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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Comstock Capital Value Fund

Class AAA - COMVX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform?

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

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment

	Comstock Capital Value Fund - Class AAA	S&P 500 Index	Bloomberg US Government / Credit Bond Index	MSCI USA Value Index
6/15	10,000	10,000	10,000	10,000
6/16	9,504	10,399	10,670	10,537
6/17	7,206	12,260	10,626	12,223
6/18	6,214	14,022	10,559	13,070
6/19	5,640	15,483	11,459	14,263
6/20	4,948	16,646	12,607	13,088
6/21	4,805	23,436	12,558	18,324
6/22	4,727	20,947	11,195	17,557
6/23	5,001	25,051	11,117	19,179
6/24	5,245	31,203	11,422	22,056
6/25	5,858	35,934	12,094	24,969

Average Annual Total Returns

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

Fund Statistics

Total Net Assets$8,564,790
Number of Portfolio Holdings103
Portfolio Turnover Rate107%
Management Fees$(87,868)

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

What did the Fund invest in?

Top 10 Holdings (% of net assets)

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

Portfolio Weighting (% of net assets)

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

Industry Allocation (% of net assets)

Bar Graph showing Allocation by Industry

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

Comstock Capital Value Fund

Semi-Annual Shareholder Report - June 30, 2025

Class AAA - COMVX

Where can I find additional information about the Fund?

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

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

Email: info@gabelli.com

Householding

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

COMVX-25-SATSR

Comstock Capital Value Fund

Class C - CPCCX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

	Comstock Capital Value Fund - Class C	Comstock Capital Value Fund - Class C (includes sales charge)	S&P 500 Index	Bloomberg US Government / Credit Bond Index	MSCI USA Value Index
6/15	10,000	10,000	10,000	10,000	10,000
6/16	9,437	9,342	10,399	10,670	10,537
6/17	7,096	6,950	12,260	10,626	12,223
6/18	6,074	5,888	14,022	10,559	13,070
6/19	5,467	5,246	15,483	11,459	14,263
6/20	4,770	4,531	16,646	12,607	13,088
6/21	4,638	4,361	23,436	12,558	18,324
6/22	4,549	4,234	20,947	11,195	17,557
6/23	4,816	4,440	25,051	11,117	19,179
6/24	5,049	4,610	31,203	11,422	22,056
6/25	6,199	5,615	35,934	12,094	24,969

Average Annual Total Returns

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

Fund Statistics

Total Net Assets$8,564,790
Number of Portfolio Holdings103
Portfolio Turnover Rate107%
Management Fees$(87,868)

What did the Fund invest in?

Top 10 Holdings (% of net assets)

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

Portfolio Weighting (% of net assets)

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

Industry Allocation (% of net assets)

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

Comstock Capital Value Fund

Semi-Annual Shareholder Report - June 30, 2025

Class C - CPCCX

Where can I find additional information about the Fund?

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

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

Email: info@gabelli.com

Householding

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

CPCCX-25-SATSR

Comstock Capital Value Fund

Class I - CPCRX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

	Comstock Capital Value Fund - Class I	S&P 500 Index	Bloomberg US Government / Credit Bond Index	MSCI USA Value Index
6/15	10,000	10,000	10,000	10,000
6/16	9,537	10,399	10,670	10,537
6/17	7,237	12,260	10,626	12,223
6/18	6,273	14,022	10,559	13,070
6/19	5,694	15,483	11,459	14,263
6/20	5,013	16,646	12,607	13,088
6/21	4,885	23,436	12,558	18,324
6/22	4,821	20,947	11,195	17,557
6/23	5,091	25,051	11,117	19,179
6/24	5,345	31,203	11,422	22,056
6/25	5,961	35,934	12,094	24,969

Average Annual Total Returns

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

Fund Statistics

Total Net Assets$8,564,790
Number of Portfolio Holdings103
Portfolio Turnover Rate107%
Management Fees$(87,868)

What did the Fund invest in?

Top 10 Holdings (% of net assets)

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

Portfolio Weighting (% of net assets)

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

Industry Allocation (% of net assets)

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

Comstock Capital Value Fund

Semi-Annual Shareholder Report - June 30, 2025

Class I - CPCRX

Where can I find additional information about the Fund?

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

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

Email: info@gabelli.com

Householding

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

CPCRX-25-SATSR

Comstock Capital Value Fund

Class A - DRCVX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

	Comstock Capital Value Fund - Class A	Comstock Capital Value Fund - Class A (includes sales charge)	S&P 500 Index	Bloomberg US Government / Credit Bond Index	MSCI USA Value Index
6/15	10,000	10,000	10,000	10,000	10,000
6/16	9,478	8,933	10,399	10,670	10,537
6/17	7,180	6,378	12,260	10,626	12,223
6/18	6,188	5,181	14,022	10,559	13,070
6/19	5,613	4,430	15,483	11,459	14,263
6/20	4,935	3,670	16,646	12,607	13,088
6/21	4,792	3,359	23,436	12,558	18,324
6/22	4,713	3,114	20,947	11,195	17,557
6/23	4,988	3,106	25,051	11,117	19,179
6/24	5,245	3,079	31,203	11,422	22,056
6/25	5,860	3,242	35,934	12,094	24,969

Average Annual Total Returns

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

Fund Statistics

Total Net Assets$8,564,790
Number of Portfolio Holdings103
Portfolio Turnover Rate107%
Management Fees$(87,868)

What did the Fund invest in?

Top 10 Holdings (% of net assets)

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

Portfolio Weighting (% of net assets)

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

Industry Allocation (% of net assets)

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

Comstock Capital Value Fund

Semi-Annual Shareholder Report - June 30, 2025

Class A - DRCVX

Where can I find additional information about the Fund?

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

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

Email: info@gabelli.com

Householding

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

DRCVX-25-SATSR

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

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

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

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

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.

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.

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

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund’s investment program and manages the operations of the Fund under the general supervision of the Company’s Board of Directors (the Board).

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

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

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

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

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:

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

At June 30, 2025, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

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

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available,

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

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

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

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

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

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

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

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

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

At December 31, 2024, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

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

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

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

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

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

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

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

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2025, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $691.

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

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

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

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

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

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

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

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

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

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

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

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.

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.

Shares			Cost		Market Value
		COMMON STOCKS — 79.8%
		Aerospace and Defense — 3.6%
	2,000	Spirit AeroSystems Holdings Inc., Cl. A†	$	64,977	$	76,300
	9,000	Triumph Group Inc.†		211,823		231,750
				276,800		308,050
		Automotive: Parts and Accessories — 0.2%
	1,500	Garrett Motion Inc.		12,720		15,765

		Broadcasting — 4.0%
	2,500	Paramount Global, Cl. A		55,273		57,375
	12,000	Paramount Global, Cl. B		127,502		154,800
	2,093	Sirius XM Holdings Inc.		72,287		48,076
	4,750	TEGNA Inc.		82,769		79,610
				337,831		339,861
		Business Services — 2.7%
	4,000	Alight Inc., Cl. A		24,864		22,640
	20,000	Dun & Bradstreet Holdings Inc.		178,380		181,800
	250	McGrath RentCorp.		24,976		28,990
				228,220		233,430
		Computer Software and Services — 1.5%
	1,000	Couchbase Inc.†		24,412		24,380
	11,000	E2open Parent Holdings Inc.†		35,364		35,530
	2,500	Informatica Inc., Cl. A†		59,904		60,875
	2,500	TTEC Holdings Inc.†		13,783		12,025
				133,463		132,810
		Diversified Industrial — 2.7%
	5,000	Churchill Capital Corp. IX†		51,250		52,600
	225	Herc Holdings Inc.		26,516		29,630
	4,000	Radius Recycling Inc.		114,791		118,760
	1,250	Stratasys Ltd.†		16,038		14,338
	500	WillScot Holdings Corp.		14,310		13,700
				222,905		229,028
		Electronics — 2.7%
	3,000	FARO Technologies Inc.†		127,271		131,760
	1,500	Rogers Corp.†		195,456		102,720
				322,727		234,480
		Energy and Utilities — 5.6%
	3,500	ALLETE Inc.		223,027		224,245
	2,500	DMC Global Inc.†		21,207		20,150
	1,000	Hess Corp.		142,784		138,540
	1,750	TXNM Energy Inc.		99,356		98,560
				486,374		481,495
		Entertainment — 1.1%
	3,000	International Game Technology plc		53,448		47,430

Shares			Cost		Market Value
	400	Liberty Media Corp.-Liberty Live, Cl. C†	$	12,877	$	32,464
	750	Manchester United plc, Cl. A†		13,752		13,357
	1,000	WideOpenWest Inc.†		4,729		4,060
				84,806		97,311
		Financial Services — 6.1%
	15,000	AvidXchange Holdings Inc.†		146,180		146,850
	1,000	Cannae Holdings Inc.		17,805		20,850
	2,500	Cantaloupe Inc.†		27,368		27,475
	250	Enstar Group Ltd.†		80,507		84,090
	6,500	GSR III Acquisition Corp.†		62,631		70,135
	2,500	NET Lease Office Properties, REIT†		65,015		81,375
	8,500	Soulpower Acquisition Corp.†		85,000		87,890
				484,506		518,665
		Food and Beverage — 5.8%
	5,500	Kellanova		443,983		437,415
	1,750	Lifeway Foods Inc.†		39,206		43,137
	500	SpartanNash Co.		13,209		13,245
				496,398		493,797
		Health Care — 17.9%
	3,000	Amedisys Inc.†		277,728		295,170
	3,500	Blueprint Medicines Corp.†		447,328		448,630
	6,500	Cross Country Healthcare Inc.†		117,519		84,825
	1,000	CureVac NV†		5,300		5,430
	14,000	Cyteir Therapeutics Inc., Escrow†(a)		0		0
	9,000	Inozyme Pharma Inc.†		35,599		36,000
	3,000	iTeos Therapeutics Inc.†		30,015		29,910
	3,500	Sage Therapeutics Inc.†		31,795		31,920
	5,000	SpringWorks Therapeutics Inc.†		228,388		234,950
	2,500	Surgery Partners Inc.†		55,675		55,575
	3,250	SurModics Inc.†		118,633		96,558
	4,000	Third Harmonic Bio Inc.†		20,455		21,720
	4,500	Verve Therapeutics Inc.†		49,613		50,535
	17,500	Vigil Neuroscience Inc.†		138,175		139,125
				1,556,223		1,530,348
		Hotels and Gaming — 2.9%
	1,500	Atlanta Braves Holdings Inc., Cl. C†		47,569		70,155
	6,500	Everi Holdings Inc.†		84,107		92,560
	7,000	PlayAGS Inc.†		80,447		87,430
				212,123		250,145
		Metal and Mining — 0.9%
	6,500	MAC Copper Ltd.†		78,473		78,585

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Other — 0.5%
	2,000	NV5 Global Inc.†	$	44,085	$	46,180

		Real Estate — 2.3%
	13,000	Copper Property CTL Pass Through Trust		139,960		161,070
	9,000	Seritage Growth Properties, Cl. A†		83,943		27,720
	750	Star Holdings†		12,633		5,858
				236,536		194,648
		Retail — 8.0%
	3,000	Albertsons Companies Inc., Cl. A		60,635		64,530
	5,500	Foot Locker Inc.†		130,186		134,750
	250	GMS Inc.†		24,711		27,187
	4,000	Skechers USA Inc., Cl. A†		246,816		252,400
	18,000	Walgreens Boots Alliance Inc.		204,116		206,640
				666,464		685,507
		Semiconductors — 0.7%
	750	Silicon Motion Technology Corp., ADR		36,936		56,378

		Telecommunications — 10.6%
	500	Anterix Inc.†		12,870		12,825
	9,500	Frontier Communications Parent Inc.†		335,152		345,800
	7,500	Juniper Networks Inc.		282,454		299,475
	24,000	SatixFy Communications Ltd.†		62,845		70,320
	2,750	Telephone and Data Systems Inc.		75,199		97,845
	1,250	United States Cellular Corp.†		70,937		79,962
				839,457		906,227
		TOTAL COMMON STOCKS		6,757,047		6,832,710

		CLOSED-END FUNDS — 0.5%
	30,000	Altaba Inc., Escrow†		27,916		40,500

		RIGHTS — 0.5%
		Business Services — 0.0%
	2,000	Resolute Forest Products Inc., CVR†		0		3,000

		Computer Software and Services — 0.1%
	1,000	Gen Digital Inc., CVR†		0		8,160

		Financial Services — 0.1%
	929	GSR III Acquisition Corp., expire 11/08/29†		2,369		6,379

Shares			Cost		Market Value
	375	Pershing Square Tontine Holdings Ltd., expire 09/29/33†	$	0	$	113
				2,369		6,492
		Health Care — 0.3%
	500	ABIOMED Inc., CVR†		0		800
	6,000	Akouos Inc., CVR†		0		3,000
	1,000	Albireo Pharma Inc., CVR†		0		2,250
	2,500	Alimera Sciences Inc., CVR†		0		25
	16,500	Checkpoint Therapeutics Inc., CVR†		0		1,650
	3,000	Chinook Therapeutics Inc., CVR†		0		600
	1,050	CinCor Pharma Inc., CVR†		0		3,150
	10,000	Concert Pharmaceuticals Inc., CVR†		0		3,000
	5,000	Epizyme Inc., CVR†		0		100
	2,250	Fusion Pharmaceuticals Inc., CVR†		0		1,125
	7,500	Gracell Biotechnologies Inc., CVR†		0		300
	6,500	Icosavax Inc., CVR†		0		1,950
	1,750	Mirati Therapeutics Inc., CVR†		0		875
	500	Opiant Pharmaceuticals Inc., CVR†		0		250
	1,000	Optinose Inc., CVR†		0		500
	22,000	Paragon 28 Inc., CVR†		0		1,100
	6,500	Paratek Pharmaceuticals Inc., CVR†		0		130
	9,500	Regulus Therapeutics Inc, CVR†		0		9,500
				0		30,305
		TOTAL RIGHTS		2,369		47,957

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 19.0%
$	1,635,000	U.S. Treasury Bills, 4.203% to 4.332%††, 07/17/25 to 09/18/25		1,625,701		1,625,678

		TOTAL INVESTMENTS — 99.8%	$	8,413,033		8,546,845

		Other Assets and Liabilities (Net) — 0.2%				17,945

		NET ASSETS — 100.0%			$	8,564,790

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

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

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

Assets:
Investments, at value (cost $8,413,033)	$	8,546,845
Cash		74,065
Receivable for investments sold		57,767
Receivable for Fund shares sold		50,062
Receivable from Adviser		21,751
Dividends receivable		1,753
Prepaid expenses		128
Total Assets		8,752,371
Liabilities:
Payable for investments purchased		109,197
Payable for Fund shares redeemed		12
Payable for investment advisory fees		6,809
Payable for distribution fees		365
Payable for legal and audit fees		33,074
Payable for shareholder communications		20,521
Other accrued expenses		17,603
Total Liabilities		187,581
Net Assets
(applicable to 1,930,458 shares outstanding)	$	8,564,790

Net Assets Consist of:
Paid-in capital	$	141,233,363
Total accumulated loss		(132,668,573	)
Net Assets	$	8,564,790

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($831,429 ÷ 192,535 shares outstanding; 25,000,000 shares authorized)	$	4.32
Class A:
Net Asset Value and redemption price per share ($1,019,050 ÷ 236,644 shares outstanding; 25,000,000 shares authorized)	$	4.31
Maximum offering price per share (NAV ÷ 0.9405, based on maximum sales charge of 5.95% of the offering price)	$	4.58
Class C:
Net Asset Value and offering price per share ($12 ÷ 3 shares outstanding; 25,000,000 shares authorized)	$	4.00	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($6,714,299 ÷ 1,501,276 shares outstanding; 25,000,000 shares authorized)	$	4.47

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Period May 1, 2024 to December 31, 2024
Investment Income:
Dividends (net of foreign withholding taxes of $33 and $265)	$	38,746		$	45,891
Interest		31,828			40,295
Total Investment Income		70,574			86,186
Expenses:
Investment advisory fees		37,918			44,861
Distribution fees - Class AAA		546			447
Distribution fees - Class A		1,237			1,742
Distribution fees - Class C		12			29
Shareholder communications expenses		24,399			36,562
Legal and audit fees		24,239			70,259
Directors’ fees		12,000			18,500
Shareholder services fees		9,959			15,163
Custodian fees		8,051			16,977
Registration expenses		3,075			5,700
Interest expense		—			37
Miscellaneous expenses		5,909			21,288
Total Expenses		127,345			231,565
Less:
Expense reimbursements (See Note 1)		(125,786	)		(229,561	)
Expenses paid indirectly by broker (See Note 6)		(691	)		(1,404	)
Custodian fee credits		(863	)		(559	)
Total Reimbursements and Credits		(127,340	)		(231,524	)
Net Expenses		5			41
Net Investment Income		70,569			86,145

Net Realized and Unrealized Gain on Investments:
Net realized gain on investments		214,777			41,165
Net change in unrealized appreciation/depreciation:
on investments		203,900			197,023
Net Realized and Unrealized Gain on Investments		418,677			238,188
Net Increase in Net Assets Resulting from Operations	$	489,246		$	324,333

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Period May 1, 2024 to December 31, 2024			Fiscal Year Ended April 30, 2024
Operations:
Net investment income	$	70,569		$	86,145		$	147,339
Net realized gain on investments and foreign currency transactions		214,777			41,165			267,385
Net change in unrealized appreciation/depreciation on investments		203,900			197,023			(117,345	)
Net Increase in Net Assets Resulting from Operations		489,246			324,333			297,379

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(7,223	)		(4,478	)
Class A		—			(20,944	)		(18,584	)
Class C		—			(91	)		(218	)
Class I		—			(119,629	)		(78,816	)
Total Distributions to Shareholders		—			(147,887	)		(102,096	)

Capital Stock Transactions:
Proceeds from shares issued
Class AAA		586,556			120,192			107,161
Class A		10,256			10,105			10,777
Class C		11			—			—
Class I		380,000			610,000			1,278,238
Total proceeds from shares issued		976,823			740,297			1,396,176

Proceeds from reinvestment of distributions
Class AAA		—			7,137			4,411
Class A		—			10,083			9,924
Class C		—			91			218
Class I		—			117,074			76,762
Total proceeds from reinvestment of distributions		—			134,385			91,315

Cost of shares redeemed
Class AAA		(130,044	)		(50,938	)		(113,904	)
Class A		(49,524	)		(97,214	)		(177,787	)
Class C		(3,787	)		(2,687	)		(4,824	)
Class I		(20,319	)		(5,194	)		(145,898	)
Total cost of shares redeemed		(203,674	)		(156,033	)		(442,413	)

Net Increase in Net Assets from Capital Stock Transactions		773,149			718,649			1,045,078

Redemption Fees		23			—			—

Net Increase in Net Assets		1,262,418			895,095			1,240,361

Net Assets:
Beginning of year		7,302,372			6,407,277			5,166,916
End of period	$	8,564,790		$	7,302,372		$	6,407,277

			Income (Loss) from Investment Operations									Distributions														Ratios to Average Net Assets/Supplemental Data
Period Ended*	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Total Distributions			Redemption Fees(a)			Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement			Portfolio Turnover Rate
Class AAA
2025(b)	$	4.06	$	0.04		$	0.22		$	0.26		$	—		$	—		$	0.00	(c)	$	4.32		6.40	%	$	832			1.87	%(d)		3.56	%(d)		0.00	%(d)(e)(f)(g)		107	%
2024(h)		3.94		0.05			0.16			0.21			(0.09	)		(0.09	)		—			4.06		5.23			344			1.91	(d)		5.36	(d)		0.00	(d)(e)(f)(g)(i)		133
2024		3.81		0.10			0.10			0.20			(0.07	)		(0.07	)		—			3.94		5.17			262			2.44			3.56			0.00	(e)(f)(g)		271
2023		3.66		0.07			0.08			0.15			—			—			—			3.81		4.10			255			1.94			4.05			0.00	(e)(f)(g)		265
2022		3.70		(0.07	)		0.03			(0.04	)		—			—			—			3.66		(1.08	)		190			(1.82	)		4.93			1.95	(f)(g)(i)		243
2021		3.81		(0.11	)		(0.00	)(j)		(0.11	)		—			—			0.00	(c)		3.70		(2.89	)		208			(3.00	)		4.12			3.12	(g)		0	(k)
2020		4.31		(0.15	)		(0.35	)		(0.50	)		—			—			0.00	(c)		3.81		(11.60	)		245			(3.60	)		7.49			5.80	(f)(i)(l)(m)		79
Class A
2025(b)	$	4.04	$	0.04		$	0.23		$	0.27		$	—		$	—		$	0.00	(c)	$	4.31		6.68	%	$	1,019			1.86	%(d)		3.56	%(d)		0.00	%(d)(e)(f)(g)		107	%
2024(h)		3.93		0.05			0.15			0.20			(0.09	)		(0.09	)		—			4.04		4.99			995			1.91	(d)		5.36	(d)		0.00	(d)(e)(f)(g)(i)		133
2024		3.80		0.09			0.11			0.20			(0.07	)		(0.07	)		—			3.93		5.19			1,041			2.43			3.56			0.00	(e)(f)(g)		271
2023		3.65		0.09			0.06			0.15			—			—			—			3.80		4.11			1,162			2.39			4.05			0.00	(e)(f)(g)		265
2022		3.69		(0.07	)		0.03			(0.04	)		—			—			—			3.65		(1.08	)		1,193			(1.95	)		4.93			2.07	(f)(g)(i)		243
2021		3.80		(0.11	)		(0.00	)(j)		(0.11	)		—			—			0.00	(c)		3.69		(2.89	)		1,554			(3.00	)		4.12			3.12	(g)		0	(k)
2020		4.29		(0.16	)		(0.33	)		(0.49	)		—			—			0.00	(c)		3.80		(11.42	)		1,715			(3.89	)		7.74			6.05	(f)(i)(l)(m)		79
Class C
2025(b)	$	3.41	$	0.03		$	0.56		$	0.59		$	—		$	—		$	0.00	(c)	$	4.00		17.30	%	$	0	(n)		1.56	%(d)		4.31	%(d)		—	%(d)(f)(g)		107	%
2024(h)		3.33		0.04			0.13			0.17			(0.09	)		(0.09	)		—			3.41		4.98			4			1.90	(d)		6.10	(d)		0.00	(d)(e)(f)(g)(i)		133
2024		3.23		0.08			0.09			0.17			(0.07	)		(0.07	)		—			3.33		5.17			6			2.43			4.31			0.00	(e)(f)(g)		271
2023		3.10		0.09			0.04			0.13			—			—			—			3.23		4.19			10			2.96			4.80			0.00	(e)(f)(g)		265
2022		3.15		(0.07	)		0.02			(0.05	)		—			—			—			3.10		(1.59	)		35			(2.38	)		5.68			2.50	(f)(g)(i)		243
2021		3.24		(0.09	)		(0.00	)(j)		(0.09	)		—			—			0.00	(c)		3.15		(2.78	)		49			(3.73	)		4.87			3.87	(g)		0	(k)
2020		3.69		(0.14	)		(0.31	)		(0.45	)		—			—			0.00	(c)		3.24		(12.20	)		330			(3.90	)		7.81			6.12	(f)(i)(l)(m)		79
Class I
2025(b)	$	4.20	$	0.04		$	0.23		$	0.27		$	—		$	—		$	0.00	(c)	$	4.47		6.43	%	$	6,714			1.86	%(d)		3.31	%(d)		0.00	%(d)(e)(f)(g)		107	%
2024(h)		4.08		0.05			0.16			0.21			(0.09	)		(0.09	)		—			4.20		5.05			5,959			1.92	(d)		5.11	(d)		0.00	(d)(e)(f)(g)(i)		133
2024		3.95		0.10			0.10			0.20			(0.07	)		(0.07	)		—			4.08		4.99			5,098			2.44			3.31			0.00	(e)(f)(g)		271
2023		3.79		0.08			0.08			0.16			—			—			—			3.95		4.22			3,740			2.10			3.80			0.00	(e)(f)(g)		265
2022		3.82		(0.05	)		0.02			(0.03	)		—			—			—			3.79		(0.79	)		2,737			(1.43	)		4.68			1.58	(f)(g)(i)		243
2021		3.92		(0.10	)		(0.00	)(j)		(0.10	)		—			—			0.00	(c)		3.82		(2.55	)		1,987			(2.75	)		3.87			2.87	(g)		0	(k)
2020		4.42		(0.11	)		(0.39	)		(0.50	)		—			—			0.00	(c)		3.92		(11.31	)		2,263			(2.65	)		6.51			4.82	(f)(i)(l)(m)		79

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

	(i)	The Fund incurred interest expense during the period May 1, 2024 to December 31, 2024, and the years ended April 30, 2022 and 2020. For the year ended April 30, 2022, if interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.94% (Class AAA), 2.06% (Class A), 2.49% (Class C), and 1.57% (Class I). For the period May 1, 2024 to December 31, 2024 and the year ended April 30, 2020, the effect of interest expense was minimal.
	(j)	Amount represents greater than $(0.005) per share.
	(k)	Amount represents less than 0.5%.
	(l)	The Fund incurred dividend expense and service fees on securities sold short. If these expenses and fees had not been incurred, the ratios of operating expenses to average net assets for the year ended April 30, 2020 would have been 5.36% (Class AAA), 5.64% (Class A), 5.68% (Class C), and 4.38% (Class I).
	(m)	During the fiscal year ended April 30, 2020, the Adviser directly paid legal fees on behalf of the Fund. If the Fund had paid these expenses, the expense ratios for that period would have been 7.48% (Class AAA), 7.73% (Class A), 7.80% (Class C), and 6.50% (Class I).
	(n)	Amount represents less than $1,000.

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 06/30/25
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Health Care	$	1,530,348		—	$	0	$	1,530,348
Other Industries (b)		5,302,362		—		—		5,302,362
Total Common Stocks		6,832,710		—		0		6,832,710
Closed-End Funds		—	$	40,500		—		40,500
Rights (b)		14,539		33,418		—		47,957
U.S. Government Obligations		—		1,625,678		—		1,625,678
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	6,847,249	$	1,699,596	$	0	$	8,546,845

	(a)	The inputs for this security are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.
	(b)	Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

	For the Period May 1, 2024 to December 31, 2024		Fiscal Year Ended April 30, 2024
Distributions paid from:
Ordinary income	$	147,887	$	102,096
Total distributions paid	$	147,887	$	102,096

Short term capital loss carryforward with no expiration	$	74,289,192
Long term capital loss carryforward with no expiration		58,882,173
Total capital loss carryforwards	$	133,171,365

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	8,419,564			$	398,052			$	(270,771	)		$	127,281

Anthony S. Colavita	$4,000
Vincent D. Enright	$4,500
Werner J. Roeder	$3,500

(Registrant)	Comstock Funds, Inc.

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

Date	September 4, 2025