Gabelli Small Cap Growth Fund NCSR Certified 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: September 30, 2020

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.

The Report to Shareholders is attached herewith.

The Gabelli Equity Income Fund

Annual Report — September 30, 2020

To Our Shareholders,

For the fiscal year ended September 30, 2020, the net asset value (NAV) total return per Class AAA Share of The Gabelli Equity Income Fund was 0.9% compared with a total return 15.2% for the Standard & Poor’s (S&P) 500 Index. Other classes of shares are available. See page 3 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of September 30, 2020.

Performance Discussion (Unaudited)

The Fund will seek to achieve its investment objective through a combination of capital appreciation and current income by investing, under normal market conditions, at least 80% of its net assets in income producing equity securities. Income producing equity securities include, for example, common stock, preferred stock, and convertible securities.

While change is constant, the fundamental underpinnings of common stock value investing remain unchanged. Our stock selection process is based on the investment principles first articulated in 1934 by the fathers of security analysis, Benjamin Graham and David Dodd. Their work provided the framework for value investing. Our Firm contributed to the academic and empirical research on value investing by introducing the concept of Private Market Value (PMV) with a Catalyst. This is our proprietary research methodology that focuses on individual stock selection by identifying stocks of firms selling at a discount to intrinsic value per share with a reasonable probability of realizing their PMVs. We define PMV as the price a strategic acquirer would likely be willing to pay for the entire enterprise. Catalysts are specific events or circumstances with varying time horizons that can trigger a narrowing of the difference between the market price of a stock and its estimated PMV per share. Price appreciation can occur instantly, as in the case in an announced takeover, or more gradually over time. There are a variety of catalysts that can cause change. Some general categories include: company specific, industry, regulatory, demographic, political, and economic. We continue to find good value in many companies that have some combination of long term growth prospects, strong cash flow generation, good balance sheets as well as shareholder friendly management teams. We thank you for your investment in the Fund and we look forward to serving you in the future.

The first quarter of 2020 was one of the worst in stock market history, with the novel coronavirus that causes COVID-19 spreading rapidly around the globe, and societies everywhere responding with various forms of “social distancing”, culminating with most of the global economy being effectively shut down. First and foremost, our thoughts are with all those personally impacted by the virus, with either themselves or a loved one being afflicted, as well as those unemployed or furloughed as a result of business shutdowns. We applaud the heroic efforts of all of our health care workers, as well as those employed in other essential businesses, keeping our grocery shelves stocked, our public transportation running, and our waste collected.

Beginning on January 1, 2021, 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 (https://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 cost of closures and social distancing was considerable, as the global economy nearly ground to a halt. In order to stabilize markets and the economy, the Fed slashed rates near zero, and bought securities in a number of asset classes – treasuries, mortgaged backed securities, asset backed securities, corporate credit, and loans backed by the Small Business Administration.

While this recession was especially painful due to its quickness and severity, we are reminded that bear markets, like recessions, are necessary to the capitalist system, cleansing its excesses. Over the four decade plus history of our Firm, there have been five bear markets ranging in length from three to thirty months. We had been anticipating a correction for some time, though the trigger for and pace of the decline – one of the most rapid in history – took us by surprise. The market quickly bounced into technical “bull market” status from its lows.

We continue to emphasize the basics: does a company’s business model remain sound? Does it have a strong enough balance sheet to withstand the short term pain? Is management focused on shareholder value? The situation changes daily, but we believe the best way to participate in the return of health and prosperity is to own a portfolio of excellent businesses.

Among our better performing stocks for the fiscal year were Swedish Match AB (6.9% of net assets as of September 30, 2020), Deere & Co. (2.8%), and Newmont Corp. (1.8%). Swedish Match AB produces tobacco products including snus and snuff, chewing tobacco, cigars, and lights. The company has benefited from the growth of the smokeless tobacco market in both Scandinavia and the U.S., as public smoking bans and health concerns are driving consumers to seek alternative tobacco products to cigarettes. Deere & Co. headquartered in Moline, Illinois, is a leading global manufacturer of machinery for agricultural, construction, and forestry usage. Newmont Corporation based in Denver, Colorado, is the largest gold mining company in the world, and was founded in 1921 and publicly traded since 1925.

A few of our weaker performers were Wells Fargo & Co. (0.6%), Royal Dutch Shell plc (0.1%), and PNC Financial Services Group Inc. (1.8%). Wells Fargo, the national banking company, increased its customer remediation accruals and restructuring charges, and saw revenue decline by 13% in its third quarter. Royal Dutch Shell suffered a negative impact on LNG margins resulting from pricing linked to oil. PNC Financial Services Group Inc. is one of the nation’s largest diversified financial services organizations, but increased net income and revenue were not enough to please investors.

We appreciate your confidence and trust.

Comparative Results


Average Annual Returns through September 30, 2020 (a)(b) (Unaudited)													Since
													Inception
	1 Year			5 Year			10 Year			15 Year			(01/02/92)
Class AAA (GABEX)		0.93	%		6.21	%		8.14	%		6.37	%		9.15	%
S&P 500 Index		15.15			14.15			13.74			9.19			9.73	(c)
Lipper Equity Income Fund Average		(1.21	)		8.94			9.93			6.72			8.14
Class A (GCAEX)		0.95			6.21			8.14			6.38			9.14
With sales charge (d)		(4.86	)		4.96			7.50			5.96			8.92
Class C (GCCEX)		0.27			5.44			7.34			5.59			8.68
With contingent deferred sales charge (e)		(0.73	)		5.44			7.34			5.59			8.68
Class I (GCIEX)		1.14			6.47			8.40			6.60			9.27
In the current prospectuses dated January 28, 2020, the expense ratios for Class AAA, A, C, and I Shares are 1.46%, 1.46%, 2.21%, and 1.21%, respectively. See page 12 for the expense ratios for the fiscal year ended September 30, 2020. 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. (a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. 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. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. 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 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. 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. 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. (b) The Fund’s fiscal year ends September 30. (c) S&P 500 Index since inception performance figure is as of December 31, 1991. (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.

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

THE GABELLI EQUITY INCOME FUND (CLASS AAA SHARES) AND S&P 500 INDEX (Unaudited)

LOGO

*	Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Gabelli Equity Income Fund

Disclosure of Fund Expenses (Unaudited)


For the Six Month Period from April 1, 2020 through September 30, 2020		Expense Table

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

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

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

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

Hypothetical 5% Return: This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the fiscal year ended September 30, 2020.


	Beginning Account Value 04/01/20			Ending Account Value 09/30/20			Annualized Expense Ratio			Expenses Paid During Period*
*The Gabelli Equity Income Fund*
Actual Fund Return
Class AAA		$	1,000.00		$	1,257.10		1.42	%		$	8.01
Class A		$	1,000.00		$	1,257.60		1.42	%		$	8.01
Class C		$	1,000.00		$	1,254.50		2.16	%		$	12.17
Class I		$	1,000.00		$	1,258.50		1.16	%		$	6.55
Hypothetical 5% Return
Class AAA		$	1,000.00		$	1,017.90		1.42	%		$	7.16
Class A		$	1,000.00		$	1,017.90		1.42	%		$	7.16
Class C		$	1,000.00		$	1,014.20		2.16	%		$	10.88
Class I		$	1,000.00		$	1,019.20		1.16	%		$	5.86

*	Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183 days), then divided by 366.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of September 30, 2020:

The Gabelli Equity Income Fund


Food and Beverage	20.2	%
Financial Services	13.2	%
Consumer Products	8.8	%
Health Care	5.1	%
Telecommunications	5.0	%
Business Services	4.9	%
Retail	4.5	%
Diversified Industrial	4.3	%
Automotive: Parts and Accessories	4.1	%
Equipment and Supplies	3.9	%
Machinery	3.3	%
Metals and Mining	2.1	%
Electronics	2.0	%
Entertainment	2.0	%
Computer Software and Services	1.9	%
Building and Construction	1.8	%
Computer Hardware	1.7	%
Energy and Utilities: Oil	1.7	%
Energy and Utilities: Natural Gas	1.5	%
Transportation	1.4	%
Wireless Communications	1.3	%


Automotive	1.2	%
Aerospace	1.1	%
Specialty Chemicals	1.0	%
Cable and Satellite	0.9	%
Real Estate	0.8	%
Energy and Utilities: Integrated	0.7	%
Agriculture	0.6	%
Energy and Utilities: Services	0.4	%
Energy and Utilities: Electric	0.4	%
Communications Equipment	0.3	%
Environmental Services	0.3	%
Broadcasting	0.2	%
Consumer Services	0.2	%
Energy and Utilities: Water	0.2	%
Hotels and Gaming	0.1	%
Paper and Forest Products	0.1	%
Publishing	0.0	%*
Other Assets and Liabilities (Net)	(3.2	)%


	100.0	%

*	Amount represents less than 0.05%.

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

Proxy Voting

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

The Gabelli Equity Income Fund

Schedule of Investments — September 30, 2020


Shares			Cost		Market Value
		COMMON STOCKS — 103.2%
		Aerospace — 1.1%
	55,000	Aerojet Rocketdyne Holdings Inc.†	$	287,378	$	2,193,950
	2,000	Lockheed Martin Corp.		47,350		766,560
	11,500	Raytheon Technologies Corp.		677,634		661,710
	9,500	Rockwell Automation Inc.		285,402		2,096,460

				1,297,764		5,718,680


		Agriculture — 0.6%
	60,000	Archer-Daniels-Midland Co.		1,545,955		2,789,400
	12,000	The Mosaic Co.		186,246		219,240

				1,732,201		3,008,640


		Automotive — 1.2%
	125,000	Navistar International Corp.†		2,322,530		5,442,500
	11,000	PACCAR Inc.		434,258		938,080

				2,756,788		6,380,580


		Automotive: Parts and Accessories — 4.1%
	76,000	Dana Inc.		1,193,901		936,320
	217,000	Genuine Parts Co.(a)		9,105,787		20,651,890

				10,299,688		21,588,210


		Broadcasting — 0.2%
	38,000	Liberty Global plc, Cl. A†		841,273		798,380
	10,000	Liberty Global plc, Cl. C†		216,949		205,350
	34,500	MSG Networks Inc., Cl. A†		128,602		330,165

				1,186,824		1,333,895


		Building and Construction — 1.8%
	30,000	Carrier Global Corp.		254,819		916,200
	59,000	Fortune Brands Home &
		Security Inc.		597,191		5,104,680
	43,000	Herc Holdings Inc.†		1,371,812		1,703,230
	50,000	Johnson Controls
		International plc		879,939		2,042,500

				3,103,761		9,766,610


		Business Services — 4.9%
	16,500	Automatic Data Processing Inc.		626,536		2,301,585
	40,700	Mastercard Inc., Cl. A(a)		288,788		13,763,519
	2,400	MSC Industrial Direct Co. Inc., Cl. A		165,490		151,872
	32,000	Pentair plc		622,795		1,464,640
	22,500	S&P Global Inc.		939,590		8,113,500

				2,643,199		25,795,116


		Cable and Satellite — 0.9%
	6,000	AMC Networks Inc., Cl. A†		182,851		148,260
	138,000	DISH Network Corp., Cl. A†		2,544,807		4,006,140
	16,000	EchoStar Corp., Cl. A†		389,202		398,240

				3,116,860		4,552,640


Shares			Cost		Market Value
		Communications Equipment — 0.3%
	44,000	Corning Inc.	$	504,755	$	1,426,040


		Computer Hardware — 1.7%
	51,500	Apple Inc.		942,969		5,964,215
	24,000	International Business
		Machines Corp.		1,918,125		2,920,080

				2,861,094		8,884,295


		Computer Software and Services — 1.9%
	100,000	Hewlett Packard Enterprise Co.		577,778		937,000
	43,000	Microsoft Corp.		1,201,420		9,044,190

				1,779,198		9,981,190


		Consumer Products — 8.8%
	14,000	Altria Group Inc.		141,517		540,960
	11,000	Edgewell Personal Care Co.†		358,158		306,680
	53,000	Energizer Holdings Inc.		1,441,783		2,074,420
	30,000	Essity AB, Cl. A†		529,907		1,030,053
	1,500	National Presto Industries Inc.		45,698		122,790
	35,000	Reckitt Benckiser Group plc		1,038,729		3,414,282
	443,000	Swedish Match AB		5,166,671		36,247,860
	42,000	Unilever NV		838,099		2,536,800

				9,560,562		46,273,845


		Consumer Services — 0.2%
	1,600	Allegion plc		19,252		158,256
	21,000	Rollins Inc.		31,319		1,137,990

				50,571		1,296,246


		Diversified Industrial — 4.3%
	80,000	Crane Co.		2,475,345		4,010,400
	38,000	Eaton Corp. plc		1,404,455		3,877,140
	2,700	Honeywell International Inc.		57,888		444,447
	8,824	Ingersoll Rand Inc.†		46,675		314,134
	48,000	ITT Inc.		961,318		2,834,400
	33,000	Jardine Matheson Holdings Ltd.		1,611,232		1,309,440
	148,000	Jardine Strategic Holdings Ltd.		3,394,976		2,931,880
	24,000	nVent Electric plc		242,295		424,560
	116,000	Textron Inc.		735,799		4,186,440
	162,000	Toray Industries Inc.		1,084,606		736,231
	10,000	Trane Technologies plc		160,959		1,212,500
	25,000	Trinity Industries Inc.		324,983		487,500

				12,500,531		22,769,072


		Electronics — 2.0%
	15,500	Sony Corp.		360,409		1,180,448
	42,000	Sony Corp., ADR		985,416		3,223,500
	51,000	TE Connectivity Ltd.		1,676,574		4,984,740
	10,000	Texas Instruments Inc.		147,000		1,427,900

				3,169,399		10,816,588


		Energy and Utilities: Electric — 0.4%
	6,000	Avangrid Inc.		140,662		302,760

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — September 30, 2020


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities: Electric (Continued)
	26,000	Korea Electric Power Corp., ADR†	$	315,395	$	226,460
	76,000	The AES Corp.		360,728		1,376,360

				816,785		1,905,580


		Energy and Utilities: Integrated — 0.7%
	50,000	Energy Transfer LP		82,174		271,000
	24,000	Eni SpA		252,050		188,193
	6,500	Iberdrola SA, ADR		98,020		321,685
	58,000	OGE Energy Corp.		773,496		1,739,420
	24,000	PNM Resources Inc.		246,922		991,920

				1,452,662		3,512,218


		Energy and Utilities: Natural Gas — 1.5%
	117,300	National Fuel Gas Co.		5,201,509		4,761,207
	11,500	ONE Gas Inc.		48,202		793,615
	68,000	ONEOK Inc.		230,708		1,766,640
	7,500	Southwest Gas Holdings Inc.		153,948		473,250

				5,634,367		7,794,712


		Energy and Utilities: Oil — 1.7%
	56,000	Chevron Corp.		2,046,372		4,032,000
	7,000	ConocoPhillips		128,274		229,880
	12,500	Exxon Mobil Corp.		327,921		429,125
	66,000	Hess Corp.		3,200,714		2,701,380
	18,000	Marathon Petroleum Corp.		234,717		528,120
	12,000	Royal Dutch Shell plc, Cl. A, ADR		484,098		302,040
	16,000	TOTAL SE, ADR		267,781		548,800
	15,000	WPX Energy Inc.†		78,706		73,500

				6,768,583		8,844,845


		Energy and Utilities: Services — 0.4%
	149,700	Halliburton Co.		3,539,649		1,803,885
	9,000	Oceaneering International Inc.†		166,793		31,680
	10,000	Schlumberger NV		206,840		155,600

				3,913,282		1,991,165


		Energy and Utilities: Water — 0.2%
	5,000	Essential Utilities Inc.		36,851		201,250
	25,000	Severn Trent plc		637,468		786,795

				674,319		988,045


		Entertainment — 2.0%
	28,000	Grupo Televisa SAB, ADR†		249,704		173,040
	1,000	Madison Square Garden Entertainment Corp.†		16,681		68,490
	1,000	Madison Square Garden Sports Corp.†		39,524		150,480
	337,500	ViacomCBS Inc., Cl. A		8,475,108		10,222,875

				8,781,017		10,614,885


Shares			Cost		Market Value
		Environmental Services — 0.3%
	10,000	Republic Services Inc.	$	338,000	$	933,500
	3,600	Waste Management Inc.		104,078		407,412

				442,078		1,340,912


		Equipment and Supplies — 3.9%
	10,000	A.O. Smith Corp.		26,646		528,000
	16,000	Danaher Corp.		467,288		3,445,280
	171,500	Flowserve Corp.		2,195,435		4,680,235
	55,500	Graco Inc.		937,975		3,404,925
	21,000	Minerals Technologies Inc.		744,387		1,073,100
	157,000	Mueller Industries Inc.		2,974,108		4,248,420
	15,500	Parker-Hannifin Corp.		822,277		3,136,270

				8,168,116		20,516,230


		Financial Services — 13.2%
	3,700	Alleghany Corp.		549,815		1,925,665
	24,000	AllianceBernstein Holding LP		157,937		648,960
	41,000	American Express Co.(a)		626,999		4,110,250
	21,500	Ameris Bancorp		229,000		489,770
	7,000	Argo Group International Holdings Ltd.		130,783		241,010
	5,195	Banco Santander Chile, ADR		29,250		72,003
	148,000	Bank of America Corp.		955,325		3,565,320
	13,056	BNP Paribas SA†		580,935		474,153
	31,000	Eaton Vance Corp.		884,159		1,182,650
	45,000	Interactive Brokers Group Inc., Cl. A		668,166		2,174,850
	15,000	Jefferies Financial Group Inc.		263,160		270,000
	14,500	JPMorgan Chase & Co.		281,381		1,395,915
	56,000	Julius Baer Group Ltd.		1,816,954		2,387,623
	44,000	Kinnevik AB, Cl. A		929,439		1,778,502
	83,000	Loews Corp.		3,069,539		2,884,250
	19,000	M&T Bank Corp.		1,606,534		1,749,710
	28,000	Marsh & McLennan Cos. Inc.		779,261		3,211,600
	15,000	Morgan Stanley		376,186		725,250
	9,000	Popular Inc.		158,610		326,430
	95,000	SLM Corp.		469,915		768,550
	125,000	State Street Corp.		5,702,036		7,416,250
	265,000	Sterling Bancorp		2,828,809		2,787,800
	6,600	T. Rowe Price Group Inc.		130,264		846,252
	313,000	The Bank of New York Mellon Corp.(a)		7,793,118		10,748,420
	18,000	The Goldman Sachs Group Inc.		2,189,431		3,617,460
	8,000	The Hartford Financial Services Group Inc.		245,451		294,880
	87,000	The PNC Financial Services Group Inc.(a)		4,577,784		9,562,170
	53,000	Valley National Bancorp		331,250		363,050
	52,000	Waddell & Reed Financial Inc., Cl. A		841,802		772,200

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — September 30, 2020


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	125,000	Wells Fargo & Co.	$	3,546,850	$	2,938,750

				42,750,143		69,729,693

		Food and Beverage — 20.2%
	1,000	Anheuser-Busch InBev SA/NV		15,876		54,197
	275,000	Brown-Forman Corp., Cl. A		4,340,423		18,887,000
	34,000	Campbell Soup Co.		1,061,533		1,644,580
	80,000	Coca-Cola Amatil Ltd., ADR		246,845		544,000
	19,000	Coca-Cola European Partners plc		427,500		737,390
	10,000	Coca-Cola Femsa SAB de CV, ADR		340,563		407,200
	6,000	Constellation Brands Inc., Cl. A		74,420		1,137,060
	48,000	Danone SA		2,051,715		3,107,667
	390,000	Davide Campari-Milano NV		1,313,766		4,261,188
	52,000	Diageo plc, ADR		3,169,455		7,158,320
	86,000	Fomento Economico Mexicano SAB de CV, ADR		2,055,532	��	4,832,340
	1,000	General Mills Inc.		26,640		61,680
	1,880,000	Grupo Bimbo SAB de CV, Cl. A		1,505,754		3,497,872
	97,000	Heineken NV		4,614,139		8,629,703
	160,000	ITO EN Ltd.		2,950,372		11,393,353
	21,500	Kellogg Co.		1,125,039		1,388,685
	2,000	McCormick & Co. Inc., Cl. V		137,120		390,640
	17,500	McCormick & Co. Inc., Non-Voting		770,162		3,396,750
	37,000	Mondelēz International Inc., Cl. A		666,521		2,125,650
	35,000	Nestlé SA.		717,103		4,154,932
	63,000	Nissin Foods Holdings Co. Ltd.		1,970,277		5,913,810
	37,000	PepsiCo Inc.		2,404,450		5,128,200
	29,500	Pernod Ricard SA		2,556,230		4,709,084
	44,000	Remy Cointreau SA		2,451,855		8,037,425
	35,000	Sapporo Holdings Ltd.		785,546		626,227
	10,000	The Coca-Cola Co.		208,400		493,700
	1,000	The Hershey Co.		36,300		143,340
	50,000	The Kraft Heinz Co.		1,403,471		1,497,500
	6,001	Tootsie Roll Industries Inc.		104,489		185,431
	32,000	Yakult Honsha Co. Ltd.		799,840		1,774,996

				40,331,336		106,319,920


		Health Care — 5.1%
	5,500	Abbott Laboratories		126,068		598,565
	3,000	AbbVie Inc.		74,560		262,770
	4,000	Alcon Inc.†		133,378		227,800
	77,000	Baxter International Inc.		1,706,880		6,192,340
	5,200	Bio-Rad Laboratories Inc., Cl. A† 510,780 2,680,392
	114,000	Bristol Myers Squibb Co.		2,735,877		6,873,060
	72,000	Demant A/S†		696,881		2,262,083
	8,000	GlaxoSmithKline plc, ADR		327,365		301,120


Shares			Cost		Market Value
	32,000	Henry Schein Inc.†	$	324,916	$	1,880,960
	16,000	Merck & Co. Inc.		296,127		1,327,200
	16,000	Novartis AG, ADR		780,337		1,391,360
	20,000	Pfizer Inc.		336,990		734,000
	45,000	Roche Holding AG, ADR		826,666		1,926,450
	2,500	Zimmer Biomet Holdings Inc.		130,888		340,350

				9,007,713		26,998,450


		Hotels and Gaming — 0.1%
	21,000	MGM Resorts International		253,359		456,750
	1,500	Wynn Resorts Ltd.		71,983		107,715

				325,342		564,465


		Machinery — 3.3%
	6,000	Caterpillar Inc.		35,181		894,900
	66,000	Deere & Co.		2,406,084		14,627,580
	11,000	Otis Worldwide Corp.		376,780		686,620
	11,500	Xylem Inc.		280,917		967,380

				3,098,962		17,176,480


		Metals and Mining — 2.1%
	130,000	Freeport-McMoRan Inc.		1,449,762		2,033,200
	146,000	Newmont Corp.		3,449,852		9,263,700

				4,899,614		11,296,900


		Paper and Forest Products — 0.1%
	23,000	Svenska Cellulosa AB SCA, Cl. A†		94,735		337,969


		Publishing — 0.0%
	3,000	Value Line Inc.		41,976		74,100

		Real Estate — 0.8%
	9,000	Griffin Industrial Realty Inc.		219,808		481,050
	124,000	Weyerhaeuser Co., REIT		1,975,837		3,536,480

				2,195,645		4,017,530


		Retail — 4.5%
	14,000	Cie Financiere Richemont SA, Cl. A		470,500		937,843
	35,200	Copart Inc.†		312,517		3,701,632
	11,000	Costco Wholesale Corp.		514,650		3,905,000
	98,800	CVS Health Corp.		3,281,243		5,769,920
	68,500	Ingles Markets Inc., Cl. A		1,075,142		2,605,740
	80,000	Seven & i Holdings Co. Ltd.		2,389,965		2,465,273
	7,000	The Home Depot Inc.		193,314		1,943,970
	60,000	Walgreens Boots Alliance Inc.		1,792,640		2,155,200
	1,000	Walmart Inc.		43,340		139,910
	5,200	Weis Markets Inc.		156,250		249,600

				10,229,561		23,874,088


		Specialty Chemicals — 1.0%
	7,500	Albemarle Corp.		76,168		669,600
	3,000	Ashland Global Holdings Inc.		67,390		212,760
	66,000	Ferro Corp.†		116,767		818,400

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — September 30, 2020


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Specialty Chemicals (Continued)
	8,000	FMC Corp.	$	161,197	$	847,280
	46,000	H.B. Fuller Co.		950,216		2,105,880
	2,000	NewMarket Corp.		7,719		684,640
	600	Quaker Chemical Corp.		6,478		107,826

				1,385,935		5,446,386


		Telecommunications — 5.0%
	118,000	BCE Inc.		2,177,943		4,893,460
	190,000	Deutsche Telekom AG, ADR		2,540,248		3,201,500
	15,500	Loral Space & Communications Inc.		427,407		283,650
	12,000	Orange SA, ADR		138,547		124,560
	13,000	Proximus SA		318,676		237,393
	25,520	Telefonica SA, ADR		85,752		87,789
	136,000	Telephone and Data Systems Inc		3,639,897		2,507,840
	94,000	TELUS Corp.		713,431		1,655,340
	220,500	Verizon Communications Inc.(a)		7,164,660		13,117,545

				17,206,561		26,109,077


		Transportation — 1.4%
	118,500	GATX Corp.		3,652,166		7,554,375


Shares			Cost		Market Value
		Wireless Communications — 1.3%
	100,000	BT Group plc, Cl. A	$	277,705	$	126,945
	180,000	NTT DOCOMO Inc.		2,604,380		6,630,636
	20,000	Turkcell Iletisim Hizmetleri A/S, ADR		91,562		95,800

				2,973,647		6,853,381


		TOTAL COMMON STOCKS		231,407,740		543,453,053


		WARRANTS — 0.0%
		Energy and Utilities: Oil — 0.0%
	1,250	Occidental Petroleum Corp., expire 08/03/27†		6,187		3,750

		TOTAL INVESTMENTS — 103.2%	$	231,413,927		543,456,803


		Other Assets and Liabilities (Net) — (3.2)%				(16,767,539	)

		NET ASSETS — 100.0%			$	526,689,264

(a)	Securities, or a portion thereof, with a value of $39,958,200 were deposited with Pershing LLC.

†	Non-income producing security.

ADR	American Depositary Receipt

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Statement of Assets and Liabilities

September 30, 2020


Assets:
Investments, at value (cost $231,413,927)	$543,456,803
Cash	6,189
Deposit at brokers	5
Receivable for Fund shares sold	1,076,738
Receivable for investments sold	202,424
Dividends receivable	1,574,226
Prepaid expenses	20,374
Total Assets	546,336,759
Liabilities:
Line of credit payable	17,888,000
Payable for Fund shares redeemed	899,152
Payable for investment advisory fees	449,250
Payable for distribution fees	120,153
Payable for accounting fees	3,750
Other accrued expenses	287,190
Total Liabilities	19,647,495
Net Assets (applicable to 55,140,778 shares outstanding)	$526,689,264
Net Assets Consist of:
Paid-in capital	$218,694,934
Total distributable earnings	307,994,330
Net Assets	$526,689,264
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($272,980,219 ÷ 27,190,563 shares outstanding; 150,000,000 shares authorized)	$10.04
Class A:
Net Asset Value and redemption price per share ($69,200,711 ÷ 6,978,175 shares outstanding; 50,000,000 shares authorized)	$ 9.92
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$10.53
Class C:
Net Asset Value and offering price per share ($53,605,415 ÷ 9,233,907 shares outstanding; 50,000,000 shares authorized)	$ 5.81	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($130,902,919 ÷ 11,738,133 shares outstanding; 50,000,000 shares authorized)	$11.15

Statement of Operations

For the Year Ended September 30, 2020


Investment Income:
Dividends (net of foreign withholding taxes of $324,931)	$	13,132,369
Non-cash dividends		453,980
Interest		53

Total Investment Income		13,586,402

Expenses:
Investment advisory fees		6,176,244
Distribution fees - Class AAA		780,475
Distribution fees - Class A		181,690
Distribution fees - Class C		719,617
Shareholder services fees		502,543
Interest expense		175,524
Shareholder communication expenses		149,637
Custodian fees		112,017
Registration expenses		69,647
Legal and audit fees		52,382
Directors’ fees		45,844
Accounting fees		45,000
Miscellaneous expenses		65,886

Total Expenses		9,076,506

Less:
Expenses paid indirectly by broker (See Note 6)		(7,779	)

Net Expenses		9,068,727

Net Investment Income		4,517,675

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		137,689,003
Net realized gain on foreign currency transactions		5,504

Net realized gain on investments and foreign currency transactions		137,694,507

Net change in unrealized appreciation/depreciation: on investments		(141,922,026	)
on foreign currency translations		13,227

Net change in unrealized appreciation/ depreciation on investments and foreign currency translations		(141,908,799	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(4,214,292	)

Net Increase in Net Assets Resulting from Operations	$	303,383

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

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Statement of Changes in Net Assets


	Year Ended				Year Ended
	September 30, 2020				September 30, 2019
Operations:
Net investment income		$	4,517,675			$	6,418,727
Net realized gain on investments and foreign currency transactions			137,694,507				196,762,218
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(141,908,799	)			(230,703,306	)

Net Increase/(Decrease) in Net Assets Resulting from Operations			303,383				(27,522,361	)

Distributions to Shareholders:
Accumulated earnings
Class AAA			(60,530,136	)			(92,298,815	)
Class A			(14,287,953	)			(16,960,746	)
Class C			(19,964,287	)			(36,745,051	)
Class I			(29,113,541	)			(53,493,080	)

			(123,895,917	)			(199,497,692	)


Return of capital
Class AAA			(22,602,669	)			(24,603,802	)
Class A			(6,706,415	)			(5,770,903	)
Class C			(6,207,826	)			(6,210,850	)
Class I			(8,566,767	)			(9,279,754	)

			(44,083,677	)			(45,865,309	)

Total Distributions to Shareholders			(167,979,594	)			(245,363,001	)


Capital Share Transactions:
Class AAA			(21,606,608	)			(15,978,648	)
Class A			16,928,786				10,674,357
Class C			(20,000,786	)			(27,546,923	)
Class I			(40,684,434	)			(76,334,869	)

Net Decrease in Net Assets from Capital Share Transactions			(65,363,042	)			(109,186,083	)
		��

Redemption Fees			1,452				2,975

Net Decrease in Net Assets			(233,037,801	)			(382,068,470	)
Net Assets:
Beginning of year			759,727,065				1,141,795,535

End of year		$	526,689,264			$	759,727,065

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Financial Highlights

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


				Income (Loss) from Investment Operations												Distributions																									Ratios to Average Net Assets/ Supplemental Data
								Net Realized
								and
	Net Asset							Unrealized												Net															Net Asset									Net
	Value,			Net				Gain/(Loss)				Total from				Net				Realized				Return											Value,						Net Assets			Investment						Portfolio
Year Ended	Beginning			Investment				on				Investment				Investment				Gain on				of				Total				Redemption			End of			Total			End of year			Income			Operating			Turnover
September 30	of Year			Income (Loss)(a)				Investments				Operations				Income				Investments				Capital				Distributions				Fees (a)(b)			Year			Return †			(in 000’s)			(Loss)			Expenses(c)(d)			Rate
Class AAA
2020		$	13.61		$	0.10	(e)		$	(0.02	)		$	0.08			$	(0.11	)		$	(2.39	)		$	(1.15	)		$	(3.65	)		$	0.00		$	10.04		0.93	%		$	272,980		0.75	%(e)		1.45	%		0	%(f)
2019			19.09			0.13				(0.38	)			(0.25	)			(0.15	)			(3.72	)			(1.36	)			(5.23	)			0.00			13.61		(1.09	)			377,589		0.76			1.45			1
2018			22.84			0.19				1.34				1.53				(0.20	)			(3.68	)			(1.40	)			(5.28	)			0.00			19.09		6.77				521,485		0.82			1.40			0	(f)
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
2020		$	13.49		$	0.10	(e)		$	(0.02	)		$	0.08			$	(0.11	)		$	(2.39	)		$	(1.15	)		$	(3.65	)		$	0.00		$	9.92		0.95	%		$	69,201		0.75	%(e)		1.45	%		0	%(f)
2019			18.97			0.13				(0.38	)			(0.25	)			(0.15	)			(3.72	)			(1.36	)			(5.23	)			0.00			13.49		(1.08	)			72,778		0.76			1.45			1
2018			22.73			0.19				1.33				1.52				(0.20	)			(3.68	)			(1.40	)			(5.28	)			0.00			18.97		6.76				86,332		0.82			1.40			0	(f)
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
2020		$	9.48		$	0.00	(b)(e)		$	(0.02	)		$	(0.02	)		$	(0.06	)		$	(2.39	)		$	(1.20	)		$	(3.65	)		$	0.00		$	5.81		0.27	%		$	53,605		0.00	%(e)(g)		2.20	%		0	%(f)
2019			15.03			(0.00	)(b)			(0.32	)			(0.32	)			(0.05	)			(3.72	)			(1.46	)			(5.23	)			0.00			9.48		(1.87	)			100,467		(0.00	)(g)		2.20			1
2018			19.17			0.01				1.13				1.14				(0.07	)			(3.68	)			(1.53	)			(5.28	)			0.00			15.03		6.02				176,167		0.07			2.15			0	(f)
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
2020		$	14.68		$	0.14	(e)		$	(0.02	)		$	0.12			$	(0.14	)		$	(2.39	)		$	(1.12	)		$	(3.65	)		$	0.00		$	11.15		1.14	%		$	130,903		1.00	%(e)		1.20	%		0	%(f)
2019			20.13			0.19				(0.41	)			(0.22	)			(0.19	)			(3.72	)			(1.32	)			(5.23	)			0.00			14.68		(0.86	)			208,893		1.00			1.20			1
2018			23.75			0.26				1.40				1.66				(0.26	)			(3.68	)			(1.34	)			(5.28	)			0.00			20.13		7.07				357,812		1.08			1.15			0	(f)
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 year including reinvestment of distributions and does not reflect the applicable sales charges.

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

(b)	Amount represents less than $0.005 per share.

(c)

The Fund incurred interest expense during 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%, 1.40%, 1.39%, and 1.38% (Class AAA and Class A), 2.17%, 2.15%, 2.14%, and 2.13% (Class C), and 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 fiscal years ended September 30, 2020, 2019, 2018, 2017, and 2016, there was no impact on the expense ratios.

(e)

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

(f)	Amount represents less than 0.5%.

(g)	Amount represents less than 0.005%.

See accompanying notes to financial statements.

The Gabelli Equity Income Fund

Notes to Financial Statements

1. Organization. The Gabelli Equity Income Fund 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 recently 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 adds, removes, and modifies certain aspects relating to fair value disclosure. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU 2018-13 is not required, even if early adoption is elected for the removals and modifications under ASU 2018-13. Management has early adopted the removals and modifications set forth in ASU 2018-13 in these financial statements and has not early adopted the additions set forth in ASU 2018-13.

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.

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

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the 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).

The Gabelli Equity Income Fund

Notes to Financial Statements (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 and other financial instruments by inputs used to value the Fund’s investments as of September 30, 2020 is as follows:


	Valuation Inputs
	Level 1			Total Market Value
	Quoted Prices			at 9/30/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks: (a)		$	543,453,053		$	543,453,053
Warrants (a)			3,750			3,750
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	543,456,803		$	543,456,803

(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 fiscal year ended September 30, 2020.

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

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. During the fiscal year ended September 30, 2020, there were no short sales.

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

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

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

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At September 30, 2020, the Fund held no restricted securities.

Investments in other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

Act and related rules. Shareholders in the Fund would bear the pro rata port on of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the fiscal year ended September 30, 2020, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than 1%.

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.

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. The characterization of distributions to shareholders is based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to the basis adjustments on investments in partnerships and reversal of previous year reclassification of REIT distributions, and equalization utilized. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended September 30, 2020, reclassifications were made to increase paid-in capital of $17,937,436 with an offsetting adjustment to total distributable earnings.

The tax character of distributions paid during the fiscal years ended September 30, 2020 and 2019 was as follows:


	Year Ended			Year Ended
	September 30, 2020*			September 30, 2019
Distributions paid from:
Ordinary income		$	5,482,409		$	7,210,893
Net long term capital gains			136,799,128			192,286,799
Return of capital			44,083,677			45,865,309

Total distributions paid		$	186,365,214		$	245,363,001

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

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

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

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

At September 30, 2020, the components of accumulated earnings/losses on a tax basis were as follows:


Net unrealized appreciation on investments	$	307,994,330

Total	$	307,994,330

At September 30, 2020, the temporary difference between book basis and tax basis net unrealized appreciation on investments was due to deferral of losses from wash sales for tax purposes and tax basis adjustments on investments in partnerships.

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2020:


				Gross			Gross
				Unrealized			Unrealized				Net Unrealized
	Cost			Appreciation			Depreciation				Appreciation
Investments		$	235,471,037		$	324,511,170		$	(16,525,404	)		$	307,985,766

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the fiscal year ended September 30, 2020, the Fund did not incur any income tax, interest, or penalties. As of September 30, 2020, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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

The Gabelli Equity Income Fund

Notes to Financial Statements (Continued)

The Corporation pays each Director who is not considered an affiliated person an annual retainer of $18,000 plus $2,000 for each Board meeting attended, and they are reimbursed for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended. The Chairman of the Audit Committee receives a $3,000 annual fee, and the Lead Director receives an annual fee of $2,000. A Director may receive a single meeting fee, allocated among the participating funds, for attending certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

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 fiscal year ended September 30, 2020, other than short term securities and U.S. Government obligations, aggregated $2,117,850 and $250,843,951, respectively.

6. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2020, the Fund paid $88,207 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $49,363 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the fiscal year ended September 30, 2020, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $7,779.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the year ended September 30, 2020, the Fund accrued $45,000 in connection with the cost of computing the Fund’s NAV.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 3, 2021 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 125 basis points or the 30 day ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “interest expense” in the Statement of Operations. At September 30, 2020, there was $17,888,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the fiscal year ended September 30, 2020 was $5,109,081 with a weighted average interest rate of 2.48%. The maximum amount borrowed at any time during the fiscal year ended September 30, 2020 was $35,915,000.

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

The Gabelli Equity Income Fund

Notes to Financial Statements (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 fiscal years ended September 30, 2020 and 2019, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:


	Year Ended						Year Ended
	September 30, 2020						September 30, 2019
	Shares			Amount			Shares			Amount

Class AAA
Shares sold		517,283		$	6,576,297			551,364		$	9,573,175
Shares issued upon reinvestment of distributions		7,517,054			80,737,011			7,879,869			113,070,696
Shares redeemed		(8,582,075	)		(108,919,916	)		(8,006,331	)		(138,622,519	)

Net increase/(decrease)		(547,738	)	$	(21,606,608	)		424,902		$	(15,978,648	)


Class A
Shares sold		2,531,411		$	32,538,086			1,344,564		$	23,616,884
Shares issued upon reinvestment of distributions		1,830,657			19,372,951			1,513,270			21,444,473
Shares redeemed		(2,778,776	)		(34,982,251	)		(2,013,390	)		(34,387,000	)

Net increase		1,583,292		$	16,928,786			844,444		$	10,674,357


Class C
Shares sold		1,439,486		$	12,895,728			1,736,090		$	22,864,320
Shares issued upon reinvestment of distributions		3,855,885			25,043,742			3,798,546			39,055,202
Shares redeemed		(6,657,072	)		(57,940,256	)		(6,663,277	)		(89,466,445	)

Net decrease		(1,361,701	)	$	(20,000,786)			(1,128,641	)	$	(27,546,923	)


Class I
Shares sold		1,325,390		$	18,231,196			1,730,545		$	31,554,186
Shares issued upon reinvestment of distributions		3,055,726			36,304,618			3,787,581			58,581,403
Shares redeemed		(6,873,418	)		(95,220,248	)		(9,066,293	)		(166,470,458	)

Net decrease		(2,492,302	)	$	(40,684,434)			(3,548,167	)	$	(76,334,869	)

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

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

The Gabelli Equity Income Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Equity Income Fund

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of The Gabelli Equity Income Fund (the “Fund”) (one of the funds constituting Gabelli Equity Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of September 30, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Gabelli Equity Series Funds, Inc.) at September��30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

LOGO

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

Philadelphia, Pennsylvania

November 25, 2020

The Gabelli Equity Income Fund

Additional Fund Information (Unaudited)

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


Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director³

INTERESTED DIRECTORS⁴:

Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 78	Since 1991	33	Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer– Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies within the Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications) (2013-2018)

John D. Gabelli Director Age: 76	Since 1991	12	Senior Vice President of G.research, LLC	—

INDEPENDENT DIRECTORS⁵:

Elizabeth C. Bogan Director Age: 76	Since 2019	8	Senior Lecturer in Economics at Princeton University	—

Anthony J. Colavita⁶ Director Age: 84	Since 1991	20	President of the law firm of Anthony J. Colavita, P.C.	—

Vincent D. Enright Director Age: 76	Since 1991	17	Former Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998)	Director of Echo Therapeutics, Inc. (therapeutics and diagnostics) (2008- 2014); Director of The LGL Group, Inc. (diversified manufacturing) (2011-2014)

Robert J. Morrissey Director Age: 81	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank

Kuni Nakamura Director Age: 52	Since 2009	32	President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees	—

Anthonie C. van Ekris⁶ Director Age: 86	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/ export company)	—

Salvatore J. Zizza⁷ Director Age: 74	Since 2001	30	President of Zizza & Associates Corp. (private holding company); President of Bergen Cove Realty Inc.; Chairman of Harbor Diversified, Inc. (pharmaceuticals) (2009-2018); Chairman of BAM (semiconductor and aerospace manufacturing)(2000-2018); Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)	Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018)

The Gabelli Equity Income Fund

Additional Fund Information (Continued) (Unaudited)


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

OFFICERS:

Bruce N. Alpert President Age: 68	Since 1991	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008; Chief Executive Officer of G.distributors, LLC since January 2020

John C. Ball Treasurer Age: 44	Since 2017	Treasurer of registered investment companies within the Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017

Peter Goldstein Secretary Age: 67	Since 2020	General Counsel, Gabelli Funds, LLC since July 2020; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)

Richard J. Walz Chief Compliance Officer Age: 61	Since 2013	Chief Compliance Officer of registered investment companies within the Fund Complex since 2013; Chief Compliance Office for Gabelli Funds, LLC since 2015

¹	Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Fund’s By-Laws and Articles of Incorporation. For officers, includes time served in prior officer positions with the Fund. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

³	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁴	“Interested person” of the Fund as defined in the 1940 Act. Messers. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.

⁵	Directors who are not interested persons are considered “Independent” Directors.

⁶

Mr. Colavita’s son, Anthony S. Colavita, serves as a director of other funds in the Gabelli/GAMCO Fund Complex. Mr. van Ekris is an independent director of Gabelli International Ltd., Gabelli Fund, LDC, GAMA Capital Opportunities Master, Ltd., and GAMCO International SICAV, which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund’s Adviser.

⁷

Mr. Zizza is an independent director of Gabelli International Ltd., which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund’s Adviser. On September 9, 2015, Mr. Zizza entered into a settlement with the SEC to resolve an inquiry relating to an alleged violation regarding the making of false statements or omissions to the accountants of a company concerning a related party transaction. The company in question is not an affiliate of, nor has any connection to, the Fund. Under the terms of the settlement, Mr. Zizza, without admitting or denying the SEC’s findings and allegation, paid $150,000 and agreed to cease and desist committing or causing any future violations of Rule 13b2-2 of the Securities Exchange Act of 1934, as amended. The Board has discussed this matter and has determined that it does not disqualify Mr. Zizza from serving as an Independent Director.

THE GABELLI EQUITY INCOME FUND

2020 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the fiscal year ended September 30, 2020, the Fund paid to shareholders ordinary income distributions totaling $0.1123, $0.1127, $0.0564, and $0.1445 for each of Class AAA, Class A, Class C, and Class I, respectively, and long term capital gains totaling $136,799,128, or the maximum allowable. The distribution of long term capital gains has been designated as a capital gain dividend by the Fund’s Board of Directors. For the fiscal year ended September 30, 2020, 100% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.00% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010.

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

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 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 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 Chairman and Chief Executive Officer, GAMCO Investors, Inc. Executive Chairman, Associated Capital Group, Inc. Elizabeth C. Bogan Senior Lecturer, Princeton University Anthony J. Colavita President, Anthony J. Colavita, P.C. Vincent D. Enright Former Senior Vice President and Chief Financial Officer, KeySpan Corp. John D. Gabelli Senior Vice President, G.research, LLC Robert J. Morrissey Partner, Morrissey, Hawkins & Lynch Kuni Nakamura President, Advanced Polymer, Inc. Anthonie C. van Ekris Chairman, BALMAC International, Inc.		Salvatore J. Zizza Chairman, Zizza & Associates Corp. OFFICERS Bruce N. Alpert President John C. Ball Treasurer Peter Goldstein Secretary Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC CUSTODIAN State Street Bank and Trust Company TRANSFER AGENT AND DIVIDEND DISBURSING AGENT DST Asset Manager Solutions, Inc. LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP

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.

GAB444Q320AR

LOGO

The Gabelli Small Cap Growth Fund

Annual Report — September 30, 2020

To Our Shareholders,

For the fiscal year ended September 30, 2020, the net asset value (NAV) total return per Class AAA Share of The Gabelli Small Cap Growth Fund was (2.1)% compared with a total return of 0.4% for the Russell 2000 Index. Other classes of shares are available. See page 3 for performance information for all classes of shares.

Enclosed are the financial statements, including the summary schedule of investments, as of September 30, 2020.

Performance Discussion

The Fund invests primarily in small cap companies, that through bottom-up fundamental research, the portfolio manager believes are attractively priced relative to their earnings growth potential or private market value. The Fund characterizes small capitalization companies as those companies with a market capitalization of $3 billion or less at the time of the Fund’s initial investment.

The novel coronavirus that causes COVID-19 spreading rapidly around the globe, and societies everywhere responded with various forms of “social distancing”, culminated with most of the global economy being effectively shut down. First and foremost, our thoughts are with all those personally impacted by the virus, with either themselves or a loved one being afflicted, as well as those unemployed or furloughed as a result of business shutdowns. We applaud the heroic efforts of all of our health care workers, as well as those employed in other essential businesses, keeping our grocery shelves stocked, our public transportation running, and our waste collected.

The cost of closures and social distancing was considerable, as the global economy nearly ground to a halt. The Fed slashed rates near zero, and bought securities in a number of asset classes – treasuries, mortgage backed securities, asset backed securities, corporate credit, loans backed by the Small Business Administration – in order to stabilize markets and the economy.

While this recession was especially painful due to its quickness and severity, we are reminded that bear markets, like recessions, are necessary to the capitalist system, cleansing its excesses. Over the four decades plus history of our Firm, there have been five bear markets ranging in length from three to thirty months. We had been anticipating a correction for some time, though the trigger for and pace of the decline – one of the most rapid in history – took us by surprise. The market quickly bounced into technical “bull market” status from its lows.

Among the better performing stocks for the fiscal year were: Navistar International Corp. (2.6% of net assets as of September 30, 2020), Lisle, Illinois based Navistar is a leading North American commercial vehicle manufacturer and one that, for the majority of its history, had been the only one without a global parent. Quidel Corporation (1.5%) develops, manufactures, and markets diagnostic testing solutions for applications in infectious diseases, cardiology, thyroid, women’s and general health, eye health, gastrointestinal diseases, and toxicology worldwide. Rollins, Inc., (1.3%) through its subsidiaries, provides pest and termite control services to residential and commercial customers. It offers protection against termite damage, rodents, and insects to homes and businesses, including hotels, food service establishments, food manufacturers, retailers, and transportation companies.

Our weaker performing stocks during the year were: Ryman Hospitality Properties, Inc. (0.8%), a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and country music entertainment experiences. Kaman Corporation (1.7%), which together with its subsidiaries, operates in the aerospace, medical, and industrial markets. Crane Co. (1.1%), which manufactures and sells engineered industrial products in the United States, Canada, the United Kingdom, Continental Europe, and internationally.

We appreciate your confidence and trust.

Comparative Results


Average Annual Returns through September 30, 2020 (a)(b) (Unaudited)													Since
													Inception
	1 Year			5 Year			10 Year			15 Year			(10/22/91)
Class AAA (GABSX)		(2.08	)%		6.57	%		8.75	%		7.64	%		11.34	%
Russell 2000 Index.		0.39			8.00			9.85			7.30			9.05
S&P SmallCap 600 Index		(8.29	)		7.20			10.57			7.50			N/A	(e)
Lipper Small-Cap Core Funds Average		(7.81	)		6.30			8.72			6.48			N/A	(f)
Class A (GCASX)		(2.08	)		6.57			8.75			7.63			11.34
With sales charge (c)		(7.71	)		5.31			8.11			7.21			11.11
Class C (GCCSX)		(2.80	)		5.78			7.94			6.84			10.86
With contingent deferred sales charge (d)		(3.77	)		5.78			7.94			6.84			10.86
Class I (GACIX)		(1.83	)		6.84			9.02			7.87			11.47

In the current prospectuses dated January 28, 2020, the expense ratios for Class AAA, A, C, and I Shares are 1.40%, 1.40%, 2.15%, and 1.15%, respectively. See page 12 for the expense ratios for the fiscal year ended September 30, 2020. Class AAA and Class I Shares have no sales charge. The maximum sales charge for Class A and Class C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. 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. 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. 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 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 the 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 associated with this class of shares. 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. The Russell 2000 Index and the S&P SmallCap 600 Index is an unmanaged indicator which measures the performance of the small cap segment of the U.S. equity market. The 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.

(b)

The Fund’s fiscal year end is September 30.

(c)

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

(d)

Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase. (e) S&P SmallCap 600 Index inception date as of December 31, 1994.

(f)

Lipper Small-Cap Core Funds Average inception date as of December 31, 1991.

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

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

LOGO

*	Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Gabelli Small Cap Growth Fund

Disclosure of Fund Expenses (Unaudited)


For the Six Month Period from April 1, 2020 through September 30, 2020				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


	Beginning Account Value 04/01/20			Ending Account Value 09/30/20			Annualized Expense Ratio			Expenses Paid During Period*
*The Gabelli Small Cap Growth Fund*
Actual Fund Return
Class AAA		$	1,000.00		$	1,303.40		1.39	%		$	8.00
Class A		$	1,000.00		$	1,303.40		1.39	%		$	8.00
Class C		$	1,000.00		$	1,298.80		2.14	%		$	12.30
Class I		$	1,000.00		$	1,305.10		1.14	%		$	6.57
Hypothetical 5% Return
Class AAA		$	1,000.00		$	1,018.05		1.39	%		$	7.01
Class A		$	1,000.00		$	1,018.05		1.39	%		$	7.01
Class C		$	1,000.00		$	1,014.30		2.14	%		$	10.78
Class I		$	1,000.00		$	1,019.30		1.14	%		$	5.76

*	Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183 days), then divided by 366.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of September 30, 2020:

The Gabelli Small Cap Growth Fund


Equipment and Supplies	14.7	%
Food and Beverage	9.6	%
Diversified Industrial	9.0	%
Health Care	6.4	%
Building and Construction	6.2	%
Retail	4.8	%
Hotels and Gaming	3.6	%
Financial Services	3.6	%
Specialty Chemicals	3.5	%
Automotive: Parts and Accessories	3.5	%
Aviation: Parts and Services	3.1	%
Business Services	3.0	%
Automotive	2.6	%
Consumer Products	2.6	%
Machinery	2.4	%
Real Estate	2.3	%
Computer Software and Services	2.2	%
Energy and Utilities	2.2	%
Aerospace	2.1	%
Electronics	1.8	%
Transportation	1.8	%


Consumer Services	1.6	%
Broadcasting	1.6	%
Entertainment	1.3	%
Manufactured Housing and Recreational Vehicles	1.2	%
Telecommunications	1.0	%
Publishing	0.8	%
Cable	0.7	%
Environmental Services	0.5	%
Miscellaneous Investments	0.5	%
Home Furnishings	0.3	%
Closed-End Funds	0.2	%
Wireless Communications	0.1	%
Metals and Mining	0.1	%
Communications Equipment	0.1	%
Agriculture	0.0	%*
Other Assets and Liabilities (Net)	(1.0	)%

	100.0	%

*	Amount represents less than 0.05%.

Proxy Voting

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments — September 30, 2020


Shares			Cost		Market Value
		*COMMON STOCKS — 100.0%**
		Aerospace — 2.1%
	853,000	Aerojet Rocketdyne Holdings Inc.†	$	4,102,921	$	34,026,170
	60,000	Various Securities		794,550		1,099,200

				4,897,471		35,125,370

		Agriculture — 0.0%
	25,800	Various Securities		351,263		316,500

		Automotive — 2.6%
	979,000	Navistar International Corp.†		24,284,197		42,625,660
	1,500	Various Securities		55,714		127,920

				24,339,911		42,753,580

		Automotive: Parts and Accessories — 3.2%
	1,135,000	Dana Inc.		9,544,908		13,983,200
	880,000	Freni Brembo SpA†		1,632,589		8,800,929
	247,400	Strattec Security Corp.(a)		4,786,696		4,923,260
	1,255,422	Various Securities		8,121,407		24,866,788

				24,085,600		52,574,177

		Aviation: Parts and Services — 3.1%
	696,000	Kaman Corp.		10,704,490		27,123,120
	4,070,000	Signature Aviation plc		9,884,377		12,546,427
	242,100	Various Securities		3,173,630		11,854,364

				23,762,497		51,523,911

		Broadcasting — 1.6%
	2,258,602	Various Securities		11,555,907		25,994,188

		Building and Construction — 6.2%
	464,000	Herc Holdings Inc.†		15,667,050		18,379,040
	400,000	Lennar Corp., Cl. B		9,784,772		26,264,000
	2,700	NVR Inc.†		1,908,453		11,024,424
	1,008,800	Various Securities		12,638,406		45,796,898

				39,998,681		101,464,362

		Business Services — 3.0%
	225,000	IAA Inc.†		1,845,352		11,715,750
	1,739,000	Trans-Lux Corp.†(a)		1,714,044		347,800
	2,288,600	Various Securities		14,375,000		37,611,339

				17,934,396		49,674,889

		Cable — 0.7%
	601,000	Various Securities		9,582,976		12,156,410

		Communications Equipment — 0.1%
	248,000	Various Securities		1,684,302		949,840

		Computer Software and Services — 2.2%
	39,000	Rockwell Automation Inc.		918,657		8,606,520
	42,000	Tyler Technologies Inc.†		86,100		14,639,520
	997,000	Various Securities		7,733,624		12,689,170

				8,738,381		35,935,210

		Consumer Products — 2.6%
	111,000	Swedish Match AB		2,143,578		9,082,421


Shares			Cost		Market Value
	1,179,900	Various Securities	$	13,359,245	$	33,245,921

				15,502,823		42,328,342

		Consumer Services — 1.6%
	394,000	Rollins Inc.		578,623		21,350,860
	323,750	Various Securities		1,468,383		4,690,352

				2,047,006		26,041,212

		Diversified Industrial — 9.0%
	364,000	Crane Co.		7,932,157		18,247,320
	1,410,000	Griffon Corp.		16,076,530		27,551,400
	952,000	Myers Industries Inc.		13,237,132		12,594,960
	370,000	Textron Inc.		2,276,853		13,353,300
	2,821,596	Various Securities		48,131,173		76,162,038

				87,653,845		147,909,018

		Electronics — 1.8%
	161,000	Badger Meter Inc.		2,143,613		10,524,570
	216,000	Bel Fuse Inc., Cl. A(a)		4,115,394		2,408,400
	500,000	CTS Corp.		4,412,357		11,015,000
	277,000	Various Securities		2,239,423		5,007,348

				12,910,787		28,955,318

		Energy and Utilities — 2.2%
	2,658,500	Various Securities		14,612,885		35,655,292

		Entertainment — 1.3%
	703,500	Various Securities		8,634,548		20,544,624

		Environmental Services — 0.5%
	92,000	Various Securities		831,067		8,588,200

		Equipment and Supplies — 14.7%
	439,500	AMETEK Inc.		747,849		43,686,300
	141,000	Crown Holdings Inc.†		569,461		10,837,260
	205,500	Franklin Electric Co. Inc.		804,756		12,089,565
	500,000	Graco Inc.		3,336,420		30,675,000
	51,000	IDEX Corp.		186,874		9,302,910
	715,000	Mueller Industries Inc.		19,007,547		19,347,900
	175,000	Tennant Co.		2,986,539		10,563,000
	786,000	The Gorman-Rupp Co.		12,468,177		23,155,560
	2,557,300	Various Securities		24,482,813		81,138,470

				64,590,436		240,795,965

		Financial Services — 3.6%
	131,000	Calamos Asset Management Inc., Escrow†(b)		0		0
	738,000	KKR & Co. Inc.		3,183,446		25,342,920
	10,000	Waterloo Investment Holdings Ltd.†(b)		1,373		2,100
	3,190,670	Various Securities		34,128,758		33,662,985

				37,313,577		59,008,005

		Food and Beverage — 9.6%
	204,500	Chr. Hansen Holding A/S		8,521,649		22,730,452
	415,000	Flowers Foods Inc.		986,370		10,096,950
	128,000	ITO EN Ltd.		2,461,981		9,114,683

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments (Continued) — September 30, 2020


Shares			Cost		Market Value
		*COMMON STOCKS (Continued)**
		Food and Beverage (Continued)
	660,000	Kikkoman Corp.	$	5,955,162	$	36,421,562
	700,000	Maple Leaf Foods Inc.		12,211,478		14,272,840
	5,872,001	Various Securities		28,283,550		65,443,969

				58,420,190		158,080,456

		Health Care — 6.4%
	40,500	Masimo Corp.†		977,000		9,560,430
	111,000	Quidel Corp.†		514,839		24,351,180
	1,642,700	Various Securities		26,432,632		71,686,934

				27,924,471		105,598,544

		Home Furnishings — 0.3%
	281,000	Various Securities		3,526,109		5,279,240

		Hotels and Gaming — 3.6%
	136,800	Churchill Downs Inc.		1,308,844		22,410,576
	342,000	Ryman Hospitality Properties Inc., REIT		7,089,047		12,585,600
	8,132,294	Various Securities		17,128,798		24,171,187

				25,526,689		59,167,363

		Machinery — 2.4%
	353,000	Astec Industries Inc.		12,385,722		19,150,250
	1,427,000	CNH Industrial NV†		4,242,733		11,159,140
	498,300	Various Securities		7,329,089		8,813,966

				23,957,544		39,123,356

		Manufactured Housing and Recreational Vehicles — 1.2%
	71,500	Cavco Industries Inc.†		1,435,393		12,892,165
	209,000	Various Securities		1,887,271		6,675,630

				3,322,664		19,567,795

		Metals and Mining — 0.1%
	160,000	Various Securities		571,901		1,018,337

		Publishing — 0.8%
	980,000	The E.W. Scripps Co., Cl. A		6,690,668		11,211,200
	71,200	Various Securities		1,579,103		1,918,022

				8,269,771		13,129,222

		Real Estate — 2.3%
	259,000	Griffin Industrial Realty Inc.(a)		4,769,035		13,843,550
	558,000	The St. Joe Co.†		9,085,399		11,511,540
	456,567	Various Securities		6,505,504		12,062,605

				20,359,938		37,417,695

		Retail — 4.8%
	101,000	Copart Inc.†		856,018		10,621,160
	550,000	Ingles Markets Inc., Cl. A		8,345,405		20,922,000
	238,000	Rush Enterprises Inc., Cl. B		2,569,325		10,543,400
	933,175	Various Securities		12,757,605		36,114,269

				24,528,353		78,200,829


Shares			Cost		Market Value
		Specialty Chemicals — 3.5%
	1,800,000	Ferro Corp.†	$	8,911,421	$	22,320,000
	285,000	H.B. Fuller Co.		3,612,486		13,047,300
	619,200	Various Securities		7,305,901		22,428,712

				19,829,808		57,796,012

		Telecommunications — 1.0%
	1,451,000	Various Securities		7,197,191		16,225,943

		Transportation — 1.8%
	440,000	GATX Corp.		12,935,300		28,050,000
	98,600	Various Securities		779,328		736,622

				13,714,628		28,786,622

		Wireless Communications — 0.1%
	53,500	Various Securities		2,067,534		1,579,855

		TOTAL COMMON STOCKS		650,245,150		1,639,265,682


		*CLOSED-END FUNDS — 0.2%**
	278,266	Various Securities		3,815,933		3,962,079


		*PREFERRED STOCKS — 0.3%**
		Automotive: Parts and Accessories — 0.3%
	115,000	Various Securities		788,352		3,969,469


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


		*WARRANTS — 0.0%**
		Business Services — 0.0%
	1	Various Securities		0		652

		Diversified Industrial — 0.0%
	140,000	Various Securities		95,648		51,800


		TOTAL WARRANTS		95,648		52,452


		TOTAL MISCELLANEOUS INVESTMENTS — 0.5%(c)		2,273,446		7,255,027


		TOTAL INVESTMENTS — 101.0%	$	657,218,531		1,654,504,711


		Other Assets and Liabilities (Net) — (1.0)%				(15,619,202	)


		NET ASSETS — 100.0%			$	1,638,885,509

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments (Continued) — September 30, 2020

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 September 30, 2020. 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

September 30, 2020



Assets:
Investments, at value (cost $641,833,362)	$1,632,981,701
Investments in affiliates, at value (cost $15,385,169)	21,523,010
Foreign currency, at value (cost $116,084)	116,991
Cash	530
Receivable for Fund shares sold	465,344
Dividends and interest receivable	1,518,193
Prepaid expenses	31,102
Total Assets	1,656,636,871
Liabilities:
Line of credit payable	13,504,000
Payable for Fund shares redeemed	1,824,625
Payable for investment advisory fees	1,358,339
Payable for distribution fees	271,137
Payable for accounting fees	3,750
Other accrued expenses	789,511
Total Liabilities	17,751,362
Net Assets (applicable to 37,822,946 shares outstanding)	$1,638,885,509
Net Assets Consist of:
Paid-in capital	$ 342,657,825
Total distributable earnings	1,296,227,684
Net Assets	$1,638,885,509
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($884,340,668 ÷ 20,425,014 shares outstanding; 150,000,000 shares authorized) .	$43.30
Class A:
Net Asset Value and redemption price per share ($110,975,294 ÷ 2,565,244 shares outstanding; 50,000,000 shares authorized)	$43.26
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$45.90
Class C:
Net Asset Value and offering price per share ($75,504,438 ÷ 2,100,326 shares outstanding; 50,000,000 shares authorized)	$35.95	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($568,065,109 ÷ 12,732,362 shares outstanding; 50,000,000 shares authorized)	$44.62

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

Statement of Operations

For the Year Ended September 30, 2020



Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $270,986)	$	28,314,007
Dividends - affiliated		242,333
Interest		6,229

Total Investment Income		28,562,569

Expenses:
Investment advisory fees		19,066,320
Distribution fees - Class AAA		2,512,364
Distribution fees - Class A		334,740
Distribution fees - Class C		999,847
Shareholder services fees		1,708,419
Interest expense		419,394
Shareholder communication expenses		359,998
Custodian fees		228,977
Directors’ fees		139,825
Registration expenses		83,681
Legal and audit fees		52,140
Accounting fees		45,000
Miscellaneous expenses		139,028

Total Expenses		26,089,733

Less:
Advisory fee reduction on unsupervised assets (See Note 3)		(106,756	)
Expenses paid indirectly by broker (See Note 6)		(22,695	)

Total Reductions		(129,451	)

Net Expenses		25,960,282

Net Investment Income		2,602,287

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		424,662,390
Net realized loss on investments - affiliated		(3,389,906	)
Net realized loss on foreign currency transactions		(63,824	)

Net realized gain on investments and foreign currency transactions		421,208,660

Net change in unrealized appreciation/depreciation:
on investments		(507,444,641	)
on affiliates		6,040,722
on foreign currency translations		23,165

Net change in unrealized appreciation/ depreciation on investments and foreign currency translations		(501,380,754	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(80,172,094	)

Net Decrease in Net Assets Resulting from Operations	$	(77,569,807	)

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Statement of Changes in Net Assets


	Year Ended September 30, 2020				Year Ended September 30, 2019
Operations:
Net investment income		$	2,602,287			$	3,760,794
Net realized gain on investments and foreign currency transactions			421,208,660				501,746,696
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(501,380,754	)			(750,427,887	)

Net Decrease in Net Assets Resulting from Operations			(77,569,807	)			(244,920,397	)

Distributions to Shareholders:
Class AAA			(225,788,690	)			(62,112,538	)
Class A			(32,301,744	)			(7,573,003	)
Class C			(27,339,966	)			(8,527,032	)
Class I			(154,155,709	)			(61,933,596	)

Total Distributions to Shareholders			(439,586,109	)			(140,146,169	)


Capital Share Transactions:
Class AAA			(95,842,744	)			(296,298,972	)
Class A			(23,192,192	)			(18,442,606	)
Class C			(33,587,375	)			(50,785,008	)
Class I			(137,549,435	)			(564,742,691	)

Net Decrease in Net Assets from Capital Share Transactions			(290,171,746	)			(930,269,277	)


Redemption Fees			5,069				1,663

Net Decrease in Net Assets			(807,322,593	)			(1,315,334,180	)
Net Assets:
Beginning of year			2,446,208,102				3,761,542,282

End of year		$	1,638,885,509			$	2,446,208,102

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Financial Highlights

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


				Income (Loss) from Investment Operations												Distributions																					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 Year			Total Return †			Net Assets End of Year (in 000s)			Net Investment Income (Loss) (a)		Operating Expenses (d)(e)		Portfolio Turnover Rate
Class AAA
2020		$	53.92		$	0.04			$	(0.63	)		$	(0.59	)		$	(0.07	)		$	(9.96	)		$	(10.03	)		$	0.00		$	43.30		(2.08	)%		$	884,341		0.08%		1.41%(f)		0%(g)
2019			59.61			0.03				(3.50	)			(3.47	)			(0.09	)			(2.13	)			(2.22	)			0.00			53.92		(5.72	)			1,243,608		0.06		1.39(f)		1
2018			58.63			0.09				4.01				4.10				—				(3.12	)			(3.12	)			0.00			59.61		7.21				1,711,850		0.16		1.36		3
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(h)		4
Class A
2020		$	53.89		$	0.05			$	(0.64	)		$	(0.59	)		$	(0.08	)		$	(9.96	)		$	(10.04	)		$	0.00		$	43.26		(2.08	)%		$	110,975		0.11%		1.41%(f)		0%(g)
2019			59.58			0.03				(3.50	)			(3.47	)			(0.09	)			(2.13	)			(2.22	)			0.00			53.89		(5.73	)			170,189		0.06		1.39(f)		1
2018			58.60			0.09				4.01				4.10				—				(3.12	)			(3.12	)			0.00			59.58		7.21				208,947		0.16		1.36		3
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(h)		4
Class C
2020		$	46.63		$	(0.24	)		$	(0.48	)		$	(0.72	)			—			$	(9.96	)		$	(9.96)			$	0.00		$	35.95		(2.80	)%		$	75,505		(0.65)%		2.16%(f)		0%(g)
2019			52.16			(0.32	)			(3.08	)			(3.40	)			—				(2.13	)			(2.13	)			0.00			46.63		(6.44	)			141,522		(0.69)		2.14(f)		1
2018			52.05			(0.30	)			3.53				3.23				—				(3.12	)			(3.12	)			0.00			52.16		6.41				215,939		(0.59)		2.11		3
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(h)		4
Class I
2020		$	55.29		$	0.15			$	(0.64	)		$	(0.49	)		$	(0.22	)		$	(9.96	)		$	(10.18	)		$	0.00		$	44.62		(1.83	)%		$	568,065		0.34%		1.16%(f)		0%(g)
2019			61.09			0.17				(3.59	)			(3.42	)			(0.25	)			(2.13	)			(2.38	)			0.00			55.29		(5.50	)			890,889		0.32		1.14(f)		1
2018			59.86			0.25				4.10				4.35				—				(3.12	)			(3.12	)			0.00			61.09		7.49				1,624,806		0.43		1.11		3
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(h)		4

†	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 year including reinvestment of distributions and does not reflect the applicable sales charges.

(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 the years ended September 30, 2020, 2019, 2018, 2017, and 2016, there was no impact on the expense ratios.

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

(f)

The Fund incurred interest expense during 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 1.39% and 1.38% (Class AAA and Class A), 2.14% and 2.13% (Class C), and 1.14% and 1.13% (Class I). For the years ended September 30, 2018, 2017, and 2016, the effect of interest expense was minimal.

(g)	Amount represents less than 0.5%.

(h)

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

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 recently 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 adds, removes, and modifies certain aspects relating to fair value disclosure. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU 2018-13 is not required, even if early adoption is elected for the removals under ASU 2018-13. Management has early adopted the removals set forth in ASU 2018-13 in these financial statements and has not early adopted the additions set forth in ASU 2018-13.

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (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. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of September 30, 2020 is as follows:


	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total Market Value at 9/30/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Automotive: Parts and Accessories		$	52,573,682		$	495		—		$	52,574,177
Aviation: Parts and Services			51,347,986			175,925		—			51,523,911
Business Services			50,421,346			347,800		—			50,769,146
Consumer Services			25,888,837			152,375		—			26,041,212
Diversified Industrial			146,447,882			1,461,136		—			147,909,018

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)


	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total Market Value at 9/30/20
Equipment and Supplies		$	238,957,861		$	1,838,104			—		$	240,795,965
Financial Services			58,661,715			344,190		$	2,100			59,008,005
Publishing			12,970,522			158,700			—			13,129,222
Real Estate			36,300,248			1,117,447			—			37,417,695
Specialty Chemicals			57,794,872			1,140			—			57,796,012
Other Industries (a)			909,556,346			—			—			909,556,346
Total Common Stocks			1,640,921,297			5,597,312			2,100			1,646,520,709
Closed-End Funds			3,962,079			—			—			3,962,079
Preferred Stocks (a)			3,969,469			—			—			3,969,469
Rights (a)			—			—			2			2
Warrants (a)			51,800			652			—			52,452
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	1,648,904,645		$	5,597,964		$	2,102		$	1,654,504,711

(a)	Please refer to the Summary 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 fiscal year ended September 30, 2020.

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. Among the factors to be considered to fair value a security 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 Small Cap Growth Fund

Notes to Financial Statements (Continued)

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 Act and related rules. Shareholders in the Fund would bear the pro rata port on of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the fiscal year ended September 30, 2020, 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.

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (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 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. Permanent differences were primarily due to sale adjustments of investments in Passive Foreign Investment Companies, redesignation of dividends paid, and basis adjustments on sale of Partnerships. These reclassifications have no impact on the NAV of the Fund. For the fiscal year ended September 30, 2020, reclassifications were made to increase paid-in capital by $69,848,476 with an offsetting adjustment to total distributable earnings.

The tax character of distributions paid during the fiscal years ended September 30, 2020 and 2019 was as follows:


	Year Ended September 30, 2020*			Year Ended September 30, 2019*
Distributions paid from:
Ordinary income (inclusive of short term capital gains)		$	5,852,594		$	10,698,763
Net long term capital gains			503,827,323			211,098,097

Total distributions paid		$	509,679,917		$	221,796,860

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

At September 30, 2020, the components of accumulated earnings/losses on a tax basis were as follows:


Undistributed long term capital gains	$	321,272,807
Net unrealized appreciation on investments		974,954,877

Total	$	1,296,227,684

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

At September 30, 2020, the temporary differences between book basis and tax basis unrealized appreciation on investments were primarily due to deferral of losses from wash sales for tax purposes, mark-to-market adjustments on investments no longer considered passive foreign investment companies, and basis adjustments in partnerships.

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2020:


	Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	679,562,673		$	1,042,715,596		$	(67,773,558	)		$	974,942,038

There was a reduction in the advisory fee paid to the Adviser relating to certain portfolio holdings, i.e., unsupervised assets of the Fund with respect to which the Adviser transferred dispositive and voting control to the Fund’s Proxy Voting Committee. During the fiscal year ended September 30, 2020, 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 $106,756.

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

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 fiscal year ended September 30, 2020, the Fund paid $331,048 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $19,492 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. During the fiscal year ended September 30, 2020, the Fund accrued $45,000 in connection with the cost of computing the Fund’s NAV.

During the fiscal year ended September 30, 2020, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser. These transactions complied with Rule 17a-7 under the Act and amounted to $1,031,544 and $2,828,009 in purchases and sales transactions, respectively.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 3, 2021 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 125 basis points or the 30 day ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At September 30, 2020, there was $13,504,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the fiscal year ended September 30, 2020 was $12,599,214 with a weighted average interest rate of 2.48%. The maximum amount borrowed at any time during the fiscal year ended September 30, 2020 was $57,245,000.

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 (Continued)

Transactions in shares of capital stock were as follows:


	Year Ended						Year Ended
	September 30, 2020						September 30, 2019
	Shares			Amount			Shares			Amount

Class AAA
Shares sold		598,564		$	24,465,838			884,200		$	46,559,000
Shares issued upon reinvestment of distributions		4,774,548			218,340,063			1,153,577			60,515,890
Shares redeemed		(8,012,510	)		(338,648,645	)		(7,690,327	)		(403,373,862	)

Net decrease		(2,639,398	)	$	(95,842,744	)		(5,652,550	)	$	(296,298,972	)


Class A
Shares sold		645,315		$	29,221,937			574,000		$	30,547,164
Shares issued upon reinvestment of distributions		665,223			30,394,069			134,468			7,051,472
Shares redeemed		(1,903,125	)		(82,808,198	)		(1,057,440	)		(56,041,242	)

Net decrease		(592,587	)	$	(23,192,192	)		(348,972	)	$	(18,442,606	)


Class C
Shares sold		151,481		$	5,540,011			178,656		$	8,073,960
Shares issued upon reinvestment of distributions		670,396			25,615,826			176,834			8,074,235
Shares redeemed		(1,756,395	)		(64,743,212	)		(1,460,736	)		(66,933,203	)

Net decrease		(934,518	)	$	(33,587,375	)		(1,105,246	)	$	(50,785,008	)


Class I
Shares sold		2,748,459		$	121,429,673			4,152,983		$	223,183,312
Shares issued upon reinvestment of distributions		2,942,208			138,342,624			1,072,371			57,564,894
Shares redeemed		(9,070,988	)		(397,321,732	)		(15,710,533	)		(845,490,897	)

Net decrease		(3,380,321	)	$	(137,549,435	)		(10,485,179	)	$	(564,742,691	)

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 fiscal year ended September 30, 2020 is set forth below:


														Change in										Percent
	Value at									Realized				Unrealized				Value at						Owned of
	September 30,						Sales			Gain/				Appreciation/				September 30,						Shares
	2019			Purchases			Proceeds			(Loss)				(Depreciation)				2020			Dividends			Outstanding
Bel Fuse Inc., Cl. A		$	3,523,470			—		$	498,100		$	(854,158)			$	237,188			$	2,408,400		$	55,254		10.07	%
Griffin Industrial Realty Inc.			9,948,858			—			124,907			21,421				3,998,178				13,843,550			131,079		5.05	%
Katy Industries Inc.*			7,560			—			0			(2,604	)			(4,956	)			—			—		—
Strattec Security Corp.			3,996,000		$	1,031,544			78,305			(183,327	)			157,348				4,923,260			56,000		6.48	%
Trans-Lux Corp.			1,660,756			—			594,682			(2,371,238	)			1,652,964				347,800			—		12.93	%

Total											$	(3,389,906	)		$	6,040,722			$	21,523,010		$	242,333

*	Security was not held as of September 30, 2020.

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

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Continued)

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

The Gabelli Small Cap Growth Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Small Cap Growth Fund

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of The Gabelli Small Cap Growth Fund (the “Fund”) (one of the funds constituting Gabelli Equity Series Funds, Inc. (the “Corporation”)), including the summary schedule of investments, as of September 30, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Gabelli Equity Series Funds, Inc.) at September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

LOGO

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

Philadelphia, Pennsylvania

November 25, 2020

The Gabelli Small Cap Growth Fund

Additional Fund Information (Unaudited)

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


Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director³

INTERESTED DIRECTORS⁴:

Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 78	Since 1991	33	Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer– Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies within the Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications) (2013-2018)

John D. Gabelli Director Age: 76	Since 1991	12	Senior Vice President of G.research, LLC	—

INDEPENDENT DIRECTORS⁵:

Elizabeth C. Bogan Director Age: 76	Since 2019	8	Senior Lecturer in Economics at Princeton University	—

Anthony J. Colavita⁶ Director Age: 84	Since 1991	20	President of the law firm of Anthony J. Colavita, P.C.	—

Vincent D. Enright Director Age: 76	Since 1991	17	Former Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998)	Director of Echo Therapeutics, Inc. (therapeutics and diagnostics) (2008- 2014); Director of The LGL Group, Inc. (diversified manufacturing) (2011-2014)

Robert J. Morrissey Director Age: 81	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank

Kuni Nakamura Director Age: 52	Since 2009	32	President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees	—

Anthonie C. van Ekris⁶Director Age: 86	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/ export company)	—

Salvatore J. Zizza⁷ Director Age: 74	Since 2001	30	President of Zizza & Associates Corp. (private holding company); President of Bergen Cove Realty Inc.; Chairman of Harbor Diversified, Inc. (pharmaceuticals) (2009-2018); Chairman of BAM (semiconductor and aerospace manufacturing)(2000-2018); Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)	Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018)

The Gabelli Small Cap Growth Fund

Additional Fund Information (Continued) (Unaudited)


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

OFFICERS:

Bruce N. Alpert President Age: 68	Since 1991	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008; Chief Executive Officer of G.distributors, LLC since January 2020

John C. Ball Treasurer Age: 44	Since 2017	Treasurer of registered investment companies within the Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017

Peter Goldstein Secretary Age: 67	Since 2020	General Counsel, Gabelli Funds, LLC since July 2020; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)

Richard J. Walz Chief Compliance Officer Age: 61	Since 2013	Chief Compliance Officer of registered investment companies within the Fund Complex since 2013; Chief Compliance Office for Gabelli Funds, LLC since 2015

¹	Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

³	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁴	“Interested person” of the Fund as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.

⁵	Directors who are not interested persons are considered “Independent” Directors.

⁶

Mr. Colavita’s son, Anthony S. Colavita, serves as a director of several funds which are part of the Gabelli/GAMCO Fund Complex. Mr. van Ekris is an independent director of Gabelli International Ltd., Gabelli Fund, LDC, GAMA Capital Opportunities Master, Ltd., and GAMCO International SICAV, which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Manager.

⁷

THE GABELLI SMALL CAP GROWTH FUND

2020 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the fiscal year ended September 30, 2020, the Fund paid to shareholders ordinary income distributions (inclusive of short term capital gains) totaling $0.0876, $0.0971, $0.0163, and $0.2336 per share for each of Class AAA, Class A, Class C, and Class I, respectively, and long term capital gains totaling $503,827,323 or the maximum allowable. The distribution of long term capital gains has been designated as a capital gain dividend by the Fund’s Board of Directors. For the fiscal year ended September 30, 2020, 100% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.06% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during the fiscal year ended September 30, 2020 which was derived from U.S. Treasury securities was 0.05%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Gabelli Small Cap Growth Fund did not meet this strict requirement in 2020. There were no U.S. Government securities held as of September 30, 2020. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

Portfolio Manager Biography

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

●

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

●

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

What do we do to protect your personal information?

This page was intentionally left blank.

Gabelli Equity Series Funds, Inc.

THE GABELLI SMALL CAP GROWTH 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

Chairman and

Chief Executive Officer,

GAMCO Investors, Inc.

Executive Chairman,

Associated Capital Group, Inc.

Elizabeth C. Bogan

Senior Lecturer,

Princeton University

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

Vincent D. Enright

Former Senior Vice

President and Chief

Financial Officer,

KeySpan Corp.

John D. Gabelli

Senior Vice President,

G.research, LLC

Robert J. Morrissey

Partner,

Morrissey, Hawkins & Lynch

Kuni Nakamura

President,

Advanced Polymer, Inc.

Anthonie C. van Ekris

Chairman,

BALMAC International, Inc.

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

OFFICERS

Bruce N. Alpert

President

John C. Ball

Treasurer

Peter Goldstein

Secretary

Richard J. Walz

Chief Compliance Officer

DISTRIBUTOR

G.distributors, LLC

CUSTODIAN

State Street Bank and Trust

Company

TRANSFER AGENT AND

DIVIDEND DISBURSING AGENT

DST Asset Manager

Solutions, Inc.

LEGAL COUNSEL

Skadden, Arps, Slate, Meagher &

Flom LLP

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.

GAB443Q320AR

LOGO


The Gabelli Focus Five Fund Annual Report — September 30, 2020
		Daniel M. Miller
		Portfolio Manager
To Our Shareholders,

For the fiscal year ended September 30, 2020, the net asset value (NAV) total return per Class I Share of The Gabelli Focus Five Fund was (3.1)% compared with a total return of 5.9% 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 September 30, 2020.

Performance Discussion (Unaudited)

The Focus Five Fund seeks to provide a high level of capital appreciation. Under normal circumstances, the Fund will invest in a concentrated portfolio of twenty-five to thirty-five equity securities. The Fund could potentially invest up to 50% of its net assets in five securities that represent the largest, and thus the highest conviction, positions.

As a Fund with a concentrated portfolio of holdings, stock selection is an important element of performance as the Fund is driven more by the results of the companies selected rather than the movement of the overall market.

Some of the better performing investments during the fiscal year were: PayPal Holdings Inc. (1.8% of net assets as of September 30, 2020) that operates as a technology platform and digital payments company enabling digital and mobile payments on behalf of consumers and merchants worldwide; NextEra Energy Partners LP (7.8%) that acquires, owns, and manages contracted clean energy projects in the United States. It owns a portfolio of contracted renewable generation assets consisting of wind and solar projects, as well as contracted natural gas pipeline assets; and Option Care Health Inc. (5.7%) that provides independent home and alternate site infusion services in the United States. The company offers immunoglobulin infusion therapy designed for the treatment of immune deficiencies; anti-infective therapy and services; infusion therapies for bleeding disorders, and other infusion therapies to treat various conditions, including heart failure, pain management, chemotherapy, and respiratory medications.

Beginning on January 1, 2021, 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.

Investments that detracted from performance during the fiscal year and are no longer held included: Synchrony Financial that operates as a consumer financial services company in the United States. It delivers a range of specialized financing programs and consumer banking products to digital, retail, home, auto, travel, health, and pet industries; PGT Innovations Inc. that manufactures and supplies impact resistant residential windows and doors in the southeastern United States; and Internap Corp. that is a global provider of performance driven, full spectrum data center and cloud solutions.

We appreciate your confidence and trust.

Comparative Results

Average Annual Returns through September 30, 2020 (a)(b) (Unaudited)


									Since				Since
									January 1,				Inception
	1 Year			3 Year			5 Year		2012(c)		10 Year		(12/31/02)
Class I (GWSIX)		(3.14)	%		(4.66)	%		1.42%		5.15%		5.32%		5.99%
Class AAA (GWSVX)		(3.48)			(4.93)			1.14		4.88		5.04		5.79
S&P MidCap 400 Index		(2.16)			2.90			8.11		10.69(d)		10.49		10.21
Russell 2500 Index		2.22			4.45			8.97		11.01(d)		10.81		10.34
Russell 1000 Index		16.01			12.38			14.09		14.28		13.76		10.30
MSCI AC World Ex-U.S. Index		3.45			1.65			6.74		6.02		4.48		7.74
Blended Index		5.92			5.68			9.66		10.53		9.91		9.68
Class A (GWSAX)		(3.37)			(4.90)			1.16		4.88		5.06		5.81
With sales charge (e)		(8.93)			(6.76)			(0.03)		4.18		4.44		5.45
Class C (GWSCX)		(4.14)			(5.61)			0.40		4.11		4.26		5.03
With contingent deferred sales charge (f)		(5.10)			(5.61)			0.40		4.11		4.26		5.03

In the current prospectuses dated January 28, 2020, the expense ratios for Class AAA, A, C, and I Shares are 1.64%, 1.64%, 2.39%, and 1.39%, respectively. See page 9 for the expense ratios for the fiscal year ended September 30, 2020. Class AAA and Class I Shares have no sales charge. The maximum sales charge for Class A and Class C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. 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. 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. 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 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. 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 stocks of 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.

(b)

The Fund’s fiscal year ends September 30.

(c)

On January 1, 2012, the Fund began operating under its current name.

(d)

S&P MidCap 400 Index performance and Russell 2500 Index performance are as of December 31, 2011.

(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.

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

THE GABELLI FOCUS FIVE FUND (CLASS AAA SHARES), THE BLENDED INDEX, AND

THE RUSSELL 2500 INDEX (Unaudited)

LOGO

*	Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Gabelli Focus Five Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from April 1, 2020 through September 30, 2020 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


	Beginning	Ending	Annualized	Expenses
	Account Value	Account Value	Expense	Paid During
	04/01/20	09/30/20	Ratio	Period*
*The Gabelli Focus Five Fund*
Actual Fund Return
Class AAA	$1,000.00	$1,327.70	1.72%	$10.01
Class A	$1,000.00	$1,328.40	1.72%	$10.01
Class C	$1,000.00	$1,323.40	2.48%	$14.41
Class I	$1,000.00	$1,329.90	1.48%	$ 8.62
Hypothetical 5% Return
Class AAA	$1,000.00	$1,016.40	1.72%	$ 8.67
Class A	$1,000.00	$1,016.40	1.72%	$ 8.67
Class C	$1,000.00	$1,012.60	2.48%	$12.48
Class I	$1,000.00	$1,017.60	1.48%	$ 7.47

*	Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183 days), then divided by 366.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of September 30, 2020:

The Gabelli Focus Five Fund


Food and Beverage	12.6	%
Financial Services	11.1	%
Energy and Utilities	9.9	%
Real Estate	7.2	%
Consumer Services	6.1	%
Building and Construction	6.1	%
U.S. Government Obligations	5.9	%
Health Care	5.7	%
Computer Software and Services	5.6	%
Diversified Industrial	5.2	%
Retail	5.0	%


Cable and Satellite	4.6	%
Entertainment	3.5	%
Automotive: Parts and Accessories	3.1	%
Business Services	3.1	%
Telecommunications	3.0	%
Aerospace and Defense	1.0	%
Automotive	0.8	%
Other Assets and Liabilities (Net)	0.5	%


	100.0	%

Proxy Voting

The Gabelli Focus Five Fund

Schedule of Investments — September 30, 2020


					Market
Shares			Cost		Value
		COMMON STOCKS — 91.8%
		Aerospace and Defense — 1.0%
	7,500	Aerojet Rocketdyne Holdings Inc.†	$	297,379	$	299,175

		Automotive — 0.8%
	20,000	Fiat Chrysler Automobiles NV†		238,106		244,400

		Automotive: Parts and Accessories — 3.1%
	10,500	Aptiv plc		553,560		962,640

		Building and Construction — 6.1%
	46,914	Herc Holdings Inc.†		1,192,583		1,858,264

		Business Services — 3.1%
	35,000	Macquarie Infrastructure Corp.		1,244,442		941,150

		Cable and Satellite — 4.6%
	16,000	EchoStar Corp., Cl. A†		462,409		398,240
	30,000	Liberty Media Corp.- Liberty Formula One, Cl. A†		853,038		1,005,300

				1,315,447		1,403,540

		Computer Software and Services — 5.6%
	1,175	Alphabet Inc., Cl. C†		697,006		1,726,780

		Consumer Services — 6.1%
	6,892	GCI Liberty Inc., Cl. A†		294,370		564,868
	32,500	ServiceMaster Global Holdings Inc.†		1,069,694		1,296,100

				1,364,064		1,860,968

		Diversified Industrial — 5.2%
	25,000	Colfax Corp.†		574,218		784,000
	37,500	Ferro Corp.†		374,587		465,000
	850	Roper Technologies Inc.		244,942		335,843

				1,193,747		1,584,843

		Energy and Utilities — 9.9%
	25,000	Enterprise Products Partners LP		408,232		394,750
	40,000	NextEra Energy Partners LP		1,942,209		2,398,400
	4,000	Southwest Gas Holdings Inc.		248,136		252,400

				2,598,577		3,045,550

		Entertainment — 3.5%
	203,600	Sirius XM Holdings Inc.		606,755		1,091,296

		Financial Services — 11.1%
	35,000	Apollo Global Management Inc.		1,232,164		1,566,250
	7,500	E*TRADE Financial Corp.		296,738		375,375
	110,000	New York Community Bancorp Inc.		1,043,568		909,700
	2,750	PayPal Holdings Inc.†		261,358		541,833

				2,833,828		3,393,158


					Market
Shares			Cost		Value
		Food and Beverage — 12.6%
	69,000	Maple Leaf Foods Inc.	$	1,112,279	$	1,406,894
	16,500	Mondelēz International Inc., Cl. A		675,416		947,925
	17,500	Post Holdings Inc.†		582,636		1,505,000

				2,370,331		3,859,819

		Health Care — 5.7%
	130,000	Option Care Health Inc.†		805,655		1,738,100

		Real Estate — 7.2%
	7,500	Hannon Armstrong Sustainable Infrastructure Capital Inc., REIT		131,644		317,025
	67,500	MGM Growth Properties LLC, Cl. A, REIT		1,403,168		1,888,650

				1,534,812		2,205,675

		Retail — 3.2%
	7,500	PetIQ Inc.†		166,897		246,900
	11,500	Shake Shack Inc., Cl. A†		576,597		741,520

				743,494		988,420

		Telecommunications — 3.0%
	8,000	T-Mobile US Inc.†		598,537		914,880

		TOTAL COMMON STOCKS		20,188,323		28,118,658

		PREFERRED STOCKS — 1.8%
		Retail — 1.8%
	5,500	Qurate Retail Inc. 8.000%, 03/15/31		521,382		541,750


Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 5.9%
	$1,810,000	U.S. Treasury Bills, 0.086% to 0.136%††, 10/01/20 to 12/24/20		1,809,775		1,809,803

		TOTAL INVESTMENTS — 99.5%	$	22,519,480		30,470,211


		Other Assets and Liabilities (Net) — 0.5%				145,572


		NET ASSETS — 100.0%			$	30,615,783

†	Non-income producing security.

††	Represents annualized yields at dates of purchase.

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

The Gabelli Focus Five Fund

Statement of Assets and Liabilities

September 30, 2020

Statement of Operations

For the Year Ended September 30, 2020


Assets:
Investments, at value (cost $22,519,480)	$30,470,211
Foreign currency, at value (cost $6,999)	7,047
Cash	42,030
Receivable for investments sold	411,646
Receivable for Fund shares sold	100
Dividends receivable	38,104
Prepaid expenses	13,622
Total Assets	30,982,760
Liabilities:
Payable for investments purchased	256,916
Payable for Fund shares redeemed	23,342
Payable for investment advisory fees	25,402
Payable for distribution fees	8,899
Payable for legal and audit fees	21,800
Payable for shareholder communications expenses	19,810
Other accrued expenses	10,808
Total Liabilities	366,977
Net Assets
(applicable to 2,519,641 shares outstanding)	$30,615,783
Net Assets Consist of:
Paid-in capital	$30,446,452
Total distributable earnings	169,331
Net Assets	$30,615,783
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($8,713,111 ÷ 698,173 shares outstanding; 100,000,000 shares authorized)	$12.48
Class A:
Net Asset Value and redemption price per share ($6,643,863 ÷ 526,649 shares outstanding; 50,000,000 shares authorized)	$12.62
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$13.39
Class C:
Net Asset Value and offering price per share ($6,925,641 ÷ 650,796 shares outstanding; 50,000,000 shares authorized)	$10.64	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($8,333,168 ÷ 644,023 shares outstanding; 50,000,000 shares authorized)	$12.94


Investment Income:
Dividends (net of foreign withholding taxes of $5,110)	$	510,482
Interest		48,900

Total Investment Income		559,382

Expenses:
Investment advisory fees		381,642
Distribution fees - Class AAA		25,727
Distribution fees - Class A		18,737
Distribution fees - Class C		94,963
Registration expenses		59,830
Legal and audit fees		30,465
Shareholder communications expenses		28,002
Shareholder services fees		27,104
Custodian fees		9,952
Directors’ fees		2,831
Interest expense		214
Miscellaneous expenses		15,417

Total Expenses		694,884

Net Investment Loss		(135,502	)

Net Realized and Unrealized Gain/(Loss) on Investments, Written Options, and Foreign Currency:
Net realized loss on investments		(1,904,070	)
Net realized gain on written options		26,636
Net realized loss on foreign currency transactions		(542	)

Net realized loss on investments, written options, and foreign currency transactions		(1,877,976	)

Net change in unrealized appreciation/depreciation:
on investments		(78,200	)
on foreign currency translations		60

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(78,140	)

Net Realized and Unrealized Gain/(Loss) on Investments, Written Options, and Foreign Currency		(1,956,116	)

Net Decrease in Net Assets Resulting from Operations	$	(2,091,618	)

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

See accompanying notes to financial statements.

The Gabelli Focus Five Fund

Statement of Changes in Net Assets


	Year Ended				Year Ended
	September 30, 2020				September 30, 2019
Operations:
Net investment loss		$	(135,502	)		$	(436,046	)
Net realized loss on investments, written options, and foreign currency transactions			(1,877,976	)			(3,628,898	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(78,140	)			(4,210,570	)

Net Decrease in Net Assets Resulting from Operations			(2,091,618	)			(8,275,514	)

Distributions to Shareholders:
Class AAA			—				(11,940	)
Class A			—				(10,608	)
Class C			—				(20,011	)
Class I			—				(22,594	)

Total Distributions to Shareholders			—				(65,153	)


Capital Share Transactions:
Class AAA			(2,854,458	)			(3,143,551	)
Class A			(2,048,935	)			(4,783,404	)
Class C			(6,433,896	)			(8,686,557	)
Class I			(6,519,450	)			(16,188,041	)

Net Decrease in Net Assets from Capital Share Transactions			(17,856,739	)			(32,801,553	)


Redemption Fees			137				—

Net Decrease in Net Assets.			(19,948,220	)			(41,142,220	)
Net Assets:
Beginning of year			50,564,003				91,706,223

End of year		$	30,615,783			$	50,564,003

See accompanying notes to financial statements.

The Gabelli Focus Five Fund

Financial Highlights

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


				Income (Loss)																														Ratios to Average Net Assets/
				from Investment Operations												Distributions																		Supplemental Data
								Net
	Net							Realized and																				Net
	Asset			Net				Unrealized								Net												Asset						Net			Net
	Value,			Investment				Gain (Loss)				Total from				Realized												Value,						Assets			Investment						Portfolio
Year Ended	Beginning			Income				on				Investment				Gain on				Total				Redemption				End of			Total			End of Year			Income			Operating			Turnover
September 30	of Year			(Loss) (a)(b)				Investments				Operations				Investments				Distributions				Fees (b)				Year			Return †			(in 000’s)			(Loss) (a)			Expenses(c)			Rate
Class AAA
2020		$	12.93		$	(0.03	)		$	(0.42	)		$	(0.45	)			—				—			$	0.00	(d)		$	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	(e)		67
2018			14.61			(0.09	)			(0.61	)			(0.70	)			(0.07	)			(0.07	)			0.00	(d)			13.84		(4.78	)			16,630		(0.63	)		1.53			105
2017			13.70			(0.15	)			1.21				1.06				(0.15	)			(0.15	)			0.00	(d)			14.61		7.88				22,542		(1.08	)		1.43	(e)		77
2016			12.00			(0.14	)			1.84				1.70				—				—				0.00	(d)			13.70		14.17				33,695		(1.11	)		1.42	(e)		60
Class A
2020		$	13.06		$	(0.03	)		$	(0.41	)		$	(0.44	)			—				—			$	0.00	(d)		$	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	(e)		67
2018			14.76			(0.09	)			(0.62	)			(0.71	)			(0.07	)			(0.07	)			0.00	(d)			13.98		(4.80	)			15,137		(0.65	)		1.53			105
2017			13.84			(0.15	)			1.22				1.07				(0.15	)			(0.15	)			0.00	(d)			14.76		7.87				29,391		(1.08	)		1.43	(e)		77
2016			12.12			(0.14	)			1.86				1.72				—				—				0.00	(d)			13.84		14.19				43,775		(1.10	)		1.42	(e)		60
Class C
2020		$	11.10		$	(0.11	)		$	(0.35	)		$	(0.46	)			—				—			$	0.00	(d)		$	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	(e)		67
2018			12.74			(0.17	)			(0.53	)			(0.70	)			(0.07	)			(0.07	)			0.00	(d)			11.97		(5.48	)			24,992		(1.38	)		2.28			105
2017			12.06			(0.22	)			1.05				0.83				(0.15	)			(0.15	)			0.00	(d)			12.74		7.04				37,147		(1.83	)		2.18	(e)		77
2016			10.64			(0.21	)			1.63				1.42				—				—				0.00	(d)			12.06		13.35				57,796		(1.85	)		2.17	(e)		60
Class I
2020		$	13.36		$	0.00	(d)		$	(0.42	)		$	(0.42	)			—				—			$	0.00	(d)		$	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	(e)		67
2018			15.02			(0.06	)			(0.62	)			(0.68	)			(0.07	)			(0.07	)			0.00	(d)			14.27		(4.50	)			34,947		(0.39	)		1.28			105
2017			14.05			(0.11	)			1.23				1.12				(0.15	)			(0.15	)			0.00	(d)			15.02		8.11				71,138		(0.83	)		1.18	(e)		77
2016			12.27			(0.11	)			1.89				1.78				—				—				0.00	(d)			14.05		14.51				103,490		(0.85	)		1.17	(e)		60

†	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 year including reinvestment of distributions and does not reflect the applicable sales charges.

(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 fiscal years ended September 30, 2019, 2018, 2017, and 2016, the effect of interest expense was minimal.

(d)	Amount represents less than $0.005 per share.

(e)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. If such credits had not been received the 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.

See accompanying notes to financial statements.

The Gabelli Focus Five Fund

Notes to Financial Statements

1. Organization. The Gabelli Focus Five 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.

The Gabelli Focus Five Fund

Notes to Financial Statements (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. The Fund did not hold any Level 3 securities at the fiscal years ended September 30, 2019 and 2020. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of September 30, 2020 is as follows:


	Valuation Inputs
	Level 1			Level 2 Other Significant			Total Market Value
	Quoted Prices			Observable Inputs			at 9/30/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$	28,118,658			—		$	28,118,658
Preferred Stocks (a)			541,750			—			541,750
U.S. Government Obligations			—		$	1,809,803			1,809,803
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	28,660,408		$	1,809,803		$	30,470,211

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

The Gabelli Focus Five Fund

Notes to Financial Statements (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.

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

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

The Gabelli Focus Five Fund

Notes to Financial Statements (Continued)

The Fund’s derivative contracts held at September 30, 2020, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments.

Options. The Fund may purchase or write call or put options on securities or indices for the purpose of increasing the income of the Fund. As a writer of put options, the Fund receives a premium at the outset and then bears the risk of unfavorable changes in the price of the financial instrument underlying the option. The Fund would incur a loss if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. The Fund would realize a gain, to the extent of the premium, if the price of the financial instrument increases between those dates.

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

If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In the case of call options, the exercise prices are referred to as “in-the-money,” “at-the-money,” and “out-of-the-money,” respectively. The Fund may write (a) in-the-money call options when the Adviser expects that the price of the underlying security will remain stable or decline during the option period, (b) at-the-money call options when the Adviser expects that the price of the underlying security will remain stable, decline, or advance moderately during the option period, and (c) out-of-the-money call options when the Adviser expects that the premiums received from writing the call option will be greater than the appreciation in the price of the underlying security above the exercise price. By writing a call option, the Fund limits its opportunity to profit from any increase in the market value of the underlying security above the exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options (the reverse of call options as to the relation of exercise price to market price) may be utilized in the same market environments that such call options are used in equivalent transactions. At September 30, 2020, the Fund held no option positions. For the fiscal year ended September 30, 2020, the effect of option contracts can be found in the Statement of Operations under Net Realized and Unrealized Gain/(Loss) on Investments, Written Options, and Foreign Currency within Net realized gain on written options.

The Fund’s volume of activity in equity options contracts during the fiscal year ended September 30, 2020 had an average monthly market value of approximately of $13,500.

The Gabelli Focus Five Fund

Notes to Financial Statements (Continued)

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.

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. For the fiscal year ended September 30, 2020, reclassifications were made to decrease paid-in capital by $320,667, with an offsetting adjustment to total distributable earnings.

The Gabelli Focus Five Fund

Notes to Financial Statements (Continued)

The tax character of distributions paid during the fiscal year ended September 30, 2019 was as follows. There was no distribution during the fiscal year ended September 30, 2020.


	Year Ended
	September 30, 2019
Distributions paid from:
Net long term capital gains		$	65,153

Total distributions paid		$	65,153

At September 30, 2020, the components of accumulated earnings/losses on a tax basis were as follows:


Accumulated capital loss carryforwards	$	(5,318,864	)
Net unrealized appreciation on investments.		7,932,303
Qualified late year loss deferral*		(2,444,108	)

Total	$	169,331

Under the current law, qualified late year ordinary losses realized after December 31 or post October capital losses realized after October 31 and prior to the Fund’s year end may be elected as occurring on the first day of the following year. For the fiscal year ended September 30, 2020, the Fund elected to defer $71,075 of late year ordinary losses and $2,373,033 of post October capital losses.

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. The Fund has a short term capital loss carryforward with no expiration of $5,318,864.

At September 30, 2020, the temporary differences between book basis and tax basis unrealized appreciation on investments were primarily due to deferral of losses from wash sales for tax purposes.

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2020:


				Gross			Gross
				Unrealized			Unrealized				Net Unrealized
	Cost			Appreciation			Depreciation				Appreciation
Investments		$	22,537,956		$	8,584,697		$	(652,442	)		$	7,932,255

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 fiscal year ended September 30, 2020, the Fund did not incur income tax, interest, or penalties. As of September 30, 2020, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

The Gabelli Focus Five Fund

Notes to Financial Statements (Continued)

6. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2020, the Fund paid $45 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $681 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 3, 2021 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 125 basis points or the 30 day ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the fiscal year ended September 30, 2020, 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 Focus Five Fund

Notes to Financial Statements (Continued)

The redemption fees retained by the Fund during the fiscal years ended September 30, 2020 and 2019, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:


	Year Ended						Year Ended
	September 30, 2020						September 30, 2019
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		31,364		$	432,781			36,551		$	450,109
Shares issued upon reinvestment of distributions		—			—			1,846			22,967
Shares redeemed		(276,063	)		(3,287,239	)		(297,070	)		(3,616,627	)

Net decrease		(244,699	)	$	(2,854,458	)		(258,673	)	$	(3,143,551	)


Class A
Shares sold		135,152		$	1,638,263			75,374		$	959,065
Shares issued upon reinvestment of distributions		—			—			789			10,014
Shares redeemed		(298,561	)		(3,687,198	)		(468,679	)		(5,752,483	)

Net decrease		(163,409	)	$	(2,048,935	)		(392,516	)	$	(4,783,404	)


Class C
Shares sold		36,416		$	397,493			45,255		$	476,557
Shares issued upon reinvestment of distributions		—			—			1,718			18,647
Shares redeemed		(629,588	)		(6,831,389	)		(890,312	)		(9,181,761	)

Net decrease		(593,172	)	$	(6,433,896	)		(843,339	)	$	(8,686,557	)


Class I
Shares sold		75,874		$	1,024,738			222,615		$	2,821,913
Shares issued upon reinvestment of distributions		—			—			1,617			20,936
Shares redeemed		(595,926	)		(7,544,188	)		(1,509,657	)		(19,030,890	)

Net decrease		(520,052	)	$	(6,519,450	)		(1,285,425	)	$	(16,188,041	)

The Gabelli Focus Five Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Focus Five Fund

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of The Gabelli Focus Five Fund (the “Fund”) (one of the funds constituting Gabelli Equity Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of September 30, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Gabelli Equity Series Funds, Inc.) at September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

LOGO

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

Philadelphia, Pennsylvania

November 25, 2020

The Gabelli Focus Five Fund

Additional Fund Information (Unaudited)

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


		Number of Funds
Name, Position(s)	Term of Office	in Fund Complex
Address¹	and Length of	Overseen	Principal Occupation(s)	Other Directorships
and Age	Time Served²	by Director	During Past Five Years	Held by Director³
INTERESTED DIRECTORS⁴:

Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 78	Since 1991	33	Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer– Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies within the Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications) (2013-2018)

John D. Gabelli Director Age: 76	Since 1991	12	Senior Vice President of G.research, LLC	—

INDEPENDENT DIRECTORS⁵:

Elizabeth C. Bogan Director Age: 76	Since 2019	8	Senior Lecturer in Economics at Princeton University	—

Anthony J. Colavita⁶ Director Age: 84	Since 1991	20	President of the law firm of Anthony J. Colavita, P.C.	—

Vincent D. Enright Director Age: 76	Since 1991	17	Former Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998)	Director of Echo Therapeutics, Inc. (therapeutics and diagnostics) (2008- 2014); Director of The LGL Group, Inc. (diversified manufacturing) (2011-2014)

Robert J. Morrissey Director Age: 81	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank

Kuni Nakamura Director Age: 52	Since 2009	33	President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate)	—

Anthonie C. van Ekris⁶ Director Age: 86	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/ export company)	—

Salvatore J. Zizza⁷ Director Age: 74	Since 2001	31	President of Zizza & Associates Corp. (private holding company); President of Bergen Cove Realty Inc. (2000-2018); Chairman of Harbor Diversified, Inc. (pharmaceuticals) (2009-2018); Chairman of BAM (semiconductor and aerospace manufacturing); Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005- 2014)	Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018)

The Gabelli Focus Five Fund

Additional Fund Information (Unaudited) (Continued)


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

OFFICERS:

Bruce N. Alpert President Age: 68	Since 1991	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008; Chief Executive Officer of G.distributors, LLC since January 2020

John C. Ball Treasurer Age: 44	Since 2017	Treasurer of registered investment companies within the Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017

Peter Goldstein Secretary Age: 67	Since 2020	General Counsel, Gabelli Funds, LLC since July 2020; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)

Richard J. Walz Chief Compliance Officer Age: 61	Since 2013	Chief Compliance Officer of registered investment companies within the Fund Complex since 2013; Chief Compliance Office for Gabelli Funds, LLC since 2015

¹	Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

³	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁴	“Interested person” of the Fund as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.

⁵	Directors who are not interested persons are considered “Independent” Directors.

⁶

⁷

THE GABELLI FOCUS FIVE FUND

2020 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the fiscal year ended September 30, 2020, the Fund did not pay any distribution to shareholders.

Portfolio Manager Biography

Daniel M. Miller has been the portfolio manager of the Gabelli Focus Five 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 Funds and Your Personal Privacy

Who are we?

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

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

●

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

●

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

What do we do to protect your personal information?

This page was intentionally left blank.

Gabelli Equity Series Funds, Inc.

THE GABELLI FOCUS FIVE 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 Chairman and Chief Executive Officer, GAMCO Investors, Inc., Executive Chairman, Associated Capital Group, Inc. Elizabeth C. Bogan Senior Lecturer, Princeton University Anthony J. Colavita President, Anthony J. Colavita, P.C. Vincent D. Enright Former Senior Vice President and Chief Financial Officer, KeySpan Corp. John D. Gabelli Senior Vice President, G.research, LLC Robert J. Morrissey Partner, Morrissey, Hawkins & Lynch Kuni Nakamura President, Advanced Polymer, Inc. Anthonie C. van Ekris Chairman, BALMAC International, Inc.		Salvatore J. Zizza Chairman, Zizza & Associates Corp. OFFICERS Bruce N. Alpert President John C. Ball Treasurer Peter Goldstein Secretary Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC CUSTODIAN State Street Bank and Trust Company TRANSFER AGENT AND DIVIDEND DISBURSING AGENT DST Asset Manager Solutions, Inc. LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP

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

GAB840Q320AR

LOGO


The Gabelli Global Financial Services Fund Annual Report — September 30, 2020
		Ian Lapey
		Portfolio Manager
		BA, Williams College
		MS, Northeastern University
To Our Shareholders,		MBA, New York University

For the fiscal year ended September 30, 2020, the net asset value (NAV) total return per Class AAA Share of The Gabelli Global Financial Services Fund was (20.3)% compared with a total return of (14.1)% 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 September 30, 2020.

Performance Discussion (Unaudited)

The goal of the Fund is to generate long term capital appreciation, and under normal market conditions, the Fund will invest at least 80% of the value of its net assets in the securities of companies principally engaged in the group of industries comprising the financial services sector. The Fund considers a company to be engaged in financial services if it devotes a significant portion of its assets to or derives a significant portion of its revenues from providing financial services. The Adviser’s investment philosophy with respect to buying and selling equity securities is to identify assets that are selling in the public market at a discount to their private market value (PMV). The Adviser defines PMV as the value informed purchasers are willing to pay to acquire assets with similar characteristics.

During the year ended September 30, 2020, the common stocks of most global financial services companies were negatively impacted by the decline in interest rates and the COVID-19 pandemic. The ten year US treasury rate fell to 0.8% from 1.7%, and the Federal Funds rate fell to a range of 0%-0.25% from 1.75%-2.0%. Although lower interest rates negatively impact the Net Interest Margin (NIM) generated by banks, there are several positive ramifications including higher asset values, lower funding costs, lower credit costs and boosts to interest rate sensitive industries like housing, auto and investment banking. The COVID-19 pandemic led to a 33% decline in second quarter 2020 US GDP and a sharp increase in US unemployment to a peak of 14.7% in April from 3.5% in February. This severe economic deterioration drove large increases in credit reserves for banks in the first two quarters of 2020. However, the capital positions for most banks have remained very strong, and demand for financial services has been robust. Most large banks should be able to avoid issuing dilutive equity capital. I believe these interest rate and pandemic headwinds have created attractive buying opportunities in the companies of many financial services companies, and I have made significant additional personal investments in the Fund. As of September 30, 2020, the Fund had 32 common stock positions and Net Assets of $13.5 million. I believe that the Fund’s aggregate valuation metrics are extremely attractive at about 70% of book value, 125% of tangible book value and 9 times expected 2021 earnings.

Beginning on January 1, 2021, 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 top contributor for the year was Dutch life insurer NN Group (5.3% of the Fund’s net assets as of September 30, 2020). The company reported resilient results for the first half of 2020, despite the pandemic, and an interim dividend that equated to 6.8% of its market cap. Daimler AG (2.8%), a German car (Mercedes Benz) and truck manufacturer with a significant financial services business, benefitted from a recovery in the auto market as the pandemic has increased demand for cars, and supply shortages have resulted in record high used car prices. Other positive contributors included State Street Corp (3.7%), a leading asset manager and custodian, and Janus Henderson Group (4.3%), a global asset management company. State Street reported a 33% increase in earnings through the first six months of 2020 as its fee-based business model with minimal credit risk has operated well during the pandemic. Janus Henderson’s investment teams have performed well, and the company has generated healthy cash flow and significant returns to shareholders in share repurchases and dividends.

The common stocks of Citigroup (4.0%), NatWest Group (2.4%), Standard Chartered (2.6%) and other banks fell sharply owing to the negative impact of pandemic related credit provisions and low interest rates on 2020 earnings. So far actual credit losses have been minimal as the companies have benefited from prudent underwriting in recent years. Their capital positions were robust heading in to 2020, and healthy earnings from capital markets and investment banking have contributed to continued financial strength despite booking large credit reserves. The largest individual detractor was Assured Guaranty, a leading municipal bond insurer. Despite a strong capital position and long term history of prudent underwriting, its stock fell sharply owing primarily to the pandemic’s pressure on the creditworthiness of many municipalities. The position was eliminated so that the Fund could add to positions with similarly depressed valuations but less long term investment risk, including all the common stocks mentioned above.

We appreciate your confidence and trust.

Comparative Results


		Total Returns through September 30, 2020 (a)(b) (Unaudited)


				Since
				Inception
	1 Year			(10/1/18)
Class AAA (GAFSX)		(20.33	)%		(14.75	)%
MSCI World Financials Index		(14.10	)		(7.21	)
Class A (GGFSX)		(20.24	)		(14.69	)
With sales charge (c)		(24.83	)		(17.18	)
Class C (GCFSX)		(20.97	)		(15.39	)
With contingent deferred sales charge (d)		(21.76	)		(15.39	)
Class I (GFSIX)		(20.17	)		(14.55	)

In the current prospectuses dated January 28, 2020 and supplemented July 31, 2020, the gross expense ratios for Class AAA, A, C, and I Shares are 2.32%, 2.32%, 3.08%, and 2.07%, 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 9 for the expense ratios for the fiscal year ended September 30, 2020. The contractual reimbursements are in effect through January 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.

(a)

(b)

The Fund’s fiscal year ends September 30.

(c)

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

(d)

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

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

THE GABELLI GLOBAL FINANCIAL SERVICES FUND (CLASS AAA SHARES),

AND MSCI WORLD FINANCIALS INDEX (Unaudited)

LOGO

*	Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Gabelli Global Financial Services Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from April 1, 2020 through September 30, 2020 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


	Beginning Account Value 04/01/20			Ending Account Value 09/30/20			Annualized Expense Ratio			Expenses Paid During Period*
*The Gabelli Global Financial Services Fund*
Actual Fund Return
Class AAA		$	1,000.00		$	1,178.00		1.25	%		$	6.81
Class A		$	1,000.00		$	1,180.00		1.25	%		$	6.81
Class C		$	1,000.00		$	1,175.60		2.00	%		$	10.88
Class I		$	1,000.00		$	1,180.00		1.00	%		$	5.45
Hypothetical 5% Return
Class AAA		$	1,000.00		$	1,018.75		1.25	%		$	6.31
Class A		$	1,000.00		$	1,018.75		1.25	%		$	6.31
Class C		$	1,000.00		$	1,015.00		2.00	%		$	10.08
Class I		$	1,000.00		$	1,020.00		1.00	%		$	5.05

*	Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183 days), then divided by 366.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of September 30, 2020:

The Gabelli Global Financial Services Fund


Banks	19.1	%
Investment Management	17.8	%
Diversified Banks	15.9	%
Institutional Brokerage	10.9	%
Life Insurance	9.2	%
Institutional Trust, Fiduciary, and Custody	8.1	%


Consumer Finance	6.5	%
Homebuilders	6.2	%
Automobiles	5.6	%
U.S. Government Obligations	0.8	%
Other Assets and Liabilities (Net)	(0.1	)%


	100.0	%

Proxy Voting

The Gabelli Global Financial Services Fund

Schedule of Investments — September 30, 2020


					Market
Shares			Cost		Value
		COMMON STOCKS — 99.3%
		Automobiles — 5.6%
	7,000	Daimler AG	$	378,427	$	377,818
	2,900	Toyota Motor Corp., ADR		346,541		384,076

				724,968		761,894

		Banks — 19.1%
	27,150	CIT Group Inc.		722,988		480,827
	120,200	Commerzbank AG†		899,607		590,916
	118,000	Dah Sing Financial Holdings Ltd.		604,591		283,503
	21,000	ING Groep NV†		163,478		149,133
	23,800	Japan Post Bank Co. Ltd.		266,114		185,273
	16,700	Shinhan Financial Group Co. Ltd., ADR		581,005		383,599
	28,100	Shinsei Bank Ltd.		415,367		344,772
	6,000	Webster Financial Corp.		164,458		158,460

				3,817,608		2,576,483

		Consumer Finance — 6.5%
	21,600	Ally Financial Inc.		535,229		541,512
	4,700	Capital One Financial Corp.		376,974		337,742

				912,203		879,254

		Diversified Banks — 15.9%
	272,500	Barclays plc†		568,208		343,218
	12,550	Citigroup Inc.		765,944		541,031
	44,900	Credit Agricole SA†		536,982		393,351
	236,500	Natwest Group plc†		610,981		323,632
	14,810	Societe Generale SA†		452,849		196,527
	76,100	Standard Chartered plc†		545,847		349,676

				3,480,811		2,147,435

		Homebuilders — 6.2%
	2,990	Cavco Industries Inc.†		410,620		539,127
	21,309	Legacy Housing Corp.†		249,938		291,507

				660,558		830,634

		Institutional Brokerage — 10.9%
	48,100	Credit Suisse Group AG, ADR		536,699		479,557
	88,800	Daiwa Securities Group Inc.		485,177		371,063
	34,610	Jefferies Financial Group Inc.		697,216		622,980

				1,719,092		1,473,600


					Market
Shares			Cost		Value
		Institutional Trust, Fiduciary, and Custody — 8.1%
	8,450	State Street Corp.	$	444,650	$	501,339
	17,150	The Bank of New York Mellon Corp.		819,232		588,931

				1,263,882		1,090,270

		Investment Management — 17.8%
	4,550	Diamond Hill Investment Group Inc.		684,251		574,756
	25,250	Franklin Resources Inc.		702,363		513,837
	26,600	Janus Henderson Group plc		555,654		577,752
	39,800	Waddell & Reed Financial Inc., Cl. A		575,657		591,030
	13,204	Westwood Holdings Group Inc.		157,029		147,092

				2,674,954		2,404,467

		Life Insurance — 9.2%
	203,117	Aegon NV		932,286		528,684
	19,029	NN Group NV		764,717		715,057

				1,697,003		1,243,741

		TOTAL COMMON STOCKS		16,951,079		13,407,778

	Principal
Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.8%
	$105,000	U.S. Treasury Bill, 0.091%††, 12/24/20		104,978		104,978

		TOTAL INVESTMENTS — 100.1%	$	17,056,057		13,512,756

		Other Assets and Liabilities (Net) — (0.1)%				(11,583	)

		NET ASSETS — 100.0%			$	13,501,173

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

See accompanying notes to financial statements.

The Gabelli Global Financial Services Fund

Statement of Assets and Liabilities

September 30, 2020


Assets:
Investments, at value (cost $17,056,057)	$13,512,756
Receivable for investments sold	75,906
Receivable from Adviser	23,539
Dividends and interest receivable	30,011
Prepaid expenses	31,578
Total Assets	13,673,790
Liabilities:
Foreign currency overdraft, at value (cost $10)	10
Payable to custodian	13,847
Payable for investments purchased	85,774
Payable for investment advisory fees	11,275
Payable for distribution fees	19
Payable for legal and audit fees	21,800
Payable for shareholder communications expenses	27,262
Other accrued expenses.	12,630
Total Liabilities	172,617
Net Assets
(applicable to 1,905,883 shares outstanding)	$13,501,173
Net Assets Consist of:
Paid-in capital	$18,036,551
Total accumulated loss	(4,535,378)
Net Assets	$13,501,173
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($47,664 ÷ 6,730 shares outstanding; 120,000,000 shares authorized)	$7.08
Class A:
Net Asset Value and redemption price per share ($7,775 ÷ 1,098 shares outstanding; 60,000,000 shares authorized)	$7.08
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$7.51
Class C:
Net Asset Value and offering price per share ($716 ÷ 101.87 shares outstanding; 20,000,000 shares authorized)	$7.03	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($13,445,018 ÷ 1,897,953 shares outstanding; 150,000,000 shares authorized)	$7.08

Statement of Operations

For the Year Ended September 30, 2020


Investment Income:
Dividends (net of foreign withholding taxes of $9,292)	$	390,500
Interest		3,868

Total Investment Income		394,368

Expenses:
Investment advisory fees		139,049
Distribution fees - Class AAA		180
Distribution fees - Class A		73
Distribution fees - Class C		8
Registration expenses		58,744
Shareholder communication expenses		39,201
Legal and audit fees		28,410
Custodian fees		21,934
Shareholder services fees		11,966
Directors’ fees		1,001
Interest expense		7
Miscellaneous expenses		13,587

Total Expenses		314,160

Less:
Expense reimbursements (See Note 3)		(174,126	)
Expenses paid indirectly by broker (See Note 6)		(717	)


Total Reductions		(174,843	)

Net Expenses		139,317

Net Investment Income		255,051

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(1,018,824	)
Net realized loss on foreign currency transactions		(229	)

Net realized loss on investments and foreign currency transactions		(1,019,053	)

Net change in unrealized appreciation/depreciation:
on investments		(2,604,052	)
on foreign currency translations		780

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(2,603,272	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(3,622,325	)

Net Decrease in Net Assets Resulting from Operations	$	(3,367,274	)

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

See accompanying notes to financial statements.

The Gabelli Global Financial Services Fund

Statement of Changes in Net Assets


	Year Ended				Year Ended
	September 30, 2020				September 30, 2019(a)
Operations:
Net investment income		$	255,051			$	356,018
Net realized loss on investments and foreign currency transactions			(1,019,053	)			(160,556	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(2,603,272	)			(939,477	)

Net Decrease in Net Assets Resulting from Operations			(3,367,274	)			(744,015	)

Distributions to Shareholders:
Class AAA			(1,646	)			(310	)
Class A			(264	)			(3	)
Class C			(17	)			(1	)
Class I			(377,283	)			(44,565	)

Total Distributions to Shareholders			(379,210	)			(44,879	)


Capital Share Transactions:
Class AAA			(63,425	)			139,202
Class A			(8,303	)			10,263
Class C			17				1,001
Class I			4,081,055				13,876,238

Net Increase in Net Assets from Capital Share Transactions			4,009,344				14,026,704


Redemption Fees			503				—

Net Increase in Net Assets			263,363				13,237,810
Net Assets:
Beginning of period			13,237,810				—

End of year		$	13,501,173			$	13,237,810

(a)	The Fund commenced investment operations on October 1, 2018.

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 year:


			Income (Loss)																	Ratios to Average Net Assets/
			from Investment Operations						Distributions											Supplemental Data
			Net Realized
					and										Net
	Net Asset				Unrealized										Asset					Net					Operating			Operating
	Value,		Net		Gain/(Loss)		Total from		Net						Value,					Assets		Net			Expenses			Expenses			Portfolio
Year Ended	Beginning		Investment		on		Investment		Investment		Total		Redemption		End of		Total			End of Period		Investment			Before			Net of			Turnover
September 30	of Period		Income(a)		Investments		Operations		Income		Distributions		Fees(a)		Period		Return †			(in 000’s)		Income			Reimbursement			Reimbursement(b)			Rate
Class AAA
2020		$ 9.09		$0.11		$(1.90)		$(1.79)		$(0.22)		$(0.22)		$0.00(c)		$7.08		(20.33)	%		$ 47		1.34	%		2.51	%		1.25	%(d)		18	%
2019(e)		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
2020		$ 9.10		$0.16		$(1.94)		$(1.78)		$(0.24)		$(0.24)		$0.00(c)		$7.08		(20.24)	%		$ 8		2.12	%		2.51	%		1.25	%(d)		18	%
2019(e)		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
2020		$ 9.05		$0.06		$(1.91)		$(1.85)		$(0.17)		$(0.17)		$0.00(c)		$7.03		(20.97)	%		$ 1		0.76	%		3.26	%		2.00	%(d)		18	%
2019(e)		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
2020		$ 9.11		$0.14		$(1.91)		$(1.77)		$(0.26)		$(0.26)		$0.00(c)		$7.08		(20.17)	%		$13,445		1.84	%		2.26	%		1.00	%(d)		18	%
2019(e)		10.00		0.28		(1.13)		(0.85)		(0.04)		(0.04)		—		9.11		(8.51)			13,093		3.05			2.07			1.00			14

†	Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect applicable sales charges.

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

(b)	Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $174,126 and $124,154 for the fiscal years ended September 30, 2020 and 2019, respectively.

(c)	Amount represents less than $0.005 per share.

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

(e)	The Fund commenced investment operations on October 1, 2018.

See accompanying notes to financial statements.

The Gabelli Global Financial Services Fund

Notes to Financial Statements

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

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 Fund did not hold any Level 3 securities at the fiscal years ended September 30, 2019 and 2020. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of September 30, 2020 is as follows:


	Valuation Inputs
	Level 1			Level 2 Other Significant			Total Market Value
	Quoted Prices			Observable Inputs			at 9/30/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$	13,407,778			—		$	13,407,778
U.S. Government Obligations			—		$	104,978			104,978
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	13,407,778		$	104,978		$	13,512,756

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

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

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

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

The tax character of distributions paid during the fiscal years ended September 30, 2020 and 2019 was as follows:


	Year Ended September 30, 2020			Year Ended September 30, 2019
Distributions paid from:
Ordinary income		$	379,210		$	44,879

Total distributions paid		$	379,210		$	44,879

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.

As of September 30, 2020, the components of accumulated earnings/losses on a tax basis were as follows:


Net unrealized depreciation on investments	$	(3,557,413	)
Undistributed ordinary income.		187,844
Accumulated capital loss carryforwards		(132,728	)
Qualified late year loss deferral*		(1,033,081	)

Total	$	(4,535,378	)

At September 30, 2020, the temporary difference between book basis and tax basis net unrealized depreciation on investments was due to deferral of losses from wash sales, and mark-to-market on investments considered passive foreign investment companies for tax purposes.

The following summarizes the tax cost of investments and the related net unrealized depreciation at September 30, 2020:


	Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Depreciation
Investments		$	17,070,721		$	524,928		$	(4,082,893	)		$	(3,557,965	)

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the fiscal year ended September 30, 2020, the Fund did not incur any income tax, interest, or penalties. As of September 30, 2020, 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

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

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 Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than an annual rate of 1.25%, 1.25%, 2.00%, and 1.00% for Class AAA, Class A, Class C, and Class I shares, respectively. This arrangement is in effect through January 31, 2021. For the fiscal year ended September 30, 2020, the Adviser reimbursed the Fund in the amount of $174,126. In addition, the Fund has also agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayments, such adjusted annualized total operating expenses of the Fund would not exceed the foregoing expense limitations of the value of the Fund’s average daily net assets for Class AAA, Class A, Class C, and Class I Shares. At September 30, 2020, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $298,280:


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

	$	298,280

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.

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

6. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2020, the Fund paid $4,202 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. The Adviser did not seek a reimbursement during the fiscal year ended September 30, 2020.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 3, 2021 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 125 basis points or the 30 day ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “interest expense” in the Statement of Operations. At September 30, 2020, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the fiscal year ended September 30, 2020 was $478 with a weighted average interest rate of 1.45%. There was a one day borrowing of $175,000 during the fiscal year ended September 30, 2020.

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:


	Year Ended							Year Ended
	September 30, 2020							September 30, 2019(a)
	Shares			Amount				Shares			Amount
Class AAA
Shares sold		9,216			$	71,042			19,438			$	181,324
Shares issued upon reinvestment of distributions		171				1,647			37				310
Shares redeemed		(17,429	)			(136,114	)		(4,703	)			(42,432	)

Net increase/(decrease)		(8,042	)		$	(63,425	)		14,772			$	139,202

Class A
Shares sold		9,324			$	59,425			1,095			$	10,260
Shares issued upon reinvestment of distributions		28				264			0	*			3
Shares redeemed		(9,349	)			(67,992	)		—				—

Net increase/(decrease)		3			$	(8,303	)		1,095			$	10,263

Class C
Shares sold		—				—			100			$	1,000
Shares issued upon reinvestment of distributions		2			$	17			0	*			1

Net increase		2			$	17			100			$	1,001

Class I
Shares sold		454,386			$	3,950,997			1,431,995			$	13,836,051
Shares issued upon reinvestment of distributions		39,081				374,401			5,363				44,565
Shares redeemed		(32,357	)			(244,343	)		(515	)			(4,378	)

Net increase		461,110			$	4,081,055			1,436,843			$	13,876,238

*	Represents fewer than 0.50 shares.

(a)	The Fund commenced investment operations on October 1, 2018.

9. Significant Shareholder. As of September 30, 2020, approximately 95.9% of the Fund was beneficially owned by the Adviser and its affiliates.

The Gabelli Global Financial Services Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Global Financial Services Fund

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of The Gabelli Global Financial Services Fund (the “Fund”) (one of the funds constituting Gabelli Equity Series Funds, Inc. (the “Corporation”)), including the schedule of investments, as of September 30, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended September 30, 2020 and the period from October 1, 2018 (commencement of operations) through September 30, 2019 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Gabelli Equity Series Funds, Inc.) at September 30, 2020, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for the year ended September 30, 2020 and the period from October 1, 2018 (commencement of operations) through September 30, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

LOGO

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

Philadelphia, Pennsylvania

November 25, 2020

The Gabelli Global Financial Services Fund

Additional Fund Information (Unaudited)

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


Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director⁴

INTERESTED DIRECTORS³:

Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 78	Since 1991	33	Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer– Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies within the Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications) (2013-2018)

John D. Gabelli Director Age: 76	Since 1991	12	Senior Vice President of G.research, LLC	—

INDEPENDENT DIRECTORS⁵:

Elizabeth C. Bogan Director Age: 76	Since 2019	8	Senior Lecturer in Economics at Princeton University	—

Anthony J. Colavita⁶ Director Age: 84	Since 1991	20	President of the law firm of Anthony J. Colavita, P.C.	—

Vincent D. Enright Director Age: 76	Since 1991	17	Former Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998)	Director of Echo Therapeutics, Inc. (therapeutics and diagnostics) (2008- 2014); Director of The LGL Group, Inc. (diversified manufacturing) (2011-2014)

Robert J. Morrissey Director Age: 81	Since 1991	7	Partner in the law firm of Morrissey, Hawkins & Lynch	Chairman of the Board of Directors, Belmont Savings Bank

Kuni Nakamura Director Age: 52	Since 2009	32	President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees	—

Anthonie C. van Ekris⁶ Director Age: 86	Since 1991	23	Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/ export company)	—

Salvatore J. Zizza⁷ Director Age: 74	Since 2001	30	President of Zizza & Associates Corp. (private holding company); President of Bergen Cove Realty Inc.; Chairman of Harbor Diversified, Inc. (pharmaceuticals) (2009-2018); Chairman of BAM (semiconductor and aerospace manufacturing)(2000-2018); Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)	Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018)

The Gabelli Global Financial Services Fund

Additional Fund Information (Continued) (Unaudited)


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

OFFICERS:

Bruce N. Alpert President Age: 68	Since 1991	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008; Chief Executive Officer of G.distributors, LLC since January 2020

John C. Ball Treasurer Age: 44	Since 2017	Treasurer of registered investment companies within the Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017

Peter Goldstein Secretary Age: 67	Since 2020	General Counsel, Gabelli Funds, LLC since July 2020; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)

Richard J. Walz Chief Compliance Officer Age: 61	Since 2013	Chief Compliance Officer of registered investment companies within the Fund Complex since 2013; Chief Compliance Office for Gabelli Funds, LLC since 2015

¹	Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Fund’s By-Laws and Articles of Incorporation. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

³	“Interested person” of the Fund as defined in the 1940 Act. Messers. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.

⁴	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁵	Directors who are not interested persons are considered “Independent” Directors.

⁶

Mr. Colavita’s son, Anthony S. Colavita, serves as a director of other funds in the Fund Complex. Mr. van Ekris is an independent director of Gabelli International Ltd., Gabelli Fund, LDC, GAMA Capital Opportunities Master, Ltd., and GAMCO International SICAV, which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund’s Adviser.

⁷

THE GABELLI GLOBAL FINANCIAL SERVICES FUND

2020 TAX NOTICE TO SHAREHOLDERS (Unaudited)

During the fiscal year ended September 30, 2020, the Fund paid to shareholders, ordinary income distributions totaling $0.2200, $0.2410, $0.1673, and $0.2605 per share for Class AAA, Class A, Class C, and Class I Shares, respectively. For the fiscal year ended September 30, 2020, 40.71% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 1.93% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during the fiscal year ended September 30, 2020 which was derived from U.S. Treasury securities was 1.90%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Global Financial Services Fund did not meet this strict requirement in 2020. The percentage of U.S. Government securities held as of September 30, 2020 was 0.78%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

•

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

•

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

What do we do to protect your personal information?

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

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

Chairman and

Chief Executive Officer,

GAMCO Investors, Inc.

Executive Chairman,

Associated Capital Group, Inc.

Elizabeth C. Bogan

Senior Lecturer,

Princeton University

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

Vincent D. Enright

Former Senior Vice

President and Chief

Financial Officer,

KeySpan Corp.

John D. Gabelli

Senior Vice President,

G.research, LLC

Robert J. Morrissey

Partner,

Morrissey, Hawkins & Lynch

Kuni Nakamura

President,

Advanced Polymer, Inc.

Anthonie C. van Ekris

Chairman,

BALMAC International, Inc.

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

OFFICERS

Bruce N. Alpert

President

John C. Ball

Treasurer

Peter Goldstein

Secretary

Richard J. Walz

Chief Compliance Officer

DISTRIBUTOR

G.distributors, LLC

CUSTODIAN

State Street Bank and Trust

Company

TRANSFER AGENT AND DIVIDEND DISBURSING AGENT

DST Asset Manager

Solutions, Inc.

LEGAL COUNSEL

Skadden, Arps, Slate, Meagher & Flom LLP

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.

GAB3630Q320AR

LOGO

Item 2. Code of Ethics.

(a)

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d)

The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s board of directors has determined that Vincent D. Enright is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent.”

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $109,000 in 2019 and $109,000 in 2020.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 in 2019 and $0 in 2020.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $15,200 in 2019 and $15,200 in 2020. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item

are $4,615 in 2019 and $2,861 in 2020. The fees relate to Passive Foreign Investment Company identification database subscription fees billed on an annual basis.

(e)(1)

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

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

(e)(2)

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

(b) N/A

(d) 0%

(f)

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

(g)

The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $64,998 in 2019 and $55,950 in 2020.

(h)

The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by

another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

The Gabelli Small Cap Growth Fund

Schedule of Investments — September 30, 2020


Shares			Cost		Market Value
	COMMON STOCKS —100.0%
	Aerospace — 2.1%
853,000	Aerojet Rocketdyne Holdings Inc.†		$	4,102,921	$	34,026,170
20,000	Allied Motion Technologies Inc.			664,462		825,600
40,000	Innovative Solutions and Support Inc.			130,088		273,600

				4,897,471		35,125,370


	Agriculture — 0.0%
12,000	Cadiz Inc.†	��		93,950		119,160
13,800	Limoneira Co.			257,313		197,340

				351,263		316,500


	Automotive — 2.6%
979,000	Navistar International Corp.†			24,284,197		42,625,660
1,500	PACCAR Inc.			55,714		127,920

				24,339,911		42,753,580


	Automotive: Parts and Accessories — 3.2%
170,000	BorgWarner Inc.			815,098		6,585,800
88,022	China Automotive Systems Inc.†			420,368		260,545
1,135,000	Dana Inc.			9,544,908		13,983,200
880,000	Freni Brembo SpA†			1,632,589		8,800,929
387,000	Modine Manufacturing Co.†			3,535,149		2,418,750
18,000	Monro Inc.			80,738		730,260
4,400	O’Reilly Automotive Inc.†			94,684		2,028,752
45,000	Puradyn Filter Technologies Inc.†			11,732		495
192,000	Standard Motor Products Inc.			1,469,754		8,572,800
247,400	Strattec Security Corp.(a)			4,786,696		4,923,260
322,000	Tenneco Inc., Cl. A†			1,416,003		2,234,680
21,000	Thor Industries Inc.			194,527		2,000,460
8,000	Uni-Select Inc.			83,354		34,246

				24,085,600		52,574,177


	Aviation: Parts and Services — 3.1%
21,000	AAR Corp.			244,115		394,800
9,500	Astronics Corp.†			13,628		73,340
22,700	Astronics Corp., Cl. B†			31,898		175,925
46,000	Ducommun Inc.†			918,285		1,514,320
696,000	Kaman Corp.			10,704,490		27,123,120
90,000	Moog Inc., Cl. A			1,139,951		5,717,700
16,500	Moog Inc., Cl. B			496,050		1,060,455
4,070,000	Signature Aviation plc			9,884,377		12,546,427
36,400	Woodward Inc.			329,703		2,917,824

				23,762,497		51,523,911


	Broadcasting — 1.6%
265,000	Beasley Broadcast Group Inc., Cl. A			1,352,078		328,600
10,000	Cogeco Communications Inc.			340,851		820,022
23,300	Cogeco Inc.			592,837		1,540,734


Shares		Cost		Market Value
185,000	Corus Entertainment Inc., Cl. B	$	679,390	$	401,524
40,000	Fox Corp., Cl. A		1,662,000		1,113,200
25,000	Gray Television Inc.†		73,674		344,250
72,350	Gray Television Inc., Cl. A†		386,480		886,287
275,000	ITV plc		561,685		239,948
17,000	Liberty Broadband Corp., Cl. A†		104,375		2,410,770
13,000	Liberty Broadband Corp., Cl. C†		69,160		1,857,310
20,000	Liberty Media Corp.-Liberty Formula One, Cl. A†		66,962		670,200
27,000	Liberty Media Corp.-Liberty Formula One, Cl. C†		91,359		979,290
64,000	Liberty Media Corp.-Liberty SiriusXM, Cl. A†		214,254		2,122,880
34,452	Liberty Media Corp.-Liberty SiriusXM, Cl. C†		294,603		1,139,672
345,000	MSG Networks Inc., Cl. A†		2,147,239		3,301,650
22,500	Nexstar Media Group Inc., Cl. A		1,380,375		2,023,425
180,000	Salem Media Group Inc.		0		164,826
160,000	Sinclair Broadcast Group Inc., Cl. A		1,221,814		3,076,800
480,000	Sirius XM Holdings Inc.		316,771		2,572,800

			11,555,907		25,994,188


	Building and Construction — 6.2%
79,000	Arcosa Inc.		942,643		3,483,110
97,000	D.R. Horton Inc.		1,063,595		7,336,110
29,000	Gibraltar Industries Inc.†		546,825		1,889,060
464,000	Herc Holdings Inc.†		15,667,050		18,379,040
128,500	KB Home		1,277,157		4,933,115
400,000	Lennar Corp., Cl. B		9,784,772		26,264,000
160,000	Louisiana-Pacific Corp.		1,289,839		4,721,600
107,000	MDC Holdings Inc.		2,139,938		5,039,700
19,500	Meritage Homes Corp.†		338,849		2,152,605
2,700	NVR Inc.†		1,908,453		11,024,424
158,000	PulteGroup Inc.		976,094		7,313,820
65,000	Titan Machinery Inc.†		1,078,654		859,950
165,800	Toll Brothers Inc.		2,984,812		8,067,828

			39,998,681		101,464,362


	Business Services — 3.0%
13,000	ACCO Brands Corp.		60,332		75,400
680,000	Clear Channel Outdoor Holdings Inc.†		1,762,880		680,000
414,000	Diebold Nixdorf Inc.†		4,171,398		3,162,960
85,000	Element Solutions Inc.†		792,541		893,350
70,000	GP Strategies Corp.†		579,429		674,800
13,000	GSE Systems Inc.†		18,200		13,520
225,000	IAA Inc.†		1,845,352		11,715,750
97,500	Live Nation Entertainment Inc.†		831,881		5,253,300
175,000	Macquarie Infrastructure Corp.		34,359		4,705,750
16,000	McGrath RentCorp.		411,253		953,440
20,000	Sealed Air Corp.		587,044		776,200

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2020


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Business Services (Continued)
73,000		Sohgo Security Services Co. Ltd.	$	848,008	$	3,460,864
9,500		Stamps.com Inc.†		79,071		2,289,025
149,000		Team Inc.†		2,056,182		819,500
409,000		The Interpublic Group of Companies Inc.		1,774,433		6,818,030
25,000		TransAct Technologies Inc.		115,198		125,000
1,739,000		Trans-Lux Corp.†(a)		1,714,044		347,800
39,600		United Rentals Inc.†		252,791		6,910,200

				17,934,396		49,674,889


		Cable — 0.7%
160,000		AMC Networks Inc., Cl. A†		1,836,742		3,953,600
40,000		DISH Network Corp., Cl. A†		746,475		1,161,200
30,000		EchoStar Corp., Cl. A†		479,334		746,700
121,000		Liberty Global plc, Cl. A†		2,700,564		2,542,210
160,000		Liberty Global plc, Cl. C†		3,112,971		3,285,600
90,000		WideOpenWest Inc.†		706,890		467,100

				9,582,976		12,156,410


		Communications Equipment — 0.1%
248,000		Communications Systems Inc.		1,684,302		949,840


		Computer Software and Services — 2.2%
19,500		3D Systems Corp.†		236,041		95,745
85,500		Activision Blizzard Inc.		1,153,523		6,921,225
410,000		Alithya Group Inc., Cl. A†		1,281,794		852,800
194,000		Avid Technology Inc.†		1,128,059		1,660,640
182,000		GTY Technology Holdings Inc.†		1,771,986		482,300
14,000		MKS Instruments Inc.		246,336		1,529,220
39,000		Rockwell Automation Inc.		918,657		8,606,520
92,000		Stratasys Ltd.†		1,915,885		1,147,240
42,000		Tyler Technologies Inc.†		86,100		14,639,520

				8,738,381		35,935,210


		Consumer Products — 2.6%
23,000		1-800-Flowers.com Inc., Cl. A†		47,594		573,620
89,000		Brunswick Corp.		2,332,338		5,242,990
32,000		Chofu Seisakusho Co. Ltd.		461,495		667,217
41,000		Church & Dwight Co. Inc.		69,785		3,842,110
17,000		Energizer Holdings Inc.		709,960		665,380
13,000		Ginko International Co. Ltd.		108,593		60,148
2,000		Harley-Davidson Inc.		4,713		49,080
146,000		Hunter Douglas NV†		6,322,005		8,507,580
2,500		Kobayashi Pharmaceutical Co. Ltd.		103,323		241,075
6,200	��	LCI Industries		102,829		658,998
238,000		Marine Products Corp.		148,400		3,722,320
3,000		National Presto Industries Inc.		83,060		245,580
230,000		Sally Beauty Holdings Inc.†		1,289,542		1,998,700
215,000		Samick Musical Instruments Co. Ltd.		289,566		247,264


Shares		Cost		Market Value
3,700	Shimano Inc.	$	414,540	$	726,914
14,000	Steven Madden Ltd.		34,457		273,000
111,000	Swedish Match AB		2,143,578		9,082,421
10,000	The Scotts Miracle-Gro Co.		174,942		1,529,100
9,500	WD-40 Co.		248,399		1,798,445
85,000	Wolverine World Wide Inc.		413,704		2,196,400

			15,502,823		42,328,342


	Consumer Services — 1.6%
53,000	Bowlin Travel Centers Inc.†		53,947		152,375
2,750	Collectors Universe Inc.		0		136,097
3,000	H&E Equipment Services Inc.		67,163		58,980
5,000	IAC/InterActiveCorp.†		16,882		598,900
260,000	KAR Auction Services Inc.		1,330,391		3,744,000
394,000	Rollins Inc.		578,623		21,350,860

			2,047,006		26,041,212


	Diversified Industrial — 9.0%
10,500	Acuity Brands Inc.		99,097		1,074,675
65,000	Albany International Corp., Cl. A		1,320,757		3,218,150
187,496	Ampco-Pittsburgh Corp.†		1,034,471		654,361
69,400	Burnham Holdings Inc., Cl. A		1,216,539		806,775
364,000	Crane Co.		7,932,157		18,247,320
113,000	EnPro Industries Inc.		6,096,907		6,374,330
115,000	Greif Inc., Cl. A		2,267,516		4,164,150
95,700	Greif Inc., Cl. B		4,346,420		3,778,236
1,410,000	Griffon Corp.		16,076,530		27,551,400
190,000	Jardine Strategic Holdings Ltd.		3,487,637		3,763,900
6,000	JSP Corp.		134,248		91,424
83,000	Kimball International Inc., Cl. B		785,684		874,820
60,000	L.B. Foster Co., Cl. A†		776,764		805,200
55,500	Lawson Products Inc.†		740,545		2,277,165
63,000	Lincoln Electric Holdings Inc.		1,641,404		5,798,520
43,000	Lindsay Corp.		932,963		4,157,240
27,000	Lydall Inc.†		286,221		446,580
30,500	Matthews International Corp., Cl. A		714,289		681,980
952,000	Myers Industries Inc.		13,237,132		12,594,960
74,500	Oil-Dri Corp. of America		529,097		2,664,865
14,000	Olin Corp.		221,218		173,320
300,000	Park-Ohio Holdings Corp.		2,625,435		4,821,000
12,500	Pentair plc		296,897		572,125
94,000	Raven Industries Inc.		2,319,682		2,022,880
16,500	Roper Technologies Inc.		310,694		6,519,315
69,000	Sonoco Products Co.		2,033,683		3,523,830
56,000	Standex International Corp.		1,494,342		3,315,200
175,000	Steel Connect Inc.†		286,839		94,920
11,000	Steel Partners Holdings LP†		159,362		67,913
13,000	T. Hasegawa Co. Ltd.		236,726		260,456
8,000	Terex Corp.		190,480		154,880
370,000	Textron Inc.		2,276,853		13,353,300
486,000	Tredegar Corp.		7,961,023		7,226,820

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2020


Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Diversified Industrial (Continued)
230,000	Trinity Industries Inc.	$	2,621,672	$	4,485,000
48,000	Ultra Electronics Holdings plc		962,561		1,292,008

			87,653,845		147,909,018


	Electronics — 1.8%
161,000	Badger Meter Inc.		2,143,613		10,524,570
216,000	Bel Fuse Inc., Cl. A(a)		4,115,394		2,408,400
500,000	CTS Corp.		4,412,357		11,015,000
33,000	Daktronics Inc.		281,209		130,680
116,000	Gentex Corp.		1,174,214		2,987,000
20,000	IMAX Corp.†		158,565		239,200
30,000	Renesas Electronics Corp.†		194,117		217,608
78,000	Stoneridge Inc.†		431,318		1,432,860

			12,910,787		28,955,318


	Energy and Utilities — 2.2%
21,000	Avangrid Inc.		815,249		1,059,660
25,000	Callon Petroleum Co.†		174,121		120,500
21,500	Chesapeake Utilities Corp.		300,557		1,812,450
35,500	CMS Energy Corp.		181,989		2,180,055
11,000	Consolidated Water Co. Ltd.		141,093		114,510
100,000	Covanta Holding Corp.		24,597		775,000
56,000	Diamondback Energy Inc.		2,831,092		1,686,720
38,500	Dril-Quip Inc.†		1,483,503		953,260
74,000	Energy Recovery Inc.†		316,427		606,800
24,000	Landis+Gyr Group AG†		1,466,993		1,314,587
25,000	Marathon Petroleum Corp.		123,445		733,500
31,000	Middlesex Water Co.		523,319		1,926,650
11,000	Northwest Natural Holding Co.		518,541		499,290
21,500	NorthWestern Corp.		582,609		1,045,760
16,000	Otter Tail Corp.		317,433		578,720
86,000	PNM Resources Inc.		703,631		3,554,380
1,865,000	RPC Inc.†		889,096		4,923,600
20,000	Siemens Gamesa Renewable Energy SA		117,491		541,440
90,000	SJW Group		1,643,120		5,477,400
32,500	Southwest Gas Holdings Inc.		533,592		2,050,750
9,000	Spire Inc.		354,680		478,800
34,000	The York Water Co.		475,596		1,437,180
11,000	Vestas Wind Systems A/S		94,711		1,784,280

			14,612,885		35,655,292


	Entertainment — 1.3%
50,000	Discovery Inc., Cl. A†		863,334		1,088,500
79,000	Discovery Inc., Cl. C†		524,418		1,548,400
81,000	Inspired Entertainment Inc.†		509,946		239,760
90,000	Liberty Media Corp.- Liberty Braves, Cl. A†		1,984,256		1,879,200
214,000	Liberty Media Corp.- Liberty Braves, Cl. C†		3,147,813		4,496,140


Shares		Cost		Market Value
33,500	Madison Square Garden Sports Corp.†	$	0	$	5,041,080
34,000	Manchester United plc, Cl. A		542,466		494,360
10,000	Take-Two Interactive Software Inc.†		75,380		1,652,200
5,000	The Walt Disney Co.		28,673		620,400
38,000	Universal Entertainment Corp.† .		230,655		692,154
69,000	World Wrestling Entertainment Inc., Cl. A		727,607		2,792,430

			8,634,548		20,544,624


	Environmental Services — 0.5%
92,000	Republic Services Inc.		831,067		8,588,200


	Equipment and Supplies — 14.7%
31,600	A.O. Smith Corp.		74,355		1,668,480
439,500	AMETEK Inc.		747,849		43,686,300
52,000	AZZ Inc.		1,771,545		1,774,240
20,000	Chart Industries Inc.†		658,081		1,405,400
162,000	CIRCOR International Inc.†		2,611,735		4,430,700
333,000	Core Molding Technologies Inc.†		744,209		2,950,380
141,000	Crown Holdings Inc.†		569,461		10,837,260
2,025	Danaher Corp.		13,122		436,043
107,000	Donaldson Co. Inc.		615,370		4,966,940
65,000	Entegris Inc.		278,163		4,832,100
274,000	Federal Signal Corp.		1,470,809		8,014,500
249,000	Flowserve Corp.		1,610,407		6,795,210
205,500	Franklin Electric Co. Inc.		804,756		12,089,565
500,000	Graco Inc.		3,336,420		30,675,000
51,000	IDEX Corp.		186,874		9,302,910
185,000	Interpump Group SpA		855,699		6,880,210
11,000	Littelfuse Inc.		109,551		1,950,740
55,000	Maezawa Kyuso Industries Co. Ltd.		359,609		1,199,450
70,000	Minerals Technologies Inc.		3,212,544		3,577,000
6,000	MSA Safety Inc.		179,592		805,020
715,000	Mueller Industries Inc.		19,007,547		19,347,900
482,000	Mueller Water Products Inc., Cl. A		3,550,821		5,007,980
3,600	Teleflex Inc.		54,840		1,225,512
175,000	Tennant Co.		2,986,539		10,563,000
786,000	The Gorman-Rupp Co.		12,468,177		23,155,560
110,000	The Greenbrier Companies Inc.		1,383,138		3,234,000
97,000	The L.S. Starrett Co., Cl. A†		746,537		286,150
30,000	The Manitowoc Co. Inc.†		283,157		252,300
62,500	The Middleby Corp.†		722,852		5,606,875
38,000	The Timken Co.		1,288,260		2,060,360
30,000	The Toro Co.		524,020		2,518,500
7,500	Valmont Industries Inc.		172,236		931,350
6,200	Vicor Corp.†		29,426		481,926
7,875	Watsco Inc., Cl. B		23,627		1,838,104

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2020


Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Equipment and Supplies (Continued)
60,000	Watts Water Technologies Inc., Cl. A	$	1,139,108	$	6,009,000

			64,590,436		240,795,965


	Financial Services — 3.6%
6,000	Alleghany Corp.		923,013		3,122,700
8,240	Ameris Bancorp		71,898		187,707
25,000	Argo Group International Holdings Ltd.		493,734		860,750
131,000	Calamos Asset Management Inc., Escrow†(b)		0		0
12,000	Capitol Federal Financial Inc.		120,000		111,180
22,000	Crazy Woman Creek Bancorp Inc.		343,564		344,190
330,000	Energy Transfer LP		0		1,788,600
130	Farmers & Merchants Bank of Long Beach		846,022		792,740
348,000	Flushing Financial Corp.		5,737,095		3,660,960
66,000	FNB Corp.		659,922		447,480
240,000	GAM Holding AG†		976,978		463,818
278,000	Hope Bancorp Inc.		3,087,049		2,108,630
425,000	Huntington Bancshares Inc.		4,066,429		3,897,250
738,000	KKR & Co. Inc.		3,183,446		25,342,920
80,000	Medallion Financial Corp.†		362,763		200,000
55,000	Pzena Investment Management Inc., Cl. A		456,506		294,800
44,500	Sandy Spring Bancorp Inc.		1,518,598		1,027,060
13,500	Sculptor Capital Management Inc.		301,309		158,490
800	South State Corp.		58,904		38,520
9,000	State Auto Financial Corp.		208,279		123,840
404,000	Sterling Bancorp		4,356,771		4,250,080
80,000	Synovus Financial Corp.		2,160,858		1,693,600
16,000	TFS Financial Corp.		234,831		235,040
15,000	Thomasville Bancshares Inc.		570,703		693,750
230,000	Valley National Bancorp		1,437,500		1,575,500
35,500	Value Line Inc.		443,012		876,850
314,000	Waddell & Reed Financial Inc., Cl. A		4,602,068		4,662,900
10,000	Waterloo Investment Holdings Ltd.†(b)		1,373		2,100
133,000	Wright Investors’ Service Holdings Inc.†		90,952		46,550

			37,313,577		59,008,005


	Food and Beverage — 9.6%
425,000	Arca Continental SAB de CV		763,179		1,831,931
89,500	Brown-Forman Corp., Cl. A		569,033		6,146,860
42,000	Bull-Dog Sauce Co. Ltd.		120,234		475,096
1,000,000	China Tontine Wines Group Ltd.†		105,355		11,613


Shares		Cost		Market Value
204,500	Chr. Hansen Holding A/S	$	8,521,649	$	22,730,452
310,000	Crimson Wine Group Ltd.†		2,736,535		1,534,500
40,000	Davide Campari-Milano NV		64,106		437,045
220,000	Denny’s Corp.†		736,620		2,200,000
700,000	Dynasty Fine Wines Group Ltd.†		114,811		22,219
62,000	Farmer Brothers Co.†		835,850		274,040
415,000	Flowers Foods Inc.		986,370		10,096,950
128,000	ITO EN Ltd.		2,461,981		9,114,683
49,000	Iwatsuka Confectionery Co. Ltd.		1,717,459		1,765,515
23,000	J & J Snack Foods Corp.		509,737		2,998,970
118,000	Kameda Seika Co. Ltd.		4,751,460		6,041,815
660,000	Kikkoman Corp.		5,955,162		36,421,562
700,000	Maple Leaf Foods Inc.		12,211,478		14,272,840
6,000	MEIJI Holdings Co. Ltd.		117,526		457,403
21,000	MGP Ingredients Inc.		32,647		834,540
71,000	Morinaga Milk Industry Co. Ltd.		1,376,548		3,729,578
26,000	National Beverage Corp.†		1,065,624		1,768,260
52,500	Nissin Foods Holdings Co. Ltd.		1,761,959		4,928,175
15,000	Post Holdings Inc.†		62,689		1,290,000
150,000	Rock Field Co. Ltd.		1,078,378		2,097,852
2,000	The Boston Beer Co. Inc., Cl. A†		38,340		1,766,720
61,000	The J.M. Smucker Co.		1,432,586		7,046,720
625,000	Tingyi (Cayman Islands)
	Holding Corp.		1,326,207		1,101,606
204,001	Tootsie Roll Industries Inc.		3,183,000		6,303,631
390,000	Vina Concha y Toro SA		716,197		638,752
1,050,000	Vitasoy International Holdings Ltd.		615,385		4,071,264
20,000	Willamette Valley Vineyards Inc.†		73,225		123,000
100,000	Yakult Honsha Co. Ltd.		2,378,860		5,546,864

			58,420,190		158,080,456


	Health Care — 6.4%
2,000	Align Technology Inc.†		13,951		654,720
7,000	Bio-Rad Laboratories Inc., Cl. A†		312,891		3,608,220
14,500	Bruker Corp.		120,643		576,375
60,000	Cantel Medical Corp.		618,282		2,636,400
1,000	Chemed Corp.		13,731		480,350
25,000	CONMED Corp.		524,502		1,966,750
32,000	Covetrus Inc.†		153,127		780,800
436,000	Cutera Inc.†		6,073,608		8,270,920
13,200	DexCom Inc.†		73,052		5,441,436
20,000	Evolent Health Inc., Cl. A†		222,100		248,200
173,000	Globus Medical Inc., Cl. A†		3,940,181		8,566,960
73,000	Henry Schein Inc.†		501,325		4,290,940
29,000	ICU Medical Inc.†		960,710		5,300,040
40,500	Masimo Corp.†		977,000		9,560,430
86,000	Meridian Bioscience Inc.†		1,359,200		1,460,280

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2020


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	24,500	Neogen Corp.†	$	504,369	$	1,917,125
	112,000	NuVasive Inc.†		3,005,221		5,439,840
	216,000	OPKO Health Inc.†		569,980		797,040
	133,000	Orthofix Medical Inc.†		2,998,197		4,141,620
	17,500	Owens & Minor Inc.		59,847		439,425
	22,000	Patterson Cos. Inc.		481,743		530,310
	111,000	Quidel Corp.†		514,839		24,351,180
	24,000	Seikagaku Corp.		280,995		251,458
	18,800	STERIS plc		1,401,352		3,312,372
	1,900	Straumann Holding AG		170,618		1,918,463
	3,000	Stryker Corp.		142,188		625,110
	32,000	SurModics Inc.†		651,429		1,245,120
	28,200	Teladoc Health Inc.†		943,344		6,182,568
	100	The Cooper Companies Inc.		3,627		33,712
	38,000	United-Guardian Inc.		332,419		570,380

				27,924,471		105,598,544


		Home Furnishings — 0.3%
	195,000	Bassett Furniture Industries Inc.		2,054,436		2,667,600
	6,000	Ethan Allen Interiors Inc.		139,850		81,240
	80,000	La-Z-Boy Inc.		1,331,823		2,530,400

				3,526,109		5,279,240


		Hotels and Gaming — 3.6%
	180,000	Boyd Gaming Corp.		965,827		5,524,200
	190,540	Canterbury Park Holding Corp.		1,961,480		2,320,777
	136,800	Churchill Downs Inc.		1,308,844		22,410,576
	130,000	Formosa International Hotels Corp.		872,527		596,989
	554,000	Full House Resorts Inc.†		1,622,914		1,074,760
	48,254	Gaming and Leisure Properties Inc., REIT		380,856		1,782,020
	800,000	Genting Singapore Ltd.		741,067		392,660
	170,000	Golden Entertainment Inc.†		1,518,492		2,351,100
	2,980,000	Mandarin Oriental International Ltd.†		4,175,855		5,364,000
	3,500	Penn National Gaming Inc.†		15,200		254,450
	342,000	Ryman Hospitality Properties Inc., REIT		7,089,047		12,585,600
	2,900,000	The Hongkong & Shanghai Hotels Ltd.		3,096,951		2,252,631
	162,000	The Marcus Corp.		1,777,629		1,252,260
	14,000	Wynn Resorts Ltd.		0		1,005,340

				25,526,689		59,167,363


		Machinery — 2.4%
	353,000	Astec Industries Inc.		12,385,722		19,150,250
	1,427,000	CNH Industrial NV†		4,242,733		11,159,140
	118,000	Kennametal Inc.		2,181,655		3,414,920
	5,300	Nordson Corp.		90,324		1,016,646


Shares			Cost		Market Value
	165,000	The Eastern Co.	$	3,213,896	$	3,220,800
	120,000	Twin Disc Inc.†		1,408,528		607,200
	90,000	Welbilt Inc.†		434,686		554,400

				23,957,544		39,123,356


		Manufactured Housing and Recreational Vehicles — 1.2%
	71,500	Cavco Industries Inc.†		1,435,393		12,892,165
	70,000	Nobility Homes Inc.		764,895		1,610,000
	85,000	Skyline Champion Corp.†		500,100		2,275,450
	54,000	Winnebago Industries Inc.		622,276		2,790,180

				3,322,664		19,567,795


		Metals and Mining — 0.1%
	45,000	Ivanhoe Mines Ltd., Cl. A†		117,783		163,569
	95,000	Kinross Gold Corp.†		412,123		837,900
	20,000	Turquoise Hill Resources Ltd.†		41,995		16,868

				571,901		1,018,337


		Publishing — 0.8%
	2,200	Graham Holdings Co., Cl. B		981,258		889,042
	5,000	John Wiley & Sons Inc., Cl. B		19,375		158,700
	30,000	Meredith Corp.		530,432		393,600
	34,000	News Corp., Cl. A		48,038		476,680
	980,000	The E.W. Scripps Co., Cl. A		6,690,668		11,211,200

				8,269,771		13,129,222


		Real Estate — 2.3%
	78,500	Capital Properties Inc., Cl. A		935,416		1,117,447
	259,000	Griffin Industrial Realty Inc.(a)		4,769,035		13,843,550
	6,967	Gyrodyne LLC†		201,352		115,025
	19,000	Lamar Advertising Co., Cl. A, REIT		122,955		1,257,230
	90,000	Morguard Corp.		1,140,881		7,086,178
	3,500	Reading International Inc., Cl. B†		66,647		85,855
	14,000	Seritage Growth Properties, Cl. A, REIT†		221,185		188,300
	146,600	Tejon Ranch Co.†		3,464,813		2,074,390
	558,000	The St. Joe Co.†		9,085,399		11,511,540
	98,000	Trinity Place Holdings Inc.†		352,255		138,180

				20,359,938		37,417,695


		Retail — 4.8%
	16,000	Aaron’s Inc.		12,192		906,400
	130,000	AutoNation Inc.†		2,112,358		6,880,900
	35,000	Big 5 Sporting Goods Corp.		238,565		261,800
	975	Biglari Holdings Inc., Cl. A†		605,755		475,602
	101,000	Copart Inc.†		856,018		10,621,160
	2,500	Dunkin’ Brands Group Inc.		47,500		204,775
	100	Hertz Global Holdings Inc.†		950		111
	550,000	Ingles Markets Inc., Cl. A		8,345,405		20,922,000
	65,000	Lands’ End Inc.†		985,862		846,950
	84,000	Movado Group Inc.		1,401,207		834,960
	156,000	Nathan’s Famous Inc.		205,698		7,995,000

See accompanying notes to financial statements.

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — September 30, 2020


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Retail (Continued)
	72,000	Penske Automotive Group Inc	$	1,051,522	$	3,431,520
	93,000	Pets at Home Group plc		159,631		507,373
	238,000	Rush Enterprises Inc., Cl. B		2,569,325		10,543,400
	9,000	Salvatore Ferragamo SpA†		179,197		132,640
	155,000	The Cheesecake Factory Inc.		3,614,224		4,299,700
	50,000	Tractor Supply Co.		430,097		7,167,000
	43,000	Village Super Market Inc., Cl. A		1,076,393		1,058,230
	21,000	Weis Markets Inc.		595,263		1,008,000
	600	Winmark Corp.		41,191		103,308

				24,528,353		78,200,829


		Specialty Chemicals — 3.5%
	51,000	Albemarle Corp.		759,937		4,553,280
	28,000	Ashland Global Holdings Inc.		210,127		1,985,760
	1,800,000	Ferro Corp.†		8,911,421		22,320,000
	110,000	GCP Applied Technologies Inc.†		2,849,884		2,304,500
	285,000	H.B. Fuller Co.		3,612,486		13,047,300
	17,000	Hawkins Inc.		529,212		783,700
	74,000	Huntsman Corp.		243,255		1,643,540
	6,800	NewMarket Corp.		684,657		2,327,776
	10,200	Quaker Chemical Corp.		162,280		1,833,042
	67,000	Sensient Technologies Corp.		1,305,562		3,868,580
	3,000	Takasago International Corp.		79,470		61,954
	91,200	The General Chemical Group Inc.†		1,186		1,140
	161,000	Valvoline Inc.		480,331		3,065,440

				19,829,808		57,796,012


		Telecommunications — 1.0%
	83,000	Consolidated Communications Holdings Inc.†		549,537		472,270
	74,000	Gogo Inc.†		403,174		683,760
	107,000	HC2 Holdings Inc.†		388,379		258,940
	6,000	IDT Corp., Cl. B†		25,437		39,480
	112,000	Iridium Communications Inc.†		1,092,455		2,864,960
	51,000	Loral Space & Communications Inc.		1,702,820		933,300
	123,500	Nuvera Communications Inc.		1,080,602		2,136,550
	85,000	Rogers Communications Inc., Cl. B		307,210		3,370,250
	89,500	Shenandoah Telecommuni- cations Co.		220,152		3,976,933
	710,000	VEON Ltd., ADR		1,380,133		894,600
	10,000	Verizon Communications Inc		47,292		594,900

				7,197,191		16,225,943


		Transportation — 1.8%
	440,000	GATX Corp.		12,935,300		28,050,000
	18,600	Irish Continental Group plc		13,660		67,822
	80,000	Navigator Holdings Ltd.†		765,668		668,800

				13,714,628		28,786,622


Shares			Cost		Market Value
		Wireless Communications — 0.1%
	53,500	United States Cellular Corp.†	$	2,067,534	$	1,579,855

		TOTAL COMMON STOCKS		650,245,150		1,639,265,682


		CLOSED-END FUNDS — 0.2%
	71,000	MVC Capital Inc		616,952		554,510
	55,000	The Central Europe, Russia, and Turkey Fund Inc.		1,214,513		1,080,200
	32,729	The European Equity Fund Inc.		325,355		309,584
	119,537	The New Germany Fund Inc.		1,659,113		2,017,785

		TOTAL CLOSED-END FUNDS		3,815,933		3,962,079


		PREFERRED STOCKS — 0.3%
		Automotive: Parts and Accessories — 0.3%
	115,000	Jungheinrich AG		788,352		3,969,469

		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†		0		652


		Diversified Industrial — 0.0%
	140,000	Ampco-Pittsburgh Corp., expire 08/01/25†		95,648		51,800

		TOTAL WARRANTS		95,648		52,452

		TOTAL MISCELLANEOUS INVESTMENTS — 0.5%(c)		2,273,446		7,255,027

		TOTAL INVESTMENTS — 101.0%	$	657,218,531		1,654,504,711

		Other Assets and Liabilities (Net) — (1.0)%				(15,619,202	)


		NET ASSETS — 100.0%			$	1,638,885,509

(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.

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli Small Cap Growth Fund

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

Opinion on the Financial Statements and Schedule of Investments in Securities

We have audited the accompanying statement of assets and liabilities of The Gabelli Small Cap Growth Fund (the “Fund”) (one of the funds constituting Gabelli Equity Series Funds, Inc. (the “Corporation”)),including the summary schedule of investments, as of September 30, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”) (the financial statements are included in Item 1 of this Form N-CSR), and the schedule of investments in securities as of September 30, 2020 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements and schedule of investments in securities present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Gabelli Equity Series Funds, Inc.) at September 30, 2020, the results of its operationsfor the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

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

September 30, 2020, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and schedule of investments in securities. We believe that our audits provide a reasonable basis for our opinion.

LOGO

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

Philadelphia, Pennsylvania

November 25, 2020

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

Item 7.

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

Not applicable.

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

Not applicable.

Item 9.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a)

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

15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

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

Item 12.

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

Not applicable.

Item 13. Exhibits.


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

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

(a)(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 December 4, 2020

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 December 4, 2020

By (Signature and Title)* /s/ John C. Ball

John C. Ball, Principal Financial Officer and Treasurer


Date December 4, 2020

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

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