ThZeal - The Zeal

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.

For the six months ended June 30, 2019, the net asset value (NAV) per Class AAA Share of The Gabelli ABC Fund increased 2.7% compared with an increase of 2.5% for the Standard & Poor’s (S&P) Long-Only Merger Arbitrage Index. The performance of the ICE Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index for the year was 1.2%. Another class of shares is available. See page 2 for performance information for both classes of shares.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2019.



Average Annual Returns through June 30, 2019 (a) (Unaudited)						Since
	Six Months	1 Year	5 Year	10 Year	15 Year	Inception (5/14/93)
AAA Shares (GABCX)	2.69%	2.31%	2.05%	3.09%	3.75%	5.44%
Advisor Shares (GADVX)	2.52	2.06	1.79	2.84	3.54	5.31
S&P Long-Only Merger Arbitrage Index	2.45	3.98	3.53	4.39	N/A(b)	N/A(b)
Lipper U.S. Treasury Money Market Fund Average	1.04	1.94	0.60	0.30	1.05	2.13(c)
ICE Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index	1.24	2.31	0.87	0.49	1.38	2.57
S&P 500 Index	18.54	10.42	10.71	14.70	8.75	9.69(c)

In the current prospectuses dated April 30, 2019, the expense ratios for the Class AAA and the Advisor Class Shares, are 0.57% and 0.82%, respectively. See page 12 for the expense ratios for the six months ended June 30, 2019. The Fund does not have a sales charge.

(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 Gabelli Funds, LLC, the Adviser, not reimbursed certain expenses of the Fund for periods prior to December 31, 2007. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after purchase. Performance returns for periods of less than one year are not annualized. 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 S&P Long-Only Merger Arbitrage Index is comprised of a maximum of 40 large and liquid stocks that are active targets in pending merger deals. The Lipper U.S. Treasury Money Market Fund Average reflects the average performance of mutual funds classified in this particular category. The ICE Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month, that issue is sold and rolled into the outstanding Treasury Bill that matures closest to, but not beyond three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the rebalancing (month end) date. 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. Dividends are considered reinvested except for the ICE Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index. You cannot invest directly in an index. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of the Advisor Class Shares on May 1, 2007. The actual performance of the Advisor Class Shares would have been lower due to the additional expenses associated with this class of shares.

(b)

S&P Long-Only Merger Arbitrage Index inception date is January 17, 2008.

(c)

Lipper U.S. Treasury Money Market Fund Average and the S&P 500 Index since inception performance returns are as of April 30, 1993.

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

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

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

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

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

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


	Beginning Account Value 01/01/19	Ending Account Value 06/30/19		Annualized Expense Ratio		Expenses Paid During Period*
*The Gabelli ABC Fund*
Actual Fund Return
Class AAA	$1,000.00		$1,026.90		0.69%		$3.47
Advisor Class	$1,000.00		$1,025.20		0.94%		$4.72
Hypothetical 5% Return
Class AAA	$1,000.00		$1,021.37		0.69%		$3.46
Advisor Class	$1,000.00		$1,020.13		0.94%		$4.71

*	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 (181 days), then divided by 365.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2019:


Long Positions
U.S. Treasury Bills	65.6	%
Health Care	6.4	%
Computer Software and Services	4.9	%
Building and Construction	4.1	%
Diversified Industrial	3.8	%
Energy and Utilities	2.6	%
Financial Services	1.7	%
Semiconductors	1.6	%
Broadcasting	1.5	%
Telecommunications	1.5	%
Wireless Communications	1.1	%
Metals and Mining	0.7	%
Entertainment	0.6	%
Machinery	0.6	%
Food and Beverage	0.6	%
Cable and Satellite	0.5	%
Consumer Products	0.4	%
Industrials	0.3	%
Publishing	0.3	%
Specialty Chemicals	0.3	%
Transportation	0.3	%


Real Estate	0.2	%
Hotels and Gaming	0.1	%
Computer Hardware	0.1	%
Electronics	0.0	%*
Business Services	0.0	%*
Closed-End Funds	0.0	%*
Retail	0.0	%*
Consumer Services	0.0	%*
Other Assets and Liabilities (Net)	4.3	%

Short Positions
Building and Construction	(3.4	)%
Health Care	(0.3	)%
Financial Services	(0.2	)%
Industrials	(0.1	)%
Energy and Utilities	(0.1	)%
Computer Software and Services	(0.0	)%**


	100.0	%

*	Amount represents less than 0.05%.

**	Amount represents greater 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.

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.


Shares			Cost		Market Value
		COMMON STOCKS — 34.0%
		Broadcasting — 1.5%
	8,000	Cogeco Inc.	$	155,796	$	510,465
	10,000	MSG Networks Inc., Cl. A†		166,150		207,400
	320,000	Tribune Media Co., Cl. A		13,899,853		14,790,400

				14,221,799		15,508,265


		Building and Construction — 4.1%
	40,000	Johnson Controls International plc		982,483		1,652,400
	1,000,000	Lennar Corp., Cl. B		40,072,479		38,510,000
	40,000	Norbord Inc., Toronto		926,855		991,486

				41,981,817		41,153,886


		Business Services — 0.0%
	500	BCA Marketplace plc		1,541		1,543
	30,000	exactEarth Ltd.†		86,126		6,414
	17,500	Tarsus Group plc		95,376		95,342

				183,043		103,299


		Cable and Satellite — 0.5%
	1,000	AMC Networks Inc., Cl. A†		41,565		54,490
	1,000	Charter Communications Inc., Cl. A†.		215,343		395,180
	44,300	Liberty Global plc, Cl. A†		1,628,551		1,195,657
	95,000	Liberty Global plc, Cl. C†		3,436,604		2,520,350
	3,000	Liberty Latin America Ltd., Cl. A†		67,659		51,690
	18,000	Liberty Latin America Ltd., Cl. C†		417,405		309,420

				5,807,127		4,526,787


		Computer Hardware — 0.1%
	18,000	Cray Inc.†		628,269		626,760


		Computer Software and Services — 4.9%
	400,030	Amber Road Inc.†		5,199,253		5,224,392
	38,000	Business & Decision†		351,544		332,716
	123,500	Digi International Inc.†		1,548,894		1,565,980
	40,000	Electronics For Imaging Inc.†		1,476,734		1,476,400
	35,000	First Data Corp., Cl. A†		739,812		947,450
	52,000	iGO Inc.†		163,480		126,880
	2,500	InterXion Holding NV†		70,171		190,225
	1,500	Medidata Solutions Inc.†		136,583		135,765
	205,000	Red Hat Inc.†		36,535,050		38,490,800
	6,300	Rockwell Automation Inc.		1,169,594		1,032,129
	1,500	Shutterfly Inc.†		76,062		75,825
	1,000	Tableau Software Inc., Cl. A†		169,867		166,020

				47,637,044		49,764,582


		Consumer Products — 0.4%
	75,000	Avon Products Inc.†		203,805		291,000
	10,000	Bang & Olufsen A/S†		104,644		69,651
	20,000	Edgewell Personal Care Co.†		882,316		539,000
	106,500	Oriflame Holding AG		2,455,752		2,602,246


Shares			Cost		Market Value
	10,000	Wessanen	$	129,186	$	129,516

				3,775,703		3,631,413


		Consumer Services — 0.0%
	500	Sotheby’s†		28,164		29,065


		Diversified Industrial — 3.8%
	138,000	Haldex AB		1,647,480		847,068
	30,000	Katy Industries Inc.†(a)		23,298		270
	250,000	Multi-Color Corp.		12,474,089		12,492,500
	38,000	Myers Industries Inc.		385,343		732,260
	8,000	SLM Solutions Group AG†		192,612		115,529
	177,000	WABCO Holdings Inc.†		23,328,920		23,470,200
	20,000	Wartsila OYJ Abp		288,759		290,074

				38,340,501		37,947,901


		Electronics — 0.0%
	11,500	Control4 Corp.†		274,181		273,125


		Energy and Utilities — 2.6%
	64,800	Alerion Cleanpower SpA		177,654		194,526
	50,000	Alvopetro Energy Ltd., Toronto†		36,046		32,072
	33,400	American Midstream Partners LP		173,012		172,678
	155,080	AmeriGas Partners LP		5,212,813		5,402,987
	50,000	Anadarko Petroleum Corp.		2,779,106		3,528,000
	18,500	Apache Corp.		718,104		535,945
	12,000	Avangrid Inc.		465,000		606,000
	16,500	Buckeye Partners LP		672,540		677,325
	33,000	Connecticut Water Service Inc.		2,259,358		2,300,760
	65,000	El Paso Electric Co.		4,279,724		4,251,000
	20,000	Endesa SA		453,617		514,197
	200,000	Gulf Coast Ultra Deep Royalty Trust		39,334		3,820
	2,500	Hess Corp.		114,598		158,925
	84,000	Hydrogenics Corp.†		1,251,180		1,247,400
	55,000	National Fuel Gas Co.		2,866,647		2,901,250
	12,000	Noble Energy Inc.		421,433		268,800
	130,000	Severn Trent plc		3,494,926		3,381,126
	800,000	Texas Competitive Electric Holdings Co. LLC, Escrow†(a)		0		0
	4,200	Valener Inc.		81,045		82,810
	9,000	Whiting Petroleum Corp.†		249,720		168,120

				25,745,857		26,427,741


		Entertainment — 0.6%
	110,000	Fox Corp., Cl. B		4,515,850		4,018,300
	27,036	International Speedway Corp., Cl. A		1,146,043		1,213,646
	19,000	Liberty Media Corp.- Liberty Braves, Cl. A†		452,527		528,200
	9,000	Liberty Media Corp.- Liberty Braves, Cl. C†		231,876		251,730
	1,000	Speedway Motorsports Inc.		18,180		18,550


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Entertainment (Continued)
	1,300	The Madison Square Garden Co., Cl. A†	$	145,867	$	363,922

				6,510,343		6,394,348


		Financial Services — 1.7%
	7,000	Alimco Financial Corp.†		240,731		59,150
	50,000	AllianceBernstein Holding LP		249,378		1,486,000
	60,000	AXA Equitable Holdings Inc.		1,067,338		1,254,000
	19,542	Citizens First Corp.		500,923		501,839
	48,381	EMC Insurance Group Inc.		1,736,868		1,743,167
	1,000	Entegra Financial Corp.†		29,504		30,120
	14,000	Fidelity Southern Corp.		423,934		433,580
	1,218	Horizon Bancorp Inc.		23,361		19,902
	60,000	KKR & Co. Inc., Cl. A		180,658		1,516,200
	17,000	LegacyTexas Financial Group Inc.		665,407		692,070
	1,000	Mastercard Inc., Cl. A		19,963		264,530
	62,690	MoneyGram International Inc.†		435,136		154,844
	32,000	Navient Corp.		234,335		436,800
	40,000	Oaktree Capital Group LLC		1,939,812		1,981,600
	12,000	Oritani Financial Corp.		135,954		212,880
	270,000	Sterling Bancorp		4,613,289		5,745,600
	13,000	Stewardship Financial Corp.		200,262		200,980
	2,200	Topdanmark A/S		62,593		124,074
	18,000	Waddell & Reed Financial Inc., Cl. A		341,668		300,060
	136,000	Wright Investors’ Service Holdings Inc.†		340,000		65,960

				13,441,114		17,223,356


		Food and Beverage — 0.6%
	3,500	Pernod Ricard SA		220,064		644,935
	3,300,000	Premier Foods plc†		2,153,907		1,414,412
	24,000	Remy Cointreau SA		1,467,270		3,460,423

				3,841,241		5,519,770


		Health Care — 6.3%
	179,000	Akorn Inc.†		728,458		921,850
	39,000	Allergan plc		6,442,000		6,529,770
	209,000	Array BioPharma Inc.†		9,691,873		9,682,970
	60,000	AstraZeneca plc, ADR		2,234,668		2,476,800
	500	Bio-Rad Laboratories Inc., Cl. A†		49,970		156,295
	258,000	BTG plc†		2,748,747		2,737,501
	150,000	Celgene Corp.†		13,076,832		13,866,000
	26,000	Clovis Oncology Inc.†		516,804		386,620
	500	ICU Medical Inc.†		29,090		125,955
	158,000	Idorsia Ltd.†		1,626,602		3,609,301
	300	Illumina Inc.†		12,176		110,445
	37,000	McKesson Europe AG		1,170,357		1,127,549
	433,000	Myrexis Inc.†.		44,849		10,825
	290,000	Nuevolution AB†		973,468		1,008,707


Shares			Cost		Market Value
	1,000,000	Pacific Biosciences of California Inc.†	$	7,559,918	$	6,050,000
	24,000	Perrigo Co. plc		1,309,794		1,142,880
	134,000	Spark Therapeutics Inc.†		15,196,403		13,718,920

				63,412,009		63,662,388


		Hotels and Gaming — 0.1%
	10,000	Caesars Entertainment Corp.†		116,050		118,200
	55,800	Cherry AB, Cl. B†(a)		529,824		522,779
	9,101	Eldorado Resorts Inc.†		42,505		419,283
	3,000	Pebblebrook Hotel Trust, REIT		105,450		84,540

				793,829		1,144,802


		Industrials — 0.3%
	1,000	Altran Technologies SA		15,990		15,868
	50,000	Arconic Inc.		1,101,248		1,291,000
	7,800	L3 Technologies Inc.		1,967,740		1,912,326
	5,000	NRC Group Holdings Corp.†		55,574		55,600

				3,140,552		3,274,794


		Machinery — 0.6%
	26,000	Astec Industries Inc.		914,104		846,560
	58,000	ASV Holdings Inc.†		400,473		397,300
	30,000	CIRCOR International Inc.†		1,247,844		1,380,000
	140,000	CNH Industrial NV		1,121,455		1,439,200
	45,000	CNH Industrial NV, Borsa Italiana		383,886		461,447
	1,000,000	UQM Technologies Inc.†		1,666,127		1,650,000

				5,733,889		6,174,507


		Metals and Mining — 0.6%
	6,000	Alamos Gold Inc., Cl. A		23,099		36,300
	55,000	Ampco-Pittsburgh Corp.†		449,053		221,650
	13,000	Detour Gold Corp.†		120,134		163,995
	130,000	Freeport-McMoRan Inc.		1,241,227		1,509,300
	11,000	Global Brass & Copper Holdings Inc.		477,300		481,030
	20,808	Newmont Goldcorp Corp.		710,593		800,484
	115,753	Pan American Silver Corp.		1,668,336		1,494,371
	12,000	Pan American Silver Corp., Toronto		170,418		155,137
	10,000	Vulcan Materials Co.		438,009		1,373,100

				5,298,169		6,235,367


		Publishing — 0.3%
	12,000	Axel Springer SE		842,940		845,320
	4,000	Meredith Corp.		170,375		220,240
	125,000	The E.W. Scripps Co., Cl. A		2,122,262		1,911,250

				3,135,577		2,976,810


		Real Estate — 0.2%
	500	American Tower Corp., REIT		7,707		102,225
	4,097	Cousins Properties Inc., REIT		149,904		148,189
	34,298	Vastned Retail Belgium NV, REIT		2,340,350		1,887,613

				2,497,961		2,138,027


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Retail — 0.0%
	12,400	Barnes & Noble Inc.	$	80,848	$	82,956
	101,770	The Bon-Ton Stores Inc.†		4,946		1,574

				85,794		84,530


		Semiconductors — 1.6%
	100,000	AIXTRON SE†		402,795		954,482
	80,000	Aquantia Corp.†		1,055,196		1,042,400
	26,000	Cypress Semiconductor Corp.		575,242		578,240
	100,000	Mellanox Technologies Ltd.†		11,840,865		11,067,000
	50,000	Versum Materials Inc.		2,603,329		2,579,000

				16,477,427		16,221,122


		Specialty Chemicals — 0.3%
	8,800	Linde plc		1,425,983		1,767,040
	44,500	SGL Carbon SE†		526,718		361,797
	20,000	Valvoline Inc.		414,277		390,600

				2,366,978		2,519,437


		Telecommunications — 1.5%
	6,000	Aerohive Networks Inc.†		26,817		26,580
	230,000	Asia Satellite Telecommunications Holdings Ltd.		522,627		276,764
	190,000	CenturyLink Inc.		3,626,426		2,234,400
	10,000	Finisar Corp.†		209,515		228,700
	400,000	Inmarsat plc		2,707,279		2,766,468
	130,000	Koninklijke KPN NV		396,278		399,122
	64,700	Parrot SA†		234,622		290,971
	100,000	Pharol SGPS SA†		26,205		17,170
	650,000	Sprint Corp.†.		3,356,454		4,270,500
	83,000	Telenet Group Holding NV		3,782,125		4,624,586

				14,888,348		15,135,261


		Transportation — 0.3%
	5,700	Panalpina Welttransport Holding AG†		1,091,536		1,312,600
	23,000	WestJet Airlines Ltd.		509,641		539,895
	2,000	XPO Logistics Europe SA		486,463		714,099

				2,087,640		2,566,594


		Wireless Communications — 1.1%
	10,000	Blackberry Ltd.†		68,396		74,600
	135,000	Millicom International Cellular SA, SDR		8,297,209		7,595,990
	7,000	T-Mobile US Inc.†		113,750		518,980
	13,000	United States Cellular Corp.†		491,946		580,710
	80,000	Zayo Group Holdings Inc.†		2,649,912		2,632,800

				11,621,213		11,403,080

		TOTAL COMMON STOCKS		333,955,589		342,667,017


		CLOSED-END FUNDS — 0.0%
	1,400	Altaba Inc.†		20,580		97,118


Shares			Cost		Market Value
		RIGHTS — 0.2%
		Entertainment — 0.0%
	201,000	Media General Inc., CVR†(a)	$	0	$	0


		Health Care — 0.1%
	110,600	Adolor Corp., CPR, expire 07/01/20†(a)		0		0
	187,969	Ambit Biosciences Corp., CVR†(a)		0		380,637
	135,000	American Medical Alert Corp., CPR†(a)		0		1,350
	640,000	Innocoll, CVR†(a)		384,000		6
	150,000	Ipsen SA/Clementia, CVR†(a)		202,500		202,500
	95,400	Ocera Therapeutics, CVR†(a)		25,758		37,206
	100	Omthera Pharmaceuticals Inc., CVR†(a)		0		0
	400,000	Sanofi, CVR†		88,100		208,000
	825,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(a)		401,888		0
	12,000	Tobira Therapeutics Inc., CVR†(a)		720		720

				1,102,966		830,419


		Metals and Mining — 0.1%
	2,200,000	Pan American Silver Corp., CVR†(a)		506,000		770,000


		Specialty Chemicals — 0.0%
	96,986	A. Schulman Inc., CVR†(a)		50,724		50,724

		TOTAL RIGHTS		1,659,690		1,651,143


Principal Amount
		CORPORATE BONDS — 0.0%
		Health Care — 0.0%
	$ 65,000	Constellation Health Promissory Note, PIK, 5.000%, 01/31/24(a)(b)		27,950		27,950


Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 65.6%

	$662,568,000	U.S. Treasury Bills, 2.070% to 2.486%††, 07/05/19 to 11/21/19(c)	$	660,444,830	$	660,702,013


		TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT — 99.8%	$	996,108,639		1,005,145,241


		SECURITIES SOLD SHORT — (4.1)%
		(Proceeds received $43,491,067)				(41,377,526	)

		Other Assets and Liabilities (Net) — 4.3%				43,168,473


		NET ASSETS — 100.0%			$	1,006,936,188


Shares			Proceeds		Market Value

		SECURITIES SOLD SHORT — (4.1)%
		Building and Construction — (3.4)%
	710,000	Lennar Corp., Cl. A	$	36,405,673	$	34,406,600


		Computer Software and Services — (0.0)%
	1,103	salesforce.com Inc.		171,217		167,358


		Energy and Utilities — (0.1)%
	14,670	Occidental Petroleum Corp.		790,923		737,608


		Financial Services — (0.2)%
	11,200	Ameris Bancorp		423,464		438,928
	21,540	Brookfield Asset Management Inc., Cl. A		1,001,986		1,029,181
	11,799	German American Bancorp Inc.		365,549		355,386
	3,200	Valley National Bancorp		32,036		34,496

				1,823,035		1,857,991


		Health Care — (0.3)%
	3,464	AbbVie Inc.		233,689		251,902
	52,000	Bristol-Myers Squibb Co.		2,429,789		2,358,200

				2,663,478		2,610,102


		Industrials — (0.1)%
	8,140	L3Harris Technologies Inc.		1,579,621		1,539,518
	980	US Ecology Inc.		57,120		58,349

				1,636,741		1,597,867


		TOTAL SECURITIES SOLD SHORT(d)	$	43,491,067	$	41,377,526

(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(b)	Payment-in-kind (PIK) security. 5.00% PIK interest income will be paid as additional securities at the discretion of the issuer.

(c)	At June 30, 2019, $77,000,000 of the principal amount was reserved and/or pledged with the custodian for securities sold short, equity contract for difference swap agreements, and forward foreign exchange contracts.

(d)	At June 30, 2019, these proceeds were being held at Pershing LLC.

†	Non-income producing security.

††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt

CCCP	Contingent Cash Consideration Payment

CPR	Contingent Payment Right

CVR	Contingent Value Right

REIT	Real Estate Investment Trust

SDR	Swedish Depositary Receipt

As of June 30, 2019, forward foreign exchange contracts outstanding were as follows:

As of June 30, 2019, equity contract for difference swap agreements outstanding were as follows:

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets:
Investments, at value (cost $996,108,639)	$	1,005,145,241
Foreign currency, at value (cost $2,089)		2,090
Cash		488
Deposit at broker for securities sold short		44,613,645
Receivable for investments sold		171,705
Receivable for Fund shares sold		1,134,420
Dividends and interest receivable		290,712
Prepaid expenses		62,109
Unrealized appreciation on swap contracts		14,460
Unrealized appreciation on forward foreign exchange contracts		967

Total Assets		1,051,435,837

Liabilities:
Securities sold short, at value (proceeds $43,491,067)		41,377,526
Payable for investments purchased		1,952,435
Payable for Fund shares redeemed		500,100
Payable for investment advisory fees		413,171
Payable for distribution fees		68,235
Payable for accounting fees		7,500
Dividends payable on securities sold short		12,563
Unrealized depreciation on forward foreign exchange contracts		4,593
Other accrued expenses		163,526

Total Liabilities		44,499,649

Net Assets
(applicable to 98,150,585 shares outstanding)	$	1,006,936,188

Net Assets Consist of:
Paid-in capital	$	985,263,845
Total distributable earnings		21,672,343

Net Assets	$	1,006,936,188

Shares of Capital Stock, each at $0.001 par value; 500,000,000 shares authorized:
Class AAA:
Net Asset Value, offering, and redemption price per share ($675,760,131 ÷ 65,612,102 shares outstanding)		$10.30
Advisor Class:
Net Asset Value, offering, and redemption price per share ($331,176,057 ÷ 32,538,483 shares outstanding)		$10.18

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $64,707)	$	1,669,655
Interest		7,825,655

Total Income		9,495,310

Expenses:
Investment advisory fees		2,467,729
Distribution fees - Advisor Class		437,008
Dividend expense on securities sold short		643,375
Service fees for securities sold short (See Note 2)		4,860
Custodian fees		57,119
Shareholder communications expenses		50,939
Directors’ fees		45,622
Shareholder services fees		31,282
Legal and audit fees		25,901
Registration expenses		25,491
Accounting fees		22,500
Interest expense		2,896
Miscellaneous expenses		27,518

Total Expenses		3,842,240

Less:
Expenses paid indirectly by broker (See Note 6)		(4,372	)

Net Expenses		3,837,868

Net Investment Income		5,657,442

Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, Swap Contracts, Forward Foreign Exchange Contracts, and Foreign Currency:
Net realized gain on investments		8,600,177
Net realized gain on securities sold short		439,844
Net realized loss on swap contracts		(7,588	)
Net realized gain on forward foreign exchange contracts		596,658
Net realized gain on foreign currency transactions		11,469

Net realized gain on investments, securities sold short, swap contracts, forward foreign exchange contracts, and foreign currency transactions		9,640,560

Net change in unrealized appreciation/depreciation:
on investments		16,467,903
on securities sold short		(6,855,583	)
on swap contracts		7,991
on forward foreign exchange contracts		96,570
on foreign currency translations		(1,237	)

Net change in unrealized appreciation/depreciation on investments, securities sold short, swap contracts, forward foreign exchange contracts, and foreign currency translations		9,715,644

Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, Swap Contracts, Forward Foreign Exchange Contracts, and Foreign Currency		19,356,204

Net Increase in Net Assets Resulting from Operations	$	25,013,646

1. Organization. The Gabelli ABC Fund, a series of Gabelli Investor Funds, Inc., was incorporated on October 30, 1992 in Maryland, and commenced investment operations on May 14, 1993. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund’s primary objective is to achieve total returns that are attractive to investors in various market conditions without excessive risk of capital loss.

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.

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.

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of June 30, 2019 is as follows:

The Fund did not have material transfers into or out of Level 3 during the six months ended June 30, 2019. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

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

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 that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

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

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

The Fund’s derivative contracts held at June 30, 2019, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Swap Agreements. The Fund may enter into equity contract for difference swap transactions for the purpose of increasing the income of the Fund. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In an equity contract for difference swap, a set of future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance of the shares of a stock. Depending on the general state of short term interest rates and the returns on the Fund’s portfolio securities at the time an equity contract for difference swap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction. Equity contract for difference swap agreements at June 30, 2019 are presented within the Schedule of Investments.

Unrealized gains related to swaps are reported as an asset and unrealized losses are reported as a liability in the Statement of Assets and Liabilities. The change in value of swaps, including the accrual of periodic amounts of interest to be received or paid on swaps, is reported as unrealized gain or loss in the Statement of Operations. A realized gain or loss is recorded upon receipt or payment of a periodic payment or termination of swap agreements.

The Fund’s volume of activity in equity contract for difference swap agreements during the six months ended June 30, 2019 had an average monthly notional amount of approximately $758,391 over the period that the swaps were outstanding.

At June 30, 2019, the value of equity contract for difference swap agreements can be found in the Statement of Assets and Liabilities under Assets, Unrealized appreciation on swap contracts. For the six months ended June 30, 2019, the effect of equity contract for difference swap agreements can be found in the Statement of Operations under Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, Swap Contracts, Forward Foreign Exchange Contracts, and Foreign Currency within Net realized loss on swap contracts and Net change in unrealized appreciation/depreciation on swap contracts.

Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/depreciation on foreign currency translations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. Forward foreign exchange contracts at June 30, 2019 are reflected within the Schedule of Investments. The Fund’s volume of

activity in forward foreign exchange contracts during the six months ended June 30, 2019 had an average monthly notional amount of approximately $27,325,000.

At June 30, 2019, the value of forward foreign exchange contracts can be found in the Statement of Assets and Liabilities under Assets, Unrealized appreciation on forward foreign exchange contracts and under Liabilities, Unrealized depreciation on forward foreign exchange contracts. For the six months ended June 30, 2019, the effect of forward foreign exchange contracts can be found in the Statement of Operations under Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, Swap Contracts, Forward Foreign Exchange Contracts, and Foreign Currency, within Net realized gain on forward foreign exchange contracts and Net change in unrealized appreciation/depreciation on forward foreign exchange contracts.

At June 30, 2019, the Fund’s derivative assets and liabilities (by type) are as follows:

The following tables present the Fund’s derivative assets and liabilities by counterparty net of the related collateral segregated by the Fund for the benefit of the counterparty as of June 30, 2019:

Securities Sold Short. The Fund enters into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. Securities sold short and details of collateral at June 30, 2019 are reflected within the Schedule of Investments. For the six months ended June 30, 2019, the Fund incurred $4,860 in service fees related to its investment positions sold short and held by the broker. These amounts are included in the Statement of Operations under Expenses, Service fees for securities sold short.

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 does 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 June 30, 2019, 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 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 six months ended June 30, 2019, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

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

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

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

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

The tax character of distributions paid during the year ended December 31, 2018 was as follows:

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies. During the year ended December 31, 2018, the Fund paid excise tax of $11,572.

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2019:

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2019, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2019, 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 0.50% 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 Fund pays each Director who is not considered an affiliated person an annual retainer of $9,000 plus $2,000 for each Board meeting attended. Each Director is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Director each receives a $2,000 annual fee. A Director may receive a single meeting fee, allocated among the participating funds, for participation in 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 Fund.

4. Distribution Plan. The Fund’s Board has adopted a distribution plan (the Plan) for the Advisor Class Shares pursuant to Rule 12b-1 under the 1940 Act. Under the Advisor Class Share Plan, payment is authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at an annual rate of 0.25% of the average daily net assets of the Advisor Class Shares, the annual limitation under the Plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2019, other than short term securities and U.S. Government obligations, aggregated $552,474,549 and $577,532,411, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2019, the Fund paid $168,941 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the six months ended June 30, 2019, 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 $4,372.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2019, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

As of June 30, 2019, the Fund’s Adviser and its affiliates beneficially owned greater than 25% of the voting securities of the Fund. This includes accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 4, 2020 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 bears 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 six months ended June 30, 2019, there were no borrowings outstanding under the line of credit.

8. Capital Stock. The Fund offers Class AAA Shares and Advisor Class Shares to investors without a front-end sales charge. Class AAA Shares are available directly through the Distributor or through the Fund’s transfer agent. Advisor Class Shares are available through registered broker-dealers or other financial intermediaries that have entered into appropriate selling agreements with the Distributor.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2019 and the year ended December 31, 2018, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

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.

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

At its meeting on February 21, 2019, the Board of Directors (Board) of the Fund approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the directors who are not “interested persons” of the Fund (the Independent Board Members). The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

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

Investment Performance. The Independent Board Members reviewed the short, medium and long term performance (as of December 31, 2018) of the Fund against a peer group of four other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of all retail alternative event driven funds, regardless of asset size or primary channel of distribution, as represented by the Lipper Alternative Event Driven Funds Index. The Independent Board Members noted that the Fund’s performance was in the third quartile for the one year period and in the fourth quartile for the three year and five year periods, as measured against the Adviser Peer Group, though, on an absolute basis, the Fund’s performance relative to the Adviser Peer Group did not significantly depart from the median for the one year period. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the third quintile for the one year and five year periods and the fourth quintile for the three year period, and also noted that the Fund’s absolute performance relative to the Broadridge Performance Peer Group did not significantly depart from the median for the five year period.

Profitability. The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without such a charge. The directors also noted that a substantial portion of the Fund’s portfolio transactions were executed by an affiliated broker.

Economies of Scale. The Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale. The Independent Board Members agreed that the low relative cost structure of the Fund and the low historical profitability of the Fund to the Adviser argued strongly against any concern regarding economies of scale.

Sharing of Economies of Scale. The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may develop or any losses or diminished profitability to the Adviser in prior years.

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment management fee, other expenses and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of six other alternative event driven funds selected by Broadridge and noted that the Adviser’s management fee includes substantially all administrative services for the Fund as well as investment advisory services. The Independent Board Members noted that the Fund’s expense ratios were at the low end of each peer group and that the Fund’s size was above average within each peer group. The Independent Board Members also compared the management fee structure for the Fund to that in effect for most other Gabelli funds. The Independent Board Members were presented with, but did not consider to be material to

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

their decision, various information comparing the advisory fee to the advisory fees for other types of accounts managed by affiliates of the Adviser. The Board recognized that the Adviser and its affiliates did not manage other accounts with similar strategies that had fees lower than those charged for the Fund. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

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

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

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.

Regina M. Pitaro is a Managing Director and Head of Institutional Marketing at GAMCO Investors, Inc. Ms. Pitaro joined the firm in 1984 and coordinates the organization’s focus with consultants and plan sponsors. She also serves as a Managing Director and Director of GAMCO Asset Management, Inc., and serves as a portfolio manager for Gabelli Funds, LLC. Ms. Pitaro holds an MBA in Finance from the Columbia University Graduate School of Business, a Master’s degree in Anthropology from Loyola University of Chicago, and a Bachelor’s degree from Fordham University.

Gian Maria Magrini, CFA, is an analyst dedicated to the Gabelli merger arbitrage portfolios, specifically to our U.S. open and closed-end funds. He joined the team in 2013 after serving various roles in the operations and research departments. Mr. Magrini earned a Bachelor of Science in Finance from Fordham University.

THE GABELLI ABC 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.

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

Vincent D. Enright

Former Senior Vice President

and Chief Financial Officer,

KeySpan Corp.

Mary E. Hauck

Former Senior Portfolio

Manager,

Gabelli-O’Connor Fixed

Income Mutual Fund

Management Co.

Kuni Nakamura

President,

Advanced Polymer, Inc.

Werner J. Roeder

Former Medical Director,

Lawrence Hospital

OFFICERS

Bruce N. Alpert

President

John C. Ball

Treasurer

Agnes Mullady

Vice President

Andrea R. Mango

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 ABC Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB408Q219SR

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

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

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


The Gabelli ABC Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2019 through June 30, 2019		Expense Table


	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Operations:
Net investment income	$	5,657,442		$	15,202,838
Net realized gain on investments, securities sold short, swap contracts, forward foreign exchange contracts, and foreign currency transactions		9,640,560			18,100,883
Net change in unrealized appreciation/depreciation on investments, securities sold short, swap contracts, forward foreign exchange contracts, and foreign currency translations		9,715,644			(29,822,919	)

Net Increase in Net Assets Resulting from Operations		25,013,646			3,480,802

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(18,814,207	)
Advisor Class		—			(12,506,327	)

Total Distributions to Shareholders		—			(31,320,534	)


Capital Share Transactions:
Class AAA		94,883,768			(78,769,868	)
Advisor Class		(55,220,300	)		(343,100,748	)

Net Increase/(Decrease) in Net Assets from Capital Share Transactions		39,663,468			(421,870,616	)


Redemption Fees		48			13,498

Net Increase/(Decrease) in Net Assets		64,677,162			(449,696,850	)
Net Assets:
Beginning of year		942,259,026			1,391,955,876

End of period	$	1,006,936,188		$	942,259,026


			Income (Loss) from Investment Operations									Distributions																Ratios to Average Net Assets/ Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees (a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses			Portfolio Turnover Rate
Class AAA
2019(c)	$	10.03	$	0.06		$	0.21		$	0.27			—			—			—		$	0.00	$	10.30		2.7	%	$	675,760		1.24	%(d)		0.69	%(d)(e)(f)		145	%
2018		10.38		0.15			(0.13	)		0.02		$	(0.24	)	$	(0.13	)	$	(0.37	)		0.00		10.03		0.2			564,929		1.41			0.57	(e)(f)(g)		231
2017		10.17		0.05			0.17			0.22			—			(0.01	)		(0.01	)		0.00		10.38		2.2			660,559		0.51			0.58	(e)(f)(g)(h)		205
2016		10.10		0.02			0.29			0.31			(0.07	)		(0.17	)		(0.24	)		0.00		10.17		3.1			630,052		0.19			0.60	(e)(f)(h)		287
2015		10.13		(0.00	)(b)		0.24			0.24			(0.06	)		(0.21	)		(0.27	)		0.00		10.10		2.3			630,205		(0.01	)		0.59	(e)(f)		276
2014		10.24		(0.00	)(b)		0.12			0.12			(0.05	)		(0.18	)		(0.23	)		0.00		10.13		1.2			659,818		(0.04	)		0.58	(f)		281
Advisor Class
2019(c)	$	9.93	$	0.05		$	0.20		$	0.25			—			—			—		$	0.00	$	10.18		2.5	%	$	331,176		0.98	%(d)		0.94	%(d)(e)(f)		145	%
2018		10.27		0.12			(0.13	)		(0.01	)	$	(0.20	)	$	(0.13	)	$	(0.33	)		0.00		9.93		(0.1	)		377,330		1.14			0.82	(e)(f)(g)		231
2017		10.08		0.03			0.17			0.20			—			(0.01	)		(0.01	)		0.00		10.27		2.0			731,397		0.26			0.83	(e)(f)(g)(h)		205
2016		10.01		(0.01	)		0.30			0.29			(0.05	)		(0.17	)		(0.22	)		0.00		10.08		2.9			779,720		(0.06	)		0.85	(e)(f)(h)		287
2015		10.05		(0.03	)		0.23			0.20			(0.03	)		(0.21	)		(0.24	)		0.00		10.01		2.0			717,303		(0.27	)		0.84	(e)(f)		276
2014		10.16		(0.03	)		0.12			0.09			(0.02	)		(0.18	)		(0.20	)		0.00		10.05		0.9			712,086		(0.30	)		0.83	(f)		281


	Gross Amounts of Recognized Assets Presented in the Statement of Assets and Liabilities		Gross Amounts Available for Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities

Assets
Equity Contract for Difference Swap Agreements		$14,460		—		$14,460
Forward Foreign Exchange Contracts		967		$(967)		—

Total		$15,427		$(967)		$14,460

	Gross Amounts of Recognized Liabilities Presented in the Statement of Assets and Liabilities		Gross Amounts Available for Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities

Liabilities
Forward Foreign Exchange Contracts		$4,593		$(967)		$3,626


Distributions paid from:*
Ordinary income (inclusive of short term capital gains)	$	30,408,114
Net long term capital gains		8,637,344

Total distributions paid	$	39,045,458


	Valuation Inputs
	Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs			Total Market Value at 6/30/19
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Computer Software and Services		$	49,637,702			$	126,880				—		$	49,764,582
Diversified Industrial			37,947,631				—			$	270			37,947,901
Energy and Utilities			26,427,741				—				0			26,427,741
Financial Services			17,098,246				125,110				—			17,223,356
Hotels and Gaming			622,023				—				522,779			1,144,802
Other Industries (a)			210,158,635				—				—			210,158,635
Total Common Stocks			341,891,978				251,990				523,049			342,667,017
Closed-End Funds			97,118				—				—			97,118
Rights (a)			208,000				—				1,443,143			1,651,143
Corporate Bonds (a)			—				—				27,950			27,950
U.S. Government Obligations			—				660,702,013				—			660,702,013
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	342,197,096			$	660,954,003			$	1,994,142		$	1,005,145,241
LIABILITIES (Market Value):
Common Stocks Sold Short (a)		$	(41,377,526	)			—				—		$	(41,377,526	)
TOTAL INVESTMENTS IN SECURITIES - LIABILITIES		$	(41,377,526	)			—				—		$	(41,377,526	)
OTHER FINANCIAL INSTRUMENTS:*
ASSETS (Unrealized Appreciation): FORWARD CURRENCY EXCHANGE CONTRACTS
Forward Foreign Exchange Contracts			—			$	967				—		$	967
EQUITY CONTRACTS
Contract for Difference Swap Agreements			—				14,460				—			14,460
LIABILITIES (Unrealized Depreciation):
FORWARD CURRENCY EXCHANGE CONTRACTS
Forward Foreign Exchange Contracts			—				(4,593	)			—			(4,593	)
TOTAL OTHER FINANCIAL INSTRUMENTS:			—			$	10,834				—		$	10,834


	Cost/ (Proceeds)	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Investments and derivative instruments	$956,068,546	$27,233,793	$(19,523,789)	$7,710,004


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		12,098,725		$	123,391,553			15,442,449		$	159,369,883
Shares issued upon reinvestment of distributions		—			—			1,843,634			18,454,779
Shares redeemed		(2,788,238	)		(28,507,785	)		(24,602,821	)		(256,594,530	)

Net increase/(decrease)		9,310,487		$	94,883,768			(7,316,738	)	$	(78,769,868	)

Advisor Class
Shares sold		2,877,488		$	29,044,467			11,623,078		$	119,499,115
Shares issued upon reinvestment of distributions		—			—			1,117,749			11,076,893
Shares redeemed		(8,344,344	)		(84,264,767	)		(45,984,679	)		(473,676,756	)

Net (decrease)		(5,466,856	)	$	(55,220,300	)		(33,243,852	)	$	(343,100,748	)


				Gabelli/GAMCO Funds and Your Personal Privacy

				Who are we? The Gabelli/GAMCO 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.


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


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