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0000877670 gesfi2:S000001061Member gesfi2:ClassAciMember rr:AfterTaxesOnDistributionsMember gesfi2:C000002850Member 2012-01-29 2013-01-28 0000877670 gesfi2:S000001061Member gesfi2:ClassAciMember rr:AfterTaxesOnDistributionsAndSalesMember gesfi2:C000002850Member 2012-01-29 2013-01-28 0000877670 gesfi2:S000001061Member gesfi2:ClassAciMember gesfi2:ReturnBeforeTaxesMember gesfi2:C000002853Member 2012-01-29 2013-01-28 0000877670 gesfi2:S000001061Member gesfi2:ClassAciMember gesfi2:ReturnBeforeTaxesMember gesfi2:C000061072Member 2012-01-29 2013-01-28 0000877670 gesfi2:S000001061Member gesfi2:ClassAciMember gesfi2:SAndpFiveHundredIndexMember 2012-01-29 2013-01-28 0000877670 gesfi2:S000001062Member gesfi2:ClassAciMember gesfi2:C000002854Member 2012-01-29 2013-01-28 0000877670 gesfi2:S000001062Member gesfi2:ClassAciMember gesfi2:C000002857Member 2012-01-29 2013-01-28 0000877670 gesfi2:S000001062Member gesfi2:ClassAciMember gesfi2:C000061073Member 2012-01-29 2013-01-28 0000877670 gesfi2:S000001063Member gesfi2:ClassAciMember gesfi2:ReturnBeforeTaxesMember gesfi2:C000002858Member 2012-01-29 2013-01-28 0000877670 gesfi2:S000001063Member gesfi2:ClassAciMember rr:AfterTaxesOnDistributionsMember gesfi2:C000002858Member 2012-01-29 2013-01-28 0000877670 gesfi2:S000001063Member gesfi2:ClassAciMember rr:AfterTaxesOnDistributionsAndSalesMember gesfi2:C000002858Member 2012-01-29 2013-01-28 0000877670 gesfi2:S000001063Member gesfi2:ClassAciMember gesfi2:ReturnBeforeTaxesMember gesfi2:C000002860Member 2012-01-29 2013-01-28 0000877670 gesfi2:S000001063Member gesfi2:ClassAciMember gesfi2:ReturnBeforeTaxesMember gesfi2:C000061074Member 2012-01-29 2013-01-28 0000877670 gesfi2:S000001063Member gesfi2:ClassAciMember gesfi2:SAndpFiveHundredIndexMember 2012-01-29 2013-01-28 pure iso4217:USD 2013-01-28 485BPOS GABELLI EQUITY SERIES FUNDS INC 0000877670 2013-01-28 2013-01-28 2012-09-30 false <b>GABELLI SMALL CAP GROWTH FUND <br/>(the “Small Cap Growth Fund”)</b> This example is intended to help you compare the cost of investing in Class AAA Shares of the Small Cap Growth Fund with the cost of investing in other mutual funds. <br /><br />The example assumes that you invest $10,000 in the Small Cap Growth Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Small Cap Growth Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Small Cap Growth Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Small Cap Growth Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Small Cap Growth Fund’s performance. During the most recent fiscal year, the Small Cap Growth Fund’s portfolio turnover rate was 7% of the average value of its portfolio. <b>Principal Investment Strategies</b> Under normal market conditions, the Small Cap Growth Fund invests at least 80% of its net assets in equity securities of companies that are considered to be small companies at the time the Small Cap Growth Fund makes its investment. The Small Cap Growth Fund invests primarily in the common stocks of companies which Gabelli Funds, LLC, the Small Cap Growth Fund’s adviser (the “Adviser”), believes are likely to have rapid growth in revenues and above average rates of earnings growth. The Adviser currently characterizes small companies for the Small Cap Growth Fund as those with total common stock market values of $2 billion or less at the time of investment. <br/><br/> In selecting investments for the Small Cap Growth Fund, the Adviser seeks issuers with a dominant market share or niche franchise in growing and/or consolidating industries. The Adviser considers for purchase the stocks of small capitalization (capitalization is the price per share multiplied by the number of shares outstanding) companies with experienced management, strong balance sheets, and rising free cash flow and earnings. The Adviser’s goal is to invest long term in the stocks of companies trading at reasonable market valuations relative to perceived economic worth. <br/><br/> Frequently, smaller companies exhibit one or more of the following traits: <ul type="square"><li style="margin-left: 80px"> New products or technologies</li> <li style="margin-left: 80px"> New distribution methods</li> <li style="margin-left: 80px"> Rapid changes in industry conditions due to regulatory or other developments</li> <li style="margin-left: 80px"> Changes in management or similar characteristics that may result not only in expected growth in revenues but in an accelerated or above average rate of earnings growth, which would usually be reflected in capital appreciation.</li></ul> In addition, because smaller companies are less actively followed by stock analysts and less information is available on which to base stock price evaluations, the market may overlook favorable trends in particular smaller growth companies and then adjust its valuation more quickly once investor interest is gained.<br/><br/> <b>You May Want to Invest in the Small Cap Growth Fund if: </b><br/> <ul type="square"><li style="margin-left: 80px"> you are a long-term investor</li> <li style="margin-left: 80px"> you seek capital appreciation</li> <li style="margin-left: 80px"> you believe that the market will favor small capitalization stocks over the long term </li></ul> An investment in the Small Cap Growth Fund is not guaranteed; you may lose money by investing in the Small Cap Growth Fund. When you sell Small Cap Growth Fund shares, they may be worth more or less than what you paid for them. <br/><br/> Investing in the Small Cap Growth Fund involves the following risks: <ul type="square"><li style="margin-left: 80px"> <b>Equity Risk.</b>    Equity risk is the risk that the prices of the securities held by the Small Cap Growth Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances. </li></ul> <ul type="square"><li style="margin-left: 80px"> <b>Value Investing Risk.</b>    The Small Cap Growth Fund invests in “value” stocks. The portfolio manager may be wrong in the assessment of a company’s value and the stocks the Small Cap Growth Fund holds may not reach what the portfolio manager believes are their full values. From time to time “value” investing falls out of favor with investors. During those periods, the Small Cap Growth Fund’s relative performance may suffer. </li></ul> <ul type="square"><li style="margin-left: 80px"> <b>Management Risk.</b>    If the portfolio manager is incorrect in his assessment of the securities the Small Cap Growth Fund holds, then the value of the Small Cap Growth Fund’s shares may decline.</li></ul> <ul type="square"><li style="margin-left: 80px"> <b>Small Capitalization Company Risk.</b>    Investing in securities of small capitalization companies may involve greater risks than investing in larger, more established issuers. Smaller capitalization companies typically have relatively lower revenues, limited product lines and lack of management depth, and may have a smaller share of the market for their products or services, than larger capitalization companies. The stocks of smaller capitalization companies tend to have less trading volume than stocks of larger capitalization companies. Less trading volume may make it more difficult for our portfolio managers to sell securities of smaller capitalization companies at quoted market prices. Finally, there are periods when investing in smaller capitalization stocks fall out of favor with investors and the stocks of smaller capitalization companies underperform.</li></ul> <ul type="square"><li style="margin-left: 80px"> <b>Foreign Securities Risk.</b>    Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets. </li></ul> <b>Performance </b> <b>SMALL CAP GROWTH FUND </b><br/><b>(Total Returns for the Years Ended December 31) </b> <b>Average Annual Total Returns <br/>(for the periods ended December 31, 2012)</b> 0 0 0 -0.02 0.01 0.0025 0.0016 0.0141 144 446 771 1691 0.376 0.217 0.059 0.191 0.073 -0.31 0.297 0.275 -0.049 0.201 <b>Investment Objective </b> The Equity Income Fund seeks to provide a high level of total return on its assets with an emphasis on income. <b>Fees and Expenses of the Equity Income Fund: </b> This table describes the fees and expenses that you may pay if you buy and hold Class AAA Shares of the Equity Income Fund. 0 0 0 0.2007 0.1953 0.1373 0.1635 0 0.0545 0.0505 0.0458 0.0356 0.1144 0.1084 0.1009 0.0972 0.01 0.0025 0.0015 0.014 <b>Expense Example </b> 143 443 766 1680 <b>Portfolio Turnover </b> <b>Principal Risks </b> <b>Investment Objective </b> The Small Cap Growth Fund seeks to provide a high level of capital appreciation. <b>Fees and Expenses of the Small Cap Growth Fund: </b> This table describes the fees and expenses that you may pay if you buy and hold Class AAA Shares of the Small Cap Growth Fund. <b>Expense Example </b> <b>Portfolio Turnover </b> <b>Principal Risks </b> The bar chart and table that follow provide an indication of the risks of investing in the Small Cap Growth Fund by showing changes in the Small Cap Growth Fund’s Class AAA Shares performance from year to year and by showing how the Small Cap Growth Fund’s average annual returns for the one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the Small Cap Growth Fund’s past performance (before and after taxes) does not predict how the Small Cap Growth Fund will perform in the future. Updated information on the Small Cap Growth Fund’s results can be obtained by visiting www.gabelli.com. During the calendar years shown in the bar chart, the highest return for a quarter was 20.59% (quarter ended June 30, 2009) and the lowest return for a quarter was (21.87)% (quarter ended December 31, 2008). After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Small Cap Growth Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). 0.07 <b>Performance </b> The bar chart and table that follow provide an indication of the risks of investing in the Equity Income Fund by showing changes in the Equity Income Fund’s Class AAA Shares performance from year to year and by showing how the Equity Income Fund’s average annual returns for the one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the Equity Income Fund’s past performance (before and after taxes) does not predict how the Equity Income Fund will perform in the future. Updated information on the Equity Income Fund’s results can be obtained by visiting www.gabelli.com. An investment in the Small Cap Growth Fund is not guaranteed; you may lose money by investing in the Small Cap Growth Fund. The bar chart and table that follow provide an indication of the risks of investing in the Small Cap Growth Fund by showing changes in the Small Cap Growth Fund’s Class AAA Shares performance from year to year and by showing how the Small Cap Growth Fund’s average annual returns for the one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the Small Cap Growth Fund’s past performance (before and after taxes) does not predict how the Small Cap Growth Fund will perform in the future. www.gabelli.com highest return 2009-06-30 0.2059 lowest return 2008-12-31 -0.2187 During the calendar years shown in the bar chart, the highest return for a quarter was 17.59% (quarter ended June 30, 2009) and the lowest return for a quarter was (20.88)% (quarter ended December 31, 2008). After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Small Cap Growth Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). 0.1308 0.1281 0.0884 0.16 0.0248 0.0228 0.0208 0.0166 0.0851 0.0814 0.0747 0.071 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. <b>GABELLI EQUITY INCOME FUND<br/>(the “Equity Income Fund”) </b> <b>Shareholder Fees: </b><br/>(fees paid directly from your investment): <b>Annual Fund Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment): This example is intended to help you compare the cost of investing in Class AAA Shares of the Equity Income Fund with the cost of investing in other mutual funds.<br/><br/>The example assumes that you invest $10,000 in the Equity Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Equity Income Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Equity Income Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Equity Income Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Equity Income Fund’s performance. During the most recent fiscal year, the Equity Income Fund’s portfolio turnover rate was 6% of the average value of its portfolio. <b>Principal Investment Strategies</b> The Equity Income Fund will seek to achieve its investment objective through a combination of capital appreciation and current income by investing, under normal market conditions, at least 80% of its net assets in income-producing equity securities. Income-producing equity securities include, for example, common stock, preferred stock and convertible securities. In making stock selections, Gabelli Funds, LLC, the Equity Income Fund’s adviser (the “Adviser”), looks for securities that have a better yield than the average of the Standard and Poor’s 500 Index (the “S&P 500 Index”), as well as capital gains potential. <br /><br /> In selecting investments for the Equity Income Fund, the Adviser focuses on issuers that: <ul type="square"><li style="margin-left: 60px"> have strong free cash flow and pay regular dividends</li> <li style="margin-left: 60px">have potential for long-term earnings per share growth</li> <li style="margin-left: 60px">may be subject to a value catalyst, such as industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business</li> <li style="margin-left: 60px"> are well-managed</li> <li style="margin-left: 60px">will benefit from sustainable long-term economic dynamics, such as globalization of an issuer’s industry or an issuer’s increased focus on productivity or enhancement of services.</li></ul> The Adviser also believes preferred stock and convertible securities of selected companies offer opportunities for capital appreciation as well as periodic income and may invest a portion of the Equity Income Fund’s assets in such securities. This is particularly true in the case of companies that have performed below expectations. If a company’s performance has been poor enough, its preferred stock and convertible debt securities will trade more like common stock than like a fixed income security and may result in above average appreciation if performance improves. Even if the credit quality of the company is not in question, the market price of the convertible security will reflect little or no element of conversion value if the price of its common stock has fallen substantially below the conversion price. This leads to the possibility of capital appreciation if the price of the common stock recovers.<br /><br /> <b>You May Want to Invest in the Equity Income Fund if: </b> <ul type="square"><li style="margin-left: 60px"> you are a long-term investor</li> <li style="margin-left: 60px">you are seeking income as well as capital appreciation</li></ul> An investment in the Equity Income Fund is not guaranteed; you may lose money by investing in the Equity Income Fund. When you sell Equity Income Fund shares, they may be worth more or less than what you paid for them. <br /><br /> Investing in the Equity Income Fund involves the following risks: <ul type="square"><li style="margin-left: 60px"><b> Equity Risk.</b>    Equity risk is the risk that the prices of the securities held by the Equity Income Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances.</li></ul> <ul type="square"><li style="margin-left: 60px"><b> Value Investing Risk.</b> The Equity Income Fund invests in “value” stocks. The portfolio manager may be wrong in the assessment of a company’s value and the stocks the Equity Income Fund holds may not reach what the portfolio manager believes are their full values. From time to time “value” investing falls out of favor with investors. During those periods, the Equity Income Fund’s relative performance may suffer.</li></ul> <ul type="square"><li style="margin-left: 60px"><b> Management Risk.</b>    If the portfolio manager is incorrect in his assessment of the securities the Equity Income Fund holds, then the value of the Equity Income Fund’s shares may decline.</li></ul> <ul type="square"><li style="margin-left: 60px"><b>Interest Rate Risk and Credit Risk.</b>    Investments in preferred stock and securities convertible into or exchangeable for common or preferred stock involve interest rate risk and credit risk. When interest rates decline, the value of such securities generally rises. Conversely, when interest rates rise, the value of such securities generally declines. It is also possible that the issuer of a security will not be able to make interest and principal payments when due.</li></ul> <ul type="square"><li style="margin-left: 60px"> <b>Low Credit Quality Risk.</b>    Lower rated convertible securities are subject to greater credit risk, greater price volatility, and a greater risk of loss than investment grade securities. There may be less of a market for lower rated convertible securities, which could make it harder to sell them at an acceptable price.</li></ul> <ul type="square"><li style="margin-left: 60px"> <b>Foreign Securities Risk.</b>    Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets.</li></ul> <b>EQUITY INCOME FUND </b><br/><b>(Total Returns for the Years Ended December 31) </b> <b>Average Annual Total Returns<br/>(for the periods ended December 31, 2012)</b> The Gabelli Small Cap Growth Fund Class AAA Shares The Gabelli Small Cap Growth Fund Class AAA Shares The Gabelli Small Cap Growth Fund Class AAA Shares Russell 2000 Index Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares (reflects no deduction for fees, expenses, or taxes) <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTHEGABELLISMALLCAPGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTHEGABELLISMALLCAPGROWTHFUND column period compact * ~</div> 0.06 An investment in the Equity Income Fund is not guaranteed; you may lose money by investing in the Equity Income Fund. The bar chart and table that follow provide an indication of the risks of investing in the Equity Income Fund by showing changes in the Equity Income Fund’s Class AAA Shares performance from year to year and by showing how the Equity Income Fund’s average annual returns for the one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the Equity Income Fund’s past performance (before and after taxes) does not predict how the Equity Income Fund will perform in the future. www.gabelli.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. highest return 2009-06-30 0.1759 lowest return 2008-12-31 -0.2088 0.283 0.13 0.064 0.192 0.089 -0.35 0.291 0.17 0.018 0.131 <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTHEGABELLISMALLCAPGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTHEGABELLISMALLCAPGROWTHFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTHEGABELLISMALLCAPGROWTHFUND column period compact * ~</div> The Gabelli Equity Income Fund Class AAA Shares The Gabelli Equity Income Fund Class AAA Shares The Gabelli Equity Income Fund Class AAA Shares Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P 500 Index (reflects no deduction for fees, expenses, or taxes) <b>Shareholder Fees: </b><br/>      (fees paid directly from your investment): <b>Annual Fund Operating Expenses </b><br/>      (expenses that you pay each year as a percentage of the value of your investment): <b>Investment Objective </b> The Focus Five Fund seeks to provide a high level of capital appreciation. <b>Fees and Expenses of the Focus Five Fund: </b> This table describes the fees and expenses that you may pay if you buy and hold Class AAA Shares of the Focus Five Fund. <b>Expense Example </b> <b>Portfolio Turnover </b> The Focus Five Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Focus Five Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Focus Five Fund’s performance. During the most recent fiscal year, the Focus Five Fund’s portfolio turnover rate was 140% of the average value of its portfolio. <b>Principal Investment Strategies </b> <b>Principal Risks </b> <b>Investment Objective </b> The Small Cap Growth Fund seeks to provide a high level of capital appreciation. <b>Fees and Expenses of the Small Cap Growth Fund: </b> The table describes the fees and expenses that you may pay if you buy and hold the following classes of shares of the Small Cap Growth Fund. You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Gabelli family of mutual funds. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares — Volume Discounts/Rights of Accumulation”. <b>Expense Example </b> <b>GABELLI SMALL CAP GROWTH FUND (the “Small Cap Growth Fund”)</b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Focus Five Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. The bar chart and table that follow provide an indication of the risks of investing in the Focus Five Fund (including the Focus Five Fund’s prior investment strategy that was in effect through March 9, 2012) by showing changes in the Focus Five Fund’s Class AAA Shares performance from year to year and by showing how the Focus Five Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the Focus Five Fund’s past performance (before and after taxes) does not predict how the Focus Five Fund will perform in the future. Updated information on the Focus Five Fund’s results can be obtained by visiting www.gabelli.com.<br /><br /> During the calendar years shown in the bar chart, the highest return for a quarter was 26.63% (quarter ended June 30, 2009) and the lowest return for a quarter was (27.77)% (quarter ended December 31, 2008). <br /><br /> <b>Shareholder Fees: </b><br/>      (fees paid directly from your investment): <b>Annual Fund Operating Expenses </b><br/>      (expenses that you pay each year as a percentage of the value of your investment): This example is intended to help you compare the cost of investing in the Small Cap Growth Fund with the cost of investing in other mutual funds. <br /><br />The example assumes that you invest $10,000 in the Small Cap Growth Fund for the time periods shown and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the Small Cap Growth Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your shares of the Small Cap Growth Fund: <b>Portfolio Turnover </b> The Small Cap Growth Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Small Cap Growth Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Small Cap Growth Fund’s performance. During the most recent fiscal year, the Small Cap Growth Fund’s portfolio turnover rate was 7% of the average value of its portfolio. <b>Principal Investment Strategies </b> <b>Principal Risks </b> The bar chart and table that follow provide an indication of the risks of investing in the Small Cap Growth Fund by showing changes in the Small Cap Growth Fund’s performance from year to year and by showing how the Small Cap Growth Fund’s average annual returns for the one year, five years, and ten years compared with those of a broad based securities market index. The historical performance of Class AAA Shares, which are not offered in this Prospectus, is used to calculate performance for Class A, Class C, and Class I Shares prior to their issuance. All the classes of the Small Cap Growth Fund’s shares are invested in the same portfolio of securities. The annual returns of the different classes of shares will differ only to the extent that the expenses of the classes differ. As with all mutual funds, the Small Cap Growth Fund’s past performance (before and after taxes) does not predict how the Small Cap Growth Fund will perform in the future. Updated information on the Small Cap Growth Fund’s results can be obtained by visiting www.gabelli.com. <b>SMALL CAP GROWTH FUND (For the Years Ended December 31) </b> The bar chart above shows total returns for Class AAA Shares for the calendar year ended 2003 and total returns for Class A Shares for the calendar years ended 2004 through 2012. Sales loads are not reflected in the above chart. If sales loads were reflected, the Small Cap Growth Fund’s returns would be less than those shown. During the calendar years shown in the bar chart, the highest return for a quarter was 20.52% (quarter ended June 30, 2009) and the lowest return for a quarter was (21.83)% (quarter ended December 31, 2008). After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for only Class A, and after-tax returns for other Classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Small Cap Growth Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). Under normal market conditions, the Small Cap Growth Fund invests at least 80% of its net assets in equity securities of companies that are considered to be small companies at the time the Small Cap Growth Fund makes its investment. The Small Cap Growth Fund invests primarily in the common stocks of companies which Gabelli Funds, LLC, the Small Cap Growth Fund’s adviser (the “Adviser”), believes are likely to have rapid growth in revenues and above average rates of earnings growth. The Adviser currently characterizes small companies for the Small Cap Growth Fund as those with total common stock market values of $2 billion or less at the time of investment. <br/><br/> In selecting investments for the Small Cap Growth Fund, the Adviser seeks issuers with a dominant market share or niche franchise in growing and/or consolidating industries. The Adviser considers for purchase the stocks of small capitalization (capitalization is the price per share multiplied by the number of shares outstanding) companies with experienced management, strong balance sheets, and rising free cash flow and earnings. The Adviser’s goal is to invest long term in the stocks of companies trading at reasonable market valuations relative to perceived economic worth. <br/><br/> Frequently, smaller companies exhibit one or more of the following traits: <ul type="square"><li style="margin-left: 80px"> New products or technologies</li> <li style="margin-left: 80px"> New distribution methods</li> <li style="margin-left: 80px"> Rapid changes in industry conditions due to regulatory or other developments</li> <li style="margin-left: 80px"> Changes in management or similar characteristics that may result not only in expected growth in revenues but in an accelerated or above average rate of earnings growth, which would usually be reflected in capital appreciation.</li></ul> In addition, because smaller companies are less actively followed by stock analysts and less information is available on which to base stock price evaluations, the market may overlook favorable trends in particular smaller growth companies and then adjust its valuation more quickly once investor interest is gained.<br/><br/> <b>You May Want to Invest in the Small Cap Growth Fund if: </b><br/> <ul type="square"><li style="margin-left: 80px"> you are a long-term investor</li> <li style="margin-left: 80px"> you seek capital appreciation</li> <li style="margin-left: 80px"> you believe that the market will favor small capitalization stocks over the long term </li></ul> An investment in the Small Cap Growth Fund is not guaranteed; you may lose money by investing in the Small Cap Growth Fund. When you sell Small Cap Growth Fund shares, they may be worth more or less than what you paid for them. <br/><br/> Investing in the Small Cap Growth Fund involves the following risks: <ul type="square"><li style="margin-left: 80px"> <b>Equity Risk.</b>    Equity risk is the risk that the prices of the securities held by the Small Cap Growth Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances. </li></ul> <ul type="square"><li style="margin-left: 80px"> <b>Value Investing Risk.</b>    The Small Cap Growth Fund invests in “value” stocks. The portfolio manager may be wrong in the assessment of a company’s value and the stocks the Small Cap Growth Fund holds may not reach what the portfolio manager believes are their full values. From time to time “value” investing falls out of favor with investors. During those periods, the Small Cap Growth Fund’s relative performance may suffer. </li></ul> <ul type="square"><li style="margin-left: 80px"> <b>Management Risk.</b>    If the portfolio manager is incorrect in his assessment of the securities the Small Cap Growth Fund holds, then the value of the Small Cap Growth Fund’s shares may decline.</li></ul> <ul type="square"><li style="margin-left: 80px"> <b>Small Capitalization Company Risk.</b>    Investing in securities of small capitalization companies may involve greater risks than investing in larger, more established issuers. Smaller capitalization companies typically have relatively lower revenues, limited product lines and lack of management depth, and may have a smaller share of the market for their products or services, than larger capitalization companies. The stocks of smaller capitalization companies tend to have less trading volume than stocks of larger capitalization companies. Less trading volume may make it more difficult for our portfolio managers to sell securities of smaller capitalization companies at quoted market prices. Finally, there are periods when investing in smaller capitalization stocks fall out of favor with investors and the stocks of smaller capitalization companies underperform.</li></ul> <ul type="square"><li style="margin-left: 80px"> <b>Foreign Securities Risk.</b>    Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets. </li></ul> <b>Investment Objective </b> The Equity Income Fund seeks to provide a high level of total return on its assets with an emphasis on income. <b>Fees and Expenses of the Equity Income Fund: </b> The table describes the fees and expenses that you may pay if you buy and hold the following classes of shares of the Equity Income Fund. You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Gabelli family of mutual funds. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares — Volume Discounts/Rights of Accumulation”. <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTHEGABELLIEQUITYINCOMEFUND column period compact * ~</div> 0 0 0 0 0 0.01 0 0 0 0 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTHEGABELLIEQUITYINCOMEFUND column period compact * ~</div> <b>Average Annual Total Returns <br/>(for the periods ended December 31, 2012)</b> 0 0 0 -0.02 -0.02 -0.02 <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTHEGABELLIEQUITYINCOMEFUND column period compact * ~</div> 0.01 Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell 2000 Index 0.0025 0.0116 0.0241 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTHEGABELLIEQUITYINCOMEFUNDBarChart column period compact * ~</div> -0.007 0.0171 Return Before Taxes Return Before Taxes <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTHEGABELLIEQUITYINCOMEFUND column period compact * ~</div> -0.02 0 0.01 0.01 0.01 0.0025 0.01 0 0.0015 0.0015 0.0015 0.014 0.0215 0.0115 174 685 1222 2693 709 318 117 993 673 365 1297 1154 633 2158 2483 1398 0.0575 0 0 0 0.01 0 0 0 0 0 0 0 709 218 117 993 673 365 1297 1154 633 2158 2483 1398 0.207 0.206 The Gabelli Small Cap Growth Fund Class A Shares (first issued on 12/31/03) Class I Shares (first issued on 1/11/08) 0.063 -0.02 -0.02 -0.02 0.109 0.033 -0.342 0.29 0.274 -0.068 0.262 0.01 0.01 0.01 0.0025 0.01 0 0.0116 0.0116 0.0116 0.0241 <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTHEGABELLIEQUITYINCOMEFUNDClassACI column period compact * ~</div> 0.0316 0.0216 0.0171 0.0246 0.0146 0.262 0.2521 0.1745 0.16 <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTHEGABELLIFOCUSFIVEFUNDClassACI column period compact * ~</div> 0.0495 0.0454 0.0408 0.0166 0.0849 0.0742 0.0723 0.071 <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTHEGABELLIEQUITYINCOMEFUNDClassACI column period compact * ~</div> -0.007 -0.007 -0.007 739 0.283 349 149 0.13 0.063 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTHEGABELLIFOCUSFIVEFUNDClassACI column period compact * ~</div> 0.192 1220 909 609 0.089 -0.35 1727 1594 1095 0.292 0.17 0.018 0.131 3113 3418 2438 739 249 149 1220 909 609 <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTHEGABELLIFOCUSFIVEFUNDClassACI column period compact * ~</div> 1727 1594 1095 3113 3418 2438 <b>GABELLI FOCUS FIVE FUND <br/>(the “Focus Five Fund”) </b> <b>Shareholder Fees: </b><br/>      (fees paid directly from your investment): <b>Annual Fund Operating Expenses </b><br/>      (expenses that you pay each year as a percentage of the value of your investment): Under normal circumstances, the Focus Five Fund will invest in a concentrated portfolio of twenty-five to thirty-five equity securities. The Fund could potentially invest up to 50% of its net assets in five securities that represent the largest, and thus the highest conviction, positions. The balance of the Fund’s net assets will be held in short-term high grade investments or cash and cash equivalents. To the extent the Fund invests in such short-term investments or cash, it will be less likely to achieve its investment objective. The Fund may invest in U.S. and non-U.S. securities, including emerging markets securities. The Focus Five Fund’s Adviser will consider for purchase the securities of all companies, regardless of the size of capitalization (capitalization is the price per share multiplied by the number of shares outstanding), whose market capitalization trades at a discount to Private Market Value (PMV) at the time of investment. PMV is the price that the Focus Five Fund’s portfolio managers believe an informed buyer would pay to acquire a company’s entire business. Many of the holdings in the Focus Five Fund’s portfolio will be considered by the Focus Five Fund’s portfolio managers to have a potential near-term catalyst, or event, that might surface underlying value. Positions will be sold when they trade near or above PMV or if a catalyst fails to materialize as anticipated. <br /><br />In selecting investments for the Focus Five Fund, the Adviser focuses on issuers that: <ul type="square"><li style="margin-left: 80px"> have potential for long-term earnings per share growth</li> <li style="margin-left: 80px">may be subject to a catalyst, such as industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business</li> <li style="margin-left: 80px">are well-managed</li> <li style="margin-left: 80px">may be subject to rapid changes in industry conditions due to regulatory or other developments</li> <li style="margin-left: 80px">may have changes in management or similar characteristics that may result not only in expected growth in revenues but in an accelerated or above average rate of earnings growth, which would usually be reflected in capital appreciation.</li></ul> You May Want to Invest in the Focus Five Fund if: <ul type="square"><li style="margin-left: 80px"> you are a long-term investor</li> <li style="margin-left: 80px">you seek capital appreciation </li></ul> An investment in the Focus Five Fund is not guaranteed; you may lose money by investing in the Focus Five Fund. When you sell Focus Five Fund shares, they may be worth more or less than what you paid for them. <br /><br />Investing in the Focus Five Fund involves the following risks: <ul type="square"><li style="margin-left: 80px"><b>Equity Risk.</b>    Equity risk is the risk that the prices of the securities held by the Focus Five Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances.</li></ul> <ul type="square"><li style="margin-left: 80px"> <b>Value Investing Risk.</b>    The Focus Five Fund invests in “value” stocks. The portfolio managers may be wrong in the assessment of a company’s value and the stocks the Focus Five Fund holds may not reach what the portfolio managers believe are their full values. From time to time “value” investing falls out of favor with investors. During those periods, the Focus Five Fund’s relative performance may suffer.</li></ul> <ul type="square"><li style="margin-left: 80px"><b> Management Risk.</b>    If the portfolio managers are incorrect in their assessment of the securities the Focus Five Fund holds, then the value of the Focus Five Fund’s shares may decline.</li></ul> <ul type="square"><li style="margin-left: 80px"><b> Non-Diversification Risk.    </b> As a non-diversified mutual fund, more of the Focus Five Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified mutual fund.</li></ul> <ul type="square"><li style="margin-left: 80px"><b> Foreign Securities Risk.</b>    Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets.</li></ul> <b>Performance</b> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleNoRedemptionTransposedTHEGABELLIEQUITYINCOMEFUNDClassACI column period compact * ~</div> January 31, 2014 1.4 An investment in the Focus Five Fund is not guaranteed; you may lose money by investing in the Focus Five Fund. 0.0657 0.0634 0.0461 0.1124 0.1337 0.16 <ul type="square"><li style="margin-left: 80px"><b> Non-Diversification Risk.</b> As a non-diversified mutual fund, more of the Focus Five Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified mutual fund.</li></ul> The bar chart and table that follow provide an indication of the risks of investing in the Focus Five Fund (including the Focus Five Fund’s prior investment strategy that was in effect through March 9, 2012) by showing changes in the Focus Five Fund’s Class AAA Shares performance from year to year and by showing how the Focus Five Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. 0.0128 0.0109 As with all mutual funds, the Focus Five Fund’s past performance (before and after taxes) does not predict how the Focus Five Fund will perform in the future. 0.07 0.0106 0.0171 0.0275 0.0166 www.gabelli.com An investment in the Small Cap Growth Fund is not guaranteed; you may lose money by investing in the Small Cap Growth Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.0786 0.075 The bar chart and table that follow provide an indication of the risks of investing in the Small Cap Growth Fund by showing changes in the Small Cap Growth Fund’s performance from year to year and by showing how the Small Cap Growth Fund’s average annual returns for the one year, five years, and ten years compared with those of a broad based securities market index. 0.0688 0.0779 0.071 As with all mutual funds, the Small Cap Growth Fund’s past performance (before and after taxes) does not predict how the Small Cap Growth Fund will perform in the future. 0.0865 www.gabelli.com After-tax returns shown are not relevant to investors who hold their Focus Five Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Small Cap Growth Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). This example is intended to help you compare the cost of investing in Class AAA Shares of the Focus Five Fund with the cost of investing in other mutual funds.<br/><br/>The example assumes that you invest $10,000 in the Focus Five Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Focus Five Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: After-tax returns are shown for only Class A, and after-tax returns for other Classes will vary. highest return 2009-06-30 0.2052 lowest return <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTHEGABELLIEQUITYINCOMEFUNDClassACIBarChart column period compact * ~</div> 2008-12-31 highest return -0.2183 0.2663 2009-06-30 lowest return -0.2777 2008-12-31 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTHEGABELLIEQUITYINCOMEFUNDClassACI column period compact * ~</div> 0.0575 0 0 0 0.01 0 0.207 0 0.207 0 0 0.064 0.11 -0.02 -0.02 <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleNoRedemptionTransposedTHEGABELLIFOCUSFIVEFUNDClassACI column period compact * ~</div> -0.02 0.035 -0.342 0 0 0 0.291 <b>Average Annual Total Returns <br/>(for the periods ended December 31, 2012)</b> <b>FOCUS FIVE FUND </b><br /><b>(Total Returns for the Years Ended December 31) </b> 0.275 -0.068 0.263 0.1904 0.1808 0.1274 0.244 0.2666 0.16 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTHEGABELLIFOCUSFIVEFUNDClassACIBarChart column period compact * ~</div> 0.0369 0.0332 0.0302 0.0419 0.0524 Return Before Taxes 0.0166 Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes Return Before Taxes S&P 500 Index The Gabelli Focus Five Fund Class AAA Shares The Gabelli Focus Five Fund Class AAA Shares The Gabelli Focus Five Fund Class AAA Shares 0.0787 0.0683 0.0668 0.0775 0.0864 0.071 0.01 0.01 0.01 0.0025 0.01 0 The Gabelli Equity Income Fund Class A Shares (first issued on 12/31/03): The Gabelli Equity Income Fund Class A Shares (first issued on 12/31/03): The Gabelli Equity Income Fund Class A Shares (first issued on 12/31/03): Class C Shares (first issued on 12/31/03) Class I Shares (first issued on 1/11/08) 0.0016 0.0016 0.0016 (reflects no deduction for fees, expenses, or taxes) 0.0141 0.0216 0.0116 Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P 500 Index <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTHEGABELLIFOCUSFIVEFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTHEGABELLIFOCUSFIVEFUNDClassACI column period compact * ~</div> 710 319 118 <b><a name="cov269090_3"></a>GABELLI FOCUS FIVE FUND (the “Focus Five Fund”) </b> 996 676 368 The Focus Five Fund seeks to provide a high level of capital appreciation. <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTHEGABELLISMALLCAPGROWTHFUNDClassACI column period compact * ~</div> 1302 1159 638 <b>Investment Objective </b> 2169 2493 1409 2002-12-31 2002-12-31 2002-12-31 <b>Fees and Expenses of the Focus Five Fund: </b> The table describe the fees and expenses that you may pay if you buy and hold the following classes of shares of the Focus Five Fund. You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Gabelli family of mutual funds. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares — Volume Discounts/Rights of Accumulation”. <b>Shareholder Fees</b><br/>      (fees paid directly from your investment): <b>Annual Fund Operating Expenses</b><br/>      (expenses that you pay each year as a percentage of the value of your investment): <b>Expense Example </b> This example is intended to help you compare the cost of investing in the Focus Five Fund with the cost of investing in other mutual funds. <br/><br/>The example assumes that you invest $10,000 in shares of the Focus Five Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year, and that the Focus Five Fund’s operating expenses remain the same. Although your actual costs may be higher or lower based on these assumptions your costs would be: <b>Portfolio Turnover </b> 2003-12-31 2003-12-31 2003-12-31 2003-12-31 2008-01-11 The Focus Five Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Focus Five Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Focus Five Fund’s performance. During the most recent fiscal year, the Focus Five Fund’s portfolio turnover rate was 140% of the average value of its portfolio. <b>Principal Investment Strategies </b> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTHEGABELLISMALLCAPGROWTHFUNDClassACI column period compact * ~</div> Under normal circumstances, the Focus Five Fund will invest in a concentrated portfolio of twenty-five to thirty-five equity securities. The Fund could potentially invest up to 50% of its net assets in five securities. The balance of the Fund’s net assets will be held in short-term high grade investments or cash and cash equivalents. To the extent the Fund invests in such short-term investments or cash, it will be less likely to achieve its investment objective. The Fund may invest in U.S. and non-U.S. securities, including emerging market securities. The Focus Five Fund’s Adviser will consider for purchase the securities of all companies, regardless of the size of capitalization (capitalization is the price per share multiplied by the number of shares outstanding), whose market capitalization trades at a discount to Private Market Value (PMV) at the time of investment. PMV is the price that the Focus Five Fund’s portfolio managers believe an informed buyer would pay to acquire a company’s entire business. Many of the holdings in the Focus Five Fund’s portfolio will be considered by the Focus Five Fund’s portfolio managers to have a potential near-term catalyst, or event, that might surface underlying value. Positions will be sold when they trade near or above PMV or if a catalyst fails to materialize as anticipated. <br/><br/>In selecting investments for the Focus Five Fund, the Adviser focuses on issuers that:<ul type="square"><li style="margin-left: 60px">have potential for long-term earnings per share growth</li><li style="margin-left: 60px">may be subject to a catalyst, such as industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business</li><li style="margin-left: 60px"> are well-managed</li><li style="margin-left: 60px">may be subject to rapid changes in industry conditions due to regulatory or other developments</li><li style="margin-left: 60px">may have changes in management or similar characteristics that may result not only in expected growth in revenues but in an accelerated or above average rate of earnings growth, which would usually be reflected in capital appreciation.</li></ul><b>You May Want to Invest in the Focus Five Fund if: </b><ul type="square"><li style="margin-left: 60px">you are a long-term investor</li><li style="margin-left: 60px">you seek capital appreciation</li></ul> <b>Principal Risks </b> An investment in the Focus Five Fund is not guaranteed; you may lose money by investing in the Focus Five Fund. When you sell Focus Five Fund shares, they may be worth more or less than what you paid for them.<br/><br/>Investing in the Focus Five Fund involves the following risks: <ul type="square"><li style="margin-left: 60px"><b>Equity Risk.</b>    Equity risk is the risk that the prices of the securities held by the Focus Five Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances.</li></ul><ul type="square"><li style="margin-left: 60px"><b>Value Investing Risk.</b>     The Focus Five Fund invests in “value” stocks. The portfolio managers may be wrong in the assessment of a company’s value and the stocks the Focus Five Fund holds may not reach what the portfolio managers believe are their full values. From time to time “value” investing falls out of favor with investors. During those periods, the Focus Five Fund’s relative performance may suffer.</li></ul><ul type="square"><li style="margin-left: 60px"><b>Management Risk.</b>     If the portfolio managers are incorrect in their assessment of the securities the Focus Five Fund holds, then the value of the Focus Five Fund’s shares may decline.</li></ul><ul type="square"><li style="margin-left: 60px"><b>Non-Diversification Risk.</b>     As a non-diversified mutual fund, more of the Focus Five Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified mutual fund.</li></ul><ul type="square"><li style="margin-left: 60px"><b>Foreign Securities Risk.</b> Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets.</li></ul> <b>Performance </b> The bar chart and table that follow provide an indication of the risks of investing in the Focus Five Fund (including the Focus Five Fund’s prior investment strategy that was in effect through March 9, 2012) by showing changes in the Focus Five Fund’s performance from year to year and by showing how the Focus Five Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. The historical performance of Class A Shares is used to calculate performance for Class I Shares prior to their issuance. All the classes of the Focus Five Fund’s shares are invested in the same portfolio of securities. The annual returns of the different classes of shares will differ only to the extent that the expenses of the classes differ. As with all mutual funds, the Focus Five Fund’s past performance (before and after taxes) does not predict how the Focus Five Fund will perform in the future. Updated information on the Focus Five Fund’s results can be obtained by visiting www.gabelli.com. <b>FOCUS FIVE FUND (Total Returns for Class A Shares for the Years Ended December 31) </b> During the calendar years shown in the bar chart, the highest return for a quarter was 26.38% (quarter ended June 30, 2009) and the lowest return for a quarter was (27.78)% (quarter ended December 31, 2008). (reflects no deductions for fees, expenses or taxes) 710 219 118 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for only Class A, and after-tax returns for other Classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Focus Five Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. 996 676 368 1302 1159 638 2169 2493 1409 <b>Average Annual Total Returns<br/>(for the periods ended December 31, 2012)</b> After-tax returns shown are not relevant to investors who hold their Focus Five Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. After-tax returns are shown for only Class A, and after-tax returns for other Classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. www.gabelli.com As with all mutual funds, the Focus Five Fund’s past performance (before and after taxes) does not predict how the Focus Five Fund will perform in the future. 0.1317 0.1265 0.0921 The bar chart and table that follow provide an indication of the risks of investing in the Focus Five Fund (including the Focus Five Fund’s prior investment strategy that was in effect through March 9, 2012) by showing changes in the Focus Five Fund’s performance from year to year and by showing how the Focus Five Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. 0.1814 0.204 0.1635 An investment in the Equity Income Fund is not guaranteed; you may lose money by investing in the Equity Income Fund. When you sell Equity Income Fund shares, they may be worth more or less than what you paid for them. <br /><br />Investing in the Equity Income Fund involves the following risks: <ul type="square"><li style="margin-left: 60px"> <b>Equity Risk.</b>     Equity risk is the risk that the prices of the securities held by the Equity Income Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances.</li></ul><ul type="square"><li style="margin-left: 60px"> <b>Value Investing Risk.</b>     The Equity Income Fund invests in “value” stocks. The portfolio manager may be wrong in the assessment of a company’s value and the stocks the Equity Income Fund holds may not reach what the portfolio manager believes are their full values. From time to time “value” investing falls out of favor with investors. During those periods, the Equity Income Fund’s relative performance may suffer.</li></ul><ul type="square"><li style="margin-left: 60px"> <b>Management Risk.</b>     If the portfolio manager is incorrect in his assessment of the securities the Equity Income Fund holds, then the value of the Equity Income Fund’s shares may decline.</li></ul><ul type="square"><li style="margin-left: 60px"> <b>Interest Rate Risk and Credit Risk.</b>     Investments in preferred stock and securities convertible into or exchangeable for common or preferred stock involve interest rate risk and credit risk. When interest rates decline, the value of such securities generally rises. Conversely, when interest rates rise, the value of such securities generally declines. It is also possible that the issuer of a security will not be able to make interest and principal payments when due.</li></ul><ul type="square"><li style="margin-left: 60px"><b>Low Credit Quality Risk.</b>     Lower rated convertible securities are subject to greater credit risk, greater price volatility, and a greater risk of loss than investment grade securities. There may be less of a market for lower rated convertible securities, which could make it harder to sell them at an acceptable price.</li></ul><ul type="square"><li style="margin-left: 60px"> <b>Foreign Securities Risk.</b>     Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets.</li></ul> 0.042 0.0382 0.035 <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTHEGABELLISMALLCAPGROWTHFUNDClassACI column period compact * ~</div> 0.0467 0.0571 0.0356 0.1078 0.1019 0.0948 0.107 0.1158 An investment in the Focus Five Fund is not guaranteed; you may lose money by investing in the Focus Five Fund. 0.0972 <ul type="square"><li style="margin-left: 60px"><b>Non-Diversification Risk.</b>     As a non-diversified mutual fund, more of the Focus Five Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified mutual fund.</li></ul> highest return 2009-06-30 0.2638 lowest return 2008-12-31 -0.2778 1.4 50000 You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Gabelli family of mutual funds. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares — Volume Discounts/Rights of Accumulation”. January 31, 2014 Other Expenses and Total Annual Fund Operating Expenses have been restated to eliminate the impact of additional expenses incurred during the fiscal year ended September 30, 2012 relating to the Focus Five Fund’s change in name and investment strategy. (reflects no deductions for fees, expenses, or taxes) S&P 500 Index <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleNoRedemptionTransposedTHEGABELLISMALLCAPGROWTHFUNDClassACI column period compact * ~</div> Return Before Taxes Return Before Taxes Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares 2003-12-31 2003-12-31 2003-12-31 2003-12-31 2008-01-11 The Gabelli Focus Five Fund Class A Shares (first issued on 12/31/02): The Gabelli Focus Five Fund Class A Shares (first issued on 12/31/02): The Gabelli Focus Five Fund Class A Shares (first issued on 12/31/02): Class C Shares (first issued on 12/31/02) Class I Shares (first issued on 1/11/08) <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTHEGABELLISMALLCAPGROWTHFUNDClassACIBarChart column period compact * ~</div> 0.217 0.059 0.191 0.073 -0.31 0.297 0.275 -0.049 0.201 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTHEGABELLISMALLCAPGROWTHFUNDClassACI column period compact * ~</div> The Equity Income Fund will seek to achieve its investment objective through a combination of capital appreciation and current income by investing, under normal market conditions, at least 80% of its net assets in income-producing equity securities. Income-producing equity securities include, for example, common stock, preferred stock and convertible securities. In making stock selections, Gabelli Funds, LLC, the Equity Income Fund’s adviser (the “Adviser”), looks for securities that have a better yield than the average of the Standard and Poor’s 500 Index (the “S&P 500 Index”), as well as capital gains potential. <br /><br /> In selecting investments for the Equity Income Fund, the Adviser focuses on issuers that: <ul type="square"><li style="margin-left: 60px">have strong free cash flow and pay regular dividends</li><li style="margin-left: 60px"> have potential for long-term earnings per share growth</li><li style="margin-left: 60px"> may be subject to a value catalyst, such as industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business</li><li style="margin-left: 60px"> are well-managed</li><li style="margin-left: 60px">will benefit from sustainable long-term economic dynamics, such as globalization of an issuer’s industry or an issuer’s increased focus on productivity or enhancement of services.</li></ul> The Adviser also believes preferred stock and convertible securities of selected companies offer opportunities for capital appreciation as well as periodic income and may invest a portion of the Equity Income Fund’s assets in such securities. This is particularly true in the case of companies that have performed below expectations. If a company’s performance has been poor enough, its preferred stock and convertible debt securities will trade more like common stock than like a fixed income security and may result in above average appreciation if performance improves. Even if the credit quality of the company is not in question, the market price of the convertible security will reflect little or no element of conversion value if the price of its common stock has fallen substantially below the conversion price. This leads to the possibility of capital appreciation if the price of the common stock recovers.<br /><br /> <b>You May Want to Invest in the Equity Income Fund if: </b><ul type="square"><li style="margin-left: 60px">you are a long-term investor</li><li style="margin-left: 60px">you are seeking income as well as capital appreciation</li></ul> <b>Shareholder Fees</b><br/>      (fees paid directly from your investment): <b>Annual Fund Operating Expenses</b><br/>      (expenses that you pay each year as a percentage of the value of your investment): <b>Expense Example </b> This example is intended to help you compare the cost of investing in the Equity Income Fund with the cost of investing in other mutual funds. <br /><br />The example assumes that you invest $10,000 in shares of the Equity Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year, and that the Equity Income Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> The Equity Income Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Equity Income Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Equity Income Fund’s performance. During the most recent fiscal year, the Equity Income Fund’s portfolio turnover rate was 6% of the average value of its portfolio. <b>Principal Investment Strategies </b> <b>Principal Risks </b> <b>Performance </b> The bar chart and table that follow provide an indication of the risks of investing in the Equity Income Fund by showing changes in the Equity Income Fund’s performance from year to year and by showing how the Equity Income Fund’s average annual returns for the one year, five years, and ten years compared with those of a broad based securities market index. The historical performance of Class AAA Shares, which are not offered in this Prospectus, is used to calculate performance for Class A, Class C, and Class I Shares prior to their issuance. All the classes of the Equity Income Fund’s shares are invested in the same portfolio of securities. The annual returns of the different classes of shares will differ only to the extent that the expenses of the classes differ. As with all mutual funds, the Equity Income Fund’s past performance (before and after taxes) does not predict how the Equity Income Fund will perform in the future. Updated information on the Equity Income Fund’s results can be obtained by visiting www.gabelli.com. <b>EQUITY INCOME FUND (For the Years Ended December 31) </b> The bar chart above shows total returns for Class AAA Shares for the calendar year ended 2003 and total returns for Class A Shares for the calendar years ended 2004 through 2012. Sales loads are not reflected in the above chart. If sales loads were reflected, the Equity Income Fund’s returns would be less than those shown. During the calendar years shown in the bar chart, the highest return for a quarter was 17.48% (quarter ended June 30, 2009) and the lowest return for a quarter was (20.56)% (quarter ended December 31, 2008). After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for only Class A, and after-tax returns for other Classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Equity Income Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. <b>Average Annual Total Returns<br/> (for the periods ended December 31, 2012)</b> 50000 0.06 <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTHEGABELLIFOCUSFIVEFUND column period compact * ~</div> An investment in the Equity Income Fund is not guaranteed; you may lose money by investing in the Equity Income Fund. <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTHEGABELLIFOCUSFIVEFUND column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTHEGABELLIFOCUSFIVEFUND column period compact * ~</div> The bar chart and table that follow provide an indication of the risks of investing in the Equity Income Fund by showing changes in the Equity Income Fund’s performance from year to year and by showing how the Equity Income Fund’s average annual returns for the one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the Equity Income Fund’s past performance (before and after taxes) does not predict how the Equity Income Fund will perform in the future. www.gabelli.com Sales loads are not reflected in the above chart. If sales loads were reflected, the Equity Income Fund’s returns would be less than those shown. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for only Class A, and after-tax returns for other Classes will vary. After-tax returns shown are not relevant to investors who hold their Equity Income Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. (reflects no deduction for fees, expenses, or taxes) 0.0575 0 0 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTHEGABELLIFOCUSFIVEFUND column period compact * ~</div> highest return lowest return 2009-06-30 2008-12-31 0.1748 -0.2056 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTHEGABELLIEQUITYINCOMEFUNDClassACI column period compact * ~</div> You would pay the following expenses if you did not redeem your shares of the Focus Five Fund: <b>Performance </b> Class C Shares (first issued on 12/31/03) The Gabelli Small Cap Growth Fund Class A Shares (first issued on 12/31/03) The Gabelli Small Cap Growth Fund Class A Shares (first issued on 12/31/03) 2002-12-31 2002-12-31 2002-12-31 2002-12-31 2008-01-11 0.376 <b>GABELLI EQUITY INCOME FUND (the “Equity Income Fund”)</b> You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Gabelli family of mutual funds. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares — Volume Discounts/Rights of Accumulation”. 50000 You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Gabelli family of mutual funds. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares — Volume Discounts/Rights of Accumulation”. You would pay the following expenses if you did not redeem your shares of the Equity Income Fund: -0.02 Sales loads are not reflected in the above chart. If sales loads were reflected, the Small Cap Growth Fund’s returns would be less than those shown. Other Expenses and Total Annual Fund Operating Expenses have been restated to eliminate the impact of additional expenses incurred during the fiscal year ended September 30, 2012 relating to the Focus Five Fund's change in name and investment strategy. Gabelli Funds, LLC, the Focus Five Fund's adviser (the "Adviser"), has contractually agreed to waive its investment advisory fee and/or to reimburse expenses of the Focus Five Fund to the extent necessary to maintain the Focus Five Fund's Total Annual Fund Operating Expenses (excluding brokerage, interest, taxes, acquired fund fees and expenses, distribution expenses in excess of 0.25% per year and extraordinary expenses) at 1.70% on an annualized basis for Class AAA Shares. This arrangement is in effect at least through January 31, 2014 and may not be terminated by the Adviser before such time. In addition, the Focus Five Fund has agreed, during the two-year period following any such waiver or reimbursement, to repay amounts in order that the adjusted Total Annual Fund Operating Expenses for Class AAA Shares would not exceed 1.70% on an annualized basis. The one basis point differential between the Focus Five Fund's 1.70% expense cap and the 1.71% adjusted Total Annual Fund Operating Expenses shown in the Fee Table is due to the one basis point of interest expense paid by the Focus Five Fund and not reimbursed by the Adviser. Other Expenses and Total Annual Fund Operating Expenses have been restated to eliminate the impact of additional expenses incurred during the fiscal year ended September 30, 2012 relating to the Focus Five Fund's change in name and investment strategy. Gabelli Funds, LLC, the Focus Five Fund's adviser (the "Adviser") has contractually agreed to waive its investment advisory fee and/or to reimburse expenses of the Focus Five Fund to the extent necessary to maintain the Focus Five Fund's Total Annual Fund Operating Expenses (excluding brokerage, interest, taxes, acquired fund fees and expenses, distribution expenses in excess of 0.25% per year and extraordinary expenses) at 1.70% for Class A Shares, 2.45% for Class C Shares, and 1.45% for Class I Shares on an annualized basis. This arrangement is in effect at least through January 31, 2014 and may not be terminated by the Adviser before such time. In addition, the Focus Five Fund has agreed, during the two-year period following any such waiver or reimbursement, to repay amounts in order that the adjusted Total Annual Fund Operating Expenses would not exceed 1.70% for Class A Shares, 2.45% for Class C Shares, and 1.45% for Class I Shares on an annualized basis. The one basis point differential between the Focus Five Fund's 1.70%, 2.45%, and 1.45% expense cap for Class A, Class C, and Class I Shares, respectively, and 1.71%, 2.46%, and 1.46% adjusted Total Annual Fund Operating Expenses for Class A, Class C, and Class I Shares, respectively, shown in the Fee Table is due to the one basis point of interest expense paid by the Focus Five Fund.