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, 2023, the net asset value (NAV) total return per Class AAA Share of The Gabelli ABC Fund was 3.8% compared with a total return of 2.3% for the ICE BofA 3 Month U.S. Treasury Bill Index. Another class of shares is available. See page 4 for performance information for all classes of shares.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2023.

The investment objective of the Fund is to seek to achieve total returns that are attractive to investors in various market conditions without excessive risk of capital loss.

The Fund invests primarily in securities of domestic and foreign issuers that Gabelli Funds, LLC, the Adviser (the Adviser), believes provide attractive opportunities for appreciation or investment income. The Adviser seeks to limit excessive risk of capital loss by utilizing various investment strategies, including investing in value oriented common stocks, i.e., common stocks that trade at a significant discount to the Adviser’s assessment of their “private market value” (the value informed investors would be willing to pay to acquire the entire company), virtually risk free U.S. Treasury Bills, and by utilizing certain “arbitrage” strategies. The Fund’s use of arbitrage may be described as investing in “event” driven situations such as announced mergers, acquisitions, and reorganizations.

Global announced mergers and acquisitions (M&A) transactions totaled $1.3 trillion in the first six months of 2023; a 37% decrease compared with the same period a year ago. More than 27,000 deals were announced around the world, with nearly 30% of those announced in the United States. As has been apparent for the past few quarters, activity remains subdued due to higher sustained interest rates, uncertainty around geopolitical concerns and a more watchful eye by global regulatory bodies.

Deals announced within the healthcare space led the charge on a sector basis, as nearly $190 billion worth of transactions were announced globally, or 14% of total deal volumes and a 43% increase compared with 2022 levels. Energy & Power and technology both also accounted for 14% of deal volumes, but declined compared with a year ago.

Dealmaking outside the U.S. was significantly higher in the second quarter of the year. $765 billion worth of new deals were announced outside of the U.S. in the first half, with $459 billion being announced in the second quarter. As was seen in the second quarter, confidence amongst global executives is beginning to return, leading to a search for acquisition targets around the world.

A total of 21% of transactions worldwide were announced by Private Equity backed buyers in the first half, a 49% decrease compared with a robust period last year. Amid an environment with higher sustained interest rates, some financial buyers have found difficulty securing financing commitments, likely leading to this decline.

Deal spreads widened in the first half of the year, attributed mainly to the markets’ broader worry over regional banking implications, in addition to higher interest rates and a signaling of a more watchful eye by global regulators. Not only have the Federal Trade Commission and Department of Justice in the United States made it clear they are willing to challenge transactions that poke at the linings of merger laws, but regulators around the world, mainly in the United Kingdom are beginning to assert their power over transactions. U.S. antitrust watchdogs introduced potential changes to the merger review process, which may require additional transaction documents lengthening the time at which deals may take to close.

The need to compete on a global basis and grow through acquisitions remains a main underpinning for transactions to take place. As was evidenced in the second quarter, announced mega deals or those greater than $10 billion, may remain muted because of the increased regulatory oversight, but smaller, highly synergistic and accretive transactions are likely to remain. While small, the improvements in certain corners of the M&A environment in the second quarter are positive signs for a broader rebound in dealmaking.

ABC: Our top contributors to performance for the quarter (based upon price change and position size) were Lennar Corporation Class B (+19.7%), Rogers Corporation (+1.1%), CIRCOR International (+1.0%), Signify Health, Inc. (+0.7%) and KKR & Co (+0.4%). Our top detractors were Lennar Corporation Class A (-13.8%), Idorsia Ltd (-0.8%), TEGNA Inc (-0.4%), Sportsman’s Warehouse Holdings (-0.4%), and PNM Resources (-0.4%).

Average Annual Returns through June 30, 2023 (a) (Unaudited)

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

	Six Months			1 Year			5 Year			10 Year			15 Year			Since Inception (5/14/93)
AAA Shares (GABCX)		3.77	%		5.10	%		2.66	%		2.48	%		2.82	%		5.07	%
S&P 500 Index (b)		16.89			19.59			12.31			12.86			10.88			10.10
ICE BofA 3 Month U.S. Treasury Bill Index (b)		2.25			3.59			1.55			0.98			0.75			2.41
Lipper U.S. Treasury Money Market Fund Average (b)		0.73			1.97			1.38			2.72			2.77			2.00
Advisor Shares (GADVX)		3.70			4.81			2.41			2.23			2.57			4.93

	(a)	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 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. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.
	(b)	The Lipper U.S. Treasury Money Market Fund Average reflects the average performance of mutual funds classified in this particular category. The ICE BofA 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 BofA 3 Month U.S. Treasury Bill Index. You cannot invest directly in an index. Lipper U.S. Treasury Money Market Fund Average since inception performance is as of April 30, 1993.

In the current prospectuses dated April 28, 2023, the expense ratios for the Class AAA and the Advisor Class Shares, are 0.79% and 1.04%, respectively. See page 13 for the expense ratios for the six months ended June 30, 2023. The Fund does not have a sales charge.

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

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

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 01/01/23		Ending Account Value 06/30/23		Annualized Expense Ratio	Expenses Paid During Period *
The Gabelli ABC Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,037.70	0.84%	$	4.24
Advisor
Class	$	1,000.00	$	1,037.00	1.09%	$	5.51
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,020.63	0.84%	$	4.21
Advisor
Class	$	1,000.00	$	1,019.39	1.09%	$	5.46

*	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 present portfolio holdings as a percent of net assets as of June 30, 2023:

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 each 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 — 47.5%

Aerospace and Defense — 2.6%

229,000‌

Aerojet Rocketdyne Holdings Inc.†

11,164,199‌

12,565,230‌

Automotive — 0.1%

35,000‌

Iveco Group NV†

247,425‌

315,160‌

Automotive: Parts and Accessories — 0.0%

5,000‌

Uni-Select Inc.†

171,996‌

177,581‌

Broadcasting — 1.2%

9,000‌

Cogeco Inc.

211,014‌

379,566‌

1,500

Liberty Media Corp.- Liberty Formula One, Cl. A†

103,530‌

101,430‌

140,000‌

Sinclair Inc.

3,635,181‌

1,934,800‌

205,000‌

TEGNA Inc.

4,245,443‌

3,329,200‌

8,195,168‌

5,744,996‌

Building and Construction — 20.5%

4,800

Johnson Controls International plc

168,912‌

327,072‌

873,100‌

Lennar Corp., Cl. B

34,925,916‌

98,642,838‌

35,094,828‌

98,969,910‌

Business Services — 0.2%

3,000‌

Applus Services SA

32,193‌

32,294‌

79,200‌

Dawson Geophysical Co.†

182,140‌

160,776‌

120,000‌

Diebold Nixdorf Inc.†

3,482‌

6,360‌

36,434‌

Steel Connect Inc.†

325,172‌

305,316‌

1,000‌

Triton International Ltd.

82,997‌

83,260‌

50,000

US Xpress Enterprises Inc., Cl. A†

303,900‌

307,000‌

929,884‌

895,006‌

Cable and Satellite — 0.5%

1,000

Charter Communications Inc., Cl. A†

215,343‌

367,370‌

92,000‌

Liberty Global plc, Cl. A†

2,476,779‌

1,551,120‌

18,000‌

Liberty Global plc, Cl. C†

516,479‌

319,860‌

35,000

Liberty Latin America Ltd., Cl. A†

326,471‌

306,250‌

3,535,072‌

2,544,600‌

Computer Software and Services — 3.2%

420,000‌

Absolute Software Corp.

4,814,862‌

4,813,200‌

36,000‌

Black Knight Inc.†

2,509,258‌

2,150,280‌

4,800‌

Dell Technologies Inc., Cl. C

183,810‌

259,728‌

19,000‌

Digi International Inc.†

185,323‌

748,410‌

4,000‌

EMIS Group plc

91,848‌

69,596‌

5,000‌

ESI Group†

810,549‌

807,488‌

3,000‌

Fiserv Inc.†

235,047‌

378,450‌

20,000‌

ForgeRock Inc., Cl. A†

450,136‌

410,800‌

13,500‌

Gen Digital Inc.

262,409‌

250,425‌

6,000‌

Playtech plc†

52,348‌

44,958‌

Shares			Cost		Market Value
	5,000	Rocket Internet SE	$	112,606	$	113,485
	2,000	Rockwell Automation Inc.		349,260		658,900
	111,000	Software AG		3,856,540		3,858,985
	20,000	Stratasys Ltd.†		343,197		355,200
	2,500	VMware Inc., Cl. A†		284,992		359,225
				14,542,185		15,279,130
		Consumer Products — 0.4%
	10,000	Bang & Olufsen A/S†		29,137		15,476
	24,200	Energizer Holdings Inc.		875,904		812,636
	24,000	iRobot Corp.†		1,328,519		1,086,000
				2,233,560		1,914,112
		Diversified Industrial — 0.7%
	40,100	Myers Industries Inc.		438,288		779,143
	35,000	Steel Partners Holdings LP†		288,510		1,662,500
	13,500	Valmet Oyj		430,392		375,351
	30,000	Velan Inc.		286,254		288,734
	26,500	Wartsila OYJ Abp		343,008		298,277
				1,786,452		3,404,005
		Electronics — 1.3%
	1,200	MKS Instruments Inc.		132,104		129,720
	18,000	National Instruments Corp.		1,039,839		1,033,200
	32,000	Rogers Corp.†		7,742,528		5,181,760
	12,400	Yamada Holdings Co. Ltd.		36,458		36,471
				8,950,929		6,381,151
		Energy and Utilities — 3.6%
	50,500	Alerion Cleanpower SpA		138,449		1,576,020
	16,666	Alvopetro Energy Ltd.		36,044		132,850
	14,000	APA Corp.		465,612		478,380
	20,000	Endesa SA		453,617		428,842
	46,982	Energy Transfer LP		225,675		596,672
	520	Equitrans Midstream Corp.		4,540		4,971
	200,000	Gulf Coast Ultra Deep Royalty Trust		39,334		3,130
	13,500	Magellan Midstream Partners LP		844,336		841,320
	34,000	National Fuel Gas Co.		1,674,433		1,746,240
	2,000	PDC Energy Inc.		140,333		142,280
	146,000	PNM Resources Inc.		7,103,433		6,584,600
	30,000	Primo Water Corp.		439,880		376,200
	71,000	Severn Trent plc		1,905,555		2,313,762
	21,000	Southwest Gas Holdings Inc.		1,286,762		1,336,650
	26,000	UGI Corp.		1,096,966		701,220
				15,854,969		17,263,137
		Entertainment — 1.2%
	1,500	Activision Blizzard Inc.†		116,906		126,450
	96,000	Fox Corp., Cl. B		3,628,221		3,061,440
	42,000	Liberty Media Corp.- Liberty Braves, Cl. A†		1,096,209		1,718,640

Cost

Market
Value

COMMON STOCKS (Continued)

Entertainment (Continued)

5,000

Madison Square Garden Sports Corp.

754,220‌

940,250‌

15,000‌

Rovio Entertainment Oyj

126,983‌

149,440‌

5,722,539‌

5,996,220‌

Equipment and Supplies — 0.1%

33,600‌

The L.S. Starrett Co., Cl. A†

143,497‌

351,120‌

Financial Services — 2.4%

7,000‌

Alimco Financial Corp.†(a)

240,731‌

42,000‌

39,500

AllianceBernstein Holding LP

0‌

1,270,320‌

10,000

Argo Group International Holdings Ltd.

293,195‌

296,100‌

1,000

Brookfield Asset Management Ltd., Cl. A

34,876‌

32,630‌

5,000‌

Brookfield Corp.

190,347‌

168,250‌

1,000‌

Cincinnati Bancorp Inc.†

14,370‌

13,645‌

2,119

CNFinance Holdings Ltd., ADR†

5,573‌

6,192‌

23,000‌

Equitable Holdings Inc.

424,254‌

624,680‌

12,000‌

Fanhua Inc., ADR†

85,808‌

99,720‌

47,500‌

First Horizon Corp.

944,024‌

535,325‌

4,000

Focus Financial Partners Inc., Cl. A†

206,800‌

210,040‌

25,000‌

Greenhill & Co. Inc.

366,565‌

366,250‌

2,000‌

Home Point Capital Inc.†

4,610‌

4,640‌

1,000‌

Horizon Bancorp Inc.

9,670‌

10,410‌

53,000‌

KKR & Co. Inc.

180,658‌

2,968,000‌

3,000‌

Malvern Bancorp Inc.†

52,542‌

47,250‌

800‌

Mastercard Inc., Cl. A

15,971‌

314,640‌

2,500‌

Numis Corp. plc

10,728‌

10,557‌

7,920‌

SouthState Corp.

537,839‌

521,136‌

2,300

The Community Financial Corp.

87,474‌

62,307‌

500‌

Topdanmark AS

14,226‌

24,562‌

16,000‌

Valley National Bancorp

115,336‌

124,000‌

105,000‌

Webster Financial Corp.

3,834,449‌

3,963,750‌

7,670,046‌

11,716,404‌

Food and Beverage — 0.9%

15,000‌

Chr. Hansen Holding A/S

1,079,539‌

1,041,108‌

2,000‌

Pernod Ricard SA

142,616‌

441,718‌

18,300‌

Remy Cointreau SA

1,129,263‌

2,934,438‌

2,351,418‌

4,417,264‌

Health Care — 3.1%

3,500‌

Amedisys Inc.†

320,478‌

320,040‌

17,000‌

Biohaven Ltd.†

124,100‌

406,640‌

400

Bio-Rad Laboratories Inc., Cl. A†

39,976‌

151,648‌

8,000‌

Bioventus Inc., Cl. A†

126,558‌

23,120‌

Shares			Cost		Market Value
	22,000	Chinook Therapeutics Inc.†	$	847,752	$	845,240
	8,000	Clovis Oncology Inc.†		97		144
	200	Dechra Pharmaceuticals plc		9,184		9,363
	30,000	DICE Therapeutics Inc.†		1,401,905		1,393,800
	14,000	Horizon Therapeutics plc†		1,542,310		1,439,900
	500	ICU Medical Inc.†		29,090		89,095
	182,000	Idorsia Ltd.†		2,258,364		1,311,547
	300	Illumina Inc.†		12,175		56,247
	29,200	IVERIC bio Inc.†		1,151,512		1,148,728
	433,000	Myrexis Inc.†		44,849		779
	3,500	NuVasive Inc.†		144,680		145,565
	92,000	Perrigo Co. plc		3,740,998		3,123,400
	12,000	QIAGEN NV†		524,042		540,360
	1,027	QuidelOrtho Corp.†		104,722		85,097
	9,300	Seagen Inc.†		1,866,781		1,789,878
	100	Sigilon Therapeutics Inc.†		2,486		2,251
	1,500	Syneos Health Inc.†		62,722		63,210
	10,000	TherapeuticsMD Inc.†		98,883		41,200
	1,000	VectivBio Holding AG†		16,180		16,870
	180,000	Viatris Inc.		2,370,617		1,796,400
				16,840,461		14,800,522
		Hotels and Gaming — 0.2%
	20,000	Entain plc		336,767		323,088
	3,000	NEOGAMES SA†		81,629		78,360
	40,000	Sciplay Corp., Cl. A†		788,787		787,200
				1,207,183		1,188,648
		Machinery — 1.7%
	21,000	Astec Industries Inc.		756,214		954,240
	25,000	CFT SpA†(a)		138,180		125,488
	60,000	CIRCOR International Inc.†		1,265,878		3,387,000
	256,000	CNH Industrial NV		2,161,031		3,686,400
	1,000	Xylem Inc.		104,792		112,620
				4,426,095		8,265,748
		Metals and Mining — 1.4%
	200,000	Ampco-Pittsburgh Corp.†		637,062		636,000
	2,000	Arconic Corp.†		57,950		59,160
	3,000	Endeavour Mining plc		66,519		71,900
	36,500	Freeport-McMoRan Inc.		537,076		1,460,000
	5,000	JSR Corp.		144,992		142,417
	4,257	Kinross Gold Corp.		22,197		20,309
	12,000	Newcrest Mining Ltd., ADR		209,204		214,200
	19,000	Newmont Corp.		648,850		810,540
	83,000	Pan American Silver Corp.		1,207,173		1,210,140
	70,000	Sierra Metals Inc.†		155,674		21,000
	10,000	Vulcan Materials Co.		438,009		2,254,400
				4,124,706		6,900,066
		Publishing — 0.1%
	18,000	Lee Enterprises Inc.†		339,912		242,460

Shares

Cost

Market
Value

COMMON STOCKS (Continued)

Publishing (Continued)

26,000‌

The E.W. Scripps Co., Cl. A†

309,748‌

237,900‌

649,660‌

480,360‌

Real Estate — 0.1%

500‌

American Tower Corp., REIT

7,707‌

96,970‌

5,000

Corem Property Group AB, Cl. B

11,505‌

2,348‌

4,000

Healthcare Realty Trust Inc., REIT

77,660‌

75,440‌

1,400‌

Life Storage Inc., REIT

186,396‌

186,144‌

283,268‌

360,902‌

Retail — 0.4%

5,000

Albertsons Companies Inc., Cl. A

106,300‌

109,100‌

13,000‌

Franchise Group Inc.

375,090‌

372,320‌

25,000‌

Lookers plc

37,991‌

37,973‌

260,000

Sportsman’s Warehouse Holdings Inc.†

3,244,834‌

1,482,000‌

101,770‌

The Bon-Ton Stores Inc.†

4,946‌

10‌

442,715‌

The Fresh Market Inc.†(a)

0‌

3,769,161‌

2,001,403‌

Semiconductors — 0.0%

400‌

AIXTRON SE

1,588‌

13,570‌

200‌

Siltronic AG

16,119‌

15,277‌

400‌

Tower Semiconductor Ltd.†

15,764‌

15,008‌

33,471‌

43,855‌

Specialty Chemicals — 0.6%

147,600‌

Diversey Holdings Ltd.†

1,226,217‌

1,238,364‌

1,200‌

Linde plc

194,452‌

457,296‌

36,000‌

Mativ Holdings Inc.

835,545‌

544,320‌

18,000‌

SGL Carbon SE†

156,514‌

165,284‌

14,000‌

Univar Solutions Inc.†

489,296‌

501,760‌

2,902,024‌

2,907,024‌

Telecommunications — 0.7%

280,000‌

HKBN Ltd.

200,879‌

150,791‌

120,000‌

Koninklijke KPN NV

365,363‌

428,056‌

2,081

Liberty Latin America Ltd., Cl. C†

14,858‌

17,938‌

92,000‌

Orange Belgium SA†

2,184,510‌

1,389,403‌

61,000‌

Parrot SA†

221,205‌

241,625‌

100,000‌

Pharol SGPS SA†

26,206‌

4,321‌

55,000‌

Telenet Group Holding NV

1,920,091‌

1,237,530‌

4,933,112‌

3,469,664‌

Wireless Communications — 0.3%

11,000

Millicom International Cellular SA†

213,610‌

167,640‌

36,000

Millicom International Cellular SA, SDR†

763,209‌

550,246‌

Shares			Cost		Market Value
	40,000	United States Cellular Corp.†	$	972,511	$	705,200
				1,949,330		1,423,086
		Wireless Telecommunications Services — 0.0%
	400,000	NII Holdings Inc., Escrow†		107,296		140,000

		TOTAL COMMON STOCKS		159,819,934		229,916,304

		CLOSED-END FUNDS — 0.1%
	235,000	Altaba Inc., Escrow†		12,750		549,900

		RIGHTS — 0.4%
		Computer Software and Services — 0.0%
	1,000	Flexion Therapeutics Inc., CVR†		0		650

		Health Care — 0.1%
	60,000	ABIOMED Inc., CVR†		0		105,000
	39,000	Achillion Pharmaceuticals Inc., CVR†		0		19,500
	65,000	Adamas Pharmaceuticals Inc., CVR†		0		3,250
	65,000	Adamas Pharmaceuticals Inc., CVR†		0		3,250
	50,000	Akouos Inc., CVR†		0		37,500
	10,000	Albireo Pharma Inc., CVR†		0		22,500
	187,969	Ambit Biosciences Corp., CVR†(a)		0		317,667
	50,000	Amryt Pharma plc, CVR†		0		1,000
	50,000	Amryt Pharma plc, CVR†		0		1,000
	4,000	CinCor Pharma Inc., CVR†		0		12,000
	28,000	Epizyme Inc., CVR†		0		560
	640,000	Innocoll, CVR†(a)		384,000		1
	150,000	Ipsen SA/Clementia, CVR†(a)		202,500		0
	95,400	Ocera Therapeutics, CVR†(a)		25,758		16,218
	3,000	Opiant Pharmaceuticals Inc., CVR†		0		1,500
	11,000	Prevail Therapeutics Inc., CVR†		0		5,500
	2,000	Radius Health Inc., CVR†		0		200
	825,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 01/02/24†(a)		401,889		0
	12,000	Tobira Therapeutics Inc., CVR†(a)		720		0
				1,014,867		546,646
		Metals and Mining — 0.3%
	10,000	Kinross Gold Corp., CVR†(a)		0		0

Cost

Market
Value

RIGHTS (Continued)

Metals and Mining (Continued)

2,200,000

Pan American Silver Corp., CVR†

506,000‌

1,122,220‌

506,000‌

1,122,220‌

Paper and Forest Products — 0.0%

75,000

Resolute Forest Products Inc., CVR†

0‌

150,000‌

TOTAL RIGHTS

1,520,867‌

1,819,516‌

WARRANTS — 0.0%

Diversified Industrial — 0.0%

102,000

Ampco-Pittsburgh Corp., expire 08/01/25†

69,677‌

49,980‌

Principal
Amount

U.S. GOVERNMENT OBLIGATIONS — 52.6%

257,130,000‌

U.S. Treasury Bills, 4.799% to 5.435%††, 07/20/23 to 12/07/23(b)

254,700,804‌

254,719,679‌

TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT — 100.6%

416,124,032‌

487,055,379‌

SECURITIES SOLD SHORT — (17.1)%

(Proceeds received $34,587,382)

(83,009,530‌

)

Other Assets and Liabilities (Net) — 16.6%

79,964,874‌

NET ASSETS — 100.0%

484,010,723‌

Shares			Proceeds		Market Value
		SECURITIES SOLD SHORT — (17.1)%
		Building and Construction — (17.1)%
	661,000	Lennar Corp., Cl. A	$	34,386,558	$	82,829,910

		Financial Services — (0.0)%
	2,000	First Bank		27,168		20,760
	4,000	Shore Bancshares Inc.		69,033		46,240
				96,201		67,000
		Machinery — (0.0)%
	1,000	Xylem Inc.		104,623		112,620

		TOTAL SECURITIES SOLD SHORT(c)	$	34,587,382	$	83,009,530

	(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
	(b)	At June 30, 2023, $49,000,000 of the principal amount was pledged as collateral for securities sold short and forward foreign exchange contracts.
	(c)	At June 30, 2023, these proceeds are 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

CVR Contingent Value Right

REIT Real Estate Investment Trust

SDR Swedish Depositary Receipt

As of June 30, 2023, forward foreign exchange contracts outstanding were as follows:

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets:
Investments in securities, at value (cost $416,124,032)	$	487,055,379‌
Cash		3,633,057‌
Deposit at brokers for securities sold short		83,797,996‌
Receivable for investment securities sold		2,664,821‌
Receivable for Fund shares sold		10,966‌
Dividends and interest receivable		463,082‌
Unrealized appreciation on forward foreign currency contracts		57,511‌
Prepaid expenses		17,221‌
Total Assets		577,700,033‌
Liabilities:
Securities sold short, at value (proceeds $34,587,382)		83,009,530‌
Foreign currency overdraft, at value (cost $1,233,268)		1,235,900‌
Payable for investment securities purchased		8,755,723‌
Payable for Fund shares redeemed		245,563‌
Payable for investment advisory fees		199,011‌
Payable for distribution fees		18,039‌
Payable for accounting fees		7,500‌
Other accrued expenses		218,044‌
Total Liabilities		93,689,310‌
Net Assets
(applicable to 46,313,688 shares outstanding)	$	484,010,723‌
Net Assets Consist of:
Paid-in capital	$	462,546,652‌
Total distributable earnings		21,464,071‌
Net Assets	$	484,010,723‌

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 ($397,047,316 ÷ 37,918,330 shares outstanding)	$	10.47‌
Advisor Class:
Net Asset Value, offering, and redemption price per share ($86,963,407 ÷ 8,395,358 shares outstanding)	$	10.36‌

Statement of Operations

For the Six Months Ended June 30, 2023 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $37,076)	$	1,772,453
Interest		8,107,807
Total Investment Income		9,880,260
Expenses:
Investment advisory fees		1,293,126
Distribution fees - Advisor Class		125,579
Dividend expense on securities sold short		533,219
Shareholder communications expenses		91,267
Custodian fees		50,130
Directors’ fees		45,706
Legal and audit fees		37,127
Shareholder services fees		31,670
Registration expenses		27,863
Accounting fees		22,500
Service fees for securities sold short (See Note 2)		16,733
Interest expense		938
Miscellaneous expenses		25,837
Total Expenses		2,301,695
Less:
Expenses paid indirectly by broker (See Note 6)		(4,031	)
Net Expenses		2,297,664
Net Investment Income		7,582,596

Net Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short, Forward Foreign Exchange Contracts, and Foreign Currency:
Net realized gain on investments in securities		1,943,895
Net realized loss on securities sold short		(832,857	)
Net realized loss on forward foreign exchange contracts		(325,988	)
Net realized gain on foreign currency transactions		4,233
Net realized gain on investments in securities, securities sold short, forward foreign exchange contracts, and foreign currency transactions		789,283
Net change in unrealized appreciation/depreciation:
on investments in securities		33,928,918
on securities sold short		(23,039,237	)
on forward foreign exchange contracts		149,407
on foreign currency translations		9,089
Net change in unrealized appreciation/depreciation on investments in securities, securities sold short, forward foreign exchange contracts, and foreign currency translations		11,048,177
Net Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short, Forward Foreign Exchange Contracts, and Foreign Currency		11,837,460
Net Increase in Net Assets Resulting from Operations	$	19,420,056

1. Organization. The Gabelli ABC Fund, the sole series of the Gabelli Investor Funds, Inc. (the Corporation), was incorporated on October 30, 1992 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). 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. The Fund commenced investment operations on May 14, 1993.

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.

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, 2023 are as follows:

The Fund did not have material transfers into or out of Level 3 during the six months ended June 30, 2023.

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.

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 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, 2023, 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.

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. During the six months ended June 30, 2023, the Fund held no investments in equity contract for difference swap agreements.

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 forward foreign exchange contracts. 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, 2023 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, 2023 had an average monthly notional amount of approximately $16,446,641.

At June 30, 2023, 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. For the six months ended June 30, 2023, the effect of forward foreign exchange contracts can be found in the Statement of Operations under Net Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short, 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.

The following table presents the Fund’s derivative assets by counterparty net of the related collateral segregated by the Fund for the benefit of the counterparty as of June 30, 2023:

Securities Sold Short. The Fund entered 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, 2023 are reflected within the Schedule of Investments. For the six months ended June 30, 2023, the Fund incurred $16,733 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 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, 2023, the Fund did not hold any restricted securities.

Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2023, 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 or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

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

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

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, 2022 was as follows:

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2023:

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended June 30, 2023, the Fund did not incur any income tax, interest, or

penalties. As of June 30, 2023, 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.

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, 2023, other than short term securities and U.S. Government obligations, aggregated $179,397,513 and $204,093,773, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2023, the Fund paid $41,186 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the six months ended June 30, 2023, 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 $4,031.

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, 2023, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

As of June 30, 2023, 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.

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

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on February 28, 2024 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in

the Statement of Operations. During the six months ended June 30, 2023, there were no borrowings 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, 2023 and the fiscal year ended December 31, 2022, 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 15, 2023, 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 supervisory, administrative, shareholder, and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio managers.

Investment Performance. The Independent Board Members reviewed the short, medium and long term performance (as of December 31, 2022) 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 and institutional alternative event driven funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund’s performance was in the second quartile for the one year period, the third quartile for the three year period, and in the fourth quartile for the five year period, as measured against the Adviser Peer Group. The Independent Board Members noted that the Fund’s total return was above the median for the one year period, and at or below the median for the three year and five year periods within the Advisory Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the third quintile for the one year period and the fourth quintile for the three year and five year periods. The Independent Board Members discussed the Fund’s performance and potential ways to improve the Fund’s performance, along with the limited universe of comparable funds.

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

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 historical 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 four other alternative event driven funds and thirteen other alternative multi-strategy 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

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

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 their decision, various information comparing the advisory fee with 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 acceptable overall performance record. The Independent Board Members also concluded that the Fund’s expense ratios and the profitability to the Adviser of managing the Fund were lower than the average within both peer groups and that economies of scale were not a significant factor in their thinking at this time. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreement to the full Board.

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

Gabelli Funds and Your Personal Privacy

Who are we?

The Gabelli/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. that is 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.

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 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.

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

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

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
USD	13,487,101	EUR	12,300,000	State Street Bank and Trust Co.	07/28/23	$	45,736
USD	2,294,545	GBP	1,800,000	State Street Bank and Trust Co.	07/28/23		8,052
USD	683,398	CAD	900,000	State Street Bank and Trust Co.	07/28/23		3,723

TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS						$	57,511

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Operations:
Net investment income	$	7,582,596		$	4,601,564
Net realized gain/(loss) on investments in securities, securities sold short, forward foreign exchange contracts, and foreign currency transactions		789,283			(3,470,119	)
Net change in unrealized appreciation/depreciation on investments in securities, securities sold short, forward foreign exchange contracts, and foreign currency translations		11,048,177			(16,297,133	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		19,420,056			(15,165,688	)

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(6,097,226	)
Advisor Class		—			(1,290,962	)
Total Distributions to Shareholders		—			(7,388,188	)

Capital Share Transactions:
Class AAA		(65,958,470	)		(25,762,244	)
Advisor Class		(37,870,634	)		(41,505,924	)
Net Decrease in Net Assets from Capital Share Transactions		(103,829,104	)		(67,268,168	)

Redemption Fees		1			46

Net Decrease in Net Assets		(84,409,047	)		(89,821,998	)

Net Assets:
Beginning of year		568,419,770			658,241,768
End of period	$	484,010,723		$	568,419,770

			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(c)(d)			Portfolio Turnover Rate
Class AAA
2023(e)	$	10.09	$	0.15		$	0.23		$	0.38		$	—		$	—		$	—		$	0.00	$	10.47		3.77	%	$	397,047		2.98	%(f)		0.84	%(f)		76	%
2022		10.44		0.08			(0.29	)		(0.21	)		(0.14	)		—			(0.14	)		0.00		10.09		(2.01	)		447,336		0.80			0.79			156
2021		10.46		0.02			0.44			0.46			(0.05	)		(0.43	)		(0.48	)		0.00		10.44		4.37			489,797		0.15			0.77			205
2020		10.21		0.02			0.27			0.29			(0.04	)		(0.00	)(b)		(0.04	)		0.00		10.46		2.90			552,051		0.21			0.73			251
2019		10.03		0.12			0.36			0.48			(0.14)			(0.16	)		(0.30	)		0.00		10.21		4.80			618,374		1.18			0.64			278
2018		10.38		0.15			(0.13	)		0.02			(0.24	)		(0.13	)		(0.37	)		0.00		10.03		0.20			564,929		1.41			0.57	(g)		231
Advisor Class
2023(e)	$	9.99	$	0.14		$	0.23		$	0.37		$	—		$	—		$	—		$	0.00	$	10.36		3.70	%	$	86,964		2.72	%(f)		1.09	%(f)		76	%
2022		10.34		0.05			(0.29	)		(0.24	)		(0.11	)		—			(0.11	)		0.00		9.99		(2.35	)		121,084		0.48			1.04			156
2021		10.36		(0.05	)		0.48			0.43			(0.02	)		(0.43	)		(0.45	)		0.00		10.34		4.15			168,445		(0.43	)		1.02			205
2020		10.10		0.00	(b)		0.27			0.27			(0.01	)		(0.00	)(b)		(0.01	)		0.00		10.36		2.70			167,311		0.01			0.98			251
2019		9.93		0.09			0.35			0.44			(0.11)			(0.16	)		(0.27	)		0.00		10.10		4.40			279,964		0.92			0.89			278
2018		10.27		0.12			(0.13	)		(0.01	)		(0.20	)		(0.13	)		(0.33	)		0.00		9.93		(0.10	)		377,330		1.41			0.82	(g)		231

	†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions. Total return for a period of less than one year is not annualized.
	(a)	Per share amounts have been calculated using the average shares outstanding method.
	(b)	Amount represents less than $0.005 per share.
	(c)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no impact on the expense ratios.
	(d)	The Fund incurred dividend expense and service fees on securities sold short. If these expenses and fees had not been incurred, the ratios of operating expenses to average net assets for six months ended June 30, 2023 and the years ended December 31, 2022, 2021, 2020, 2019, and 2018 would have been 0.63%, 0.58%, 0.57%, 0.57%, 0.56%, and 0.56% (Class AAA) and 0.88%, 0.83%, 0.82%, 0.82%, 0.81%, and 0.81% (Advisor Class), respectively.
	(e)	For the six months ended June 30, 2023, unaudited.
	(f)	Annualized.
	(g)	During the year ended December 31, 2018, the Fund incurred tax expense, the effect of which was minimal.

	(a)	The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.
	(b)	Please refer to the Schedule of Investments (SOI) for the industry classifications of these portfolio holdings.
	*	Other financial instruments are derivatives reflected in the SOI, such as options, futures, forwards, and swaps, which may be valued at the unrealized appreciation/(depreciation) of the instrument.

Long Positions
U.S. Government Obligations	52.6	%
Building and Construction	20.5	%
Energy and Utilities	3.6	%
Health Care	3.2	%
Computer Software and Services	3.2	%
Aerospace and Defense	2.6	%
Financial Services	2.4	%
Machinery	1.7	%
Metals and Mining	1.7	%
Electronics	1.3	%
Entertainment	1.2	%
Broadcasting	1.2	%
Food and Beverage	0.9	%
Telecommunications	0.7	%
Diversified Industrial	0.7	%
Specialty Chemicals	0.6	%
Cable and Satellite	0.5	%
Retail	0.4	%
Consumer Products	0.4	%
Wireless Communications	0.3	%

Hotels and Gaming	0.2	%
Business Services	0.2	%
Closed-End Funds	0.1	%
Publishing	0.1	%
Real Estate	0.1	%
Equipment and Supplies	0.1	%
Automotive	0.1	%
Automotive: Parts and Accessories	0.0	%*
Paper and Forest Products	0.0	%*
Wireless Telecommunications Services	0.0	%*
Semiconductors	0.0	%*
Other Assets and Liabilities (Net)	16.6	%

Short Positions
Building and Construction	(17.1	)%
Machinery	(0.0	)%**
Financial Services	(0.0	)%**
	100.0	%

	*	Amount represents less than 0.05%.
	**	Amount represents greater than (0.05)%.

	●	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).

	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 06/30/23
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Computer Software and Services	$	15,165,645		$	113,485		—	$	15,279,130
Financial Services		11,660,759			13,645	$	42,000		11,716,404
Machinery		8,140,260			—		125,488		8,265,748
Retail		2,001,393			10		—		2,001,403
Wireless Telecommunications Services		—			140,000		—		140,000
Other Industries (b)		192,513,619			—		—		192,513,619
Total Common Stocks		229,481,676			267,140		167,488		229,916,304
Closed-End Funds		—			549,900		—		549,900
Rights (b)		1,122,220			363,410		333,886		1,819,516
Warrants (b)		49,980			—		—		49,980
U.S. Government Obligations		—			254,719,679		—		254,719,679
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	230,653,876		$	255,900,129	$	501,374	$	487,055,379

LIABILITIES (Market Value):
Common Stocks Sold Short (b)	$	(83,009,530	)		—		—	$	(83,009,530	)
TOTAL INVESTMENTS IN SECURITIES – LIABILITIES	$	(83,009,530	)		—		—	$	(83,009,530	)

OTHER FINANCIAL INSTRUMENTS:*
ASSETS (Unrealized Appreciation):
FORWARD CURRENCY EXCHANGE CONTRACTS
Forward Foreign Exchange Contracts		—		$	57,511		—	$	57,511

	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
Forward Foreign Exchange Contracts	$	57,511		—	$	57,511

	Net Amounts Not Offset in the Statement of Assets and Liabilities
	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Securities Pledged as Collateral		Cash Collateral Received		Net Amount
Counterparty
State Street Bank and Trust Co.	$	57,511		—		—	$	57,511

Distributions paid from:*
Ordinary income (inclusive of short term capital gains)	$	7,550,270
Total distributions paid	$	7,550,270

		Cost/ (Proceeds)				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments and other derivative instruments		$	383,502,109			$	88,686,768			$	(68,085,517	)		$	20,601,251

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		521,526		$	5,354,378			5,862,035		$	60,359,012
Shares issued upon reinvestment of distributions		—			—			599,538			6,031,559
Shares redeemed		(6,944,057	)		(71,312,848	)		(9,015,650	)		(92,152,815	)
Net decrease		(6,422,531	)	$	(65,958,470	)		(2,554,077	)	$	(25,762,244	)
Advisor Class
Shares sold		160,729		$	1,631,165			4,260,028		$	43,354,454
Shares issued upon reinvestment of distributions		—			—			98,643			982,484
Shares redeemed		(3,883,322	)		(39,501,799	)		(8,534,766	)		(85,842,862	)
Net decrease		(3,722,593	)	$	(37,870,634	)		(4,176,095	)	$	(41,505,924	)


	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 Values per share available daily by calling 800-GABELLI after 7:00 P.M.
	TRUSTEES 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 John C. Ball President & Treasurer Peter Goldstein Secretary & Vice President 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.










	GAB408Q223SAR

(Registrant)	Gabelli Investor Funds, Inc.

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

Date	September 6, 2023

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

Date	September 6, 2023