N-CSR/A

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06367

Gabelli Equity Series Funds, Inc.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: September 30, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Gabelli Equity Series, Inc, (the “Company”) is filing this amendment No. 1 to the Form N-CSR for the purposes of including Ernst & Young LLP’s report of Independent Registered Accounting Firm (“Auditor’s Report”). The Auditor’s Report in Form N-CSR filed on December 8, 2023 did not include the reference to the full Schedule of Investments. This amendment includes the correct Audit Report.

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

The Gabelli Equity Income Fund

Annual Report — September 30, 2023

To Our Shareholders,

For the fiscal year ended September 30, 2023, the net asset value (NAV) total return per Class AAA Share of The Gabelli Equity Income Fund was 11.9% compared with a total return of 21.6% for the Standard & Poor’s (S&P) 500 Index. Other classes of shares are available. See page 3 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of September 30, 2023.

Investment Objective and Strategy (Unaudited)

The Fund seeks to provide a high level of total return on its assets with an emphasis on income. 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. In making stock selections, Gabelli Funds, LLC, the Adviser, looks for securities that have a better yield than the average of the S&P 500 Index, as well as capital gains potential.

Performance Discussion (Unaudited)

The Fed has repeatedly stated its goal of trying to bring inflation down to the 2% annual rate, but that clearly will not happen this year and probably not next year either, even though inflation is slowly moving down. The fight against inflation continues to be a major concern for the Federal Reserve, and a major topic on Wall Street. The balance sheet of the Federal Reserve increased dramatically during the financial crisis, and it ballooned even further since the start of the COVID-19 pandemic. The massive infusion of liquidity helped the economy and stock market through the financial crisis and the COVID lockdowns, but it also helped to contribute to the inflation we are seeing now. Thus, it needs to come down in the years ahead. In the spring of 2022, total assets on the Fed’s balance sheet were about $9 trillion, and that number has now come down to about $8 trillion. We still need to move another two trillion off the Fed’s balance sheet. As the process of quantitative tightening occurs, liquidity will be draining from the financial system, and this will be a headwind for future stock returns, especially for companies with poor free cash flow. Luckily, in (y)our portfolio, we focus on stocks that have strong free cash flow and good prospects for growing their dividends.

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 sharehold-er 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.

The third quarter of 2023 was down for virtually every major equity index, although the first half of 2023 saw healthy gains in the U.S. stock market. Small caps, as measured by the Russell 2000, were down about 5% in the quarter, while the S&P 500 total return was down just over 3%. Growth stocks were down a little bit less than value stocks during the quarter. Although the Fed is probably at the end of its tightening cycle, the Fed did raise rates by 25 basis points in the quarter to 5.5%. The bigger move in interest rates, however, was with the 10 year note, which moved up by 76 basis points in the quarter, to about 4.6%. Since mortgage rates are heavily dependent on the 10 year note, mortgage rates also rose during the year, hitting multi-year highs. The labor market generally remained strong in the quarter, and labor strikes picked up. There were several new labor settlements that increased wages by a meaningful amount, including with the Airline Pilots Association and the Teamsters. The United Auto Workers were on strike demanding even higher wage increases.

Of the eleven sectors that make up the S&P 500 index, most were down in the third quarter, while two sectors were up. The best performing sector was Energy, up over 12%, followed by Communication services, up just over 3%. The two worst performing sectors in the third quarter were Utilities, down about 9%, and Real Estate, also down about 9%. Rising interest rates have been hurting both sectors.

One of the best performing stocks in (y)our portfolio during the fiscal year was FEMSA, Fomento Economico Mexicano SAB de CV (1.8% of net assets as of September 30, 2023), FEMSA is a beverage and retail conglomerate. The holding company enjoys a global presence operating through its subsidiaries, primarily Coca-Cola FEMSA that the Fund also holds. Microsoft Corporation (2.0%) is an American multinational technology corporation best known for the Windows line of operating systems, the Microsoft 365 suite of productivity applications, and the Edge web browser. GATX (2.1%), a major railcar lessor was also a strong contributor during the fiscal year.

There were also a few stock holdings in (y)our portfolio that declined over the fiscal year. One of the leading detractors was CVS Health Corporation (1.2%), which is a healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider. Another leading detractor was Brown-Forman (2.3%), a spirits company based in Kentucky that owns Jack Daniel’s and other premium brands. An additional detractor was Diageo plc (1.5%), a British multinational alcoholic beverage company that is a major distributor of Scotch whisky, Guinness, Captain Morgan and other spirits.

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.

2

Comparative Results

Average Annual Returns through September 30, 2023 (a)(b) (Unaudited)

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

	1 Year			5 Year			10 Year			15 Year			Since Inception (1/2/92)
Class AAA (GABEX)		11.92	%		5.70	%		6.65	%		7.91	%		9.20	%
S&P 500 Index (c)		21.62			9.92			11.91			11.28			9.77
Lipper Equity Income Fund Average (c)		13.10			6.92			8.59			8.78			8.33
Class A (GCAEX) (d)		11.94			5.71			6.66			7.92			9.08
With sales charge (e)		5.51			4.47			6.03			7.49			9.00
Class C (GEICX) (d)(f)		11.23			4.92			5.86			7.11			8.70
With contingent deferred sales charge (g)		9.71			4.82			5.81			7.08			8.69
Class C1 (GCCEX) (d)		11.34			4.94			5.87			7.12			8.70
With contingent deferred sales charge (g)		10.34			4.94			5.87			7.12			8.70
Class I (GCIEX) (d)		12.19			5.97			6.92			8.19			9.34

(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 C1 Shares on December 31, 2002, and Class I Shares on January 11, 2008. The actual performance of the Class A Shares and Class C1 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)	The Class C1 Share NAVs are used to calculate the performance for the period prior to the issuance of the Class C Shares on June 1, 2023.
(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 June 1, 2023, the expense ratios for Class AAA, A, C, and I Shares are 1.42%, 1.42%, 2.17%, and 1.17%, respectively. See page 13 for the expense ratios for the year ended September 30, 2023. 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.

3

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	11.92%	5.70%	6.65%

* 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.

4

The Gabelli Equity Income Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from April 1, 2023 through September 30, 2023 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, 2023.

	Beginning Account Value 04/01/23		Ending Account Value 09/30/23		Annualized Expense Ratio		Expenses Paid During Period
The Gabelli Equity Income Fund
Actual Fund Return
Class AAA	$	1,000.00	$	970.80		1.45%	$	7.16	*
Class A	$	1,000.00	$	971.10		1.45%	$	7.16	*
Class C	$	1,000.00	$	894.70		2.29%	$	7.31	**
Class C1	$	1,000.00	$	963.30		2.20%	$	10.83	*
Class I	$	1,000.00	$	972.50		1.20%	$	5.93	*
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,017.80		1.45%	$	7.33	*
Class A	$	1,000.00	$	1,017.80		1.45%	$	7.33	*
Class C	$	1,000.00	$	1,013.59		2.29%	$	11.56	*
Class C1	$	1,000.00	$	1,014.04		2.20%	$	11.11	*
Class I	$	1,000.00	$	1,019.05		1.20%	$	6.07	*

*	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.
**	Expenses are equal to the Fund’s annualized expense ratio since inception, multiplied by the average account value over the period, multiplied by the number of days in the period since inception June 1, 2023 through September 30, 2023 (122 days), then divided by 365.

5

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of September 30, 2023:

The Gabelli Equity Income Fund

Food and Beverage	17.9	%
Financial Services	13.1	%
Diversified Industrial	7.3	%
Equipment and Supplies	6.0	%
Automotive: Parts and Accessories	5.1	%
Retail	4.7	%
Health Care	4.5	%
Energy and Utilities: Oil	4.4	%
Machinery	4.3	%
Business Services	4.0	%
Telecommunications	3.8	%
Energy and Utilities: Natural Gas	2.3	%
Computer Software and Services	2.3	%
Electronics	2.2	%
Transportation	2.1	%
Building and Construction	2.1	%
Computer Hardware	1.8	%
Metals and Mining	1.6	%
Consumer Products	1.4	%
Entertainment	1.2	%
Energy and Utilities: Services	1.0	%

Specialty Chemicals	1.0	%
Agriculture	0.8	%
Aerospace	0.7	%
Energy and Utilities: Integrated	0.6	%
Automotive	0.5	%
Broadcasting	0.5	%
Real Estate Investment Trusts	0.4	%
Energy and Utilities: Electric	0.4	%
Communications Equipment	0.3	%
U.S. Government Obligations	0.2	%
Environmental Services	0.2	%
Wireless Communications	0.2	%
Energy and Utilities: Water	0.2	%
Consumer Services	0.1	%
Hotels and Gaming	0.1	%
Cable and Satellite	0.1	%
Publishing	0.0	%*
Other Assets and Liabilities (Net)	0.6	%
	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.

6

The Gabelli Equity Income Fund

Schedule of Investments — September 30, 2023

Shares			Cost		Market Value
		COMMON STOCKS — 99.2%
		Aerospace — 0.7%
	600	L3Harris Technologies Inc.	$	111,189	$	104,472
	2,000	Lockheed Martin Corp.		47,350		817,920
	8,200	Rockwell Automation Inc.		246,347		2,344,134
				404,886		3,266,526
		Agriculture — 0.8%
	50,000	Archer-Daniels-Midland Co.		1,281,567		3,771,000
	10,000	The Mosaic Co.		155,338		356,000
				1,436,905		4,127,000
		Automotive — 0.5%
	2,000	Daimler Truck Holding AG		73,522		69,398
	20,000	Iveco Group NV†		175,902		187,387
	14,500	PACCAR Inc.		370,272		1,232,790
	44,000	Traton SE		796,414		927,124
				1,416,110		2,416,699
		Automotive: Parts and Accessories — 5.1%
	80,000	Dana Inc.		1,251,012		1,173,600
	166,400	Genuine Parts Co.		7,546,099		24,024,832
				8,797,111		25,198,432
		Broadcasting — 0.5%
	65,000	Liberty Global plc, Cl. A†		1,281,813		1,112,800
	11,000	Liberty Global plc, Cl. C†		232,019		204,160
	38,000	Sinclair Inc.		645,171		426,360
	44,000	TEGNA Inc.		713,699		641,080
				2,872,702		2,384,400
		Building and Construction — 2.1%
	30,000	Carrier Global Corp.		254,819		1,656,000
	39,500	Fortune Brands Innovations Inc.		336,150		2,455,320
	23,500	Herc Holdings Inc.		823,065		2,795,090
	47,500	Johnson Controls International plc		871,643		2,527,475
	10,000	Knife River Corp.†		360,497		488,300
	22,500	Masterbrand Inc.†		70,729		273,375
				2,716,903		10,195,560
		Business Services — 4.0%
	9,500	Automatic Data Processing Inc.		472,804		2,285,510
	24,300	Mastercard Inc., Cl. A		521,531		9,620,613
	2,400	MSC Industrial Direct Co. Inc., Cl. A		165,490		235,560
	30,500	Pentair plc		583,548		1,974,875
	16,000	S&P Global Inc.		728,327		5,846,560
				2,471,700		19,963,118
		Cable and Satellite — 0.1%
	40,000	DISH Network Corp., Cl. A†		578,565		234,400

Shares			Cost		Market Value
	16,000	EchoStar Corp., Cl. A†	$	361,271	$	268,000
				939,836		502,400
		Communications Equipment — 0.3%
	42,000	Corning Inc.		481,575		1,279,740
		Computer Hardware — 1.8%
	31,000	Apple Inc.		567,613		5,307,510
	25,800	International Business Machines Corp.		2,064,886		3,619,740
				2,632,499		8,927,250
		Computer Software and Services — 2.3%
	90,000	Hewlett Packard Enterprise Co.		509,279		1,563,300
	31,300	Microsoft Corp.		874,522		9,882,975
				1,383,801		11,446,275
		Consumer Products — 1.4%
	1,500	Ball Corp.		78,314		74,670
	5,500	Edgewell Personal Care Co.		166,525		203,280
	49,500	Energizer Holdings Inc.		1,254,450		1,585,980
	30,000	Essity AB, Cl. A		529,907		649,395
	1,000	National Presto Industries Inc.		30,628		72,460
	34,000	Reckitt Benckiser Group plc		1,008,398		2,403,548
	3,000	The Scotts Miracle-Gro Co.		148,954		155,040
	41,000	Unilever plc, ADR		818,025		2,025,400
				4,035,201		7,169,773
		Consumer Services — 0.1%
	1,600	Allegion plc		19,252		166,720
	14,000	Rollins Inc.		13,919		522,620
				33,171		689,340
		Diversified Industrial — 7.3%
	1,200	AMETEK Inc.		173,774		177,312
	68,500	Crane Co.		1,330,682		6,085,540
	32,000	Crane NXT Co.		307,723		1,778,240
	33,500	Eaton Corp. plc		1,238,138		7,144,880
	1,500	Honeywell International Inc.		32,160		277,110
	8,600	Ingersoll Rand Inc.		45,820		547,992
	48,000	ITT Inc.		961,318		4,699,680
	32,500	Jardine Matheson Holdings Ltd.		1,602,432		1,508,650
	19,200	Modine Manufacturing Co.†		399,387		878,400
	17,000	Myers Industries Inc.		338,975		304,810
	21,500	nVent Electric plc		227,954		1,139,285
	20,000	Svenska Cellulosa AB SCA, Cl. A		83,897		274,586
	110,000	Textron Inc.		1,047,092		8,595,400
	146,000	Toray Industries Inc.		973,915		760,091
	7,000	Trane Technologies plc		126,408		1,420,370

See accompanying notes to financial statements.

7

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — September 30, 2023

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Diversified Industrial (Continued)
	25,000	Trinity Industries Inc.	$	357,494	$	608,750
				9,247,169		36,201,096
		Electronics — 2.2%
	6,500	Sony Group Corp.		138,865		532,388
	33,000	Sony Group Corp., ADR		963,587		2,719,530
	48,000	TE Connectivity Ltd.		1,582,951		5,929,440
	10,000	Texas Instruments Inc.		147,000		1,590,100
				2,832,403		10,771,458
		Energy and Utilities: Electric — 0.4%
	8,000	Avangrid Inc.		230,688		241,360
	20,000	Korea Electric Power Corp., ADR†		224,961		128,800
	13,500	Portland General Electric Co.		586,781		546,480
	63,000	The AES Corp.		291,918		957,600
				1,334,348		1,874,240
		Energy and Utilities: Integrated — 0.6%
	50,000	Energy Transfer LP		0		701,500
	21,000	Eni SpA		220,487		338,717
	6,500	Iberdrola SA, ADR		98,020		290,810
	57,000	OGE Energy Corp.		760,843		1,899,810
				1,079,350		3,230,837
		Energy and Utilities: Natural Gas — 2.3%
	115,000	National Fuel Gas Co.		5,209,133		5,969,650
	11,500	ONE Gas Inc.		48,202		785,220
	59,000	ONEOK Inc.		0		3,742,370
	16,000	Southwest Gas Holdings Inc.		695,847		966,560
				5,953,182		11,463,800
		Energy and Utilities: Oil — 4.4%
	25,500	Callon Petroleum Co.†		940,569		997,560
	40,000	Chevron Corp.		1,622,327		6,744,800
	4,500	ConocoPhillips		82,502		539,100
	6,800	Devon Energy Corp.		69,081		324,360
	12,000	Exxon Mobil Corp.		312,521		1,410,960
	55,000	Hess Corp.		2,616,724		8,415,000
	18,000	Marathon Petroleum Corp.		234,717		2,724,120
	13,500	TotalEnergies SE, ADR		230,259		887,760
	1,706	Vitesse Energy Inc.		11,197		39,050
				6,119,897		22,082,710
		Energy and Utilities: Services — 1.0%
	4,000	Dril-Quip Inc.†		96,160		112,680
	94,500	Halliburton Co.		1,852,120		3,827,250
	23,000	MDU Resources Group Inc.		461,993		450,340
	11,000	Schlumberger NV		285,160		641,300
				2,695,433		5,031,570

Shares			Cost		Market Value
		Energy and Utilities: Water — 0.2%
	3,600	Essential Utilities Inc.	$	26,544	$	123,588
	22,000	Severn Trent plc		579,449		634,818
				605,993		758,406
		Entertainment — 1.2%
	20,000	Atlanta Braves Holdings Inc., Cl. A†		598,398		781,400
	80,200	Grupo Televisa SAB, ADR		471,779		244,610
	6,000	Madison Square Garden Entertainment Corp.†		69,853		197,460
	2,500	Madison Square Garden Sports Corp.		301,304		440,750
	268,800	Paramount Global, Cl. A		4,750,120		4,244,352
	6,000	Sphere Entertainment Co.†		58,706		222,960
				6,250,160		6,131,532
		Environmental Services — 0.2%
	7,500	Republic Services Inc.		284,610		1,068,825
		Equipment and Supplies — 6.0%
	6,000	A.O. Smith Corp.		15,988		396,780
	1,000	Crown Holdings Inc.		81,810		88,480
	14,000	Danaher Corp.		406,841		3,473,400
	160,000	Flowserve Corp.		2,043,195		6,363,200
	50,000	Graco Inc.		853,683		3,644,000
	23,000	Minerals Technologies Inc.		962,788		1,259,480
	117,500	Mueller Industries Inc.		2,091,794		8,831,300
	15,000	Parker-Hannifin Corp.		809,385		5,842,800
				7,265,484		29,899,440
		Financial Services — 13.1%
	20,000	AllianceBernstein Holding LP		38,050		607,000
	19,000	American Express Co.		459,057		2,834,610
	19,000	Ameris Bancorp		200,916		729,410
	3,700	Argo Group International Holdings Ltd.		66,521		110,408
	5,195	Banco Santander Chile, ADR		29,250		95,276
	124,500	Bank of America Corp.		820,374		3,408,810
	12,000	BNP Paribas SA		513,665		766,675
	32,200	Interactive Brokers Group Inc., Cl. A		483,716		2,787,232
	14,500	Jefferies Financial Group Inc.		246,744		531,135
	8,500	JPMorgan Chase & Co.		164,948		1,232,670
	48,500	Julius Baer Group Ltd.		1,558,649		3,118,709
	6,000	Kinnevik AB, Cl. A†		122,062		60,519
	63,500	Loews Corp.		2,344,007		4,020,185
	11,200	M&T Bank Corp.		956,465		1,416,240
	14,500	Marsh & McLennan Companies Inc.		394,880		2,759,350
	10,000	Morgan Stanley		497,928		816,700
	5,800	Popular Inc.		93,651		365,458

See accompanying notes to financial statements.

8

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — September 30, 2023

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	64,000	SLM Corp.	$	311,552	$	871,680
	122,000	State Street Corp.		5,565,671		8,169,120
	6,300	T. Rowe Price Group Inc.		157,957		660,681
	297,000	The Bank of New York Mellon Corp.		7,458,271		12,667,050
	15,000	The Goldman Sachs Group Inc.		1,887,537		4,853,550
	23,500	The PNC Financial Services Group Inc.		1,746,952		2,885,095
	600	UBS Group AG		13,361		14,873
	53,000	Valley National Bancorp		331,250		453,680
	116,500	Webster Financial Corp.		2,694,630		4,696,115
	105,000	Wells Fargo & Co.		2,940,970		4,290,300
				32,099,034		65,222,531
		Food and Beverage — 17.9%
	1,000	Anheuser-Busch InBev SA/ NV		15,876		55,516
	195,600	Brown-Forman Corp., Cl. A		3,372,741		11,364,360
	34,000	Campbell Soup Co.		1,061,533		1,396,720
	19,000	Coca-Cola Europacific Partners plc		427,500		1,187,120
	10,000	Coca-Cola Femsa SAB de CV, ADR		340,563		784,400
	5,200	Constellation Brands Inc., Cl. A		157,302		1,306,916
	35,000	Danone SA		1,347,433		1,933,816
	33,000	Davide Campari-Milano NV		110,940		389,538
	49,500	Diageo plc, ADR		3,063,927		7,384,410
	81,500	Fomento Economico Mexicano SAB de CV, ADR		1,986,761		8,895,725
	1,000	General Mills Inc.		26,640		63,990
	1,675,000	Grupo Bimbo SAB de CV, Cl. A		1,343,694		8,052,302
	93,000	Heineken NV		4,417,436		8,206,142
	132,000	ITO EN Ltd.		2,344,495		4,247,778
	17,500	Kellanova		910,204		1,041,425
	4,000	McCormick & Co. Inc.		137,120		315,520
	31,200	McCormick & Co. Inc., Non-Voting		675,130		2,359,968
	30,500	Mondelēz International Inc., Cl. A		549,430		2,116,700
	31,800	Nestlé SA		653,040		3,604,012
	54,000	Nissin Foods Holdings Co. Ltd.		1,657,298		4,489,762
	31,000	PepsiCo Inc.		2,087,320		5,252,640
	23,800	Pernod Ricard SA		2,337,623		3,971,909
	31,200	Remy Cointreau SA		1,660,939		3,814,854
	30,000	Sapporo Holdings Ltd.		664,276		954,965

Shares			Cost		Market Value
	4,500	The Boston Beer Co. Inc., Cl. A†	$	1,466,395	$	1,752,885
	10,000	The Coca-Cola Co.		208,400		559,800
	1,000	The Hershey Co.		36,300		200,080
	50,000	The Kraft Heinz Co.		1,403,471		1,682,000
	64,000	Yakult Honsha Co. Ltd.		799,840		1,555,889
				35,263,627		88,941,142
		Health Care — 4.5%
	4,400	Abbott Laboratories		134,434		426,140
	3,000	AbbVie Inc.		74,560		447,180
	3,200	Alcon Inc.		106,703		246,592
	75,000	Baxter International Inc.		1,657,103		2,830,500
	4,400	Bio-Rad Laboratories Inc., Cl. A†		432,651		1,577,180
	87,500	Bristol-Myers Squibb Co.		2,105,675		5,078,500
	69,500	Demant A/S†		672,691		2,882,677
	6,400	GSK plc, ADR		270,041		232,000
	8,000	Haleon plc, ADR		57,324		66,640
	32,000	Henry Schein Inc.†		483,167		2,376,000
	16,000	Merck & Co. Inc.		283,402		1,647,200
	12,000	Novartis AG, ADR		585,253		1,222,320
	24,000	Perrigo Co. plc		780,640		766,800
	21,500	Pfizer Inc.		387,082		713,155
	42,500	Roche Holding AG, ADR		781,653		1,442,025
	2,300	Zimmer Biomet Holdings Inc.		193,245		258,106
	10,000	Zimvie Inc.†		86,104		94,100
				9,091,728		22,307,115
		Hotels and Gaming — 0.1%
	12,000	MGM Resorts International		144,776		441,120
	1,500	Wynn Resorts Ltd.		71,983		138,615
				216,759		579,735
		Machinery — 4.3%
	6,000	Caterpillar Inc.		35,181		1,638,000
	146,000	CNH Industrial NV		2,160,868		1,766,600
	44,400	Deere & Co.		1,385,417		16,755,672
	3,700	Otis Worldwide Corp.		210,099		297,147
	8,500	Xylem Inc.		274,006		773,755
				4,065,571		21,231,174
		Metals and Mining — 1.6%
	83,000	Freeport-McMoRan Inc.		1,050,009		3,095,070
	138,000	Newmont Corp.		3,315,522		5,099,100
				4,365,531		8,194,170
		Publishing — 0.0%
	3,000	Value Line Inc.		41,976		131,160
		Real Estate Investment Trusts — 0.4%
	62,000	Weyerhaeuser Co.		944,665		1,900,920

See accompanying notes to financial statements.

9

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — September 30, 2023

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Retail — 4.7%
	14,000	Cie Financiere Richemont SA, Cl. A	$	470,500	$	1,713,006
	82,000	Copart Inc.†		181,043		3,533,380
	6,200	Costco Wholesale Corp.		283,039		3,502,752
	86,100	CVS Health Corp.		2,890,791		6,011,502
	44,600	Ingles Markets Inc., Cl. A		693,507		3,359,718
	63,000	Seven & i Holdings Co. Ltd.		1,897,136		2,468,315
	3,000	The Home Depot Inc.		83,470		906,480
	75,000	Walgreens Boots Alliance Inc.		2,325,665		1,668,000
	1,000	Walmart Inc.		43,340		159,930
				8,868,491		23,323,083
		Specialty Chemicals — 1.0%
	2,700	Albemarle Corp.		27,305		459,108
	2,500	Ashland Inc.		58,813		204,200
	2,200	FMC Corp.		57,788		147,334
	43,000	H.B. Fuller Co.		888,240		2,950,230
	2,000	NewMarket Corp.		7,719		910,080
	600	Quaker Chemical Corp.		6,478		96,000
				1,046,343		4,766,952
		Telecommunications — 3.8%
	105,000	BCE Inc.		2,004,577		4,007,850
	190,000	Deutsche Telekom AG, ADR.		2,540,248		3,982,400
	14,000	Orange SA, ADR		160,021		160,860
	70,000	Telefonica SA, ADR		293,673		284,900
	228,500	Telephone and Data Systems Inc.		3,799,565		4,183,835
	94,000	TELUS Corp.		713,431		1,535,960
	154,000	Verizon Communications Inc.		5,199,286		4,991,140
				14,710,801		19,146,945
		Transportation — 2.1%
	97,000	GATX Corp.		3,095,584		10,556,510
		Wireless Communications — 0.2%
	80,000	BT Group plc, Cl. A		214,864		113,909
	40,000	Telesat Corp., New York†		372,453		572,000
	20,000	Turkcell Iletisim Hizmetleri A/S, ADR†		91,562		94,600
	5,000	United States Cellular Corp.†		88,375		214,850
				767,254		995,359
		TOTAL COMMON STOCKS		187,867,793		493,377,223

Shares			Cost		Market Value
		WARRANTS — 0.0%
		Retail — 0.0%
	28,000	Cie Financiere Richemont SA, expire 11/22/23†	$	0	$	20,794

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.2%
$	1,125,000	U.S. Treasury Bill,
		5.379%††, 12/28/23		1,110,403		1,110,577
		TOTAL INVESTMENTS — 99.4%	$	188,978,196		494,508,594
		Other Assets and Liabilities (Net) — 0.6%				2,957,521
		NET ASSETS — 100.0%			$	497,466,115

†	Non-income producing security.
††	Represents annualized yield at date of purchase.
ADR	American Depositary Receipt

See accompanying notes to financial statements.

10

The Gabelli Equity Income Fund

Statement of Assets and Liabilities

September 30, 2023

Assets:
Investments, at value (cost $188,978,196)	$	494,508,594
Cash		61,831
Receivable for Fund shares sold		2,138,179
Receivable for investments sold		394,437
Dividends and interest receivable		1,567,706
Prepaid expenses		35,958
Total Assets		498,706,705
Liabilities:
Payable for Fund shares redeemed		562,266
Payable for investment advisory fees		427,709
Payable for distribution fees		92,234
Payable for accounting fees		7,500
Other accrued expenses		150,881
Total Liabilities		1,240,590
Net Assets
(applicable to 71,254,483 shares outstanding)	$	497,466,115
Net Assets Consist of:
Paid-in capital	$	196,285,777
Total distributable earnings		301,180,338
Net Assets	$	497,466,115
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($227,247,903 ÷ 31,151,834 shares outstanding; 150,000,000 shares authorized)	$	7.29
Class A:
Net Asset Value and redemption price per share ($114,513,452 ÷ 15,995,807 shares outstanding; 50,000,000 shares authorized)	$	7.16
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	7.60
Class C:
Net Asset Value and offering price per share ($607,715 ÷ 70,863 shares outstanding; 50,000,000 shares authorized)	$	8.58	(a)
Class C1:
Net Asset Value and redemption price per share ($21,071,225 ÷ 8,471,133 shares outstanding; 50,000,000 shares authorized)	$	2.49	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($134,025,820 ÷ 15,564,846 shares outstanding; 50,000,000 shares authorized)	$	8.61

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

Statement of Operations

For the Year Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding taxes of $307,620)	$	11,471,561
Interest		989,690
Total Investment Income		12,461,251
Expenses:
Investment advisory fees		5,371,936
Distribution fees - Class AAA		624,175
Distribution fees - Class A		282,917
Distribution fees - Class C		989
Distribution fees - Class C1		289,695
Shareholder services fees		349,057
Legal and audit fees		180,808
Shareholder communications expenses		105,766
Custodian fees		89,089
Registration expenses		65,587
Directors’ fees		48,081
Accounting fees		45,000
Interest expense		5,602
Miscellaneous expenses		60,114
Total Expenses		7,518,816
Less:
Expenses paid indirectly by broker (See Note 6)		(7,747	)
Net Expenses		7,511,069
Net Investment Income		4,950,182
Net Realized and Unrealized Gain on Investments and Foreign Currency:
Net realized gain on investments		40,671,936
Net realized gain on foreign currency transactions		2,430,397
Net realized gain on investments and foreign currency transactions		43,102,333
Net change in unrealized appreciation/depreciation:
on investments		11,153,019
on foreign currency translations		9,489
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		11,162,508
Net Realized and Unrealized Gain on Investments and Foreign Currency		54,264,841
Net Increase in Net Assets Resulting from Operations	$	59,215,023

See accompanying notes to financial statements.

11

The Gabelli Equity Income Fund

Statement of Changes in Net Assets

	Year Ended September 30, 2023			Year Ended September 30, 2022
Operations:
Net investment income	$	4,950,182		$	3,158,103
Net realized gain on investments and foreign currency transactions		43,102,333			44,877,858
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		11,162,508			(100,609,026	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		59,215,023			(52,573,065	)
Distributions to Shareholders:
Accumulated earnings
Class AAA		(21,408,216	)		(22,272,154	)
Class A		(9,925,480	)		(8,652,015	)
Class C		(23,419	)		—
Class C1		(6,357,512	)		(7,436,270	)
Class I		(10,928,078	)		(9,375,536	)
		(48,642,705	)		(47,735,975	)
Return of capital
Class AAA		(29,821,849	)		(25,806,376	)
Class A		(14,580,547	)		(10,503,964	)
Class C		(33,597	)		—
Class C1		(5,018,493	)		(5,196,111	)
Class I		(16,447,112	)		(12,186,613	)
		(65,901,598	)		(53,693,064	)
Total Distributions to Shareholders		(114,544,303	)		(101,429,039	)
Capital Share Transactions:
Class AAA		19,288,612			6,853,900
Class A		32,868,398			26,476,191
Class C		699,312			—
Class C1		(3,091,637	)		(3,093,552	)
Class I		16,984,005			28,598,222
Net Increase in Net Assets from Capital Share Transactions		66,748,690			58,834,761
Redemption Fees		204			428
Net Increase/(Decrease) in Net Assets		11,419,614			(95,166,915	)
Net Assets:
Beginning of year		486,046,501			581,213,416
End of year	$	497,466,115		$	486,046,501

See accompanying notes to financial statements.

12

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
2023	$	8.09	$	0.08		$	0.91		$	0.99		$	(0.08	)	$	(0.67	)	$	(1.04	)	$	(1.79	)	$	0.00	$	7.29		11.92	%	$	227,248		0.89	%		1.43	%		5	%
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
Class A
2023	$	7.96	$	0.07		$	0.91		$	0.98		$	(0.08	)	$	(0.67	)	$	(1.03	)	$	(1.78	)	$	0.00	$	7.16		11.94	%	$	114,513		0.90	%		1.43	%		5	%
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
Class C
2023(g)	$	9.52	$	0.01		$	0.16		$	0.17		$	(0.07	)	$	(0.55	)	$	(0.49	)	$	(1.11	)	$	0.00	$	8.58		1.67	%	$	608		0.24	%(h)		2.29	%(h)		5	%
Class C1
2023	$	3.41	$	0.00	(b)	$	0.42		$	0.42		$	(0.07	)	$	(0.67	)	$	(0.60	)	$	(1.34	)	$	0.00	$	2.49		11.34	%	$	21,071		0.13	%		2.18	%		5	%
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)(i)		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	)(i)		2.20			1
Class I
2023	$	9.36	$	0.12		$	1.04		$	1.16		$	(0.09	)	$	(0.67	)	$	(1.15	)	$	(1.91	)	$	0.00	$	8.61		12.19	%	$	134,026		1.14	%		1.18	%		5	%
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

†	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 all fiscal years presented. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.42%, 1.41%, 1.41%, 1.42%, and 1.40% (Class AAA and Class A), 2.17%, 2.16%, 2.16%, 2.17%, and 2.15% (Class C1), 1.17%, 1.16%, 1.16%, 1.17%, and 1.15% (Class I), and 2.29% (Class C), 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)	Class C commenced on June 1, 2023.
(h)	Annualized.
(i)	Amount represents less than 0.005%.

See accompanying notes to financial statements.

13

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.

14

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, 2023 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 09/30/23
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Electronics	$	10,239,070	$	532,388	$	10,771,458
Retail		21,610,077		1,713,006		23,323,083
Other Industries (a)		459,282,682		—		459,282,682
Total Common Stocks		491,131,829		2,245,394		493,377,223
Warrants (a)		20,794		—		20,794
U.S. Government Obligations		—		1,110,577		1,110,577
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	491,152,623	$	3,355,971	$	494,508,594

(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, 2023 or September 30, 2022. The Fund’s policy is to recognize transfers among levels as of the beginning of the reporting period.

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.

15

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

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

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

Securities Sold Short. The Fund enters into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. At September 30, 2023, 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.

16

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

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

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At September 30, 2023, 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 prior year post financial statement adjustments, and the tax treatment of currency gains and losses. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended September 30, 2023, reclassifications were made to decrease paid-in capital by $130,028, with an offsetting adjustment to total distributable earnings.

17

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

The tax character of distributions paid during the fiscal years ended September 30, 2023 and 2022 was as follows:

	Year Ended September 30, 2023		Year Ended September 30, 2022*
Distributions paid from:
Ordinary income	$	5,241,338	$	3,432,763
Net long term capital gains		43,401,367		44,793,364
Return of capital		65,901,598		53,693,064
Total distributions paid*	$	114,544,303	$	101,919,191

* 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, 2023, the components of accumulated earnings/losses on a tax basis were as follows:

Net unrealized appreciation on investments and foreign currency translations	$	301,467,320
Qualified late year loss deferrals*		(286,982	)
Total	$	301,180,338

* Under the current law, qualified late year losses realized after October 31 and prior to the Fund’s year end may be elected as occurring on the first day of the following year. For the year ended September 30, 2023, the Fund elected to defer $33,684 of late year ordinary losses and $253,298 of late year short term capital gain losses.

At September 30, 2023, 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 and tax basis adjustments on investments in partnerships.

18

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2023:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	193,036,819	$	315,119,820	$	(13,648,045	)	$	301,471,775

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, 2023, the Fund did not incur any income tax, interest, or penalties. As of September 30, 2023, 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, Class C, and Class C1 Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, 1.00%, 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, 2023, other than short term securities and U.S. Government obligations, aggregated $23,988,200 and $63,930,069, respectively.

6. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2023, the Fund paid $7,857 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $181,813 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the fiscal year ended September 30, 2023, 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 $7,747.

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, 2023, the Fund accrued $45,000, in connection with the cost of computing the Fund’s NAV.

19

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

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

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on February 28, 2024 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, 2023, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for the four days of borrowings during the fiscal year ended September 30, 2023 was $5,317,500 with a weighted average interest rate of 4.41%. The maximum amount borrowed at any time during the fiscal year ended September 30, 2023 was $5,493,000.

8. Capital Stock. The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. On March 13, 2023, Class C shares were renamed Class C1 shares, and effective March 15 through May 30, 2023, the Fund temporarily reopened its Class C1 shares to purchases by new investors. Effective March 15 through May 30, 2023, the Fund temporarily reopened its Class C1 shares to new investors. After May 30, 2023, neither new nor existing shareholders may purchase additional C1 shares. Class C shares were issued after May 30, 2023. These changes have no effect on existing Class C1 shareholders’ ability to redeem these shares. Class AAA and Class I shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the fiscal years ended September 30, 2023 and 2022, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

20

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

	Year Ended						Year Ended
	September 30, 2023						September 30, 2022
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		1,174,663		$	10,172,938			645,461		$	6,748,143
Shares issued upon reinvestment of distributions		6,147,305			49,649,725			4,931,483			46,611,265
Shares redeemed		(4,706,054	)		(40,534,051	)		(4,439,438	)		(46,505,508	)
Net increase		2,615,914		$	19,288,612			1,137,506		$	6,853,900
Class A
Shares sold		4,258,757		$	36,060,183			3,034,549		$	31,417,004
Shares issued upon reinvestment of distributions		2,979,277			23,521,783			1,968,136			18,209,199
Shares redeemed		(3,201,866	)		(26,713,568	)		(2,267,796	)		(23,150,012	)
Net increase		4,036,168		$	32,868,398			2,734,889		$	26,476,191
Class C*
Shares sold		78,914		$	783,387			—			—
Shares issued upon reinvestment of distributions		6,499			57,017			—			—
Shares redeemed		(14,550	)		(141,092	)		—			—
Net increase		70,863		$	699,312			—			—
Class C1
Shares sold		238,073		$	769,577			1,055,129		$	5,423,547
Shares issued upon reinvestment of distributions		3,538,227			11,034,199			2,813,019			12,443,798
Shares redeemed		(4,569,461	)		(14,895,413	)		(4,363,620	)		(20,960,897	)
Net decrease		(793,161	)	$	(3,091,637	)		(495,472	)	$	(3,093,552	)
Class I
Shares sold		3,283,389		$	33,307,281			3,822,498		$	42,274,555
Shares issued upon reinvestment of distributions		2,861,760			26,958,291			1,978,810			21,251,482
Shares redeemed		(4,294,132	)		(43,281,567	)		(2,943,248	)		(34,927,815	)
Net increase		1,851,017		$	16,984,005			2,858,060		$	28,598,222

* Class C shares were first offered on May 31, 2023.

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.

21

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, 2023, 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, 2023, 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, 2023, by correspondence with the custodian and brokers. 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, 2023

22

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 May 16, 2023, 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.

23

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 Year of Birth	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 1942	Since 1991	31	Chairman, Co-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 Chair 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 1944	Since 1991	12	Former Senior Vice President of G.research, LLC (and its predecessor) (1991-2019)	—
INDEPENDENT DIRECTORS5:
Elizabeth C. Bogan Director 1944	Since 2019	12	Former Senior Lecturer in Economics at Princeton University	—
Anthony J. Colavita6 Director 1935	Since 1991	18	President of the law firm of Anthony J. Colavita, P.C.	—
Vincent D. Enright Director 1943	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 1939	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank
Anthonie C. van Ekris6 Director 1934	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/ export company)	—

24

The Gabelli Equity Income Fund
Additional Fund Information (Unaudited) (Continued)

Name, Position(s) Address1 and Year of Birth	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
Salvatore J. Zizza7 Director 1945	Since 2001	35	President, 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);Director of Bion Environmental Technologies, Inc.

25

The Gabelli Equity Income Fund

Additional Fund Information (Unaudited) (Continued)

Name, Position(s) Address1 and Year of Birth	Term of Office and Length of Time Served2	Principal Occupation(s) During Past Five Years
OFFICERS:
John C. Ball President, Treasurer, Principal Financial & Accounting Officer 1976	Since 2017	Senior Vice President (since 2018) and other positions (2017 – 2018) of GAMCO Investors, Inc.; Chief Executive Officer, G. Distributors, LLC since 2020; Officer of registered investment companies within the Gabelli Fund Complex since 2017
Peter Goldstein Secretary & Vice President 1953	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 1959	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.
2	Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Fund’s By-Laws and Articles of Incorporation. For officers, includes time served in prior officer positions with the Fund. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.
3	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.
4	“Interested person” of the Fund as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.
5	Directors who are not interested persons are considered “Independent” Directors.
6	Mr. Colavita’s son, Anthony S. Colavita, serves as a director of other funds in the Gabelli 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.

26

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.

THE GABELLI EQUITY INCOME FUND

2023 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the fiscal year ended September 30, 2023, the Fund paid to shareholders ordinary income distributions totaling $0.0788, $0.0793, $0.0676, $0.0699, and $0.0941 for each of Class AAA, Class A, Class C1, Class C, and Class I, respectively, and long term capital gains totaling $43,401,367, 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, 2023, 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 7.57% 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, 2023 which was derived from U.S. Treasury securities was 7.57%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Gabelli Equity Income Fund did not meet this strict requirement in 2023. The percentage of U.S. Government securities held as of September 30, 2023 was 0.2%. 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, 2023

To Our Shareholders,

For the fiscal year ended September 30, 2023, the net asset value (NAV) total return per Class AAA Share of The Gabelli Small Cap Growth Fund was 22.7% compared with a total return of 10.1% for the Standard & Poor’s (S&P) SmallCap 600 Index. Other classes of shares are available. See page 3 for performance information for all classes.

Enclosed are the financial statements, including the summary schedule of investments, as of September 30, 2023.

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 modifications or restructurings, the sale of assets or the business, in its entirety, or industry adjustments such as regulation revisions or changes in competition.

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.

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 this Fund’s fiscal year ended September 30, 2023, the higher performing stocks in (y)our portfolio included Lennar Corporation (2.4% of net assets as of September 30, 2023), Crane NXT Co. (0.8%), and AMETEK Inc. (3.7%). Lennar Corporation, based in Florida, is one of the largest residential home builders in the U.S. Lennar’s operations include the construction and sale of single-family attached and detached homes and the purchase, development, and sale of residential land. Driven by continued Federal Reserve rate increases, net earnings and sales price per home have declined year over year, which has been offset by increased home deliveries and cost reductions. An additional high performer was Crane NXT Co. The company was formed in 2023 by the dissolution of Crane Holdings Company into two separate, publicly traded companies: Crane NXT and Crane Company. Crane NXT Co. is a pioneer in advanced, proprietary micro-optics technology for securing physical products, and its sophisticated electronic equipment and associated software leverages proprietary core capabilities with detection and sensing technologies. AMETEK Inc. was another high performer in fiscal 2023. AMETEK Inc. is a diversified supplier of highly engineered equipment used in a broad array of industrial end markets. The company offers a diverse product portfolio including test and measurement, metrology, and precision motion control equipment, in addition to specialty materials and aftermarket services.

Detractors from performance over the fiscal year included Kaman Corporation (0.8%), and Globus Medical Inc. (0.7%). Kaman Corporation is an American company and leading innovator in the aerospace industry, serving commercial and military customers around the world. Globus Medical Inc. is a medical device company that develops, manufactures, and distributes musculoskeletal device solutions.

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.

2

Comparative Results

Average Annual Returns through September 30, 2023 (a)(b) (Unaudited)

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

	1 Year			5 Year			10 Year			15 Year			Since Inception (10/22/91)
Class AAA (GABSX)		22.70	%		5.96	%		7.55	%		9.35	%		11.51	%
S&P SmallCap 600 Index (c)		10.08			3.21			8.15			9.55			N/A
Lipper Small-Cap Core Funds Average (c)		12.07			4.09			7.31			8.83			N/A
Class A (GCASX) (d)		22.72			5.95			7.55			9.35			11.51
With sales charge (e)		15.66			4.71			6.92			8.92			11.30
Class C (GCCSX) (d)		21.79			5.16			6.75			8.53			11.00
With contingent deferred sales charge (f)		20.79			5.16			6.75			8.53			11.00
Class I (GACIX) (d)		23.02			6.22			7.82			9.62			11.65

(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 June 1, 2023, the expense ratios for Class AAA, A, C, and I Shares are 1.39%, 1.39%, 2.14%, and 1.14%, respectively. See page 12 for the expense ratios for the year ended September 30, 2023. 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.

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.

3

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

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

Average Annual Total Returns*
	1 Year	5 Year	10 Year
Class AAA	22.70%	5.96%	7.55%

* 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.

4

The Gabelli Small Cap Growth Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from April 1, 2023 through September 30, 2023 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, 2023.

	Beginning Account Value 04/01/23		Ending Account Value 09/30/23		Annualized Expense Ratio		Expenses Paid During Period *
The Gabelli Small Cap Growth Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,012.00		1.38%	$	6.96
Class A	$	1,000.00	$	1,012.00		1.38%	$	6.96
Class C	$	1,000.00	$	1,008.00		2.13%	$	10.72
Class I	$	1,000.00	$	1,013.20		1.13%	$	5.70
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,018.15		1.38%	$	6.98
Class A	$	1,000.00	$	1,018.15		1.38%	$	6.98
Class C	$	1,000.00	$	1,014.39		2.13%	$	10.76
Class I	$	1,000.00	$	1,019.40		1.13%	$	5.72

* 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.

5

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of September 30, 2023:

The Gabelli Small Cap Growth Fund

Equipment and Supplies	18.7	%
Diversified Industrial	12.4	%
Building and Construction	6.8	%
Retail	6.4	%
Food and Beverage	5.5	%
Financial Services	4.7	%
Automotive: Parts and Accessories	4.5	%
Hotels and Gaming	4.0	%
Health Care	3.5	%
Electronics	3.1	%
Energy and Utilities	2.8	%
Machinery	2.6	%
Transportation	2.6	%
U.S. Government Obligations	2.2	%
Entertainment	2.1	%
Business Services	2.1	%
Real Estate	2.1	%
Aviation: Parts and Services	2.0	%
Specialty Chemicals	2.0	%
Manufactured Housing and Recreational Vehicles	1.7	%

Computer Software and Services	1.4	%
Consumer Products	1.4	%
Broadcasting	1.3	%
Consumer Services	0.9	%
Environmental Services	0.5	%
Telecommunications	0.5	%
Cable	0.4	%
Publishing	0.4	%
Automotive	0.4	%
Home Furnishings	0.3	%
Miscellaneous Investments	0.2	%
Communications Equipment	0.1	%
Wireless Communications	0.1	%
Closed-End Funds	0.1	%
Aerospace	0.1	%
Agriculture	0.1	%
Metals and Mining	0.1	%
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

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

Proxy Voting

The 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.

6

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments — September 30, 2023

Shares			Cost		Market Value
		COMMON STOCKS* — 97.5%
		Aerospace — 0.1%
	77,500	Various Securities	$	915,672	$	1,352,200
		Agriculture — 0.1%
	66,000	Various Securities		1,012,309		891,020
		Automotive — 0.4%
	530,000	Various Securities		2,602,270		5,736,360
		Automotive: Parts and Accessories — 4.4%
	840,000	Brembo SpA		1,552,407		10,443,938
	1,108,000	Dana Inc.		8,991,197		16,254,360
	356,000	Modine Manufacturing Co.†		2,997,818		16,287,000
	249,000	Strattec Security Corp.†(a)		4,804,355		5,751,900
	627,722	Various Securities		4,248,631		20,366,910
				22,594,408		69,104,108
		Aviation: Parts and Services — 2.0%
	670,500	Kaman Corp.		9,942,571		13,175,325
	89,000	Moog Inc., Cl. A		1,052,574		10,053,440
	138,700	Various Securities		2,063,533		8,309,310
				13,058,678		31,538,075
		Broadcasting — 1.3%
	1,698,302	Various Securities		8,463,987		20,437,411
		Building and Construction — 6.8%
	218,700	Herc Holdings Inc.		7,148,607		26,012,178
	362,500	Lennar Corp., Cl. B		8,661,417		37,058,375
	1,750	NVR Inc.†		1,203,399		10,435,775
	733,900	Various Securities		6,934,743		32,433,122
				23,948,166		105,939,450
		Business Services — 2.1%
	1,600,000	Trans-Lux Corp.†(a)		1,575,044		720,000
	34,000	United Rentals Inc.		209,146		15,115,380
	1,279,240	Various Securities		6,392,754		17,495,295
				8,176,944		33,330,675
		Cable — 0.4%
	462,500	Various Securities		7,083,843		6,955,710
		Communications Equipment — 0.1%
	150,000	Various Securities		1,857,239		2,145,000
		Computer Software and Services — 1.4%
	31,000	Tyler Technologies Inc.†		61,675		11,970,340
	436,800	Various Securities		2,269,390		10,062,517
				2,331,065		22,032,857
		Consumer Products — 1.4%
	1,097,125	Various Securities		8,355,135		21,717,882
		Consumer Services — 0.9%
	281,200	Rollins Inc.		262,454		10,497,196

Shares			Cost		Market Value
	254,000	Various Securities	$	1,514,413	$	3,853,575
				1,776,867		14,350,771
		Diversified Industrial — 12.4%
	355,000	Crane Co.		4,913,967		31,538,200
	229,500	Crane NXT Co.		1,394,411		12,753,315
	87,000	EnPro Industries Inc.		4,385,753		10,543,530
	369,400	Griffon Corp.		3,086,092		14,654,098
	915,000	Myers Industries Inc.		12,555,068		16,405,950
	335,500	Textron Inc.		2,028,771		26,215,970
	2,365,200	Various Securities		33,157,912		81,099,269
				61,521,974		193,210,332
		Electronics — 3.1%
	110,000	Badger Meter Inc.		1,352,007		15,825,700
	206,500	Bel Fuse Inc., Cl. A(a)		3,827,474		9,732,345
	400,000	CTS Corp.		3,294,245		16,696,000
	295,000	Various Securities		2,578,589		6,667,313
				11,052,315		48,921,358
		Energy and Utilities — 2.8%
	1,680,000	RPC Inc.		681,607		15,019,200
	575,600	Various Securities		11,590,806		28,442,208
				12,272,413		43,461,408
		Entertainment — 2.1%
	1,081,624	Various Securities		16,177,306		33,650,288
		Environmental Services — 0.5%
	59,000	Various Securities		532,967		8,408,090
		Equipment and Supplies — 18.7%
	387,600	AMETEK Inc.		659,537		57,271,776
	315,000	Core Molding Technologies Inc.†		624,161		8,974,350
	189,000	Federal Signal Corp.		994,156		11,288,970
	241,000	Flowserve Corp.		1,445,693		9,584,570
	152,500	Franklin Electric Co. Inc.		594,728		13,607,575
	424,000	Graco Inc.		2,289,467		30,901,120
	491,000	Mueller Industries Inc.		12,055,821		36,903,560
	167,200	Tennant Co.		2,789,395		12,397,880
	740,000	The Gorman-Rupp Co.		11,286,239		24,346,000
	1,624,003	Various Securities		18,694,826		87,613,864
				51,434,023		292,889,665
		Financial Services — 4.7%
	674,000	KKR & Co. Inc.		2,722,550		41,518,400
	10,000	Waterloo Investment Holdings Ltd.†(b)		1,373		5,000
	2,365,418	Various Securities		24,981,619		32,306,228
				27,705,542		73,829,628
		Food and Beverage — 5.5%
	240,000	Kikkoman Corp.		1,630,295		12,597,430
	635,000	Maple Leaf Foods Inc.		11,018,968		12,202,098

See accompanying notes to financial statements.

7

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments (Continued) — September 30, 2023

Shares			Cost		Market Value
		COMMON STOCKS* (Continued)
		Food and Beverage (Continued)
	4,956,900	Various Securities	$	25,910,626	$	60,473,652
				38,559,889		85,273,180
		Health Care — 3.5%
	216,000	Globus Medical Inc., Cl. A†		5,584,808		10,724,400
	1,237,530	Various Securities		15,197,089		43,305,283
				20,781,897		54,029,683
		Home Furnishings — 0.3%
	231,500	Various Securities		2,690,305		4,522,675
		Hotels and Gaming — 4.0%
	140,000	Churchill Downs Inc.		562,239		16,245,600
	241,000	Ryman Hospitality Properties Inc., REIT		3,795,317		20,070,480
	6,709,872	Various Securities		14,163,998		25,857,506
				18,521,554		62,173,586
		Machinery — 2.6%
	326,000	Astec Industries Inc.		11,354,454		15,357,860
	1,415,000	CNH Industrial NV		3,631,392		17,121,500
	401,700	Various Securities		6,542,280		8,264,739
				21,528,126		40,744,099
		Manufactured Housing and Recreational Vehicles — 1.7%
	63,500	Cavco Industries Inc.†		1,236,391		16,869,410
	205,500	Various Securities		1,897,491		10,420,068
				3,133,882		27,289,478
		Metals and Mining — 0.1%
	140,000	Various Securities		529,906		818,843
		Publishing — 0.4%
	816,050	Various Securities		5,281,230		6,583,900
		Real Estate — 2.1%
	381,000	The St. Joe Co.		5,832,628		20,699,730
	530,700	Various Securities		6,285,716		11,858,341
				12,118,344		32,558,071
		Retail — 6.4%
	111,000	AutoNation Inc.†		1,763,898		16,805,400
	304,000	Copart Inc.†		637,079		13,099,360
	200,000	Ingles Markets Inc., Cl. A		2,545,477		15,066,000
	157,000	Nathan’s Famous Inc		264,162		11,093,620
	69,500	Penske Automotive Group Inc		1,013,547		11,610,670
	482,250	Rush Enterprises Inc., Cl. B		2,275,116		21,841,102
	368,223	Various Securities		4,668,973		10,984,257
				13,168,252		100,500,409
		Specialty Chemicals — 2.0%
	245,000	H.B. Fuller Co.		2,718,585		16,809,450

Shares			Cost		Market Value
	91,200	The General Chemical Group Inc.†(b)	$	1,186	$	0
	216,100	Various Securities		2,599,661		13,793,939
				5,319,432		30,603,389
		Telecommunications — 0.5%
	391,100	Various Securities		2,946,225		7,918,320
		Transportation — 2.6%
	347,500	GATX Corp.		9,803,043		37,818,425
	192,657	Various Securities		1,753,858		2,454,992
				11,556,901		40,273,417
		Wireless Communications — 0.1%
	50,000	Various Securities		1,308,189		2,148,500
		TOTAL COMMON STOCKS		440,317,255		1,525,339,838
		CLOSED-END FUNDS* — 0.1%
	188,229	Various Securities		2,574,402		1,549,657
		PREFERRED STOCKS* — 0.1%
		Automotive: Parts and Accessories — 0.1%
	82,500	Various Securities		563,490		2,475,392
		RIGHTS* — 0.0%
		Communications Equipment — 0.0%
	60,500	Various Securities		0		139,465
		WARRANTS* — 0.0%
		Business Services — 0.0%
	1	Internap Corp., expires 05/08/24†(b)		0		652
		Diversified Industrial — 0.0%
	140,000	Various Securities		95,648		44,800
		TOTAL WARRANTS		95,648		45,452
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS* — 2.2%
$	19,065,000	U.S. Treasury Bills,
		5.276% to 5.465%††, 10/05/23 to 03/14/24		18,910,598		18,914,018

See accompanying notes to financial statements.

8

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments (Continued) — September 30, 2023

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS* (Continued)
$	15,275,000	Various Securities	$	15,144,190	$	15,146,312
		TOTAL U.S. GOVERNMENT OBLIGATIONS		34,054,788		34,060,330
		TOTAL MISCELLANEOUS INVESTMENTS— 0.2%(c)		3,261,921		2,509,370
		TOTAL INVESTMENTS — 100.1%	$	480,867,504		1,566,119,504
		Other Assets and Liabilities (Net) — (0.1)%				(2,096,179	)
		NET ASSETS — 100.0%			$	1,564,023,325

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, 2023. 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.
††	Represents annualized yields at dates of purchase.
REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

9

The Gabelli Small Cap Growth Fund

Statement of Assets and Liabilities

September 30, 2023

Assets:
Investments, at value (cost $470,660,631)	$	1,549,915,259
Investments in affiliates, at value (cost $10,206,873)		16,204,245
Cash		109,782
Foreign currency, at value (cost $89,482)		89,074
Receivable for Fund shares sold		551,221
Receivable for investments sold		152,056
Dividends and interest receivable		1,420,050
Prepaid expenses		48,205
Total Assets		1,568,489,892
Liabilities:
Payable for investments purchased		1,636,416
Payable for Fund shares redeemed		898,305
Payable for investment advisory fees		1,314,292
Payable for distribution fees		239,619
Payable for accounting fees		7,500
Other accrued expenses		370,435
Total Liabilities		4,466,567
Net Assets
(applicable to 38,299,853 shares outstanding)	$	1,564,023,325
Net Assets Consist of:
Paid-in capital	$	371,411,561
Total distributable earnings		1,192,611,764
Net Assets	$	1,564,023,325
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($899,375,717 ÷ 22,201,638 shares outstanding; 150,000,000 shares authorized)	$	40.51
Class A:
Net Asset Value and redemption price per share ($118,556,896 ÷ 2,930,165 shares outstanding; 50,000,000 shares authorized)	$	40.46
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	42.93
Class C:
Net Asset Value and offering price per share ($28,818,447 ÷ 957,709 shares outstanding; 50,000,000 shares authorized)	$	30.09	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($517,272,265 ÷ 12,210,341 shares outstanding; 50,000,000 shares authorized)	$	42.36

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

Statement of Operations

For the Year Ended September 30, 2023

Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $277,617)	$	23,445,434
Dividends - affiliated		50,502
Interest		661,750
Total Investment Income		24,157,686
Expenses:
Investment advisory fees		15,935,591
Distribution fees - Class AAA		2,300,969
Distribution fees - Class A		300,483
Distribution fees - Class C		345,316
Shareholder services fees		1,240,014
Shareholder communications expenses		291,839
Custodian fees		175,368
Directors’ fees		141,859
Registration expenses		82,508
Legal and audit fees		81,289
Interest expense		68,649
Accounting fees		45,000
Miscellaneous expenses		130,063
Total Expenses		21,138,948
Less:
Advisory fee reduction on unsupervised assets (See Note 3)		(65,517	)
Expenses paid indirectly by broker (See Note 6)		(20,643	)
Total Reductions		(86,160	)
Net Expenses		21,052,788
Net Investment Income		3,104,898
Net Realized and Unrealized Gain/(Loss) on
Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		152,950,846
Net realized gain on investments - affiliated		91,142
Net realized loss on foreign currency transactions		(12,352	)
Net realized gain on investments and foreign currency transactions		153,029,636
Net change in unrealized appreciation/depreciation:
on investments - unaffiliated		152,830,686
on investments - affiliated		4,630,446
on foreign currency translations		34,500
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		157,495,632
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		310,525,268
Net Increase in Net Assets Resulting from Operations	$	313,630,166

See accompanying notes to financial statements.

10

The Gabelli Small Cap Growth Fund

Statement of Changes in Net Assets

	Year Ended			Year Ended
	September 30, 2023			September 30, 2022
Operations:
Net investment income	$	3,104,898		$	1,881,684
Net realized gain on investments and foreign currency transactions		153,029,636			154,317,012
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		157,495,632			(448,165,801	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		313,630,166			(291,967,105	)
Distributions to Shareholders:
Accumulated earnings
Class AAA		(78,244,179	)		(133,745,388	)
Class A		(10,316,268	)		(17,235,275	)
Class C		(3,309,037	)		(10,378,509	)
Class I		(46,912,815	)		(79,705,424	)
Total Distributions to Shareholders		(138,782,299	)		(241,064,596	)
Capital Share Transactions:
Class AAA		591,787			44,158,782
Class A		1,334,405			9,841,866
Class C		(10,408,315	)		(13,302,976	)
Class I		(9,319,216	)		(123,739	)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(17,801,339	)		40,573,933
Redemption Fees		2,662			390
Net Increase/(Decrease) in Net Assets		157,049,190			(492,457,378	)
Net Assets:
Beginning of year		1,406,974,135			1,899,431,513
End of year	$	1,564,023,325		$	1,406,974,135

See accompanying notes to financial statements.

11

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)(f)			Portfolio Turnover Rate
Class AAA
2023	$	36.11	$	0.05		$	7.96		$	8.01		$	(0.01	)	$	(3.60	)	$	(3.61	)	$	0.00	$	40.51		22.70	%		$	899,376		0.13	%		1.39	%		1	%
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			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			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			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			1
Class A
2023	$	36.06	$	0.05		$	7.95		$	8.00		$	0.00	(c)	$	(3.60	)	$	(3.60	)	$	0.00	$	40.46		22.72	%		$	118,557		0.13	%		1.39	%		1	%
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			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			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			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			1
Class C
2023	$	27.02	$	(0.19	)	$	5.95		$	5.76		$	—		$	(2.69	)	$	(2.69	)	$	0.00	$	30.09		21.79	%		$	28,818		(0.64	)%		2.14	%		1	%
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			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			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			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			1
Class I
2023	$	37.76	$	0.16		$	8.32		$	8.48		$	(0.11	)	$	(3.77	)	$	(3.88	)	$	0.00	$	42.36		23.02	%		$	517,272		0.38	%		1.14	%		1	%
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			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			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			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			1

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	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, 2023, 2022, 2021, and 2019, there was no impact on the expense ratios.
(f)	The Fund incurred interest expense during all the fiscal years presented. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.38%, 1.38%, 1.37%, 1.39%, and 1.38% (Class AAA and Class A), 2.13%, 2.13%, 2.12%, 2.14%, and 2.13% (Class C), and 1.13%, 1.13%, 1.12%, 1.14%, and 1.13% (Class I).
(g)	Amount represents less than 0.5%.

See accompanying notes to financial statements.

12

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.

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

13

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).

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, 2023 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 09/30/23
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Automotive: Parts and Accessories	$	69,104,104	$	4		—	$	69,104,108
Aviation: Parts and Services		31,172,675		365,400		—		31,538,075
Building and Construction		105,936,450		3,000		—		105,939,450
Business Services		33,124,150		509,525		—		33,633,675
Consumer Products		21,218,615		499,267		—		21,717,882
Consumer Services		14,125,786		224,985		—		14,350,771
Diversified Industrial		192,528,032		814,450		—		193,342,482
Equipment and Supplies		289,917,640		2,972,025		—		292,889,665
Financial Services		74,610,801		28,927	$	5,000		74,644,728
Hotels and Gaming		58,337,336		3,836,250		—		62,173,586
Manufactured Housing and Recreational Vehicles		25,124,265		2,165,213		—		27,289,478
Real Estate		31,446,071		1,112,000		—		32,558,071
Retail		99,761,496		738,913		—		100,500,409
Specialty Chemicals		30,603,389		—		—		30,603,389
Other Industries (b)		437,563,439		—		—		437,563,439
Total Common Stocks		1,514,574,249		13,269,959		5,000		1,527,849,208
Closed-End Funds		1,549,657		—		—		1,549,657
Preferred Stocks (b)		2,475,392		—		—		2,475,392
Rights (b)		—		139,465		—		139,465
Warrants (b)		44,800		—		652		45,452
U.S. Government Obligations		—		34,060,330		—		34,060,330
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,518,644,098	$	47,469,754	$	5,652	$	1,566,119,504

14

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

(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.

During the fiscal year ended September 30, 2023, the Fund did not have transfers into or out of Level 3. The Fund’s policy is to recognize transfers among levels as of the beginning of the reporting period.

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 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.

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

15

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

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

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At September 30, 2023, 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, 2023, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

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

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

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

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

16

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

primarily due to differing treatments of income and gains as determined under the GAAP. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to utilization of tax equalization. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended September 30, 2023, reclassifications were made to increase paid-in capital by $9,639,973, with an offsetting adjustment to total distributable earnings.

The tax character of distributions paid during the fiscal years ended September 30, 2023 and 2022 was as follows:

	Year Ended September 30, 2023*		Year Ended September 30, 2022*
Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	2,325,442	$	3,571,562
Net long term capital gains		146,113,135		246,311,919
Total distributions paid	$	148,438,577	$	249,883,482

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

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, 2023, the components of accumulated earnings/losses on a tax basis were as follows:

Undistributed ordinary income	$	3,567,934
Undistributed long term capital gains		123,175,271
Net unrealized appreciation on investments and foreign currency translations		1,065,868,559
Total	$	1,192,611,764

At September 30, 2023, 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, 2023:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	500,234,201	$	1,118,549,693	$	(52,664,390	)	$	1,065,885,303

17

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

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, 2023, the Fund did not incur any income tax, interest, or penalties. As of September 30, 2023, 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.

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, 2023, 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 $65,517.

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, 2023, other than short term securities and U.S. Government obligations, aggregated $20,701,824 and $216,663,264, respectively.

6. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2023, the Fund paid $34,858 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $16,357 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the fiscal year ended September 30, 2023, 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 $20,643.

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, 2023, the Fund accrued $45,000 in connection with the cost of computing the Fund’s NAV.

18

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

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

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on February 28, 2024 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, 2023, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during thefiscal year endedSeptember 30, 2023 was $4,099,247 with a weighted average interest rate of 4.99%. The maximum amount borrowed at any time during the fiscal year ended September 30, 2023 was $10,818,000.

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

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the fiscal years ended September 30, 2023 and 2022, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

19

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		1,459,702		$	59,287,899			1,183,539		$	52,061,933
Shares issued upon reinvestment of distributions		1,968,082			75,790,825			2,817,801			129,196,144
Shares redeemed		(3,350,834	)		(134,486,937	)		(3,140,556	)		(137,099,295	)
Net increase		76,950		$	591,787			860,784		$	44,158,782
Class A
Shares sold		386,753		$	15,677,854			412,514		$	18,248,925
Shares issued upon reinvestment of distributions		253,242			9,739,703			353,484			16,189,558
Shares redeemed		(602,502	)		(24,083,151	)		(577,265	)		(24,596,617	)
Net increase		37,493		$	1,334,406			188,733		$	9,841,866
Class C
Shares sold		72,924		$	2,251,044			58,394		$	1,979,388
Shares issued upon reinvestment of distributions		114,578			3,297,561			298,257			10,298,825
Shares redeemed		(527,702	)		(15,956,920	)		(769,124	)		(25,581,189	)
Net decrease		(340,200	)	$	(10,408,315	)		(412,473	)	$	(13,302,976	)
Class I
Shares sold		1,930,594		$	82,465,637			1,392,147		$	62,940,445
Shares issued upon reinvestment of distributions		1,139,763			45,807,093			1,620,237			77,544,528
Shares redeemed		(3,272,433	)		(137,591,946	)		(3,077,613	)		(140,608,712	)
Net decrease		(202,076	)	$	(9,319,216	)		(65,229	)	$	(123,739	)

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, 2023 is set forth below:

	Market Value at September 30, 2022		Purchases		Sales Proceeds		Realized Gain/(Loss)			Change In Unrealized Appreciation		Market Value at September 30, 2023		Dividend Income		Percent Owned of Shares
Bel Fuse Inc., Cl. A	$	5,911,425		—	$	242,672	$	92,631		$	3,970,961	$	9,732,345	$	50,502		10.00	%
Strattec Security Corp.†		5,109,728	$	64,127		—		—			578,045		5,751,900		—		6.00	%
Trans-Lux Corp.†		640,960		—		911		(1,489	)		81,440		720,000		—		12.00	%
Total							$	91,142		$	4,630,446	$	16,204,245	$	50,502

† Non-income producing security.

20

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

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

11. 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.

21

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, 2023, 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, 2023, 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, 2023, 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, 2023

22

The Gabelli Small Cap Growth Fund

Liquidity Risk Management Program (Unaudited)

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

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

At a meeting of the Board held on May 17, 2023, 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.

23

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 Year of Birth	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 1942	Since 1991	31	Chair, Co-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 Chair 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 1944	Since 1991	12	Former Senior Vice President of G.research, LLC (and its predecessor) (1991-2019)	—
INDEPENDENT DIRECTORS5:
Elizabeth C. Bogan Director 1944	Since 2019	12	Former Senior Lecturer in Economics at Princeton University	—
Anthony J. Colavita6 Director 1935	Since 1991	18	President of the law firm of Anthony J. Colavita, P.C.	—
Vincent D. Enright Director 1943	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 1939	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank
Anthonie C. van Ekris6 Director 1934	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/ export company)	—

24

The Gabelli Small Cap Growth Fund

Additional Fund Information (Unaudited) (Continued)

Name, Position(s) Address1 and Year of Birth	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
Salvatore J. Zizza7 Director 1945	Since 2001	35	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);Director of Bion Environmental Technologies, Inc.

25

The Gabelli Small Cap Growth Fund

Additional Fund Information (Unaudited) (Continued)

Name, Position(s) Address1 and Year of Birth	Term of Office and Length of Time Served2	Principal Occupation(s) During Past Five Years
OFFICERS:
John C. Ball President, Treasurer, Principal Financial & Accounting Officer 1976	Since 2017	Senior Vice President (since 2018) and other positions (2017 – 2018) of GAMCO Investors, Inc.; Chief Executive Officer, G. Distributors, LLC since 2020; Officer of registered investment companies within the Gabelli Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017
Peter Goldstein Secretary & Vice President 1953	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 1959	Since 2013	Chief Compliance Officer of registered investment companies within the Fund Complex since 2013

1	Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.
2	Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Fund’s By-Laws and Articles of Incorporation. For officers, includes time served in prior officer positions with the Fund. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.
3	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.
4	“Interested person” of the Fund as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.
5	Directors who are not interested persons are considered “Independent” Directors.
6	Mr. Colavita’s son, Anthony S. Colavita, serves as a director of other funds in the Gabelli/GAMCO Fund Complex. Mr. van Ekris is an independent director of Gabelli International Ltd., Gabelli Fund, LDC, GAMA Capital Opportunities Master, Ltd., and GAMCO International SICAV, which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund’s Adviser.
7	Mr. Zizza is an independent director of Gabelli International Ltd., which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund’s Adviser. On September 9, 2015, Mr. Zizza entered into a settlement with the SEC to resolve an inquiry relating to an alleged violation regarding the making of false statements or omissions to the accountants of a company concerning a related party transaction. The company in question is not an affiliate of, nor has any connection to, the Fund. Under the terms of the settlement, Mr. Zizza, without admitting or denying the SEC’s findings and allegation, paid $150,000 and agreed to cease and desist committing or causing any future violations of Rule 13b2-2 of the Securities Exchange Act of 1934, as amended. The Board has discussed this matter and has determined that it does not disqualify Mr. Zizza from serving as an Independent Director.

26

THE GABELLI SMALL CAP GROWTH FUND

2023 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the fiscal year ended September 30, 2023, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.0164, $0.0157, $0.0086, and $0.1245 for each of Class AAA, Class A, Class C, and Class I, respectively, and long term capital gains totaling $146,113,135, 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, 2023, 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 0.31% 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, 2023 which was derived from U.S. Treasury securities was 0.22%. 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 2023. The percentage of U.S. Government securities held as of September 30, 2023 was 2.2%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

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

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

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

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

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

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

What do we do to protect your personal information?

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

THE GABELLI SMALL CAP GROWTH 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 Focused Growth and Income Fund Annual Report — September 30, 2023
	Daniel M. Miller Portfolio Manager GAMCO Investors BS, University of Miami

To Our Shareholders,

For the fiscal year ended September 30, 2023, the net asset value (NAV) total return per Class I Share of The Gabelli Focused Growth and Income Fund was 7.0% compared with a total return of 13.1% for the Lipper Equity Income Fund Average. 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, 2023.

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.

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 sharehold-er 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)

In Q4 2022, the stock market had terrific gains as investors anticipated a slower Federal Reserve tightening policy and cooling inflation. The first half of 2023, despite challenges like the ongoing Russia and Ukraine conflict, rising commodity prices, and significant bank failures in the U.S., was largely positive. Q3 2023, on the other hand, proved more challenging as investors shifted their outlook due to rising bond yields, stalling disinflation, and an uncertain global economic outlook. Throughout 2023, the Fed’s rate hikes pressured stocks significantly.

By the end of Q3 2023, 10-year treasury yields reached 4.6%, up nearly 18% from 3.9% at the year’s start. This high return scenario in a risk free asset made stocks less compelling to short term investors. While inflation cooled down through Q4 2022 and H1 2023, showing a positive trajectory from a peak of 9.1% in 2022 to 3% in June 2023, it reversed in Q3 2023 with September’s CPI index reaching upwards of 3.7%. Given the Fed’s 2% target, rising inflation could trigger further interest rate hikes, driving treasury yields higher and affecting the broader market vs. fixed income alternatives risk reward analysis.

Despite the challenging macro environment, positives include the near real time low unemployment rate of 3.8%, resilient U.S. consumers, pricing power demonstrated by consumer branded goods companies in attractive categories, and substantial future growth opportunities from a value standpoint.

As a Fund with a concentrated portfolio of holdings, stock selection is an important element of performance. The Fund is driven more by the results of the companies selected rather than the movement of the overall market. To this effect, the Gabelli Focused Growth and Income Fund had a positive return every quarter in the fiscal year except for Q3, where, it is worth noting that a single positions contribution, NextEra Energy Partners LP accounted for the entirety of the decline. While continued increases in interest rates over the past year have created significant consternation for investors in fixed income securities, historically dividend paying securities outperform in defensive periods while also providing a cushion in steep market declines. We continue to believe that organizations with robust and consistent cash flows are well equipped to flourish in the current environment.

Some of the better performing investments during the fiscal year were: Apollo Global Management Inc., (5.9% of net assets as of September 30, 2023), which engages in credit, private equity, and real estate investments and continues to benefit from an array of high quality assets and a strong growth relating to their lending activities and fee revenues; AbbVie Inc. (2.1%), the pharmaceutical research and development company that has continued to show strong performance and rising revenues from their immunology portfolio; and Blackstone Mortgage Trust Inc., (7.4%), a REIT that originates senior loans collateralized by commercial properties in North America, Europe, and Australia. It traded below book value for the better part of the year despite 95% of its loans performing according to expectations and reporting strong quarterly earnings.

A few of our weaker performers during the fiscal year included: NextEra Energy Partners LP (5.1%), a company that primarily operates high quality renewable projects with credit worthy counterparties. They announced a decision to forgo an additional asset drop-down in the fourth quarter, and thus lower the distribution growth rate to 5-8% from 12-15%. We believe the 14.5% current return on the $3.42 distribution per share is attractive, and the shares trade well below our revised Private Market Value (PMV) of $55 per share. Another detractor to performance this year was media conglomerate Qurate Retail Inc., 8%, 03/15/31 (5.2%), which continues to navigate a challenging operating environment but offers a very attractive $8 dividend yield that has been providing a great cushion against market declines.

We continue to position the portfolio toward high income producing securities. We appreciate your continued confidence and trust.

2

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.

3

Comparative Results

Average Annual Returns through September 30, 2023 (a)(b) (Unaudited)

Total returns 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)		6.97	%		11.63	%		4.77	%		3.74	%		6.78	%
Class AAA (GWSVX)		5.91			10.56			4.05			3.26			6.46
S&P MidCap 400 Index (d)		15.51			12.05			6.06			8.94			10.47
Lipper Equity Income Fund Average (d)		13.10			10.15			6.92			8.59			8.33
Class A (GWSAX)		6.53			10.78			4.20			3.32			6.52
With sales charge (e)		0.40			8.61			2.97			2.71			6.20
Class C (GWSCX)		5.17			9.76			3.30			2.50			5.70
With contingent deferred sales charge (f)		4.17			9.76			3.30			2.50			5.70

(a)	The Fund’s fiscal year ends September 30.
(b)	Returns would have been lower had the Adviser not reimbursed various expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.
(c)	The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class I Shares on January 11, 2008. The actual performance of Class I Shares would have been higher due to lower expenses associated with this class of shares.
(d)	The S&P Midcap 400 Index is an index comprised of U.S. stocks in the middle capitalization range, which is generally considered to be between $200 million and $5 billion in market value. The Lipper Equity Income Fund Average includes the 30 largest equity funds in this category tracked by Lipper, Inc. Dividends are considered reinvested. You cannot invest directly in an index.
(e)	Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.
(f)	Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

In the current prospectuses dated June 1, 2023, the expense ratios for Class AAA, A, C, and I Shares are 1.72%, 1.72%, 2.47%, and 1.47%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) are 1.72%, 1.25%, 2.47%, and 0.80%, respectively. See page 12 for the expense ratios for the year ended September 30, 2023. The contractual reimbursements are in effect through June 1, 2024. Class AAA and Class I Shares have no 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.

4

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	5.91%	4.05%	3.26%

* 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.

5

The Gabelli Focused Growth and Income Fund Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from April 1, 2023 through September 30, 2023 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, 2023.

	Beginning Account Value 04/01/23		Ending Account Value 09/30/23		Annualized Expense Ratio		Expenses Paid During Period *
The Gabelli Focused Growth and Income Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,017.00		1.83%	$	9.25
Class A	$	1,000.00	$	1,020.10		1.26%	$	6.38
Class C	$	1,000.00	$	1,013.40		2.59%	$	13.07
Class I	$	1,000.00	$	1,022.30		0.80%	$	4.06
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,015.89		1.83%	$	9.25
Class A	$	1,000.00	$	1,018.75		1.26%	$	6.38
Class C	$	1,000.00	$	1,012.08		2.59%	$	13.06
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.

6

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of September 30, 2023:

The Gabelli Focused Growth and Income Fund

Energy and Utilities	25.1	%
Real Estate Investment Trusts	21.5	%
Financial Services	13.9	%
Telecommunications	5.7	%
Retail	5.2	%
U.S. Government Obligations	5.1	%
Food and Beverage	4.9	%
Health Care	4.3	%
Diversified Industrial	3.5	%

Building and Construction	2.3	%
Computer Software and Services	2.0	%
Metals and Mining	1.6	%
Automotive: Parts and Accessories	1.5	%
Entertainment	1.1	%
Specialty Chemicals	0.9	%
Other Assets and Liabilities (Net)	1.4	%
	100.0	%

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

Proxy Voting

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

7

The Gabelli Focused Growth and Income Fund

Schedule of Investments — September 30, 2023

Shares			Cost		Market Value
		COMMON STOCKS — 79.4%
		Automotive: Parts and Accessories — 1.5%
	6,000	Aptiv plc†	$	311,893	$	591,540
		Building and Construction — 2.3%
	7,500	Herc Holdings Inc.		144,069		892,050
		Computer Software and Services — 2.0%
	6,150	Alphabet Inc., Cl. C†		182,408		810,878
		Energy and Utilities — 23.8%
	173,819	Energy Transfer LP		1,175,147		2,438,681
	100,000	Enterprise Products Partners LP		1,602,577		2,737,000
	96,000	Kinder Morgan Inc.		1,013,347		1,591,680
	19,000	New Fortress Energy Inc.		581,821		622,820
	67,772	NextEra Energy Partners LP		2,776,944		2,012,828
				7,149,836		9,403,009
		Financial Services — 10.9%
	26,000	Apollo Global Management Inc.		752,163		2,333,760
	12,500	Morgan Stanley		525,580		1,020,875
	84,571	New York Community Bancorp Inc.		716,368		959,035
				1,994,111		4,313,670
		Food and Beverage — 4.9%
	47,500	Maple Leaf Foods Inc.		745,768		912,755
	9,500	Mondelēz International Inc., Cl. A		388,723		659,300
	4,500	Post Holdings Inc.†		101,078		385,830
				1,235,569		1,957,885
		Health Care — 4.3%
	5,500	AbbVie Inc.		580,809		819,830
	27,000	Option Care Health Inc.†		147,593		873,450
				728,402		1,693,280
		Metals and Mining — 1.6%
	17,500	Newmont Corp.		731,431		646,625
		Real Estate Investment Trusts — 21.5%
	134,667	Blackstone Mortgage Trust Inc., Cl. A		3,080,752		2,929,007
	50,532	Franklin BSP Realty Trust Inc.		701,487		669,044
	128,133	Medical Properties Trust Inc.		1,111,578		698,325
	8,000	Simon Property Group Inc.		886,904		864,240
	115,000	VICI Properties Inc.		1,944,451		3,346,500
				7,725,172		8,507,116

Shares			Cost		Market Value
		Specialty Chemicals — 0.9%
	5,000	International Flavors & Fragrances Inc.	$	314,964	$	340,850
		Telecommunications — 5.7%
	114,000	AT&T Inc.		1,757,004		1,712,280
	4,000	GCI Liberty Inc., Escrow†		0		0
	4,000	T-Mobile US Inc.		290,985		560,200
				2,047,989		2,272,480
		TOTAL COMMON STOCKS		22,565,844		31,429,383
		PREFERRED STOCKS — 13.0%
		Diversified Industrial — 3.5%
	14,274	Babcock & Wilcox Enterprises Inc.,
		8.125%, 02/28/26		333,638		339,008
	45,004	Steel Partners Holdings LP, Ser. A,
		6.000%, 02/07/26		929,628		1,047,693
				1,263,266		1,386,701
		Energy and Utilities — 1.3%
	19,991	Energy Transfer LP, Ser. D,
		10.364%		334,983		513,769
		Financial Services — 3.0%
	13,030	Argo Blockchain plc, Ser. A,
		8.750%, 11/30/26		80,885		89,646
	39,091	FTAI Aviation Ltd., Ser. A,
		8.250%		781,752		883,848
	34,355	Greenidge Generation Holdings Inc.,
		8.500%, 10/31/26		270,411		216,436
				1,133,048		1,189,930
		Retail — 5.2%
	72,095	Qurate Retail Inc.,
		8.000%, 03/15/31		3,429,958		2,065,522
		TOTAL PREFERRED STOCKS		6,161,255		5,155,922
		MANDATORY CONVERTIBLE SECURITIES(a) — 1.1%
		Entertainment — 1.1%
	23,711	Paramount Global, Ser. A,
		5.750%, 04/01/24		594,272		420,870

See accompanying notes to financial statements.

8

The Gabelli Focused Growth and Income Fund

Schedule of Investments (Continued) — September 30, 2023

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 5.1%
$	2,030,000	U.S. Treasury Bills,
		5.367% to 5.465%††, 12/07/23 to 12/21/23	$	2,006,423	$	2,006,769
		TOTAL INVESTMENTS — 98.6%	$	31,327,794		39,012,944
		Other Assets and Liabilities (Net) — 1.4%.				547,305
		NET ASSETS — 100.0%			$	39,560,249

(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.

9

The Gabelli Focused Growth and Income Fund

Statement of Assets and Liabilities

September 30, 2023

Assets:
Investments, at value (cost $31,327,794)	$	39,012,944
Foreign currency, at value (cost $6,272)		6,242
Receivable for Fund shares sold		538,880
Receivable for investments sold		177,242
Receivable from Adviser		24,964
Dividends and interest receivable		216,974
Prepaid expenses		23,379
Total Assets		40,000,625
Liabilities:
Payable to bank		4,240
Payable for investments purchased		359,766
Payable for Fund shares redeemed		1,251
Payable for investment advisory fees		32,668
Payable for distribution fees		6,807
Payable for legal and audit fees		24,200
Other accrued expenses		11,444
Total Liabilities		440,376
Net Assets
(applicable to 2,603,175 shares outstanding)	$	39,560,249
Net Assets Consist of:
Paid-in capital	$	32,640,335
Total distributable earnings		6,919,914
Net Assets	$	39,560,249
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($5,320,715 ÷ 356,770 shares outstanding; 100,000,000 shares authorized)	$	14.91
Class A:
Net Asset Value and redemption price per share ($16,367,819 ÷ 1,077,478 shares outstanding; 50,000,000 shares authorized)	$	15.19
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	16.12
Class C:
Net Asset Value and offering price per share ($2,666,659 ÷ 219,442 shares outstanding; 50,000,000 shares authorized)	$	12.15	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($15,205,056 ÷ 949,485 shares outstanding; 50,000,000 shares authorized)	$	16.01

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

Statement of Operations

For the Year Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding taxes of $8,099)	$	2,088,074
Interest		55,576
Total Investment Income		2,143,650
Expenses:
Investment advisory fees		382,758
Distribution fees - Class AAA		12,610
Distribution fees - Class A		35,186
Distribution fees - Class C		35,942
Legal and audit fees		70,700
Registration expenses		56,630
Shareholder communications expenses		27,638
Shareholder services fees		24,013
Custodian fees		6,847
Directors’ fees		3,473
Interest expense		2,672
Miscellaneous expenses		12,989
Total Expenses		671,458
Less:
Expense reimbursements (See Note 3)		(187,761	)
Net Expenses		483,697
Net Investment Income		1,659,953
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(719,050	)
Net realized gain on foreign currency transactions.		413
Net realized loss on investments and foreign currency transactions		(718,637	)
Net change in unrealized appreciation/depreciation:
on investments		1,474,974
on foreign currency translations		110
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		1,475,084
Net Realized and Unrealized Gain/(Loss) on
Investments and Foreign Currency		756,447
Net Increase in Net Assets Resulting from Operations	$	2,416,400

See accompanying notes to financial statements.

10

The Gabelli Focused Growth and Income Fund

Statement of Changes in Net Assets

	Year Ended September 30, 2023			Year Ended September 30, 2022
Operations:
Net investment income	$	1,659,953		$	907,768
Net realized gain/(loss) on investments and foreign currency transactions		(718,637	)		1,696,905
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		1,475,084			(7,868,255	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		2,416,400			(5,263,582	)
Distributions to Shareholders:
Class AAA		(247,172	)		(261,923	)
Class A		(683,676	)		(463,689	)
Class C		(207,466	)		(309,413	)
Class I		(723,663	)		(694,230	)
Total Distributions to Shareholders		(1,861,977	)		(1,729,255	)
Capital Share Transactions:
Class AAA		123,815			(871,432	)
Class A		5,597,058			3,794,627
Class C		(1,733,319	)		(2,842,573	)
Class I		(4,309,454	)		5,996,510
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(321,900	)		6,077,132
Redemption Fees		60			—
Net Increase/(Decrease) in Net Assets		232,583			(915,705	)
Net Assets:
Beginning of year		39,327,666			40,243,371
End of year	$	39,560,249		$	39,327,666

See accompanying notes to financial statements.

11

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
2023	$	14.79	$	0.59		$	0.29		$	0.88		$	(0.66	)	$	(0.10	)	$	(0.76	)	$	0.00	(d)	$	14.91		5.91	%	$	5,321		3.79	%		1.79	%		1.79	%		36	%
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
Class A
2023	$	14.97	$	0.70		$	0.28		$	0.98		$	(0.66	)	$	(0.10	)	$	(0.76	)	$	0.00	(d)	$	15.19		6.53	%	$	16,368		4.43	%		1.79	%		1.26	%(f)		36	%
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
Class C
2023	$	12.25	$	0.37		$	0.27		$	0.64		$	(0.66	)	$	(0.08	)	$	(0.74	)	$	0.00	(d)	$	12.15		5.17	%	$	2,666		2.90	%		2.54	%		2.54	%		36	%
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
Class I
2023	$	15.68	$	0.79		$	0.31		$	1.10		$	(0.66	)	$	(0.11	)	$	(0.77	)	$	0.00	(d)	$	16.01		6.97	%	$	15,205		4.77	%		1.54	%		0.81	%(f)		36	%
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

†	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 2023, 2022 and 2020, if interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.78%, 1.72%, and 1.70% (Class AAA), 1.25%, 1.69%, and 1.70% (Class A), 2.53%, 2.47%, and 2.45% (Class C), and 0.80%, 0.80%, and 1.45% (Class I), respectively. For the fiscal years ended September 30, 2021, and 2019, 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 $187,761 and $119,130 for the fiscal years ended September 30, 2023 and 2022, respectively.

See accompanying notes to financial statements.

12

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.

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

13

The Gabelli Focused Growth and Income 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).

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, 2023 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 09/30/23
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Telecommunications	$	2,272,480		—	$	2,272,480
Other Industries (a)		29,156,903		—		29,156,903
Total Common Stocks		31,429,383		—		31,429,383
Preferred Stocks (a)		5,066,276	$	89,646		5,155,922
Mandatory Convertible Securities (a)		420,870		—		420,870
U.S. Government Obligations		—		2,006,769		2,006,769
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	36,916,529	$	2,096,415	$	39,012,944

(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, 2023 or September 30, 2022. The Fund’s policy is to recognize transfers among levels as of the beginning of the reporting period.

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.

14

The Gabelli Focused Growth and Income Fund

Notes to Financial Statements (Continued)

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

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

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.

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.

15

The Gabelli Focused Growth and Income Fund

Notes to Financial Statements (Continued)

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

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

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the 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 prior year post financial statement adjustments. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended September 30, 2023, reclassifications were made to decrease paid-in capital by $187,796, with an offsetting adjustment to total distributable earnings.

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.

The tax character of distributions paid during the fiscal years ended September 30, 2023 and 2022 was as follows:

	Year Ended September 30, 2023		Year Ended September 30, 2022
Distributions paid from:
Ordinary income	$	1,600,441	$	1,570,423
Net long term capital gains		261,536		158,832
Total distributions paid	$	1,861,977	$	1,729,255

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

16

The Gabelli Focused Growth and Income Fund

Notes to Financial Statements (Continued)

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, 2023, the components of accumulated earnings/losses on a tax basis were as follows:

Undistributed ordinary income	$	336,914
Net unrealized appreciation on investments and foreign currency translations		7,664,168
Qualified late year loss deferrals*		(1,081,168	)
Total	$	6,919,914

* Under the current law, qualified late year losses realized after October 31 and prior to the Fund’s year end may be elected as occurring on the first day of the following year. For the year ended September 30, 2023, the Fund elected to defer $879,429 of late year short term capital gain losses and $201,739 of late year long term capital gain losses.

At September 30, 2023, the temporary difference between book basis and tax basis net unrealized appreciation on investments was due to qualified late-year losses deferred, 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, 2023:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	31,348,786	$	10,931,802	$	(3,267,644	)	$	7,664,158

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, 2023, the Fund did not incur any income tax, interest, or penalties. As of September 30, 2023, 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.

Effective August 17, 2022, the Adviser 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

17

The Gabelli Focused Growth and Income Fund

Notes to Financial Statements (Continued)

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 June 1, 2024 for Class I and Class A, and may be terminated only by the Board before such time. During the fiscal year ended September 30, 2023, the Adviser reimbursed expenses in the amount of $187,761 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 would not exceed 0.80% and 1.25% of the value of the average daily net assets of Class I and Class A, respectively. At September 30, 2023, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $306,891:

For the fiscal year ended September 30, 2022, expiring September 30, 2024	$	119,130
For the fiscal year ended September 30, 2023, expiring September 30, 2025		187,761
	$	306,891

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, 2023, other than short term securities and U.S. Government obligations, aggregated $14,292,109 and $13,419,598, respectively.

6.Transactions with Affiliates and Other Arrangements. The Distributor retained a total of $32,162 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

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

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on February 28, 2024 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, 2023, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for the fourteen days of borrowings during the fiscal year ended September 30, 2023 was $935,286 with a weighted average interest rate of 5.79%. The maximum amount borrowed at any time during the fiscal year ended September 30, 2023 was $2,467,000.

8. Capital Stock. The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. From January 3, 2022 through March 14, 2023, the Fund’s Class C Shares were closed

18

The Gabelli Focused Growth and Income Fund

Notes to Financial Statements (Continued)

to all purchases. On March 15, 2023, Class C Shares were re-opened for purchases. 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, 2023 and 2022, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		82,978		$	1,292,550			13,659		$	238,395
Shares issued upon reinvestment of distributions		15,953			244,989			15,178			259,825
Shares redeemed		(89,323	)		(1,413,724	)		(77,549	)		(1,369,652	)
Net increase/(decrease)		9,608		$	123,815			(48,712	)	$	(871,432	)
Class A
Shares sold		444,081		$	6,994,691			296,096		$	5,199,572
Shares issued upon reinvestment of distributions		41,391			645,659			24,683			424,570
Shares redeemed		(129,980	)		(2,043,292	)		(104,658	)		(1,829,515	)
Net increase		355,492		$	5,597,058			216,121		$	3,794,627
Class C
Shares sold		7,733		$	98,511			25,571		$	379,123
Shares issued upon reinvestment of distributions		16,264			205,883			21,458			307,817
Shares redeemed		(160,129	)		(2,037,713	)		(244,093	)		(3,529,513	)
Net decrease		(136,132	)	$	(1,733,319	)		(197,064	)	$	(2,842,573	)
Class I
Shares sold		388,157		$	6,526,936			442,419		$	8,052,682
Shares issued upon reinvestment of distributions		41,222			674,944			36,466			654,993
Shares redeemed		(693,181	)		(11,511,334	)		(149,221	)		(2,711,165	)
Net increase/(decrease)		(263,802	)	$	(4,309,454	)		329,664		$	5,996,510

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.

19

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, 2023, 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, 2023, 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, 2023, 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, 2023

20

The Gabelli Focused Growth and 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 May 17, 2023, 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.

21

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 Year of Birth	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 1942	Since 1991	31	Chair, Co-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 Chair 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 1944	Since 1991	12	Former Senior Vice President of G. research, LLC (1991-2019)	—
INDEPENDENT DIRECTORS5:
Elizabeth C. Bogan Director 1944	Since 2019	12	Former Senior Lecturer in Economics, Princeton University	—
Anthony J. Colavita6 Director 1935	Since 1991	18	President of the law firm of Anthony J. Colavita, P.C.	—
Vincent D. Enright Director 1943	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 1939	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank
Anthonie C. van Ekris6 Director 1934	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/ export company)	—

22

The Gabelli Focused Growth and Income Fund

Additional Fund Information (Unaudited) (Continued)

Name, Position(s) Address1 and Year of Birth	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
Salvatore J. Zizza7 Director 1945	Since 2001	35	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);Director of Bion Environmental Technologies, Inc.

23

The Gabelli Focused Growth and Income Fund

Additional Fund Information (Unaudited) (Continued)

Name, Position(s) Address1 and Year of Birth	Term of Office and Length of Time Served2	Principal Occupation(s) During Past Five Years
OFFICERS:
John C. Ball President, Treasurer, Principal Financial & Accounting Officer 1976	Since 2017	Senior Vice President (since 2018) and other positions (2017 – 2018) of GAMCO Investors, Inc.; Chief Executive Officer, G. Distributors, LLC since 2020; Officer of registered investment companies within the Gabelli Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017
Peter Goldstein Secretary & Vice President 1953	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 1959	Since 2013	Chief Compliance Officer of registered investment companies within the Fund Complex since 2013

1	Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.
2	Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Fund’s By-Laws and Articles of Incorporation. For officers, includes time served in prior officer positions with the Fund. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.
3	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.
4	“Interested person” of the Fund as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.
5	Directors who are not interested persons are considered “Independent” Directors.
6	Mr. Colavita’s son, Anthony S. Colavita, serves as a director of other funds in the Gabelli 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.

24

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

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

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

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

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

What do we do to protect your personal information?

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

THE GABELLI FOCUSED GROWTH AND INCOME FUND

2023 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the fiscal year ended September 30, 2023, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.7595, $0.7608, $0.7422, and $0.7658 for each of Class AAA, Class A, Class C, and Class I, respectively, and long term capital gains totaling $261,536, or the maximum allowable. For the fiscal year ended September 30, 2023, 67.22% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 71.03% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relied Reconciliation Act of 2003. The Fund designates 2.3% 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, 2023 which was derived from U.S. Treasury securities was 2.3%. 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 2023. The percentage of U.S. Government securities held as of September 30, 2023 was 5.1%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

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

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, 2023
	Ian Lapey Portfolio Manager BA, Williams College MS, Northeastern University MBA, New York University

To Our Shareholders,

For the fiscal year ended September 30, 2023, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Financial Services Fund was 26.5% compared with a total return of 19.8% 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, 2023.

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 the Fund’s investment adviser, Gabelli Funds, LLC, believes informed investors would be willing to pay for a company.

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 sharehold-er 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.

The largest contributor to performance for the fiscal year was the common stock of First Citizens BancShares (4.6% of the portfolio as of September 30, 2023; up 74%). In March, First Citizens purchased substantially all the loans and assumed the customer deposits of Silicon Valley Bridge Bank from the FDIC for $500 million. In its first quarter after completing the acquisition, the company reported an after tax gain of $9.8 billion on the transaction and a 112% increase in Tangible Book Value (“TBV”). The second largest contributor was the common stock of Commerzbank (3.3%; +62%), the second largest banking group in Germany. Commerzbank has been reporting strong financial results this year with a 65% increase in Earnings Per Share (“EPS”) driven by a 42% increase in Net Interest Income and a 52% decline in the Risk Result (provisions for loan losses). Additionally, the company recently announced a new capital return policy whereby it would return EUR 2.6 billion (19% of its market cap) to shareholders from 2023-2024 in dividends and share repurchases. Finally, the common stock of Daimler Truck (2.9%; +58%), a leading global truck producer with significant financial services operations, was a positive contributor. For the first half of 2023, Daimler’s Revenue and EPS increased by 20% and 41%, respectively, and the company announced a EUR 2 billion (7% of its market cap) share buyback program.

The largest negative contributor was the common stock of Flushing Financial (3.2%; -33%), a regional bank based in Uniondale, NY. Flushing reported a 77% decline in EPS for the first half of 2023 owing primarily to a significant single name charge-off and lower Net Interest Margin. Still, Flushing’s deposits increased 4% year to date, its credit metrics remain heathy, and it has a strong capital position with a 10.4% Tier One Common Equity (“CET 1”) ratio that is nearly 400 basis points above its regulatory minimum. The common stock of HG Holdings (1.4%; -16%), declined owing primarily to the impact of higher interest rates on its title insurance and real estate businesses. Nevertheless, the company remains strongly financed with a debt free balance sheet, and the common stock trades at a 28% discount to TBV. Finally, an unfavorable court ruling related to policies sold by Dutch insurer NN Group (2.1%; -10%) more than 15 years ago drove a sharp decline in its common stock price. The company plans to appeal this ruling to the Dutch Supreme Court, and the ultimate financial impact should be manageable and appears to be more than reflected in NN’s depressed valuation. The common stock trades at 47% of TBV with a 9% dividend yield.

Global Banks – Resilience and Multiple Compression

Since the end of 2019, global banks have faced many challenges: a global pandemic, a war in Ukraine, inflation and runs on deposits that caused major bank failures in the US and Switzerland. Nevertheless, most global banks have demonstrated impressive resilience by remaining profitable and maintaining or increasing their strong capital positions. However, there has been a significant divergence between the impressive business results and the performance of their common stocks. The table below, which includes several global banks that account for about 21% of the Fund’s net assets, shows that despite growth in TBV (even after dividends) and stable or increasing capital positions that are well in excess of their regulatory minimums, the multiples of TBV have fallen dramatically.

2

	TBV (1)			CET 1 ratio (2)									Price to TBV
Company	Growth			12/31/2019			9/30/2023			Reg. Min.			12/31/2019			9/30/2023
Barclays		21	%		13.8	%		14.0	%		11.8	%		69	%		50	%
Capital One Financial		5	%		12.2	%		13.0	%		9.3	%		123	%		110	%
Citigroup		23	%		11.8	%		13.5	%		12.3	%		113	%		47	%
Dah Sing Bank (3)		13	%		13.4	%		15.6	%		8.0	%		56	%		24	%
Flushing Financial		12	%		10.9	%		10.2	%		6.5	%		108	%		58	%
Shinhan Financial Group		21	%		11.2	%		12.9	%		10.5	%		64	%		44	%
Societe Generale		12	%		12.7	%		13.3	%		9.8	%		56	%		37	%
Standard Chartered		8	%		13.8	%		13.9	%		10.5	%		60	%		59	%
Trustco Bank		18	%		19.0	%		19.0	%		7.0	%		156	%		83	%

(1)	Tangible Book Value growth since 12/31/2019.
(2)	Tier 1 Common Equity Ratio (common equity capital/risk weighted assets).
(3)	TBV & CET1 ratio are as of 6/30/23.

Sources: Company reports, GAMCO Investors.

The Fund’s aggregate valuation metrics appear to be very attractive at about 70% of book value, 80% of TBV and 8 times 2023 projected EPS. As the table below shows, many of the Fund’s holdings have been repurchasing shares. These companies, which account for about 50% of the Fund’s NAV, have strong financial positions, and the vast majority of the shares were purchased at discounts to my estimates of intrinsic value. Therefore, I believe they have increased the intrinsic value of the shares for the shareholders who have not sold, like the Fund.

3

The Gabelli Global Financial Services Fund – Shares repurchases

	Share count % change (1)
Company	1yr.			4yr.			8yr.
Aegon		-4.8	%		-7.6	%		-9.4	%
Ally Financial Inc.		0.4	%		-21.4	%		-37.4	%
Barclays PLC		-4.1	%		-11.8	%		-9.2	%
BBVA		-1.0	%		-10.9	%		-5.5	%
BNY Mellon		-4.9	%		-16.6	%		-29.6	%
Capital One Financial		-0.3	%		-18.2	%		-28.8	%
Cavco Industries		-4.4	%		-6.8	%		-4.3	%
Citigroup		-1.2	%		-12.3	%		-36.8	%
Daiwa Securities Group		-2.2	%		-7.4	%		-16.4	%
Diamond Hill Investment Group		-3.9	%		-14.2	%		-14.4	%
E-L Financial		-3.0	%		-11.6	%		-11.6	%
First American Financial		-0.5	%		-8.0	%		-5.0	%
ING Group		-6.0	%		-10.1	%		-9.5	%
Jefferies Financial Group		1.1	%		-22.8	%		-36.1	%
NatWest Group PLC		-8.1	%		-26.6	%		-23.4	%
NN Group		-5.7	%		-16.6	%		-16.8	%
Societe Generale		-2.6	%		-6.3	%		-1.2	%
Standard Chartered		-6.2	%		-14.7	%		7.0	%
State Street Corporation		-16.1	%		-15.1	%		-23.6	%
Toyota Motor		-1.3	%		-3.1	%		-13.2	%
UniCredit		-11.8	%		-20.7	%		198.1	%

⁽¹⁾  As of 9/30/23 except for Aegon, E-L Financial, NN Group, which are as of 6/30/23, and Jefferies (8/31/23).

Thank you for your continued interest 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.

4

Comparative Results

Average Annual Returns through September 30, 2023 (a)(b) (Unaudited)

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

	1 Year			3 Year			Since Inception (10/1/18)
Class AAA (GAFSX)		26.47	%		19.69	%		4.51	%
MSCI World Financials Index (c)		19.75			14.24			5.08
Class A (GGFSX)		26.44			19.71			4.55
With sales charge (d)		19.17			17.37			3.32
Class C (GCFSX)		25.48			18.76			3.71
With contingent deferred sales charge (e)		24.48			18.76			3.71
Class I (GFSIX)		26.82			20.01			4.77

(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 June 1, 2023, the gross expense ratios for Class AAA, A, C, and I Shares are 1.88%, 1.88%, 2.63%, and 1.63%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) are 1.27%, 1.27%, 2.02%, and 1.02%, respectively. See page 12 for the expense ratios for the year ended September 30, 2023. The contractual reimbursements are in effect through June 1, 2024. 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.

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.

5

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	26.47%	19.69%	4.51%

* 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.

6

The Gabelli Global Financial Services Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from April 1, 2023 through September 30, 2023 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, 2023.

	Beginning Account Value 04/01/23		Ending Account Value 09/30/23		Annualized Expense Ratio		Expenses Paid During Period *
The Gabelli Global Financial Services Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,055.40		1.25%	$	6.44
Class A	$	1,000.00	$	1,055.00		1.25%	$	6.44
Class C	$	1,000.00	$	1,051.10		2.00%	$	10.28
Class I	$	1,000.00	$	1,057.30		1.00%	$	5.16
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,018.80		1.25%	$	6.33
Class A	$	1,000.00	$	1,018.80		1.25%	$	6.33
Class C	$	1,000.00	$	1,015.04		2.00%	$	10.10
Class I	$	1,000.00	$	1,020.05		1.00%	$	5.06

* 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.

7

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of September 30, 2023:

The Gabelli Global Financial Services Fund

Banks	25.6	%
Diversified Banks	14.2	%
Insurance	11.3	%
Automobiles	7.1	%
Investment Management	6.9	%
Institutional Brokerage	5.9	%
Institutional Trust, Fiduciary, and Custody	5.9	%
Consumer Finance	5.5	%

Homebuilders	4.9	%
Reinsurance	3.8	%
Energy and Utilities	3.3	%
Institutional Banking	3.1	%
U.S. Government Obligations	2.2	%
Other Assets and Liabilities (Net)	0.3	%
	100.0	%

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

Proxy Voting

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

8

The Gabelli Global Financial Services Fund

Schedule of Investments — September 30, 2023

Shares			Cost		Market Value
		COMMON STOCKS — 97.5%
		Automobiles — 7.1%
	23,349	Daimler Truck Holding AG	$	676,585	$	810,186
	7,450	Mercedes-Benz Group AG		400,900		518,983
	3,770	Toyota Motor Corp., ADR		467,591		677,658
				1,545,076		2,006,827
		Banks — 25.6%
	82,500	Banco Bilbao Vizcaya Argentaria SA		435,552		672,490
	82,000	Commerzbank AG		475,767		935,434
	642,300	Dah Sing Banking Group Ltd.		574,796		424,867
	242,200	Dah Sing Financial Holdings Ltd.		779,977		512,177
	936	First Citizens BancShares Inc., Cl. A		256,202		1,291,774
	68,663	Flushing Financial Corp.		1,121,445		901,545
	34,000	ING Groep NV		278,844		451,128
	58,900	Japan Post Bank Co. Ltd.		558,570		512,774
	16,150	Shinhan Financial Group Co. Ltd., ADR		459,565		427,813
	31,147	TrustCo Bank Corp. NY		974,362		850,002
	6,200	Webster Financial Corp.		171,046		249,922
				6,086,126		7,229,926
		Consumer Finance — 5.5%
	20,680	Ally Financial Inc.		504,832		551,742
	10,360	Capital One Financial Corp.		925,300		1,005,438
				1,430,132		1,557,180
		Diversified Banks — 14.2%
	98,000	Barclays plc		176,341		190,044
	25,450	Citigroup Inc.		1,332,296		1,046,759
	29,920	Credit Agricole SA		292,610		369,852
	15,168	Hana Financial Group Inc.		438,464		477,161
	152,285	NatWest Group plc		360,114		437,938
	7,110	Societe Generale SA		135,512		173,230
	88,900	Standard Chartered plc		558,381		822,179
	20,700	UniCredit SpA		270,951		497,448
				3,564,669		4,014,611
		Energy and Utilities — 3.3%
	40,572	Vitesse Energy Inc.		576,060		928,693
		Homebuilders — 4.9%
	3,010	Cavco Industries Inc.†		443,036		799,637
	30,413	Legacy Housing Corp.†		367,231		590,316
				810,267		1,389,953
		Institutional Banking — 3.1%
	19,350	Moelis & Co., Cl. A		733,777		873,266
		Institutional Brokerage — 5.9%
	140,000	Daiwa Securities Group Inc.		718,572		808,579

Shares			Cost		Market Value
	23,610	Jefferies Financial Group Inc.	$	431,932	$	864,834
				1,150,504		1,673,413
		Institutional Trust, Fiduciary, and Custody — 5.9%
	9,930	State Street Corp.		541,436		664,913
	23,000	The Bank of New York Mellon Corp.		984,563		980,950
				1,525,999		1,645,863
		Insurance — 11.3%
	139,118	Aegon Ltd.		530,772		673,932
	1,317	E-L Financial Corp. Ltd.		937,401		863,941
	11,902	First American Financial Corp.		652,074		672,344
	58,850	HG Holdings Inc.		498,736		382,525
	18,579	NN Group NV		728,340		597,922
				3,347,323		3,190,664
		Investment Management — 6.9%
	3,737	Diamond Hill Investment Group Inc.		645,383		629,946
	221,600	The Westaim Corp.†		432,197		577,555
	72,715	Westwood Holdings Group Inc.		897,716		738,057
				1,975,296		1,945,558
		Reinsurance — 3.8%
	18,800	Axis Capital Holdings Ltd.		949,439		1,059,756
		TOTAL COMMON STOCKS		23,694,668		27,515,710

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 2.2%
$	620,000	U.S. Treasury Bills,
		5.312% to 5.379%††, 10/19/23 to 12/28/23		615,839		615,927
		TOTAL INVESTMENTS — 99.7%	$	24,310,507		28,131,637
		Other Assets and Liabilities (Net) — 0.3%				94,691
		NET ASSETS — 100.0%			$	28,226,328

†	Non-income producing security.
††	Represents annualized yields at dates of purchase.
ADR	American Depositary Receipt

See accompanying notes to financial statements.

9

The Gabelli Global Financial Services Fund

Statement of Assets and Liabilities September 30, 2023

Assets:
Investments, at value (cost $24,310,507)	$	28,131,637
Cash		516
Receivable for Fund shares sold		500
Receivable from Adviser		27,291
Dividends and interest receivable		83,345
Prepaid expenses		46,124
Total Assets		28,289,413
Liabilities:
Foreign currency overdraft, at value (cost $1,210)		1,208
Payable for investments purchased		4,518
Payable for investment advisory fees		23,468
Payable for distribution fees		127
Payable for legal and audit fees		24,200
Payable for shareholder communications		3,966
Other accrued expenses		5,598
Total Liabilities		63,085
Net Assets
(applicable to 2,467,913 shares outstanding)	$	28,226,328
Net Assets Consist of:
Paid-in capital	$	24,099,384
Total distributable earnings		4,126,944
Net Assets	$	28,226,328
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($577,496 ÷ 50,524 shares outstanding; 120,000,000 shares authorized)	$	11.43
Class A:
Net Asset Value and redemption price per share ($5,498 ÷ 478 shares outstanding; 60,000,000 shares authorized)	$	11.50
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	12.20
Class C:
Net Asset Value and offering price per share ($1,200 ÷ 106 shares outstanding; 20,000,000 shares authorized)	$	11.32	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($27,642,134 ÷ 2,416,805 shares outstanding; 150,000,000 shares authorized)	$	11.44

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

Statement of Operations For the Year Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding taxes of $70,044)	$	977,785
Interest		24,340
Total Investment Income		1,002,125
Expenses:
Investment advisory fees		266,060
Distribution fees - Class AAA		1,359
Distribution fees - Class A		39
Distribution fees - Class C		11
Legal and audit fees		54,660
Registration expenses		50,571
Custodian fees		21,369
Shareholder communications expenses		21,068
Shareholder services fees		12,479
Directors’ fees		2,337
Interest expense		3
Miscellaneous expenses		13,069
Total Expenses		443,025
Less:
Expense reimbursements (See Note 3)		(174,121	)
Expenses paid indirectly by broker (See Note 6)		(1,433	)
Total Credits and Reimbursements		(175,554	)
Net Expenses		267,471
Net Investment Income		734,654
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		370,636
Net realized loss on foreign currency transactions		(2,536	)
Net realized gain on investments and foreign currency transactions		368,100
Net change in unrealized appreciation/depreciation: on investments		4,713,352
on foreign currency translations		704
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		4,714,056
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		5,082,156
Net Increase in Net Assets Resulting from Operations	$	5,816,810

See accompanying notes to financial statements.

10

The Gabelli Global Financial Services Fund

Statement of Changes in Net Assets

	Year Ended September 30, 2023			Year Ended September 30, 2022
Operations:
Net investment income	$	734,654		$	682,244
Net realized gain on investments, forward foreign exchange contracts and foreign currency transactions		368,100			315,368
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		4,714,056			(6,208,507	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		5,816,810			(5,210,895	)
Distributions to Shareholders:
Accumulated earnings
Class AAA		(10,218	)		(11,914	)
Class A		(451	)		(541	)
Class C		(20	)		(15	)
Class I		(705,030	)		(520,749	)
Total Distributions to Shareholders		(715,719	)		(533,219	)
Capital Share Transactions:
Class AAA		140,135			(111,295	)
Class A		(13,049	)		(15,451	)
Class C		20			15
Class I		1,514,982			2,534,641
Net Increase in Net Assets from Capital Share Transactions		1,642,088			2,407,910
Redemption Fees		2			-
Net Increase/(Decrease) in Net Assets		6,743,181			(3,336,204	)
Net Assets:
Beginning of year		21,483,147			24,819,351
End of year	$	28,226,328		$	21,483,147

See accompanying notes to financial statements.

11

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
2023	$	9.28	$	0.28		$	2.14		$	2.42		$	(0.27	)	$	(0.27	)	$	—		$	11.43		26.47	%	$	577		2.57	%		1.91	%		1.25	%(c)		21	%
2022		11.80		0.27	(d)		(2.56	)		(2.29	)		(0.23	)		(0.23	)		—			9.28		(19.79	)		339		2.39	(d)		1.88			1.27	(c)(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	(c)		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	(c)		18
2019		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
2023	$	9.34	$	0.27		$	2.17		$	2.44		$	(0.28	)	$	(0.28	)	$	—		$	11.50		26.44	%	$	6		2.51	%		1.91	%		1.25	%(c)		21	%
2022		11.86		0.27	(d)		(2.57	)		(2.30	)		(0.22	)		(0.22	)		—			9.34		(19.75	)		15		2.34	(d)		1.88			1.27	(c)(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	(c)		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	(c)		18
2019		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
2023	$	9.19	$	0.19		$	2.13		$	2.32		$	(0.19	)	$	(0.19	)	$	—		$	11.32		25.48	%	$	1		1.72	%		2.66	%		2.00	%(c)		21	%
2022		11.68		0.29	(d)		(2.64	)		(2.35	)		(0.14	)		(0.14	)		—			9.19		(20.35	)		1		2.62	(d)		2.63			2.02	(c)(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	(c)		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	(c)		18
2019		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
2023	$	9.29	$	0.30		$	2.16		$	2.46		$	(0.31	)	$	(0.31	)	$	0.00	(f)	$	11.44		26.82	%	$	27,642		2.77	%		1.66	%		1.00	%(c)		21	%
2022		11.80		0.31	(d)		(2.57	)		(2.26	)		(0.25	)		(0.25	)		—			9.29		(19.57	)		21,128		2.76	(d)		1.63			1.02	(c)(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	(c)		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	(c)		18
2019		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 $174,121, $149,730, $165,217, $174,126, and $124,154 during all fiscal years presented, respectively.
(c)	The Fund received credits from a designated broker who agreed to pay certain Fund expenses. During all fiscal years presented, if credits had not been received, the expense ratios would have been 1.26%, 1.28%, 1.26%, and 1.26% (Class AAA and Class A), 2.01%, 2.02%, 2.01%, and 2.01% (Class C), and 1.01%, 1.03%, 1.01%, and 1.01% (Class I), respectively.
(d)	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.
(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.

See accompanying notes to financial statements.

12

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 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 Gabelli Funds, LLC (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.

13

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).

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, 2023 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 09/30/23
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	27,515,710		—	$	27,515,710
U.S. Government Obligations		—	$	615,927		615,927
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	27,515,710	$	615,927	$	28,131,637

(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, 2023 or September 30, 2022. The Fund’s policy is to recognize transfers among levels as of the beginning of the reporting period.

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

14

The Gabelli Global Financial Services 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 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.

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.

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, 2023, the Fund did not hold any restricted securities.

15

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

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, 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. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the fiscal years ended September 30, 2023 and 2022 was as follows:

	Year Ended September 30, 2023		Year Ended September 30, 2022
Distributions paid from:
Ordinary income	$	715,719	$	533,219
Total distributions paid	$	715,719	$	533,219

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.

16

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

At September 30, 2023, the components of accumulated earnings/losses on a tax basis were as follows:

Undistributed ordinary income	$	670,460
Accumulated capital loss carryforwards		(325,892	)
Net unrealized appreciation on investments and foreign currency translations		3,782,376
Total	$	4,126,944

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 $209,650 and a long term capital loss carryforward with no expiration of $116,242.

The Fund utilized $363,754 of the capital losses carryover for the fiscal year ended September 30, 2023.

At September 30, 2023, the temporary difference between book basis and tax basis net unrealized appreciation on investments was primarily due to the deferral of losses from wash sales for tax purposes and mark-to-market adjustments on investments in passive foreign investment companies.

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2023:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	24,347,819	$	5,952,619	$	(2,168,801	)	$	3,783,818

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, 2023, the Fund did not incur any income tax, interest, or penalties. As of September 30, 2023, 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.

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

17

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 June 1, 2024. For the fiscal year ended September 30, 2023, the Adviser reimbursed the Fund in the amount of $174,121. 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, 2023, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $323,851:

For the fiscal year ended September 30, 2022, expiring September 30, 2024	$	149,730
For the fiscal year ended September 30, 2023, expiring September 30, 2025		174,121
	$	323,851

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, 2023, other than short term securities and U.S. Government obligations, aggregated $6,478,069 and $5,484,038, respectively.

6.Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2023, the Fund paid $4,298 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the fiscal year ended September 30, 2023, 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 $1,433.

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, 2023.

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

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on February 28, 2024 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, 2023, there were no borrowings outstanding under the line of credit.

18

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.

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, 2023 and 2022, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

	Year Ended						Year Ended
	September 30, 2023						September 30, 2022
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		34,107		$	370,430			62,953		$	768,998
Shares issued upon reinvestment of distributions		987			10,111			992			11,563
Shares redeemed		(21,125	)		(240,406	)		(75,197	)		(891,856	)
Net increase/(decrease)		13,969		$	140,135			(11,252	)	$	(111,295	)
Class A
Shares sold		136		$	1,500			187		$	2,125
Shares issued upon reinvestment of distributions		44			451			46			541
Shares redeemed		(1,302	)		(15,000	)		(1,438	)		(18,117	)
Net decrease		(1,122	)	$	(13,049	)		(1,205	)	$	(15,451	)
Class C
Shares issued upon reinvestment of distributions		2		$	20			1		$	15
Net increase		2		$	20			1		$	15
Class I
Shares sold		111,795		$	1,212,544			199,044		$	2,246,322
Shares issued upon reinvestment of distributions		68,655			701,651			44,460			517,966
Shares redeemed		(37,638	)		(399,213	)		(22,453	)		(229,647	)
Net increase		142,812		$	1,514,982			221,051		$	2,534,641

9. Significant Shareholder. As of September 30, 2023, 92.64% 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.

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.

19

The Gabelli Global Financial Services 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.

20

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, 2023, 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, 2023, 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, 2023, by correspondence with the custodian and brokers. 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, 2023

21

The Gabelli Global Financial Services Fund

Liquidity Risk Managment Program (Unaudited)

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

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

At a meeting of the Board held on May 17, 2023, 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.

22

The Gabelli Global Financial Services Fund

Additional Fund Information (Unaudited)

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

.

Name, Position(s) Address1 and Year of Birth	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 1942	Since 1991	31	Chairman, Co-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 Chair 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 1944	Since 1991	12	Former Senior Vice President of G. research, LLC (and its predecessor) (1991-2019)	—
INDEPENDENT DIRECTORS5:
Elizabeth C. Bogan Director 1944	Since 2019	12	Former Senior Lecturer in Economics, Princeton University	—
Anthony J. Colavita6 Director 1935	Since 1991	18	President of the law firm of Anthony J. Colavita, P.C.	—
Vincent D. Enright Director 1943	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 1939	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank

23

The Gabelli Global Financial Services Fund

Additional Fund Information (Unaudited) (Continued)

Name, Position(s) Address1 and Year of Birth	Term of Office and Length of Time Served2	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director3
Anthonie C. van Ekris6 Director 1934	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/ export company)	—
Salvatore J. Zizza7 Director 1945	Since 2001	35	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);Director of Bion Environmental Technologies, Inc.

24

The Gabelli Global Financial Services Fund

Additional Fund Information (Unaudited) (Continued)

Name, Position(s) Address1 and Year of Birth	Term of Office and Length of Time Served2	Principal Occupation(s) During Past Five Years
OFFICERS:
John C. Ball President, Treasurer, Principal Financial & Accounting Officer 1976	Since 2017	Senior Vice President (since 2018) and other positions (2017 – 2018) of GAMCO Investors, Inc.; Chief Executive Officer, G. Distributors, LLC since 2020; Officer of registered investment companies within the Gabelli Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017
Peter Goldstein Secretary & Vice President 1953	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 1959	Since 2013	Chief Compliance Officer of registered investment companies within the Fund Complex since 2013

1	Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.
2	Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Fund’s By-Laws and Articles of Incorporation. For officers, includes time served in prior officer positions with the Fund. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.
3	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.
4	“Interested person” of the Fund as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.
5	Directors who are not interested persons are considered “Independent” Directors.
6	Mr. Colavita’s son, Anthony S. Colavita, serves as a director of other funds in the Gabelli 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.

25

The Gabelli Global Financial Services Fund

2023 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the fiscal year ended September 30, 2023, the Fund paid to shareholders ordinary income distributions totaling $0.2749, $0.2776, $0.1905, and $0.3054 per share for each of Class AAA, Class A, Class C, and Class I, respectively. For the fiscal year ended September 30, 2023, 44.47% 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 0.51% 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, 2023 which was derived from U.S. Treasury securities was 0.51%. 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 2023. The percentage of U.S. Government securities held as of September 30, 2023 was 2.2%. 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 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.

The Gabelli Small Cap Growth Fund

Schedule of Investments — September 30, 2023

Shares			Cost		Market Value
		COMMON STOCKS — 97.5%
		Aerospace — 0.1%
	30,500	Allient Inc.	$	675,972	$	943,060
	40,000	Innovative Solutions and Support Inc.†		130,088		304,000
	7,000	Kratos Defense & Security Solutions Inc.†		109,612		105,140
				915,672		1,352,200
		Agriculture — 0.1%
	10,000	Cadiz Inc.†		67,958		33,100
	56,000	Limoneira Co.		944,351		857,920
				1,012,309		891,020
		Automotive — 0.4%
	33,000	Blue Bird Corp.†		685,774		704,550
	430,000	Iveco Group NV†		1,595,372		4,028,820
	67,000	The Shyft Group Inc.		321,124		1,002,990
				2,602,270		5,736,360
		Automotive: Parts and Accessories — 4.4%
	147,500	BorgWarner Inc.		609,138		5,954,575
	840,000	Brembo SpA		1,552,407		10,443,938
	94,022	China Automotive Systems Inc.†		443,798		365,746
	74,000	Commercial Vehicle Group Inc.†		656,530		574,240
	1,108,000	Dana Inc.		8,991,197		16,254,360
	356,000	Modine Manufacturing Co.†		2,997,818		16,287,000
	35,000	Monro Inc.		829,127		971,950
	4,300	O’Reilly Automotive Inc.†		92,532		3,908,098
	29,500	Phinia Inc.		82,070		790,305
	45,000	Puradyn Filter Technologies Inc.†		11,732		4
	180,000	Standard Motor Products Inc.		1,353,308		6,051,600
	249,000	Strattec Security Corp.†(a)		4,804,355		5,751,900
	18,400	Thor Industries Inc.		170,396		1,750,392
				22,594,408		69,104,108
		Aviation: Parts and Services — 2.0%
	20,000	AAR Corp.†		230,415		1,190,600
	9,500	Astronics Corp.†		13,628		150,670
	23,200	Astronics Corp., Cl. B†		38,562		365,400
	48,000	Ducommun Inc.†		1,015,870		2,088,480
	670,500	Kaman Corp.		9,942,571		13,175,325
	89,000	Moog Inc., Cl. A		1,052,574		10,053,440
	18,000	Moog Inc., Cl. B		621,230		2,028,960
	20,000	Woodward Inc.		143,828		2,485,200
				13,058,678		31,538,075
		Broadcasting — 1.3%
	150,000	Beasley Broadcast Group Inc., Cl. A†		481,224		130,695

Shares			Cost		Market Value
	10,000	Cogeco Communications Inc.	$	340,851	$	462,875
	24,000	Cogeco Inc.		632,315		870,591
	200,000	Corus Entertainment Inc., Cl. B		719,271		151,666
	39,500	Fox Corp., Cl. A		1,641,225		1,232,400
	25,000	Gray Television Inc.		73,674		173,000
	72,350	Gray Television Inc., Cl. A		386,480		543,348
	280,000	ITV plc		497,942		241,258
	13,000	Liberty Broadband Corp., Cl. A†		78,211		1,181,830
	11,000	Liberty Broadband Corp., Cl. C†		57,594		1,004,520
	20,000	Liberty Media Corp.-Liberty Formula One, Cl. A†		64,271		1,130,800
	27,000	Liberty Media Corp.-Liberty Formula One, Cl. C†		88,133		1,682,100
	34,452	Liberty Media Corp.-Liberty SiriusXM†		230,901		877,148
	64,000	Liberty Media Corp.-Liberty SiriusXM, Cl. A†		160,824		1,628,800
	22,000	Nexstar Media Group Inc.		1,349,700		3,154,140
	100,000	Salem Media Group Inc.†		0		59,000
	480,000	Sirius XM Holdings Inc.		316,771		2,169,600
	93,000	Sphere Entertainment Co.†		999,044		3,455,880
	33,000	Townsquare Media Inc., Cl. A		345,556		287,760
				8,463,987		20,437,411
		Building and Construction — 6.8%
	78,200	Arcosa Inc.		931,495		5,622,580
	200,000	Armstrong Flooring Inc.†		26,719		3,000
	53,000	D.R. Horton Inc.		554,873		5,695,910
	30,000	Gibraltar Industries Inc.†		602,890		2,025,300
	218,700	Herc Holdings Inc.		7,148,607		26,012,178
	95,000	KB Home		894,415		4,396,600
	3,000	Legacy Housing Corp.†		38,431		58,230
	362,500	Lennar Corp., Cl. B		8,661,417		37,058,375
	77,000	MDC Holdings Inc.		1,392,999		3,174,710
	3,000	Meritage Homes Corp.		45,118		367,170
	1,750	NVR Inc.†		1,203,399		10,435,775
	69,000	PulteGroup Inc.		318,435		5,109,450
	70,000	Titan Machinery Inc.†		1,261,393		1,860,600
	55,700	Toll Brothers Inc.		867,975		4,119,572
				23,948,166		105,939,450
		Business Services — 2.1%
	13,000	ACCO Brands Corp.		60,332		74,620
	505,000	Clear Channel Outdoor Holdings Inc.†		896,360		797,900
	60,000	Element Solutions Inc.		537,606		1,176,600
	13,000	GSE Systems Inc.†		18,200		2,627

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2023

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Business Services (Continued)
	22,900	Keweenaw Land Association Ltd.†	$	505,518	$	509,525
	35,500	Live Nation Entertainment Inc.†		298,668		2,947,920
	40,000	Loomis AB		402,123		1,078,573
	92,340	Madison Square Garden Entertainment Corp.†		1,166,708		3,038,909
	15,000	McGrath RentCorp.		384,704		1,503,600
	25,000	RB Global Inc.		371,272		1,562,500
	20,000	Sealed Air Corp.		587,044		657,200
	345,000	Sohgo Security Services Co. Ltd.		799,632		2,082,836
	1,500	Team Inc.†		16,223		10,425
	66,000	The Interpublic Group of Companies Inc.		233,166		1,891,560
	25,000	TransAct Technologies Inc.†		115,198		160,500
	1,600,000	Trans-Lux Corp.†(a)		1,575,044		720,000
	34,000	United Rentals Inc.		209,146		15,115,380
				8,176,944		33,330,675
		Cable — 0.4%
	54,500	AMC Networks Inc., Cl. A†		36,140		642,010
	40,000	EchoStar Corp., Cl. A†		662,342		670,000
	142,000	Liberty Global plc, Cl. A†		3,069,796		2,431,040
	136,000	Liberty Global plc, Cl. C†		2,554,808		2,524,160
	90,000	WideOpenWest Inc.†		760,757		688,500
				7,083,843		6,955,710
		Communications Equipment — 0.1%
	150,000	Telesat Corp.†		1,857,239		2,145,000
		Computer Software and Services — 1.4%
	14,000	Activision Blizzard Inc.		171,735		1,310,820
	370,000	Alithya Group Inc., Cl. A†		1,101,651		558,700
	10,000	I3 Verticals Inc., Cl. A†		243,267		211,400
	11,000	MKS Instruments Inc.		189,530		951,940
	24,500	Rockwell Automation Inc.		558,564		7,003,815
	31,000	Tyler Technologies Inc.†		61,675		11,970,340
	7,300	Vimeo Inc.†		4,643		25,842
				2,331,065		22,032,857
		Consumer Products — 1.4%
	130,000	1-800-Flowers.com Inc., Cl. A†		1,296,047		910,000
	67,000	Brunswick Corp.		1,342,085		5,293,000
	32,000	Chofu Seisakusho Co. Ltd.		461,495		448,822
	39,700	Church & Dwight Co. Inc.		67,573		3,637,711
	28,525	Energizer Holdings Inc.		1,072,281		913,941
	2,000	Harley-Davidson Inc.		4,713		66,120
	4,000	HNI Corp.		104,560		138,520
	2,500	Kobayashi Pharmaceutical Co. Ltd.		103,323		111,667

Shares			Cost		Market Value
	3,200	LCI Industries	$	52,916	$	375,744
	216,000	Marine Products Corp.		133,661		3,069,360
	5,500	National Presto Industries Inc.		276,783		398,530
	225,000	Sally Beauty Holdings Inc.†		1,550,370		1,885,500
	215,000	Samick Musical Instruments Co. Ltd.		289,566		174,945
	3,700	Shimano Inc.		414,540		499,267
	9,500	Steven Madden Ltd.		19,995		301,815
	12,000	The Scotts Miracle-Gro Co.		288,362		620,160
	8,000	Vista Outdoor Inc.†		219,630		264,960
	9,500	WD-40 Co.		248,399		1,930,780
	84,000	Wolverine World Wide Inc.		408,836		677,040
				8,355,135		21,717,882
		Consumer Services — 0.9%
	53,000	Bowlin Travel Centers Inc.†		53,948		224,985
	16,000	H&E Equipment Services Inc.		554,892		691,040
	5,000	IAC Inc.†		11,719		251,950
	180,000	OPENLANE Inc.†		893,854		2,685,600
	281,200	Rollins Inc.		262,454		10,497,196
				1,776,867		14,350,771
		Diversified Industrial — 12.4%
	10,000	Acuity Brands Inc.		94,378		1,703,100
	51,000	Albany International Corp., Cl. A		986,047		4,400,280
	195,000	Ampco-Pittsburgh Corp.†		963,838		512,850
	65,000	Burnham Holdings Inc., Cl. A		1,092,931		814,450
	355,000	Crane Co.		4,913,967		31,538,200
	229,500	Crane NXT Co.		1,394,411		12,753,315
	100,000	Distribution Solutions Group Inc.†		715,977		2,600,000
	87,000	EnPro Industries Inc.		4,385,753		10,543,530
	103,900	Greif Inc., Cl. A		1,854,577		6,941,559
	94,000	Greif Inc., Cl. B		4,235,888		6,256,640
	369,400	Griffon Corp.		3,086,092		14,654,098
	32,000	Hyster-Yale Materials Handling Inc.		1,181,454		1,426,560
	162,000	INNOVATE Corp.†		508,522		262,440
	5,500	JSP Corp.		91,473		75,191
	116,000	L.B. Foster Co., Cl. A†		1,628,663		2,193,560
	40,400	Lincoln Electric Holdings Inc.		1,030,540		7,344,316
	31,200	Lindsay Corp.		616,780		3,671,616
	37,500	Matthews International Corp., Cl. A		959,116		1,459,125
	915,000	Myers Industries Inc.		12,555,068		16,405,950
	71,700	Oil-Dri Corp. of America		497,856		4,427,475
	13,000	Olin Corp.		203,184		649,740
	323,000	Park-Ohio Holdings Corp.		2,985,549		6,430,930

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2023

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Diversified Industrial (Continued)
	12,500	Pentair plc	$	296,897	$	809,375
	14,000	Roper Technologies Inc.		263,139		6,779,920
	54,000	Sonoco Products Co.		1,554,252		2,934,900
	50,000	Standex International Corp.		1,288,137		7,284,500
	84,500	Steel Partners Holdings LP†		1,113,551		3,592,948
	13,000	T. Hasegawa Co. Ltd.		236,725		265,324
	7,000	Terex Corp.		166,670		403,340
	335,500	Textron Inc.		2,028,771		26,215,970
	458,000	Tredegar Corp.		6,081,517		2,477,780
	221,000	Trinity Industries Inc.		2,510,251		5,381,350
				61,521,974		193,210,332
		Electronics — 3.1%
	110,000	Badger Meter Inc.		1,352,007		15,825,700
	206,500	Bel Fuse Inc., Cl. A(a)		3,827,474		9,732,345
	400,000	CTS Corp.		3,294,245		16,696,000
	55,000	Daktronics Inc.†		399,526		490,600
	120,000	Gentex Corp.		1,305,089		3,904,800
	20,000	IMAX Corp.†		158,565		386,400
	10,000	Napco Security Technologies Inc.		232,442		222,500
	30,000	Renesas Electronics Corp.†		194,117		458,813
	60,000	Stoneridge Inc.†		288,850		1,204,200
				11,052,315		48,921,358
		Energy and Utilities — 2.8%
	10,000	Avangrid Inc.		387,500		301,700
	24,000	Callon Petroleum Co.†		550,395		938,880
	9,800	Chesapeake Utilities Corp.		127,440		957,950
	35,000	CMS Energy Corp.		135,338		1,858,850
	20,000	Consolidated Water Co. Ltd.		233,823		568,800
	36,800	Diamondback Energy Inc.		1,817,052		5,699,584
	108,000	Dril-Quip Inc.†		2,826,509		3,042,360
	74,000	Energy Recovery Inc.†		316,427		1,569,540
	29,000	Landis+Gyr Group AG		1,762,989		2,100,508
	22,000	Marathon Petroleum Corp.		106,912		3,329,480
	3,500	Middlesex Water Co.		54,166		231,875
	11,000	Northwest Natural Holding Co.		518,541		419,760
	21,500	Northwestern Energy Group Inc.		582,609		1,033,290
	10,000	Otter Tail Corp.		213,560		759,200
	28,200	RGC Resources Inc.		529,577		487,860
	1,680,000	RPC Inc.		681,607		15,019,200
	8,000	SJW Group		107,086		480,880
	32,000	Southwest Gas Holdings Inc.		524,817		1,933,120
	6,800	Spire Inc.		267,758		384,744
	31,000	The York Water Co.		433,596		1,162,190

Shares			Cost		Market Value
	55,000	Vestas Wind Systems A/S†	$	94,711	$	1,181,637
				12,272,413		43,461,408
		Entertainment — 2.1%
	165,000	Atlanta Braves Holdings Inc., Cl. A†		4,202,224		6,446,550
	210,000	Atlanta Braves Holdings Inc., Cl. C†		3,417,288		7,503,300
	85,000	Inspired Entertainment Inc.†		608,341		1,016,600
	16,856	Liberty Media Corp.-Liberty Live, Cl. A†		54,885		538,044
	9,768	Liberty Media Corp.-Liberty Live, Cl. C†		65,382		313,553
	35,000	Madison Square Garden Sports Corp.		363,177		6,170,500
	66,000	Manchester United plc, Cl. A†		979,816		1,306,140
	296,000	Sinclair Inc.		4,771,451		3,321,120
	7,800	Take-Two Interactive Software Inc.†		58,796		1,095,042
	3,500	The Walt Disney Co.†		20,071		283,675
	47,700	TKO Group Holdings Inc.		502,393		4,009,662
	35,000	Universal Entertainment Corp.		210,518		516,662
	104,000	Warner Bros Discovery Inc.†		922,964		1,129,440
				16,177,306		33,650,288
		Environmental Services — 0.5%
	59,000	Republic Services Inc.		532,967		8,408,090
		Equipment and Supplies — 18.7%
	17,200	A.O. Smith Corp.		35,260		1,137,436
	387,600	AMETEK Inc.		659,537		57,271,776
	20,000	Ardagh Metal Packaging SA		69,861		62,600
	56,000	AZZ Inc.		1,967,745		2,552,480
	9,200	Chart Industries Inc.†		301,823		1,555,904
	6,200	Chase Corp.		538,489		788,826
	160,000	CIRCOR International Inc.†		2,494,767		8,920,000
	315,000	Core Molding Technologies Inc.†		624,161		8,974,350
	92,000	Crown Holdings Inc.		370,570		8,140,160
	2,025	Danaher Corp.		13,122		502,403
	100,000	Donaldson Co. Inc.		575,112		5,964,000
	38,700	Entegris Inc.		164,986		3,634,317
	189,000	Federal Signal Corp.		994,156		11,288,970
	241,000	Flowserve Corp.		1,445,693		9,584,570
	152,500	Franklin Electric Co. Inc.		594,728		13,607,575
	424,000	Graco Inc.		2,289,467		30,901,120
	33,500	IDEX Corp.		122,751		6,968,670
	125,000	Interpump Group SpA		547,330		5,747,475
	6,800	Littelfuse Inc.		54,921		1,681,776

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2023

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Equipment and Supplies (Continued)
	110,000	Maezawa Kyuso Industries Co. Ltd.	$	359,609	$	884,770
	65,500	Minerals Technologies Inc.		2,846,598		3,586,780
	6,000	MSA Safety Inc.		179,592		945,900
	491,000	Mueller Industries Inc.		12,055,821		36,903,560
	335,000	Mueller Water Products Inc., Cl. A		2,243,532		4,247,800
	3,500	Teleflex Inc.		53,317		687,435
	167,200	Tennant Co.		2,789,395		12,397,880
	740,000	The Gorman-Rupp Co.		11,286,239		24,346,000
	97,000	The Greenbrier Companies Inc.		1,161,709		3,880,000
	115,003	The L.S. Starrett Co., Cl. A†		840,851		1,236,282
	50,500	The Manitowoc Co. Inc.†		499,591		760,025
	50,000	The Middleby Corp.†		533,815		6,400,000
	36,000	The Timken Co.		1,219,447		2,645,640
	30,000	The Toro Co.		524,020		2,493,000
	6,000	Valmont Industries Inc.		98,273		1,441,260
	7,875	Watsco Inc., Cl. B		23,627		2,972,025
	45,000	Watts Water Technologies Inc., Cl. A		854,108		7,776,900
				51,434,023		292,889,665
		Financial Services — 4.7%
	7,000	Ameris Bancorp		49,547		268,730
	22,200	Argo Group International Holdings Ltd.		423,922		662,448
	12,000	Capitol Federal Financial Inc.		120,000		57,240
	20,700	Crazy Woman Creek Bancorp Inc.		315,734		435,114
	325,000	Energy Transfer LP		0		4,559,750
	210	Farmers & Merchants Bank of Long Beach		1,339,033		1,020,179
	2,000	First Horizon Corp.		22,179		22,040
	346,500	Flushing Financial Corp.		5,636,909		4,549,545
	66,000	FNB Corp.		659,922		712,140
	100,000	GAM Holding AG†		154,308		49,435
	25,000	Hanover Bancorp Inc.		525,000		452,250
	270,000	Hope Bancorp Inc.		2,987,671		2,389,500
	410,000	Huntington Bancshares Inc.		3,921,829		4,264,000
	674,000	KKR & Co. Inc.		2,722,550		41,518,400
	80,000	Medallion Financial Corp.		362,763		561,600
	8,000	PROG Holdings Inc.†		5,116		265,680
	54,000	Sandy Spring Bancorp Inc.		1,741,783		1,157,220
	25,000	Sculptor Capital Management Inc.		362,444		290,000
	47,000	Synovus Financial Corp.		1,218,657		1,306,600
	16,000	TFS Financial Corp.		234,831		189,120
	15,000	Thomasville Bancshares Inc.		570,703		899,849

Shares			Cost		Market Value
	230,000	Valley National Bancorp	$	1,437,500	$	1,968,800
	34,308	Value Line Inc.		425,084		1,499,946
	10,000	Waterloo Investment Holdings Ltd.†(b)		1,373		5,000
	116,500	Webster Financial Corp.		2,375,732		4,696,115
	133,000	Wright Investors’ Service Holdings Inc.†		90,952		28,927
				27,705,542		73,829,628
		Food and Beverage — 5.5%
	424,500	Arca Continental SAB de CV		762,263		3,867,328
	14,000	BellRing Brands Inc.†		14,534		577,220
	75,000	Brown-Forman Corp., Cl. A		407,541		4,357,500
	40,000	Bull-Dog Sauce Co. Ltd.		95,622		557,548
	90,000	China Tontine Wines Group Ltd.†		94,571		9,654
	269,200	Crimson Wine Group Ltd.†		2,353,691		1,616,546
	220,000	Denny’s Corp.†		736,620		1,863,400
	500,000	Dynasty Fine Wines Group Ltd.†		74,726		13,728
	98,000	Farmer Brothers Co.†		600,724		252,840
	400,000	Flowers Foods Inc.		950,682		8,872,000
	114,000	ITO EN Ltd.		2,136,608		3,668,536
	46,000	Iwatsuka Confectionery Co. Ltd.		1,584,932		1,582,174
	23,000	J & J Snack Foods Corp.		509,737		3,763,950
	110,000	Kameda Seika Co. Ltd.		4,334,584		3,014,253
	240,000	Kikkoman Corp.		1,630,295		12,597,430
	635,000	Maple Leaf Foods Inc.		11,018,968		12,202,098
	12,000	MEIJI Holdings Co. Ltd.		117,526		298,394
	8,000	MGP Ingredients Inc.		6,395		843,840
	62,000	Morinaga Milk Industry Co. Ltd.		1,182,249		2,334,542
	7,500	National Beverage Corp.†		330,160		352,650
	43,500	Nissin Foods Holdings Co. Ltd.		1,444,598		3,616,753
	13,000	Post Holdings Inc.†		36,151		1,114,620
	60,000	Rock Field Co. Ltd.		402,002		648,019
	3,000	The Boston Beer Co. Inc., Cl. A†		460,330		1,168,590
	70,000	The Hain Celestial Group Inc.†		705,657		725,900
	56,700	The J.M. Smucker Co.		1,309,514		6,968,997
	625,000	Tingyi (Cayman Islands) Holding Corp.		1,326,207		873,138
	32,500	Tootsie Roll Industries Inc.		261,510		970,450
	370,000	Vina Concha y Toro SA		676,677		411,478
	950,000	Vitasoy International Holdings Ltd.		542,729		1,150,052
	20,000	Willamette Valley Vineyards Inc.†		73,225		117,400

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2023

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	200,000	Yakult Honsha Co. Ltd.	$	2,378,861	$	4,862,152
				38,559,889		85,273,180
		Health Care — 3.5%
	1,400	Align Technology Inc.†		9,766		427,448
	6,700	Bio-Rad Laboratories Inc., Cl. A†		283,604		2,401,615
	13,300	Bruker Corp.		105,444		828,590
	630	Chemed Corp.		8,650		327,411
	21,000	CONMED Corp.		429,146		2,117,850
	388,500	Cutera Inc.†		4,399,710		2,338,770
	50,000	Dexcom Inc.†		68,464		4,665,000
	15,000	Evolent Health Inc., Cl. A†		258,100		408,450
	216,000	Globus Medical Inc., Cl. A†		5,584,808		10,724,400
	70,500	Henry Schein Inc.†		483,808		5,234,625
	28,000	ICU Medical Inc.†		892,631		3,332,280
	33,000	Masimo Corp.†		790,451		2,893,440
	45,000	Neogen Corp.†		430,861		834,300
	4,000	NeoGenomics Inc.†		49,880		49,200
	20,000	Neuronetics Inc.†		104,941		27,000
	181,000	OPKO Health Inc.†		425,834		289,600
	125,000	Orthofix Medical Inc.†		2,733,471		1,607,500
	7,500	Patterson Cos. Inc.		159,413		222,300
	70,500	QuidelOrtho Corp.†		312,578		5,149,320
	24,000	Seikagaku Corp.		263,881		129,764
	23,400	STERIS plc		1,102,596		5,134,428
	19,000	Straumann Holding AG		170,618		2,432,731
	3,000	Stryker Corp.		142,188		819,810
	30,000	SurModics Inc.†		608,729		962,700
	19,000	Teladoc Health Inc.†		626,279		353,210
	100	The Cooper Companies Inc.		3,627		31,801
	38,000	United-Guardian Inc.		332,419		286,140
				20,781,897		54,029,683
		Home Furnishings — 0.3%
	161,500	Bassett Furniture Industries Inc.		1,528,689		2,365,975
	5,000	Ethan Allen Interiors Inc.		116,387		149,500
	65,000	La-Z-Boy Inc.		1,045,229		2,007,200
				2,690,305		4,522,675
		Hotels and Gaming — 4.0%
	50,000	Boyd Gaming Corp.		212,525		3,041,500
	190,000	Canterbury Park Holding Corp.		1,949,758		3,843,700
	140,000	Churchill Downs Inc.		562,239		16,245,600
	120,000	Formosa International Hotels Corp.		775,629		795,527
	530,000	Full House Resorts Inc.†		1,541,909		2,263,100
	48,000	Gaming and Leisure Properties Inc., REIT		367,543		2,186,400

Shares			Cost		Market Value
	750,000	Genting Singapore Ltd.	$	688,148	$	463,606
	116,872	Golden Entertainment Inc.		1,695,244		3,994,685
	2,250,000	Mandarin Oriental International Ltd.		2,913,165		3,836,250
	3,000	Penn Entertainment Inc.†		13,028		68,850
	241,000	Ryman Hospitality Properties Inc., REIT		3,795,317		20,070,480
	2,500,000	The Hongkong & Shanghai Hotels Ltd.†		2,476,225		2,008,058
	139,000	The Marcus Corp.		1,530,824		2,154,500
	13,000	Wynn Resorts Ltd.		0		1,201,330
				18,521,554		62,173,586
		Machinery — 2.6%
	326,000	Astec Industries Inc.		11,354,454		15,357,860
	1,415,000	CNH Industrial NV		3,631,392		17,121,500
	95,000	Kennametal Inc.		1,788,710		2,363,600
	4,700	Nordson Corp.		77,665		1,048,899
	160,000	The Eastern Co.		3,114,959		2,904,000
	142,000	Twin Disc Inc.†		1,560,946		1,948,240
				21,528,126		40,744,099
		Manufactured Housing and Recreational Vehicles — 1.7%
	63,500	Cavco Industries Inc.†		1,236,391		16,869,410
	72,500	Nobility Homes Inc.		841,443		2,165,213
	81,500	Skyline Champion Corp.†		471,554		5,193,180
	51,500	Winnebago Industries Inc.		584,494		3,061,675
				3,133,882		27,289,478
		Metals and Mining — 0.1%
	45,000	Ivanhoe Mines Ltd., Cl. A†		117,783		385,643
	95,000	Kinross Gold Corp.		412,123		433,200
				529,906		818,843
		Publishing — 0.4%
	2,550	Graham Holdings Co., Cl. B		1,192,868		1,486,650
	4,500	John Wiley & Sons Inc., Cl. B		17,437		168,210
	34,000	News Corp., Cl. A		48,038		682,040
	775,000	The E.W. Scripps Co., Cl. A†		4,022,887		4,247,000
				5,281,230		6,583,900
		Real Estate — 2.1%
	80,000	Capital Properties Inc., Cl. A		952,236		1,008,000
	10,000	Gyrodyne LLC†		231,933		104,000
	18,000	Lamar Advertising Co., Cl. A, REIT		164,305		1,502,460
	89,500	Morguard Corp.		1,134,374		6,688,202
	25,000	Reading International Inc., Cl. A†		123,590		53,000
	4,000	Reading International Inc., Cl. B†		77,242		69,200
	35,000	Seritage Growth Properties, Cl. A, REIT†		435,596		270,900

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2023

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Real Estate (Continued)
	130,200	Tejon Ranch Co.†	$	2,851,518	$	2,111,844
	381,000	The St. Joe Co.		5,832,628		20,699,730
	139,000	Trinity Place Holdings Inc.†		314,922		50,735
				12,118,344		32,558,071
		Retail — 6.4%
	111,000	AutoNation Inc.†		1,763,898		16,805,400
	40,000	Big 5 Sporting Goods Corp.		305,241		280,400
	900	Biglari Holdings Inc., Cl. A†		548,428		738,913
	304,000	Copart Inc.†		637,079		13,099,360
	1,123	Hertz Global Holdings Inc.†		17,122		13,757
	200,000	Ingles Markets Inc., Cl. A		2,545,477		15,066,000
	52,000	Lands’ End Inc.†		564,895		388,440
	70,000	Movado Group Inc.		1,036,083		1,914,500
	157,000	Nathan’s Famous Inc.		264,162		11,093,620
	69,500	Penske Automotive Group Inc.		1,013,547		11,610,670
	90,000	Pets at Home Group plc		154,436		367,641
	482,250	Rush Enterprises Inc., Cl. B		2,275,116		21,841,102
	11,000	Salvatore Ferragamo SpA		215,479		145,837
	10,000	The Cheesecake Factory Inc.		93,274		303,000
	26,000	Tractor Supply Co.		222,903		5,279,300
	60,000	Village Super Market Inc., Cl. A		1,467,642		1,358,400
	6,700	Vroom Inc.†		9,280		7,504
	500	Winmark Corp.		34,190		186,565
				13,168,252		100,500,409
		Specialty Chemicals — 2.0%
	3,200	Albemarle Corp.		47,663		544,128
	28,000	Ashland Inc.		210,127		2,287,040
	245,000	H.B. Fuller Co.		2,718,585		16,809,450
	37,500	Hawkins Inc.		640,205		2,206,875
	25,000	Huntsman Corp.		74,302		610,000
	5,600	NewMarket Corp.		561,284		2,548,224
	8,400	Quaker Chemical Corp.		128,365		1,344,000
	1,500	Rogers Corp.†		172,480		197,205
	24,400	Sensient Technologies Corp.		470,723		1,426,912
	2,500	Takasago International Corp.		66,073		50,355
	91,200	The General Chemical Group Inc.†(b)		1,186		0
	80,000	Valvoline Inc.		228,439		2,579,200
				5,319,432		30,603,389
		Telecommunications — 0.5%
	20,000	Consolidated Communications Holdings Inc.†		108,441		68,400
	61,000	Gogo Inc.†		292,823		727,730
	3,500	IDT Corp., Cl. B†		11,346		77,175

Shares			Cost		Market Value
	85,100	Nuvera Communications Inc.	$	625,036	$	1,055,240
	82,000	Rogers Communications Inc., Cl. B		293,920		3,147,980
	109,500	Shenandoah Telecommunications Co.		896,203		2,256,795
	30,000	VEON Ltd., ADR†		718,456		585,000
				2,946,225		7,918,320
		Transportation — 2.6%
	347,500	GATX Corp.		9,803,043		37,818,425
	18,600	Irish Continental Group plc		13,660		87,902
	124,000	Navigator Holdings Ltd.		1,188,912		1,831,480
	50,057	Steel Connect Inc.†		551,286		535,610
				11,556,901		40,273,417
		Wireless Communications — 0.1%
	50,000	United States Cellular Corp.†		1,308,189		2,148,500
		TOTAL COMMON STOCKS		440,317,255		1,525,339,838
		CLOSED-END FUNDS — 0.1%
	44,000	The Central Europe, Russia, and Turkey Fund Inc.		763,041		378,400
	32,229	The European Equity Fund Inc.		319,370		256,217
	112,000	The New Germany Fund Inc.		1,491,991		915,040
				2,574,402		1,549,657
		TOTAL CLOSED-END FUNDS		2,574,402		1,549,657
		PREFERRED STOCKS — 0.1%
		Automotive: Parts and Accessories — 0.1%
	82,500	Jungheinrich AG		563,490		2,475,392
		RIGHTS — 0.0%
		Communications Equipment — 0.0%
	60,500	Pineapple Energy Inc., CVR†		0		139,465
		WARRANTS — 0.0%
		Business Services — 0.0%
	1	Internap Corp., expires
		05/08/24†(b)		0		652
		Diversified Industrial — 0.0%
	140,000	Ampco-Pittsburgh Corp., expires
		08/01/25†		95,648		44,800
		TOTAL WARRANTS		95,648		45,452

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2023

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 2.2%
$	34,340,000	U.S. Treasury Bills,
		5.276% to 5.465%††, 10/05/23 to 03/14/24	$	34,054,788	$	34,060,330
		TOTAL MISCELLANEOUS INVESTMENTS — 0.2%(c)		3,261,921		2,509,370
		TOTAL INVESTMENTS — 100.1%	$	480,867,504		1,566,119,504
		Other Assets and Liabilities (Net) — (0.1)%				(2,096,179	)
		NET ASSETS — 100.0%			$	1,564,023,325

(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.
††	Represents annualized yields at dates of purchase.
ADR	American Depositary Receipt
CVR	Contingent Value Right
REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Small Cap Growth Fund

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

Opinion on the Financial Statements and Schedule of Investments in Securities

We have audited the accompanying statement of assets and liabilities of The Gabelli Small Cap Growth Fund (the “Fund”) (one of the funds constituting Gabelli Equity Series Funds, Inc. (the “Corporation”)), including the summary schedule of investments, as of September 30, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”) (the financial statements are included in Item 1 of this Form N-CSR), and the schedule of investments in securities as of September 30, 2023 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements and schedule of investments in securities present fairly, in all material respects, the financial position of the Fund at September 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and schedule of investments in securities, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and schedule of investments in securities. Our procedures included confirmation of securities owned as of September 30, 2023, 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 and schedule of investments in securities. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

November 29, 2023

(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 $113,400 in 2022 and $116,800 in 2023.

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 2022 and $0 in 2023.

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 $16,400 in 2022 and $16,400 in 2023. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $2,662 in 2022 and $2,019 in 2023. The fees relate to Passive Foreign Investment Company identification database subscription fees billed on an annual basis.

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

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

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

(b) N/A

(c) 0%

(d) 0%

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

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $59,750 in 2022 and $53,850 in 2023.

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

(i) Not Applicable.

(j) The registrant is not a foreign issuer.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

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

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

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

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant)	Gabelli Equity Series Funds, Inc.
By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Executive Officer
Date	12/12/23

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

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Executive Officer
Date	12/12/23

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer
Date	12/12/23

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

EX-99.CODE ETH

EX-99.CODE ETH

SECTION S

Gabelli Funds, LLC

GAMCO Asset Management Inc.

G.research, LLC.

G.distributors, LLC

Gabelli & Partners, LLC

Gabelli & Company Investment Advisers, Inc.

The Code of Ethics applies to each Registered Investment Company or Private Fund Client or series thereof (each of which is considered to be a Company for this purpose) for which any of the Companies listed above presently or hereafter provides investment advisory or principal underwriting services, other than a money market fund or a fund that does not invest in Securities.

Introduction

This Code of Ethics establishes rules of conduct for persons who are associated with the companies named above or with the registered investment companies for which such companies provide investment advisory or principal underwriter services. The Code governs their personal investment and other investment-related activities.

The basic rule is very simple: we all have a fiduciary duty to put the client’s interests first. In particular, you are reminded that investment opportunities must be offered first to clients before the firms or staff may act on them. This is one of the important objectives that the procedures set forth in this Code are intended to accomplish. The rest of the rules elaborate this principle. Some of the rules are imposed specifically by law. For example, the laws that govern investment advisers specifically prohibit fraudulent activity, making statements that are not true or that are misleading or omit something that is significant in the context and engaging in manipulative practices. These are general words, of course, and over the years the courts, the regulators and investment advisers have interpreted these words and established codes of conduct for their employees and others who have access to their investment decisions and trading activities. Indeed, the rules obligate investment advisers to adopt written rules that are reasonably designed to prevent the illegal activities described above and must follow procedures that will enable them to prevent such activities.

The purpose of this Code is to reinforce and enhance the long-standing commitment of the firms to the highest standards of ethical business conduct. Our business depends on our reputation for integrity and principled business conduct, and this reputation, in turn, depends on the day-to-day actions of every staff member. Accordingly, we must avoid conflicts of interest, which may occur when your private interests interfere in any way, or even appear to interfere, with the interests of the firms or its clients. A conflict situation can arise when you take actions or have interests that make it difficult for you to perform your work objectively and effectively. Your obligation to conduct the firms’ business in an ethical manner includes the ethical handling of actual or apparent conflicts of interest between personal and business relationships, including full disclosure of such conflicts. Each staff member is responsible for conducting himself/herself in a lawful, honest and ethical manner at all times, and in accordance with all laws, rules and regulations applicable to our business, including this Code and all other internal policies and procedures adopted by the firms.

Revised: August 3, 2023 S-1 INTERNAL USE ONLY

This Code is intended to assist the companies in fulfilling their obligations under the law. The first part lays out who the Code applies to, the second part deals with personal investment activities, the third part deals with other sensitive business practices, and subsequent parts deal with reporting and administrative procedures.

The Code is very important to the Companies and their staff members. Violations can not only cause the Companies embarrassment, loss of business, legal restrictions, fines, and other punishments, but for staff members, can lead to demotion, suspension, firing, ejection from the securities business, and very large fines.

I. Applicability

A. The Code applies to each of the following:

1. The Companies named or described at the top of page one of the Code and all entities that are under common management with these Companies or otherwise agree to be subject to the Code (“Affiliates”). A listing of the Affiliates, which is periodically updated, is attached as Exhibit A.

2. Any officer, director or employee of any Company, Affiliate or Fund Client (as defined below) whose job regularly involves him/her in the investment process. This includes the formulation and making of investment recommendations and decisions, the purchase and sale of securities for Clients and the utilization of information about investment recommendations, decisions and trades. Due to the manner in which the Companies and the Affiliates conduct their business, every employee should assume that he or she is subject to the Code unless the Compliance Officer specifies otherwise.¹

3. With respect to all of the Companies, Affiliates and Fund Clients, any natural person who Controls any of the Companies, Affiliates or Fund Clients and who obtains information regarding the Companies’ or the Affiliates’ investment recommendations or decisions. However, a person whose Control arises only as a result of his or her official position with such entity is excluded. Disinterested directors of Fund Clients and Independent Directors, for example, are excluded from coverage under this item.

¹ Consultants, interns and part-time employees may be subject to the restrictions and reporting requirements of personal investment activities promulgated under the Code.

Revised: August 3, 2023 S-2 INTERNAL USE ONLY

4. As an exception, the Code does not apply to any director, officer or employee of any Fund Client with respect to which the Companies’ services do not involve the formulation or making of investment recommendations or decisions or the execution of portfolio transactions if that person is also a director, officer or employee of any entity that does perform such services. These individuals are covered by codes of ethics adopted by such entities.

B. Definitions

1. Access Persons. The (i) Companies, (ii) the persons described in items (A)2 and (A)3 above and (iii) such person’s Immediate Family, other than those excluded by item (A)4 above.

2. Access Person Account. Other than Client Accounts, includes all advisory, brokerage, trust or other accounts over which one or more Access Persons has (i) a substantial proportionate economic interest or (ii) Control. Control is defined as having investment and/or trade discretion over the account.

A substantial proportionate economic interest will generally be 25% of the equity in the account in the case of any single Access Person or 25% of the equity in the account in the case of all Access Persons in the aggregate. Interests in Private Fund Clients and similar indirect means of ownership of underlying securities shall also be treated as Access Person Accounts for purposes of this Code.²

As an exception, accounts in which one or more Access Persons and/or their immediate family have a substantial proportionate interest which are managed by an investment adviser who has no affiliation with the Companies and with respect to which no Access Person has, in the judgment of the Compliance Officer after reviewing the terms and circumstances, any direct or indirect influence or control over the investment or portfolio execution process are not Access Person Accounts.

² Affiliated Mutual Funds and SICAV Funds (“Affiliated Mutual and SICAV Funds”) shall not be treated as Access Person Accounts for purposes of this Code. Because there are investment limitations imposed by the Investment Company Act and applicable European Law over the investment activity of Affiliated Mutual and SICAV Funds, the firms take the position that the indirect benefit potentially gained by an Access Person through the trading activity of these Clients to the potential detriment of other Clients of the firms is sufficiently mitigated. In addition, the firms have determined that the risk to other investors in Affiliated Mutual and SICAV Funds caused by subjecting these Clients to the trading restrictions imposed by this Code outweigh the risks to other Clients of the firms that the firms will seek to benefit the Access Person to the detriment of the firms’ other Clients. In addition, subject to the review of the Chief Compliance Officer, market making accounts controlled by G.research, LLC and error accounts of Access Persons shall not be deemed Access Person Accounts for purposes of this Code.

Revised: August 3, 2023 S-3 INTERNAL USE ONLY

As a further exception, subject to the provisions of Article II(I)7, bona fide market making accounts of G.research, LLC are not Access Person Accounts.

As a further exception, subject to the provisions of Article II(I)7, bona fide error accounts of the Companies and the Affiliates are not Access Person Accounts.

3. Affiliated Mutual Funds. Registered open-end investment companies or series thereof advised or sub-advised by any of the Companies or their Affiliates.

4. Associate Portfolio Managers. Access Persons who are engaged in securities research and analysis for designated Clients or are responsible for investment recommendations for designated Clients but who are not principally responsible for investment decisions with respect to any Client Accounts.

5. Clients. Persons that have investment advisory accounts maintained with any of the Companies or Affiliates by any person, other than Access Person Accounts. However, Fund Clients covered by item (A)(4) above are considered Client Accounts only with respect to employees specifically identified by the Compliance Officer as having regular information regarding investment recommendations or decisions or portfolio transactions for such Fund Clients.

6. Client Accounts. Shall mean accounts of Clients (i) that are Controlled by an Access Person and (ii) in which no Access Person has a substantial proportionate economic interest; provided that, the Client pays a management, advisory or any other similar arms-length fee to the Access Person and the beneficiary of the Client Account is not an Immediate Family member of an Access Person.

7. Companies. The companies named or described at the top of page one of the Code.

8. Compliance Officer. The persons designated as the compliance officers of the Companies.

9. Covered Persons. The Companies, the Access Persons and the persons described in items A(3) and (A)4 above.

10. Fund Clients. Clients that are Affiliated Mutual Funds, Private Fund Clients or a series thereof.

Revised: August 3, 2023 S-4 INTERNAL USE ONLY

11. Immediate Family. An Access Person’s spouse and Minor Descendants; provided that, with respect to accounts for the benefit of Minor Descendants who are not also Minor Children, an Access Person Controls such account.

12. Independent Directors. A director of any of the Companies or Affiliates, other than an investment advisor to a Fund Client, who would not be an “interested person” of any of such entities under Section 2(a)(19) of the Investment Company Act of 1940 but for the fact that he or she serves as such a director and may own beneficially securities of any such entity constituting less than 5% of the voting securities thereof and may be an associated person of or own securities in a broker-dealer or parent company thereof and who does not have any involvement in the day-to-day activities of any of the Companies or Fund Clients.

13. Minor Children. A child, whether natural or via adoption, of an Access Person, under the age of twenty-one years.

14. Minor Descendants. Direct descendants of an Access Person, whether natural or via adoption, under the age of twenty-one years.

15. Portfolio Managers. Access Persons who are principally responsible for investment decisions with respect to any Client Accounts.

16. Private Fund Client. Any Client the securities of which were offered or sold pursuant to Section 3(c)(1) or the 3(c)(7) of the Investment Company Act of 1940, as amended.

17. Security. Any financial instrument treated as a security for investment purposes and any related instrument such as a futures, forward or swap contract entered into with respect to one or more securities, a basket of or an index of securities or components of securities. However, the term security does not include securities issued by the Government of the United States, bankers’ acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, or shares of registered open-end investment companies. Shares of affiliated registered open-end investment companies are not securities but are subject to special rules under this Code.

II. Restrictions on Personal Investing Activities

A. Basic Restriction on Investing Activities

If a purchase or sale order is pending or under active consideration for any Client Account by any Company or Affiliate, neither the same Security nor any related Security (such as an option, warrant, right, futures contract or convertible security) may be bought or sold for any Access Person Account.

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B. Initial Public Offerings

No Security or related Security may be acquired in an initial public offering for any Access Person Account.

C. Blackout Period

No Security may be bought or sold for the account of any Portfolio Manager or Associate Portfolio Manager, including any of the firms’ proprietary accounts managed by a Portfolio Manager or Associate Portfolio Manager, during the period commencing seven (7) calendar days prior to and ending seven (7) calendar days after the purchase or sale (or entry of an order for the purchase or sale) of that Security for any Client Account with respect to which such person has been designated a Portfolio Manager or Associate Portfolio Manager, unless the Client Account receives at least as good a price as the account of the Portfolio Manager or Associate Portfolio Manager by the transaction for the account of the Portfolio Manager or Associate Portfolio Manager.

In the event that a Security is bought or sold for the account of any Portfolio Manager or Associate Portfolio Manager within the Blackout Period at a price that is more advantageous than the price of the same Security bought or sold for any Client Account with respect to which such person has been designated a Portfolio Manager or Associate Portfolio Manager, then the price difference advantage of the Portfolio Manager or Associate Portfolio Manager account over the Client Account will be disgorged, in which case no violation will be deemed to have occurred; except where such price difference advantage is of a de minimis amount, in which case no disgorgement will be required. For purposes of the Blackout Period, a de minimis amount is defined as a price difference advantage in an amount of $250 or less per security.

D. Short-term Trading and Affiliated Mutual Funds

No Security or related Security may, within a 30 calendar day holding period may be bought and sold or sold and bought at a profit for any Access Person Account if the Security or related Security was held at any time during that period in any Client Account, unless (i) the Client Account liquidates its position and (ii) no Access Person Account has a greater profit (on a proportionate per share basis) for dealing in the applicable Security than any such Client Account, in each case within such 30 day period.

No Affiliated Mutual Fund, except the Gabelli U.S. Treasury Money Market Fund and the Gabelli ABC Fund, may be bought and sold within a 30 calendar day holding period (measured on a last-in first-out basis) for a single Access Person Account. The Gabelli U.S. Treasury Money Market Fund shall be exempt from the 30 calendar day holding period. The ABC Fund shall have a 7 calendar day holding period (measured on a last-in first-out basis).

Revised: August 3, 2023 S-6 INTERNAL USE ONLY

Shares of Affiliated Mutual Funds purchased via automated investments or by reinvestment of dividends or capital gain distributions will not be subject to the holding period. Shares of Affiliated Mutual Funds held in 401(k) accounts administered by Charles Schwab will not be subject to the holding period where the shares were purchased under the following circumstances:

■ Shares purchased by reinvestment of dividends or capital gain distributions;

■ Shares purchased in rollover transactions;

■ Shares purchased for automatic contribution election; and

■ Shares purchased for automated account rebalance.

Exchange Traded Funds (ETFs):

Generally, broad-based index ETFs are required to be pre-cleared as described in paragraph (I) and are subject to the Blackout Period of paragraph (C), but are not subject to the Short-term Trading restrictions of paragraph (D) as it pertains to the 30-day holding period in the first paragraph.

The Gabelli Exchange Traded Funds are required to be pre-cleared as described in paragraph (I) and are subject to the Blackout Period of paragraph (C) and the Short-term Trading restrictions of paragraph (D) as it pertains to the 30-day holding period in the first paragraph.

E. Derivative Securities

Securities that derive their value, at least in part, from an underlying asset (such as options, warrants, rights, swaps and futures contracts) may be bought and sold or sold and bought at a profit unless the underlying asset is subject to the restrictions set forth in paragraphs (A), (C), (D) and (I) or the exemptions set forth in paragraph (H).

However, rights that were received pro rata with other security holders are exempt from the 30 calendar day holding period set forth in paragraph (D).

F. Spinoffs

Securities that are derived by the creation of an independent company through the sale or distribution of new shares of an existing company or division of a parent company is subject to the restrictions set forth in paragraphs (A), (C), (D) and (I), but exempt from the 30 calendar day hold requirement set forth in paragraph (D) or the exemptions set forth in paragraph (H).

Revised: August 3, 2023 S-7 INTERNAL USE ONLY

G. Exempt Transactions

Participation on an ongoing basis in an issuer’s dividend reinvestment or stock purchase plan, participation in any transaction over which no Access Person had any direct or indirect influence or control and involuntary transactions (such as mergers, inheritances, gifts, etc.) are exempt from the restrictions set forth in paragraphs (A), (C) and (D) above with case by case pre-clearance under paragraph (I) below.

H. Permitted Exceptions

Purchases and sales of the following Securities for Access Person Accounts are exempt from the restrictions set forth in paragraphs (A), (C) and the first sentence of paragraph (D) above if such purchases and sales comply with the pre-clearance requirements of paragraph (I) below:

1. Publicly traded non-convertible fixed income Securities rated at least “A”;

2. Publicly traded equity Securities having a market capitalization in excess of $1.0 billion;³

3. Publicly traded equity Securities having a market capitalization in excess of $500 million if the transaction in question and the aggregate amount of such Securities and any related Securities purchased and sold for the Access Person Account in question during the preceding 30 calendar days does not exceed 100 shares;

4. Municipal Securities; and

5. Securities transactions that the Compliance Officer concludes are being effected for federal, state or local income tax purposes.

6. The exercise of rights that were received pro rata with other security holders is exempt.

7. Securities issued by the United States Government, banker’s acceptances, bank certificates of deposit and commercial paper.

³ Market capitalization includes all classes of public shares outstanding that are convertible to common shares.

Revised: August 3, 2023 S-8 INTERNAL USE ONLY

I. Pre-Clearance of Personal Securities Transactions

No Security may be bought or sold for an Access Person Account unless: (i) the Access Person obtains prior approval from the Compliance Officer or, in the absence of the Compliance Officer, from the General Counsel or a designee; or via an automated Compliance pre-clearance system (ii) the approved transaction is completed on the same day approval is received; and (iii) the Compliance Officer or the General Counsel or designee does not rescind such approval prior to execution of the transaction (See paragraph K below for details of the Pre-Clearance Process.)

J. Private Placements

The Compliance Officer will not approve purchases or sales of Securities that are not publicly traded, unless the Access Person provides full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of such person’s activities on behalf of any Client) and that the Companies would have no foreseeable interest in investing in such Security or any related Security for the account of any Client.

K. Pre-Clearance Process

1. No Securities may be purchased or sold for any Access Person Account other than through the trading desk of G.research, LLC, unless express permission is granted by the Compliance Officer. Such permission may be granted only on the condition that the third party broker supply the Compliance Officer, on a timely basis, duplicate copies of confirmations of all personal Securities transactions for such Access Person in the accounts maintained with such third party broker and copies of periodic statements for all such accounts.

2. No Securities may be purchased or sold for any Access Person Account unless the particular transaction has been approved in writing by the Compliance Officer or, in his or her absence, the General Counsel of GAMCO Investors, Inc., Associated Capital Group, Inc. or their designees; or via an automated Compliance pre-clearance system. The Compliance Officer or a designee shall review reports from the trading desk (or, if applicable, confirmations from brokers) to assure that all transactions effected for Access Person Accounts are effected in compliance with this Code. A Trading Approval Form, attached as Exhibit B, must be completed and submitted to the Compliance Officer or a designee for approval prior to entry of an order.

Revised: August 3, 2023 S-9 INTERNAL USE ONLY

3. After reviewing the proposed trade, the level of potential investment interest on behalf of Clients in the Security in question and the Companies’ restricted lists, the Compliance Officer shall approve (or disapprove) a trading order on behalf of an Access Person as expeditiously as possible. The Compliance Officer will generally approve transactions described in paragraph (G) above unless the Security in question or a related security is on the Restricted List or the Compliance Officer believes for any other reason that the Access Person Account should not trade in such Security at such time.

4. Once an Access Person’s Trading Approval Form is approved, the form must be forwarded to the trading desk (or, if a third party broker is permitted, to the Compliance Officer) for execution on the same day. If the Access Person’s trading order request is not approved, or is not executed on the same day it is approved, the clearance lapses although such trading order request may be resubmitted at a later date.

5. In the absence of the Compliance Officer, an Access Person may submit his or her Trading Approval Form to the General Counsel of GAMCO Investors, Inc., Associated Capital Group, Inc. or a designee; or via an automated Compliance pre-clearance system. Trading approval for the Compliance Officer must be obtained from the General Counsel, and trading approval for the General Counsel must be obtained from the Compliance Officer or a designee. In no case will the Trading Desk accept an order for an Access Person Account unless it is accompanied by a signed Trading Approval Form; or a Trading Approval Form generated by an automated Compliance pre-clearance system that approves the trade.

6. The Compliance Officer shall review all Trading Approval Forms, all initial, quarterly and annual disclosure certifications and the trading activities on behalf of all Client Accounts with a view to ensuring that all Covered Persons are complying with the spirit as well as the detailed requirements of this Code. The Compliance Officer will review all transactions in the market making accounts of G.research, LLC. and the error accounts of the Companies and the Affiliates in order to ensure that such transactions are bona fide market making or error transactions or are conducted in accordance with the requirements of this Article II.

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III. Other Investment-Related Restrictions

A. Gifts

No Access Person shall accept any gift or other item of more than $100 in value from any person or entity that does business with or on behalf of any Client.

B. Service As a Director

No Access Person shall commence service on the Board of Directors of a publicly traded company or any company in which any Client Account has an interest without prior authorization from the Compliance Committee based upon a determination that the Board service would not be inconsistent with the interests of the Clients. The Compliance Committee shall include the senior Compliance Officer and the General Counsel of GAMCO Investors, Inc. and Associated Capital Group, Inc., and at least two of the senior executives from among the Companies.

IV. Reports and Additional Compliance Procedures

A. Every Covered Person must submit a quarterly report (a form of which is appended as Exhibit C) containing the information set forth in paragraph (B) below with respect to transactions in any Security or Affiliated Mutual Fund in which such Covered Person has or by reason of such transaction acquires, any direct or indirect beneficial ownership (as defined in Exhibit D) in the Security, or Affiliated Mutual Fund and with respect to any account established by the Covered Person in which any Securities or Affiliated Mutual Funds were held for the direct or indirect benefit of the Covered Person; provided, however, that:

1. a Covered Person who is required to make reports only because he or she is a director of one of the Fund Clients and who is a “disinterested” director thereof or who is an Independent Director need not make a report with respect to any transactions other than those where he or she knew or should have known in the course of his or her duties as a director that any Fund Client has made or makes a purchase or sale of the same or a related Security, or the investment adviser of any such Fund Client has considered causing any Fund Client to purchase or sell the same or a related Security, within 15 days before or after the purchase or sale of such Security or related Security by such director.

2. a Covered Person need not make a report with respect to any transaction effected for, and Securities and Affiliated Mutual Funds held in, any account over which such person does not have any direct or indirect influence or control; and

Revised: August 3, 2023 S-11 INTERNAL USE ONLY

3. A Covered Person need not make a report with respect to any transaction in securities issued by the United States Government, banker’s acceptances, bank certificates of deposit and commercial paper.

4. a Covered Person will be deemed to have complied with the requirements of this Article IV insofar as the Compliance Officer receives in a timely fashion duplicate monthly or quarterly brokerage statements or transaction confirmations on which all transactions required to be reported hereunder are described.

B. A Covered Person must submit the report required by this Article to the Compliance Officer no later than 30 days after the end of the calendar quarter in which the transaction or account to which the report relates was effected or established, and the report must contain the date that the report is submitted.

1. This report must contain the following information with respect to transactions:

a. The date of the transaction, the title and number of shares and the principal amount of each Security and Affiliated Mutual Fund involved;

b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

c. The price at which the transaction was effected; and

d. The name of the broker, dealer or bank with or through whom the transaction was effected.

2. This report must contain the following information with respect to accounts established:

The name of the broker, dealer or bank with whom the account was established; and

The date the account was established.

C. Any report submitted to comply with the requirements of this Article IV may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect beneficial ownership in the Security or Affiliated Mutual Fund to which the report relates. A person need not make any report under this Article IV with respect to transactions effected for, and Securities, and Affiliated Mutual Funds held in, any account over which the person has no direct or indirect influence or control.

Revised: August 3, 2023 S-12 INTERNAL USE ONLY

D. No later than 10 days after beginning employment with any of the Companies or Affiliates or otherwise becoming a Covered Person, each Covered Person (except for a “disinterested” director of the Fund Client or an Independent Director who is required to submit reports under this Article IV solely by reason of being such a director) must submit a report, which must be current as of a date no more than 45 days prior to the date of beginning employment, containing the following information:

1. The title, number of shares and principal amount of each Security and Affiliated Mutual Fund in which the Covered Person had any direct or indirect beneficial ownership when the person became a Covered Person;

2. The name of any broker, dealer or bank with whom the Covered Person maintained an account in which any Securities and Affiliated Mutual Fund were held for the direct or indirect benefit of the Covered Person as of the date the person became a Covered Person; and

3. The date that the report is submitted.

The form of such report is attached as Exhibit E.

E. Annually each Covered Person must certify that he or she has read and understood the Code and recognizes that he or she is subject to such Code. In addition, annually each Covered Person must certify that he or she has disclosed or reported all personal Securities and Affiliated Mutual Fund transactions required to be disclosed or reported under the Code. Furthermore, each Covered Person (except for a “disinterested” director of the Fund Client or an Independent Director who is required to submit reports under this Article IV solely by reason of being such a director) annually must submit a report containing the following information (which information must be current as of a date no more than 45 days before the report is submitted):

1. The title, number of shares and principal amount of each Security and Affiliated Mutual Fund in which the Covered Person had any direct or indirect beneficial ownership held in an account not previously disclosed other than a G.research, affiliated funds or a firm-sponsored retirement plan account;

2. The name of any broker, dealer or bank with whom the Covered Person maintains an account in which any Securities and Affiliated Mutual Funds are held for the direct or indirect benefit of the Covered Person in an account other than a G.research, affiliated funds or a firm-sponsored retirement plan account; and

3. The date that the report is submitted.

The form of such certification and report is attached as Exhibit F.

Revised: August 3, 2023 S-13 INTERNAL USE ONLY

F. At least annually (or quarterly in the case of Items 4 and 5 below), each of the Companies that has a Fund Client or that provides principal underwriting services for a Fund Client shall, together with each Fund Client, furnish a written report to the Board of Directors of the Fund Client that:

1. Describes any issues arising under the Code since the last report.

2. Certifies that the Companies have developed procedures concerning Covered Persons’ personal trading activities and reporting requirements relevant to such Fund Clients that are reasonably necessary to prevent violations of the Code;

3. Recommends changes, if any, to the Fund Clients’ or the Companies’ Codes of Ethics or procedures;

4. Provides a summary of any material or substantive violations of this Code by Covered Persons with respect to such Fund Clients which occurred during the past quarter and the nature of any remedial action taken; and

5. Describes any material or significant exceptions to any provisions of this Code of Ethics as determined under Article VI below.

G. The Compliance Officer shall notify each employee of any of the Companies or Affiliates as to whether such person is considered to be an Access Person or Covered Person and shall notify each other person that is considered to be an Access Person or Covered Person.

V. Sanctions

The Compliance Officer or his or her designee will review all Trading Approval Forms, all initial, quarterly and annual disclosure certifications and the trading activities on behalf of all Client Accounts with a view to ensuring that all Covered Persons are complying with the spirit as well as the detailed requirements of the Code.

All violations of the Code must be reported to the Chief Compliance Officer for the appropriate registered investment adviser. In addition, if a staff member becomes aware of or suspects a violation of the Code by any other staff member, the violation or suspected violation must be promptly reported to the Chief Compliance Officer or the General Counsel. Staff members may make such reports anonymously, and will not be retaliated against by any of the firms for reporting conduct that may constitute a violation of the Code.

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Upon discovering that a Covered Person has not complied with the requirements of this Code, the Chief Compliance Officer or the General Counsel will advise the Board of Directors of the relevant Company or of the relevant Fund Client. whichever is most appropriate under the circumstances, which may impose on that person whatever sanctions the Board deems appropriate, including, among other things, disgorgement of profit, censure, suspension or termination of employment. Material violations of requirements of this Code by employees of Covered Persons and any sanctions imposed in connection therewith shall be reported not less frequently than quarterly to the Board of Directors of any relevant Company or Fund Client, as applicable.

The General Counsel will ensure that the Fund Clients and each Gabelli entity that has a Fund Client, furnish a written report to the Board of Directors of each Fund Client, annually or quarterly as required by the Code, containing the information set forth in Section IV(F) of the Code.

VI. Exceptions

The Compliance Committee of the Companies reserves the right to decide, on a case-by-case basis, exceptions to any provisions under this Code. Any exceptions made hereunder will be maintained in writing by the Compliance Committee and presented to the Board of Directors of any relevant Fund Client at its next scheduled meeting.

VII. Preservation of Documents

This Code, a copy of each report by a Covered Person, any written report made hereunder by the Companies or the Compliance Officer, lists of all persons required to make reports, a list of any exceptions, and the reasons therefore, with respect to Article II.B, and any records under Article II.G with respect to purchases pursuant to Article II.H above, shall be preserved with the records of the relevant Company and any relevant Fund Client for the period required by Rule 17j-1.

In accordance with the Investment Advisers Act, the following documents also will be preserved:

A. Records of all violations of the Code and any action taken as a result of such violation;

B. Records of all written acknowledgements of receipt of the Code for all Access Persons for a five-year period;

C. A list of all staff members who are or have been Access Persons during the past five years; and

D. Records of any decision and supporting reasons for approving the acquisition of securities by Access Persons in limited offerings.

Revised: August 3, 2023 S-15 INTERNAL USE ONLY

VIII. Other Laws, Rules and Statements of Policy

Nothing contained in this Code shall be interpreted as relieving any Covered Person from acting in accordance with the provision of any applicable law, rule or regulation or any other statement of policy or procedure governing the conduct of such person adopted by the Companies, the Affiliates or the Fund Clients.

IX. Further Information

If any person has any question with regard to the applicability of the provisions of this Code generally or with regard to any Securities transaction or transactions, he or she should consult the Compliance Officer.

Revised: August 3, 2023 S-16 INTERNAL USE ONLY

EXHIBIT A

LIST OF AFFILIATES OF THE COMPANIES

Associated Capital Group, Inc.

Gabelli & Partners GmbH

Gabelli & Partners Italia LLC

Gabelli & Partners Italia L.P.

Gabelli & Partners Italia Management LLC

Gabelli & Partners Italia S.R.L.

Gabelli Arbitrage Holdings LLC

Gabelli Associates Fund

Gabelli Associates Fund II, LP

Gabelli Associates Limited

Gabelli Associates Limited II E

Gabelli Entertainment and Telecommunication Acquisition Corp.

Gabelli Fixed Income LLC

Gabelli Fund, LDC

Gabelli Global Partners, Ltd.

Gabelli Global Partners Master Fund, Ltd.

Gabelli Intermediate Credit Fund, LP

Gabelli Intermediate Credit Fund, Ltd.

Gabelli International Limited

Gabelli Investment Partners International LLC

Gabelli Japan K.K.

Gabelli Multimedia Partners, LP

Gabelli Performance Partnership LP

Gabelli Securities International Limited (U.K.)

Gabelli Securities International, Ltd. (Bermuda)

Gabelli Trading Holdings LLC

GAMA Capital Opportunities Ltd.

GAMA Capital Opportunities Master Ltd.

GAMA Capital Partners LP

GAMA Funds Holdings GmbH

GAMA Funds LLC

GAMA Select Energy Plus Master Fund, Ltd.

GAMCO Acquisitions LLC

GAMCO Asset Management (UK) Ltd.

GAMCO International Partners LLC

GAMCO Investors, Inc.

GAMCO Medical Opportunities, LP

Gemini Capital Management LLC

Gemini Capital Management Partners, LP

Gemini Global Partners, LP

Greenwich Acquisition LLC

Greenwich PMV Acquisition Corp.

Institutional Services Holdings, LLC

Morgan Group Holding Co.

MJG Associates, Inc.

MJG IV Ltd.

PMV Consumer Acquisition Corp.

PMV Consumer Acquisition Holding Company LLC

Revised: August 3, 2023 S-17 INTERNAL USE ONLY

EXHIBIT B

PRE-CLEARANCE TRADING APPROVAL FORM

I, ______________________________________ (name), am an Access Person or authorized officer thereof and seek pre-clearance to engage in the transaction described below for the benefit of myself or another Access Person:

Acquisition or Disposition (circle one)

Name of Account:

Account Number:

Date of Request:

Security:

Amount or # of Shares: 

Broker:

If the transaction involves a Security that is not publicly traded, a description of proposed transaction, source of investment opportunity and any potential conflicts of interest:

I hereby certify that, to the best of my knowledge, the transaction described herein is not prohibited by the Code of Ethics and that the opportunity to engage in the transaction did not arise by virtue of my activities on behalf of any Client.

Signature:	Print Name:
Approved or Disapproved (Circle One)
Date of Approval:
Signature:	Print Name:

If approval is granted, please forward this form to the trading desk (or if a third party broker is permitted, to the Compliance Officer) for immediate execution.

Revised: August 3, 2023 S-18 INTERNAL USE ONLY

EXHIBIT C

QUARTERLY TRANSACTION REPORT

Report submitted by:
	Print Name

This transaction report (the “Report”) is submitted pursuant to Section IV (B) of the Code of Ethics of the Companies and supplies information with respect to transactions in any Security or Affiliated Mutual Fund in which you, or an Access Person, may be deemed to have, or by reason of such transaction acquire, any direct or indirect beneficial ownership interest, and with respect to accounts established by you, or an Access Person, in which any Securities or Affiliated Mutual Funds were held for your direct or indirect benefit, or for the benefit of an Access Person, for the period specified below.¹ If you were not employed by or affiliated with us during this entire period, amend the dates specified below to cover your period of employment or affiliation.

Unless the context otherwise requires, all terms used in the Report shall have the same meaning as set forth in the Code of Ethics.

If you have no reportable transactions or new accounts, sign and return this page only. If you have reportable transactions or new accounts, complete, sign and return page two only and include any attachments.

I HAD NO REPORTABLE SECURITIES OR AFFILIATED MUTUAL FUND TRANSACTIONS OR ACCOUNTS ESTABLISHED DURING THE PREVIOUS CALENDAR QUARTER. I CERTIFY THAT I AM FULLY FAMILIAR WITH THE CODE OF ETHICS AND THAT, TO THE BEST OF MY KNOWLEDGE, THE INFORMATION FURNISHED IN THIS REPORT IS TRUE AND CORRECT.

Signature	Date
Position

¹ Every employee is considered an Access Person and is therefore subject to the Firms’ Code of Ethics. Access Person Accounts, which exclude Client Accounts, include all advisory, brokerage, trust or other accounts or forms of direct beneficial ownership in which one or more Access Persons and/or one or more members of an Access Person’s immediate family have a substantial proportionate economic interest or control. “Immediate family” is defined as your spouse and minor descendants. With respect to accounts for the benefit of minor descendants who are not also minor children, any account that you control. Minor children is any child, whether natural or via adoption, of an Access Person, under the age of twenty-one years. A substantial proportionate economic interest will generally be 25% of the equity in the account in the case of any single Access Person or 25% of the equity in the account in the case of all Access Persons in the aggregate. Interests in investment partnerships and similar indirect means of ownership of underlying securities shall also be treated as Access Person Accounts for purposes of this Code.

Revised: August 3, 2023 S-19 INTERNAL USE ONLY

Page 2

QUARTERLY TRANSACTION REPORT

Report submitted by:
	Print Name

The following tables supply the information required by Section IV (B) of the Code of Ethics for the period specified below. All transactions including transactions in Affiliated Mutual Funds and any new accounts established during the previous calendar quarter must be listed below.² Transactions reported on brokerage statements or duplicate confirmations actually received by the Compliance Officer do not have to be listed although it is your responsibility to make sure that such statements or confirmations are complete and have been received in a timely fashion. If you had transactions of the kind described above, you may simply state, “See statements.”

Acknowledgement of the firms’ Privacy Policy and consent for the firms to receive trading information via electronic feed, duplicate statements and/or trade confirmations will be deemed to have been given for all approved accounts.

TRANSACTIONS
Securities (Name and Symbol)	Date of Transaction	Whether Purchase, Sale, Short Sale or Other Type of Disposition or Acquisition	Quantity of Securities	Price per Share or Other Unit	Name of Broker/ Dealer with or through Whom the Transaction was Effected	Nature of Ownership of Securities

NEW ACCOUNTS ESTABLISHED
Name of Broker, Dealer or Bank	Account Number	Date Account Established

² Outside accounts must be pre-cleared prior to being opened (See, Section T of the Compliance Manual).

Revised: August 3, 2023 S-20 INTERNAL USE ONLY

Page 3

Managed Accounts:

When the personal account of an access person is managed by a third party, or in the case of a trust where an access person is the grantor or beneficiary that provides a trustee with management authority over the trust, the access person should not, in any way, directly or indirectly have influence or control over the personal account/trust.

Please certify to one of the following:

☐ I do NOT have any accounts managed by a third party or trustee.³

☐ I do have account(s) managed by a third party or trustee and I do NOT have trade or investment discretion over the account(s). I did not direct, suggest or consult a third party or trustee to make any purchases or sales of securities in the account(s) or trust during the previous calendar quarter.³

☐  I do have account(s) managed by a third party or trustee and I have investment and/or trade discretion over at least one of the accounts or trusts and did direct, suggest or consult the manager to make purchases or sales of securities in the account(s) or trust(s) during the previous calendar quarter.³

I CERTIFY THAT I AM FULLY FAMILIAR WITH THE CODE OF ETHICS AND THAT, TO THE BEST OF MY KNOWLEDGE, THE INFORMATION IN THIS REPORT IS TRUE AND CORRECT FOR THE PREVIOUS CALENDAR QUARTER.

Signature	Date
Position

³ Any outside account of an Access Person that is managed by a third party, or in the case of a trust where an access person is the grantor or beneficiary that provides a trustee with management authority over the trust, the access person should not, in any way, directly or indirectly have influence or control over the personal account/trust.

A hedge fund would be considered an account managed by a third party if it is managed as a separate account, but would not apply if you are one of other limited partners. An investment in a mutual fund managed by a third party would not apply because it is not solely for your benefit.

If you have an account or trust that was not previously disclosed, please list the details in the “New Accounts Established” section above and contact the Legal/Compliance department immediately.

Revised: August 3, 2023 S-21 INTERNAL USE ONLY

EXHIBIT D

BENEFICIAL OWNERSHIP

For purposes of the attached Code of Ethics, “beneficial ownership” shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except the determination of direct or indirect beneficial ownership shall apply to all securities that a Covered Person has or acquires. The term “beneficial ownership” of securities would include not only ownership of securities held be a Covered Person for his or her own benefit, whether in bearer form or registered in his or her name or otherwise, but also ownership of securities held for his or her benefit by others (regardless of whether or how they are registered) such as custodians, brokers, executors, administrators, or trustees (including trusts in which he or she has only a remainder interest), and securities held for his or her account by pledges, securities owned by a partnership in which he or she is a member if he or she may exercise a controlling influence over the purchase, sale of voting of such securities, and securities owned by any corporation or similar entry in which he or she owns securities if the shareholder is a control-ling shareholder of the entity and has or shares investment control over the entity’s portfolio.

Ordinarily, this term would not include securities held by executors or administrators in estates in which a Covered Person is a legatee or beneficiary unless there is a specified legacy to such person of such securities or such person is the sole legatee or beneficiary and there are other assets in the estate sufficient to pay debts ranking ahead of such legacy, or the securities are held in the estate more than a year after the decedent’s death.

Securities held in the name of another should be considered as beneficially owned by a Covered Person where such person enjoys “financial benefits substantially equivalent to ownership.” The Securities and Exchange Commission has said that, although the final determination of beneficial ownership is a question to be determined in the light of the facts of the particular case, generally a person is regarded as the beneficial owner of securities held in the name of his or her spouse and their minor children. Absent special circumstances such relationship ordinarily results in such person obtaining financial benefits substantially equivalent to ownership, e.g., application of the income derived from such securities to maintain a common home, or to meet expenses that such person otherwise would meet from other sources, or the ability to exercises a controlling influence over the purchase, sale or voting of such securities.

A Covered Person also may be regarded as the beneficial owner of securities held in the name of another person, if by reason of any contract, understanding, relationship, agreement, or other agreement, he or she obtains therefrom financial benefits substantially equivalent to those of ownership.

A Covered Person also is regarded as the beneficial owner of securities held in the name of a spouse, minor children or other person, even though he or she does not obtain therefrom the aforementioned benefits of ownership, if he or she can vest or re-vest title in himself/herself at once or at some future time.

Revised: August 3, 2023 S-22 INTERNAL USE ONLY

EXHIBIT E

INITIAL HOLDINGS REPORT

Report submitted by:
	Print Name

This initial holdings report (the “Report”) is submitted pursuant to Section IV (D) of the Code of Ethics of the Companies and supplies information with respect to any Security and Affiliated Mutual Fund in which you, or an Access Person, may be deemed to have, or by reason of such transaction acquire, any direct or indirect beneficial ownership interest, and with respect to accounts established by you, or an Access Person, in which any Securities or Affiliated Mutual Funds were held for your direct or indirect benefit, or the benefit of an Access Person, as of a date not more than 45 days ago.¹

Unless the context otherwise requires, all terms used in the Report shall have the same meaning as set forth in the Code of Ethics.

If you have no reportable Securities, Affiliated Mutual Funds, or accounts, sign and return this page only. If you have reportable Securities, Affiliated Mutual Funds, or accounts, complete, sign and return Page 2 and any attachments.

I HAVE NO REPORTABLE SECURITIES OR AFFILIATED MUTUAL FUND ACCOUNTS AS OF ___________________. I CERTIFY THAT I AM FULLY FAMILIAR WITH THE CODE OF ETHICS AND THAT, TO THE BEST OF MY KNOWLEDGE, THE INFORMATION FURNISHED IN THIS REPORT IS TRUE AND CORRECT.

Signature	Date
Position

¹ Every employee is considered an Access Person and is therefore subject to the Firms’ Code of Ethics. Access Person Accounts, which exclude Client Accounts, include all advisory, brokerage, trust or other accounts or forms of direct beneficial ownership in which one or more Access Persons and/or one or more members of an Access Person’s immediate family have a substantial proportionate economic interest or control. “Immediate family” is defined as your spouse and minor descendants. With respect to accounts for the benefit of minor descendants who are not also minor children, any account that you control. Minor children is any child, whether natural or via adoption, of an Access Person, under the age of twenty-one years. A substantial proportionate economic interest will generally be 25% of the equity in the account in the case of any single Access Person or 25% of the equity in the account in the case of all Access Persons in the aggregate. Interests in investment partnerships and similar indirect means of ownership of underlying securities shall also be treated as Access Person Accounts for purposes of this Code.

Revised: August 3, 2023 S-23 INTERNAL USE ONLY

Page 2

Initial holdings REPORT

Report submitted by:
	Print Name

The following tables supply the information required by Section IV (D) of the Code of Ethics as of the date you became subject to the Code. Include all holdings of Affiliated Mutual Funds and attach your most recent statement(s).

Acknowledgement of the firms’ Privacy Policy and consent for the firms to receive trading information via electronic feed, duplicate statements and/or trade confirmations will be deemed to have been given for all approved accounts.²

SECURITIES HOLDINGS
Securities (Name and Symbol)	Quantity of Securities	Name of Broker/Dealer Where Securities Are Held	Nature of Ownership of Securities

Accounts
Name of Broker, Dealer or Bank	Account Number

²  Outside accounts must be pre-cleared prior to being opened (See, Section T of the Compliance Manual).

Revised: August 3, 2023 S-24 INTERNAL USE ONLY

Page 3

Managed Accounts:

When the personal account of an access person is managed by a third party, or in the case of a trust where an access person is the grantor or beneficiary that provides a trustee with management authority over the trust, the access person should not, in any way, directly or indirectly have influence or control over the personal account/trust.

Please certify to one of the following:

☐ I do NOT have any accounts managed by a third party or trustee.³

☐ I do have account(s) managed by a third party or trustee and I do NOT have trade or investment discretion over the account(s). I did not direct, suggest or consult a third party or trustee to make any purchases or sales of securities in the account(s) or trust during the previous calendar quarter.³

☐ I do have account(s) managed by a third party or trustee and I have investment and/or trade discretion over at least one of the accounts or trusts and did direct, suggest or consult the manager to make purchases or sales of securities in the account(s) or trust(s) during the previous calendar quarter.³

I CERTIFY THAT I AM FULLY FAMILIAR WITH THE CODE OF ETHICS AND THAT, TO THE BEST OF MY KNOWLEDGE, THE INFORMATION IN THIS REPORT IS TRUE AND CORRECT AS OF __________________________________.

Signature	Date
Position

³ Any outside account of an Access Person that is managed by a third party, or in the case of a trust where an access person is the grantor or beneficiary that provides a trustee with management authority over the trust, the access person should not, in any way, directly or indirectly have influence or control over the personal account/trust.

A hedge fund would be considered an account managed by a third party if it is managed as a separate account, but would not be a separate account if you are a limited partner. An investment in a mutual fund managed by a third party would not be a separate account because it is not solely for your benefit.

If you have an account or trust that was not previously disclosed, please list the details in the “New Accounts Established” section above and contact the Legal/Compliance department immediately.

Revised: August 3, 2023 S-25 INTERNAL USE ONLY

EXHIBIT F

ANNUAL CERTIFICATION OF CODE OF ETHICS

A. I (a Covered Person) hereby certify that I have read and understand the Code of Ethics, and recognize that I am subject to and I am in Compliance with its provisions. In addition, I hereby certify that I have disclosed or reported all personal transactions in Securities and Affiliated Mutual Funds required to be disclosed or reported under the Code of Ethics. In addition, I have read and understand the firms’ Compliance Policies & Procedures Manual, Supervisory Policies & Procedures Manual, Code of Business Conduct, IT Staff Awareness and Whistleblower Policy posted on the firms’ Intranet website, and recognize that I am subject to and I am in compliance with its provisions;

B. Within the last ten years there have been no complaints or disciplinary actions filed against me by any regulated securities or commodities exchange, any self-regulatory securities or commodities organization, any attorney general, or any governmental office or agency regulating insurance, securities, commodities or financial transactions in the United States, in any state of the United States, or in any other country;

C. I have not within the last ten years been convicted of or acknowledged commission of any felony or misdemeanor arising out of my conduct as an employee, salesperson, officer, director, insurance agent, broker, dealer, underwriter, investment manager or investment advisor; and

D. I have not been denied permission or otherwise enjoined by order, judgment or decree of any court of competent jurisdiction, regulated securities or commodities exchange, self-regulatory securities or commodities organization or other federal or state regulatory authority from acting as an investment advisor, securities or commodities broker or dealer, commodity pool operator or trading advisor or as an affiliated person or employee of any investment company, bank, insurance company or commodity broker, dealer, pool operator or trading advisor, or from engaging in or continuing any conduct or practice in connection with any such activity or the purchase or sale of any security.

E. Unless I am exempt from filing an Annual Holdings Report (as a “disinterested” director of a Fund Client or an Independent Director of an Affiliate), I have attached a completed Annual Outside Accounts/Holdings Report which is accurate as of a date no more than 45 days ago.

Print Name: 

Signature:

Date:

Revised: August 3, 2023 S-26 INTERNAL USE ONLY

Annual Outside Accounts/Holdings Report

Name: (Last name, First) Job Title/Department:

☐ Neither I nor anyone in my immediate family has Reportable Securities Accounts.¹

☐ I have Reportable Securities Account(s)¹ for my immediate family or myself outside the firm that was/were previously disclosed and approved by the Legal/Compliance department. The account(s) is/are listed below:

☐ In 20xx, the following Reportable Securities Account(s)¹ listed below was/were opened for my immediate family or myself and not previously disclosed to and approved by the Legal/Compliance Department:

¹ Reportable Securities Accounts include:

● Advisory, brokerage, trust, mutual fund, or other accounts that you currently have open or are intending to open outside the firms, where you or your immediate family have a substantial proportionate economic interest or control.

○ “Immediate family” is defined as your spouse and minor descendants. With respect to accounts for the benefit of minor descendants who are not also minor children, any account that you control.

“Minor children” is any child, whether natural or via adoption, of an Access Person, under the age of twenty-one years. Every employee is considered an Access Person and is therefore subject to the Code of Ethics.

“Control” is defined as having investment and/or trade discretion over the account.

○ A “substantial proportionate economic interest” will generally be 25% of the equity in the account in the case of any single Access Person or 25% of the equity in the account in the case of all Access Persons in the aggregate. Interests in private fund clients and similar indirect means of ownership of underlying securities shall also be treated as Access Person Accounts.

* Excluded from the definition of mutual fund accounts are non-brokerage accounts that can only hold a single family of mutual funds (i.e., direct investment mutual fund accounts).

● Any outside account of an Access Person that is managed by a third party, or in the case of a trust where an access person is the grantor or beneficiary that provides a trustee with management authority over the trust, the access person should not, in any way, directly or indirectly have influence or control over the personal account/trust. [Note: a hedge fund would be considered an account managed by a third party if it is managed as a separate account, but would not be a separate account if you are a limited partner. An investment in a mutual fund managed by a third party would not be a separate account because it is not solely for your benefit].

Failure to disclose an account is a violation of the firms’ Code of Ethics. Along with this signed form, please enclose a copy of your most recent statement for each new Reportable Securities Account(s) listed below:

Print Your Name: 

Signature:

Date:

Revised: August 3, 2023 S-27 INTERNAL USE ONLY

1. Account Title:
Account Number:
Firm Name:
Firm Address:
	For Internal Use Only↓
	Receiving Statements & Confirms?

2. Account Title:
Account Number:
Firm Name:
Firm Address:
	For Internal Use Only↓
	Receiving Statements & Confirms?

3. Account Title:
Account Number:
Firm Name:
Firm Address:
	For Internal Use Only↓
	Receiving Statements & Confirms?

4. Account Title:
Account Number:
Firm Name:
Firm Address:
	For Internal Use Only↓
	Receiving Statements & Confirms?

For additional accounts, please make a copy of this page. Page 2 of 2

Revised: August 3, 2023 S-28 INTERNAL USE ONLY

EX-99.CERT

Exhibit 99.CERT

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

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of Gabelli Equity Series Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	12/12/23	/s/ John C. Ball
		John C. Ball, Principal Executive Officer

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

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of Gabelli Equity Series Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	12/12/23	/s/ John C. Ball
		John C. Ball, Principal Financial Officer and Treasurer

EX-99.906 CERT

Exhibit 99.906 CERT

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

I, John C. Ball, Principal Executive Officer of Gabelli Equity Series Funds, Inc. (the “Registrant”), certify that:

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

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

Date:	12/12/23	/s/ John C. Ball
		John C. Ball, Principal Executive Officer

I, John C. Ball, Principal Financial Officer and Treasurer of Gabelli Equity Series Funds, Inc. (the “Registrant”), certify that: 

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

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

Date:	12/12/23	/s/ John C. Ball
		John C. Ball, Principal Financial Officer and Treasurer