Gabelli Small Cap Growth Fund NCSRS Certified semi-annual shareholder report (management investment company)

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-06367

Gabelli Equity Series Funds, Inc.

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2021

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

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

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

The Gabelli Equity Income Fund

Semiannual Report — March 31, 2021

To Our Shareholders,

For the six months ended March 31, 2021, the net asset value (NAV) total return per Class AAA Share of The Gabelli Equity Income Fund was 24.7% compared with a total return of 19.1% for the Standard & Poor’s (S&P) 500 Index. Other classes of shares are available. See below for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2021.

Comparative Result

Average Annual Returns through March 31, 2021 (a)(b) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance for periods of less than one year is not annualized.

	Six Months	1 Year	5 Year	10 Year	Since Inception (01/02/92)
Class AAA (GABEX)	24.72%	56.77%	9.82%	8.85%	9.81%
S&P 500 Index (c)	19.07	56.35	16.29	13.91	10.21
Lipper Equity Income Fund Average (c)	22.54	47.83	11.75	10.53	8.75
Class A (GCAEX) (d)	24.71	56.84	9.82	8.85	9.81
With sales charge (e)	17.54	47.82	8.53	8.21	9.59
Class C (GCCEX) (d)	24.09	55.68	8.98	8.04	9.33
With contingent deferred sales charge (f)	23.09	54.68	8.98	8.04	9.33
Class I (GCIEX) (d)	24.95	57.25	10.10	9.13	9.94

(a)

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

(b)

The Fund’s fiscal year ends September 30.

(c)

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

(d)

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

(e)

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

(f)

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

In the current prospectuses dated January 28, 2021, the expense ratios for Class AAA, A, C, and I Shares are 1.48%, 1.48%, 2.23%, and 1.23%, respectively. See page 10 for the expense ratios for the six months ended March 31, 2021. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares, and Class C Shares is 5.75%, and 1.00%, respectively.

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

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

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

The Gabelli Equity Income Fund
Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from October 1, 2020 through March 31, 2021

Expense Table

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

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

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

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

Hypothetical 5% Return: This section provides information about hypothetical account values and

hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 10/01/20	Ending Account Value 03/31/21	Annualized Expense Ratio	Expenses Paid During Period*
*The Gabelli Equity Income Fund*
Actual Fund Return
Class AAA	$1,000.00	$1,247.20	1.43%	$ 8.01
Class A	$1,000.00	$1,247.10	1.43%	$ 8.01
Class C	$1,000.00	$1,240.90	2.18%	$12.18
Class I	$1,000.00	$1,249.50	1.18%	$ 6.62
Hypothetical 5% Return
Class AAA	$1,000.00	$1,017.80	1.43%	$ 7.19
Class A	$1,000.00	$1,017.80	1.43%	$ 7.19
Class C	$1,000.00	$1,014.06	2.18%	$10.95
Class I	$1,000.00	$1,019.05	1.18%	$ 5.94

Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (182 days), then divided by 365.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of March 31, 2021:

The Gabelli Equity Income Fund

Food and Beverage	16.4	%
Financial Services	15.8	%
Consumer Products	7.0	%
Diversified Industrial	5.8	%
Retail	4.7	%
Health Care	4.5	%
Telecommunications	4.5	%
Equipment and Supplies	4.4	%
Business Services	4.1	%
Automotive: Parts and Accessories	4.0	%
Machinery	4.0	%
Entertainment	2.5	%
Electronics	2.2	%
Energy and Utilities: Oil	2.1	%
Building and Construction	2.1	%
Metals and Mining	2.1	%
Computer Software and Services.	1.9	%
Energy and Utilities: Natural Gas	1.7	%
Transportation	1.6	%
Computer Hardware	1.6	%
Specialty Chemicals	1.1	%

Cable and Satellite	0.9	%
Real Estate	0.7	%
Agriculture	0.6	%
Aerospace	0.6	%
Energy and Utilities: Services	0.5	%
Energy and Utilities: Integrated	0.5	%
Energy and Utilities: Electric	0.5	%
Communications Equipment	0.3	%
Broadcasting	0.3	%
Environmental Services	0.2	%
Energy and Utilities: Water	0.2	%
Hotels and Gaming	0.2	%
Automotive	0.2	%
Consumer Services	0.1	%
Paper and Forest Products	0.1	%
Wireless Communications	0.0	%*
Publishing	0.0	%*
Other Assets and Liabilities (Net)	0.0	%*
	100.0	%

*	Amount represents less than 0.05%.

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

Proxy Voting

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

The Gabelli Equity Income Fund

Schedule of Investments— March 31, 2021 (Unaudited)

Shares			Cost			Market Value
		COMMON STOCKS — 100.0% Aerospace — 0.6%
	2,000	Lockheed Martin Corp.	$	47,350		$	739,000
	9,500	Rockwell Automation Inc.		285,402			2,521,680
				332,752			3,260,680
		Agriculture — 0.6%
	59,000	Archer-Daniels-Midland Co.		1,519,516	��		3,363,000
	12,000	The Mosaic Co.		186,246			379,320
				1,705,762			3,742,320
		Automotive — 0.2%
	10,000	PACCAR Inc.		386,268			929,200
		Automotive: Parts and Accessories— 4.0%
	76,000	Dana Inc.		1,193,901			1,849,080
	191,500	Genuine Parts Co.(a)		8,484,339			22,135,485
				9,678,240			23,984,565

		Broadcasting — 0.3%
	40,000	Liberty Global plc, Cl. A†		894,029			1,026,400
	10,000	Liberty Global plc, Cl. C†		216,949			255,400
	34,500	MSG Networks Inc., Cl. A†		128,602			518,880
				1,239,580			1,800,680

		Building and Construction — 2.1%
	30,000	Carrier Global Corp.		254,819			1,266,600
	49,000	Fortune Brands Home &
		Security Inc.		492,256			4,695,180
	35,500	Herc Holdings Inc.†		1,112,593			3,597,215
	50,000	Johnson Controls
		International plc		879,939			2,983,500
				2,739,607			12,542,495

		Business Services — 4.1%
	14,000	Automatic Data Processing Inc.		633,248			2,638,580
	34,000	Mastercard Inc., Cl. A		559,361			12,105,700
	2,400	MSC Industrial Direct Co. Inc., Cl. A		165,490			216,456
	32,000	Pentair plc		622,795			1,994,240
	21,000	S&P Global Inc.		895,452			7,410,270
				2,876,346			24,365,246
		Cable and Satellite — 0.9%
	134,000	DISH Network Corp., Cl. A†		2,404,558			4,850,800
	16,000	EchoStar Corp., Cl. A†		389,202			384,000
				2,793,760			5,234,800

		Communications Equipment — 0.3%
	42,000	Corning Inc.		481,575			1,827,420
		Computer Hardware — 1.6%
	48,000	Apple Inc.		878,884			5,863,200

Shares			Cost		Market Value
	25,000	International Business Machines Corp.	$	2,042,464	$	3,331,500
				2,921,348		9,194,700
		Computer Software and Services — 1.9%
	95,000	Hewlett Packard Enterprise Co.		543,304		1,495,300
	42,000	Microsoft Corp.		1,173,480		9,902,340
				1,716,784		11,397,640
		Consumer Products — 7.0%
	11,000	Altria Group Inc.		92,672		562,760
	6,000	Edgewell Personal Care Co.		182,805		237,600
	53,000	Energizer Holdings Inc.		1,441,783		2,515,380
	30,000	Essity AB, Cl. A		529,907		948,079
	1,000	National Presto Industries Inc.		30,628		102,070
	34,500	Reckitt Benckiser Group plc		1,023,563		3,090,559
	405,000	Swedish Match AB		5,061,232		31,617,402
	42,000	Unilever plc, ADR		838,099		2,344,860
				9,200,689		41,418,710
		Consumer Services — 0.1%
	1,600	Allegion plc		19,252		200,992
	16,000	Rollins Inc.		15,908		550,720
				35,160		751,712
		Diversified Industrial — 5.8%
	78,000	Crane Co.		2,384,873		7,324,980
	36,000	Eaton Corp. plc		1,330,537		4,978,080
	1,700	Honeywell International Inc.		36,448		369,019
	8,824	Ingersoll Rand Inc.†		46,675		434,229
	48,000	ITT Inc.		961,318		4,363,680
	31,000	Jardine Matheson Holdings Ltd.		1,528,820		2,027,090
	150,000	Jardine Strategic Holdings Ltd.		3,461,391		4,953,000
	22,000	nVent Electric plc		230,823		614,020
	109,000	Textron Inc.		848,582		6,112,720
	154,000	Toray Industries Inc.		1,030,505		990,969
	9,500	Trane Technologies plc		155,306		1,572,820
	23,000	Trinity Industries Inc.		302,107		655,270
				12,317,385		34,395,877
		Electronics — 2.2%
	15,000	Sony Group Corp.		403,011		1,570,783
	32,000	Sony Group Corp., ADR		724,495		3,392,320
	50,000	TE Connectivity Ltd.		1,653,991		6,455,500
	10,000	Texas Instruments Inc.		147,000		1,889,900
				2,928,497		13,308,503
		Energy and Utilities: Electric — 0.5%
	7,500	Avangrid Inc.		210,171		373,575
	22,000	Korea Electric Power Corp., ADR†		262,972		225,720
	8,000	Portland General Electric Co.		334,816		379,760

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued) Energy and Utilities: Electric (Continued)
	63,000	The AES Corp.	$	291,918	$	1,689,030
				1,099,877		2,668,085
		Energy and Utilities: Integrated — 0.5%
	50,000	Energy Transfer LP		66,924		384,000
	21,000	Eni SpA		220,487		258,432
	6,500	Iberdrola SA, ADR		98,020		336,102
	58,000	OGE Energy Corp.		773,496		1,876,880
				1,158,927		2,855,414
		Energy and Utilities: Natural Gas — 1.7%
	108,000	National Fuel Gas Co.		4,793,408		5,398,920
	11,500	ONE Gas Inc.		48,202		884,465
	60,500	ONEOK Inc.		30,168		3,064,930
	7,500	Southwest Gas Holdings Inc.		153,948		515,325
				5,025,726		9,863,640
		Energy and Utilities: Oil — 2.1%
	50,000	Chevron Corp.		1,865,111		5,239,500
	7,000	ConocoPhillips		128,274		370,790
	7,747	Devon Energy Corp.		78,701		169,272
	12,000	Exxon Mobil Corp.		312,521		669,960
	61,500	Hess Corp.		2,961,809		4,351,740
	18,000	Marathon Petroleum Corp.		234,717		962,820
	6,000	Royal Dutch Shell plc, Cl. A, ADR		242,018		235,260
	15,000	TOTAL SE, ADR		252,772		698,100
				6,075,923		12,697,442
		Energy and Utilities: Services — 0.5%
	130,000	Halliburton Co.		2,925,492		2,789,800
	8,000	Schlumberger NV		161,590		217,520
				3,087,082		3,007,320
		Energy and Utilities: Water — 0.2%
	5,000	Essential Utilities Inc.		36,851		223,750
	25,000	Severn Trent plc		637,468		794,763
				674,319		1,018,513
		Entertainment — 2.5%
	28,000	Grupo Televisa SAB, ADR†		249,704		248,080
	1,000	Madison Square Garden Entertainment Corp.†		16,681		81,800
	1,000	Madison Square Garden Sports Corp.†		39,524		179,460
	304,000	ViacomCBS Inc., Cl. A		7,563,088		14,339,680
				7,868,997		14,849,020
		Environmental Services — 0.2%
	10,500	Republic Services Inc.		386,010		1,043,175
	2,500	Waste Management Inc.		72,276		322,550
				458,286		1,365,725

Shares			Cost		Market Value
		Equipment and Supplies — 4.4%
	8,500	A.O. Smith Corp.	$	22,649	$	574,685
	14,000	Danaher Corp.		406,841		3,151,120
	160,000	Flowserve Corp.		1,998,089		6,209,600
	52,000	Graco Inc.		884,335		3,724,240
	18,500	Minerals Technologies Inc.		703,572		1,393,420
	155,000	Mueller Industries Inc.		2,929,910		6,409,250
	15,200	Parker-Hannifin Corp.		814,541		4,794,536
				7,759,937		26,256,851
		Financial Services — 15.8%
	2,700	Alleghany Corp.†		399,634		1,690,983
	20,000	AllianceBernstein Holding LP		98,414		799,800
	29,000	American Express Co.(a)		435,290		4,101,760
	20,500	Ameris Bancorp		217,542		1,076,455
	6,000	Argo Group International Holdings Ltd.		110,474		301,920
	5,195	Banco Santander Chile, ADR		29,250		128,992
	145,000	Bank of America Corp.		938,097		5,610,050
	12,500	BNP Paribas SA†		534,851		760,496
	42,000	Interactive Brokers Group Inc., CI. A		625,837		3,067,680
	15,000	Jefferies Financial Group Inc.		263,160		451,500
	13,200	JPMorgan Chase & Co.		256,154		2,009,436
	56,000	Julius Baer Group Ltd.		1,816,954		3,581,061
	23,000	Kinnevik AB, Cl. A		550,008		1,190,366
	75,000	Loews Corp.		2,830,762		3,846,000
	15,200	M&T Bank Corp.		1,300,083		2,304,472
	22,000	Marsh & McLennan Cos. Inc.		616,355		2,679,600
	12,000	Morgan Stanley		549,368		931,920
	8,500	Popular Inc.		148,460		597,720
	70,000	SLM Corp.		342,586		1,257,900
	125,000	State Street Corp.		5,702,036		10,501,250
	265,000	Sterling Bancorp		2,828,809		6,100,300
	6,400	T. Rowe Price Group Inc.		127,634		1,098,240
	307,000	The Bank of New York Mellon Corp.(a)		7,744,038		14,518,030
	17,700	The Goldman Sachs Group Inc.		2,159,241		5,787,900
	78,000	The PNC Financial Services Group Inc.(a)		4,096,535		13,681,980
	53,000	Valley National Bancorp		331,250		728,220
	120,000	Wells Fargo & Co.		3,393,460		4,688,400
				38,446,282		93,492,431
		Food and Beverage — 16.4%
	1,000	Anheuser-Busch InBev SA/NV		15,876		63,033
	227,500	Brown-Forman Corp., Cl. A		3,878,105		14,484,925
	34,000	Campbell Soup Co.		1,061,533		1,709,180
	72,000	Coca-Cola Amatil Ltd., ADR		230,481		742,320
	19,000	Coca-Cola European Partners plc		427,500		991,040

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued) Food and Beverage (Continued)
	10,000	Coca-Cola Femsa SAB de CV, ADR	$	340,563	$	462,000
	6,000	Constellation Brands Inc., Cl. A		74,420		1,368,000
	45,000	Danone SA		1,889,188		3,087,133
	75,000	Davide Campari-Milano NV		252,028		840,122
	49,500	Diageo plc, ADR		3,063,927		8,128,395
	86,000	Fomento Economico Mexicano SAB de CV, ADR		2,055,532		6,478,380
	1,000	General Mills Inc.		26,640		61,320
	1,880,000	Grupo Bimbo SAB de CV, Cl. A		1,505,754		3,945,889
	93,000	Heineken NV		4,417,436		9,555,934
	138,500	ITO EN Ltd.		2,503,543		8,493,249
	21,500	Kellogg Co.		1,125,039		1,360,950
	4,000	McCormick & Co. Inc., Cl. V		137,120		356,480
	31,500	McCormick & Co. Inc., Non-Voting		680,896		2,808,540
	37,000	Mondelēz International Inc., Cl. A		666,521		2,165,610
	34,000	Nestlé SA		696,743		3,789,409
	56,000	Nissin Foods Holdings Co. Ltd.		1,726,649		4,152,269
	35,000	PepsiCo Inc.		2,349,455		4,950,750
	26,000	Pernod Ricard SA		2,544,089		4,879,956
	38,500	Remy Cointreau SA		2,106,466		7,110,960
	32,000	Sapporo Holdings Ltd.		710,589		662,687
	10,000	The Coca-Cola Co.		208,400		527,100
	1,000	The Hershey Co.		36,300		158,160
	50,000	The Kraft Heinz Co.		1,403,471		2,000,000
	32,000	Yakult Honsha Co. Ltd.		799,840		1,618,424
				36,934,104		96,952,215
		Health Care — 4.5%
	5,500	Abbott Laboratories		126,068		659,120
	3,000	AbbVie Inc.		74,560		324,660
	4,000	Alcon Inc.†		133,378		280,720
	75,000	Baxter International Inc.		1,657,103		6,325,500
	4,400	Bio-Rad Laboratories Inc., Cl. A†		432,651		2,513,148
	94,000	Bristol-Myers Squibb Co.		2,264,836		5,934,220
	70,000	Demant A/S†		677,525		2,965,199
	8,000	GlaxoSmithKline plc, ADR		327,365		285,520
	32,000	Henry Schein Inc.†		324,916		2,215,680
	16,000	Merck & Co. Inc.		296,127		1,233,440
	15,000	Novartis AG, ADR		731,566		1,282,200
	20,000	Pfizer Inc.		320,152		724,600
	45,000	Roche Holding AG, ADR		826,666		1,825,200
	2,400	Zimmer Biomet Holdings Inc.		162,539		384,192
				8,355,452		26,953,399
		Hotels and Gaming — 0.2%
	21,000	MGM Resorts International		253,359		797,790

Shares			Cost		Market Value
	1,500	Wynn Resorts Ltd.†	$	71,983	$	188,055
				325,342		985,845
		Machinery — 4.0%
	6,000	Caterpillar Inc.		35,181		1,391,220
	54,000	Deere & Co.		1,855,977		20,203,560
	10,000	Otis Worldwide Corp.		369,540		684,500
	11,000	Xylem Inc.		335,144		1,156,980
				2,595,842		23,436,260
		Metals and Mining — 2.1%
	117,000	Freeport-McMoRan Inc.†		1,337,301		3,852,810
	140,000	Newmont Corp.		3,329,662		8,437,800
				4,666,963		12,290,610
		Paper and Forest Products — 0.1%
	23,000	Svenska Cellulosa AB SCA, Cl. A†		94,735		409,781
		Publishing — 0.0%
	3,000	Value Line Inc.		41,976		84,570

		Real Estate Investment Trusts — 0.7%
	9,285	Indus Realty Trust Inc.		237,685		558,586
	100,000	Weyerhaeuser Co.		1,566,956		3,560,000
				1,804,641		4,118,586

		Retail — 4.7%
	14,000	Cie Financiere Richemont SA, Cl. A		470,500		1,344,083
	30,000	Copart Inc.†		264,751		3,258,300
	11,000	Costco Wholesale Corp.		514,650		3,877,280
	92,000	CVS Health Corp.		3,063,886		6,921,160
	68,000	Ingles Markets Inc., Cl. A		1,067,481		4,192,200
	76,000	Seven & i Holdings Co. Ltd.		2,269,992		3,063,337
	5,800	The Home Depot Inc.		160,264		1,770,450
	58,000	Walgreens Boots Alliance Inc.		1,738,806		3,184,200
	1,000	Walmart Inc.		43,340		135,830
	4,500	Weis Markets Inc.		135,216		254,340
				9,728,886		28,001,180
		Specialty Chemicals — 1.1%
	3,500	Albemarle Corp.		34,885		511,385
	2,500	Ashland Global Holdings Inc.		58,813		221,925
	66,000	Ferro Corp.†		116,767		1,112,760
	8,000	FMC Corp.		161,197		884,880
	46,000	H.B. Fuller Co.		950,216		2,893,860
	2,000	NewMarket Corp.		7,719		760,320
	600	Quaker Chemical Corp.		6,478		146,262
				1,336,075		6,531,392
		Telecommunications — 4.5%
	112,000	BCE Inc.		2,139,395		5,055,680
	190,000	Deutsche Telekom AG, ADR		2,540,248		3,845,600

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued) Telecommunications (Continued)
	15,500	Loral Space & Communications Inc.	$	427,407	$	583,885
	12,000	Orange SA, ADR		138,547		147,960
	12,000	Proximus SA		296,509		261,184
	40,000	Telefonica SA, ADR		152,795		181,200
	135,000	Telephone and Data Systems Inc.		3,611,457		3,099,600
	94,000	TELUS Corp.		713,431		1,873,420
	198,000	Verizon Communications Inc.(a)		6,963,713		11,513,700
				16,983,502		26,562,229
		Transportation — 1.6%
	103,000	GATX Corp.		3,216,710		9,552,220
		Wireless Communications — 0.0%
	80,000	BT Group plc, Cl. A†		222,654		170,726
	20,000	Turkcell Iletisim Hizmetleri A/S, ADR		91,562		93,400
				314,216		264,126
		TOTAL COMMON STOCKS		209,407,553		592,371,402

Shares			Cost		Market Value
		WARRANTS — 0.0% Energy and Utilities: Oil — 0.0%
	1,250	Occidental Petroleum Corp., expire 08/03/27†	$	6,187	$	14,887
		Retail — 0.0%
	28,000	Cie Financiere Richemont SA, expire 11/22/23†		0		10,665
		TOTAL WARRANTS		6,187		25,552
		TOTAL INVESTMENTS — 100.0%	$	209,413,740		592,396,954
		Other Assets and Liabilities (Net ) — 0.0%				107,061
		NET ASSETS — 100.0%			$	592,504,015

(a)

Securities, or a portion thereof, with a value of $32,926,900 were deposited with Pershing LLC.

†

Non-income producing security.

ADR

American Depositary Receipt

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Statement of Assets and Liabilities March 31, 2021 (Unaudited)
Assets:
Investments, at value (cost $209,413,740)	$	592,396,954
Foreign currency, at value (cost $11,363)		11,243
Cash		12,848
Deposit at brokers		586,943
Receivable for investments sold		1,099,553
Receivable for Fund shares sold		745,017
Dividends receivable		1,444,168
Prepaid expenses		40,994
Total Assets		596,337,720
Liabilities:
Line of credit payable		2,155,000
Payable for Fund shares redeemed		747,704
Payable for investment advisory fees		508,143
Payable for distribution fees		132,367
Payable for accounting fees		7,500
Other accrued expenses		282,991
Total Liabilities		3,833,705
Net Assets
(applicable to 52,581,879 shares outstanding)	$	592,504,015
Net Assets Consist of:
Paid-in capital	$	192,897,296
Total distributable earnings		399,606,719
Net Assets	$	592,504,015
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($303,939,374 ÷ 25,622,336 shares outstanding; 150,000,000 shares authorized)	$	11.86
Class A:
Net Asset Value and redemption price per share ($92,322,630 ÷ 7,884,872 shares outstanding; 50,000,000 shares authorized)	$	11.71
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	12.42
Class C:
Net Asset Value and offering price per share ($55,483,799 ÷ 8,464,930 shares outstanding; 50,000,000 shares authorized)	$	6.55	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($140,758,212 ÷ 10,609,741 shares outstanding; 50,000,000 shares authorized)	$	13.27

(a)

Redemption price varies based on the length of time held.

Statement of Operations For the Six Months Ended March 31, 2021 (Unaudited)
Investment Income:
Dividends (net of foreign withholding taxes of $100,580)	$	5,124,847
Interest		703
Total Investment Income		5,125,550
Expenses:
Investment advisory fees		2,811,769
Distribution fees - Class AAA		364,028
Distribution fees - Class A		101,659
Distribution fees - Class C		275,228
Shareholder services fees		220,534
Shareholder communication expenses		76,666
Custodian fees		59,604
Registration expenses		32,320
Legal and audit fees		29,432
Accounting fees		22,500
Directors’ fees		22,267
Interest expense		17,389
Miscellaneous expenses		28,040
Total Expenses		4,061,436
Less:
Expenses paid indirectly by broker (See Note 6)		(2,554	)
Net Expenses		4,058,882
Net Investment Income		1,066,668
Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign Currency:
Net realized gain on investments		51,181,777
Net realized gain on securities sold short		291,686
Net realized gain on foreign currency transactions		1,486
Net realized gain on investments and foreign currency transactions		51,474,949
Net change in unrealized appreciation/depreciation:
on investments		70,940,338
on foreign currency translations		(6,871	)
Net change in unrealized appreciation/ depreciation on investments and foreign currency translations		70,933,467
Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign Currency		122,408,416
Net Increase in Net Assets Resulting from Operations	$	123,475,084

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Statement of Changes in Net Assets

	Six Months Ended March 31, 2021(Unaudited)			Year Ended September 30, 2020
Operations:
Net investment income	$	1,066,668		$	4,517,675
Net realized gain on investments, securities sold short, and foreign currency transactions		51,474,949			137,694,507
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		70,933,467			(141,908,799	)
Net Increase in Net Assets Resulting from Operations		123,475,084			303,383
Distributions to Shareholders:
Accumulated earnings
Class AAA		(15,668,716	)*		(60,530,136	)
Class A		(4,482,168	)*		(14,287,953	)
Class C		(5,211,622	)*		(19,964,287	)
Class I		(6,500,189	)*		(29,113,541	)
		(31,862,695	)		(123,895,917	)

Return of capital
Class AAA		—			(22,602,669	)
Class A		—			(6,706,415	)
Class C		—			(6,207,826	)
Class I		—			(8,566,767	)
		—			(44,083,677	)
Total Distributions to Shareholders		(31,862,695	)		(167,979,594	)

Capital Share Transactions:
Class AAA		(17,572,667	)		(21,606,608	)
Class A		10,058,102			16,928,786
Class C		(4,814,879	)		(20,000,786	)
Class I		(13,468,297	)		(40,684,434	)
Net Decrease in Net Assets from Capital Share Transactions		(25,797,741	)		(65,363,042	)

Redemption Fees		103			1,452
Net Increase/(Decrease) in Net Assets		65,814,751			(233,037,801	)
Net Assets:
Beginning of year		526,689,264			759,727,065
End of period	$	592,504,015		$	526,689,264

Based on year to date book income. Amounts are subject to change and recharacterization at year end.

See accompanying notes to financial statements.

The Gabelli Equity Income Fund Financial Highlights
Selected data for a share of capital stock outstanding throughout each period:
		Income (Loss) from Investment Operations						Distributions												Ratios to Average Net Assets/ Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year	Net Investment Income (Loss)(a)		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
2021(e)	$10.04	$0.02		$2.40		$2.42		$(0.50	)*	$(0.10	)*	—		$(0.60	)	$0.00	$11.86	24.72	%	$303,939	0.39	%(f)	1.43	%(f)	1	%
2020	13.61	0.10	(g)	(0.02	)	0.08		(0.11	)	(2.39	)	$(1.15	)	(3.65	)	0.00	10.04	0.93		272,980	0.75	(g)	1.45		0	(h)
2019	19.09	0.13		(0.38	)	(0.25	)	(0.15	)	(3.72	)	(1.36	)	(5.23	)	0.00	13.61	(1.09	)	377,589	0.76		1.45		1
2018	22.84	0.19		1.34		1.53		(0.20	)	(3.68	)	(1.40	)	(5.28	)	0.00	19.09	6.77		521,485	0.82		1.40		0	(h)
2017	24.06	0.24		2.97		3.21		(0.25	)	(3.33	)	(0.85	)	(4.43	)	0.00	22.84	13.91		662,696	0.97		1.39		1
2016	25.08	0.26		2.72		2.98		(0.26	)	(2.35	)	(1.39	)	(4.00	)	0.00	24.06	11.31		833,154	0.99		1.39		1
Class A
2021(e)	$9.92	$0.02		$2.37		$2.39		$(0.50	)*	$(0.10	)*	—		$(0.60	)	$0.00	$11.71	24.71	%	$92,323	0.39	%(f)	1.43	%(f)	1	%
2020	13.49	0.10	(g)	(0.02	)	0.08		(0.11	)	(2.39	)	$(1.15	)	(3.65	)	0.00	9.92	0.95		69,201	0.75	(g)	1.45		0	(h)
2019	18.97	0.13		(0.38	)	(0.25	)	(0.15	)	(3.72	)	(1.36	)	(5.23	)	0.00	13.49	(1.08	)	72,778	0.76		1.45		1
2018	22.73	0.19		1.33		1.52		(0.20	)	(3.68	)	(1.40	)	(5.28	)	0.00	18.97	6.76		86,332	0.82		1.40		0	(h)
2017	23.96	0.24		2.96		3.20		(0.25	)	(3.33	)	(0.85	)	(4.43	)	0.00	22.73	13.92		115,702	0.96		1.39		1
2016	24.99	0.26		2.71		2.97		(0.26	)	(2.35	)	(1.39	)	(4.00	)	0.00	23.96	11.31		160,593	0.99		1.39		1
Class C
2021(e)	$5.81	$(0.01	)	$1.35		$1.34		$(0.50	)*	$(0.10	)*	—		$(0.60	)	$0.00	$6.55	24.09	%	$55,484	(0.36	%)(f)	2.18	%(f)	1	%
2020	9.48	0.00	(b)(g)	(0.02	)	(0.02	)	(0.06	)	(2.39	)	$(1.20	)	(3.65	)	0.00	5.81	0.27		53,605	0.00	(g)(i)	2.20		0	(h)
2019	15.03	(0.00	)(b)	(0.32	)	(0.32	)	(0.05	)	(3.72	)	(1.46	)	(5.23	)	0.00	9.48	(1.87	)	100,467	(0.00	)(i)	2.20		1
2018	19.17	0.01		1.13		1.14		(0.07	)	(3.68	)	(1.53	)	(5.28	)	0.00	15.03	6.02		176,167	0.07		2.15		0	(h)
2017	20.99	0.05		2.56		2.61		(0.10	)	(3.33	)	(1.00	)	(4.43	)	0.00	19.17	13.04		246,690	0.22		2.14		1
2016	22.48	0.06		2.45		2.51		(0.09	)	(2.35	)	(1.56	)	(4.00	)	0.00	20.99	10.51		306,349	0.24		2.14		1
Class I
2021(e)	$11.15	$0.04		$2.68		$2.72		$(0.50	)*	$(0.10	)*	—		$(0.60	)	$0.00	$13.27	24.95	%	$140,758	0.64	%(f)	1.18	%(f)	1	%
2020	14.68	0.14	(g)	(0.02	)	0.12		(0.14	)	(2.39	)	$(1.12	)	(3.65	)	0.00	11.15	1.14		130,903	1.00	(g)	1.20		0	(h)
2019	20.13	0.19		(0.41	)	(0.22	)	(0.19	)	(3.72	)	(1.32	)	(5.23	)	0.00	14.68	(0.86	)	208,893	1.00		1.20		1
2018	23.75	0.26		1.40		1.66		(0.26	)	(3.68	)	(1.34	)	(5.28	)	0.00	20.13	7.07		357,812	1.08		1.15		0	(h)
2017	24.80	0.31		3.07		3.38		(0.31	)	(3.33	)	(0.79	)	(4.43	)	0.00	23.75	14.19		443,912	1.21		1.14		1
2016	25.68	0.33		2.79		3.12		(0.32	)	(2.35	)	(1.33	)	(4.00	)	0.00	24.80	11.59		484,305	1.24		1.14		1

†

Total return represents aggregate total return of a hypothetical $1,000 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.

Based on year to date book income. Amounts are subject to change and recharacterization at year end.

(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 incurred interest expense during the six months ended March 31, 2021 and the fiscal years ended September 30, 2020, 2019, 2018, and 2017. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.42%, 1.42%, 1.40%, 1.39%, and 1.38% (Class AAA and Class A), 2.17%, 2.17%, 2.15%, 2.14%, and 2.13% (Class C), and 1.17%, 1.17%, 1.15%, 1.14%, and 1.13% (Class I), respectively. For the fiscal year ended September 30, 2016 the effect of interest expense was minimal.

(d)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended March 31, 2021 and the fiscal years ended September 30, 2020, 2019, 2018, 2017, and 2016, there was no impact on the expense ratios.

(e)

For the six months ended March 31, 2021, unaudited.

(f)

Annualized.

(g)

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

(h)

Amount represents less than 0.5%.

(i)

Amount represents less than 0.005%.

See accompanying notes to financial statements.

The Gabelli Equity Income Fund
Notes to Financial Statements (Unaudited)

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

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

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

New Accounting Pronouncements. To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standard Update (ASU) 2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which added, removed, and modified certain aspects relating to fair value disclosure. Management has fully adopted the ASU 2018-13 updates in these financial statements.

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

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

The Gabelli Equity Income Fund
Notes to Financial Statements (Unaudited) (Continued)

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

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

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

●

Level 1 — quoted prices in active markets for identical securities;

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

●

Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2021 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices	Total Market Value at 3/31/21
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks: (a)	$592,371,402	$592,371,402
Warrants (a)	25,552	25,552
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$592,396,954	$592,396,954

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

The Fund did not have transfers into or out of Level 3 during the six months ended March 31, 2021.

The Gabelli Equity Income Fund

Notes to Financial Statements (Unaudited) (Continued)

Additional Information to Evaluate Qualitative Information.

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

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

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

Securities Sold Short. The Fund may enter 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. The Net realized gain on securities sold short, if any, is included on the Statement of Operations. At March 31, 2021, there were no short sales.

The Gabelli Equity Income Fund

Notes to Financial Statements (Unaudited) (Continued)

date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

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

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

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At March 31, 2021, the Fund held no 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 the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to the earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

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

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

The Gabelli Equity Income Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2020 was as follows:

Distributions paid from:
Ordinariy income	$	5,482,409
Net long term capital gains		136,799,128
Return of capital		44,083,677
Total distributions paid*	$	186,365,214

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

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

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2021:

		Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments		$211,306,142			$383,898,135			$(2,807,323)			$381,090,812

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, 2021, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2021, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the

The Gabelli Equity Income Fund

Notes to Financial Statements (Unaudited) (Continued)

prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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

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

5. Portfolio Securities. Purchases and sales of securities during the six months ended March 31, 2021, other than short term securities and U.S. Government obligations, aggregated $5,825,026 and $78,623,749, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2021, the Fund paid $6,609 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $17,480 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2021, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $2,554.

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, 2021, 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 line of credit, which expires on March 2, 2022 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “interest expense” in the Statement of Operations. At March 31, 2021, there was $2,155,000 outstanding under the line of credit.

The Gabelli Equity Income Fund

Notes to Financial Statements (Unaudited) (Continued)

The average daily amount of borrowings outstanding under the line of credit during the six months ended March 31, 2021 was $1,802,049 with a weighted average interest rate of 1.34%. The maximum amount borrowed at any time during the six months ended March 31, 2021 was $18,892,000.

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

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended March 31, 2021 and the fiscal year ended September 30, 2020, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

	Six Months Ended March 31, 2021 (Unaudited)						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		395,690		$	4,413,014			517,283		$	6,576,297
Shares issued upon reinvestment of distributions		1,384,531			15,221,372			7,517,054			80,737,011
Shares redeemed		(3,348,448	)		(37,207,053	)		(8,582,075	)		(108,919,916	)
Net decrease		(1,568,227	)	$	(17,572,667	)		(547,738	)	$	(21,606,608	)
Class A
Shares sold		1,748,114		$	19,182,904			2,531,411		$	32,538,086
Shares issued upon reinvestment of distributions		380,184			4,144,735			1,830,657			19,372,951
Shares redeemed		(1,221,601	)		(13,269,537	)		(2,778,776	)		(34,982,251	)
Net increase		906,697		$	10,058,102			1,583,292		$	16,928,786
Class C
Shares sold		985,600		$	6,236,656			1,439,486		$	12,895,728
Shares issued upon reinvestment of distributions		828,035			5,129,437			3,855,885			25,043,742
Shares redeemed		(2,582,612	)		(16,180,972	)		(6,657,072	)		(57,940,256	)
Net decrease		(768,977	)	$	(4,814,879	)		(1,361,701	)	$	(20,000,786	)
Class I
Shares sold		671,561		$	8,452,896			1,325,390		$	18,231,196
Shares issued upon reinvestment of distributions		523,736			6,419,061			3,055,726			36,304,618
Shares redeemed		(2,323,689	)		(28,340,254	)		(6,873,418	)		(95,220,248	)
Net decrease		(1,128,392	)	$	(13,468,297	)		(2,492,302	)	$	(40,684,434	)

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

The Gabelli Equity Income Fund

Notes to Financial Statements (Unaudited) (Continued)

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

The Gabelli Equity Income Fund

Board Consideration and Re-Approval of Advisory Agreement (Unaudited)

During the six months ended March 31, 2021, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the directors (the Independent Board Members) who are not “interested persons” of the Fund. 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, 2020) of the Fund against a peer group of eight 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 equity income funds, regardless of asset size or primary channel of distribution, as represented by the Lipper Equity Income Index. The Independent Board Members noted that the Fund’s performance was in the first quartile for the one year period, the third quartile for the three year period, and the fourth quartile for the five 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 second quintile for the one year period and the fourth quintile for the three year and five year periods. The Independent Board Members discussed the reasons for the Fund’s underperformance and the steps the Adviser was taking to improve the Fund’s performance.

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 nineteen 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,

The Gabelli Equity Income Fund

Board Consideration and Re-Approval of Advisory Agreement (Unaudited) (Continued)

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 and good ancillary services. The Independent Board Members noted the reasons for the Fund’s underperformance and the steps the Adviser was taking to improve performance and indicated that they would continue to evaluate the Fund. 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 investment management agreements 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 fair and reasonable with respect to 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 Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all important or controlling.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

●

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

●

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

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

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

What do we do to protect your personal information?

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

This page was intentionally left blank.

GABELLI EQUITY INCOME FUND

One Corporate Center
Rye, NY 10580-1422

Portfolio Manager Biography

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

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





Gabelli Equity Series Funds, Inc. THE GABELLI EQUITY INCOME FUND One Corporate Center Rye, New York 10580-1422

t 800-GABELLI (800-422-3554) f 914-921-5118 e info@gabelli.com GABELLI.COM
Net Asset Value per share available daily by calling 800-GABELLI after 7:00 P.M.
BOARD OF DIRECTORS Mario J. Gabelli, CFA	Salvatore J. Zizza
Chairman and	Chairman,
Chief Executive Officer,	Zizza & Associates Corp.
GAMCO Investors, Inc. Executive Chairman,	OFFICERS
Associated Capital Group, Inc.	Bruce N. Alpert
	President
Elizabeth C. Bogan
Senior Lecturer,	John C. Ball
Princeton University	Treasurer

Anthony J. Colavita	Peter Goldstein
President,	Secretary
Anthony J. Colavita, P.C.	Richard J. Walz
	Chief Compliance Officer
Vincent D. Enright
Former Senior Vice	DISTRIBUTOR
President and Chief	G.distributors, LLC
Financial Officer,
KeySpan Corp.
	CUSTODIAN
John D. Gabelli	State Street Bank and Trust
Senior Vice President,	Company
G.research, LLC
	TRANSFER AGENT AND
Robert J. Morrissey	DIVIDEND DISBURSING AGENT
Partner, Morrissey, Hawkins & Lynch	DST Asset Manager Solutions, Inc.

Kuni Nakamura	LEGAL COUNSEL
President,	Skadden, Arps, Slate, Meagher &
Advanced Polymer, Inc.	Flom LLP

Anthonie C. van Ekris Chairman, BALMAC International, Inc.
This report is submitted for the general information of the shareholders of The Gabelli Equity Income Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB444Q121SR

The Gabelli Small Cap Growth Fund

Semiannual Report — March 31, 2021

To Our Shareholders,

For the six months ended March 31, 2021, the net asset value (NAV) total return per Class AAA Share of The Gabelli Small Cap Growth Fund was 37.7% compared with a total return of 55.3% for the Standard & Poor’s (S&P) SmallCap 600 Index. Other classes of shares are available. See page 2 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2021.

Comparative Results

Average Annual Returns through March 31, 2021 (a)(b) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance for periods of less than one year is not annualized.

	Six Months			1 Year			5 Year			10 Year			15 Year			Since Inception (10/22/91)
Class AAA (GABSX)		37.71	%		79.50	%		12.27	%		10.22	%		9.16	%		12.36	%
S&P SmallCap 600 Index (c)		55.26			95.33			15.60			12.97			9.78			N/A
Lipper Small-Cap Core Funds Average (d)		50.98			91.51			14.45			10.86			8.53			N/A
Class A (GCASX) (e)		37.73			79.51			12.27			10.22			9.16			12.36
With sales charge (f)		29.81			69.19			10.94			9.57			8.73			12.13
Class C (GCCSX) (e)		37.21			78.21			11.43			9.40			8.35			11.87
With contingent deferred sales charge (g)		36.21			77.21			11.43			9.40			8.35			11.87
Class I (GACIX) (e)		37.90			79.97			12.55			10.50			9.41			12.48

(a)

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

(b)

The Fund’s fiscal year ends September 30.

(c)

The S&P SmallCap 600 Index is an unmanaged indicator which measures the performance of the small-cap segment of the U.S. equity market. Dividends are considered reinvested. You cannot invest directly in an index. The inception date of the index is December 31, 1994.

(d)

The Lipper Small-Cap Core Funds Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index. The inception date of the index is December 31, 1991.

(e)

(f)

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

(g)

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

In the current prospectuses dated January 28, 2021, the expense ratios for Class AAA, A, C, and I Shares are 1.44%, 1.44%, 2.19%, and 1.19%, respectively. See page 10 for the expense ratios for the six months ended March 31, 2021. Class AAA and Class I Shares have no sales charge. The maximum sales charge for Class A Shares, and Class C Shares is 5.75% and 1.00%, respectively.

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

The Gabelli Small Cap Growth Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from October 1, 2020 through March 31, 2021	Expense Table

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

Hypothetical 5% Return: This section provides information about hypothetical account values and

hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

	Beginning Account Value 10/01/20	Ending Account Value 03/31/21	Annualized Expense Ratio	Expenses Paid During Period*
*The Gabelli Small Cap Growth Fund*
Actual Fund Return
Class AAA	$1,000.00	$1,377.10	1.39%	$ 8.24
Class A	$1,000.00	$1,377.30	1.39%	$ 8.24
Class C	$1,000.00	$1,372.10	2.14%	$12.66
Class I	$1,000.00	$1,379.00	1.14%	$ 6.76
Hypothetical 5% Return
Class AAA	$1,000.00	$1,018.00	1.39%	$ 6.99
Class A	$1,000.00	$1,018.00	1.39%	$ 6.99
Class C	$1,000.00	$1,014.26	2.14%	$10.75
Class I	$1,000.00	$1,019.25	1.14%	$ 5.74

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of March 31, 2021:

The Gabelli Small Cap Growth Fund

Equipment and Supplies	15.0	%
Diversified Industrial	10.9	%
Building and Construction	6.7	%
Food and Beverage	6.4	%
Retail	5.4	%
Health Care	5.2	%
Hotels and Gaming	4.5	%
Financial Services	4.3	%
Automotive: Parts and Accessories	4.3	%
Specialty Chemicals	3.5	%
Aviation: Parts and Services	3.5	%
Business Services	3.2	%
Machinery	3.0	%
Consumer Products	2.6	%
Real Estate	2.5	%
Energy and Utilities	2.3	%
Computer Software and Services	2.0	%
Electronics	2.0	%
Broadcasting	2.0	%
Transportation	1.9	%
Entertainment	1.4	%

Manufactured Housing and Recreational Vehicles	1.3	%
Aerospace	1.1	%
Consumer Services	1.0	%
Telecommunications	0.9	%
Publishing	0.9	%
Cable	0.7	%
Environmental Services	0.4	%
Home Furnishings	0.4	%
Automotive	0.2	%
Closed-End Funds	0.2	%
Miscellaneous Investments	0.2	%
Wireless Communications	0.1	%
Communications Equipment	0.1	%
Metals and Mining	0.0	%*
Agriculture	0.0	%*
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

Amount represents less than 0.05%.

Proxy Voting

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS* — 99.5%
		Aerospace — 1.1%
	451,000	Aerojet Rocketdyne Holdings Inc.	$	1,589,054	$	21,178,960
	60,000	Various Securities		794,550		1,279,400
				2,383,604		22,458,360
		Agriculture — 0.0%
	30,000	Various Securities		417,194		430,080
		Automotive — 0.2%
	104,200	Various Securities		631,404		4,079,704
		Automotive: Parts and Accessories — 4.1%
	1,110,000	Dana Inc.		9,031,850		27,006,300
	848,000	Freni Brembo SpA†		1,568,167		10,561,055
	244,000	Strattec Security Corp.†(a)		4,677,938		11,443,600
	1,235,422	Various Securities		7,955,684		30,500,493
				23,233,639		79,511,448
		Aviation: Parts and Services — 3.5%
	679,600	Kaman Corp.		10,234,048		34,856,684
	3,000,000	Signature Aviation plc†		6,849,866		16,721,039
	236,200	Various Securities		3,016,154		16,864,440
				20,100,068		68,442,163
		Broadcasting — 2.0%
	2,144,002	Various Securities		12,698,399		38,326,867
		Building and Construction — 6.7%
	359,500	Herc Holdings Inc.†		11,968,511		36,428,135
	390,000	Lennar Corp., Cl. B		9,481,128		32,112,600
	2,700	NVR Inc.†		1,908,453		12,719,511
	834,160	Various Securities		10,969,051		48,965,439
				34,327,143		130,225,685
		Business Services — 3.2%
	199,000	IAA Inc.†		1,619,256		10,972,860
	350,000	The Interpublic Group of Companies Inc.		1,483,114		10,220,000
	1,640,000	Trans-Lux Corp.†(a)		1,615,044		557,600
	36,100	United Rentals Inc.†		224,528		11,888,091
	1,610,000	Various Securities		10,449,863		28,281,286
				15,391,805		61,919,837
		Cable — 0.7%
	468,500	Various Securities		7,216,332		12,811,470
		Communications Equipment — 0.1%
	242,000	Various Securities		1,610,888		1,442,320
		Computer Software and Services — 2.0%
	38,000	Rockwell Automation Inc.		893,367		10,086,720
	38,000	Tyler Technologies Inc.†		76,025		16,132,140
	705,500	Various Securities		4,206,775		12,987,600
				5,176,167		39,206,460
		Consumer Products — 2.6%
	1,219,500	Various Securities		13,451,382		50,141,728

Shares			Cost		Market Value
		Consumer Services — 1.0%
	412,000	Rollins Inc.	$	395,943	$	14,181,040
	321,000	Various Securities		1,468,383		5,262,500
				1,864,326		19,443,540
		Diversified Industrial — 10.9%
	359,000	Crane Co.		7,725,236		33,713,690
	1,378,000	Griffon Corp.		15,500,530		37,440,260
	922,000	Myers Industries Inc.		12,671,530		18,218,720
	342,500	Textron Inc.		2,079,106		19,207,400
	2,770,487	Various Securities		45,934,604		104,544,391
				83,911,006		213,124,461
		Electronics — 2.0%
	138,500	Badger Meter Inc.		1,768,846		12,890,195
	214,000	Bel Fuse Inc., Cl. A(a)		4,054,114		3,826,320
	478,000	CTS Corp.		4,119,033		14,846,680
	263,000	Various Securities		2,117,528		7,180,360
				12,059,521		38,743,555
		Energy and Utilities — 2.3%
	2,542,000	Various Securities		13,026,558		45,013,157
		Entertainment — 1.4%
	685,000	Various Securities		8,574,892		27,366,890
		Environmental Services — 0.4%
	108,000	Various Securities		895,263		8,070,920
		Equipment and Supplies — 15.0%
	414,000	AMETEK Inc.		704,459		52,880,220
	138,500	Crown Holdings Inc.		559,314		13,440,040
	174,000	Franklin Electric Co. Inc.		679,384		13,735,560
	472,000	Graco Inc.		2,839,862		33,804,640
	686,000	Mueller Industries Inc.		18,074,327		28,366,100
	173,000	Tennant Co.		2,935,527		13,820,970
	772,500	The Gorman-Rupp Co.		12,121,295		25,577,475
	61,000	The Middleby Corp.†		700,167		10,110,750
	2,344,003	Various Securities		20,710,511		101,012,310
				59,324,846		292,748,065
		Financial Services — 4.3%
	721,000	KKR & Co. Inc.		3,052,031		35,220,850
	10,000	Waterloo Investment Holdings Ltd.†(b)		1,373		3,000
	2,803,120	Various Securities		28,293,316		49,559,579
				31,346,720		84,783,429
		Food and Beverage — 6.4%
	200,000	Chr. Hansen Holding A/S†		8,325,007		18,173,649
	267,000	Kikkoman Corp.		1,859,850		15,890,991
	700,000	Maple Leaf Foods Inc.		12,211,478		15,958,463
	5,639,851	Various Securities		25,609,154		74,554,301
				48,005,489		124,577,404
		Health Care — 5.2%
	421,000	Cutera Inc.†		5,548,403		12,651,050

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS* (Continued)
		Health Care (Continued)
	166,500	Globus Medical Inc., Cl. A†	$	3,773,762	$	10,268,055
	79,000	Quidel Corp.†		350,658		10,106,470
	1,078,800	Various Securities		16,339,049		69,423,054
				26,011,872		102,448,629
		Home Furnishings — 0.4%
	258,500	Various Securities		3,152,168		7,659,585
		Hotels and Gaming — 4.5%
	119,000	Churchill Downs Inc.		1,101,132		27,062,980
	308,000	Ryman Hospitality Properties Inc., REIT†		6,096,603		23,873,080
	7,686,048	Various Securities		15,715,445		36,730,988
				22,913,180		87,667,048
		Machinery — 3.0%
	343,000	Astec Industries Inc.		12,002,722		25,869,060
	1,427,000	CNH Industrial NV†		4,242,733		22,318,280
	455,300	Various Securities		6,529,199		11,519,304
				22,774,654		59,706,644
		Manufactured Housing and Recreational Vehicles — 1.3%
	71,000	Cavco Industries Inc.†		1,418,150		16,018,310
	209,000	Various Securities		1,887,271		10,159,440
				3,305,421		26,177,750
		Metals and Mining — 0.0%
	142,000	Various Securities		571,901		897,508
		Publishing — 0.9%
	800,000	The E.W. Scripps Co., Cl. A		4,292,464		15,416,000
	59,700	Various Securities		1,309,652		2,919,168
				5,602,116		18,335,168
		Real Estate — 2.5%
	263,306	Indus Realty Trust Inc., REIT		5,140,301		15,840,489
	443,000	The St. Joe Co.		6,959,912		19,004,700
	444,267	Various Securities		6,099,577		13,947,637
				18,199,790		48,792,826
		Retail — 5.4%
	129,000	AutoNation Inc.†		2,094,018		12,025,380
	525,000	Ingles Markets Inc., Cl. A		7,841,951		32,366,250
	351,000	Rush Enterprises Inc., Cl. B		2,518,485		15,826,590
	754,775	Various Securities		8,329,675		44,643,020
				20,784,129		104,861,240
		Specialty Chemicals — 3.5%
	1,697,000	Ferro Corp.†		8,260,323		28,611,420
	278,000	H.B. Fuller Co.		3,451,731		17,488,980
	606,446	Various Securities		7,670,753		23,085,657
				19,382,807		69,186,057
		Telecommunications — 0.9%
	1,412,612	Various Securities		6,397,868		18,458,747

Shares			Cost		Market Value
		Transportation — 1.9%
	384,000	GATX Corp.	$	10,993,602	$	35,612,160
	109,653	Various Securities		884,110		906,891
				11,877,712		36,519,051
		Wireless Communications — 0.1%
	51,000	Various Securities		1,965,959		1,860,480
		TOTAL COMMON STOCKS		558,586,223		1,945,438,276
		CLOSED-END FUNDS* — 0.2%
	207,266	Various Securities		3,198,981		4,036,354

		PREFERRED STOCKS* — 0.2%
		Automotive: Parts and Accessories — 0.2%
	105,000	Various Securities		718,782		5,048,474
		RIGHTS* — 0.0%
		Entertainment — 0.0%
	1,680,000	Media General Inc., CVR†(b)		2		2

		WARRANTS* — 0.0%
		Business Services — 0.0%
	1	Internap Corp., expire 05/08/24†(b)		0		652
		Diversified Industrial — 0.0%
	140,000	Various Securities		95,648		184,800
		TOTAL WARRANTS		95,648		185,452
		TOTAL MISCELLANEOUS INVESTMENTS — 0.2%(c)		2,485,938		3,243,476
		TOTAL INVESTMENTS — 100.1%	$	565,085,574		1,957,952,034

		Other Assets and Liabilities (Net) — (0.1)%				(2,201,196	)

		NET ASSETS — 100.0%			$	1,955,750,838

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

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

“Various Securities” consist of issuers not identified as a top 50 holding, issues or issuers not exceeding 1% of net assets individually or in the aggregate, any issuers that are not affiliated or level 3 securities, if any, as of March 31, 2021. The complete Schedule of Investments is available (i) without charge, upon request, by calling 800-GABELLI (800-422-3554); and (ii) on the SEC’S website at http://www.sec.gov.

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

(b)	Security is valued under procedures adopted by the Board of Trustees and is classified as Level 3 in the fair value hierarchy.

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

†	Non-income producing security.

REIT

Real Estate Investment Trust

CVR

Contingent Value Right

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Statement of Assets and Liabilities

March 31, 2021 (Unaudited)

Assets:
Investments, at value (cost $554,738,478)	$	1,942,124,514
Investments in affiliates, at value (cost $10,347,096)		15,827,520
Foreign currency, at value (cost $110,918)		111,410
Cash		430
Receivable for investments sold		2,885,330
Receivable for Fund shares sold		717,091
Dividends and interest receivable		1,497,763
Prepaid expenses		79,913
Total Assets		1,963,243,971
Liabilities:
Line of credit payable		2,371,000
Payable for Fund shares redeemed		1,599,069
Payable for investments purchased		744,412
Payable for investment advisory fees		1,661,975
Payable for distribution fees		326,595
Payable for accounting fees		7,500
Other accrued expenses		782,582
Total Liabilities		7,493,133
Net Assets (applicable to 40,612,324 shares outstanding)	$	1,955,750,838
Net Assets Consist of:
Paid-in capital	$	429,758,102
Total distributable earnings		1,525,992,736
Net Assets	$	1,955,750,838
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($1,082,765,431 ÷ 22,528,423shares outstanding; 150,000,000 shares authorized)	$	48.06
Class A:
Net Asset Value and redemption price per share ($134,485,694 ÷ 2,801,021 shares outstanding; 50,000,000 shares authorized)	$	48.01
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	50.94
Class C:
Net Asset Value and offering price per share ($77,114,656 ÷ 2,040,619 shares outstanding; 50,000,000 shares authorized)	$	37.79	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($661,385,057 ÷ 13,242,261 shares outstanding; 50,000,000 shares authorized)	$	49.95

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

Statement of Operations

For the Six Months Ended March 31, 2021 (Unaudited)

Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $90,268)	$	17,028,610
Dividends - affiliated		25,800
Interest		480
Total Investment Income		17,054,890
Expenses:
Investment advisory fees		9,136,704
Distribution fees - Class AAA		1,259,920
Distribution fees - Class A		151,925
Distribution fees - Class C		395,013
Shareholder services fees		752,368
Shareholder communication expenses		196,883
Custodian fees		103,335
Directors’ fees		70,999
Interest expense		56,746
Registration expenses		37,666
Legal and audit fees		29,210
Accounting fees		22,500
Miscellaneous expenses		59,056
Total Expenses		12,272,325
Less:
Advisory fee reduction on unsupervised assets (See Note 3)		(67,647	)
Expenses paid indirectly by broker (See Note 6)		(7,686	)
Total Reductions		(75,333	)
Net Expenses		12,196,992
Net Investment Income		4,857,898
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		175,992,759
Net realized loss on investments - affiliated		(70,850	)
Net realized gain on foreign currency transactions		2,614
Net realized gain on investments and foreign currency transactions		175,924,523
Net change in unrealized appreciation/depreciation:
on investments		387,163,182
on affiliates		8,417,098
on foreign currency translations		(4,268	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		395,576,012
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		571,500,535
Net Increase in Net Assets Resulting from Operations	$	576,358,433

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Statement of Changes in Net Assets

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
Operations:
Net investment income	$	4,857,898		$	2,602,287
Net realized gain on investments and foreign currency transactions		175,924,523			421,208,660
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		395,576,012			(501,380,754	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		576,358,433			(77,569,807	)
Distributions to Shareholders:
Class AAA		(191,595,179	)		(225,788,690	)
Class A		(22,004,092	)		(32,301,744	)
Class C		(18,595,632	)		(27,339,966	)
Class I		(114,398,478	)		(154,155,709	)
Total Distributions to Shareholders		(346,593,381	)		(439,586,109	)

Capital Share Transactions:
Class AAA		73,208,512			(95,842,744	)
Class A		7,452,263			(23,192,192	)
Class C		(4,834,230	)		(33,587,375	)
Class I		11,272,013			(137,549,435	)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		87,098,558			(290,171,746	)

Redemption Fees		1,719			5,069
Net Increase/(Decrease) in Net Assets		316,865,329			(807,322,593	)
Net Assets:
Beginning of year		1,638,885,509			2,446,208,102
End of period	$	1,955,750,838		$	1,638,885,509

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Financial Highlights

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

		Income (Loss) from Investment Operations						Distributions										Ratio to Average Net Assets/ Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year	Net Investment Income (Loss) (a)(b)		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Net Investment Income		Net Realized Gain on Investments		Total Distributions		Redemption Fees (b)(c)	Net Asset Value, End of Period	Total Return †		Net Assets End of Period (in 000’s)	Net Investment Income (Loss) (a)		Operating Expenses (d)(e)		Portfolio Turnover Rate
Class AAA
2021(f)	$43.30	$0.11		$14.21		$14.32		—		$(9.56	)	$(9.56	)	$0.00	$48.06	37.71	%	$1,082,765	0.48	%(g)	1.40	%(g)(h)	1	%
2020	53.92	0.04		(0.63	)	(0.59	)	$(0.07	)	(9.96	)	(10.03	)	0.00	43.30	(2.08	)	884,341	0.08		1.41	(h)	0	(i)
2019	59.61	0.03		(3.50	)	(3.47	)	(0.09	)	(2.13	)	(2.22	)	0.00	53.92	(5.72	)	1,243,608	0.06		1.39	(h)	1
2018	58.63	0.09		4.01		4.10		—		(3.12	)	(3.12	)	0.00	59.61	7.21		1,711,850	0.16		1.36		3
2017	50.13	0.02		10.47		10.49		—		(1.99	)	(1.99	)	0.00	58.63	21.56		1,882,823	0.04		1.38		4
2016	45.47	0.02		6.36		6.38		—		(1.72	)	(1.72	)	0.00	50.13	14.26		1,779,333	0.05		1.39	(j)	4
Class A
2021(f)	$43.26	$0.11		$14.20		$14.31		—		$(9.56	)	$(9.56	)	$0.00	$48.01	37.73	%	$134,486	0.47	%(g)	1.40	%(g)(h)	1	%
2020	53.89	0.05		(0.64	)	(0.59	)	$(0.08	)	(9.96	)	(10.04	)	0.00	43.26	(2.08	)	110,975	0.11		1.41	(h)	0	(i)
2019	59.58	0.03		(3.50	)	(3.47	)	(0.09	)	(2.13	)	(2.22	)	0.00	53.89	(5.73	)	170,189	0.06		1.39	(h)	1
2018	58.60	0.09		4.01		4.10		—		(3.12	)	(3.12	)	0.00	59.58	7.21		208,947	0.16		1.36		3
2017	50.11	0.01		10.47		10.48		—		(1.99	)	(1.99	)	0.00	58.60	21.55		229,282	0.02		1.38		4
2016	45.45	0.02		6.36		6.38		—		(1.72	)	(1.72	)	0.00	50.11	14.26		270,163	0.05		1.39	(j)	4
Class C
2021(f)	$35.95	$(0.05	)	$11.45		$11.40		—		$(9.56	)	$(9.56	)	$0.00	$37.79	37.21	%	$77,115	(0.28)	%(g)	2.15	%(g)(h)	1	%
2020	46.63	(0.24	)	(0.48	)	(0.72	)	—		(9.96	)	(9.96	)	0.00	35.95	(2.80	)	75,505	(0.65	)	2.16	(h)	0	(i)
2019	52.16	(0.32	)	(3.08	)	(3.40	)	—		(2.13	)	(2.13	)	0.00	46.63	(6.44	)	141,522	(0.69	)	2.14	(h)	1
2018	52.05	(0.30	)	3.53		3.23		—		(3.12	)	(3.12	)	0.00	52.16	6.41		215,939	(0.59	)	2.11		3
2017	45.04	(0.34	)	9.34		9.00		—		(1.99	)	(1.99	)	0.00	52.05	20.65		233,786	(0.71	)	2.13		4
2016	41.31	(0.30	)	5.75		5.45		—		(1.72	)	(1.72	)	0.00	45.04	13.41		227,464	(0.70	)	2.14	(j)	4
Class I
2021(f)	$44.62	$0.17		$14.72		$14.89		—		$(9.56	)	$(9.56	)	$0.00	$49.95	37.90	%	$661,385	0.72	%(g)	1.15	%(g)(h)	1	%
2020	55.29	0.15		(0.64	)	(0.49	)	$(0.22	)	(9.96	)	(10.18	)	0.00	44.62	(1.83	)	568,065	0.34		1.16	(h)	0	(i)
2019	61.09	0.17		(3.59	)	(3.42	)	(0.25	)	(2.13	)	(2.38	)	0.00	55.29	(5.50	)	890,889	0.32		1.14	(h)	1
2018	59.86	0.25		4.10		4.35		—		(3.12	)	(3.12	)	0.00	61.09	7.49		1,624,806	0.43		1.11		3
2017	51.09	0.16		10.67		10.83		(0.07	)	(1.99	)	(2.06	)	0.00	59.86	21.84		1,404,639	0.30		1.13		4
2016	46.19	0.13		6.49		6.62		—		(1.72	)	(1.72	)	0.00	51.09	14.56		1,138,299	0.29		1.14	(j)	4

†

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)

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.

(b)

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

(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 impact on the expense ratios. (e) Ratio of operating expenses includes advisory fee reduction on unsupervised assets totaling 0.01% of net assets for the six months ended March 31, 2021 and year ended September 30, 2020. For the years ended September 30, 2019, 2018, 2017, and 2016 there was no impact on the expense ratios.

(f)

For the six months ended March 31, 2021, unaudited.

(g)

Annualized.

(h)

The Fund incurred interest expense during the six months ended March 31, 2021 and the fiscal years ended September 30, 2020 and 2019. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.38%, 1.39% and 1.38% (Class AAA and Class A), 2.13%, 2.14% and 2.13% (Class C), and 1.13%, 1.14% and 1.13% (Class I). For the years ended September 30, 2018, 2017, and 2016, the effect of interest expense was minimal.

(i)

Amount represents less than 0.5%.

(j)

During the year ended September 30, 2016, the Fund received a reimbursement of custody expenses paid in prior years. Had such reimbursement (allocated by relative net asset values of the Fund’s share classes) been included in that period, the expense ratios would have been 1.38% (Class AAA and Class A), 2.13% (Class C), and 1.13% (Class I).

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited)

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

New Accounting Pronouncements. To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standard Update (ASU) 2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which added, removed, and modified certain aspects relating to fair value disclosure. Management has fully adopted the ASU 2018-13 in these financial statements.

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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

●

Level 1 — quoted prices in active markets for identical securities;

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

●

Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2021 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 3/31/21
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Automotive: Parts and Accessories	$	79,510,840	$	608		—	$	79,511,448
Aviation: Parts and Services		66,662,928		1,779,235		—		68,442,163
Equipment and Supplies		290,689,619		2,058,446		—		292,748,065
Financial Services		83,270,479		1,509,950		$3,000		84,783,429
Manufactured Housing and Recreational Vehicles		24,007,750		2,170,000		—		26,177,750
Specialty Chemicals		69,185,145		912		—		69,186,057
Telecommunications		16,082,615		2,376,132		—		18,458,747
Other Industries (a)		1,309,374,093		—		—		1,309,374,093
Total Common Stocks		1,938,783,469		9,895,283		3,000		1,948,681,752
Closed-End Funds		4,036,354		—		—		4,036,354
Preferred Stocks (a)		5,048,474		—		—		5,048,474
Rights (a)		—		—		2		2
Warrants (a)		184,800		—		652		185,452
TOTAL INVESTMENTS IN SECURITIES –ASSETS	$	1,948,053,097		$9,895,283		$3,654	$	1,957,952,034

(a)

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

The Fund did not have material transfers into or out of Level 3 during the six months ended March 31, 2021.

Additional Information to Evaluate Qualitative Information.

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

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

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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.

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.

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

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2021, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. 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. 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 capital gains as determined under 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, 2020 was as follows:

Distributions paid from:
Ordinary income	$	5,852,594
Net long term capital gains		503,827,323
Total distributions paid*	$	509,679,917

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

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2021:

			Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments			$	571,063,944			$	1,400,435,846			$	(13,547,756	)		$	1,386,888,090

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, 2021, the Fund’s Proxy Voting Committee exercised control and discretion over all rights to vote or consent with respect to such securities, and the Adviser reduced its fee with respect to such securities by $67,647.

4. Distribution Plan. The Fund’s Board has adopted a distribution 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 (Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each plan. Such payments are accrued daily and paid monthly.

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2021, the Fund paid $30,362 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $5,212 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 2, 2022 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At March 31, 2021, there was $2,371,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the six months ended March 31, 2021 was $6,922,912 with a weighted average interest rate of 1.36%. The maximum amount borrowed at any time during the six months ended March 31, 2021 was $41,179,000.

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

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:

	Six Months Ended March 31, 2021 (Unaudited)						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		403,523		$	18,295,981			598,564		$	24,465,838
Shares issued upon reinvestment of distributions		4,663,072			185,170,582			4,774,548			218,340,063
Shares redeemed		(2,963,186	)		(130,258,051	)		(8,012,510	)		(338,648,645	)
Net increase/(decrease)		2,103,409		$	73,208,512			(2,639,398	)	$	(95,842,744	)
Class A
Shares sold		408,855		$	18,220,459			645,315		$	29,221,937
Shares issued upon reinvestment of distributions		509,989			20,231,248			665,223			30,394,069
Shares redeemed		(683,067	)		(30,999,444	)		(1,903,125	)		(82,808,198	)
Net increase/(decrease)		235,777		$	7,452,263			(592,587	)	$	(23,192,192	)
Class C
Shares sold		78,796		$	2,778,355			151,481		$	5,540,011
Shares issued upon reinvestment of distributions		588,946			18,439,890			670,396			25,615,826
Shares redeemed		(727,449	)		(26,052,475	)		(1,756,395	)		(64,743,212	)
Net decrease		(59,707	)	$	(4,834,230	)		(934,518	)	$	(33,587,375	)
Class I
Shares sold		1,072,317		$	49,895,739			2,748,459		$	121,429,673
Shares issued upon reinvestment of distributions		2,640,278			108,858,645			2,942,208			138,342,624
Shares redeemed		(3,202,696	)		(147,482,371	)		(9,070,988	)		(397,321,732	)
Net increase/(decrease)		509,899		$	11,272,013			(3,380,321	)	$	(137,549,435	)

9. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Fund’s transactions in the securities of these issuers during the six months ended March 31, 2021 is set forth below:

	Value at September 30, 2020		Purchases		Sales Proceeds		Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at March 31, 2021		Dividends		Percent Owned of Shares Outstanding
Bel Fuse Inc., Cl. A	$	2,408,400		—	$	27,479	$	(33,801	)	$	1,479,200	$	3,826,320	$	25,800		9.98	%
Indus Realty Trust Inc., REIT*		13,843,550	$	507,965		243,121		—			—		—		—		—
Strattec Security Corp.†		4,923,260		48,493		203,941		46,690			6,629,098		11,443,600		—		6.31	%
Trans-Lux Corp.†		347,800		—		15,261		(83,739	)		308,800		557,600		—		12.17	%
Total							$	(70,850	)	$	8,417,098	$	15,827,520	$	25,800

Name change from Griffin Industrial Realty Inc. Security is no longer considered affiliated at March 31, 2021.

†

Non-income producing security.

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

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

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

The Gabelli Small Cap Growth Fund

Board Consideration and Re-Approval of Advisory Agreement (Unaudited)

During the six months ended March 31, 2021, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the directors (the Independent Board Members) who are not interested persons of the Fund. The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Investment Performance. The Independent Board Members reviewed the short, medium and long term performance (as of December 31, 2020) 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 one year period, in the second quartile for the three year period and in the second quartile in the five 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 second quintile for the one year and five year periods and in the third quintile for the three year period. The Independent Board Members noted the Fund’s better than average performance during the three year period as measured against the Adviser Peer Group and that the Fund’s total return was only slightly below the median total return for the one year period within the Adviser Peer Group.

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 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 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 Gabelli Small Cap Growth Fund

Board Consideration and Re-Approval of Advisory Agreement (Unaudited) (Continued)

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 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 investment management agreements to the full Board.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

●

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

What do we do to protect your personal information?

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

Portfolio Manager Biography

Gabelli Equity Series Funds, Inc.
THE GABELLI SMALL CAP GROWTH FUND
One Corporate Center
Rye, New York 10580-1422

800-GABELLI (800-422-3554)

914-921-5118

info@gabelli.com
GABELLI.COM

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

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

Elizabeth C. Bogan	John C. Ball
Senior Lecturer,	Treasurer
Princeton University
	Peter Goldstein
Anthony J. Colavita	Secretary
President,
Anthony J. Colavita, P.C.	Richard J. Walz
	Chief Compliance Officer
Vincent D. Enright
Former Senior Vice	DISTRIBUTOR
President and Chief	G.distributors, LLC
Financial Officer,
KeySpan Corp.	CUSTODIAN
	State Street Bank and Trust
John D. Gabelli	Company
Senior Vice President,
G.research, LLC	TRANSFER AGENT AND

Robert J. Morrissey	DIVIDEND DISBURSING AGENT
Partner,	DST Asset Manager
Morrissey, Hawkins & Lynch	Solutions, Inc.

Kuni Nakamura	LEGAL COUNSEL
President,	Skadden, Arps, Slate, Meagher &
Advanced Polymer, Inc.	Flom LLP
Anthonie C. van Ekris
Chairman,
BALMAC International, Inc.

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

GAB443Q121SR

The Gabelli Focused Growth and
Income Fund

Semiannual Report — March 31, 2021

Daniel M. Miller
Portfolio Manager
GAMCO Investors
BS, University of Miami

To Our Shareholders,

For the six months ended March 31, 2021, the net asset value (NAV) total return per Class I Share of The Gabelli Focused Growth and Income Fund (formerly The Gabelli Focus Five Fund) was 32.4% compared with a total return of 31.0% for the Blended Index, the Fund’s benchmark. The Blended Index consists of 50% of the Russell 2500 Index, 25% of the Russell 1000 Index, and 25% of the MSCI AC World Ex-U.S. Index. Other classes of shares are available. See page 2 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2021.

Comparative Results

Average Annual Returns through March 31, 2021 (a)(b) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance for periods of less than one year is not annualized.

	Six Months		1 Year		3 Year		5 Year		10 Year		Since Inception (12/31/02)
Class I (GWSIX)(c)	32.35	%	76.01	%	6.98	%	6.11	%	5.82	%	7.46	%
Class AAA (GWSVX)	32.02		75.28		6.63		5.81		5.52		7.24
S&P MidCap 400 Index(d)	41.13		83.46		13.40		14.37		11.92		12.01
Russell 2500 Index(d)	41.33		89.40		15.34		15.93		12.20		12.15
Russell 1000 Index(d)	20.41		60.59		17.31		16.66		13.97		11.13
MSCI AC World Ex-U.S. Index(d)	21.10		49.41		6.50		9.75		4.92		8.18
Blended Index(d)	31.04		72.20		13.62		14.57		10.82		10.90
Class A (GWSAX)	31.98		75.33		6.65		5.82		5.53		7.27
With sales charge (e)	24.39		65.24		4.57		4.58		4.91		6.91
Class C (GWSCX)	31.54		74.08		5.86		5.03		4.75		6.48
With contingent deferred sales charge (f)	30.54		73.08		5.86		5.03		4.75		6.48

(a)

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

(b)

The Fund’s fiscal year ends September 30.

(c)

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

(d)

The S&P Midcap 400 Index is an index comprised of U.S. stocks in the middle capitalization range, which is generally considered to be between $200 million and $5 billion in market value. The Russell 2500 Index is a market capitalization weighted index of 2,500 U.S. traded small and mid capitalization stocks. The Russell 1000 Index is a market capitalization weighted index of 1,000 U.S. traded large capitalization stocks. The Morgan Stanley Capital International All Country World Index excluding the U.S. (MSCI ACWI Ex-U.S.) is a market capitalization weighted index of small, mid, and large capitalization stocks across developed and emerging markets, excluding U.S. stocks. The Blended Index consists of 50% Russell 2500 Index, 25% Russell 1000 Index, and 25% MSCI ACWI Ex-U.S. Index. Dividends are considered reinvested. You cannot invest directly in an index.

(e)

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

(f)

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

In the current prospectuses dated January 28, 2021, the expense ratios for Class AAA, A, C, and I Shares are 1.71%, 1.71%, 2.46%, and 1.46%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) are 1.71%, 1.71%, 2.46%, and 0.80%, respectively. See page 8 for the expense ratios for the six months ended March 31, 2021. Class AAA and Class I Shares have no sales charge. The maximum sales charge for Class A Shares, and Class C Shares is 5.75%, and 1.00%, respectively.

The Gabelli Focused Growth and Income Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from October 1, 2020 through March 31, 2021

Expense Table

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

Hypothetical 5% Return: This section provides information about hypothetical account values and

hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

	Beginning Account Value 10/01/20		Ending Account Value 03/31/21		Annualized Expense Ratio		Expenses Paid During Period*
The Gabelli Focused Growth and Income Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,320.20	1.75	%	$	10.12
Class A	$	1,000.00	$	1,319.80	1.75	%	$	10.12
Class C	$	1,000.00	$	1,315.40	2.50	%	$	14.43
Class I	$	1,000.00	$	1,323.50	1.18	%	$	6.84
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,016.21	1.75	%	$	8.80
Class A	$	1,000.00	$	1,016.21	1.75	%	$	8.80
Class C	$	1,000.00	$	1,012.47	2.50	%	$	12.54
Class I	$	1,000.00	$	1,019.05	1.18	%	$	5.94

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of March 31, 2021:

The Gabelli Focused Growth and Income Fund

Energy and Utilities	23.0	%
Real Estate	16.1	%
Financial Services	12.1	%
Food and Beverage	10.6	%
Health Care	5.9	%
Retail	4.4	%
Diversified Industrial	4.1	%
Telecommunications	3.6	%
Entertainment	3.2	%
Building and Construction	3.1	%

Automotive: Parts and Accessories	3.0	%
Computer Software and Services	2.5	%
Cable and Satellite	2.3	%
Consumer Products	1.9	%
Aerospace and Defense	1.6	%
U.S. Government Obligations	1.4	%
Automotive	1.0	%
Other Assets and Liabilities (Net)	0.2	%
	100.0	%

Proxy Voting

The Gabelli Focused Growth and Income Fund
Schedule of Investments — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 86.6%
		Aerospace and Defense — 1.6%
	12,500	Aerojet Rocketdyne Holdings Inc.	$	464,006	$	587,000
		Automotive — 1.0%
	20,000	Stellantis NV		238,106		355,800
		Automotive: Parts and Accessories — 3.0%
	8,000	Aptiv plc†		419,300		1,103,200
	341	Faurecia SE†		18,872		18,145
				438,172		1,121,345
		Building and Construction — 3.1%
	11,500	Herc Holdings Inc.†		224,858		1,165,295
		Cable and Satellite — 2.3%
	1,250	Liberty Broadband Corp., Cl. C†		92,051		187,687
	17,227	Liberty Media Corp.- Liberty Formula One, Cl. A†		488,012		658,416
				580,063		846,103
		Computer Software and Services — 2.5%
	450	Alphabet Inc., Cl. C†		266,938		930,884
		Consumer Products — 1.9%
	15,000	Terminix Global Holdings Inc.†		441,012		715,050
		Diversified Industrial — 0.9%
	850	Roper Technologies Inc.		244,942		342,839
		Energy and Utilities — 18.8%
	15,000	Atlantica Sustainable Infrastructure plc		523,279		549,450
	80,000	Energy Transfer LP		519,184		614,400
	71,000	Enterprise Products Partners LP		1,333,434		1,563,420
	105,000	Kinder Morgan Inc.		1,323,985		1,748,250
	35,000	NextEra Energy Partners LP		1,670,949		2,550,800
				5,370,831		7,026,320
		Entertainment — 3.2%
	198,699	Sirius XM Holdings Inc.		591,422		1,210,077
		Financial Services — 12.1%
	42,500	Apollo Global Management Inc.		1,581,374		1,997,925
	12,500	Morgan Stanley		525,580		970,750
	90,000	New York Community Bancorp Inc.		765,462		1,135,800
	1,650	PayPal Holdings Inc.†		149,927		400,686
				3,022,343		4,505,161
		Food and Beverage — 10.6%
	75,000	Maple Leaf Foods Inc.		1,225,395		1,709,835
	16,500	Mondele¯z International Inc., Cl. A		675,416		965,745
	12,000	Post Holdings Inc.†		399,522		1,268,640
				2,300,333		3,944,220

Shares			Cost		Market Value
		Health Care �� 5.9%
	9,000	AbbVie Inc.	$	911,161	$	973,980
	69,000	Option Care Health Inc.†		381,193		1,224,060
				1,292,354		2,198,040
		Real Estate Investment Trusts — 16.1%
	43,000	Blackstone Mortgage Trust Inc.,Cl. A		1,067,666		1,333,000
	8,000	Hannon Armstrong Sustainable Infrastructure Capital Inc.		253,973		448,800
	30,000	Healthpeak Properties Inc.		881,663		952,200
	100,000	MGM Growth Properties LLC, Cl. A		2,386,056		3,262,000
				4,589,358		5,996,000
		Telecommunications — 3.6%
	55,000	Lumen Technologies Inc.		514,544		734,250
	5,000	T-Mobile US Inc.†		366,790		626,450
				881,334		1,360,700
		TOTAL COMMON STOCKS		20,946,072		32,304,834
		PREFERRED STOCKS — 11.8%
		Diversified Industrial — 3.2%
	17,000	Babcock & Wilcox Enterprises Inc. 8.125%, 02/28/26		426,983		450,330
	37,500	Steel Partners Holdings LP, Ser. A, 6.000%, 02/07/26		766,174		751,875
				1,193,157		1,202,205
		Energy and Utilities — 4.2%
	65,000	Energy Transfer Operating LP, Ser. D, 7.625%, 08/15/23		1,335,559		1,556,750
		Retail — 4.4%
	16,000	Qurate Retail Inc. 8.000%, 03/15/31		1,569,395		1,626,400
		TOTAL PREFERRED STOCKS		4,098,111		4,385,355

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 1.4%
$	513,000	U.S. Treasury Bills, 0.027% to 0.036%††, 05/20/21 to 09/23/21		512,954		512,967
		TOTAL INVESTMENTS — 99.8%	$	25,557,137		37,203,156
		Other Assets and Liabilities (Net)—0.2%				81,894
		NET ASSETS—100.0%			$	37,285,050

†

Non-income producing security.

††

Represents annualized yields at dates of purchase.

See accompanying notes to financial statements.

The Gabelli Focused Growth and Income Fund

Statement of Assets and Liabilities
March 31, 2021 (Unaudited)

Assets:
Investments, at value (cost $25,557,137)	$	37,203,156
Foreign currency, at value (cost $9,086)		9,131
Cash		2,323
Receivable for Fund shares sold		73,897
Receivable from Adviser		7,880
Dividends receivable		89,177
Prepaid expenses		31,574
Total Assets		37,417,138
Liabilities:
Payable for Fund shares redeemed		49,816
Payable for investment advisory fees		31,521
Payable for distribution fees		10,052
Payable for shareholder communications expenses		26,842
Payable for shareholder services fees		7,305
Other accrued expenses		6,552
Total Liabilities		132,088
Net Assets
(applicable to 2,337,661 shares outstanding)	$	37,285,050
Net Assets Consist of:
Paid-in capital	$	28,150,127
Total distributable earnings		9,134,923
Net Assets	$	37,285,050
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($7,965,518 ÷ 489,007 shares outstanding; 100,000,000 shares authorized)	$	16.29
Class A:
Net Asset Value and redemption price per share ($8,378,739 ÷ 508,787 shares outstanding; 50,000,000 shares authorized)	$	16.47
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	17.47
Class C:
Net Asset Value and offering price per share ($7,752,156 ÷ 561,330 shares outstanding; 50,000,000 shares authorized)	$	13.81	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($13,188,637 ÷ 778,537 shares outstanding; 50,000,000 shares authorized)	$	16.94

(a)

Redemption price varies based on the length of time held.

Statement of Operations

For the Six Months Ended March 31, 2021 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $3,008)	$	969,857
Interest		622
Total Investment Income		970,479
Expenses:
Investment advisory fees		172,133
Distribution fees - Class AAA		11,617
Distribution fees - Class A		9,459
Distribution fees - Class C		37,203
Registration expenses		29,123
Legal and audit fees		17,638
Shareholder communications expenses		14,225
Shareholder services fees		13,106
Custodian fees		3,526
Directors’ fees		1,336
Interest expense		49
Miscellaneous expenses		6,418
Total Expenses		315,833
Less:
Expense reimbursements (See Note 3)		(15,826	)
Net Expenses		300,007
Net Investment Income		670,472
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		5,021,276
Net realized gain on foreign currency transactions		108
Net realized gain on investments and foreign currency transactions		5,021,384
Net change in unrealized appreciation/depreciation:
on investments		3,695,288
on foreign currency translations		(3	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		3,695,285
Net Realized and Unrealized Gain/(Loss)on Investments and Foreign Currency		8,716,669
Net Increase in Net Assets Resulting from Operations	$	9,387,141

See accompanying notes to financial statements.

The Gabelli Focused Growth and Income Fund

Statement of Changes in Net Assets

	Six Months Ended March 31, 2021 (Unaudited)				Year Ended September 30, 2020
Operations:
Net investment income/(loss)		$	670,472			$	(135,502	)
Net realized gain (loss) on investments, and foreign currency transactions			5,021,384				(1,877,976	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			3,695,285				(78,140	)
Net Increase/(Decrease) in Net Assets Resulting from Operations			9,387,141				(2,091,618	)
Distributions to Shareholders:
Class AAA			(100,912	)			—
Class A			(90,419	)			—
Class C			(102,108	)			—
Class I			(128,110	)			—
Total Distributions to Shareholders			(421,549	)			—

Capital Share Transactions:
Class AAA			(3,263,336	)			(2,854,458	)
Class A			(239,823	)			(2,048,935	)
Class C			(1,095,888	)			(6,433,896	)
Class I			2,302,722				(6,519,450	)
Net Decrease in Net Assets from Capital Share Transactions			(2,296,325	)			(17,856,739	)

Redemption Fees			—				137
Net Increase/(Decrease) in Net Assets			6,669,267				(19,948,220	)
Net Assets:
Beginning of year			30,615,783				50,564,003
End of period		$	37,285,050			$	30,615,783

See accompanying notes to financial statements.

The Gabelli Focused Growth and Income Fund

Financial Highlights

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

			Income (Loss) from Investment Operations						Distributions									Ratios to Average Net Assets/ Supplemental Data
Year Ended September 30		Net Asset Value, Beginning of Year	Net Investment Income (Loss) (a)(b)		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Net Realized Gain on Investments		Total Distributions		Redemption Fees (b)		Net Asset Value, End of Period	Total Return †		Net Assets End of Period (in 000’s)	Net Investment Income (Loss) (a)		Operating Expenses(c)		Portfolio Turnover Rate
Class AAA
	2021(d)	$12.48	$0.28		$3.71		$3.99		$(0.18	)	$(0.18	)	—		$16.29	32.02	%	$7,965	3.89	%(e)	1.75	%(e)	51	%
	2020	12.93	(0.03	)	(0.42	)	(0.45	)	—		—		$0.00	(f)	12.48	(3.48	)	8,713	(0.24	)	1.71		59
	2019	13.84	(0.07	)	(0.83	)	(0.90	)	(0.01	)	(0.01	)	—		12.93	(6.50	)	12,189	(0.56	)	1.64	(g)	67
	2018	14.61	(0.09	)	(0.61	)	(0.70	)	(0.07	)	(0.07	)	0.00	(f)	13.84	(4.78	)	16,630	(0.63	)	1.53		105
	2017	13.70	(0.15	)	1.21		1.06		(0.15	)	(0.15	)	0.00	(f)	14.61	7.88		22,542	(1.08	)	1.43	(g)	77
	2016	12.00	(0.14	)	1.84		1.70		—		—		0.00	(f)	13.70	14.17		33,695	(1.11	)	1.42	(g)	60
Class A
	2021(d)	$12.62	$0.29		$3.74		$4.03		$(0.18	)	$(0.18	)	—		$16.47	31.98	%	$8,379	3.88	%(e)	1.75	%(e)	51	%
	2020	13.06	(0.03	)	(0.41	)	(0.44	)	—		—		$0.00	(f)	12.62	(3.37	)	6,644	(0.24	)	1.71		59
	2019	13.98	(0.07	)	(0.84	)	(0.91	)	(0.01	)	(0.01	)	—		13.06	(6.51	)	9,013	(0.57	)	1.64	(g)	67
	2018	14.76	(0.09	)	(0.62	)	(0.71	)	(0.07	)	(0.07	)	0.00	(f)	13.98	(4.80	)	15,137	(0.65	)	1.53		105
	2017	13.84	(0.15	)	1.22		1.07		(0.15	)	(0.15	)	0.00	(f)	14.76	7.87		29,391	(1.08	)	1.43	(g)	77
	2016	12.12	(0.14	)	1.86		1.72		—		—		0.00	(f)	13.84	14.19		43,775	(1.10	)	1.42	(g)	60
Class C
	2021(d)	$10.64	$0.19		$3.16		$3.35		$(0.18	)	$(0.18	)	—		$13.81	31.54	%	$7,752	3.10	%(e)	2.50	%(e)	51	%
	2020	11.10	(0.11	)	(0.35	)	(0.46	)	—		—		$0.00	(f)	10.64	(4.14	)	6,926	(1.00	)	2.46		59
	2019	11.97	(0.14	)	(0.72	)	(0.86	)	(0.01	)	(0.01	)	—		11.10	(7.18	)	13,807	(1.33	)	2.39	(g)	67
	2018	12.74	(0.17	)	(0.53	)	(0.70	)	(0.07	)	(0.07	)	0.00	(f)	11.97	(5.48	)	24,992	(1.38	)	2.28		105
	2017	12.06	(0.22	)	1.05		0.83		(0.15	)	(0.15	)	0.00	(f)	12.74	7.04		37,147	(1.83	)	2.18	(g)	77
	2016	10.64	(0.21	)	1.63		1.42		—		—		0.00	(f)	12.06	13.35		57,796	(1.85	)	2.17	(g)	60
Class I
	2021(d)	$12.94	$0.35		$3.83		$4.18		$(0.18	)	$(0.18	)	—		$16.94	32.35	%	$13,189	4.50	%(e)	1.50	%(e)(h)	51	%
	2020	13.36	0.00	(f)	(0.42	)	(0.42	)	—		—		$0.00	(f)	12.94	(3.14	)	8,333	0.01		1.46		59
	2019	14.27	(0.05	)	(0.85	)	(0.90	)	(0.01	)	(0.01	)	—		13.36	(6.30	)	15,555	(0.36	)	1.39	(g)	67
	2018	15.02	(0.06	)	(0.62	)	(0.68	)	(0.07	)	(0.07	)	0.00	(f)	14.27	(4.50	)	34,947	(0.39	)	1.28		105
	2017	14.05	(0.11	)	1.23		1.12		(0.15	)	(0.15	)	0.00	(f)	15.02	8.11		71,138	(0.83	)	1.18	(g)	77
	2016	12.27	(0.11	)	1.89		1.78		—		—		0.00	(f)	14.05	14.51		103,490	(0.85	)	1.17	(g)	60

†

(a)

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

(b)

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

(c)

The Fund incurred interest expense. For the fiscal year ended September 30, 2020, if interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.70% (Class AAA and Class A), 2.45% (Class C), and 1.45% (Class I). For the six months ended March 31, 2021 and the fiscal years ended September 30, 2019, 2018, 2017, and 2016, the effect of interest expense was minimal.

(d)

For the six months ended March 31, 2021, unaudited.

(e)

Annualized.

(f)

Amount represents less than $0.005 per share.

(g)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. If such credits had not been received the ratio of operating expenses to average net assets would have been 1.64% (Class AAA and Class A), 2.39% (Class C), and 1.40% (Class I) for the fiscal year ended September 30, 2019. For the fiscal years ended September 30, 2017 and 2016, there was no impact to the expense ratios.

(h)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $15,826 with the operating expenses net of reimbursement ratio of 1.18% for the six months ended March 31, 2021.

See accompanying notes to financial statements.

The Gabelli Focused Growth and Income Fund

Notes to Financial Statements (Unaudited)

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

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the financial statements.

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

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

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

●

Level 1 — quoted prices in active markets for identical securities;

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

●

Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

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. At March 31, 2021, the Fund did not hold any Level 3 securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2021 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 3/31/21
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$32,304,834		—		$32,304,834
Preferred Stocks (a)		4,385,355		—		4,385,355
U.S. Government Obligations		—		$512,967		512,967
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$36,690,189		$512,967		$37,203,156

(a)

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

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

Additional Information to Evaluate Qualitative Information.

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 are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

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

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to current year write-off of net operating loss. These reclassifications have no impact on the NAV of the Fund.

There was no distribution during the fiscal year ended September 30, 2020.

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

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, 2021:

		Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Investments		$25,581,491		$11,661,045		$(39,380)		$11,621,665

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended March 31, 2021, the Fund did not incur income tax, interest, or penalties. As of March 31, 2021, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

Effective January 21, 2021, the Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of Class I (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than an annual rate of 0.80% of the value of that class’s average daily net assets. This agreement is in effect through January 31, 2022 and may be terminated only by the Board before such time. During the six months ended March 31, 2021, the Adviser reimbursed expenses in the amount of $15,826 for Class I. In addition, the Fund has agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Class I Shares would not exceed 0.80% of the value of the Class I average daily net assets.

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

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2021, the Distributor retained a total of $2,187 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 2, 2022 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended March 31, 2021, there were no borrowings under the line of credit.

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

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

Transactions in shares of capital stock were as follows:

	Six Months Ended March 31, 2021 (Unaudited)						Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		6,236		$	93,842			31,364		$	432,781
Shares issued upon reinvestment of distributions		6,334			99,901			—			—
Shares redeemed		(221,736	)		(3,457,079	)		(276,063	)		(3,287,239	)
Net decrease		(209,166	)	$	(3,263,336	)		(244,699	)	$	(2,854,458	)
Class A
Shares sold		54,877		$	819,697			135,152		$	1,638,263
Shares issued upon reinvestment of distributions		5,016			80,274			—			—
Shares redeemed		(77,755	)		(1,139,794	)		(298,561	)		(3,687,198	)
Net decrease		(17,862	)	$	(239,823	)		(163,409	)	$	(2,048,935	)
Class C
Shares sold		15,683		$	192,042			36,416		$	397,493
Shares issued upon reinvestment of distributions		7,541			101,309			—			—
Shares redeemed		(112,690	)		(1,389,239	)		(629,588	)		(6,831,389	)
Net decrease		(89,466	)	$	(1,095,888	)		(593,172	)	$	(6,433,896	)
Class I
Shares sold		222,825		$	3,647,308			75,874		$	1,024,738
Shares issued upon reinvestment of distributions		7,256			119,598			—			—
Shares redeemed		(95,567	)		(1,464,184	)		(595,926	)		(7,544,188	)
Net increase/(decrease)		134,514		$	2,302,722			(520,052	)	$	(6,519,450	)

The Gabelli Focused Growth and Income Fund

Board Consideration and Re-Approval of Advisory Agreement (Unaudited)

During the six months ended March 31, 2021, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the directors (the Independent Board Members) who are not interested persons of the Fund. 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, 2020) of the Fund against eight 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 mid-cap core funds, regardless of asset size or primary channel of distribution, as represented by the Lipper Mid-Cap Core Index. The Independent Board Members noted that the Fund’s performance was in the third quartile for the one year and five year periods and the fourth quartile for the three 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 one year period, in the fourth quintile for the three year period, and in the fifth quintile for the five year period.

Profitability. The Independent Board Members reviewed summary data regarding the historical lack of 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 twelve 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 expense ratios were above 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.

The Gabelli Focused Growth and Income Fund

Board Consideration and Re-Approval of Advisory Agreement (Unaudited) (Continued)

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services, and an acceptable performance record that had begun to improve over the past year. 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 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 Agreements 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 Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

●

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

●

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

What do we do to protect your personal information?

THE GABELLI FOCUSED GROWTH AND INCOME FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Daniel M. Miller has been the portfolio manager of the Gabelli Focused Growth and Income Fund since the inception of the current investment strategy of the Fund. He currently serves as a portfolio manager of Gabelli Funds, LLC and is also a Managing Director of GAMCO Investors, Inc. Mr. Miller joined the Firm in 2002 and graduated magna cum laude with a degree in finance from the University of Miami in Coral Gables, Florida.

Gabelli Equity Series Funds, Inc.

THE GABELLI FOCUSED GROWTH AND INCOME FUND

One Corporate Center

Rye, New York 10580-1422

800-GABELLI (800-422-3554)

914-921-5118

info@gabelli.com

GABELLI.COM

Net Asset Value per share available daily

by calling 800-GABELLI after 7:00 P.M.

BOARD OF DIRECTORS
Mario J. Gabelli, CFA		Salvatore J. Zizza
Chairman and		Chairman,
Chief Executive Officer,		Zizza & Associates Corp.
GAMCO Investors, Inc.,
Executive Chairman,		OFFICERS
Associated Capital Group, Inc.		Bruce N. Alpert
		President
Elizabeth C. Bogan
Senior Lecturer,		John C. Ball
Princeton University		Treasurer

Anthony J. Colavita		Peter Goldstein
President,		Secretary
Anthony J. Colavita, P.C.
		Richard J. Walz
Vincent D. Enright		Chief Compliance Officer
Former Senior Vice
President and Chief		DISTRIBUTOR
Financial Officer,		G.distributors, LLC
KeySpan Corp.
		CUSTODIAN
John D. Gabelli		State Street Bank and Trust
Senior Vice President,		Company
G.research, LLC
		TRANSFER AGENT AND
Robert J. Morrissey		DIVIDEND DISBURSING AGENT
Partner,		DST Asset Manager
Morrissey, Hawkins & Lynch		Solutions, Inc.

Kuni Nakamura		LEGAL COUNSEL
President,		Skadden, Arps, Slate, Meagher &
Advanced Polymer, Inc.		Flom LLP

Anthonie C. van Ekris
Chairman,
BALMAC International, Inc.

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







GAB840Q121SR

The Gabelli Global Financial
Services Fund

Semiannual Report — March 31, 2021

Ian Lapey

Portfolio Manager

BA, Williams College

MS, Northeastern University

MBA, New York University

To Our Shareholders,

For the six months ended March 31, 2021, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Financial Services Fund was 55.3% compared with a total return of 40.7% for the Morgan Stanley Capital International (MSCI) World Financials Index. Other classes of shares are available. See page 2 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2021.

Comparative Results

Average Annual Returns through March 31, 2021 (a)(b) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance for periods of less than one year is not annualized.

							Since
							Inception
	Six Months		1 Year		2 Year		(10/1/18)
Class AAA (GAFSX)	55.29	%	82.93	%	11.41	%	4.97	%
MSCI World Financials Index (c)	40.74		62.65		13.63		2.97
Class A (GGFSX)	55.38		83.35		11.51		5.07
With sales charge (d)	46.45		72.81		8.25		2.61
Class C (GCFSX)	54.68		81.84		10.57		4.19
With contingent deferred sales charge (e)	53.68		80.84		10.57		4.19
Class I (GFSIX)	55.52		83.51		11.67		5.23

(a)

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

(b)

The Fund’s fiscal year ends September 30.

(c)

The MSCI World Financials Index captures large and mid cap securities in the Financials sector across 23 Developed Markets countries. You cannot invest directly in an index.

(d)

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

(e)

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

In the current prospectuses dated January 28, 2021, the gross expense ratios for Class AAA, A, C, and I Shares are 2.51%, 2.51%, 3.26%, and 2.26%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) are 1.25%, 1.25%, 2.00%, and 1.00%, respectively. See page 8 for the expense ratios for the six months ended March 31, 2021. The contractual reimbursements are in effect through January 31, 2022. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

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

The Gabelli Global Financial Services Fund
Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from October 1, 2020 through March 31, 2021

Expense Table

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

Hypothetical 5% Return: This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

	Beginning	Ending	Annualized		Expenses
	Account Value	Account Value	Expense		Paid During
	10/01/20	03/31/21	Ratio		Period*
The Gabelli Global Financial Services Fund
Actual Fund Return
Class AAA	$1,000.00	$1,552.90	1.25	%	$	7.96
Class A	$1,000.00	$1,553.80	1.25	%	$	7.96
Class C	$1,000.00	$1,546.80	2.00	%	$	12.70
Class I	$1,000.00	$1,555.20	1.00	%	$	6.37
Hypothetical 5% Return
Class AAA	$1,000.00	$1,018.70	1.25	%	$	6.29
Class A	$1,000.00	$1,018.70	1.25	%	$	6.29
Class C	$1,000.00	$1,014.96	2.00	%	$	10.05
Class I	$1,000.00	$1,019.95	1.00	%	$	5.04

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of March 31, 2021:

The Gabelli Global Financial Services Fund
Banks	22.1	%
Diversified Banks	16.9	%
Investment Management	15.9	%
Life Insurance	9.1	%
Institutional Brokerage	9.0	%
Institutional Trust, Fiduciary, and Custody	7.7	%


Consumer Finance	6.4	%
Automobiles	5.4	%
Homebuilders	5.2	%
U.S. Government Obligations	2.4	%
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

Proxy Voting

The Gabelli Global Financial Services Fund
Schedule of Investments — March 31, 2021 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 97.7%
		Automobiles — 5.4%
	7,000	Daimler AG	$	378,427	$	623,958
	3,650	Toyota Motor Corp., ADR		456,455		569,619
				834,882		1,193,577
		Banks — 22.1%
	58,000	Banco Bilbao Vizcaya Argentaria SA		311,825		301,041
	19,950	CIT Group Inc.		377,937		1,027,625
	98,000	Commerzbank AG†		666,464		600,826
	251,500	Dah Sing Banking Group Ltd.		265,573		284,689
	192,600	Dah Sing Financial Holdings Ltd.		816,775		634,229
	26,200	ING Groep NV		203,976		320,520
	25,700	Japan Post Bank Co. Ltd.		282,620		246,961
	18,600	Shinhan Financial Group Co. Ltd., ADR†		637,036		623,844
	28,900	Shinsei Bank Ltd.†		426,982		466,942
	7,400	Webster Financial Corp.		220,568		407,814
				4,209,756		4,914,491
		Consumer Finance — 6.4%
	18,400	Ally Financial Inc.		449,620		831,864
	4,700	Capital One Financial Corp.		376,974		597,981
				826,594		1,429,845
		Diversified Banks — 16.9%
	262,500	Barclays plc		545,594		672,812
	12,650	Citigroup Inc.		758,072		920,288
	42,600	Credit Agricole SA†		498,451		616,719
	223,000	Natwest Group plc		559,553		603,327
	12,510	Societe Generale SA†		338,393		327,372
	89,100	Standard Chartered plc		627,730		613,552
				3,327,793		3,754,070
		Homebuilders — 5.2%
	3,010	Cavco Industries Inc.†		414,062		679,086
	27,409	Legacy Housing Corp.†		338,783		485,962
				752,845		1,165,048
		Institutional Brokerage — 9.0%
	37,700	Credit Suisse Group AG, ADR		392,538		399,620
	104,900	Daiwa Securities Group Inc.		562,038		542,003
	34,810	Jefferies Financial Group Inc.		700,918		1,047,781
				1,655,494		1,989,404

					Market
Shares			Cost		Value
		Institutional Trust, Fiduciary, and Custody — 7.7%
	8,450	State Street Corp.	$	444,650	$	709,885
	21,150	The Bank of New York Mellon Corp.		981,482		1,000,184
				1,426,132		1,710,069
		Insurance — 7.7%
	173,117	Aegon NV		748,027		822,208
	17,929	NN Group NV		715,903		876,546
				1,463,930		1,698,754
		Investment Management — 15.9%
	30,750	Franklin Resources Inc.		830,188		910,200
	26,900	Janus Henderson Group plc		570,948		837,935
	42,200	Waddell & Reed Financial Inc., Cl. A		615,198		1,057,110
	49,829	Westwood Holdings Group Inc.		695,728		720,527
				2,712,062		3,525,772
		Reinsurance — 1.4%
	6,400	Axis Capital Holdings Ltd.		311,232		317,248
		TOTAL COMMON STOCKS		17,520,720		21,698,278

Principal
Amount
	U.S. GOVERNMENT OBLIGATIONS — 2.4%
$525,000	U.S. Treasury Bills,
	0.021% to 0.027%††,
	05/06/21 to 05/20/21		524,985		524,992



	TOTAL
	INVESTMENTS — 100.1%	$	18,045,705		22,223,270

	Other Assets and Liabilities (Net) — (0.1)%				(25,612	)
	NET ASSETS — 100.0%			$	22,197,658

†

Non-income producing security.

††

Represents annualized yields at dates of purchase.

ADR

American Depositary Receipt

See accompanying notes to financial statements.

The Gabelli Global Financial Services Fund

Statement of Assets and Liabilities
March 31, 2021 (Unaudited)
Assets:
Investments, at value (cost $18,045,705)	$	22,223,270
Receivable for investments sold		21,920
Receivable for Fund shares sold		10,501
Receivable from Adviser		15,673
Dividends and interest receivable		76,471
Prepaid expenses		23,591
Total Assets		22,371,426
Liabilities:
Cash overdraft		5,967
Foreign currency overdraft, at value (cost $10)		10
Payable for investments purchased		73,299
Payable for Fund shares redeemed		10,131
Payable for investment advisory fees		18,840
Payable for distribution fees		65
Payable for legal and audit fees		13,939
Payable for shareholder communications expenses		36,077
Payable for custodian fees		9,597
Other accrued expenses		5,843
Total Liabilities		173,768
Net Assets
(applicable to 2,049,030 shares outstanding)	$	22,197,658
Net Assets Consist of:
Paid-in capital	$	19,416,610
Total distributable earnings		2,781,048
Net Assets	$	22,197,658
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($318,279 ÷ 29,347.93 shares outstanding; 120,000,000 shares authorized)	$	10.85
Class A:
Net Asset Value and redemption price per share ($23,991 ÷ 2,201 shares outstanding; 60,000,000 shares authorized)	$	10.90
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	11.56
Class C:
Net Asset Value and offering price per share ($1,108 ÷ 102.76 shares outstanding; 20,000,000 shares authorized)	$	10.78	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($21,854,280 ÷ 2,017,378 shares outstanding; 150,000,000 shares authorized)	$	10.83

(a)

Redemption price varies based on the length of time held.

Statement of Operations

For the Six Months Ended March 31, 2021 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $4,663)	$	246,565
Interest		84
Total Investment Income		246,649
Expenses:
Investment advisory fees		91,476
Distribution fees - Class AAA		148
Distribution fees - Class A		14
Distribution fees - Class C		5
Registration expenses		30,506
Shareholder communication expenses		19,200
Legal and audit fees		17,264
Custodian fees		6,692
Shareholder services fees		5,972
Directors’ fees		623
Miscellaneous expenses		6,081
Total Expenses		177,981
Less:
Expense reimbursements (See Note 3)		(85,635	)
Expenses paid indirectly by broker
(See Note 6)		(703	)
Total Reductions		(86,338	)
Net Expenses		91,643
Net Investment Income		155,006
Net Realized and Unrealized Gain/(Loss) on
Investments and Foreign Currency:
Net realized loss on investments		(272,706	)
Net realized gain on foreign currency transactions		75
Net realized loss on investments and foreign currency transactions		(272,631	)
Net change in unrealized appreciation/depreciation:
on investments		7,720,866
on foreign currency translations		(279	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		7,720,587
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		7,447,956
Net Increase in Net Assets Resulting from Operations	$	7,602,962

See accompanying notes to financial statements.

The Gabelli Global Financial Services Fund

Statement of Changes in Net Assets

	Six Months Ended
	March 31, 2021				Year Ended
	(Unaudited)				September 30, 2020
Operations:
Net investment income		$	155,006			$	255,051
Net realized loss on investments and foreign currency transactions			(272,631	)			(1,019,053	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			7,720,587				(2,603,272	)
Net Increase/(Decrease) in Net Assets Resulting from Operations			7,602,962				(3,367,274	)
Distributions to Shareholders:
Class AAA			(858	)			(1,646	)
Class A			(92	)			(264	)
Class C			(8	)			(17	)
Class I			(285,578	)			(377,283	)
Total Distributions to Shareholders			(286,536	)			(379,210	)

Capital Share Transactions:
Class AAA			235,541				(63,425	)
Class A			11,932				(8,303	)
Class C			8				17
Class I			1,132,578				4,081,055
Net Increase in Net Assets from Capital Share Transactions			1,380,059				4,009,344

Redemption Fees			—				503
Net Increase in Net Assets			8,696,485				263,363
Net Assets:
Beginning of year			13,501,173				13,237,810
End of period		$	22,197,658			$	13,501,173

See accompanying notes to financial statements.

The Gabelli Global Financial Services Fund
Financial Highlights

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

			Income (Loss) from Investment Operations								Distributions															Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Period		Net Investment Income(a)		Net Realized and Unrealized Gain/(Loss) on Investments			Total from Investment Operations			Net Investment Income			Total Distributions			Redemption Fees(a)			Net Asset Value, End of Period		Total Return †		Net Assets End of Period (in 000’s)		Net Investment Income	Operating Expenses Before Reimbursement	Operating Expenses Net of Reimbursement(b)	Portfolio Turnover Rate
Class AAA
2021 (c)	$	7.08	$	0.08	$	3.82		$	3.90		$	(0.13	)	$	(0.13	)		—		$	10.85	55.29	%	$	319	1.60%(d)	2.19%(d)	1.25%(d)(e)	11	%
2020		9.09		0.11		(1.90	)		(1.79	)		(0.22	)		(0.22	)	$	0.00	(f)		7.08	(20.33	)		47	1.34	2.51	1.25 (e)	18
2019 (g)		10.00		0.27		(1.15	)		(0.88	)		(0.03	)		(0.03	)		—			9.09	(8.76	)		134	3.01	2.32	1.25	14
Class A
2021 (c)	$	7.08	$	0.08	$	3.82		$	3.90		$	(0.08	)	$	(0.08	)		—		$	10.90	55.38	%	$	24	1.68%(d)	2.19%(d)	1.25%(d)(e)	11	%
2020		9.10		0.16		(1.94	)		(1.78	)		(0.24	)		(0.24	)	$	0.00	(f)		7.08	(20.24	)		8	1.12	2.51	1.25 (e)	18
2019 (g)		10.00		0.35		(1.22	)		(0.87	)		(0.03	)		(0.03	)		—			9.10	(8.71	)		10	3.77	2.32	1.25	14
Class C
2021 (c)	$	7.03	$	0.03	$	3.80		$	3.83		$	(0.08	)	$	(0.08	)		—		$	10.78	54.68	%	$	1	0.69%(d)	2.95%(d)	2.00%(d)(e)	11	%
2020		9.05		0.06		(1.91	)		(1.85	)		(0.17	)		(0.17	)	$	0.00	(f)		7.03	(20.97	)		1	0.76	3.26	2.00 (e)	18
2019 (g)		10.00		0.17		(1.11	)		(0.94	)		(0.01	)		(0.01	)		—			9.05	(9.39	)		1	1.85	3.08	2.00	14
Class I
2021 (c)	$	7.08	$	0.08	$	3.82		$	3.90		$	(0.15	)	$	(0.15	)		—		$	10.83	55.52	%	$	21,854	1.70%(d)	1.94%(d)	1.00%(d)(e)	11	%
2020		9.11		0.14		(1.91	)		(1.77	)		(0.26	)		(0.26	)	$	0.00	(f)		7.08	(20.17	)		13,445	1.84	2.26	1.00 (e)	18
2019 (g)		10.00		0.28		(1.13	)		(0.85	)		(0.04	)		(0.04	)		—			9.11	(8.51	)		13,093	3.05	2.07	1.00	14

†

(a)

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

(b)

Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $85,635, $174,126, and $124,154 for the six months ended March 31, 2021 and the fiscal years ended September 30, 2020, and 2019, respectively.

(c)

For the six months ended March 31, 2021, unaudited. (d) Annualized.

(e)

The Fund received credits from a designated broker who agreed to pay certain Fund expenses. For the six months ended March 31, 2021 and the fiscal year ended September 30, 2020, if credits had not been received, the expense ratios would have been 1.26% and 1.26% (Class AAA and Class A), 2.01% and 2.01% (Class C), and 1.01% and 1.01% (Class I), respectively.

(f)

Amount represents less than $0.005 per share.

(g)

The Fund commenced investment operations on October 1, 2018.

See accompanying notes to financial statements.

The Gabelli Global Financial Services Fund
Notes to Financial Statements (Unaudited)

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

The Gabelli Global Financial Services Fund
Notes to Financial Statements (Unaudited) (Continued)

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

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

●

Level 1 — quoted prices in active markets for identical securities;

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

●

Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

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. At March 31, 2021, the Fund did not hold any Level 3 securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2021 is as follows:

	Valuation Inputs
	Level 1	Level 2 Other Significant		Total Market Value
	Quoted Prices	Observable Inputs		at 3/31/21
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$21,698,278		—		$21,698,278
U.S. Government Obligations	—		$524,992		524,992
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$21,698,278		$524,992		$22,223,270

(a)

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

The Gabelli Global Financial Services Fund
Notes to Financial Statements (Unaudited) (Continued)

Additional Information to Evaluate Qualitative Information.

The Gabelli Global Financial Services Fund
Notes to Financial Statements (Unaudited) (Continued)

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

The Gabelli Global Financial Services Fund
Notes to Financial Statements (Unaudited) (Continued)

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

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

Provision for Income Taxes. The Fund intends 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, 2021:

		Gross	Gross
		Unrealized	Unrealized	Net Unrealized
	Cost	Appreciation	Depreciation	Appreciation
Investments	$18,059,921	$4,530,618	$(367,269)	$4,163,349

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, 2021, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2021, the Adviser has reviewed the current and previous tax periods and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state returns for the current and previous fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

The 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. As of September 30, 2020 the Fund had a short term capital loss carryforward with no expiration of $132,728 and qualified late year loss deferrals of $1,033,081.

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,

The Gabelli Global Financial Services Fund
Notes to Financial Statements (Unaudited) (Continued)

respectively. This arrangement is in effect through January 31, 2022. For the six months ended March 31, 2021, the Adviser reimbursed the Fund in the amount of $85,635. 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, 2021, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $383,915:

For the fiscal year ended September 30, 2019, expiring September 30, 2021		$124,154
For the fiscal year ended September 30, 2020, expiring September 30, 2022		174,126
For the six months ended March 31, 2021, expiring September 30, 2023		85,635
		$383,915

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

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2021, the Fund paid $1,506 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $77 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. The Adviser did not seek a reimbursement during the six months ended March 31, 2021.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 2, 2022 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “interest expense” in the Statement of Operations. During the six months ended March 31, 2021, there were no borrowings under the line of credit.

The Gabelli Global Financial Services Fund
Notes to Financial Statements (Unaudited) (Continued)

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, 2021, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

	Year Ended
	March 31, 2021					Year Ended
	(Unaudited)					September 30, 2020
	Shares		Amount			Shares		Amount
Class AAA
Shares sold	23,922		$	249,627		9,216		$	71,042
Shares issued upon reinvestment of distributions	96			858		171			1,647
Shares redeemed	(1,400	)		(14,944	)	(17,429	)		(136,114	)
Net increase/(decrease)	22,618		$	235,541		(8,042	)	$	(63,425	)

Class A
Shares sold	1,102		$	11,923		9,324		$	59,425
Shares issued upon reinvestment of distributions	10			92		28			264
Shares redeemed	(9	)		(83	)	(9,349	)		(67,992	)
Net increase/(decrease)	1,103		$	11,932		3		$	(8,303	)

Class C
Shares issued upon reinvestment of distributions	1		$	8		2		$	17
Net increase	1		$	8		2		$	17

Class I
Shares sold	91,411		$	883,680		454,386		$	3,950,997
Shares issued upon reinvestment of distributions	31,795			283,930		39,081			374,401
Shares redeemed	(3,781	)		(35,032	)	(32,357	)		(244,343	)
Net increase	119,425		$	1,132,578		461,110		$	4,081,055

9. Significant Shareholder. As of March 31, 2021, approximately 74.54% of the Fund was beneficially owned by the Adviser and its affiliates.

The Gabelli Global Financial Services Fund
Board Consideration and Re-Approval of Advisory Agreement (Unaudited)

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, 2020) of the Fund against a peer group of 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 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 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 third quintile for the one year and three year periods. The Independent Board Members noted that at its current size, the Fund was not competitive among its peer groups and encouraged the Adviser to explore ways to increase the size of the Fund.

Profitability. The Independent Board Members reviewed summary data regarding the 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 two other global financial services funds and seven 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 below 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

The Gabelli Global Financial Services Fund
Board Consideration and Re-Approval of Advisory Agreement (Unaudited) (Continued)

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 and good ancillary services. The Independent Board Members noted the reasons for the Fund’s underperformance and the steps the Adviser was taking to improve performance and indicated that they would continue to evaluate the Fund. The Independent Board Members also concluded that the Fund’s expense ratios and profitability to the Adviser were acceptable, and that economies of scale were not a significant factor in their thinking at this time. The 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 investment management 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 Members based its decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

●

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

●

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

What do we do to protect your personal information?

THE GABELLI GLOBAL FINANCIAL SERVICES FUND
One Corporate Center
Rye, NY 10580-1422

Portfolio Manager Biography

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

Gabelli Equity Series Funds, Inc.

THE GABELLI GLOBAL FINANCIAL SERVICES FUND

One Corporate Center

Rye, New York 10580-1422

800-GABELLI (800-422-3554)

914-921-5118

info@gabelli.com
GABELLI.COM

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

BOARD OF DIRECTORS
Mario J. Gabelli, CFA	Salvatore J. Zizza
Chairman and	Chairman,
Chief Executive Officer,	Zizza & Associates Corp.
GAMCO Investors, Inc.
Executive Chairman,	OFFICERS
Associated Capital Group, Inc.	Bruce N. Alpert
	President
Elizabeth C. Bogan
Senior Lecturer,	John C. Ball
Princeton University	Treasurer
Anthony J. Colavita	Peter Goldstein
President,	Secretary
Anthony J. Colavita, P.C.	Richard J. Walz
Vincent D. Enright	Chief Compliance Officer
Former Senior Vice
	DISTRIBUTOR
President and Chief
Financial Officer,	G.distributors, LLC
KeySpan Corp.
	CUSTODIAN
John D. Gabelli	State Street Bank and Trust
Senior Vice President,	Company
G.research, LLC
	TRANSFER AGENT AND
Robert J. Morrissey	DIVIDEND DISBURSING AGENT
Partner,
	DST Asset Manager
Morrissey, Hawkins & Lynch	Solutions, Inc.

Kuni Nakamura
President,	LEGAL COUNSEL
Advanced Polymer, Inc.	Skadden, Arps, Slate, Meagher &
	Flom LLP
Anthonie C. van Ekris
Chairman,
BALMAC International, Inc.

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

GAB3630Q121SR

(GRAPHIC)

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

The Gabelli Small Cap Growth Fund

Schedule of Investments — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 99.5%
		Aerospace — 1.1%
	451,000	Aerojet Rocketdyne Holdings Inc.	$	1,589,054	$	21,178,960
	20,000	Allied Motion Technologies Inc.		664,462		1,026,600
	40,000	Innovative Solutions and Support Inc.		130,088		252,800
				2,383,604		22,458,360
		Agriculture — 0.0%
	12,000	Cadiz Inc.†		93,950		115,080
	18,000	Limoneira Co.		323,244		315,000
				417,194		430,080
		Automotive — 0.2%
	20,000	Navistar International Corp.†		156,465		880,600
	1,200	PACCAR Inc.		44,521		111,504
	83,000	The Shyft Group Inc.		430,418		3,087,600
				631,404		4,079,704
		Automotive: Parts and Accessories — 4.1%
	150,000	BorgWarner Inc.		704,973		6,954,000
	88,022	China Automotive Systems Inc.†		420,368		417,224
	1,110,000	Dana Inc.		9,031,850		27,006,300
	848,000	Freni Brembo SpA†		1,568,167		10,561,055
	385,000	Modine Manufacturing Co.†		3,507,189		5,686,450
	18,000	Monro Inc.		80,738		1,184,400
	4,300	O’Reilly Automotive Inc.†		92,532		2,181,175
	45,000	Puradyn Filter Technologies Inc.†		11,732		608
	191,900	Standard Motor Products Inc.		1,468,735		7,979,202
	244,000	Strattec Security Corp.†(a)		4,677,938		11,443,600
	314,000	Tenneco Inc., Cl. A†		1,330,279		3,366,080
	19,200	Thor Industries Inc.		177,821		2,587,008
	20,000	Uni-Select Inc.†		161,317		144,346
				23,233,639		79,511,448
		Aviation: Parts and Services — 3.5%
	20,000	AAR Corp.†		230,415		833,000
	9,500	Astronics Corp.†		13,628		171,380
	22,700	Astronics Corp., Cl. B†		31,898		409,735
	46,000	Ducommun Inc.†		918,285		2,760,000
	679,600	Kaman Corp.		10,234,048		34,856,684
	89,000	Moog Inc., Cl. A		1,052,574		7,400,350
	16,500	Moog Inc., Cl. B		496,050		1,369,500
	3,000,000	Signature Aviation plc†		6,849,866		16,721,039
	32,500	Woodward Inc.		273,304		3,920,475
				20,100,068		68,442,163
		Broadcasting — 2.0%
	123,000	Beasley Broadcast Group Inc., Cl. A†		470,120		348,090
	10,000	Cogeco Communications Inc.		340,851		938,967

Shares			Cost		Market Value
	23,300	Cogeco Inc.	$	592,837	$	1,797,513
	185,000	Corus Entertainment Inc., Cl. B.		679,390		842,047
	40,000	Fox Corp., Cl. A		1,662,000		1,444,400
	25,000	Gray Television Inc.		73,674		460,000
	72,350	Gray Television Inc., Cl. A		386,480		1,259,614
	260,000	ITV plc†		529,070		430,661
	13,000	Liberty Broadband Corp., Cl. A†		78,211		1,886,950
	11,000	Liberty Broadband Corp., Cl. C†		57,595		1,651,650
	20,000	Liberty Media Corp.-Liberty Formula One, Cl. A†		66,962		764,400
	27,000	Liberty Media Corp.-Liberty Formula One, Cl. C†		91,359		1,168,830
	64,000	Liberty Media Corp.-Liberty SiriusXM, Cl. A†		214,254		2,821,120
	34,452	Liberty Media Corp.-Liberty SiriusXM, Cl. C†		294,603		1,519,678
	33,000	Madison Square Garden Entertainment Corp.†		0		2,699,400
	345,000	MSG Networks Inc., Cl. A†		2,147,239		5,188,800
	22,900	Nexstar Media Group Inc., Cl. A		1,439,565		3,215,847
	130,000	Salem Media Group Inc.†		0		382,200
	225,000	Sinclair Broadcast Group Inc., Cl. A		3,257,418		6,583,500
	480,000	Sirius XM Holdings Inc.		316,771		2,923,200
				12,698,399		38,326,867
		Building and Construction — 6.7%
	79,000	Arcosa Inc.		942,643		5,142,110
	96,000	D.R. Horton Inc.		1,051,872		8,555,520
	28,000	Gibraltar Industries Inc.†		524,580		2,562,280
	359,500	Herc Holdings Inc.†		11,968,511		36,428,135
	128,000	KB Home		1,271,387		5,955,840
	2,500	Legacy Housing Corp.†		29,404		44,325
	390,000	Lennar Corp., Cl. B		9,481,128		32,112,600
	110,160	MDC Holdings Inc.		2,033,587		6,543,504
	18,500	Meritage Homes Corp.†		316,744		1,700,520
	2,700	NVR Inc.†		1,908,453		12,719,511
	150,000	PulteGroup Inc.		915,164		7,866,000
	64,000	Titan Machinery Inc.†		1,057,708		1,632,000
	158,000	Toll Brothers Inc.		2,825,962		8,963,340
				34,327,143		130,225,685
		Business Services — 3.2%
	13,000	ACCO Brands Corp.		60,332		109,720
	570,000	Clear Channel Outdoor Holdings Inc.†		1,214,257		1,026,000
	395,000	Diebold Nixdorf Inc.†		3,932,038		5,581,350
	62,000	Element Solutions Inc.		557,626		1,133,980
	70,000	GP Strategies Corp.†		579,429		1,221,500
	13,000	GSE Systems Inc.†		18,200		22,100
	199,000	IAA Inc.†		1,619,256		10,972,860
	50,000	Live Nation Entertainment Inc.†		423,371		4,232,500
	40,000	Loomis AB		402,123		1,216,472

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Business Services (Continued)
	165,000	Macquarie Infrastructure Corp.	$	13,706	$	5,248,650
	16,000	McGrath RentCorp		411,253		1,290,400
	20,000	Sealed Air Corp.		587,044		916,400
	71,000	Sohgo Security Services Co. Ltd.		823,820		3,353,624
	8,000	Stamps.com Inc.†		66,565		1,596,080
	92,000	Team Inc.†		1,244,901		1,060,760
	350,000	The Interpublic Group of Companies Inc.		1,483,114		10,220,000
	25,000	TransAct Technologies Inc.†		115,198		271,750
	1,640,000	Trans-Lux Corp.†(a)		1,615,044		557,600
	36,100	United Rentals Inc.†		224,528		11,888,091
				15,391,805		61,919,837
		Cable — 0.7%
	53,500	AMC Networks Inc., Cl. A†		0		2,844,060
	39,000	DISH Network Corp., Cl. A†		726,991		1,411,800
	30,000	EchoStar Corp., Cl. A†		479,334		720,000
	121,000	Liberty Global plc, Cl. A†		2,700,564		3,104,860
	140,000	Liberty Global plc, Cl. C†		2,647,571		3,575,600
	85,000	WideOpenWest Inc.†		661,872		1,155,150
				7,216,332		12,811,470
		Communications Equipment — 0.1%
	242,000	Communications Systems Inc.		1,610,888		1,442,320
		Computer Software and Services — 2.0%
	78,000	Activision Blizzard Inc.		1,021,036		7,254,000
	390,000	Alithya Group Inc., Cl. A†		1,196,401		947,700
	70,000	Avid Technology Inc.†		334,865		1,477,700
	155,000	GTY Technology Holdings Inc.†		1,436,675		990,450
	12,500	MKS Instruments Inc.		217,798		2,317,750
	38,000	Rockwell Automation Inc.		893,367		10,086,720
	38,000	Tyler Technologies Inc.†		76,025		16,132,140
				5,176,167		39,206,460
		Consumer Products — 2.6%
	35,000	1-800-Flowers.com Inc., Cl. A†		336,212		966,350
	78,500	Brunswick Corp.		1,843,663		7,486,545
	32,000	Chofu Seisakusho Co. Ltd.		461,495		628,006
	41,000	Church & Dwight Co. Inc.		69,785		3,581,350
	17,000	Energizer Holdings Inc.		709,960		806,820
	5,000	Ginko International Co. Ltd.		35,851		31,542
	2,000	Harley-Davidson Inc.		4,713		80,200
	116,000	Hunter Douglas NV†		4,828,131		9,141,431
	2,500	Kobayashi Pharmaceutical Co. Ltd.		103,323		233,235
	3,800	LCI Industries		62,898		502,664
	220,000	Marine Products Corp.		136,308		3,579,400
	3,000	National Presto Industries Inc.		83,060		306,210
	225,000	Sally Beauty Holdings Inc.†		1,254,231		4,529,250

Shares			Cost		Market Value
	215,000	Samick Musical Instruments Co. Ltd.	$	289,566	$	305,854
	3,700	Shimano Inc.		414,540		881,350
	13,500	Steven Madden Ltd.		32,850		503,010
	102,000	Swedish Match AB		1,947,751		7,962,901
	10,000	The Scotts Miracle-Gro Co.		174,942		2,449,700
	9,500	WD-40 Co.		248,399		2,908,710
	85,000	Wolverine World Wide Inc.		413,704		3,257,200
				13,451,382		50,141,728
		Consumer Services — 1.0%
	53,000	Bowlin Travel Centers Inc.†		53,947		166,950
	3,000	H&E Equipment Services Inc.		67,163		114,000
	5,000	IAC/InterActiveCorp.†		16,882		1,081,550
	260,000	KAR Auction Services Inc.†		1,330,391		3,900,000
	412,000	Rollins Inc.		395,943		14,181,040
				1,864,326		19,443,540
		Diversified Industrial — 10.9%
	10,500	Acuity Brands Inc.		99,097		1,732,500
	57,500	Albany International Corp., Cl. A		1,140,776		4,799,525
	233,496	Ampco-Pittsburgh Corp.†		1,346,333		1,576,098
	65,500	Burnham Holdings Inc., Cl. A		1,131,374		871,150
	359,000	Crane Co.		7,725,236		33,713,690
	108,000	EnPro Industries Inc.		5,761,157		9,209,160
	115,000	Greif Inc., Cl. A		2,267,516		6,555,000
	96,362	Greif Inc., Cl. B		4,378,812		5,515,761
	1,378,000	Griffon Corp.		15,500,530		37,440,260
	186,000	Jardine Strategic Holdings Ltd.		3,374,300		6,141,720
	5,000	JSP Corp.		111,873		83,992
	83,000	Kimball International Inc., Cl. B		785,684		1,162,000
	75,000	L.B. Foster Co., Cl. A†		1,029,012		1,342,500
	51,000	Lawson Products Inc.†		670,308		2,644,860
	50,500	Lincoln Electric Holdings Inc.		1,298,789		6,208,470
	40,000	Lindsay Corp.		851,873		6,664,800
	22,500	Lydall Inc.†		227,621		759,150
	30,000	Matthews International Corp., Cl. A		700,744		1,186,500
	922,000	Myers Industries Inc.		12,671,530		18,218,720
	72,000	Oil-Dri Corp. of America		501,026		2,479,680
	14,000	Olin Corp.		221,218		531,580
	300,000	Park-Ohio Holdings Corp.		2,642,414		9,447,000
	12,500	Pentair plc		296,897		779,000
	94,000	Raven Industries Inc.†		2,319,682		3,603,020
	15,600	Roper Technologies Inc.		293,574		6,292,104
	69,000	Sonoco Products Co.		2,033,683		4,367,700
	53,000	Standex International Corp.		1,391,239		5,065,210
	155,000	Steel Connect Inc.†		228,451		306,900
	75,029	Steel Partners Holdings LP†		903,428		1,031,649
	13,000	T. Hasegawa Co. Ltd.		236,726		248,318
	7,000	Terex Corp.		166,670		322,490
	342,500	Textron Inc.		2,079,106		19,207,400

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Diversified Industrial (Continued)
	385,000	Tredegar Corp.	$	5,966,471	$	5,778,850
	228,000	Trinity Industries Inc.		2,595,295		6,495,720
	48,000	Ultra Electronics Holdings plc		962,561		1,341,984
				83,911,006		213,124,461
		Electronics — 2.0%
	138,500	Badger Meter Inc.		1,768,846		12,890,195
	214,000	Bel Fuse Inc., Cl. A(a)		4,054,114		3,826,320
	478,000	CTS Corp.		4,119,033		14,846,680
	30,000	Daktronics Inc.†		250,418		188,100
	115,000	Gentex Corp.		1,162,259		4,102,050
	20,000	IMAX Corp.†		158,565		402,000
	30,000	Renesas Electronics Corp.†		194,117		325,130
	68,000	Stoneridge Inc.†		352,169		2,163,080
				12,059,521		38,743,555
		Energy and Utilities — 2.3%
	19,000	Avangrid Inc.		736,250		946,390
	25,000	Callon Petroleum Co.†		174,121		963,750
	16,000	Chesapeake Utilities Corp.		208,066		1,857,280
	35,500	CMS Energy Corp.		181,989		2,173,310
	11,000	Consolidated Water Co. Ltd.		141,093		147,950
	100,000	Covanta Holding Corp.		24,597		1,386,000
	46,000	Diamondback Energy Inc.		2,289,635		3,380,540
	35,500	Dril-Quip Inc.†		1,314,846		1,179,665
	74,000	Energy Recovery Inc.†		316,427		1,357,160
	24,000	Landis+Gyr Group AG		1,466,993		1,614,982
	25,000	Marathon Petroleum Corp.		123,445		1,337,250
	31,000	Middlesex Water Co.		523,319		2,449,620
	11,000	Northwest Natural Holding Co.		518,541		593,450
	21,500	NorthWestern Corp.		582,609		1,401,800
	16,000	Otter Tail Corp.		317,433		738,720
	6,000	PNM Resources Inc.		47,396		294,300
	1,850,000	RPC Inc.†		864,702		9,990,000
	20,000	Siemens Gamesa Renewable Energy SA†		117,491		773,982
	89,000	SJW Group		1,619,026		5,606,110
	32,500	Southwest Gas Holdings Inc.		533,592		2,233,075
	9,000	Spire Inc.		354,680		665,010
	34,000	The York Water Co.		475,596		1,664,980
	11,000	Vestas Wind Systems A/S		94,711		2,257,833
				13,026,558		45,013,157
		Entertainment — 1.4%
	43,000	Discovery Inc., Cl. A†		624,892		1,868,780
	70,000	Discovery Inc., Cl. C†		461,173		2,582,300
	76,500	Inspired Entertainment Inc.†		479,260		710,685
	97,500	Liberty Media Corp.-Liberty Braves, Cl. A†		2,180,926		2,779,725
	197,000	Liberty Media Corp.-Liberty Braves, Cl. C†		2,839,832		5,480,540

Shares			Cost		Market Value
	34,000	Madison Square Garden Sports Corp.†	$	186,907	$	6,101,640
	49,000	Manchester United plc, Cl. A		769,321		771,260
	10,000	Take-Two Interactive Software Inc.†		75,380		1,767,000
	4,000	The Walt Disney Co.†		22,938		738,080
	36,000	Universal Entertainment Corp.†		217,230		877,200
	68,000	World Wrestling Entertainment Inc., Cl. A		717,033		3,689,680
				8,574,892		27,366,890
		Environmental Services — 0.4%
	32,000	Primo Water Corp.		208,730		520,320
	76,000	Republic Services Inc.		686,533		7,550,600
				895,263		8,070,920
		Equipment and Supplies — 15.0%
	25,500	A.O. Smith Corp.		57,150		1,724,055
	414,000	AMETEK Inc.		704,459		52,880,220
	52,000	AZZ Inc.		1,771,545		2,618,200
	14,500	Chart Industries Inc.†		476,653		2,064,075
	144,000	CIRCOR International Inc.†		2,183,088		5,014,080
	325,000	Core Molding Technologies Inc.†		690,461		3,811,113
	138,500	Crown Holdings Inc.		559,314		13,440,040
	2,025	Danaher Corp.		13,122		455,787
	100,000	Donaldson Co. Inc.		575,112		5,816,000
	57,000	Entegris Inc.		243,736		6,372,600
	250,000	Federal Signal Corp.		1,335,797		9,575,000
	241,000	Flowserve Corp.		1,445,694		9,353,210
	174,000	Franklin Electric Co. Inc.		679,384		13,735,560
	472,000	Graco Inc.		2,839,862		33,804,640
	38,500	IDEX Corp.		141,072		8,058,820
	161,000	Interpump Group SpA		726,682		8,114,826
	8,000	Littelfuse Inc.		69,716		2,115,520
	110,000	Maezawa Kyuso Industries Co. Ltd.		359,609		1,137,503
	63,000	Minerals Technologies Inc.		2,717,321		4,745,160
	6,000	MSA Safety Inc.		179,592		900,120
	686,000	Mueller Industries Inc.		18,074,327		28,366,100
	365,000	Mueller Water Products Inc., Cl. A		2,505,408		5,069,850
	3,600	Teleflex Inc.		54,840		1,495,656
	173,000	Tennant Co.		2,935,527		13,820,970
	772,500	The Gorman-Rupp Co.		12,121,295		25,577,475
	98,000	The Greenbrier Companies Inc.		1,137,850		4,627,560
	110,003	The L.S. Starrett Co., Cl. A†		803,564		709,519
	30,000	The Manitowoc Co. Inc.†		283,157		618,600
	61,000	The Middleby Corp.†		700,167		10,110,750
	35,500	The Timken Co.		1,180,616		2,881,535
	30,000	The Toro Co.		524,020		3,094,200
	7,000	Valmont Industries Inc.		145,926		1,663,690
	4,500	Vicor Corp.†		21,045		382,635

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Equipment and Supplies (Continued)
	7,875	Watsco Inc., Cl. B	$	23,627	$	2,058,446
	55,000	Watts Water Technologies Inc., Cl. A		1,044,108		6,534,550
				59,324,846		292,748,065
		Financial Services — 4.3%
	5,000	Alleghany Corp.†		762,027		3,131,450
	8,240	Ameris Bancorp		71,898		432,682
	25,000	Argo Group International Holdings Ltd.		493,734		1,258,000
��	12,000	Capitol Federal Financial Inc.		120,000		158,940
	22,000	Crazy Woman Creek Bancorp Inc.		343,564		527,450
	325,000	Energy Transfer LP		0		2,496,000
	130	Farmers & Merchants Bank of Long Beach		846,022		1,004,900
	329,950	Flushing Financial Corp.		5,378,313		7,004,839
	66,000	FNB Corp.		659,922		838,200
	220,000	GAM Holding AG†		794,162		579,125
	278,000	Hope Bancorp Inc.		3,087,049		4,186,680
	410,000	Huntington Bancshares Inc.		3,921,829		6,445,200
	721,000	KKR & Co. Inc.		3,052,031		35,220,850
	80,000	Medallion Financial Corp.†		362,763		564,000
	55,000	Pzena Investment Management Inc., Cl. A		456,506		579,150
	44,000	Sandy Spring Bancorp Inc.		1,491,612		1,910,920
	13,500	Sculptor Capital Management Inc.		301,309		295,380
	800	South State Corp.		58,904		62,808
	9,000	State Auto Financial Corp.		208,279		177,390
	400,000	Sterling Bancorp		4,300,863		9,208,000
	70,000	Synovus Financial Corp.		1,857,562		3,202,500
	16,000	TFS Financial Corp.		234,831		325,920
	15,000	Thomasville Bancshares Inc.		570,703		982,500
	230,000	Valley National Bancorp.		1,437,500		3,160,200
	35,500	Value Line Inc.		443,012		1,000,745
	10,000	Waterloo Investment Holdings Ltd.†(b)		1,373		3,000
	133,000	Wright Investors’ Service Holdings Inc.†		90,952		26,600
				31,346,720		84,783,429
		Food and Beverage — 6.4%
	425,000	Arca Continental SAB de CV		763,179		2,089,704
	80,000	Brown-Forman Corp., Cl. A		460,939		5,093,600
	42,000	Bull-Dog Sauce Co. Ltd.		120,234		1,024,538
	900,000	China Tontine Wines Group Ltd.†		94,571		7,178
	200,000	Chr. Hansen Holding A/S†		8,325,007		18,173,649
	283,000	Crimson Wine Group Ltd.†		2,484,231		1,881,950
	220,000	Denny’s Corp.†		736,620		3,984,200

Shares			Cost		Market Value
	500,000	Dynasty Fine Wines Group Ltd.†	$	74,726	$	31,836
	70,000	Farmer Brothers Co.†		770,486		730,800
	415,000	Flowers Foods Inc.		986,370		9,877,000
	116,500	ITO EN Ltd.		2,194,710		7,144,141
	46,000	Iwatsuka Confectionery Co. Ltd.		1,592,452		1,794,717
	23,000	J & J Snack Foods Corp.		509,737		3,611,690
	115,000	Kameda Seika Co. Ltd.		4,628,160		5,006,096
	267,000	Kikkoman Corp.		1,859,850		15,890,991
	700,000	Maple Leaf Foods Inc.		12,211,478		15,958,463
	6,000	MEIJI Holdings Co. Ltd.		117,526		385,821
	17,000	MGP Ingredients Inc.		23,756		1,005,550
	66,000	Morinaga Milk Industry Co. Ltd.		1,268,212		3,469,135
	45,000	Nissin Foods Holdings Co. Ltd.		1,497,492		3,336,645
	15,000	Post Holdings Inc.†		62,689		1,585,800
	75,000	Rock Field Co. Ltd.		505,724		1,142,696
	1,800	The Boston Beer Co. Inc., Cl. A†		34,506		2,171,304
	57,500	The J.M. Smucker Co.		1,332,411		7,275,475
	625,000	Tingyi (Cayman Islands) Holding Corp.		1,326,207		1,148,043
	36,051	Tootsie Roll Industries Inc.		313,205		1,194,371
	390,000	Vina Concha y Toro SA		716,197		669,637
	950,000	Vitasoy International Holdings Ltd.		542,729		3,653,799
	20,000	Willamette Valley Vineyards Inc.†		73,225		181,000
	100,000	Yakult Honsha Co. Ltd.		2,378,860		5,057,575
				48,005,489		124,577,404
		Health Care — 5.2%
	1,700	Align Technology Inc.†		11,859		920,601
	6,700	Bio-Rad Laboratories Inc., Cl. A†		283,604		3,826,839
	14,000	Bruker Corp.		114,310		899,920
	42,000	Cantel Medical Corp.†		416,122		3,353,280
	1,000	Chemed Corp.		13,731		459,820
	22,000	CONMED Corp.		452,985		2,872,980
	32,000	Covetrus Inc.†.		153,127		959,040
	421,000	Cutera Inc.†		5,548,403		12,651,050
	12,500	Dexcom Inc.†		68,464		4,492,375
	13,000	Evolent Health Inc., Cl. A†		138,590		262,600
	166,500	Globus Medical Inc., Cl. A†		3,773,762		10,268,055
	72,000	Henry Schein Inc.†		494,318		4,985,280
	28,500	ICU Medical Inc.†		926,671		5,855,040
	36,200	Masimo Corp.†		869,598		8,313,692
	80,000	Meridian Bioscience Inc.†		1,243,246		2,100,000
	24,000	Neogen Corp.†		485,992		2,133,360
	103,500	NuVasive Inc.†		2,717,209		6,785,460
	216,000	OPKO Health Inc.†		569,980		926,640
	129,000	Orthofix Medical Inc.†		2,865,834		5,592,150
	19,000	Patterson Cos. Inc.		414,269		607,050

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	79,000	Quidel Corp.†	$	350,658	$	10,106,470
	24,000	Seikagaku Corp.		280,995		224,123
	17,000	STERIS plc		1,267,180		3,238,160
	1,900	Straumann Holding AG		170,618		2,370,100
	3,000	Stryker Corp.		142,188		730,740
	84,000	Surgalign Holdings Inc.†		367,355		183,120
	30,000	SurModics Inc.†		608,729		1,682,100
	27,700	Teladoc Health Inc.†		926,029		5,034,475
	100	The Cooper Companies Inc.		3,627		38,409
	38,000	United-Guardian Inc.		332,419		575,700
				26,011,872		102,448,629
		Home Furnishings — 0.4%
	177,500	Bassett Furniture Industries Inc.		1,776,891		4,307,925
	6,000	Ethan Allen Interiors Inc.		139,850		165,660
	75,000	La-Z-Boy Inc.		1,235,427		3,186,000
				3,152,168		7,659,585
		Hotels and Gaming — 4.5%
	164,000	Boyd Gaming Corp.†		839,194		9,669,440
	191,040	Canterbury Park Holding Corp.†		1,967,490		2,613,427
	119,000	Churchill Downs Inc.		1,101,132		27,062,980
	120,000	Formosa International Hotels Corp.		775,629		656,082
	554,000	Full House Resorts Inc.†		1,622,914		4,714,540
	48,508	Gaming and Leisure Properties Inc., REIT		391,873		2,058,194
	800,000	Genting Singapore Ltd.		741,067		547,131
	164,000	Golden Entertainment Inc.†		1,391,785		4,142,640
	2,800,000	Mandarin Oriental International Ltd.†		3,853,577		4,984,000
	3,500	Penn National Gaming Inc.†		15,200		366,940
	308,000	Ryman Hospitality Properties Inc., REIT†		6,096,603		23,873,080
	2,700,000	The Hongkong & Shanghai Hotels Ltd.		2,773,764		2,684,684
	127,000	The Marcus Corp.†		1,342,952		2,538,730
	14,000	Wynn Resorts Ltd.†		0		1,755,180
				22,913,180		87,667,048
		Machinery — 3.0%
	343,000	Astec Industries Inc.		12,002,722		25,869,060
	1,427,000	CNH Industrial NV†		4,242,733		22,318,280
	90,000	Kennametal Inc.		1,650,215		3,597,300
	5,300	Nordson Corp.		90,324		1,053,004
	160,000	The Eastern Co.		3,114,959		4,288,000
	100,000	Twin Disc Inc.†		1,080,068		956,000
	100,000	Welbilt Inc.†		593,633		1,625,000
				22,774,654		59,706,644

Shares			Cost		Market Value
		Manufactured Housing and Recreational Vehicles — 1.3%
	71,000	Cavco Industries Inc.†	$	1,418,150	$	16,018,310
	70,000	Nobility Homes Inc.		764,895		2,170,000
	85,000	Skyline Champion Corp.†		500,100		3,847,100
	54,000	Winnebago Industries Inc.		622,276		4,142,340
				3,305,421		26,177,750
		Metals and Mining — 0.0%
	45,000	Ivanhoe Mines Ltd., Cl. A†		117,783		231,678
	95,000	Kinross Gold Corp.		412,123		633,650
	2,000	Turquoise Hill Resources Ltd.†		41,995		32,180
				571,901		897,508
		Publishing — 0.9%
	2,200	Graham Holdings Co., Cl. B		981,258		1,237,368
	5,000	John Wiley & Sons Inc., Cl. B		19,375		266,250
	18,500	Meredith Corp.†		260,981		550,930
	34,000	News Corp., Cl. A		48,038		864,620
	800,000	The E.W. Scripps Co., Cl. A		4,292,464		15,416,000
				5,602,116		18,335,168
		Real Estate — 2.5%
	78,500	Capital Properties Inc., Cl. A		935,416		981,250
	6,967	Gyrodyne LLC†		201,352		107,013
	263,306	Indus Realty Trust Inc., REIT		5,140,301		15,840,489
	18,300	Lamar Advertising Co., Cl. A, REIT		110,842		1,718,736
	90,000	Morguard Corp.		1,140,881		8,379,088
	3,500	Reading International Inc., Cl. B†		66,647		70,035
	13,500	Seritage Growth Properties, Cl. A, REIT†		202,725		247,725
	133,500	Tejon Ranch Co.†		3,089,239		2,234,790
	443,000	The St. Joe Co.		6,959,912		19,004,700
	100,000	Trinity Place Holdings Inc.†		352,475		209,000
				18,199,790		48,792,826
		Retail — 5.4%
	129,000	AutoNation Inc.†		2,094,018		12,025,380
	33,000	Big 5 Sporting Goods Corp.		223,191		518,100
	975	Biglari Holdings Inc., Cl. A†		605,755		658,632
	92,600	Copart Inc.†		801,700		10,057,286
	500	Hertz Global Holdings Inc.†		1,420		860
	525,000	Ingles Markets Inc., Cl. A		7,841,951		32,366,250
	39,000	Lands’ End Inc.†		532,514		967,590
	80,000	Movado Group Inc.		1,290,737		2,276,000
	155,500	Nathan’s Famous Inc.		187,982		9,810,495
	72,000	Penske Automotive Group Inc.		1,051,522		5,777,280
	93,000	Pets at Home Group plc		159,631		529,506
	351,000	Rush Enterprises Inc., Cl. B		2,518,485		15,826,590
	10,000	Salvatore Ferragamo SpA†		198,277		191,854
	64,000	The Cheesecake Factory Inc.†		1,124,249		3,744,640
	45,000	Tractor Supply Co.		386,105		7,968,600
	56,000	Village Super Market Inc., Cl. A		1,372,348		1,319,920

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Retail (Continued)
	100	Vroom Inc.†	$	2,200	$	3,899
	12,500	Weis Markets Inc.		350,853		706,500
	600	Winmark Corp.		41,191		111,858
				20,784,129		104,861,240
		Specialty Chemicals — 3.5%
	3,500	Albemarle Corp.		52,132		511,385
	28,000	Ashland Global Holdings Inc.		210,127		2,485,560
	1,697,000	Ferro Corp.†		8,260,323		28,611,420
	168,146	GCP Applied Technologies Inc.†		4,260,567		4,126,303
	278,000	H.B. Fuller Co.		3,451,731		17,488,980
	34,000	Hawkins Inc.		529,212		1,139,680
	65,000	Huntsman Corp.		211,485		1,873,950
	6,400	NewMarket Corp.		642,831		2,433,024
	9,200	Quaker Chemical Corp.		143,292		2,242,684
	58,500	Sensient Technologies Corp.		1,138,822		4,563,000
	2,500	Takasago International Corp.		66,073		59,359
	91,200	The General Chemical Group Inc.†		1,186		912
	140,000	Valvoline Inc.		415,026		3,649,800
				19,382,807		69,186,057
		Telecommunications — 0.9%
	74,000	Consolidated Communications Holdings Inc.†		478,442		532,800
	70,000	Gogo Inc.†		369,181		676,200
	162,000	HC2 Holdings Inc.†		508,522		638,280
	6,000	IDT Corp., Cl. B†		25,437		135,960
	71,500	Iridium Communications Inc.†		648,830		2,949,375
	50,000	Loral Space & Communications Inc.		1,661,975		1,883,500
	101,112	Nuvera Communications Inc.		808,593		2,376,132
	84,000	Rogers Communications Inc., Cl. B		302,780		3,872,400
	80,000	Shenandoah Telecommunications Co.		196,411		3,904,800
	710,000	VEON Ltd., ADR†		1,380,132		1,256,700
	4,000	Verizon Communications Inc.		17,565		232,600
				6,397,868		18,458,747
		Transportation — 1.9%
	384,000	GATX Corp.		10,993,602		35,612,160
	18,600	Irish Continental Group plc†		13,660		96,519
	91,053	Navigator Holdings Ltd.†		870,450		810,372
				11,877,712		36,519,051
		Wireless Communications — 0.1%
	51,000	United States Cellular Corp.†		1,965,959		1,860,480
		TOTAL COMMON STOCKS		558,586,223		1,945,438,276

Shares			Cost		Market Value
		CLOSED-END FUNDS — 0.2%
	55,000	The Central Europe, Russia, and Turkey Fund Inc.	$	1,214,513	$	1,324,400
	32,729	The European Equity Fund Inc.		325,355		348,708
	119,537	The New Germany Fund Inc.		1,659,113		2,363,246
		TOTAL CLOSED-END FUNDS		3,198,981		4,036,354

		PREFERRED STOCKS — 0.2%
		Automotive: Parts and Accessories — 0.2%
	105,000	Jungheinrich AG		718,782		5,048,474

		RIGHTS — 0.0%
		Entertainment — 0.0%
	1,680,000	Media General Inc., CVR†(b)		2		2

		WARRANTS — 0.0%
		Business Services — 0.0%
	1	Internap Corp., expire 05/08/24†(b)		0		652
		Diversified Industrial — 0.0%
	140,000	Ampco-Pittsburgh Corp., expire 08/01/25†		95,648		184,800
		TOTAL WARRANTS		95,648		185,452

		TOTAL MISCELLANEOUS INVESTMENTS — 0.2%(c).		2,485,938		3,243,476
		TOTAL INVESTMENTS — 100.1%	$	565,085,574		1,957,952,034

		Other Assets and Liabilities (Net) — (0.1)%				(2,201,196	)
		NET ASSETS — 100.0%			$	1,955,750,838

(a)

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

(b)

Security is valued under procedures adopted by the Board of Trustees and is classified as Level 3 in the fair value hierarchy.

(c)

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

†

Non-income producing security.

ADR

American Depositary Receipt

CVR

Contingent Value Right

REIT

Real Estate Investment Trust

See accompanying notes to financial statements.

(b)

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable.

Item 13. Exhibits.

(a)(1)

Not applicable.

(a)(2)

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

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

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

SIGNATURES

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

(Registrant)

Gabelli Equity Series Funds, Inc.

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

Date

May 28, 2021

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

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

Date

May 28, 2021

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

Date

May 28, 2021

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

Gabelli Small Cap Growth Fund (GABSX) N-CSRSCertified semi-annual shareholder report (management investment company)