,293
Class C
Shares sold		58,394		$	1,979,388			113,421		$	4,140,636
Shares issued upon reinvestment of distributions		298,257			10,298,825			588,946			18,439,890
Shares redeemed		(769,124	)		(25,581,189	)		(1,092,311	)		(40,391,190	)
Net decrease		(412,473	)	$	(13,302,976	)		(389,944	)	$	(17,810,664	)
Class I
Shares sold		1,392,147		$	62,940,445			1,947,762		$	95,525,742
Shares issued upon reinvestment of distributions		1,620,237			77,544,528			2,640,278			108,858,645
Shares redeemed		(3,077,613	)		(140,608,712	)		(4,842,756	)		(232,908,464	)
Net decrease		(65,229	)	$	(123,739	)		(254,716	)	$	(28,524,077	)

9. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which the Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Fund’s transactions in the securities of these issuers during the fiscal year ended September 30, 2022 is set forth below:

	Market Value at September 30, 2021		Purchases		Sales Proceeds		Realized Loss			Change In Unrealized Appreciation/ (Depreciation)			Market Value at September 30, 2022		Dividend Income		Percent Owned of Shares
Bel Fuse Inc., Cl. A	$	3,072,306		—	$	61,337	$	(9,135	)	$	2,909,591		$	5,911,425	$	51,246		9.88	%
Strattec Security Corp.†		9,491,600	$	62,290		—		—			(4,444,162	)		5,109,728		—		6.12	%
Trans-Lux Corp.†		677,331		—		1,927		(8,173	)		(26,271	)		640,960		—		11.92	%
Total							$	(17,308	)	$	(1,560,842	)	$	11,662,113	$	51,246

†	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.

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

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

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, 2022, 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, 2022, 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 Funds investment companies since 1992.

New York, New York
November 29, 2022

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.

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: 80	Since 1991	31	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 Gabelli Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holding, Co. (holding company) (2001-2019); 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: 78	Since 1991	12	Former Senior Vice President of G.research, LLC (and its predecessor) (1991-2019)	—

INDEPENDENT DIRECTORS⁵:

Elizabeth C. Bogan Director Age: 78	Since 2019	12	Senior Lecturer in Economics at Princeton University	—

Anthony J. Colavita⁶ Director Age: 86	Since 1991	18	President of the law firm of Anthony J. Colavita, P.C.	—

Vincent D. Enright Director Age: 78	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: 83	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank

The Gabelli Small Cap Growth Fund

Additional Fund Information (Unaudited) (Continued)

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

Kuni Nakamura Director Age: 54	Since 2009	36	President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees; Trustee on Fordham Preparatory School Board of Trustees	—

Anthonie C. van Ekris⁶ Director Age: 88	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/ export company)	—

Salvatore J. Zizza⁷ Director Age: 76	Since 2001	34	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 (Unaudited) (Continued)

Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Principal Occupation(s) During Past Five Years
OFFICERS:
John C. Ball President and Treasurer Age: 46	Since 2017	Officer of registered investment companies within the Gabelli 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: 69	Since 2020	General Counsel, GAMCO Investors, Inc. and Chief Legal Officer, Associated Capital Group, Inc. since 2021; 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: 63	Since 2013	Chief Compliance Officer of registered investment companies within the Gabelli Fund Complex since 2013

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

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

THE GABELLI SMALL CAP GROWTH FUND

2022 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the fiscal year ended September 30, 2022, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.0525, $ 0.0554, $0.0043, and $ 0.1895 for each of Class AAA, Class A, Class C, and Class I, respectively, and long term capital gains totaling $246,311,919, 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, 2022, 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 0.02% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010. The Fund designates 100% of the ordinary income distribution as qualified short term capital gain pursuant to the American Jobs Creation Act of 2004.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during the fiscal year ended September 30, 2022 which was derived from U.S. Treasury securities was 0.02%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Gabelli Small Cap Growth Fund did not meet this strict requirement in 2022. The percentage of U.S. Government securities held as of September 30, 2022 was 0.0%. 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.

___________

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?

This page was intentionally left blank.

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

Portfolio Management Team Biographies

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.

The Gabelli Focused Growth and
Income Fund

Annual Report — September 30, 2022

Daniel M. Miller

Portfolio Manager

GAMCO Investors

BS, University of Miami

To Our Shareholders,

For the fiscal year ended September 30, 2022, the net asset value (NAV) total return per Class I Share of The Gabelli Focused Growth and Income Fund was (11.1)% compared with a total return of (8.2)% 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, 2022.

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.

During the fourth quarter of 2021 stock market volatility intensified and supply chain, labor, and raw material headwinds challenged operations for many companies, increasing inflation and the fear of higher interest rates. Despite this, consumer demand remained strong and in December the national unemployment level approached pre-pandemic levels when it declined to 3.9%. While the Omicron variant presented challenges, households and corporations were able to continue to operate with little restriction. In the first fiscal quarter of 2022, investors continued to digest an increasingly complex economic outlook. Markets declined, with the S&P 500 Index falling 4.6%. Two years of a macro environment underpinned by economic reopening and expansion was finally replaced by one with significantly elevated inflation, rising interest rates, and the first major war in Europe in over 70 years. At its March meeting, the Fed raised interest rates by a quarter percentage point and signaled hikes at all six remaining meetings for the year.

The second quarter of 2022 saw the S&P 500 record the worst first half since 1970, down 20% YTD through June 30th. April and June brought some of biggest market declines in years as the reality of higher interest rates and the increasing prospect of a global slowdown took hold. As investors continued to contemplate the economic environment, the Fund continued to look to high quality income producing securities to provide attractive risk adjusted returns. Historically, high dividend yield/dividend growth stocks outperform during periods of high inflation.

In the third fiscal quarter of 2022, as investors balanced concerns of a potential recession, a hawkish fed, and continuing geopolitical conflicts throughout much of the world, we maintain the notion that high quality dividend paying securities should provide attractive risk adjusted returns. Historically, dividend-paying stocks have outperformed in defensive periods, while also providing a cushion in steep market declines. Since 1996, dividends account for nearly 20% of the total return of the S&P 500. Nevertheless, rapid fire increases in interest rates over the last several months have created significant consternation for investors in fixed income securities. Outflows in bond, municipal, and preferred ETFs have led to significant dislocations in the prices of certain issues.

Some of the better performing investments during the fiscal year were: Energy Transfer LP (common shares) (4.2% of net assets as of September 30, 2022), which continued to benefit from the company’s high quality assets and exposure to the North American energy market; and AbbVie Inc. (2.0%), the pharmaceutical research and development company that has continued to show strong performance and rising revenues from their immunology portfolio.

A few of our weaker performers included media conglomerate Qurate Retail Inc., 8.000%, 3/15/31 (5.1%), which continues to navigate a challenging operating environment marked by disruptions in the supply chain and a challenged consumer. Following a fire in one of its largest locations, the company has so far received $250 million in insurance reimbursements through August 5, 2022, and has announced a strategic plan to improve profit margins. Another detractor was automotive technology supplier Aptiv plc (1.4%), which saw a second quarter year over year EPS drop of 69% as fallout from increased supply chain and labor headwinds. The company stands to benefit from their unique next gen advanced driver assistance system platform that leverages Aptiv’s industry leading full stack capabilities in perception systems, software and computer platforms, and connectivity.

We appreciate your confidence and trust.

The views expressed reflect the opinions of the Fund’s portfolio manager and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Comparative Results

Average Annual Returns through September 30, 2022 (a)(b) (Unaudited)

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

	1 Year		3 Year		5 Year		10 Year		Since Inception (12/31/02)
Class I (GWSIX) (c)	(11.07	)%	7.99	%	2.42	%	5.62	%	6.77	%
Class AAA (GWSVX)	(11.85	)	7.19		1.86		5.21		6.49
S&P MidCap 400 Index (d)	(15.25	)	6.01		5.82		10.04		10.22
Lipper Equity Income Fund Average (d)	(8.18	)	5.29		6.42		9.13		8.09
Class A (GWSAX)	(11.88	)	7.24		1.88		5.22		6.52
With sales charge (e)	(16.95	)	5.14		0.68		4.60		6.19
Class C (GWSCX) (f)	(12.54	)	6.42		1.12		4.43		5.73
With contingent deferred sales charge (g)	(13.41	)	6.42		1.12		4.43		5.73

(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)

Effective January 3, 2022, the Focused Growth and Income Fund's Class C Shares were "closed to all purchases." "Closed to all purchases" means neither new investors nor existing shareholders may purchase any additional Class C Shares after the Effective Date. These changes have no effect on existing shareholders' ability to redeem Class C Shares of the Fund as described herein.

(g)

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

In the current prospectuses dated August 17, 2022, the expense ratios for Class AAA, A, and I Shares are 1.96%, 1.96%, and 1.71%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC (the Adviser) are 1.96%, 1.25%, and 0.80%, respectively. See page 11 for the expense ratios for the year ended September 30, 2022. Class AAA and Class I Shares have no sales charge. The maximum sales charge for Class A Shares is 5.75%.

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	(11.85)%	1.86%	5.21%

The Gabelli Focused Growth and Income Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from April 1, 2022 through September 30, 2022	Expense Table

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

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

	Beginning Account Value 04/01/22	Ending Account Value 09/30/22	Annualized Expense Ratio	Expenses Paid During Period *
The Gabelli Focused Growth and Income Fund
Actual Fund Return
Class AAA	$1,000.00	$836.70	1.62%	$	7.46
Class A	$1,000.00	$836.50	1.59%	$	7.32
Class C	$1,000.00	$833.00	2.36%	$	10.84
Class I	$1,000.00	$840.00	0.80%	$	3.69
Hypothetical 5% Return
Class AAA	$1,000.00	$1,016.95	1.62%	$	8.19
Class A	$1,000.00	$1,017.10	1.59%	$	8.04
Class C	$1,000.00	$1,013.24	2.36%	$	11.91
Class I	$1,000.00	$1,021.06	0.80%	$	4.05

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, 2022:

The Gabelli Focused Growth and Income Fund

Energy and Utilities	24.7	%	Entertainment	2.8	%
Real Estate Investment Trusts	18.4	%	Building and Construction	2.0	%
Financial Services	11.5	%	Computer Software and Services	2.0	%
U.S. Government Obligations	10.6	%	Metals and Mining	1.6	%
Food and Beverage	6.2	%	Automotive: Parts and Accessories	1.4	%
Retail	5.1	%	Cable and Satellite	0.9	%
Health Care	4.9	%	Transportation	0.9	%
Telecommunications	4.7	%	Other Assets and Liabilities (Net)	(1.4	)%
Diversified Industrial	3.7	%		100.0	%

Proxy Voting

The Gabelli Focused Growth and Income Fund

Schedule of Investments — September 30, 2022

					Market
Shares			Cost		Value
		COMMON STOCKS — 73.1%
		Automotive: Parts and Accessories — 1.4%
	7,000	Aptiv plc†	$	365,597	$	547,470

		Building and Construction — 2.0%
	7,750	Herc Holdings Inc.		149,020		805,070

		Cable and Satellite — 0.9%
	7,000	Liberty Media Corp. - Liberty Formula One, Cl. A†		197,542		367,640

		Computer Software and Services — 2.0%
	8,300	Alphabet Inc., Cl. C†		246,177		798,045

		Diversified Industrial — 0.7%
	775	Roper Technologies Inc.		222,013		278,721

		Energy and Utilities — 20.3%
	148,819	Energy Transfer LP		1,053,642		1,641,473
	105,401	Enterprise Products Partners LP		1,885,580		2,506,436
	101,000	Kinder Morgan Inc.		1,208,800		1,680,640
	30,000	NextEra Energy Partners LP		1,265,517		2,169,300
				5,413,539		7,997,849
		Entertainment — 1.0%
	70,000	Sirius XM Holdings Inc.		201,906		399,700

		Financial Services — 9.0%
	39,000	Apollo Global Management Inc.		1,350,798		1,813,500
	12,500	Morgan Stanley		525,580		987,625
	87,500	New York Community Bancorp Inc.		743,181		746,375
				2,619,559		3,547,500
		Food and Beverage — 6.2%
	86,500	Maple Leaf Foods Inc.		1,415,707		1,292,475
	12,500	Mondelēz International Inc., Cl. A		511,477		685,375
	5,500	Post Holdings Inc.†		123,539		450,505
				2,050,723		2,428,355
		Health Care — 4.9%
	6,000	AbbVie Inc.		636,524		805,260
	35,000	Option Care Health Inc.†		191,324		1,101,450
				827,848		1,906,710
		Metals and Mining — 1.6%
	15,000	Newmont Corp.		627,538		630,450

		Real Estate Investment Trusts — 18.4%
	142,500	Blackstone Mortgage Trust Inc., Cl. A		3,807,316		3,325,950

					Market
Shares			Cost		Value
	130,574	VICI Properties Inc.	$	2,370,892	$	3,897,634
				6,178,208		7,223,584
		Telecommunications — 4.7%
	80,000	AT&T Inc.		1,267,502		1,227,200
	4,500	T-Mobile US Inc.†		328,888		603,765
				1,596,390		1,830,965

		TOTAL COMMON STOCKS		20,696,060		28,762,059

		PREFERRED STOCKS — 15.9%
		Diversified Industrial — 3.0%
	3,909	Babcock & Wilcox Enterprises Inc., 8.125%, 02/28/26		97,725		97,725
	46,977	Steel Partners Holdings LP, Ser. A, 6.000%, 02/07/26		976,496		1,093,625
				1,074,221		1,191,350
		Energy and Utilities — 4.4%
	75,023	Energy Transfer LP, Ser. D, 7.625%		1,449,772		1,715,776

		Financial Services — 2.5%
	22,762	Argo Blockchain plc, Ser. A, 8.750%, 11/30/26		541,411		361,688
	49,287	Greenidge Generation Holdings Inc., 8.500%, 10/31/26		1,022,797		601,302
				1,564,208		962,990
		Retail — 5.1%
	44,004	Qurate Retail Inc., 8.000%, 03/15/31		3,331,235		2,003,942

		Transportation — 0.9%
	19,304	Fortress Transportation and Infrastructure Investors LLC, Ser. A, 8.250%		402,539		353,456

		TOTAL PREFERRED STOCKS		7,821,975		6,227,514

		MANDATORY CONVERTIBLE SECURITIES(a) — 1.8%
		Entertainment — 1.8%
	23,075	Paramount Global, Ser. A, 5.750%, 04/01/24		974,818		713,017

See accompanying notes to financial statements.

The Gabelli Focused Growth and Income Fund

Schedule of Investments (Continued) — September 30, 2022

Principal					Market
Amount			Cost		Value
		U.S. GOVERNMENT OBLIGATIONS — 10.6%
$	4,190,000	U.S. Treasury Bills, 2.636% to 3.242%††, 11/10/22 to 12/29/22	$	4,169,871	$	4,170,310

		TOTAL INVESTMENTS — 101.4%	$	33,662,724		39,872,900

		Other Assets and Liabilities (Net) — (1.4)%				(545,234	)

		NET ASSETS — 100.0%			$	39,327,666

(a)	Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.

†

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, 2022

Assets:
Investments, at value (cost $33,662,724)	$	39,872,900
Cash		5,543
Foreign currency, at value (cost $10,745)		10,645
Receivable for investments sold		143,432
Receivable for Fund shares sold		3,250
Receivable from Adviser		8,292
Dividends receivable		184,536
Prepaid expenses		17,950
Total Assets		40,246,548
Liabilities:
Payable for investments purchased		829,789
Payable for Fund shares redeemed		1,309
Payable for investment advisory fees		34,998
Payable for distribution fees		7,476
Other accrued expenses		45,310
Total Liabilities		918,882
Net Assets
(applicable to 2,638,009 shares outstanding)	$	39,327,666
Net Assets Consist of:
Paid-in capital	$	33,149,971
Total distributable earnings		6,177,695
Net Assets	$	39,327,666

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($5,133,698 ÷ 347,163 shares outstanding; 100,000,000 shares authorized)	$	14.79
Class A:
Net Asset Value and redemption price per share ($10,809,746 ÷ 721,986 shares outstanding; 50,000,000 shares authorized)	$	14.97
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	15.88
Class C:
Net Asset Value and redemption price per share ($4,357,248 ÷ 355,573 shares outstanding; 50,000,000 shares authorized)	$	12.25	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($19,026,974 ÷ 1,213,287 shares outstanding; 50,000,000 shares authorized)	$	15.68

Statement of Operations

For the Year Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding taxes of $11,501)	$	1,483,647
Interest		17,896
Total Investment Income		1,501,543
Expenses:
Investment advisory fees		411,185
Distribution fees - Class AAA		15,841
Distribution fees - Class A		27,980
Distribution fees - Class C		63,197
Registration expenses		56,282
Legal and audit fees		55,418
Shareholder communications expenses		39,064
Shareholder services fees		21,818
Custodian fees		5,559
Directors’ fees		3,242
Interest expense		611
Miscellaneous expenses		12,708
Total Expenses		712,905
Less:
Expense reimbursements (See Note 3)		(119,130	)
Net Expenses		593,775
Net Investment Income		907,768
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		1,696,620
Net realized gain on foreign currency transactions		285
Net realized gain on investments and foreign currency transactions		1,696,905
Net change in unrealized appreciation/depreciation:
on investments		(7,868,129	)
on foreign currency translations		(126	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(7,868,255	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(6,171,350	)
Net Decrease in Net Assets Resulting from Operations	$	(5,263,582	)

(a)

Redemption price varies based on the length of time held.

See accompanying notes to financial statements.

The Gabelli Focused Growth and Income Fund

Statement of Changes in Net Assets

	Year Ended September 30, 2022				Year Ended September 30, 2021

Operations:
Net investment income		$	907,768			$	763,540
Net realized gain on investments and foreign currency transactions			1,696,905				6,177,026
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(7,868,255	)			6,127,552
Net Increase/(Decrease) in Net Assets Resulting from Operations			(5,263,582	)			13,068,118

Distributions to Shareholders:
Class AAA			(261,923	)			(246,442	)
Class A			(463,689	)			(274,575	)
Class C			(309,413	)			(301,224	)
Class I			(694,230	)			(435,658	)
Total Distributions to Shareholders			(1,729,255	)			(1,257,899	)

Capital Share Transactions:
Class AAA			(871,432	)			(4,833,791	)
Class A			3,794,627				(298,998	)
Class C			(2,842,573	)			(1,224,967	)
Class I			5,996,510				4,175,125
Net Increase/(Decrease) in Net Assets from Capital Share Transactions			6,077,132				(2,182,631	)

Net Increase/(Decrease) in Net Assets			(915,705	)			9,627,588
Net Assets:
Beginning of year			40,243,371				30,615,783
End of year		$	39,327,666			$	40,243,371

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 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)			Net Asset Value, End of Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income (Loss)(b)			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(c)			Portfolio Turnover Rate

Class AAA
2022	$	17.50	$	0.32		$	(2.31	)	$	(1.99	)	$	(0.66	)	$	(0.06	)	$	(0.72	)	$	—		$	14.79		(11.85	)%	$	5,134		1.85	%		1.72	%		1.72	%		46	%
2021		12.48		0.34			5.22			5.56			(0.54	)		—			(0.54	)		—			17.50		44.76			6,927		2.15			1.96			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			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			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			1.53			105
Class A
2022	$	17.71	$	0.34		$	(2.36	)	$	(2.02	)	$	(0.66	)	$	(0.06	)	$	(0.72	)	$	—		$	14.97		(11.88	)%	$	10,810		1.94	%		1.72	%		1.70	%(f)		46	%
2021		12.62		0.30			5.33			5.63			(0.54	)		—			(0.54	)		—			17.71		44.82			8,958		1.83			1.96			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			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			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			1.53			105
Class C
2022	$	14.73	$	0.15		$	(1.91	)	$	(1.76	)	$	(0.66	)	$	(0.06	)	$	(0.72	)	$	—		$	12.25		(12.54	)%	$	4,357		1.02	%		2.47	%		2.47	%		46	%
2021		10.64		0.15			4.48			4.63			(0.54	)		—			(0.54	)		—			14.73		43.75			8,143		1.13			2.71			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			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			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			2.28			105
Class I
2022	$	18.35	$	0.54		$	(2.49	)	$	(1.95	)	$	(0.66	)	$	(0.06	)	$	(0.72	)	$	—		$	15.68		(11.07	)%	$	19,027		2.94	%		1.47	%		0.80	%(f)		46	%
2021		12.94		0.46			5.49			5.95			(0.54	)		—			(0.54	)		—			18.35		46.21			16,215		2.70			1.71			0.95	(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			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			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			1.28			105

†

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 years ended September 30, 2022 and 2020, if interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.72% and 1.70% (Class AAA), 1.69% and 1.70% (Class A), 2.47% and 2.45% (Class C), and 0.80% and 1.45% (Class I), respectively. For the fiscal years ended September 30, 2021, 2019, and 2018, 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.

(f)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $119,130 and $97,862 for the fiscal years ended September 30, 2022 and 2021, respectively.

See accompanying notes to financial statements.

The Gabelli Focused Growth and Income Fund
Notes to Financial Statements

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

The Gabelli Focused Growth and Income 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).

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 09/30/22
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	28,762,059		—	$	28,762,059
Preferred Stocks (a)		6,227,514		—		6,227,514
Mandatory Convertible Securities (a)		713,017		—		713,017
U.S. Government Obligations		—	$	4,170,310		4,170,310
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	35,702,590	$	4,170,310	$	39,872,900

(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, 2022 or September 30, 2021.

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 Focused Growth and Income Fund
Notes to Financial Statements (Continued)

available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Gabelli Focused Growth and Income Fund
Notes to Financial Statements (Continued)

fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

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 and prior year post financial statement adjustments. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended September 30, 2022, reclassifications were made to decrease paid-in capital by $601,468, with an offsetting adjustment to total distributable earnings.

The tax character of distributions paid during the fiscal years ended September 30, 2022 and 2021 was as follows:

	Year Ended September 30, 2022		Year Ended September 30, 2021
Distributions paid from:
Ordinary income	$	1,570,423	$	1,257,899
Net long term capital gains		158,832		—
Total distributions paid	$	1,729,255	$	1,257,899

The Gabelli Focused Growth and Income Fund
Notes to Financial Statements (Continued)

At September 30, 2022, the components of accumulated earnings/losses on a tax basis were as follows:

Net unrealized appreciation on investments and foreign currency translations		$	6,177,695
Total		$	6,177,695

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 utilized $1,371,433 of the capital loss carryovers for the fiscal year ended September 30, 2022.

At September 30, 2022, 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, 2022:

		Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Investments		$33,695,105		$9,141,859		$(2,964,064)		$6,177,795

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the fiscal year ended September 30, 2022, the Fund did not incur any income tax, interest, or penalties. As of September 30, 2022, 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.

Effective August 17, 2022, the Adviser has agreed to add the Fund’s Class A shares to the classes of shares of the Fund for which the Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of Class I and Class A (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than an annual rate of 0.80% and 1.25% of the value of that class’s average daily net assets. This agreement is in effect through January 31, 2023 for Class I and through January 31, 2024 for Class A, and may be terminated only by the Board before such time. During the fiscal year ended September

The Gabelli Focused Growth and Income Fund
Notes to Financial Statements (Continued)

30, 2022, the Adviser reimbursed expenses in the amount of $119,130 for Class I and Class A. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Class I Shares would not exceed 0.80% of the value of the Class I average daily net assets and of the Class A Shares would not exceed 1.25% of the value of the Class A average daily net assets. At September 30, 2022, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $216,992.

For the fiscal year ended September 30, 2021, expiring September 30, 2023	$	97,862
For the fiscal year ended September 30, 2022, expiring September 30, 2024		119,130
	$	216,992

6. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2022, the Fund paid $225 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $13,836 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The average daily amount of borrowings outstanding under the line of credit for the eighteen days of borrowing during the fiscal year ended September 30, 2022 was $358,889 with a weighted average interest rate of 2.32%. The maximum amount borrowed at any time during the fiscal year ended September 30, 2022 was $550,000.

8. Capital Stock. The Fund offers three classes of shares – Class AAA Shares, Class A Shares, and Class I Shares. Effective January 3, 2022, (the Effective Date) the Fund’s Class C Shares were “closed to all purchases.”

The Gabelli Focused Growth and Income Fund
Notes to Financial Statements (Continued)

“Closed to all purchases” means neither new investors nor existing shareholders may purchase any additional Class C Shares after the Effective Date. These changes will have no effect on existing shareholders’ ability to redeem shares of the Fund as described in the Fund’s Prospectus. 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.

Transactions in shares of capital stock were as follows:

	Year Ended September 30, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		13,659		$	238,395			12,780		$	207,769
Shares issued upon reinvestment of distributions		15,178			259,825			14,570			244,259
Shares redeemed		(77,549	)		(1,369,652	)		(329,648	)		(5,285,819	)
Net decrease		(48,712	)	$	(871,432	)		(302,298	)	$	(4,833,791	)
Class A
Shares sold		296,096		$	5,199,572			97,320		$	1,561,225
Shares issued upon reinvestment of distributions		24,683			424,570			14,276			244,498
Shares redeemed		(104,658	)		(1,829,515	)		(132,380	)		(2,104,721	)
Net increase/(decrease)		216,121		$	3,794,627			(20,784	)	$	(298,998	)
Class C
Shares sold		25,571		$	379,123			63,456		$	902,093
Shares issued upon reinvestment of distributions		21,458			307,817			20,969			300,090
Shares redeemed		(244,093	)		(3,529,513	)		(182,584	)		(2,427,150	)
Net decrease		(197,064	)	$	(2,842,573	)		(98,159	)	$	(1,224,967	)
Class I
Shares sold		442,419		$	8,052,682			345,547		$	5,842,285
Shares issued upon reinvestment of distributions		36,466			654,993			23,078			409,395
Shares redeemed		(149,221	)		(2,711,165	)		(129,025	)		(2,076,555	)
Net increase		329,664		$	5,996,510			239,600		$	4,175,125

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, 2022, 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, 2022, 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 Funds investment companies since 1992.

New York, New York
November 29, 2022

The Gabelli Focused Growth and Income Fund
Liquidity Risk Management Program (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: 80	Since 1991	31	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 Gabelli Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holding, Co. (holding company) (2001-2019); 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: 78	Since 1991	12	Former Senior Vice President of G.research, LLC (and its predecessor) (1991-2019)	—

INDEPENDENT DIRECTORS⁵:

Elizabeth C. Bogan Director Age: 78	Since 2019	12	Senior Lecturer in Economics at Princeton University	—

Anthony J. Colavita⁶ Director Age: 86	Since 1991	18	President of the law firm of Anthony J. Colavita, P.C.	—

Vincent D. Enright Director Age: 78	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: 83	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank

The Gabelli Focused Growth and Income Fund
Additional Fund Information (Unaudited) (Continued)

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
Kuni Nakamura Director Age: 54	Since 2009	36	President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees; Trustee on Fordham Preparatory School Board of Trustees	—

Anthonie C. van Ekris⁶ Director Age: 88	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/ export company)	—

Salvatore J. Zizza⁷ Director Age: 76	Since 2001	34	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 (Unaudited) (Continued)

Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Principal Occupation(s) During Past Five Years

OFFICERS:

John C. Ball President and Treasurer Age: 46	Since 2017	Officer of registered investment companies within the Gabelli 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: 69	Since 2020	General Counsel, GAMCO Investors, Inc. and Chief Legal Officer, Associated Capital Group, Inc. since 2021; 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: 63	Since 2013	Chief Compliance Officer of registered investment companies within the Gabelli Fund Complex since 2013

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 FOCUSED GROWTH AND INCOME FUND

2022 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the fiscal year ended September 30, 2022, the Fund paid to shareholders ordinary income distributions totaling $0.6600 for each Class, and long term capital gains totaling $158,832, or the maximum allowable. For the fiscal year ended September 30, 2022, 69.26% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 74.54% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relied Reconciliation Act of 2003. The Fund designates 0.95% 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, 2022 which was derived from U.S. Treasury securities was 0.95%. 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 2022. The percentage of U.S. Government securities held as of September 30, 2022 was 10.60%. 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.

The Gabelli Global Financial

Services Fund

Annual Report — September 30, 2022

Ian Lapey

Portfolio Manager

BA, Williams College

MS, Northeastern University

MBA, New York University

To Our Shareholders,

For the fiscal year ended September 30, 2022, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Financial Services Fund was (19.8)% compared with a total return of (19.0)% for the Morgan Stanley Capital International (MSCI) World Financials Index. Other classes of shares are available. See page 5 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of September 30, 2022.

Performance Discussion (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.

During the fiscal year ended September 30, 2022, the common stocks of most global financial services companies declined owing primarily to macroeconomic concerns about the ongoing war in Ukraine, inflation, lower stock and bond prices and lingering effects from the COVID-19 pandemic. Despite these significant challenges, the businesses and financial positions of the vast majority of the Fund’s holdings have been resilient. While the near term earnings outlook continues to be uncertain, the medium to long term outlook seems to be promising, particularly for banks and insurance companies that should benefit from the recent increase in interest rates.

The largest negative contributor during the fiscal year was the common stock of Westwood Holdings Group (2.5% of the portfolio as of September 30, 2022; down 47% for the fiscal year), a Dallas based asset management firm. In June 2021, Westwood rejected an unsolicited proposal to acquire the company for $25 per share in cash, and the stock closed the fiscal year at $9.63. Like other asset managers, Westwood’s financial results have been negatively impacted by the weak equity markets. In May 2022, Westwood announced the acquisition of Salient Partners, a Houston based asset management firm with about $4 billion in Assets Under Management (“AUM”). This transaction, which is expected to close by year end, would be funded with Westwood’s existing cash. The acquisition was projected to increase Westwood’s AUM by about 30% and be significantly accretive to earnings.

The next largest negative contributors were the common stocks of Capital One Financial (3.7%; -42%), Ally Financial (2.3%; -44%) and Citigroup (3.7%; -38%). As the table below shows, the businesses of each of these companies performed very well with robust profits and returns on tangible common equity. Each company paid healthy dividends to shareholders and repurchased a significant percentage of their outstanding shares.

	12 months ended 6/30/22 $ in billions
Company	Net Income	Earnings Per Share	ROTC ⁽¹⁾	Dividends Per Share	Change in O/S Shares
Ally Financial	2,388	$6.94	16.1%	$1.10	-13.7%
Capital One Financial	9,550	$22.77	22.0%	$3.00	-14.0%
Citigroup	18,316	$7.82	11.8%	$2.04	-4.4%

⁽¹⁾Return on Tangible Common Equity

Nevertheless, the common stocks of each of these companies performed very poorly owing primarily to concerns about an economic slowdown and rising credit costs. However, as indicated below, these companies have significantly larger reserves for loan losses than they did before the COVID-19 pandemic as actual loan losses during the pandemic were minimal and a new accounting regulation adopted in 2020 requires banks to hold more reserves for potential loan losses. The extremely depressed valuations of the common stocks at roughly 50-100% of tangible book value and 4-5 times earnings appear to provide a large margin of safety.

		ACL ⁽³⁾ / Loans
Company	Stock Return ⁽²⁾		12/31/2019	6/30/2022	Price to TBV ⁽⁴⁾	Price to LTM Earnings ⁽⁵⁾
Ally Financial	-43.3%		1.0%	2.7%	81%	4.0
Capital One Financial	-41.2%		2.7%	3.9%	105%	4.0
Citigroup	-37.7%		1.8%	2.4%	52%	5.3

⁽²⁾Including dividends

⁽³⁾Allowance for Credit Losses.

⁽⁴⁾Tangible Book Value (adjusted for dividends)

⁽⁵⁾Based on earnings for the 12 months ended 6/30/22.

Sources: Company reports, GAMCO Investors.

The strength of the US dollar also negatively impacted performance. Most notably, the Japanese Yen, British Pound and Euro fell 23%, 17% and 15%, respectively, during the fiscal year. The Fund had 7%, 6% and 20% of its net assets invested in the common stocks of companies based in Japan, the U.K and Europe, respectively, as of September 30, 2022. For several of these companies, there is at least a partial natural hedge as they have significant operations in the US. Weaker home currencies can enhance global competitiveness and also increase the value of international earnings. For example, Toyota Motor (3.1%; -26%), Daimler Truck (2.8%; -32%), Aegon (2.7%; -19%), Mercedez-Benz Group (1.9%; -26%) and Barclays (1.3%; -35%) all have significant US operations that should benefit from the strong US dollar.

The common stock of Pzena Investment Management, Inc. (3.4%; +9%) was the largest positive contributor. In July, the company announced a management led buyout at a 49% premium to the previous day’s close and a 46% premium to the 90 calendar day volume weighted average price. The Fund sold nearly half its position after the transaction was announced at prices close to the $9.60 per share offer price to add to other positions that appeared to offer more attractive return potential. Another positive contributor was Standard Chartered (2.6%; +10%), a UK based banking group focused on emerging markets in Asia, the Middle East and Africa. Despite economic weakness associated with the Covid-19 pandemic in many of its markets, the company has generated solid financial results in 2022 with 8% growth in pre-tax earnings and maintained a strong financial position with a 13.9% Tier One Common Equity (“CET1”) ratio. The common stock still trades at only about 50% of tangible book value and 8 times earnings.

The Fund’s aggregate valuation metrics are extremely attractive at about 65% of book value, 75% of tangible book value and 8.5 times 2022 projected earnings. As the table below shows, many of the Fund’s holdings have continued their multi-year share repurchase programs. Additionally, several European banks, which previously strongly favored dividends for capital returns, have launched significant share repurchase programs over the last year. It is noteworthy that the European Central Bank, which halted dividends (and share repurchases) during the COVID-19 pandemic, has approved share repurchases and dividends by European banks this year despite the war in Ukraine. I believe these share repurchases have been prudent because the companies have strong financial positions, and their common stocks are undervalued. I have also been adding to my significant personal position in the Fund.

	Position	Share count % change ⁽¹⁾
Company	Size	YTD	3 yr.	7 yr.
Ally Financial Inc.	2.3%	-7.4%	-20.4%	-35.1%
Barclays PLC	1.3%	-1.4%	-4.1%	-1.4%
BBVA	1.8%	-8.0%	-9.7%	-4.5%
BNY Mellon	3.8%	0.5%	-14.3%	-27.0%
Capital One Financial	3.7%	-7.3%	-18.4%	-29.3%
Citigroup	3.7%	-2.4%	-14.3%	-35.7%
Daiwa Securities Group	2.2%	0.1%	-5.3%	-13.2%
Diamond Hill Investment Group	2.1%	-1.5%	-9.3%	-7.1%
First American Financial	3.1%	-4.3%	-6.4%	-3.3%
Franklin Resources	0.8%	-0.7%	-1.1%	-18.9%
ING Group	1.4%	-0.9%	-3.9%	-3.2%
Jefferies Financial Group	3.8%	-6.0%	-23.7%	-36.8%
NatWest Group PLC	2.1%	-7.4%	-13.7%	-9.8%
NN Group	3.1%	-2.2%	-10.7%	-11.7%
Standard Chartered	2.6%	-2.9%	-8.9%	16.5%
State Street Corporation	2.4%	0.4%	-1.3%	-9.9%
Toyota Motor	3.1%	-0.3%	-2.4%	-11.5%

⁽¹⁾As of 6/30/22 except for Jefferies (8/31/22).

Thank you for your continued interest and trust.

Comparative Results

Average Annual Returns through September 30, 2022 (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		(10/1/18)
Class AAA (GAFSX)	(19.79	)%	2.61	%	(0.36	)%
MSCI World Financials Index (c)	(18.99	)	2.23		1.70
Class A (GGFSX)	(19.75	)	2.67		(0.31	)
With sales charge (d)	(24.36	)	0.66		(1.77	)
Class C (GCFSX)	(20.35	)	1.80		(1.12	)
With contingent deferred sales charge (e)	(21.15	)	1.80		(1.12	)
Class I (GFSIX)	(19.57	)	2.85		(0.12	)

(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, 2022, the gross expense ratios for Class AAA, A, C, and I Shares are 2.04%, 2.04%, 2.79%, and 1.79%, 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 12 for the expense ratios for the year ended September 30, 2022. The contractual reimbursements are in effect through January 31, 2023. 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	3 Year	Since Inception
Class AAA	(19.79)%	2.61%	(0.36)%

The Gabelli Global Financial Services Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from April 1, 2022 through September 30, 2022	Expense Table

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

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

	Beginning Account Value 04/01/22	Ending Account Value 09/30/22	Annualized Expense Ratio	Expenses Paid During Period *
The Gabelli Global Financial Services Fund
Actual Fund Return
Class AAA	$1,000.00	$837.50	1.24%	$	5.71
Class A	$1,000.00	$837.70	1.24%	$	5.71
Class C	$1,000.00	$833.90	2.00%	$	9.19
Class I	$1,000.00	$838.40	1.00%	$	4.61
Hypothetical 5% Return
Class AAA	$1,000.00	$1,018.85	1.24%	$	6.28
Class A	$1,000.00	$1,018.85	1.24%	$	6.28
Class C	$1,000.00	$1,015.04	2.00%	$	10.10
Class I	$1,000.00	$1,020.05	1.00%	$	5.06

*	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, 2022:

The Gabelli Global Financial Services Fund

Banks	25.1	%	Institutional Brokerage	6.0	%
Diversified Banks	14.4	%	Consumer Finance	6.0	%
Insurance	13.4	%	Reinsurance	4.0	%
Investment Management	10.1	%	Other Assets and Liabilities (Net)	(0.0	)%*
Automobiles	7.9	%		100.0	%
Homebuilders	6.9	%	____________________
Institutional Trust, Fiduciary, and Custody	6.2	%	* Amount represents less than 0.05%.

Proxy Voting

The Gabelli Global Financial Services Fund

Schedule of Investments — September 30, 2022

Shares			Cost		Market Value
		COMMON STOCKS — 100.0%
		Automobiles — 7.9%
	26,150	Daimler Truck Holding AG†	$	788,401	$	598,421
	8,200	Mercedes-Benz Group AG		455,002		420,706
	5,200	Toyota Motor Corp., ADR		698,831		677,508
				1,942,234		1,696,635
		Banks — 25.1%
	84,000	Banco Bilbao Vizcaya Argentaria SA		444,904		380,379
	88,000	Commerzbank AG†		521,361		633,206
	395,200	Dah Sing Banking Group Ltd.		399,382		261,800
	201,500	Dah Sing Financial Holdings Ltd.		811,167		458,979
	1,356	First Citizens BancShares Inc., Cl. A		452,580		1,081,315
	33,600	ING Groep NV		275,432		291,691
	58,800	Japan Post Bank Co. Ltd.		557,914		409,930
	20,100	Shinhan Financial Group Co. Ltd., ADR		631,017		462,300
	33,297	TrustCo Bank Corp. NY		1,088,527		1,046,192
	7,950	Webster Financial Corp.		243,975		359,340
				5,426,259		5,385,132
		Consumer Finance — 6.0%
	17,680	Ally Financial Inc.		430,620		492,034
	8,610	Capital One Financial Corp.		826,394		793,584
				1,257,014		1,285,618
		Diversified Banks — 14.4%
	173,000	Barclays plc		342,582		278,735
	18,900	Citigroup Inc.		1,076,704		787,563
	54,420	Credit Agricole SA		625,216		446,088
	19,000	Credit Suisse Group AG		104,562		76,562
	12,045	Hana Financial Group Inc.		343,779		298,452
	176,285	NatWest Group plc		445,964		444,641
	10,010	Societe Generale SA		216,210		200,277
	87,100	Standard Chartered plc		545,608		551,222
				3,700,625		3,083,540
		Homebuilders — 6.9%
	4,230	Cavco Industries Inc.†		683,258		870,365
	35,913	Legacy Housing Corp.†		455,207		615,908
				1,138,465		1,486,273
		Institutional Brokerage — 6.0%
	121,000	Daiwa Securities Group Inc.		637,647		473,533
	28,010	Jefferies Financial Group Inc.		554,383		826,295
				1,192,030		1,299,828
		Institutional Trust, Fiduciary, and Custody — 6.2%
	8,550	State Street Corp.		450,942		519,925

Shares			Cost		Market Value
	21,100	The Bank of New York Mellon Corp.	$	921,568	$	812,772
				1,372,510		1,332,697
		Insurance — 13.4%
	144,118	Aegon NV		557,354		579,378
	1,007	E-L Financial Corp. Ltd.		729,877		624,022
	14,350	First American Financial Corp.		829,916		661,535
	42,868	HG Holdings Inc.†		381,956		332,227
	17,179	NN Group NV		689,193		672,946
				3,188,296		2,870,108
		Investment Management — 10.1%
	2,770	Diamond Hill Investment Group Inc.		481,829		457,050
	7,700	Franklin Resources Inc.		159,316		165,704
	76,687	Pzena Investment Management Inc., Cl. A		569,310		726,993
	152,400	The Westaim Corp.†		303,067		287,953
	55,209	Westwood Holdings Group Inc.		748,438		531,663
				2,261,960		2,169,363
		Reinsurance — 4.0%
	17,650	Axis Capital Holdings Ltd.		889,520		867,497

		TOTAL COMMON STOCKS		22,368,913		21,476,691

		TOTAL INVESTMENTS — 100.0%	$	22,368,913		21,476,691
		Other Assets and Liabilities (Net) — (0.0)%				6,456
		NET ASSETS — 100.0%			$	21,483,147

†	Non-income producing security.

ADR	American Depositary Receipt

See accompanying notes to financial statements.

The Gabelli Global Financial Services Fund

Statement of Assets and Liabilities
September 30, 2022
Assets:
Investments, at value (cost $22,368,913)	$	21,476,691
Cash		24,706
Foreign currency, at value (cost $3,587)		3,630
Receivable for investments sold		59,379
Receivable from Adviser		13,243
Dividends and interest receivable		66,579
Prepaid expenses		9,150
Total Assets		21,653,378
Liabilities:
Payable for investments purchased		114,603
Payable for investment advisory fees		18,987
Payable for distribution fees		79
Payable for legal and audit fees		21,851
Payable for shareholder communications		9,022
Other accrued expenses		5,689
Total Liabilities		170,231
Net Assets
(applicable to 2,312,252 shares outstanding)	$	21,483,147
Net Assets Consist of:
Paid-in capital	$	22,457,294
Total accumulated loss		(974,147	)
Net Assets	$	21,483,147

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($339,367 ÷ 36,555 shares outstanding; 120,000,000 shares authorized)	$	9.28
Class A:
Net Asset Value and redemption price per share ($14,943 ÷ 1,600 shares outstanding; 60,000,000 shares authorized)	$	9.34
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	9.91
Class C:
Net Asset Value and offering price per share ($956 ÷ 104 shares outstanding; 20,000,000 shares authorized)	$	9.19	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($21,127,881 ÷ 2,273,993 shares outstanding; 150,000,000 shares authorized)	$	9.29

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

Statement of Operations
For the Year Ended September 30, 2022
Investment Income:
Dividends (net of foreign withholding
taxes of $67,450)	$	808,325
Non-cash dividends		125,028
Interest		3,022
Total Investment Income		936,375
Expenses:
Investment advisory fees		248,187
Distribution fees - Class AAA		1,313
Distribution fees - Class A		55
Distribution fees - Class C		12
Registration expenses		50,352
Legal and audit fees		44,305
Shareholder communications expenses		19,478
Shareholder services fees		12,406
Custodian fees		9,908
Tax expense		4,565
Directors’ fees		1,986
Miscellaneous expenses		12,978
Total Expenses		405,545
Less:
Expense reimbursements (See Note 3)		(149,730	)
Expenses paid indirectly by broker (See Note 6)		(1,684	)
Total Credits and Reimbursements		(151,414	)
Net Expenses		254,131
Net Investment Income		682,244
Net Realized and Unrealized Gain/(Loss) on Investments, Forward Foreign Exchange Contracts, and Foreign Currency:
Net realized gain on investments		322,209
Net realized gain on forward foreign exchange contracts		70
Net realized loss on foreign currency transactions		(6,911	)
Net realized gain on investments, forward foreign exchange contracts, and foreign currency transactions		315,368
Net change in unrealized appreciation/depreciation:
on investments		(6,205,980	)
on foreign currency translations		(2,527	)
Net change in unrealized appreciation/depreciation on investments, and foreign currency translations		(6,208,507	)
Net Realized and Unrealized Gain/(Loss) on Investments, Forward Foreign Exchange Contracts, and Foreign Currency		(5,893,139	)
Net Decrease in Net Assets Resulting from Operations	$	(5,210,895	)

See accompanying notes to financial statements.

The Gabelli Global Financial Services Fund

Statement of Changes in Net Assets


	Year Ended				Year Ended
	September 30, 2022				September 30, 2021

Operations:
Net investment income		$	682,244			$	588,897
Net realized gain on investments, forward foreign exchange contracts, and foreign currency transactions			315,368				141,531
Net change in unrealized appreciation/depreciation on investments, and foreign currency translations			(6,208,507	)			8,856,888
Net Increase/(Decrease) in Net Assets Resulting from Operations			(5,210,895	)			9,587,316

Distributions to Shareholders:
Accumulated earnings
Class AAA			(11,914	)			(858	)
Class A			(541	)			(92	)
Class C			(15	)			(8	)
Class I			(520,749	)			(285,578	)
Total Distributions to Shareholders			(533,219	)			(286,536	)

Capital Share Transactions:
Class AAA			(111,295	)			453,786
Class A			(15,451	)			18,752
Class C			15				8
Class I			2,534,641				1,544,852
Net Increase in Net Assets from Capital Share Transactions			2,407,910				2,017,398

Net Increase/(Decrease) in Net Assets			(3,336,204	)			11,318,178
Net Assets:
Beginning of year			24,819,351				13,501,173
End of year		$	21,483,147			$	24,819,351

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
2022	$	11.80	$	0.27	(c)	$	(2.56	)	$	(2.29	)	$	(0.23	)	$	(0.23	)	$	—		$	9.28	(19.79	)%	$	339	2.39	%(c)	1.88	%	1.27	%(d)(e)	26	%
2021		7.08		0.33			4.52			4.85			(0.13	)		(0.13	)		—			11.80	69.04			564	2.99		2.04		1.25	(d)	19
2020		9.09		0.11			(1.90	)		(1.79	)		(0.22	)		(0.22	)		0.00	(f)		7.08	(20.33	)		47	1.34		2.51		1.25	(d)	18
2019(g)		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
2022	$	11.86	$	0.27	(c)	$	(2.57	)	$	(2.30	)	$	(0.22	)	$	(0.22	)	$	—		$	9.34	(19.75	)%	$	15	2.34	%(c)	1.88	%	1.27	%(d)(e)	26	%
2021		7.08		0.32			4.54			4.86			(0.08	)		(0.08	)		—			11.86	69.07			33	2.94		2.04		1.25	(d)	19
2020		9.10		0.16			(1.94	)		(1.78	)		(0.24	)		(0.24	)		0.00	(f)		7.08	(20.24	)		8	2.12		2.51		1.25	(d)	18
2019(g)		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
2022	$	11.68	$	0.29	(c)	$	(2.64	)	$	(2.35	)	$	(0.14	)	$	(0.14	)	$	—		$	9.19	(20.35	)%	$	1	2.62	%(c)	2.63	%	2.02	%(d)(e)	26	%
2021		7.03		0.18			4.55			4.73			(0.08	)		(0.08	)		—			11.68	67.59			1	1.77		2.79		2.00	(d)	19
2020		9.05		0.06			(1.91	)		(1.85	)		(0.17	)		(0.17	)		0.00	(f)		7.03	(20.97	)		1	0.76		3.26		2.00	(d)	18
2019(g)		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
2022	$	11.80	$	0.31	(c)	$	(2.57	)	$	(2.26	)	$	(0.25	)	$	(0.25	)	$	—		$	9.29	(19.57	)%	$	21,128	2.76	%(c)	1.63	%	1.02	%(d)(e)	26	%
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	(d)	19
2020		9.11		0.14			(1.91	)		(1.77	)		(0.26	)		(0.26	)		0.00	(f)		7.08	(20.17	)		13,445	1.84		2.26		1.00	(d)	18
2019(g)		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 $149,730, $165,217, $174,126, and $124,154 for the fiscal years ended September 30, 2022, 2021, 2020, and 2019, respectively.
(c)	Includes income resulting from special dividends. Without these dividends, the per share income amounts would have been $0.21 (Class AAA and Class A), $0.23 (Class C), and $0.25 (Class I), and the net investment income ratios would have been 1.88% (Class AAA), 1.84% (Class A), 2.12% (Class C), and 2.25% (Class I) for the fiscal year ended September 30, 2022.
(d)	The Fund received credits from a designated broker who agreed to pay certain Fund expenses. For the fiscal years ended September 30, 2022, 2021, and 2020, if credits had not been received, the expense ratios would have been 1.28%, 1.26%, and 1.26% (Class AAA and Class A), 2.02%, 2.01%, and 2.01% (Class C), and 1.03%, 1.01%, and 1.01% (Class I), respectively.
(e)	The Fund incurred tax expense for the fiscal year ended September 30, 2022. If tax expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.25% (Class AAA and Class A), 2.00% (Class C), and 1.00% (Class I).
(f)	Amount represents less than $0.005 per share.
(g)	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, a series of the Gabelli Equity Series Funds, Inc. (the Corporation), was incorporated on July 25, 1991 in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and is one of four separately managed portfolios (collectively, the Portfolios) of the Corporation. The Fund seeks to provide capital appreciation. The Fund commenced investment operations on October 1, 2018.

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 Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

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

●

Level 1 — 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 2 Other
		Level 1		Significant		Total Market Value
		Quoted Prices		Observable Inputs		at 09/30/22
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Insurance	$	2,246,086	$	624,022	$	2,870,108
Other Industries (a)		18,606,583		—		18,606,583
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	20,852,669	$	624,022	$	21,476,691

(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, 2022 or September 30, 2021.

Additional Information to Evaluate Qualitative Information.

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

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 differing treatments of income and gains on various investment securities and foreign currency transactions, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to the tax treatment of currency gains and losses and disallowed expenses. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended September 30, 2022, reclassifications were made to decrease paid-in capital by $4,565, with an offsetting adjustment to total accumulated loss.

The tax character of distributions paid during the fiscal years ended September 30, 2022 and 2021 was as follows:

	Year Ended September 30, 2022		Year Ended September 30, 2021
Distributions paid from:
Ordinary income (a)	$	533,219	$	286,536
Total distributions paid	$	533,219	$	286,536

(a)	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. See page 26 for additional information.

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

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, 2022, the components of accumulated earnings/losses on a tax basis were as follows:

Undistributed ordinary income	$	634,950
Accumulated capital loss carryforwards		(690,741	)
Net unrealized depreciation on investments and foreign currency translations		(918,356	)
Total	$	(974,147	)

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 $471,608 and a long term capital loss carryforward with no expiration of $219,133.

The Fund utilized $379,643 of the capital losses carryover for the fiscal year ended September 30, 2022.

At September 30, 2022, 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.

The following summarizes the tax cost of investments and the related net unrealized depreciation at September 30, 2022:

		Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Depreciation
Investments		$22,392,901		$2,249,690		$(3,165,900)		$(916,210)

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the fiscal year ended September 30, 2022, the Fund incurred an excise tax expense of $4,565. As of September 30, 2022, 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.

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

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

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, 2023. For the fiscal year ended September 30, 2022, the Adviser reimbursed the Fund in the amount of $149,730. 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, 2022, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $314,947:

For the fiscal year ended September 30, 2021, expiring September 30, 2023	$	165,217
For the fiscal year ended September 30, 2022, expiring September 30, 2024		149,730
	$	314,947

6. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2022, the Fund paid $4,751 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. The Adviser did not seek a reimbursement during the fiscal year ended September 30, 2022.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 1, 2023 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the fiscal year ended September 30, 2022, there were no borrowings under the line of credit.

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

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.

Transactions in shares of capital stock were as follows:

	Year Ended September 30, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		62,953		$	768,998			43,802		$	484,049
Shares issued upon reinvestment of distributions		992			11,563			96			858
Shares redeemed		(75,197	)		(891,856	)		(2,821	)		(31,121	)
Net increase/(decrease)		(11,252	)	$	(111,295	)		41,077		$	453,786
Class A
Shares sold		187		$	2,125			1,707		$	18,743
Shares issued upon reinvestment of distributions		46			541			10			92
Shares redeemed		(1,438	)		(18,117	)		(10	)		(83	)
Net increase/(decrease)		(1,205	)	$	(15,451	)		1,707		$	18,752
Class C
Shares issued upon reinvestment of distributions		1		$	15			1		$	8
Net increase		1		$	15			1		$	8
Class I
Shares sold		199,044		$	2,246,322			130,600		$	1,318,396
Shares issued upon reinvestment of distributions		44,460			517,966			31,795			305,172
Shares redeemed		(22,453	)		(229,647	)		(7,406	)		(78,716	)
Net increase		221,051		$	2,534,641			154,989		$	1,544,852

9. Significant Shareholder. As of September 30, 2022, approximately 96.35% of the Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the Adviser and affiliates have voting control but disclaim pecuniary interest.

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

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 Gabelli 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, 2022, 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 four 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, 2022, 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 four 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 have served as the auditor of one or more Gabelli Funds investment companies since 1992.

New York, New York

November 29, 2022

The Gabelli Global Financial Services Fund

Liquidity Risk Managment Program (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) Address¹and 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: 80	Since 1991	31	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 Gabelli Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holding, Co. (holding company) (2001-2019); 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: 78	Since 1991	12	Former Senior Vice President of G.research, LLC (and its predecessor) (1991-2019)	—

INDEPENDENT DIRECTORS⁵:

Elizabeth C. Bogan Director Age: 78	Since 2019	12	Senior Lecturer in Economics at Princeton University	—

Anthony J. Colavita⁶ Director Age: 86	Since 1991	18	President of the law firm of Anthony J. Colavita, P.C.	—

Vincent D. Enright Director Age: 78	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: 83	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank

The Gabelli Global Financial Services Fund

Additional Fund Information (Unaudited) (Continued)

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
Kuni Nakamura Director Age: 54	Since 2009	36	President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees; Trustee on Fordham Preparatory School Board of Trustees	—

Anthonie C. van Ekris⁶ Director Age: 88	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/ export company)	—

Salvatore J. Zizza⁷ Director Age: 76	Since 2001	34	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 (Unaudited) (Continued)

Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Principal Occupation(s) During Past Five Years

OFFICERS:

John C. Ball President and Treasurer Age: 46	Since 2017	Officer of registered investment companies within the Gabelli 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: 69	Since 2020	General Counsel, GAMCO Investors, Inc. and Chief Legal Officer, Associated Capital Group, Inc. since 2021; 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: 63	Since 2013	Chief Compliance Officer of registered investment companies within the Gabelli Fund Complex since 2013

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 Global Financial Services Fund

2022 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the fiscal year ended September 30, 2022, the Fund paid to shareholders ordinary income distributions totaling $0.2321, $0.2233, $0.1427, and $0.2516 per share for each of Class AAA, Class A, Class C, and Class I, respectively. For the fiscal year ended September 30, 2022, 65.86% 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 0.06% 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, 2022 which was derived from U.S. Treasury securities was 0.04%. 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 2022. The percentage of U.S. Government securities held as of September 30, 2022 was none. 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 degree 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.

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.

(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,” as defined in Item 3 of Form N-CSR.

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 2021 and $113,400 in 2022.

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 2021 and $0 in 2022.

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 2021 and $15,200 in 2022. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Executive Officer

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer