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.

The Gabelli Equity Income Fund

Class AAA - GABEX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Gabelli Equity Income 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. You may find additional information about the Fund at https://gabelli.com/ticker/GABEX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Equity Income Fund - Class AAA	$74	1.46%

How did the Fund perform?

For the six month period ended March 31, 2026, The Gabelli Equity Income Fund outperformed its benchmarks, the S&P 500 Index and the Lipper Equity Income Fund Average. Economic data released during the first quarter showed early signs of strengthening in the U.S. and many international regions. More recently, this momentum has been overshadowed by the emergence of the Iran conflict and its associated energy and supply chain disruptions. Contributors to the portfolio included Chevron Corp., Newmont Corp., and Flowserve Corp. Detractors included Genuine Parts Co., Microsoft, and Sony Group.

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

Table Summary
	The Gabelli Equity Income Fund - Class AAA	S&P 500 Index	Lipper Equity Income Fund Average
03/16	10,000	10,000	10,000
03/17	11,338	11,717	11,609
03/18	12,237	13,356	12,651
03/19	12,527	14,625	13,530
03/20	10,189	13,604	11,791
03/21	15,973	21,270	17,431
03/22	17,633	24,599	19,831
03/23	17,437	22,697	18,930
03/24	19,457	29,479	22,431
03/25	20,041	31,912	24,133
03/26	23,370	37,592	27,394

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Equity Income Fund - Class AAA	4.45%	16.61%	7.91%	8.86%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
Lipper Equity Income Fund Average	3.14%	13.51%	9.46%	10.60%

Fund Statistics

Total Net Assets$441,639,249
Number of Portfolio Holdings215
Portfolio Turnover Rate1%
Management Fees$2,258,746

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GABEX/ for more recent performance information. 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)

Table Summary
The Bank of New York Mellon Corp.	5.0%
Chevron Corp.	3.3%
Newmont Corp.	3.1%
Genuine Parts Co.	3.1%
Deere & Co.	3.0%
GATX Corp.	2.7%
State Street Corp.	2.7%
National Fuel Gas Co.	2.3%
Textron Inc.	1.9%
Parker-Hannifin Corp.	1.9%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	99.6%
U.S. Government Obligations	0.2%
Other Assets and Liabilities (Net)	0.2%

Industry Allocation (% of net assets)

Bar Graph showing Allocation by Industry

Table Summary
Industry Weighting	.
Financial Services	16.2%
Food and Beverage	12.7%
Diversified Industrial	7.0%
Equipment and Supplies	6.2%
Health Care	5.8%
Energy and Utilities: Oil	5.1%
Machinery	4.2%
Metals and Mining	4.2%
Other Industry sectors	38.4%
Other Assets and Liabilities (Net)	0.2%

The Gabelli Equity Income Fund

Semi-Annual Shareholder Report - March 31, 2026

Class AAA - GABEX

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 https://gabelli.com/ticker/GABEX/.

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)

GABEX-26-SATSR

The Gabelli Equity Income Fund

Class C - GEICX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Gabelli Equity Income 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. You may find additional information about the Fund at https://gabelli.com/ticker/GEICX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Equity Income Fund - Class C	$112	2.21%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Equity Income Fund - Class C	The Gabelli Equity Income Fund - Class C (includes sales charge)	S&P 500 Index	Lipper Equity Income Fund Average
03/16	10,000	10,000	10,000	10,000
03/17	11,252	11,152	11,717	11,609
03/18	12,051	11,944	13,356	12,651
03/19	12,248	12,139	14,625	13,530
03/20	9,876	9,788	13,604	11,791
03/21	15,374	15,238	21,270	17,431
03/22	16,864	16,714	24,599	19,831
03/23	16,528	16,381	22,697	18,930
03/24	18,299	18,137	29,479	22,431
03/25	18,752	18,585	31,912	24,133
03/26	21,654	21,462	37,592	27,394

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Equity Income Fund - Class C	3.92%	15.48%	7.09%	8.03%
The Gabelli Equity Income Fund - Class C (includes sales charge)	2.92%	14.48%	7.09%	8.03%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
Lipper Equity Income Fund Average	3.14%	13.51%	9.46%	10.60%

Fund Statistics

Total Net Assets$441,639,249
Number of Portfolio Holdings215
Portfolio Turnover Rate1%
Management Fees$2,258,746

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GEICX/ for more recent performance information. 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)

Table Summary
The Bank of New York Mellon Corp.	5.0%
Chevron Corp.	3.3%
Newmont Corp.	3.1%
Genuine Parts Co.	3.1%
Deere & Co.	3.0%
GATX Corp.	2.7%
State Street Corp.	2.7%
National Fuel Gas Co.	2.3%
Textron Inc.	1.9%
Parker-Hannifin Corp.	1.9%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	99.6%
U.S. Government Obligations	0.2%
Other Assets and Liabilities (Net)	0.2%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	16.2%
Food and Beverage	12.7%
Diversified Industrial	7.0%
Equipment and Supplies	6.2%
Health Care	5.8%
Energy and Utilities: Oil	5.1%
Machinery	4.2%
Metals and Mining	4.2%
Other Industry sectors	38.4%
Other Assets and Liabilities (Net)	0.2%

The Gabelli Equity Income Fund

Semi-Annual Shareholder Report - March 31, 2026

Class C - GEICX

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 https://gabelli.com/ticker/GEICX/.

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)

GEICX-26-SATSR

The Gabelli Equity Income Fund

Class I - GCIEX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Gabelli Equity Income 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. You may find additional information about the Fund at https://gabelli.com/ticker/GCIEX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Equity Income Fund - Class I	$62	1.21%

How did the Fund perform?

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $50,000 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 $50,000 Investment

Table Summary
	The Gabelli Equity Income Fund - Class I	S&P 500 Index	Lipper Equity Income Fund Average
03/16	50,000	50,000	50,000
03/17	56,833	58,585	58,045
03/18	61,495	66,781	63,257
03/19	63,121	73,125	67,648
03/20	51,440	68,021	58,955
03/21	80,889	106,351	87,153
03/22	89,512	122,995	99,154
03/23	88,708	113,487	94,652
03/24	99,188	147,397	112,153
03/25	102,519	159,558	120,666
03/26	119,803	187,959	136,968

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Equity Income Fund - Class I	4.56%	16.86%	8.17%	9.13%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
Lipper Equity Income Fund Average	3.14%	13.51%	9.46%	10.60%

Fund Statistics

Total Net Assets$441,639,249
Number of Portfolio Holdings215
Portfolio Turnover Rate1%
Management Fees$2,258,746

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GCIEX/ for more recent performance information. 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)

Table Summary
The Bank of New York Mellon Corp.	5.0%
Chevron Corp.	3.3%
Newmont Corp.	3.1%
Genuine Parts Co.	3.1%
Deere & Co.	3.0%
GATX Corp.	2.7%
State Street Corp.	2.7%
National Fuel Gas Co.	2.3%
Textron Inc.	1.9%
Parker-Hannifin Corp.	1.9%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	99.6%
U.S. Government Obligations	0.2%
Other Assets and Liabilities (Net)	0.2%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	16.2%
Food and Beverage	12.7%
Diversified Industrial	7.0%
Equipment and Supplies	6.2%
Health Care	5.8%
Energy and Utilities: Oil	5.1%
Machinery	4.2%
Metals and Mining	4.2%
Other Industry sectors	38.4%
Other Assets and Liabilities (Net)	0.2%

The Gabelli Equity Income Fund

Semi-Annual Shareholder Report - March 31, 2026

Class I - GCIEX

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 https://gabelli.com/ticker/GCIEX/.

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)

GCIEX-26-SATSR

The Gabelli Equity Income Fund

Class A - GCAEX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Gabelli Equity Income 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. You may find additional information about the Fund at https://gabelli.com/ticker/GCAEX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Equity Income Fund - Class A	$74	1.46%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Equity Income Fund - Class A	The Gabelli Equity Income Fund - Class A (includes sales charge)	S&P 500 Index	Lipper Equity Income Fund Average
03/16	10,000	10,000	10,000	10,000
03/17	11,339	10,687	11,717	11,609
03/18	12,233	10,866	13,356	12,651
03/19	12,523	10,485	14,625	13,530
03/20	10,185	8,037	13,604	11,791
03/21	15,974	11,880	21,270	17,431
03/22	17,628	12,357	24,599	19,831
03/23	17,439	11,521	22,697	18,930
03/24	19,440	12,105	29,479	22,431
03/25	20,060	11,772	31,912	24,133
03/26	23,376	12,929	37,592	27,394

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Equity Income Fund - Class A	4.38%	16.53%	7.92%	8.87%
The Gabelli Equity Income Fund - Class A (includes sales charge)	(1.62)%	9.83%	6.65%	8.22%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
Lipper Equity Income Fund Average	3.14%	13.51%	9.46%	10.60%

Fund Statistics

Total Net Assets$441,639,249
Number of Portfolio Holdings215
Portfolio Turnover Rate1%
Management Fees$2,258,746

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GCAEX/ for more recent performance information. 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)

Table Summary
The Bank of New York Mellon Corp.	5.0%
Chevron Corp.	3.3%
Newmont Corp.	3.1%
Genuine Parts Co.	3.1%
Deere & Co.	3.0%
GATX Corp.	2.7%
State Street Corp.	2.7%
National Fuel Gas Co.	2.3%
Textron Inc.	1.9%
Parker-Hannifin Corp.	1.9%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	99.6%
U.S. Government Obligations	0.2%
Other Assets and Liabilities (Net)	0.2%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	16.2%
Food and Beverage	12.7%
Diversified Industrial	7.0%
Equipment and Supplies	6.2%
Health Care	5.8%
Energy and Utilities: Oil	5.1%
Machinery	4.2%
Metals and Mining	4.2%
Other Industry sectors	38.4%
Other Assets and Liabilities (Net)	0.2%

The Gabelli Equity Income Fund

Semi-Annual Shareholder Report - March 31, 2026

Class A - GCAEX

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 https://gabelli.com/ticker/GCAEX/.

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)

GCAEX-26-SATSR

The Gabelli Global Financial Services Fund

Class A - GGFSX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Global Financial Services Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide capital appreciation. The Fund invests primarily in the common stocks of companies engaged in financial services. The Fund seeks to purchase common stocks that are selling in the public market at a discount to their private market value (“PMV”). Gabelli Funds, LLC (the "Adviser") prefers issuers that are well managed and strongly financed. The Fund can also invest in debt securities but will usually only do so when they offer equity like returns. You may find additional information about the Fund at https://gabelli.com/ticker/GGFSX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Financial Services Fund - Class A	$64	1.25%

How did the Fund perform?

For the six month period ended March 31, 2026, The Gabelli Global Financial Services Fund outperformed its broad-based benchmark, the S&P 500 Index, and its comparatives, the MSCI World Financials and S&P 500 Financials Indices. At quarter end, the Fund’s aggregate holdings were valued at approximately 0.9 times book value, 1.0 times tangible book value (“TBV”), and 10 times expected 2026 earnings per share (“EPS”). Contributors to the portfolio included Diamond Hill Investment Group, TrustCo Bank Corp., and Ichiyoshi Securities Co., Ltd. Detractors from performance included Westaim Corporation, Jefferies Financial Group, and Capital One Financial Corporation.

How has the Fund performed since inception?

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 since inception. 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

Table Summary
	The Gabelli Global Financial Services Fund - Class A	The Gabelli Global Financial Services Fund - Class A (includes sales charge)	S&P 500 Index	MSCI World Financials Index	S&P 500 Financials Index
10/18	10,000	10,000	10,000	10,000	10,000
03/19	9,099	8,575	10,950	9,238	9,533
03/20	6,170	5,481	10,186	7,343	7,898
03/21	11,313	9,472	15,925	11,927	13,229
03/22	11,793	9,306	18,418	13,347	15,173
03/23	11,839	8,805	16,994	12,067	13,012
03/24	15,494	10,861	22,072	15,845	17,378
03/25	18,798	12,420	23,893	19,392	20,884
03/26	24,033	14,965	28,146	21,987	21,035

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	Since Inception (10/01/2018)
The Gabelli Global Financial Services Fund - Class A	5.48%	27.85%	16.26%	12.41%
The Gabelli Global Financial Services Fund - Class A (includes sales charge)	(0.59)%	20.50%	14.90%	11.52%
S&P 500 Index	(1.79)%	17.80%	12.06%	13.10%
MSCI World Financials Index	(2.49)%	13.38%	13.01%	11.30%
S&P 500 Financials Index	(7.52)%	0.72%	9.72%	10.22%

Fund Statistics

Total Net Assets$123,274,194
Number of Portfolio Holdings52
Portfolio Turnover Rate13%
Management Fees$368,230

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GGFSX/ for more recent performance information. 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)

Table Summary
TrustCo Bank Corp. NY	4.0%
Capital One Financial Corp.	4.0%
First Citizens BancShares Inc.	3.9%
First American Financial Corp.	3.7%
Ally Financial Inc.	3.6%
Toyota Motor Corp.	3.5%
E-L Financial Corp. Ltd.	3.4%
Cavco Industries Inc.	3.3%
Credit Agricole SA	3.2%
Daimler Truck Holding AG	3.2%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	90.6%
U.S. Government Obligations	9.3%
Other Assets and Liabilities (Net)	0.1%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Banks	29.7%
Insurance	13.3%
Diversified Banks	11.2%
U.S. Government Obligations	9.3%
Automobiles	7.7%
Consumer Finance	7.5%
Homebuilders	5.7%
Investment Management	3.8%
Other Industry sectors	11.7%
Other Assets and Liabilities (Net)	0.1%

The Gabelli Global Financial Services Fund

Semi-Annual Shareholder Report - March 31, 2026

Class A - GGFSX

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 https://gabelli.com/ticker/GGFSX/.

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)

GGFSX-26-SATSR

The Gabelli Global Financial Services Fund

Class C - GCFSX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Global Financial Services Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide capital appreciation. The Fund invests primarily in the common stocks of companies engaged in financial services. The Fund seeks to purchase common stocks that are selling in the public market at a discount to their private market value (“PMV”). Gabelli Funds, LLC (the "Adviser") prefers issuers that are well managed and strongly financed. The Fund can also invest in debt securities but will usually only do so when they offer equity like returns. You may find additional information about the Fund at https://gabelli.com/ticker/GCFSX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Financial Services Fund - Class C	$102	2.00%

How did the Fund perform?

How has the Fund performed since inception?

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 since inception. 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

Table Summary
	The Gabelli Global Financial Services Fund - Class C	The Gabelli Global Financial Services Fund - Class C (includes sales charge)	S&P 500 Index	MSCI World Financials Index	S&P 500 Financials Index
10/18	10,000	10,000	10,000	10,000	10,000
03/19	9,061	9,061	10,950	9,238	9,533
03/20	6,092	6,092	10,186	7,343	7,898
03/21	11,077	11,077	15,925	11,927	13,229
03/22	11,463	11,463	18,418	13,347	15,173
03/23	11,412	11,412	16,994	12,067	13,012
03/24	14,815	14,815	22,072	15,845	17,378
03/25	17,852	17,852	23,893	19,392	20,884
03/26	22,640	22,640	28,146	21,987	21,035

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	Since Inception (10/01/2018)
The Gabelli Global Financial Services Fund - Class C	5.07%	26.82%	15.37%	11.52%
The Gabelli Global Financial Services Fund - Class C (includes sales charge)	4.07%	25.82%	15.37%	11.52%
S&P 500 Index	(1.79)%	17.80%	12.06%	13.10%
MSCI World Financials Index	(2.49)%	13.38%	13.01%	11.30%
S&P 500 Financials Index	(7.52)%	0.72%	9.72%	10.22%

Fund Statistics

Total Net Assets$123,274,194
Number of Portfolio Holdings52
Portfolio Turnover Rate13%
Management Fees$368,230

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GCFSX/ for more recent performance information. 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)

Table Summary
TrustCo Bank Corp. NY	4.0%
Capital One Financial Corp.	4.0%
First Citizens BancShares Inc.	3.9%
First American Financial Corp.	3.7%
Ally Financial Inc.	3.6%
Toyota Motor Corp.	3.5%
E-L Financial Corp. Ltd.	3.4%
Cavco Industries Inc.	3.3%
Credit Agricole SA	3.2%
Daimler Truck Holding AG	3.2%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	90.6%
U.S. Government Obligations	9.3%
Other Assets and Liabilities (Net)	0.1%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Banks	29.7%
Insurance	13.3%
Diversified Banks	11.2%
U.S. Government Obligations	9.3%
Automobiles	7.7%
Consumer Finance	7.5%
Homebuilders	5.7%
Investment Management	3.8%
Other Industry sectors	11.7%
Other Assets and Liabilities (Net)	0.1%

The Gabelli Global Financial Services Fund

Semi-Annual Shareholder Report - March 31, 2026

Class C - GCFSX

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 https://gabelli.com/ticker/GCFSX/.

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)

GCFSX-26-SATSR

The Gabelli Global Financial Services Fund

Class I - GFSIX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Global Financial Services Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide capital appreciation. The Fund invests primarily in the common stocks of companies engaged in financial services. The Fund seeks to purchase common stocks that are selling in the public market at a discount to their private market value (“PMV”). Gabelli Funds, LLC (the "Adviser") prefers issuers that are well managed and strongly financed. The Fund can also invest in debt securities but will usually only do so when they offer equity like returns. You may find additional information about the Fund at https://gabelli.com/ticker/GFSIX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Financial Services Fund - Class I	$51	1.00%

How did the Fund perform?

How has the Fund performed since inception?

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 since inception. 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

Table Summary
	The Gabelli Global Financial Services Fund - Class I	S&P 500 Index	MSCI World Financials Index	S&P 500 Financials Index
10/18	10,000	10,000	10,000	10,000
03/19	9,109	10,950	9,238	9,533
03/20	6,190	10,186	7,343	7,898
03/21	11,359	15,925	11,927	13,229
03/22	11,872	18,418	13,347	15,173
03/23	11,940	16,994	12,067	13,012
03/24	15,659	22,072	15,845	17,378
03/25	19,051	23,893	19,392	20,884
03/26	24,428	28,146	21,987	21,035

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	Since Inception (10/01/2018)
The Gabelli Global Financial Services Fund - Class I	5.66%	28.22%	16.55%	12.65%
S&P 500 Index	(1.79)%	17.80%	12.06%	13.10%
MSCI World Financials Index	(2.49)%	13.38%	13.01%	11.30%
S&P 500 Financials Index	(7.52)%	0.72%	9.72%	10.22%

Fund Statistics

Total Net Assets$123,274,194
Number of Portfolio Holdings52
Portfolio Turnover Rate13%
Management Fees$368,230

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GFSIX/ for more recent performance information. 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)

Table Summary
TrustCo Bank Corp. NY	4.0%
Capital One Financial Corp.	4.0%
First Citizens BancShares Inc.	3.9%
First American Financial Corp.	3.7%
Ally Financial Inc.	3.6%
Toyota Motor Corp.	3.5%
E-L Financial Corp. Ltd.	3.4%
Cavco Industries Inc.	3.3%
Credit Agricole SA	3.2%
Daimler Truck Holding AG	3.2%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	90.6%
U.S. Government Obligations	9.3%
Other Assets and Liabilities (Net)	0.1%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Banks	29.7%
Insurance	13.3%
Diversified Banks	11.2%
U.S. Government Obligations	9.3%
Automobiles	7.7%
Consumer Finance	7.5%
Homebuilders	5.7%
Investment Management	3.8%
Other Industry sectors	11.7%
Other Assets and Liabilities (Net)	0.1%

The Gabelli Global Financial Services Fund

Semi-Annual Shareholder Report - March 31, 2026

Class I - GFSIX

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 https://gabelli.com/ticker/GFSIX/.

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)

GFSIX-26-SATSR

The Gabelli Global Financial Services Fund

Class AAA - GAFSX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Global Financial Services Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide capital appreciation. The Fund invests primarily in the common stocks of companies engaged in financial services. The Fund seeks to purchase common stocks that are selling in the public market at a discount to their private market value (“PMV”). Gabelli Funds, LLC (the "Adviser") prefers issuers that are well managed and strongly financed. The Fund can also invest in debt securities but will usually only do so when they offer equity like returns. You may find additional information about the Fund at https://gabelli.com/ticker/GAFSX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Global Financial Services Fund - Class AAA	$64	1.25%

How did the Fund perform?

How has the Fund performed since inception?

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 since inception. 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

Table Summary
	The Gabelli Global Financial Services Fund - Class AAA	S&P 500 Index	MSCI World Financials Index	S&P 500 Financials Index
10/18	10,000	10,000	10,000	10,000
03/19	9,094	10,950	9,238	9,533
03/20	6,170	10,186	7,343	7,898
03/21	11,288	15,925	11,927	13,229
03/22	11,767	18,418	13,347	15,173
03/23	11,810	16,994	12,067	13,012
03/24	15,450	22,072	15,845	17,378
03/25	18,755	23,893	19,392	20,884
03/26	23,975	28,146	21,987	21,035

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	Since Inception (10/01/2018)
The Gabelli Global Financial Services Fund - Class AAA	5.45%	27.83%	16.26%	12.37%
S&P 500 Index	(1.79)%	17.80%	12.06%	13.10%
MSCI World Financials Index	(2.49)%	13.38%	13.01%	11.30%
S&P 500 Financials Index	(7.52)%	0.72%	9.72%	10.22%

Fund Statistics

Total Net Assets$123,274,194
Number of Portfolio Holdings52
Portfolio Turnover Rate13%
Management Fees$368,230

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GAFSX/ for more recent performance information. 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)

Table Summary
TrustCo Bank Corp. NY	4.0%
Capital One Financial Corp.	4.0%
First Citizens BancShares Inc.	3.9%
First American Financial Corp.	3.7%
Ally Financial Inc.	3.6%
Toyota Motor Corp.	3.5%
E-L Financial Corp. Ltd.	3.4%
Cavco Industries Inc.	3.3%
Credit Agricole SA	3.2%
Daimler Truck Holding AG	3.2%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	90.6%
U.S. Government Obligations	9.3%
Other Assets and Liabilities (Net)	0.1%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Banks	29.7%
Insurance	13.3%
Diversified Banks	11.2%
U.S. Government Obligations	9.3%
Automobiles	7.7%
Consumer Finance	7.5%
Homebuilders	5.7%
Investment Management	3.8%
Other Industry sectors	11.7%
Other Assets and Liabilities (Net)	0.1%

The Gabelli Global Financial Services Fund

Semi-Annual Shareholder Report - March 31, 2026

Class AAA - GAFSX

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 https://gabelli.com/ticker/GAFSX/.

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)

GAFSX-26-SATSR

The Gabelli Focused Growth and Income Fund

Class AAA - GWSVX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Focused Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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. You may find additional information about the Fund at https://gabelli.com/ticker/GWSVX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Focused Growth and Income Fund - Class AAA	$90	1.76%

How did the Fund perform?

For the six month period ended March 31, 2026, The Gabelli Focused Growth and Income Fund outperformed it broad-based benchmark, the S&P 500 and the S&P Midcap 400 Indices. The first quarter of 2026 was marked by elevated market volatility, driven by uncertainty around trade policy, evolving Federal Reserve rate expectations, and a broader risk-off rotation in equity markets. Contributors to performance included ATN International, Inc., Dana Inc., and Energy Transfer LP. Detractors from the portfolio included Franklin BSP Realty Trust, VICI Properties Inc, and Apollo Global Management.

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Focused Growth and Income Fund - Class AAA	S&P 500 Index	S&P Midcap 400
03/16	10,000	10,000	10,000
03/17	10,772	11,717	12,092
03/18	10,941	13,356	13,418
03/19	9,823	14,625	13,766
03/20	7,568	13,604	10,667
03/21	13,266	21,270	19,570
03/22	15,325	24,599	20,468
03/23	13,352	22,697	19,421
03/24	15,355	29,479	23,951
03/25	16,991	31,912	23,302
03/26	17,949	37,592	27,345

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Focused Growth and Income Fund - Class AAA	5.94%	5.64%	6.23%	6.02%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
S&P Midcap 400	4.19%	17.35%	6.92%	10.58%

Fund Statistics

Total Net Assets$45,514,494
Number of Portfolio Holdings41
Portfolio Turnover Rate13%
Management Fees$106,571

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GWSVX/ for more recent performance information. 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)

Table Summary
Energy Transfer LP	9.1%
AT&T Inc.	9.1%
Enterprise Products Partners LP	8.3%
VICI Properties Inc.	8.0%
Franklin BSP Realty Trust Inc.	7.6%
Blackstone Mortgage Trust Inc.	5.2%
Kinder Morgan Inc.	4.8%
Kimbell Royalty Partners LP	4.4%
ATN International Inc.	4.3%
XPLR Infrastructure LP	4.1%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	91.6%
Preferred Stocks	6.8%
U.S. Government Obligations	1.7%
Exchange Traded Call Options Written	(0.1)%
Exchange Traded Put Options Written	(0.1)%
Other Assets and Liabilities (Net)	0.1%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Energy and Utilities	33.2%
Real Estate Investment Trusts	23.5%
Telecommunications	13.3%
Financial Services	9.9%
Health Care	4.5%
Food and Beverage	4.1%
Automotive: Parts and Accessories	3.9%
Computer Software and Services	2.5%
Other Industry sectors	5.0%
Other Assets and Liabilities (Net)	0.1%

The Gabelli Focused Growth and Income Fund

Semi-Annual Shareholder Report - March 31, 2026

Class AAA - GWSVX

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 https://gabelli.com/ticker/GWSVX/.

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)

GWSVX-26-SATSR

The Gabelli Focused Growth and Income Fund

Class C - GWSCX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Focused Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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. You may find additional information about the Fund at https://gabelli.com/ticker/GWSCX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Focused Growth and Income Fund - Class C	$129	2.51%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Focused Growth and Income Fund - Class C	The Gabelli Focused Growth and Income Fund - Class C (includes sales charge)	S&P 500 Index	S&P Midcap 400
03/16	10,000	10,000	10,000	10,000
03/17	10,695	10,595	11,717	12,092
03/18	10,777	10,677	13,356	13,418
03/19	9,600	9,510	14,625	13,766
03/20	7,344	7,275	13,604	10,667
03/21	12,784	12,664	21,270	19,570
03/22	14,669	14,531	24,599	20,468
03/23	12,681	12,562	22,697	19,421
03/24	14,478	14,342	29,479	23,951
03/25	15,895	15,746	31,912	23,302
03/26	16,679	16,523	37,592	27,345

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Focused Growth and Income Fund - Class C	5.62%	4.93%	5.47%	5.25%
The Gabelli Focused Growth and Income Fund - Class C (includes sales charge)	4.62%	3.93%	5.47%	5.25%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
S&P Midcap 400	4.19%	17.35%	6.92%	10.58%

Fund Statistics

Total Net Assets$45,514,494
Number of Portfolio Holdings41
Portfolio Turnover Rate13%
Management Fees$106,571

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GWSCX/ for more recent performance information. 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)

Table Summary
Energy Transfer LP	9.1%
AT&T Inc.	9.1%
Enterprise Products Partners LP	8.3%
VICI Properties Inc.	8.0%
Franklin BSP Realty Trust Inc.	7.6%
Blackstone Mortgage Trust Inc.	5.2%
Kinder Morgan Inc.	4.8%
Kimbell Royalty Partners LP	4.4%
ATN International Inc.	4.3%
XPLR Infrastructure LP	4.1%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	91.6%
Preferred Stocks	6.8%
U.S. Government Obligations	1.7%
Exchange Traded Call Options Written	(0.1)%
Exchange Traded Put Options Written	(0.1)%
Other Assets and Liabilities (Net)	0.1%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Energy and Utilities	33.2%
Real Estate Investment Trusts	23.5%
Telecommunications	13.3%
Financial Services	9.9%
Health Care	4.5%
Food and Beverage	4.1%
Automotive: Parts and Accessories	3.9%
Computer Software and Services	2.5%
Other Industry sectors	5.0%
Other Assets and Liabilities (Net)	0.1%

The Gabelli Focused Growth and Income Fund

Semi-Annual Shareholder Report - March 31, 2026

Class C - GWSCX

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 https://gabelli.com/ticker/GWSCX/.

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)

GWSCX-26-SATSR

The Gabelli Focused Growth and Income Fund

Class I - GWSIX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Focused Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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. You may find additional information about the Fund at https://gabelli.com/ticker/GWSIX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Focused Growth and Income Fund - Class I	$41	0.80%

How did the Fund perform?

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $1,000 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 $1,000 Investment

Table Summary
	The Gabelli Focused Growth and Income Fund - Class I	S&P 500 Index	S&P Midcap 400
03/16	1,000	1,000	1,000
03/17	1,082	1,172	1,209
03/18	1,101	1,336	1,342
03/19	991	1,463	1,377
03/20	766	1,360	1,067
03/21	1,348	2,127	1,957
03/22	1,577	2,460	2,047
03/23	1,386	2,270	1,942
03/24	1,610	2,948	2,395
03/25	1,795	3,191	2,330
03/26	1,915	3,759	2,735

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Focused Growth and Income Fund - Class I	6.51%	6.65%	7.27%	6.69%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
S&P Midcap 400	4.19%	17.35%	6.92%	10.58%

Fund Statistics

Total Net Assets$45,514,494
Number of Portfolio Holdings41
Portfolio Turnover Rate13%
Management Fees$106,571

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GWSIX/ for more recent performance information. 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)

Table Summary
Energy Transfer LP	9.1%
AT&T Inc.	9.1%
Enterprise Products Partners LP	8.3%
VICI Properties Inc.	8.0%
Franklin BSP Realty Trust Inc.	7.6%
Blackstone Mortgage Trust Inc.	5.2%
Kinder Morgan Inc.	4.8%
Kimbell Royalty Partners LP	4.4%
ATN International Inc.	4.3%
XPLR Infrastructure LP	4.1%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	91.6%
Preferred Stocks	6.8%
U.S. Government Obligations	1.7%
Exchange Traded Call Options Written	(0.1)%
Exchange Traded Put Options Written	(0.1)%
Other Assets and Liabilities (Net)	0.1%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Energy and Utilities	33.2%
Real Estate Investment Trusts	23.5%
Telecommunications	13.3%
Financial Services	9.9%
Health Care	4.5%
Food and Beverage	4.1%
Automotive: Parts and Accessories	3.9%
Computer Software and Services	2.5%
Other Industry sectors	5.0%
Other Assets and Liabilities (Net)	0.1%

The Gabelli Focused Growth and Income Fund

Semi-Annual Shareholder Report - March 31, 2026

Class I - GWSIX

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 https://gabelli.com/ticker/GWSIX/.

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)

GWSIX-26-SATSR

The Gabelli Focused Growth and Income Fund

Class A - GWSAX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Focused Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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. You may find additional information about the Fund at https://gabelli.com/ticker/GWSAX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Focused Growth and Income Fund - Class A	$64	1.25%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Focused Growth and Income Fund - Class A	The Gabelli Focused Growth and Income Fund - Class A (includes sales charge)	S&P 500 Index	S&P Midcap 400
03/16	10,000	10,000	10,000	10,000
03/17	10,772	10,153	11,717	12,092
03/18	10,940	9,718	13,356	13,418
03/19	9,825	8,226	14,625	13,766
03/20	7,570	5,973	13,604	10,667
03/21	13,272	9,870	21,270	19,570
03/22	15,342	10,754	24,599	20,468
03/23	13,401	8,853	22,697	19,421
03/24	15,500	9,651	29,479	23,951
03/25	17,201	10,095	31,912	23,302
03/26	18,262	10,101	37,592	27,345

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Focused Growth and Income Fund - Class A	6.27%	6.17%	6.60%	6.21%
The Gabelli Focused Growth and Income Fund - Class A (includes sales charge)	0.16%	0.06%	5.34%	5.58%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
S&P Midcap 400	4.19%	17.35%	6.92%	10.58%

Fund Statistics

Total Net Assets$45,514,494
Number of Portfolio Holdings41
Portfolio Turnover Rate13%
Management Fees$106,571

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GWSAX/ for more recent performance information. 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)

Table Summary
Energy Transfer LP	9.1%
AT&T Inc.	9.1%
Enterprise Products Partners LP	8.3%
VICI Properties Inc.	8.0%
Franklin BSP Realty Trust Inc.	7.6%
Blackstone Mortgage Trust Inc.	5.2%
Kinder Morgan Inc.	4.8%
Kimbell Royalty Partners LP	4.4%
ATN International Inc.	4.3%
XPLR Infrastructure LP	4.1%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	91.6%
Preferred Stocks	6.8%
U.S. Government Obligations	1.7%
Exchange Traded Call Options Written	(0.1)%
Exchange Traded Put Options Written	(0.1)%
Other Assets and Liabilities (Net)	0.1%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Energy and Utilities	33.2%
Real Estate Investment Trusts	23.5%
Telecommunications	13.3%
Financial Services	9.9%
Health Care	4.5%
Food and Beverage	4.1%
Automotive: Parts and Accessories	3.9%
Computer Software and Services	2.5%
Other Industry sectors	5.0%
Other Assets and Liabilities (Net)	0.1%

The Gabelli Focused Growth and Income Fund

Semi-Annual Shareholder Report - March 31, 2026

Class A - GWSAX

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 https://gabelli.com/ticker/GWSAX/.

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)

GWSAX-26-SATSR

The Gabelli Small Cap Growth Fund

Class AAA - GABSX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Small Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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. You may find additional information about the Fund at https://gabelli.com/ticker/GABSX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Small Cap Growth Fund - Class AAA	$69	1.37%

How did the Fund perform?

For the period ended March 31, 2026, The Gabelli Small Cap Growth Fund Class AAA, A, and I outperformed its broad-based benchmark, the Russell 2000 Index, and its comparative the Lipper Small-Cap Core Funds Average, and all share classes underperformed the S&P SmallCap 600 Index. First quarter economic data showed early signs of strengthening in the U.S. and many international regions. More recently, this momentum has been overshadowed by the emergence of the Iran conflict and its associated energy and supply chain disruptions. Contributors included Dana Inc., Gorman-Rupp Company, and AMETEK Inc. Detractors included KKR & Co., Lennar Corp., and United Rentals, Inc.

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Small Cap Growth Fund - Class AAA	Russell 2000 Index	S&P SmallCap 600 Index	Lipper Small-Cap Core Funds Average
03/16	10,000	10,000	10,000	10,000
03/17	12,003	12,622	12,459	12,330
03/18	13,259	14,110	14,039	13,657
03/19	13,110	14,399	14,259	13,879
03/20	9,936	10,945	10,568	10,254
03/21	17,835	21,326	20,641	19,638
03/22	18,714	20,091	20,895	20,011
03/23	18,512	17,759	19,052	18,466
03/24	22,974	21,259	22,087	22,065
03/25	22,145	20,407	21,341	21,319
03/26	25,983	25,655	25,716	25,144

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Small Cap Growth Fund - Class AAA	3.42%	17.33%	7.82%	10.02%
Russell 2000 Index	3.10%	25.72%	3.77%	9.88%
S&P SmallCap 600 Index	5.27%	20.50%	4.49%	9.90%
Lipper Small-Cap Core Funds Average	3.40%	17.94%	5.07%	9.66%

Fund Statistics

Total Net Assets$1,813,787,223
Number of Portfolio Holdings444
Portfolio Turnover Rate2%
Management Fees$9,173,568

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GABSX/ for more recent performance information. 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)

Table Summary
AMETEK Inc.	4.4%
Mueller Industries Inc.	3.5%
KKR & Co. Inc.	3.1%
Crane Co.	3.0%
GATX Corp.	2.7%
The Gorman-Rupp Co.	2.5%
Graco Inc.	1.9%
Moog Inc.	1.7%
Rush Enterprises Inc.	1.7%
Textron Inc.	1.6%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	98.2%
U.S. Government Obligations	1.6%
Preferred Stocks	0.1%
Closed-End Funds	0.1%
Common Stocks – Securities Sold Short^{Footnote Reference*}	(0.0)%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Equipment and Supplies	19.9%
Diversified Industrial	10.5%
Automotive: Parts and Accessories	5.6%
Retail	5.4%
Financial Services	4.8%
Entertainment	4.3%
Food and Beverage	3.8%
Building and Construction	3.6%
Other Industry sectors	42.1%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

The Gabelli Small Cap Growth Fund

Semi-Annual Shareholder Report - March 31, 2026

Class AAA - GABSX

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 https://gabelli.com/ticker/GABSX/.

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)

GABSX-26-SATSR

The Gabelli Small Cap Growth Fund

Class C - GCCSX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Small Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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. You may find additional information about the Fund at https://gabelli.com/ticker/GCCSX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Small Cap Growth Fund - Class C	$107	2.12%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Small Cap Growth Fund - Class C	The Gabelli Small Cap Growth Fund - Class C (includes sales charge)	Russell 2000 Index	S&P SmallCap 600 Index	Lipper Small-Cap Core Funds Average
03/16	10,000	10,000	10,000	10,000	10,000
03/17	11,912	11,812	12,622	12,459	12,330
03/18	13,060	12,951	14,110	14,039	13,657
03/19	12,818	12,710	14,399	14,259	13,879
03/20	9,640	9,559	10,945	10,568	10,254
03/21	17,179	17,035	21,326	20,641	19,638
03/22	17,893	17,742	20,091	20,895	20,011
03/23	17,567	17,419	17,759	19,052	18,466
03/24	21,633	21,452	21,259	22,087	22,065
03/25	20,704	20,530	20,407	21,341	21,319
03/26	24,106	23,903	25,655	25,716	25,144

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Small Cap Growth Fund - Class C	3.03%	16.43%	7.01%	9.20%
The Gabelli Small Cap Growth Fund - Class C (includes sales charge)	2.03%	15.43%	7.01%	9.20%
Russell 2000 Index	3.10%	25.72%	3.77%	9.88%
S&P SmallCap 600 Index	5.27%	20.50%	4.49%	9.90%
Lipper Small-Cap Core Funds Average	3.40%	17.94%	5.07%	9.66%

Fund Statistics

Total Net Assets$1,813,787,223
Number of Portfolio Holdings444
Portfolio Turnover Rate2%
Management Fees$9,173,568

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GCCSX/ for more recent performance information. 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)

Table Summary
AMETEK Inc.	4.4%
Mueller Industries Inc.	3.5%
KKR & Co. Inc.	3.1%
Crane Co.	3.0%
GATX Corp.	2.7%
The Gorman-Rupp Co.	2.5%
Graco Inc.	1.9%
Moog Inc.	1.7%
Rush Enterprises Inc.	1.7%
Textron Inc.	1.6%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	98.2%
U.S. Government Obligations	1.6%
Preferred Stocks	0.1%
Closed-End Funds	0.1%
Common Stocks – Securities Sold Short^{Footnote Reference*}	(0.0)%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Equipment and Supplies	19.9%
Diversified Industrial	10.5%
Automotive: Parts and Accessories	5.6%
Retail	5.4%
Financial Services	4.8%
Entertainment	4.3%
Food and Beverage	3.8%
Building and Construction	3.6%
Other Industry sectors	42.1%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

The Gabelli Small Cap Growth Fund

Semi-Annual Shareholder Report - March 31, 2026

Class C - GCCSX

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 https://gabelli.com/ticker/GCCSX/.

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)

GCCSX-26-SATSR

The Gabelli Small Cap Growth Fund

Class I - GACIX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Small Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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. You may find additional information about the Fund at https://gabelli.com/ticker/GACIX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Small Cap Growth Fund - Class I	$57	1.12%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $50,000 Investment

Table Summary
	The Gabelli Small Cap Growth Fund - Class I	Russell 2000 Index	S&P SmallCap 600 Index	Lipper Small-Cap Core Funds Average
03/16	50,000	50,000	50,000	50,000
03/17	60,157	63,110	62,295	61,650
03/18	66,619	70,551	70,194	68,284
03/19	66,038	71,997	71,296	69,397
03/20	50,177	54,725	52,838	51,270
03/21	90,303	106,631	103,207	98,188
03/22	94,985	100,457	104,477	100,053
03/23	94,186	88,794	95,262	92,329
03/24	117,189	106,296	110,437	110,324
03/25	113,226	102,033	106,705	106,595
03/26	133,209	128,276	128,579	125,718

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Small Cap Growth Fund - Class I	3.57%	17.65%	8.09%	10.30%
Russell 2000 Index	3.10%	25.72%	3.77%	9.88%
S&P SmallCap 600 Index	5.27%	20.50%	4.49%	9.90%
Lipper Small-Cap Core Funds Average	3.40%	17.94%	5.07%	9.66%

Fund Statistics

Total Net Assets$1,813,787,223
Number of Portfolio Holdings444
Portfolio Turnover Rate2%
Management Fees$9,173,568

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GACIX/ for more recent performance information. 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)

Table Summary
AMETEK Inc.	4.4%
Mueller Industries Inc.	3.5%
KKR & Co. Inc.	3.1%
Crane Co.	3.0%
GATX Corp.	2.7%
The Gorman-Rupp Co.	2.5%
Graco Inc.	1.9%
Moog Inc.	1.7%
Rush Enterprises Inc.	1.7%
Textron Inc.	1.6%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	98.2%
U.S. Government Obligations	1.6%
Preferred Stocks	0.1%
Closed-End Funds	0.1%
Common Stocks – Securities Sold Short^{Footnote Reference*}	(0.0)%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Equipment and Supplies	19.9%
Diversified Industrial	10.5%
Automotive: Parts and Accessories	5.6%
Retail	5.4%
Financial Services	4.8%
Entertainment	4.3%
Food and Beverage	3.8%
Building and Construction	3.6%
Other Industry sectors	42.1%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

The Gabelli Small Cap Growth Fund

Semi-Annual Shareholder Report - March 31, 2026

Class I - GACIX

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 https://gabelli.com/ticker/GACIX/.

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)

GACIX-26-SATSR

The Gabelli Small Cap Growth Fund

Class A - GCASX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Small Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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. You may find additional information about the Fund at https://gabelli.com/ticker/GCASX/. 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)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Small Cap Growth Fund - Class A	$69	1.37%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	The Gabelli Small Cap Growth Fund - Class A	The Gabelli Small Cap Growth Fund - Class A (includes sales charge)	Russell 2000 Index	S&P SmallCap 600 Index	Lipper Small-Cap Core Funds Average
03/16	10,000	10,000	10,000	10,000	10,000
03/17	12,001	11,311	12,622	12,459	12,330
03/18	13,258	11,777	14,110	14,039	13,657
03/19	13,109	10,975	14,399	14,259	13,879
03/20	9,935	7,839	10,945	10,568	10,254
03/21	17,834	13,263	21,326	20,641	19,638
03/22	18,714	13,118	20,091	20,895	20,011
03/23	18,510	12,229	17,759	19,052	18,466
03/24	22,975	14,305	21,259	22,087	22,065
03/25	22,143	12,995	20,407	21,341	21,319
03/26	25,980	14,370	25,655	25,716	25,144

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
The Gabelli Small Cap Growth Fund - Class A	3.42%	17.33%	7.82%	10.02%
The Gabelli Small Cap Growth Fund - Class A (includes sales charge)	(2.53)%	10.58%	6.55%	9.37%
Russell 2000 Index	3.10%	25.72%	3.77%	9.88%
S&P SmallCap 600 Index	5.27%	20.50%	4.49%	9.90%
Lipper Small-Cap Core Funds Average	3.40%	17.94%	5.07%	9.66%

Fund Statistics

Total Net Assets$1,813,787,223
Number of Portfolio Holdings444
Portfolio Turnover Rate2%
Management Fees$9,173,568

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GCASX/ for more recent performance information. 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)

Table Summary
AMETEK Inc.	4.4%
Mueller Industries Inc.	3.5%
KKR & Co. Inc.	3.1%
Crane Co.	3.0%
GATX Corp.	2.7%
The Gorman-Rupp Co.	2.5%
Graco Inc.	1.9%
Moog Inc.	1.7%
Rush Enterprises Inc.	1.7%
Textron Inc.	1.6%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	98.2%
U.S. Government Obligations	1.6%
Preferred Stocks	0.1%
Closed-End Funds	0.1%
Common Stocks – Securities Sold Short^{Footnote Reference*}	(0.0)%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Equipment and Supplies	19.9%
Diversified Industrial	10.5%
Automotive: Parts and Accessories	5.6%
Retail	5.4%
Financial Services	4.8%
Entertainment	4.3%
Food and Beverage	3.8%
Building and Construction	3.6%
Other Industry sectors	42.1%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

The Gabelli Small Cap Growth Fund

Semi-Annual Shareholder Report - March 31, 2026

Class A - GCASX

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 https://gabelli.com/ticker/GCASX/.

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)

GCASX-26-SATSR

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class AAA Share of The Gabelli Equity Income Fund was 4.5% compared with a total return of (1.8)% 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 March 31, 2026.

The following table presents portfolio holdings as a percent of net assets as of March 31, 2026:

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. The Gabelli Equity Income Fund (the 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.

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 Fund’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. 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. The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee 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 Valuation Designee 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 Valuation Designee determines such amount does not reflect the security’s fair value, in which case these securities will be fair valued as determined by the Valuation Designee. 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 Valuation Designee. 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 March 31, 2026 is as follows:

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 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 March 31, 2026, there were no short sales outstanding.

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

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

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

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 March 31, 2026, 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. The Fund owns real estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

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 the 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 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 NAV of the Fund.

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 year ended September 30, 2025 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.

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2026:

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 March 31, 2026, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2026, 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.

Recent Accounting Pronouncement. During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

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.

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 March 31, 2026, other than short term securities and U.S. Government obligations, aggregated $4,279,748 and $41,286,660, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2026, the Fund paid $6,679 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $57,746 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2026, 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 $2,213.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended March 31, 2026, the Fund accrued $22,500 in connection with the cost of computing the Fund’s NAV.

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

7. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on April 30, 2026. 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 March 31, 2026, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 78 days of borrowings during the six months ended March 31, 2026 was $4,661,173 with a weighted average interest rate of 5.28%. The maximum amount borrowed at any time during the six months ended March 31, 2026 was $11,382,000.

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. After May 30, 2023, neither new nor existing shareholders may purchase additional C1 shares. Class C shares were issued beginning 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. On May 29, 2024 shareholders owning Class C1 shares had their Class C1 shares converted to Class C shares of the fund equal to the aggregate value of each shareholder’s Class C1 shares.

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 six months ended March 31, 2026 and the fiscal year ended September 30, 2025, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

ReFlow Fund LLC. The Funds may participate in the ReFlow Fund, 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. 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. 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 ASC 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.

11. Subsequent Events. On April 10, 2026, Bank of New York Mellon became Custodian to the Fund. On April 10, 2026, the Fund became party to an unsecured line of credit with Bank of New York Mellon, which expires on April 9, 2027, and may be renewed annually, of up to $200,000,000 under which the Fund may borrow up to ten percent of its net assets from the bank for temporary borrowing purposes. On April 30, 2026, the Fund terminated the line of credit with State Street Bank & Trust Co., the former Custodian to the Fund. Management has evaluated the impact on the Funds of all subsequent events occurring through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class AAA Share of The Gabelli Small Cap Growth Fund (the Fund) was 3.4% compared with a total return of 5.3% for the Standard & Poor’s (S&P) SmallCap 600 Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2026.

The following table presents portfolio holdings as a percent of net assets as of March 31, 2026:

1. Organization. The Gabelli Small Cap Growth Fund (the 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.

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:

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 March 31, 2026, 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 six months ended March 31, 2026, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains as determined under the GAAP. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions.

These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the fiscal year ended September 30, 2025 was as follows:

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2026:

Recent Accounting Pronouncement. During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

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 six months ended March 31, 2026, the Fund’s Proxy Voting Committee exercised control and discretion over all rights to vote or consent with respect to such securities (L.S. Starrett Co. and Strattec Security Corp.), and the Adviser reduced its fee with respect to such securities by $94,223.

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

6. Redemptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended March 31, 2026 and the fiscal year ended September 30, 2025, the Fund realized net gain of $3,055,427 and $1,035,460 on $2,924,967 and $1,323,643 of redemptions-in-kind, including cash of $617,780 and $61,232, respectively.

7. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2026, the Fund paid $25,787 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $7,046 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended March 31, 2026, the Fund accrued $22,500 in connection with the cost of computing the Fund’s NAV.

8. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on April 30, 2026. 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 March 31, 2026, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 2 days of borrowings during the six months ended March 31, 2026 was $1,375,000 with a weighted average interest rate of 4.90%. The maximum amount borrowed at any time during the six months ended March 31, 2026 was $1,570,000.

9. 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 six months ended March 31, 2026 and the fiscal year ended September 30, 2025, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

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

During the six months ended March 31, 2026 the Fund utilized ReFlow. The shares ReFlow subscribed to, cash redemptions, and redemptions-in-kind were as follows:

10. 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 six months ended March 31, 2026 is set forth below:

11. 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.

12. 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 ASC 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.

13. Subsequent Events. On April 10, 2026, Bank of New York Mellon became Custodian to the Fund. On April 10, 2026, the Fund became party to an unsecured line of credit with Bank of New York Mellon, which expires on April 9, 2027, and may be renewed annually, of up to $200,000,000 under which the Fund may borrow up to ten percent of its net assets from the bank for temporary borrowing purposes. On April 30, 2026, the Fund terminated the line of credit with State Street Bank & Trust Co., the former Custodian to the Fund. Management has evaluated the impact on the Funds of all subsequent events occurring through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class I Share of The Gabelli Focused Growth and Income Fund (the Fund) was 6.5% compared with a total return of 4.2% for the Standard & Poor’s (S&P) Midcap 400. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2026.

The following table presents portfolio holdings as a percent of net assets as of March 31, 2026:

1. Organization. The Gabelli Focused Growth and Income Fund (the 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.

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:

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in currencies options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

Collateral requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported separately in the Statement of Assets and Liabilities.

The Fund’s policy with respect to offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. Therefore the Fund reflects derivative assets and liabilities any related collateral gross on the statement of assets and liabilities. The enforceability of the right to offset may vary by jurisdiction.

The Fund’s derivative contracts held at March 31, 2026, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Options. The Fund may purchase or write call or put options on securities or indices for the purpose of increasing the income of the Fund. As a writer of put options, the Fund receives a premium at the outset and then bears

the risk of unfavorable changes in the price of the financial instrument underlying the option. The Fund would incur a loss if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. The Fund would realize a gain, to the extent of the premium, if the price of the financial instrument increases between those dates.

As a purchaser of put options, the Fund pays a premium for the right to sell to the seller of the put option the underlying security at a specified price. The seller of the put has the obligation to purchase the underlying security upon exercise at the exercise price. If the price of the underlying security declines, the Fund would realize a gain upon sale or exercise. If the price of the underlying security increases or stays the same, the Fund would realize a loss upon sale or at the expiration date, but only to the extent of the premium paid.

If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In the case of call options, the exercise prices are referred to as “in-the-money,” “at-the-money,” and “out-of-the-money,” respectively. The Fund may write (a) in-the-money call options when the Adviser expects that the price of the underlying security will remain stable or decline during the option period, (b) at-the-money call options when the Adviser expects that the price of the underlying security will remain stable, decline, or advance moderately during the option period, and (c) out-of-the-money call options when the Adviser expects that the premiums received from writing the call option will be greater than the appreciation in the price of the underlying security above the exercise price. By writing a call option, the Fund limits its opportunity to profit from any increase in the market value of the underlying security above the exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options (the reverse of call options as to the relation of exercise price to market price) may be utilized in the same market environments that such call options are used in equivalent transactions. Option positions at March 31, 2026 are reflected within the Schedule of Investments.

The Fund’s volume of activity in equity options contracts during the six months ended March 31, 2026 had an average monthly market value of approximately $93,559.

Distributions to Shareholders. Distributions to common stockholders are recorded on the ex-dividend date. Distributions to stockholders 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 NAV of the Fund.

The tax character of distributions paid during the fiscal year ended September 30, 2025 was as follows:

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2026:

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 expenses) at no more than an annual rate of 0.80% and 1.25% of the value of that class’s average daily net assets. This agreement is in effect through January 31, 2027 for Class I and Class A, and may be terminated only by the Board before such time. During the six months ended March 31, 2026, the Adviser reimbursed expenses in the amount of $121,950 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 March 31, 2026, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $491,930:

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2026, the Distributor retained a total of $5,472 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service monthly. During the six months ended March 31, 2026, the Fund did not accrue any fees.

The average daily amount of borrowings outstanding under the line of credit for 10 days of borrowings during the six months ended March 31, 2026 was $193,800 with a weighted average interest rate of 5.14%. The maximum amount borrowed at any time during the six months ended March 31, 2026 was $276,000.

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 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.

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.

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Financial Services Fund (the Fund) was 5.5% compared with a total return of (2.5)% for the Morgan Stanley Capital International (MSCI) World Financials Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2026.

The following table presents portfolio holdings as a percent of net assets as of March 31, 2026:

1. Organization. The Gabelli Global Financial Services Fund (the 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.

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:

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.

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.

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

The tax character of distributions paid during the fiscal year ended September 30, 2025 was as follows:

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 had a short term capital loss carryforward with no expiration of $252,043 and a long term capital loss carryforward with no expiration of $99,039.

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2026:

The Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than an annual rate of 1.25%, 1.25%, 2.00%, and 1.00% for Class AAA, Class A, Class C, and Class I shares, respectively. This arrangement is in effect through January 31, 2027. For the six months ended March 31, 2026, the Adviser reimbursed the Fund in the amount of $138,120. 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 March 31, 2026, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $508,303:

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2026, the Fund paid $13,185 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $4,200 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service monthly. During the six months ended March 31, 2026, the Fund accrued $22,500 in accounting fees which is shown in the Statement of Operations.

7. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on April 30, 2026. 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 March 31, 2026, there were no borrowings under the line of credit.

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

9. Significant Shareholder. As of March 31, 2026, 50.8% 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 ASC 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. On April 10, 2026, Bank of New York Mellon became Custodian to the Fund. On April 10, 2026, the Fund became party to an unsecured line of credit with Bank of New York Mellon, which expires on April 9, 2027, and may be renewed annually, of up to $200,000,000 under which the Fund may borrow up to ten percent of its net assets from the bank for temporary borrowing purposes. On April 30, 2026, the Fund terminated the line of credit with State Street Bank & Trust Co., the former Custodian to the Fund. Management has evaluated the impact on the Funds of all subsequent events occurring through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

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

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

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

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

During the six months ended March 31, 2025, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Funds on the basis of the recommendation by the directors (the Independent Board Members) who are not “interested persons” of the Funds. The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent and Quality of Services. The Independent Board Members considered information regarding the portfolio manager, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of supervisory, administrative, shareholder and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service and reputation of the portfolio manager.

Investment Performance. The Independent Board Members reviewed the short, medium and long term performance (as of December 31, 2025) of the Fund against a peer group of ten other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of all retail and institutional small-cap core funds, regardless of asset size or primary channel of distribution, as represented by the Lipper Small-Cap Core Index. The Independent Board Members noted that the Fund’s performance was in the first quartile for the five- and ten-year periods, the second quartile for the three-year period, and the third quartile for the one-year period, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the first quintile for the five-, and ten-year periods, and the second quintile for the one- and three-years periods. The Independent Board Members noted the Fund’s total return was above the median total return for the one-, three-, five-, and ten-year periods within the Adviser Peer Group.

Profitability. The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without such a charge. The Independent Board Members also noted that a substantial portion of the Fund’s portfolio transactions were executed by an affiliated broker, that another affiliated broker received distribution fees and minor amounts of sales commissions, and that the Adviser received a moderate level of soft dollar research benefits through the Fund’s portfolio brokerage.

Economies of Scale. The Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale.

Sharing of Economies of Scale. The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may develop.

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of sixteen other small cap core funds selected by Broadridge and noted that the Adviser’s management fee includes substantially all administrative services for the Fund as well as investment advisory services. The Independent Board Members noted that the Fund’s expense ratio was above average within this group, and the Fund’s size was near average within this group. The Independent Board Members also noted that the management fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fees to the fees for other types of accounts managed by affiliates of the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services and an acceptable overall performance record. The Independent Board Members also concluded that the Fund’s expense ratios and the profitability to the Adviser of managing the Fund were reasonable in light of the Fund’s performance and that economies of scale were not a significant factor in their thinking at this time. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was acceptable in light of the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement. The Board based its decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

Investment Performance. The Independent Board Members reviewed the short, medium and long term performance (as of December 31, 2025) of the Fund against a peer group of seven other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of institutional equity income funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund’s performance was in the first quartile for the one-year period, and the fourth quartile for the five-year period, and the fifth quartile for the three-and ten-year periods as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the second quintile for the one-year period, and the fourth quintile for the three-, five-, and ten-year periods.

Economies of Scale. The Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale.

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of seventeen other equity income funds selected by Broadridge and noted that the Adviser’s management fee includes substantially all administrative services for the Fund as well as investment advisory services. The Independent Board Members noted that the Fund’s expense ratio was above average within this group. The Independent Board Members also noted that the management fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services and an acceptable overall performance record. The Independent Board Members also concluded that the Fund’s expense ratios and the profitability to the Adviser of managing the Fund were acceptable and that economies of scale were not a significant factor in their thinking at this time. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.

Nature, Extent and Quality of Services. The Independent Board Members considered information regarding the portfolio manager, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of supervisory, administrative, shareholder, and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio manager.

Investment Performance. The Independent Board Members reviewed the short, medium and long term performance (as of December 31, 2025) of the Fund against nine other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of all retail and institutional mid-cap value funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund’s performance was in the fourth quartile for the one-, three- and ten-year periods, and the third quartile for five-year periods as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the fifth quintile for the one-, three-, five-and ten-year periods.

Profitability. The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without such a charge. The Independent Board Members also noted that an affiliated broker of the Adviser received distribution fees and minor amounts of sales commissions and that the Adviser received a moderate level of soft dollar research benefits through the Fund’s portfolio brokerage.

Economies of Scale. The Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale.

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses, and total expenses of the Fund to expense ratios of the Adviser Peer Group and a peer group of sixteen other midcap value funds selected by Broadridge and noted that the Adviser’s management fee includes substantially all administrative services for the Fund as well as investment advisory services. The Independent Board Members noted that the Fund’s total expense ratio was approximately 27 basis points lower than the Adviser Peer Group average, was at approximately the median of the group selected by Broadridge and that the Fund’s size was below average within each peer group. The Independent Board Members also noted that the management fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members noted the contractual Expense Deferral Agreement between the Adviser and the Company, on behalf of the Fund, pursuant to which the net expense ratio was limited to 1.25% for Class A Shares and 0.80% for Class I Shares. The Independent Board Members also discussed the rationale for the size of the Class I Shares waiver, noting their agreement with the strategy and rationale of coupling the Class I Shares waiver with a reduction in the Class I Shares investment minimum to match the minimum required for all other classes in an effort to stimulate sales and raise assets, while encouraging holders of other share classes to convert to Class I Shares. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services, and an acceptable overall performance record. The Independent Board Members also concluded that the Fund’s expense ratios were reasonable given the size of the Fund relative to its peers and the unique nature of the Fund’s best ideas investment strategy and that economies of scale were not a factor in their thinking at this time. The Independent Board Members also noted that they would continue to evaluate the Class I Shares waiver, revisit in a year whether it remained appropriate and expressed the view that it, coupled with the reduced investment minimum for Class I Shares, provided all new and existing investors the opportunity to invest in the Fund at the same expense ratio. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.

Nature, Extent and Quality of Services. The Independent Board Members considered information regarding the portfolio manager, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of supervisory, administrative, shareholder, and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio manager.

Investment Performance. The Independent Board Members reviewed the short term performance of the Fund (as of December 31, 2025) of the Fund against a peer group of seven other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of the Fund and all retail and institutional global financial services fund, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund’s performance was in the first quartile for the one-, three-, and five-year periods, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the first quintile for the one-, three-, and five-year periods.

Profitability. The Independent Board Members reviewed summary data regarding the historical lack of profitability of the Fund to the Adviser both with a pro rata administrative overhead charge and with a standalone administrative charge and noted the effect of the Deferral Agreement. The Independent Board Members also noted that a portion of the Fund’s portfolio transactions were executed by an affiliated broker of the Adviser and that another affiliated broker of the Adviser received distribution fees and minor amounts of sales commissions.

Economies of Scale. The Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale and reviewed data provided by the Adviser.

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses, and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of three other global financial services funds and eight other financial services funds selected by Broadridge and noted that the Adviser’s management fee includes substantially all administrative services for the Fund as well as investment advisory services. The Independent Board Members noted the effect of the Deferral Agreement in place for the Fund. The Independent Board Members noted that the Fund’s expense ratios were lower than average within each peer group and that the Fund’s size was below average within the Adviser Peer Group and below average within the peer group of comparable funds selected by Broadridge. The Independent Board Members also noted that the management fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

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.

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.

Financial Services	16.2	%
Food and Beverage	12.7	%
Diversified Industrial	7.0	%
Equipment and Supplies	6.2	%
Health Care	5.8	%
Energy and Utilities: Oil	5.1	%
Machinery	4.2	%
Metals and Mining	4.2	%
Retail	3.8	%
Energy and Utilities: Natural Gas	3.8	%
Telecommunications	3.5	%
Automotive: Parts and Accessories	3.1	%
Business Services	2.8	%
Transportation	2.7	%
Computer Software and Services	2.2	%
Computer Hardware	2.0	%
Building and Construction	2.0	%
Electronics	1.8	%
Wireless Telecommunications	1.3	%
Consumer Products	1.2	%
Entertainment	1.1	%

Energy and Utilities: Services	1.0	%
Energy and Utilities: Integrated	1.0	%
Specialty Chemicals	0.9	%
Aerospace & Defence	0.7	%
Automotive	0.7	%
Agriculture	0.5	%
Energy and Utilities: Electric	0.4	%
Semiconductors	0.4	%
Environmental Services	0.4	%
Real Estate	0.3	%
Energy and Utilities: Water	0.2	%
U.S. Government Obligations	0.2	%
Hotels and Gaming	0.2	%
Consumer Services	0.1	%
Broadcasting	0.1	%
Cable and Satellite	0.0	%*
Other Assets and Liabilities (Net)	0.2	%
	100.0	%

Shares			Cost		Market Value
	11,500	Corning Inc.	$	128,605	$	1,563,655
	16,800	International Business Machines Corp.		1,286,200		4,072,152
				1,652,836		8,935,077
		Computer Software and Services — 2.2%
	76,000	Hewlett Packard Enterprise Co.		423,938		1,809,560
	21,400	Microsoft Corp.		597,916		7,921,638
				1,021,854		9,731,198
		Consumer Products — 1.2%
	13,000	Edgewell Personal Care Co.		327,783		277,420
	35,000	Energizer Holdings Inc.		494,063		574,700
	25,000	Essity AB, Cl. A		383,569		640,406
	1,500	National Presto Industries Inc.		113,679		205,590
	28,992	Reckitt Benckiser Group plc		893,144		1,952,460
	10,000	The Scotts Miracle-Gro Co.		585,726		608,100
	18,222	Unilever plc, ADR		379,659		1,038,107
				3,177,623		5,296,783
		Consumer Services — 0.1%
	1,400	Allegion plc		17,122		203,406
	5,000	Rollins Inc.		4,971		267,050
				22,093		470,456
		Diversified Industrial — 7.0%
	1,500	AMETEK Inc.		217,655		321,540
	46,000	Crane Co.		815,218		7,866,000
	300	Eaton Corp. plc		11,088		107,301
	2,000	Honeywell International Inc.		351,156		452,060
	8,200	Ingersoll Rand Inc.		44,292		656,984
	39,500	ITT Inc.		792,857		7,525,935
	2,700	Jardine Matheson Holdings Ltd.		112,853		192,105
	1,800	Modine Manufacturing Co.†		47,634		390,078
	10,000	Myers Industries Inc.		151,483		211,800
	14,500	nVent Electric plc		162,020		1,715,060
	18,000	Svenska Cellulosa AB SCA, Cl. A		76,675		207,634
	96,400	Textron Inc.		857,534		8,440,784
	116,000	Toray Industries Inc.		770,774		804,373
	3,200	Trane Technologies plc		66,949		1,333,568
	19,000	Trinity Industries Inc.		288,843		611,420
				4,767,031		30,836,642
		Electronics — 1.8%
	32,500	Sony Group Corp.		94,301		657,147
	130,000	Sony Group Corp., ADR		488,815		2,691,000
	23,000	TE Connectivity plc		676,122		4,807,460
				1,259,238		8,155,607

Shares			Cost		Market Value
	35,000	The Kraft Heinz Co.	$	984,647	$	787,150
	2,500	The Magnum Ice Cream Co. NV†		12,009		37,375
	64,000	Yakult Honsha Co. Ltd.		799,840		1,072,682
				29,994,089		56,022,974
		Health Care — 5.8%
	4,200	Abbott Laboratories		129,857		431,214
	3,000	AbbVie Inc.		74,559		652,470
	3,000	Alcon AG		100,034		226,050
	75,000	Baxter International Inc.		1,657,103		1,260,000
	4,400	Bio-Rad Laboratories Inc., Cl. A†		432,651		1,226,500
	85,500	Bristol-Myers Squibb Co.		2,057,231		5,185,575
	46,000	CVS Health Corp.		1,554,593		3,303,720
	12,200	Danaher Corp.		316,555		2,313,120
	69,000	Demant A/S†		667,858		2,069,402
	5,960	GSK plc, ADR		250,595		328,933
	4,000	Haleon plc, ADR		27,891		40,040
	27,000	Henry Schein Inc.†		353,633		1,989,900
	16,000	Merck & Co. Inc.		283,402		1,924,640
	10,000	Novartis AG, ADR		462,049		1,527,500
	24,000	Perrigo Co. plc		414,820		257,760
	21,500	Pfizer Inc.		358,791		603,720
	41,700	Roche Holding AG, ADR		767,249		2,072,907
	2,500	Zimmer Biomet Holdings Inc.		193,368		226,050
				10,102,239		25,639,501
		Hotels and Gaming — 0.2%
	11,500	MGM Resorts International†		138,744		425,615
	3,000	Wynn Resorts Ltd.		203,684		304,650
				342,428		730,265
		Machinery — 4.2%
	6,000	Caterpillar Inc.		35,181		4,250,760
	39,000	CNH Industrial NV		430,251		429,000
	23,700	Deere & Co.		711,692		13,350,210
	1,000	Otis Worldwide Corp.		60,383		77,080
	5,500	Xylem Inc.		187,459		657,250
				1,424,966		18,764,300
		Metals and Mining — 4.2%
	84,200	Freeport-McMoRan Inc.		1,391,344		4,949,276
	126,500	Newmont Corp.		2,986,882		13,693,625
				4,378,226		18,642,901
		Real Estate — 0.3%
	58,000	Weyerhaeuser Co., REIT		878,950		1,416,940

		Retail — 3.8%
	11,500	Cie Financiere Richemont SA, Cl. A		383,098		1,992,653
	71,200	Copart Inc.†		156,989		2,363,840
	5,000	Costco Wholesale Corp.		225,415		4,982,150

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.2%
$	885,000	U.S. Treasury Bills,
		3.619% to 3.648%††, 06/11/26 to 06/25/26		877,837		877,882

		TOTAL INVESTMENTS — 99.8%	$	126,622,439		440,580,583

		Other Assets and Liabilities (Net) — 0.2%				1,058,666

		NET ASSETS — 100.0%			$	441,639,249

†	Non-income producing security.
††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

Assets:
Investments, at value (cost $126,622,439)	$	440,580,583‌
Cash		8,103‌
Receivable for investments sold		465,724‌
Receivable for Fund shares sold		299,381‌
Dividends receivable		1,149,203‌
Prepaid expenses		92,916‌
Total Assets		442,595,910‌
Liabilities:
Payable for Fund shares redeemed		366,444‌
Payable for investment advisory fees		380,352‌
Payable for distribution fees		71,354‌
Payable for accounting fees		7,500‌
Payable for custodian fees		47,839‌
Other accrued expenses		83,172‌
Total Liabilities		956,661‌
Net Assets
(applicable to 80,691,799 shares outstanding)	$	441,639,249‌

Net Assets Consist of:
Paid-in capital	$	148,544,313‌
Total distributable earnings		293,094,936‌
Net Assets	$	441,639,249‌

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($169,252,484 ÷ 33,195,765 shares outstanding; 150,000,000 shares authorized)	$	5.10‌
Class A:
Net Asset Value and redemption price per share ($121,123,116 ÷ 24,443,413 shares outstanding; 50,000,000 shares authorized)	$	4.96‌
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	5.26
Class C:
Net Asset Value and offering price per share ($9,910,801 ÷ 1,562,373 shares outstanding; 50,000,000 shares authorized)	$	6.34	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($141,352,848 ÷ 21,490,248 shares outstanding; 50,000,000 shares authorized)	$	6.58‌

Investment Income:
Dividends (net of foreign withholding taxes of $112,653)	$	4,440,957‌
Interest		13,565‌
Total Investment Income		4,454,522‌
Expenses:
Investment advisory fees		2,258,746‌
Distribution fees - Class AAA		219,170‌
Distribution fees - Class A		154,138‌
Distribution fees - Class C		52,031‌
Shareholder services fees		160,953‌
Shareholder communications expenses		74,198‌
Interest expense		53,559‌
Registration expenses		50,310‌
Legal and audit fees		39,521‌
Custodian fees		27,850‌
Accounting fees		22,500‌
Directors’ fees		13,108‌
Miscellaneous expenses		34,729‌
Total Expenses		3,160,813
Less:
Expenses paid indirectly by broker (See Note 6)		(2,213	)
Net Expenses		3,158,600
Net Investment Income		1,295,922

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		29,312,656
Net realized loss on foreign currency transactions		(6,990	)
Net realized gain on investments and foreign currency transactions		29,305,666
Net change in unrealized appreciation/(depreciation):
on investments		(11,136,820	)
on foreign currency translations		(2,495	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		(11,139,315	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		18,166,351
Net Increase in Net Assets Resulting from Operations	$	19,462,273

	Six Months Ended March 31, 2026 (Unaudited)			Year Ended September 30, 2025
Operations:
Net investment income	$	1,295,922		$	3,395,807
Net realized gain on investments and foreign currency transactions		29,305,666			46,194,306
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		(11,139,315	)		(4,354,377	)
Net Increase in Net Assets Resulting from Operations		19,462,273			45,235,736

Distributions to Shareholders:
Accumulated earnings
Class AAA		(19,411,979	)		(20,704,800	)
Class A		(14,074,666	)		(14,454,523	)
Class C		(936,003	)		(991,093	)
Class I		(12,457,293	)		(13,835,718	)
		(46,879,941	)		(49,986,134	)
Return of capital
Class AAA		—‌			(29,060,143	)
Class A		—‌			(20,469,975	)
Class C		—‌			(1,744,169	)
Class I		—‌			(22,338,521	)
		—‌			(73,612,808	)
Total Distributions to Shareholders		(46,879,941	)		(123,598,942	)

Capital Share Transactions:
Class AAA		5,587,689			14,591,475
Class A		7,366,257			23,211,490
Class C		(143,235	)		58,068
Class I		3,387,600			9,664,134
Net Increase in Net Assets from Capital Share Transactions		16,198,311			47,525,167

Redemption Fees		91			1,227

Net Decrease in Net Assets		(11,219,266	)		(30,836,812	)

Net Assets:
Beginning of year		452,858,515			483,695,327
End of period	$	441,639,249		$	452,858,515

			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 Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses(c)(d)			Portfolio Turnover Rate
Class AAA
2026(e)	$	5.46	$	0.01		$	0.23		$	0.24		$	(0.60	)	$	—		$	—		$	(0.60	)	$	0.00	$	5.10		4.45	%	$	169,252		0.51	%(f)		1.46	%(f)		1	%
2025		6.59‌		0.04‌			0.56‌			0.60‌			(0.05	)		(0.67	)		(1.01	)		(1.73	)		0.00‌		5.46‌		10.48‌			175,527‌		0.69‌			1.41‌			0	(g)
2024		7.29‌		0.06‌			1.25‌			1.31‌			(0.06	)		(0.90	)		(1.05	)		(2.01	)		0.00‌		6.59‌		19.64‌			193,593‌		0.77‌			1.43‌			1‌
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
Class A
2026(e)	$	5.33	$	0.01		$	0.22		$	0.23		$	(0.60	)	$	—		$	—		$	(0.60	)	$	0.00	$	4.96		4.38	%	$	121,123		0.51	%(f)		1.46	%(f)		1	%
2025		6.45‌		0.04‌			0.55‌			0.59‌			(0.05	)		(0.67	)		(0.99	)		(1.71	)		0.00‌		5.33‌		10.64‌			122,608‌		0.69‌			1.41‌			0	(g)
2024		7.16‌		0.06‌			1.22‌			1.28‌			(0.06	)		(0.89	)		(1.04	)		(1.99	)		0.00‌		6.45‌		19.52‌			121,992‌		0.77‌			1.43‌			1‌
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
Class C
2026(e)	$	6.68	$	(0.01	)	$	0.27		$	0.26		$	(0.60	)	$	—		$	—		$	(0.60	)	$	0.00	$	6.34		3.92	%	$	9,911		(0.24	)%(f)		2.21	%(f)		1	%
2025		7.87‌		(0.00	)(b)		0.67‌			0.67‌			—‌			(0.67	)		(1.19	)		(1.86	)		0.00‌		6.68‌		9.73‌			10,556‌		(0.06	)		2.16‌			0‌	(g)
2024		8.58‌		0.01‌			1.49‌			1.50‌			(0.01	)		(0.83	)		(1.37	)		(2.21	)		0.00‌		7.87‌		19.18‌			12,226‌		0.10‌			2.18‌			1‌
2023(h)		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			2.29‌			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
Class I
2026(e)	$	6.87	$	0.03		$	0.28		$	0.31		$	(0.60	)	$	—		$	—		$	(0.60	)	$	0.00	$	6.58		4.56	%	$	141,353		0.76	%(f)		1.21	%(f)		1	%
2025		7.99‌		0.07‌			0.70‌			0.77‌			(0.07	)		(0.67	)		(1.15	)		(1.89	)		0.00‌		6.87‌		10.81‌			144,168‌		0.94‌			1.16‌			0‌	(g)
2024		8.61‌		0.09‌			1.51‌			1.60‌			(0.08	)		(0.88	)		(1.26	)		(2.22	)		0.00‌		7.99‌		19.85‌			155,884‌		1.01‌			1.18‌			1‌
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

	*	On May 29, 2024, Class C1 Shares converted into Class C Shares. See Note 8.
	†	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)	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 periods presented, there was no material impact on the expense ratios.
	(d)	The Fund incurred interest expense. For the six months ended March 31, 2026, the fiscal years ended September 30, 2024 and 2023, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.44%, 1.42% and 1.42% (Class AAA and Class A), 2.19%, 2.17%, and 2.29% (Class C), and 1.19%, 2.17%, and 2.16% (Class I), respectively. For the fiscal years ended September 30, 2022 and 2021, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.41%, and 1.41% (Class AAA and Class A), 2.16% and 2.17% (Class C1), 1.16% and 1.16% (Class I), respectively. For the fiscal year ended September 30, 2025, there was no material impact to the expense ratios.
	(e)	For the six months ended March 31, 2026, unaudited.
	(f)	Annualized.
	(g)	Amount represents less than 0.5%.
	(h)	Class C commenced on June 1, 2023.
	(i)	Amount represents less than 0.005%.

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 03/31/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	439,702,701		—	$	439,702,701
U.S. Government Obligations		—	$	877,882		877,882
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	439,702,701	$	877,882	$	440,580,583

Distributions paid from:
Ordinary income	$	3,900,899
Net long term capital gains		46,085,235
Return of capital		73,612,808
Total distributions paid	$	123,598,942

		Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	128,606,066			$	316,112,089			$	(4,137,572	)		$	311,974,517

Long Positions
Equipment and Supplies	19.9	%
Diversified Industrial	10.5	%
Automotive: Parts and Accessories	5.6	%
Retail	5.4	%
Financial Services	4.8	%
Entertainment	4.3	%
Food and Beverage	3.8	%
Building and Construction	3.6	%
Energy and Utilities	3.2	%
Real Estate	3.2	%
Health Care	3.0	%
Transportation	2.8	%
Electronics	2.7	%
Specialty Chemicals	2.7	%
Aviation: Parts and Services	2.7	%
Business Services	2.5	%
Machinery	2.5	%
Aerospace and Defense	1.9	%
U.S. Government Obligations	1.6	%
Manufactured Housing and Recreational Vehicles	1.5	%
Broadcasting	1.5	%
Hotels and Gaming	1.4	%

Consumer Products	1.4	%
Restaurants	1.1	%
Computer Software and Services	1.0	%
Consumer Services	0.7	%
Environmental Services	0.7	%
Telecommunications	0.7	%
Metals and Mining	0.6	%
Wireless Telecommunications	0.5	%
Semiconductors	0.4	%
Publishing	0.4	%
Cable	0.4	%
Communications Equipment	0.3	%
Home Furnishings	0.2	%
Food and Staples Retailing	0.2	%
Automotive	0.1	%
Closed-End Funds	0.1	%
Agriculture	0.1	%
Other Assets and Liabilities (Net)	(0.0	)%*

Short Positions
Electronics	(0.0	)%*
	100.0	%

(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)	At March 31, 2026, $1,000,000 of the principal amount was pledged as collateral for securities sold short.
(d)	At March 31, 2026, these proceeds are being held at Pershing LLC.
†	Non-income producing security.
††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

Assets:
Investments, at value (cost $447,233,096)	$	1,795,271,748
Investments in affiliates, at value (cost $6,186,218)		19,330,680
Cash		86,364
Foreign currency, at value (cost $105,190)		105,268
Deposit at brokers for securities sold short		933,759
Receivable for Fund shares sold		557,101
Receivable for investments sold		442,797
Dividends and interest receivable		1,565,219
Prepaid expenses		123,443
Total Assets		1,818,416,379
Liabilities:
Securities sold short, at value (proceeds $659,606)		791,920
Payable for investments purchased		40,778
Payable for Fund shares redeemed		1,812,718
Payable for investment advisory fees		1,550,346
Payable for distribution fees		193,313
Payable for accounting fees		7,500
Other accrued expenses		232,581
Total Liabilities		4,629,156
Net Assets
(applicable to 38,545,437 shares outstanding)	$	1,813,787,223

Net Assets Consist of:
Paid-in capital	$	398,785,824
Total distributable earnings		1,415,001,399
Net Assets	$	1,813,787,223

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($696,385,340 ÷ 15,108,806 shares outstanding; 150,000,000 shares authorized)	$	46.09
Class A:
Net Asset Value and redemption price per share ($134,222,682 ÷ 2,916,967 shares outstanding; 50,000,000 shares authorized)	$	46.01
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	48.82
Class C:
Net Asset Value and offering price per share ($16,237,007 ÷ 481,785 shares outstanding; 50,000,000 shares authorized)	$	33.70	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($966,942,194 ÷ 20,037,879 shares outstanding; 50,000,000 shares authorized)	$	48.26

Investment Income:
Dividends (net of foreign withholding taxes of $137,938)	$	13,692,572
Interest		494,764
Total Investment Income		14,187,336
Expenses:
Investment advisory fees		9,267,791
Distribution fees - Class AAA		891,930
Distribution fees - Class A		172,351
Distribution fees - Class C		87,070
Shareholder services fees		701,688
Shareholder communications expenses		229,476
Custodian fees		74,715
Registration expenses		67,058
Directors’ fees		53,850
Legal and audit fees		40,363
Accounting fees		22,500
Interest expense		1,173
Dividend expense on securities sold short		259
Miscellaneous expenses		55,603
Total Expenses		11,665,827
Less:
Advisory fee reduction on unsupervised assets (See Note 3)		(94,223	)
Expenses paid indirectly by broker (See Note 7)		(6,664	)
Total Reductions		(100,887	)
Net Expenses		11,564,940
Net Investment Income		2,622,396

Net Realized and Unrealized Gain/(Loss) on Investments, Redemptions In-Kind, Securities Sold Short, and Foreign Currency:
Net realized gain on investments		79,584,675
Net realized gain on investments - affiliated		122,431
Net realized gain on in-kind transactions		3,055,427
Net realized loss on foreign currency transactions		(13,828	)
Net realized gain on investments, redemption in-kind, and foreign currency transactions		82,748,705
Net change in unrealized appreciation/(depreciation):
on investments - unaffiliated		(23,331,582	)
on investments - affiliated		2,199,851
on securities sold short		(132,314	)
on foreign currency translations		(4,091	)
Net change in unrealized appreciation/(depreciation) on investments, securities sold short, and foreign currency translations		(21,268,136	)
Net Realized and Unrealized Gain/(Loss) on Investments, Redemptions In-Kind, Securities Sold Short, and Foreign Currency		61,480,569
Net Increase in Net Assets Resulting from Operations	$	64,102,965

	Six Months Ended March 31, 2026 (Unaudited)			Year Ended September 30, 2025
Operations:
Net investment income	$	2,622,396		$	2,514,198
Net realized gain on investments, redemptions in-kind, and foreign currency transactions		82,748,705			73,216,752
Net change in unrealized appreciation/(depreciation) on investments, securities sold short, and foreign currency translations		(21,268,136	)		17,823,824
Net Increase in Net Assets Resulting from Operations		64,102,965			93,554,774

Distributions to Shareholders:
Accumulated earnings
Class AAA		(27,562,161	)		(44,445,120	)
Class A		(5,337,094	)		(9,008,256	)
Class C		(625,771	)		(1,374,578	)
Class I		(39,821,540	)		(57,872,090	)
Total Distributions to Shareholders		(73,346,566	)		(112,700,044	)

Capital Share Transactions:
Class AAA		(17,982,102	)		(12,835,123	)
Class A		(4,008,050	)		(6,038,612	)
Class C		(1,558,899	)		(4,522,505	)
Class I		(4,477,342	)		84,079,442
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(28,026,393	)		60,683,202

Redemption Fees		312			462

Net Increase/(Decrease) in Net Assets		(37,269,682	)		41,538,394

Net Assets:
Beginning of year		1,851,056,905			1,809,518,511
End of period	$	1,813,787,223		$	1,851,056,905

	†	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)	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 the periods presented, there was no material impact to the expense ratios.
	(e)	The Fund incurred interest expense for all years presented. For the fiscal years ended September 30, 2023, 2022, and 2021, if interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.38%, 1.38%, and 1.37% (Class AAA and Class A), 2.13%, 2.13%, and 2.12% (Class C), and 1.13%, 1.13%, and 1.12% (Class I), respectively. For the six months ended March 31, 2026, the fiscal years ended September 30, 2025, and 2024, there was no material impact to the expense ratios.
	(f)	Ratio of operating expenses includes advisory fee reduction on unsupervised assets. For all periods presented, there was no material impact on the expense ratios.
	(g)	For the six months ended March 31, 2026, unaudited.
	(h)	Annualized.
	(i)	The Fund incurred dividend expense and service fees on securities sold short. For the six months ended March 31, 2026, there was no material impact on the expense ratios.

	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs(a)		Level 3 Significant Unobservable Inputs (b)		Total Market Value at 03/31/26
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Automotive: Parts and Accessories	$	99,666,307		$	0		—	$	99,666,307
Aviation: Parts and Services		46,377,447			1,668,625		—		48,046,072
Business Services		45,724,159			176,550		—		45,900,709
Financial Services		87,788,375			22,100	$	3,500		87,813,975
Real Estate		57,460,687			—		0		57,460,687
Specialty Chemicals		48,629,884			—		0		48,629,884
Telecommunications		11,067,151			1,161,000		—		12,228,151
Other Industries (c)		1,380,543,609			—		—		1,380,543,609
Total Common Stocks		1,777,257,619			3,028,275		3,500		1,780,289,394
Closed-End Funds		2,035,075			—		—		2,035,075
Preferred Stocks (c)		2,336,852			—		—		2,336,852
Warrants (c)		1,810			—		—		1,810
Convertible Corporate Bonds (c)		—			178,250		—		178,250
U.S. Government Obligations		—			29,761,047		—		29,761,047
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,781,631,356		$	32,967,572	$	3,500	$	1,814,602,428

LIABILITIES (Market Value):
Common Stocks Sold Short (c)	$	(791,920	)		—		—	$	(791,920	)
TOTAL INVESTMENTS – LIABILITIES	$	(791,920	)		—		—	$	(791,920	)

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

Distributions paid from:
Ordinary income	$	2,699,848
Net long term capital gains		110,000,196
Total distributions paid	$	112,700,044

Shares ReFlow Subscribed to				Cash redemptions				Redemptions-in-kind				Service Fees
	60,988			$	617,780			$	2,307,187			$	—

	Market Value at September 30, 2025		Purchases		Sales Proceeds		Realized Gain		Change In Unrealized Appreciation/ (Depreciation)			Market Value at March 31, 2026		Shares at March 31, 2026		Dividend Income		Percent Owned of Shares
Strattec Security Corp.†	$	16,810,820		—	$	203,672	$	122,431	$	2,424,551		$	19,154,130		244,500	$	—		5.85	%
Trans-Lux Corp.†		401,250		—		—		—		(224,700	)		176,550		1,605,000		—		11.89	%
Total							$	122,431	$	2,199,851		$	19,330,680			$	—

Long Positions
Energy and Utilities	33.2	%
Real Estate Investment Trusts	23.5	%
Telecommunications	13.3	%
Financial Services	9.9	%
Health Care	4.5	%
Food and Beverage	4.1	%
Automotive: Parts and Accessories	3.9	%
Computer Software and Services	2.5	%
Building and Construction	1.7	%

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 1.7%
$	771,000	U.S. Treasury Bills,
		3.607% to 3.651%††, 05/21/26 to 06/18/26		766,217		766,205

		TOTAL INVESTMENTS BEFORE OPTIONS WRITTEN — 100.1%	$	32,415,708		45,556,579

		OPTIONS WRITTEN — (0.2)%
		(Premiums received $139,824)				(110,588	)

		Other Assets and Liabilities (Net) — 0.1%				68,503

		NET ASSETS — 100.0%			$	45,514,494

	(a)	Securities, or a portion thereof, with a value of $4,115,400 were deposited with the broker as collateral for options written.
	†	Non-income producing security.
	††	Represents annualized yields at dates of purchase.