Gabelli Investor Funds Inc.

03/09/2026 | Press release | Distributed by Public on 03/09/2026 14:54

Annual Report by Investment Company (Form N-CSR)

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07326

Gabelli Investor Funds, Inc.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

The Gabelli ABC Fund

Class I - GABCX

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about The Gabelli ABC Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. The Fund seeks to achieve total returns attractive to investors in various market conditions without excessive risk of capital loss and invests primarily in securities of domestic and foreign issuers Gabelli Funds, LLC, (the Adviser) believes will 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, 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 merger and arbitrage (M&A) strategies. You may find additional information about the Fund at https://gabelli.com/ticker/GABCX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10k Investment
Costs Paid as a % of a $10k Investment
The Gabelli ABC Fund - Class I
$105
1.02%

How did the Fund perform?

For the year ended December 31, 2025, The Gabelli ABC Fund underperformed its broad-based benchmark, the S&P 500 Index, and outperformed its comparative indices, the S&P SmallCap 600 Index and Lipper US Treasury Money Market Fund Average. Merger and acquisition (M&A) activity was strong for the year. The total volume of $4.6 trillion in 2025 represents a 49% increase relative to the previous year and the highest since 2021. Technology, industrials, and financials continued to be the top sectors for M&A. Contributors to performance included Lennar Corp, Pan American Silver Corp, and Fox Corp. Detractors included Venture Global, Inc., Perrigo Co. plc., and KKR & Co.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment

The Gabelli ABC Fund - Class I
S&P 500 Index
ICE BofA 3 Month U.S. Treasury Bill Index
Lipper U.S. Treasury Money-Market Fund Average
12/15
10,000
10,000
10,000
10,000
12/16
10,308
11,196
10,033
10,005
12/17
10,535
13,640
10,118
10,049
12/18
10,556
13,043
10,309
10,197
12/19
11,063
17,150
10,544
10,389
12/20
11,383
20,305
10,614
10,422
12/21
11,881
26,135
10,619
10,423
12/22
11,642
21,402
10,775
10,561
12/23
12,449
27,029
11,314
11,067
12/24
13,431
33,791
11,908
11,618
12/25
14,246
39,833
12,406
12,081

Average Annual Total Returns

Header
1 Year
5 Year
10 Year
The Gabelli ABC Fund - Class I
5.77%
4.53%
3.57%
S&P 500 Index
17.88%
14.42%
14.82%
ICE BofA 3 Month U.S. Treasury Bill Index
4.18%
3.17%
2.18%
Lipper U.S. Treasury Money-Market Fund Average
3.98%
3.00%
1.91%

Fund Statistics

  • Total Net Assets$434,728,085
  • Number of Portfolio Holdings272
  • Portfolio Turnover Rate134%
  • Management Fees$2,175,093

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GABCX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Lennar Corp. Cl B
17.5%
Lennar Corp. Cl A
(14.5)%
Confluent Inc. Cl A
2.3%
Fox Corp. Cl B
1.9%
TEGNA Inc.
1.8%
TXNM Energy Inc.
1.5%
Pan American Silver Corp.
1.3%
KKR & Co. Inc.
1.2%
National Fuel Gas Co.
0.9%
Chart Industries Inc.
0.8%

Portfolio Weighting (% of net assets)

Common Stocks
52.8%
Common Stocks - Securities Sold Short
(15.0)%
U.S. Government Obligations
44.2%
Rights
0.4%
Closed-End Funds
0.1%
Other Assets and Liabilities (Net)
17.5%

Industry Allocation (% of net assets)

Value
Value
U.S. Government Obligations
44.2%
Building and Construction
17.5%
Building and Construction - Short
(14.5)%
Energy and Utilities
5.5%
Metals and Mining
3.6%
Entertainment
3.2%
Diversified Industrial
3.0%
Computer Software and Services
2.9%
Other Industry sectors
17.1%
Other Assets and Liabilities (Net)
17.5%

The Gabelli ABC Fund

Annual Shareholder Report - December 31, 2025

Class I - GABCX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GABCX/.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: [email protected]

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GABCX-25-ATSR

The Gabelli ABC Fund

Advisor Class - GADVX

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about The Gabelli ABC Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. The Fund seeks to achieve total returns attractive to investors in various market conditions without excessive risk of capital loss and invests primarily in securities of domestic and foreign issuers Gabelli Funds, LLC, (the Adviser) believes will 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, 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 merger and arbitrage (M&A) strategies. You may find additional information about the Fund at https://gabelli.com/ticker/GADVX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10k Investment
Costs Paid as a % of a $10k Investment
The Gabelli ABC Fund - Advisor Class
$129
1.27%

How did the Fund perform?

For the year ended December 31, 2025, The Gabelli ABC Fund underperformed its broad-based benchmark, the S&P 500 Index, and outperformed its comparative indices, the S&P SmallCap 600 Index and Lipper US Treasury Money Market Fund Average. Merger and acquisition (M&A) activity was strong for the year. The total volume of $4.6 trillion in 2025 represents a 49% increase relative to the previous year and the highest since 2021. Technology, industrials, and financials continued to be the top sectors for M&A. Contributors to performance included Lennar Corp, Pan American Silver Corp, and Fox Corp. Detractors included Venture Global, Inc., Perrigo Co. plc., and KKR & Co.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment

The Gabelli ABC Fund - Advisor Class
S&P 500 Index
ICE BofA 3 Month U.S. Treasury Bill Index
Lipper U.S. Treasury Money-Market Fund Average
12/15
10,000
10,000
10,000
10,000
12/16
10,286
11,196
10,033
10,005
12/17
10,494
13,640
10,118
10,049
12/18
10,487
13,043
10,309
10,197
12/19
10,954
17,150
10,544
10,389
12/20
11,250
20,305
10,614
10,422
12/21
11,717
26,135
10,619
10,423
12/22
11,441
21,402
10,775
10,561
12/23
12,206
27,029
11,314
11,067
12/24
13,142
33,791
11,908
11,618
12/25
13,907
39,833
12,406
12,081

Average Annual Total Returns

Header
1 Year
5 Year
10 Year
The Gabelli ABC Fund - Advisor Class
5.53%
4.27%
3.32%
S&P 500 Index
17.88%
14.42%
14.82%
ICE BofA 3 Month U.S. Treasury Bill Index
4.18%
3.17%
2.18%
Lipper U.S. Treasury Money-Market Fund Average
3.98%
3.00%
1.91%

Fund Statistics

  • Total Net Assets$434,728,085
  • Number of Portfolio Holdings272
  • Portfolio Turnover Rate134%
  • Management Fees$2,175,093

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/GADVX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Lennar Corp. Cl B
17.5%
Lennar Corp. Cl A
(14.5)%
Confluent Inc. Cl A
2.3%
Fox Corp. Cl B
1.9%
TEGNA Inc.
1.8%
TXNM Energy Inc.
1.5%
Pan American Silver Corp.
1.3%
KKR & Co. Inc.
1.2%
National Fuel Gas Co.
0.9%
Chart Industries Inc.
0.8%

Portfolio Weighting (% of net assets)

Common Stocks
52.8%
Common Stocks - Securities Sold Short
(15.0)%
U.S. Government Obligations
44.2%
Rights
0.4%
Closed-End Funds
0.1%
Other Assets and Liabilities (Net)
17.5%

Industry Allocation (% of net assets)

Value
Value
U.S. Government Obligations
44.2%
Building and Construction
17.5%
Building and Construction - Short
(14.5)%
Energy and Utilities
5.5%
Metals and Mining
3.6%
Entertainment
3.2%
Diversified Industrial
3.0%
Computer Software and Services
2.9%
Other Industry sectors
17.1%
Other Assets and Liabilities (Net)
17.5%

The Gabelli ABC Fund

Annual Shareholder Report - December 31, 2025

Advisor Class - GADVX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/GADVX/.

Contact Us

Phone: 800-GABELLI (800-422-3554)

Email: [email protected]

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GADVX-25-ATSR

(b) Not applicable.

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").
(c) There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in Item 2(b) of Form N-CSR.
(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in Item 2(b) of Form N-CSR.
(e) Not applicable.
(f) A copy of the Code of Ethics is filed as an Exhibit.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant's Board of Directors has determined that Vincent D. Enright is qualified to serve as an audit committee financial expert serving on its audit committee and that he is "independent," as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $30,200 for 2024 and $31,100 for 2025.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2024 and $0 for 2025.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $4,104 for 2024 and $5,500 for 2025. Tax fees represent tax compliance services provided in connection with the review of the Registrant's tax returns.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $1,964 for 2024 and $2,360 for 2025. The fees relate to Passive Foreign Investment Company identification database subscription fees billed on an annual basis.
(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
Pre-Approval Policies and Procedures. The Audit Committee ("Committee") of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC ("Gabelli") that provides services to the registrant (a "Covered Services Provider") if the independent registered public accounting firm's engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson's pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee's pre-approval responsibilities to the other persons (other than Gabelli or the registrant's officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.
(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:
(b) N/A
(c) 0%
(d) 0%
(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.
(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $42,754 for 2024 and $43,950 for 2025.
(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.
(i) Not applicable.
(j) The registrant is not a foreign issuer.

Item 5. Audit Committee of Listed Registrants.

(a) Not applicable.
(b) Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 7 of this form.
(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.
The annual financial statements are attached herewith.

The Gabelli ABC Fund

Annual Report - December 31, 2025

"Give a man a fish and you feed him for a day.

Teach him how to arbitrage and you feed him forever."

- Warren Buffett

To Our Shareholders,

For the year ended December 31, 2025, the net asset value (NAV) total return per Class I Share of The Gabelli ABC Fund was 5.8% compared with a total return of 4.2% for the ICE BofA 3 Month U.S. Treasury Bill Index. Another class of shares is available.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2025.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of December 31, 2025:

The Gabelli ABC Fund

Long Positions
U.S. Government Obligations 44.2 %
Building and Construction 17.5 %
Energy and Utilities 5.5 %
Metals and Mining 3.6 %
Entertainment 3.2 %
Diversified Industrial 3.0 %
Computer Software and Services 2.9 %
Health Care 2.8 %
Financial Services 2.8 %
Broadcasting 2.5 %
Telecommunications 2.2 %
Real Estate 1.2 %
Machinery 0.9 %
Wireless Communications 0.8 %
Consumer Products 0.8 %
Hotels and Gaming 0.6 %
Business Services 0.6 %
Electronics 0.5 %
Retail 0.4 %
Food and Beverage 0.4 %
Aerospace and Defense 0.3 %
Automotive 0.2 %
Specialty Chemicals 0.2 %
Cable and Satellite 0.2 %
Publishing 0.1 %
Closed-End Funds 0.1 %
Paper and Forest Products 0.0 %*
Wireless Telecommunications Services 0.0 %*
Semiconductors 0.0 %*
Transportation 0.0 %*
Equipment and Supplies 0.0 %*
Other Assets and Liabilities (Net) 17.5 %
Short Positions
Building and Construction (14.5 )%
Real Estate (0.4 )%
Diversified Industrial (0.1 )%
Financial Services (0.0 )%**
Entertainment (0.0 )%**
Metals and Mining (0.0 )%**
100.0 %
* Amount represents less than 0.05%.
** Amount represents greater than (0.05)%.

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

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how 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.

2

The Gabelli ABC Fund

Schedule of Investments - December 31, 2025

Shares Cost Market
Value
COMMON STOCKS - 52.8%
Aerospace and Defense - 0.3%
5,865 The Boeing Co.† $ 1,194,173 $ 1,273,409
Automotive - 0.2%
1,500 Axalta Coating Systems Ltd.† 44,827 48,465
35,000 Iveco Group NV 247,425 772,253
25,000 Pinewood Technologies Group plc† 183,678 120,642
500 REV Group Inc. 27,308 30,405
503,238 971,765
Broadcasting - 2.5%
9,000 Cogeco Inc. 211,013 419,591
2,000 Liberty Media Corp.-Liberty Formula One, Cl. A† 131,233 178,760
170,000 Sinclair Inc. 3,343,210 2,601,000
390,000 TEGNA Inc. 7,844,583 7,569,900
11,530,039 10,769,251
Building and Construction - 17.5%
1,000 Johnson Controls International plc 35,190 119,750
800,000 Lennar Corp., Cl. B 32,055,687 76,096,000
32,090,877 76,215,750
Business Services - 0.6%
79,200 Dawson Geophysical Co.† 182,140 123,552
2,000 Eventbrite Inc., Cl. A† 8,870 8,900
13,700 McGrath RentCorp 1,535,860 1,437,541
188 Omnicom Group Inc. 15,269 15,181
45,000 SEMrush Holdings Inc., Cl. A† 532,414 535,050
13,000 TIC Solutions Inc.† 137,823 131,430
11,000 Yext Inc.† 92,984 88,660
2,505,360 2,340,314
Cable and Satellite - 0.2%
1,000 Charter Communications Inc., Cl. A† 215,343 208,750
55,000 Liberty Latin America Ltd., Cl. A† 493,580 406,450
2,081 Liberty Latin America Ltd., Cl. C† 14,858 15,524
723,781 630,724
Computer Software and Services - 2.9%
325,000 Confluent Inc., Cl. A† 9,762,768 9,828,000
2,000 CSG Systems International Inc. 155,832 153,380
1,000 Datagroup SE 61,259 82,381
14,000 Digi International Inc.† 136,935 606,060
8,500 Gen Digital Inc. 149,009 231,115
5,000 Jamf Holding Corp.† 65,030 65,050
Shares Cost Market
Value
6,000 Playtech plc $ 52,348 $ 22,929
700 PSI Software SE 36,816 37,019
3,000 Rocket Internet SE 67,564 67,339
1,200 Rockwell Automation Inc. 300,321 466,884
10,000 Sapiens International Corp. NV 434,487 435,000
60,000 Stratasys Ltd.† 685,055 520,800
3,000 Synchronoss Technologies Inc.† 26,160 25,680
11,933,584 12,541,637
Consumer Products - 0.8%
800 American Woodmark Corp.† 47,982 43,120
10,000 Bang & Olufsen A/S† 29,137 21,398
7,600 Capri Holdings Ltd.† 164,327 185,440
34,000 Energizer Holdings Inc. 977,679 676,260
1,540 Gildan Activewear Inc. 87,873 96,188
20,000 Nilfisk Holding A/S† 436,546 436,777
48,000 Sealed Air Corp. 2,009,841 1,988,640
3,753,385 3,447,823
Diversified Industrial - 3.0%
2,400 Bel Fuse Inc., Cl. A 223,592 364,320
17,000 Chart Industries Inc.† 3,430,589 3,505,910
400 Crawford United Corp.† 32,804 32,484
25,000 Dayforce Inc.† 1,718,840 1,729,000
39,564 Gulf Island Fabrication Inc.† 473,434 473,581
800 Herc Holdings Inc. 94,280 118,704
40,000 Hillenbrand Inc. 1,265,023 1,268,800
70,000 Myers Industries Inc. 898,860 1,310,400
2,000 Norfolk Southern Corp. 565,887 577,440
34,000 Steel Partners Holdings LP† 347,828 1,462,340
3,500 Target Hospitality Corp.† 35,388 28,035
1,000 Teck Resources Ltd., Cl. B 40,030 47,890
3,000 Textron Inc. 252,378 261,510
12,500 Valmet Oyj 398,326 416,168
45,000 Velan Inc. 224,131 611,453
22,000 Wartsila OYJ Abp 274,261 785,974
10,275,651 12,994,009
Electronics - 0.5%
23,800 Rogers Corp.† 2,345,959 2,179,366
12,400 Yamada Holdings Co. Ltd. 36,458 41,125
2,382,417 2,220,491
Energy and Utilities - 5.5%
48,300 Alerion Cleanpower SpA 132,418 1,046,694
16,000 Alvopetro Energy Ltd. 34,057 81,483
25,000 APA Corp. 743,457 611,500
7 California Resources Corp. 395 313
700 Chevron Corp. 96,191 106,687
8,000 DMC Global Inc.† 92,700 53,520
20,000 Endesa SA 453,617 719,928
46,000 Energy Transfer LP 73,257 758,540

See accompanying notes to financial statements.

3

The Gabelli ABC Fund

Schedule of Investments (Continued) - December 31, 2025

Shares Cost Market
Value
COMMON STOCKS (Continued)
Energy and Utilities (Continued)
2,000 Essential Utilities Inc. $ 78,312 $ 76,720
200,000 Gulf Coast Ultra Deep Royalty Trust† 39,334 5,900
47,500 National Fuel Gas Co. 2,402,156 3,802,850
2,500 Northwestern Energy Group Inc. 154,166 161,350
26,000 ONEOK Inc. 1,706,214 1,911,000
5,000 Santos Ltd. 22,428 20,588
45,000 Severn Trent plc 1,200,785 1,691,745
31,605 SLB Ltd. 1,089,740 1,213,000
31,200 Southwest Gas Holdings Inc. 1,864,697 2,496,624
5,405 Sunococorp LLC† 275,655 266,358
110,000 TXNM Energy Inc. 5,345,673 6,476,800
48,500 UGI Corp. 1,566,922 1,815,355
65,000 Venture Global Inc., Cl. A 1,578,566 443,300
5,626 Western Midstream Partners LP 209,693 222,227
19,160,433 23,982,482
Entertainment - 3.2%
34,500 Atlanta Braves Holdings Inc., Cl. A† 917,799 1,465,905
25,000 Atlanta Braves Holdings Inc., Cl. C† 922,007 986,250
1,500 Electronic Arts Inc. 301,702 306,495
6,000 Endeavor Group Holdings Inc., Cl. A† 156,105 165,000
127,500 Fox Corp., Cl. B 4,517,564 8,278,575
500 Grindr Inc.† 6,998 6,770
170,000 IMAX China Holding Inc.† 193,034 178,023
85 Liberty Live Holdings Inc., Cl. A† 2,951 6,927
6,500 Madison Square Garden Sports Corp.† 1,035,545 1,681,225
54,500 Manchester United plc, Cl. A† 907,835 867,640
8,961,540 13,942,810
Equipment and Supplies - 0.0%
485 HNI Corp. 20,413 20,389
Financial Services - 2.8%
5,000 Air Lease Corp. 320,360 321,150
4,000 Aspen Insurance Holdings Ltd., Cl. A† 145,798 148,400
20 Beacon Financial Corp. 462 527
500 Brighthouse Financial Inc.† 32,460 32,395
1,000 Brookfield Asset Management Ltd., Cl. A 34,876 52,390
5,700 Brookfield Corp. 140,865 261,573
Shares Cost Market
Value
10,000 Cadence Bank $ 415,646 $ 428,400
39,000 Cantaloupe Inc.† 428,409 414,180
1,000 Clearwater Analytics Holdings Inc., Cl. A† 24,107 24,120
211 CNFinance Holdings Ltd., ADR† 5,549 1,277
1,000 Comerica Inc. 81,888 86,930
500 Core Scientific Inc.† 7,448 7,280
5,500 Dogwood State Bank† 128,795 128,315
23,200 Equitable Holdings Inc. 437,684 1,105,480
2,319 First Bank 29,131 38,171
29,000 First Horizon Corp. 502,388 693,100
20,000 Forge Global Holdings Inc.† 884,679 891,200
2,000 Guardian Capital Group Ltd. 97,033 98,306
30,000 International Money Express Inc.† 447,345 460,800
5,000 Janus Henderson Group plc 237,900 237,850
42,000 KKR & Co. Inc. 170,632 5,354,160
800 Mastercard Inc., Cl. A 15,971 456,704
6,700 SouthState Bank Corp. 455,307 630,537
12,000 Valley National Bancorp 89,564 140,160
5,134,297 12,013,405
Food and Beverage - 0.4%
500 Amcor plc 4,765 4,170
10,000 JDE Peet's NV 364,616 374,419
12,000 Olam Group Ltd. 10,444 8,962
2,000 Pernod Ricard SA 142,616 171,814
17,000 Remy Cointreau SA 990,636 732,009
2,700 The J.M. Smucker Co. 284,506 264,087
12,000 TreeHouse Foods Inc.† 282,359 283,080
2,079,942 1,838,541
Health Care - 2.7%
5,000 Amicus Therapeutics Inc.† 71,150 71,200
4,000 Astria Therapeutics Inc.† 47,411 52,360
1,000 Avadel Pharmaceuticals plc† 20,615 21,550
8,000 Avidity Biosciences Inc.† 569,052 577,040
8,500 Biohaven Ltd.† 62,050 95,965
400 Bio-Rad Laboratories Inc., Cl. A† 39,976 121,196
8,500 Bioventus Inc., Cl. A† 78,553 63,240
9,000 Cidara Therapeutics Inc.† 1,985,539 1,988,010
35,000 Cross Country Healthcare Inc.† 529,718 283,500
12,000 Dynavax Technologies Corp.† 185,022 184,560
8,500 Exact Sciences Corp.† 863,005 863,260
6,500 Globus Medical Inc., Cl. A† 341,693 567,515
10,000 Hologic Inc.† 744,607 744,900
500 ICU Medical Inc.† 29,090 71,335
29,000 Idorsia Ltd.† 298,554 155,782

See accompanying notes to financial statements.

4

The Gabelli ABC Fund

Schedule of Investments (Continued) - December 31, 2025

Shares Cost Market
Value
COMMON STOCKS (Continued)
Health Care (Continued)
300 Illumina Inc.† $ 11,836 $ 39,348
3,000 Kenvue Inc. 49,797 51,750
18,000 LENSAR Inc.† 240,104 209,340
10,000 Mersana Therapeutics Inc.† 285,936 289,300
433,000 Myrexis Inc.† 44,849 173
100,000 Perrigo Co. plc 2,985,536 1,392,000
11,666 QIAGEN NV 539,313 524,620
11,700 QuidelOrtho Corp.† 398,975 334,152
43,000 STAAR Surgical Co.† 1,116,656 992,870
17,000 Surgery Partners Inc.† 386,903 262,650
4,000 TherapeuticsMD Inc.† 28,227 6,520
135,000 Viatris Inc. 1,733,772 1,680,750
13,687,939 11,644,886
Hotels and Gaming - 0.6%
38,000 Entain plc 460,094 392,669
23,000 Golden Entertainment Inc. 661,133 625,370
113,267 Playa Hotels & Resorts NV† 1,528,538 1,529,104
2,649,765 2,547,143
Machinery - 0.9%
32,000 Astec Industries Inc. 1,098,444 1,386,240
25,000 CFT SpA†(a) 138,180 135,148
245,000 CNH Industrial NV 2,140,251 2,258,900
3,376,875 3,780,288
Metals and Mining - 3.3%
200,000 Ampco-Pittsburgh Corp.† 637,062 1,066,000
795 DPM Metals Inc. 15,502 24,570
5,000 Endeavour Mining plc 101,814 257,477
32,000 Freeport-McMoRan Inc. 573,411 1,625,280
4,257 Kinross Gold Corp. 22,197 119,905
29,500 Newmont Corp. 1,065,625 2,945,575
7,500 Orogen Royalties Inc.† 10,678 14,153
83,000 Pan American Silver Corp. 1,207,174 4,300,230
20,000 Probe Gold Inc.† 52,102 53,477
4,600 Royal Gold Inc. 1,367,549 1,022,534
870 Triple Flag Precious Metals Corp. 20,288 28,910
10,000 Vulcan Materials Co. 438,009 2,852,200
5,511,411 14,310,311
Paper and Forest Products - 0.0%
2,000 International Paper Co. 107,307 78,780
Publishing - 0.1%
63,000 Lee Enterprises Inc.† 755,315 301,770
35,000 The E.W. Scripps Co., Cl. A† 206,973 139,650
962,288 441,420
Real Estate - 1.2%
4,000 Alexander & Baldwin Inc., REIT 83,680 82,560
Shares Cost Market
Value
500 American Tower Corp., REIT $ 7,707 $ 87,785
800 Anywhere Real Estate Inc.† 8,143 11,328
200,000 City Office REIT Inc. 1,393,953 1,398,000
4,000 Healthcare Realty Trust Inc., REIT 72,624 67,800
82,200 Millrose Properties Inc., REIT 909,132 2,455,314
30,000 Plymouth Industrial REIT Inc. 635,553 656,400
386,500 Primary Health Properties plc, REIT 471,450 510,042
3,582,242 5,269,229
Retail - 0.4%
24,000 Albertsons Companies Inc., Cl. A 484,220 412,080
35,000 Bapcor Ltd. 115,848 48,350
15,000 Denny's Corp.† 92,325 93,300
14,000 Macy's Inc. 265,283 308,700
28,000 Skechers USA Inc., Cl. A† 460,575 455,280
360,000 Sportsman's Warehouse Holdings Inc.† 3,083,978 525,600
101,770 The Bon-Ton Stores Inc.†(a) 4,946 0
4,507,175 1,843,310
Semiconductors - 0.0%
1,000 Tower Semiconductor Ltd.† 23,858 117,420
Specialty Chemicals - 0.2%
1,200 Linde plc 194,452 511,668
27,000 Mativ Holdings Inc. 431,513 328,050
18,000 SGL Carbon SE† 156,514 66,211
782,479 905,929
Telecommunications - 2.2%
30,000 Frontier Communications Parent Inc.† 1,081,244 1,142,100
120,000 Koninklijke KPN NV 365,363 560,711
160,000 Liberty Global Ltd., Cl. A† 1,979,547 1,782,400
30,000 Liberty Global Ltd., Cl. C† 342,730 331,200
91,000 Orange Belgium SA† 1,986,744 2,064,004
61,000 Parrot SA† 221,205 530,485
100,000 Pharol SGPS SA† 26,205 7,404
4,986 QUALCOMM Inc. 869,758 852,855
25,000 Sunrise Communications AG, Cl. A 1,146,823 1,338,846
245,000 Telefonica Deutschland Holding AG† 635,506 588,805
6,000 Telephone and Data Systems Inc. 83,462 246,000
8,738,587 9,444,810
Transportation - 0.0%
10,000 Cool Co. Ltd. 96,349 96,500

See accompanying notes to financial statements.

5

The Gabelli ABC Fund

Schedule of Investments (Continued) - December 31, 2025

Shares Cost Market
Value
COMMON STOCKS (Continued)
Wireless Communications - 0.8%
32,000 Array Digital Infrastructure Inc. $ 678,064 $ 1,715,840
34,500 Millicom International Cellular SA 648,654 1,912,680
1,326,718 3,628,520
Wireless Telecommunications Services - 0.0%
400,000 NII Holdings Inc., Escrow† 107,296 140,000
TOTAL COMMON STOCKS 157,709,419 229,451,346
 
CLOSED-END FUNDS - 0.1%
235,000 Altaba Inc., Escrow† 0 317,250
     
RIGHTS - 0.4%
Computer Software and Services - 0.0%
1,000 Flexion Therapeutics Inc., CVR† 0 100
20,000 Gen Digital Inc., CVR† 1 88,200
1 88,300
Health Care - 0.1%
30,000 89bio Inc., CVR† 0 9,000
60,000 ABIOMED Inc., CVR† 0 96,000
65,000 Adamas Pharmaceuticals Inc., CVR† 0 813
65,000 Adamas Pharmaceuticals Inc., CVR† 0 812
120,000 Akero Therapeutics Inc., CVR† 0 60,000
50,000 Akouos Inc., CVR† 0 25,000
10,000 Albireo Pharma Inc., CVR† 0 22,500
411,000 Alimera Sciences Inc., CVR† 1 4,110
187,969 Ambit Biosciences Corp., CVR†(a) 0 0
106,000 Blueprint Medicines Corp., CVR† 1 42,400
167,895 Checkpoint Therapeutics Inc., CVR† 0 16,790
195,960 Chinook Therapeutics Inc., CVR† 0 39,192
28,000 Epizyme Inc., CVR† 0 560
18,000 Fusion Pharmaceuticals Inc., CVR† 0 9,000
500,000 Gracell Biotechnologies Inc., CVR† 0 20,000
30,000 Icosavax Inc., CVR† 0 9,000
640,000 Innocoll, CVR†(a) 384,000 1
3,000 Landos Biopharma Inc., CVR†(a) 0 7,530
5,000 Metsera Inc., CVR† 0 22,500
Shares Cost Market
Value
35,000 Mirati Therapeutics Inc., CVR† $ 0 $ 17,500
2,000 Monogram Technologies Inc., CVR† 0 3,500
3,000 Opiant Pharmaceuticals Inc., CVR† 0 1,500
24,000 Paragon 28 Inc., CVR† 0 1,200
140,000 Paratek Pharmaceuticals Inc., CVR† 0 2,800
8,000 Poseida Therapeutics Inc., CVR† 0 4,000
11,000 Prevail Therapeutics Inc., CVR† 0 2,200
60,000 Regulus Therapeutics Inc, CVR† 0 60,000
250,000 Sage Therapeutics Inc., CVR† 0 87,500
22,000 scPharmaceuticals Inc., CVR† 0 6,600
800 Sigilon Therapeutics Inc., CVR†(a) 0 6,040
120,000 Verve Therapeutics Inc., CVR† 0 60,000
210,000 Vigil Neuroscience Inc., CVR† 0 10,500
384,002 648,548
Metals and Mining - 0.3%
10,000 Kinross Gold Corp., CVR†(a) 0 0
2,200,000 Pan American Silver Corp., CVR† 506,000 1,089,000
506,000 1,089,000
Paper and Forest Products - 0.0%
75,000 Resolute Forest Products Inc., CVR† 0 112,500
TOTAL RIGHTS 890,003 1,938,348

See accompanying notes to financial statements.

6

The Gabelli ABC Fund

Schedule of Investments (Continued) - December 31, 2025

Principal
Amount 		Cost Market
Value
U.S. GOVERNMENT OBLIGATIONS - 44.2%
$ 193,435,000 U.S. Treasury Bills, 3.566% to 4.202%††, 01/15/26 to 06/11/26(b) $ 191,942,651 $ 192,020,071
TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT - 97.5% $ 350,542,073 423,727,015
SECURITIES SOLD SHORT - (15.0)%
(Proceeds received $34,196,067) (65,081,127 )
Other Assets and Liabilities (Net) - 17.5% 76,082,197
NET ASSETS - 100.0% $ 434,728,085
Shares Proceeds Market
Value
SECURITIES SOLD SHORT - (15.0)%
Building and Construction - (14.5)%
609,999 Lennar Corp., Cl. A $ 31,966,442 $ 62,707,897
Diversified Industrial - (0.1)%
2,400 Bel Fuse Inc., Cl. B 250,387 407,112
Shares Proceeds Market
Value
Entertainment - (0.0)%
1,000 Fox Corp., Cl. A $ 65,530 $ 73,070
Financial Services - (0.0)%
1,800 Fifth Third Bancorp 80,229 84,258
Metals and Mining - (0.0)%
2,600 Anglo American plc, ADR 44,954 53,794
Real Estate - (0.4)%
400 Compass Inc., Cl. A 3,176 4,228
58,613 Millrose Properties Inc., REIT 1,785,349 1,750,768
1,788,525 1,754,996
TOTAL SECURITIES SOLD SHORT(c) $ 34,196,067 $ 65,081,127
(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(b) At December 31, 2025, $30,850,000 of the principal amount was reserved and/or pledged with the custodian for securities sold short and forward foreign exchange contracts.
(c) At December 31, 2025, these proceeds are being held at Pershing LLC.
† Non-income producing security.
†† Represents annualized yields at dates of purchase.
ADR American Depositary Receipt
CVR Contingent Value Right
REIT Real Estate Investment Trust

As of December 31, 2025, forward foreign exchange contracts outstanding were as follows:

Currency
Purchased 		Currency
Sold 		Counterparty Settlement
Date 		Unrealized
Appreciation
USD 8,480,190 EUR 7,200,000 State Street Bank and Trust Co. 01/30/26 $ 6,316
USD 1,319,217 CAD 1,800,000 State Street Bank and Trust Co. 01/30/26 5,951
USD 2,023,125 GBP 1,500,000 State Street Bank and Trust Co. 01/30/26 1,281
TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS $ 13,548

See accompanying notes to financial statements.

7

The Gabelli ABC Fund

Statement of Assets and Liabilities

December 31, 2025

Assets:
Investments, at value (cost $350,542,073) $ 423,727,015
Cash 485,389
Foreign currency, at value (cost $32) 33
Deposit at brokers for securities sold short 75,299,009
Receivable for investments sold 2,574,000
Receivable for Fund shares sold 7,881
Dividends receivable 380,058
Unrealized appreciation on forward foreign currency contracts 13,548
Prepaid expenses 33,856
Total Assets 502,520,789
Liabilities:
Securities sold short, at value (proceeds $34,196,067) 65,081,127
Payable for investments purchased 2,131,991
Payable for Fund shares redeemed 271,933
Payable for investment advisory fees 186,268
Payable for distribution fees 10,549
Payable for accounting fees 3,750
Dividends payable on securities sold short 1,120
Other accrued expenses 105,966
Total Liabilities 67,792,704
Net Assets
(applicable to 40,061,025 shares outstanding) $ 434,728,085
Net Assets Consist of:
Paid-in capital $ 396,799,368
Total distributable earnings 37,928,717
Net Assets $ 434,728,085
Shares of Capital Stock, each at $0.001 par value; 500,000,000 shares authorized:
Class I:
Net Asset Value, offering, and redemption price per share ($386,259,140 ÷ 35,556,272 shares outstanding) $ 10.86
Advisor Class:
Net Asset Value, offering, and redemption price per share ($48,468,945 ÷ 4,504,753 shares outstanding) $ 10.76

Statement of Operations

For the Year Ended December 31, 2025

Investment Income:
Dividends (net of foreign withholding taxes of $72,551) $ 6,729,475
Interest 10,675,692
Total Investment Income 17,405,167
Expenses:
Investment advisory fees 2,175,093
Distribution fees - Advisor Class 132,055
Dividend expense on securities sold short 1,889,354
Legal and audit fees 96,592
Directors' fees 58,000
Custodian fees 45,120
Accounting fees 45,000
Registration expenses 39,121
Shareholder services fees 34,587
Interest expense 14,841
Service fees for securities sold short (See Note 2) 1,163
Shareholder communications expenses 261
Miscellaneous expenses 52,935
Total Expenses 4,584,122
Less:
Expenses paid indirectly by broker (See Note 6) (8,344 )
Net Expenses 4,575,778
Net Investment Income 12,829,389
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 9,300,657
Net realized loss on securities sold short (2,919,024 )
Net realized loss on forward foreign exchange contracts (902,145 )
Net realized loss on foreign currency transactions (16,959 )
Net realized gain on investments in securities, securities sold short, forward foreign exchange contracts, and foreign currency transactions 5,462,529
Net change in unrealized appreciation/depreciation:
on investments in securities (17,927,084 )
on securities sold short 23,742,716
on forward foreign exchange contracts (18,078 )
on foreign currency translations 31,273
Net change in unrealized appreciation/depreciation on investments in securities, securities sold short, forward foreign exchange contracts, and foreign currency translations 5,828,827
Net Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short, Forward Foreign Exchange Contracts, and Foreign Currency 11,291,356
Net Increase in Net Assets Resulting from Operations $ 24,120,745

See accompanying notes to financial statements.

8

The Gabelli ABC Fund

Statement of Changes in Net Assets

Year Ended
December 31,
2025

Year Ended

December 31,

2024

Operations:
Net investment income $ 12,829,389 $ 14,640,922
Net realized gain on investments in securities, securities sold short, forward foreign exchange contracts, and foreign currency transactions 5,462,529 7,445,602
Net change in unrealized appreciation/(depreciation) on investments in securities, securities sold short, forward foreign exchange contracts, and foreign currency translations 5,828,827 12,915,809
Net Increase in Net Assets Resulting from Operations 24,120,745 35,002,333
Distributions to Shareholders:
Accumulated earnings
Class I (17,070,919 ) (17,843,965 )
Advisor Class (2,062,997 ) (2,769,564 )
Total Distributions to Shareholders (19,133,916 ) (20,613,529 )
Capital Share Transactions:
Class I (1,311,539 ) (22,076,983 )
Advisor Class (13,873,074 ) (10,673,454 )
Net Decrease in Net Assets from Capital Share Transactions (15,184,613 ) (32,750,437 )
Redemption Fees - 13
Net Decrease in Net Assets (10,197,784 ) (18,361,620 )
Net Assets:
Beginning of year 444,925,869 463,287,489
End of year $ 434,728,085 $ 444,925,869

See accompanying notes to financial statements.

9

The Gabelli ABC Fund

Financial Highlights

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

Income (Loss) from Investment Operations Distributions Ratios to Average Net Assets/Supplemental Data
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 Year Total Return† Net Assets, End of Year (in 000's) Net Investment Income (Loss) Operating
Expenses(c)(d) 		Portfolio Turnover Rate
Class I
2025 $ 10.74 $ 0.16 $ 0.46 $ 0.62 $ (0.31 ) $ (0.19 ) $ (0.50 ) $ - $ 10.86 5.77 % $ 386,259 2.98 % 1.02 % 134 %
2024 10.44 0.35 0.48 0.83 (0.39 ) (0.14 ) (0.53 ) 0.00 10.74 7.89 383,130 3.24 0.87 (e) 155
2023 10.09 0.33 0.37 0.70 (0.35 ) - (0.35 ) 0.00 10.44 6.93 392,723 3.18 0.85 157
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
Advisor Class
2025 $ 10.64 $ 0.30 $ 0.29 $ 0.59 $ (0.28 ) $ (0.19 ) $ (0.47 ) $ - $ 10.76 5.53 % $ 48,469 2.76 % 1.27 % 134 %
2024 10.34 0.32 0.48 0.80 (0.36 ) (0.14 ) (0.50 ) 0.00 10.64 7.67 61,796 3.00 1.12 (e) 155
2023 9.99 0.30 0.37 0.67 (0.32 ) - (0.32 ) 0.00 10.34 6.68 70,564 2.90 1.10 157
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
† Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions.
(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 years presented, there was minimal 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 the years ended December 31, 2025, 2024, 2023, 2022, and 2021 would have been 0.59%, 0.57%, 0.63%, 0.58%, and 0.57% (Class I) and 0.84%, 0.82%, 0.88%, 0.83%, and 0.82% (Advisor Class), respectively.
(e) Ratio of operating expenses includes advisory fee reduction on unsupervised assets. For the year ended December 31, 2024, there was minimal impact on the expense ratios.

See accompanying notes to financial statements.

10

The Gabelli ABC Fund

Notes to Financial Statements

1. Organization. The Gabelli ABC Fund (the 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.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund's investment program and manages the operations of the Fund under the general supervision of the Fund's Board of Directors (the Board).

Effective September 29, 2025, Class AAA shares of the Fund were renamed Class I shares.

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.

Security Valuation. The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee shall determine in good faith to reflect its fair market value. For short positions, if no bid prices are quoted on that day, then the security is valued at the closing ask price on the principal market for the security on that day. 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 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 Valuation Designee 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 Valuation Designee determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Valuation Designee. 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.

11

The Gabelli ABC Fund

Notes to Financial Statements (Continued)

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

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

● Level 1 - unadjusted quoted prices in active markets for identical securities;
● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
● Level 3 - significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of the Fund's investments in securities and other financial instruments by inputs used to value the Fund's investments as of December 31, 2025 are as follows:

Valuation Inputs
Level 1
Quoted Prices

Level 2 Other
Significant

Observable Inputs

Level 3 Significant
Unobservable
Inputs (a) 		Total
Market Value
at 12/31/25
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Computer Software and Services $ 12,039,298 $ 502,339 - $ 12,541,637
Entertainment 13,777,810 165,000 - 13,942,810
Health Care 11,644,713 173 - 11,644,886
Hotels and Gaming 1,018,039 1,529,104 - 2,547,143
Machinery 3,645,140 - $ 135,148 3,780,288
Retail 1,388,030 455,280 0 1,843,310
Telecommunications 8,856,005 588,805 - 9,444,810
Wireless Telecommunications Services - 140,000 - 140,000
Other Industries (b) 173,566,462 - - 173,566,462
Total Common Stocks 225,935,497 3,380,701 135,148 229,451,346
Closed-End Funds - 317,250 - 317,250
Rights (b) 1,177,200 747,577 13,571 1,938,348
U.S. Government Obligations - 192,020,071 - 192,020,071
TOTAL INVESTMENTS IN SECURITIES - ASSETS $ 227,112,697 $ 196,465,599 $ 148,719 $ 423,727,015

12

The Gabelli ABC Fund

Notes to Financial Statements (Continued)

Valuation Inputs
Level 1
Quoted Prices

Level 2 Other

Significant

Observable Inputs

Level 3 Significant

Unobservable
Inputs (a)

Total
Market Value
at 12/31/25
LIABILITIES (Market Value):
Common Stocks Sold Short (b) $ (65,081,127 ) - - $ (65,081,127 )
TOTAL INVESTMENTS IN SECURITIES - LIABILITIES $ (65,081,127 ) - - $ (65,081,127 )
OTHER FINANCIAL INSTRUMENTS:*
ASSETS (Unrealized Appreciation):
FORWARD CURRENCY EXCHANGE CONTRACTS
Forward Foreign Exchange Contracts - $ 13,548 - $ 13,548
(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, may be valued at the unrealized appreciation/(depreciation) of the instrument.

At December 31, 2025, the total value of Level 3 investments for the Fund was less than 1% of total net assets.

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

13

The Gabelli ABC Fund

Notes to Financial Statements (Continued)

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 currencies options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, 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. Therefore the Fund reflects derivative assets and liabilities any related collateral gross on the statement of assets and liabilities. The enforceability of the right to offset may vary by jurisdiction.

The Fund's derivative contracts held at December 31, 2025, 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 year ended December 31, 2025, the Fund held no investments in equity contract for difference swap agreements.

14

The Gabelli ABC Fund

Notes to Financial Statements (Continued)

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 December 31, 2025 are reflected within the Schedule of Investments. The Fund's volume of activity in forward foreign exchange contracts during the year ended December 31, 2025 had an average monthly notional amount of approximately $11,675,018.

At December 31, 2025, 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 year ended December 31, 2025, 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 loss on forward foreign exchange contracts and Net change in unrealized appreciation/depreciation on forward foreign exchange contracts.

At December 31, 2025, the Fund's derivative assets (by type) are as follows:

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 $ 13,548 - $ 13,548

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 December 31, 2025:

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. $ 13,548 - - $ 13,548

15

The Gabelli ABC Fund

Notes to Financial Statements (Continued)

The Effect of Derivative Instruments on the Statement of Operations

For the Year Ended December 31, 2025

Net Realized Gain/(Loss) from Derivatives Recognized in Income

Purchased
Option and
Structured Options
(Investments)

Written Options

and Structured

Options

Futures

Contracts

Swap
Agreements 		Foreign
Currency
Exchange
Contracts 		Total
Foreign currency exchange rate risk $ $ $ $ $ (902,145 ) $ (902,145 )

Net Change in Unrealized Appreciation/(Depreciation)

On Derivatives Recognized in Income

Purchased
Options and
Structured Options
(Investments) 		Written Options
and Structured
Options 		Futures
Contracts 		Swap
Agreements

Foreign
Currency

Exchange

Contracts

Total
Foreign currency exchange rate risk $ $ $ $ $ (18,078 ) $ (18,078 )

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 December 31, 2025 are reflected within the Schedule of Investments. For the year ended December 31, 2025, the Fund incurred $1,163 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

16

The Gabelli ABC Fund

Notes to Financial Statements (Continued)

received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

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 December 31, 2025, the Fund did not hold any restricted securities.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on 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. The Fund owns real-estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

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 the 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

17

The Gabelli ABC Fund

Notes to Financial Statements (Continued)

primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to utilization of tax equalization. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2025, reclassifications were made to increase paid-in capital by $693,535, with an offsetting adjustment to total distributable earnings.

The tax character of distributions paid during the years ended December 31, 2025 and 2024 was as follows:

Year ended
December 31,
2025

Year ended

December 31,

2024

Distributions paid from:
Ordinary income $ 12,711,109 $ 16,443,940
Net long term capital gains 6,422,807 4,517,861
Total distributions paid $ 19,133,916 $ 20,961,801

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

At December 31, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

Net unrealized appreciation on investments, foreign currency translations, and forward foreign exchange contracts $ 38,507,777
Other temporary differences* (579,060 )
Total $ 37,928,717
* Other temporary differences are due to short positions.

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

At December 31, 2025, the temporary difference between book basis and tax basis net unrealized appreciation on investments was primarily due to deferral of losses from wash sales for tax purposes and tax treatment of constructive sales and basis adjustments on investments in partnerships.

18

The Gabelli ABC Fund

Notes to Financial Statements (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2025:

Cost/
(Proceeds) 		Gross
Unrealized
Appreciation

Gross
Unrealized

Depreciation

Net
Unrealized
Appreciation
Investments and other derivative instruments $ 320,164,117 $ 91,812,056 $ (53,330,285 ) $ 38,481,771

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 year ended December 31, 2025, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2025, 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.

Recent Accounting Pronouncement. During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

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 year ended December 31, 2025, other than short term securities and U.S. Government obligations, aggregated $343,789,022 and $333,839,301, respectively.

6. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2025, the Fund paid $131,021 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the year ended December 31, 2025, 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 $8,344.

19

The Gabelli ABC Fund

Notes to Financial Statements (Continued)

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 year ended December 31, 2025, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

As of December 31, 2025, the Fund's Adviser and its affiliates beneficially owned greater than 47% 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 and uncommitted line of credit, which expires on February 25, 2026 and may be renewed annually, of up to $150,000,000 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 year ended December 31, 2025, there were no borrowings under the line of credit.

8. Capital Stock. The Fund offers Class I Shares and Advisor Class Shares to investors without a front-end sales charge. Effective September 29, 2025, Class AAA shares of the Fund were renamed Class I shares. Class I 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 years ended December 31, 2025 and 2024, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

20

The Gabelli ABC Fund

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

Year Ended
December 31,
2025 		Year Ended
December 31,
2024
Shares Amount Shares Amount
Class I
Shares sold 2,374,793 $ 26,477,248 4,913,140 $ 52,355,610
Shares issued upon reinvestment of distributions 1,550,919 16,874,001 1,641,307 17,644,044
Shares redeemed (4,035,746 ) (44,662,788 ) (8,516,328 ) (92,076,637 )
Net decrease (110,034 ) $ (1,311,539 ) (1,961,881 ) $ (22,076,983 )
Advisor Class
Shares sold 708,917 $ 7,731,008 484,517 $ 5,202,680
Shares issued upon reinvestment of distributions 177,754 1,916,185 247,296 2,633,701
Shares redeemed (2,189,265 ) (23,520,267 ) (1,747,930 ) (18,509,835 )
Net decrease (1,302,594 ) $ (13,873,074 ) (1,016,117 ) $ (10,673,454 )

ReFlow Services, LLC. The Fund may participate in the ReFlow Services, LLC liquidity program (ReFlow), which is designed to provide an alternative liquidity source for funds experiencing redemptions. To pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund's net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a fund. ReFlow generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, at other times at ReFlow's discretion, or at the direction of the participating fund. In return for this service, a participating fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. This fee, if any, is shown in the Statement of Operations.

During the year ended December 31, 2025 the Fund did not utilize ReFlow.

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. Segment Reporting. The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

21

The Gabelli ABC Fund

Notes to Financial Statements (Continued)

11. Subsequent Events. On February 25, 2026, the Fund renewed the unsecured and uncommitted line of credit, which expires on April 30, 2026, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes.

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 other subsequent events requiring recognition or disclosure in the financial statements.

22

The Gabelli ABC Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of The Gabelli ABC Fund

and the Board of Directors of Gabelli Investor Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Gabelli Investor Funds, Inc. (the "Corporation") (comprising The Gabelli ABC Fund (the "Fund")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund comprising Gabelli Investor Funds, Inc. at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

March 1, 2026

23

The Gabelli ABC Fund

Liquidity Risk Management Program (Unaudited)

In accordance with Rule 22e-4 under the 1940 Act,the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 15, 2024, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

24

The Gabelli ABC Fund

2025 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2025, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.3339 and $0.3037 per share for Class I and Advisor Class Shares, respectively, and long term capital gains totaling $6,422,807 or the maximum allowable. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund's Board of Directors. For the year ended December 31, 2025, 32.55% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 38.63% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2025 which was derived from U.S. Treasury securities was 47.02%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund's fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of December 31, 2025 was 44.1%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

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

Gabelli Funds and Your Personal Privacy

Who are we?

The Gabelli Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc. 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.

This page was intentionally left blank.

(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.
The Financial Highlights are attached herewith.

The Gabelli ABC Fund

Financial Highlights

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

Income (Loss) from Investment Operations Distributions Ratios to Average Net Assets/Supplemental Data
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 Year Total Return† Net Assets, End of Year (in 000's) Net Investment Income (Loss) Operating
Expenses(c)(d) 		Portfolio Turnover Rate
Class I
2025 $ 10.74 $ 0.16 $ 0.46 $ 0.62 $ (0.31 ) $ (0.19 ) $ (0.50 ) $ - $ 10.86 5.77 % $ 386,259 2.98 % 1.02 % 134 %
2024 10.44 0.35 0.48 0.83 (0.39 ) (0.14 ) (0.53 ) 0.00 10.74 7.89 383,130 3.24 0.87 (e) 155
2023 10.09 0.33 0.37 0.70 (0.35 ) - (0.35 ) 0.00 10.44 6.93 392,723 3.18 0.85 157
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
Advisor Class
2025 $ 10.64 $ 0.30 $ 0.29 $ 0.59 $ (0.28 ) $ (0.19 ) $ (0.47 ) $ - $ 10.76 5.53 % $ 48,469 2.76 % 1.27 % 134 %
2024 10.34 0.32 0.48 0.80 (0.36 ) (0.14 ) (0.50 ) 0.00 10.64 7.67 61,796 3.00 1.12 (e) 155
2023 9.99 0.30 0.37 0.67 (0.32 ) - (0.32 ) 0.00 10.34 6.68 70,564 2.90 1.10 157
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
† Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions.
(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 years presented, there was minimal 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 the years ended December 31, 2025, 2024, 2023, 2022, and 2021 would have been 0.59%, 0.57%, 0.63%, 0.58%, and 0.57% (Class I) and 0.84%, 0.82%, 0.88%, 0.83%, and 0.82% (Advisor Class), respectively.
(e) Ratio of operating expenses includes advisory fee reduction on unsupervised assets. For the year ended December 31, 2024, there was minimal impact on the expense ratios.

See accompanying notes to financial statements.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

(1) All directors and all members of any advisory board for regular compensation;
Vincent D. Enright $12,500
Mary E. Hauck $8,500
Werner J. Roeder $9,500
(2) Each director and each member of an advisory board for special compensation; $0
(3) All officers; $0 and
(4) Each person of whom any officer or director of the Fund is an affiliated person. $0

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.

(a)(1) The registrant's Code of Ethics is attached hereto.
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.
(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant) Gabelli Investor Funds, Inc.
By (Signature and Title)* /s/ John C. Ball
John C. Ball, Principal Executive Officer
Date March 9, 2026

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

By (Signature and Title)* /s/ John C. Ball
John C. Ball, Principal Executive Officer
Date March 9, 2026
By (Signature and Title)* /s/ John C. Ball
John C. Ball, Principal Financial Officer and Treasurer
Date March 9, 2026
* Print the name and title of each signing officer under his or her signature.
Gabelli Investor Funds Inc. published this content on March 09, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 09, 2026 at 20:55 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]