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Gabelli Funds Shareholder Commentary Open End Funds

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Gabelli Funds Shareholder Commentary Open End Funds GABELLI FUNDS SHAREHOLDER COMMENTARY OPEN END FUNDS December 31, 2020 INTRODUCTION GAMCO Investors, Inc. (NYSE: GBL) is widely recognized for its research-driven, value-oriented investment process based on the INVESTOR RELATIONS TEAM principles first articulated in 1934 by the fathers of modern security analysis, Graham and Dodd, and further augmented by Mario Gabelli with his introduction of the concept of Private Market Value (PMV) Jason G. Swirbul with a CatalystTM to security analysis. (914) 921-5496 [email protected] Our value investment approach focuses on individual stock selection BA, University of Vermont MBA, University of by identifying undervalued stocks that have a reasonable probability Connecticut of realizing their estimated PMV (price a strategic acquirer would be willing to pay for the entire enterprise) over time. Catalysts are specific events or circumstances with varying time horizons that can Justin Cramer trigger a narrowing of the difference between the market price of a 914-921-5387 stock and its PMV. [email protected] BA, Boston College While our firm is best known for its value style, we have developed a diversified product mix to serve the objectives of a broad spectrum of investors. GAMCO Asset Management Inc. was formed in 1977 to provide discretionary investment management services for Jennifer L. Esposito separately managed accounts. Gabelli Funds, LLC began operation in 914-921-5062 1986 with the initial offering of the Gabelli Asset Fund. Today, Gabelli [email protected] Funds offers a full range of investment choices, from conservative BA, Fordham University fixed income funds to aggressive common stock funds. This Gabelli Funds Commentary provides comprehensive information about each of our open-end mutual funds as of Ana Kostovic December 31, 2020. Individual fact sheets are also available (914) 921-7727 upon request. Our team of investor representatives is dedicated [email protected] BA, Syracuse University to educating shareholders, prospective investors and financial professionals about our investment portfolios and can be reached by calling 800-GABELLI (800-422-3554) or by e-mailing us at info@ gabelli.com. Ariel Lyddane To contact our Wholesaling Team: [email protected] (800) 422-2274 | [email protected] (914) 921-7713 BA, Williams College To contact our Investor Relations Team: (800) 422- 3554 | [email protected] 2 TABLE OF CONTENTS Barron’s Roundtable 2021 ......................................................................................................................................................4-7 Value - Insight from your Portfolio Managers .............................................................................................................. 8-10 Gabelli Funds (Class I Shares) and Benchmark Performance .....................................................................................11 Growth - Insight from your Portfolio Managers .......................................................................................................12-13 Top Ten Reasons to Own Stocks in 2021 .....................................................................................................................14-15 Value Funds The Gabelli Asset Fund .........................................................................................................................................16-17 The Gabelli Small Cap Growth Fund ...............................................................................................................18-19 The Gabelli Equity Income Fund ......................................................................................................................20-21 The Gabelli Value 25 Fund Inc. .........................................................................................................................22-23 The Gabelli Global Rising Income & Dividend Fund24-25 ................................................................................. The Gabelli Focused Growth and Income Fund 26-27 ........................................................................................ The Gabelli Dividend Growth Fund ................................................................................................................28-29 The Gabelli Global Mini Mites Fund ................................................................................................................30-31 Growth Funds The Gabelli Growth Fund .....................................................................................................................................32-33 The Gabelli Global ......................................................................................................................Growth Fund 34-35 The Gabelli International Growth Fund, Inc. ...............................................................................................36-37 The Gabelli International Small Cap Fund .....................................................................................................38-39 Specialty Funds The Gabelli U.S. Treasury Money Market Fund ............................................................................................40-41 The Gabelli Utilities Fund .....................................................................................................................................42-43 The Gabelli ABC Fund ..........................................................................................................................................44-45 The Gabelli Gold Fund, Inc. .................................................................................................................................46-47 The Gabelli ESG Fund ..........................................................................................................................................48-49 The Gabelli Enterprise Mergers & Acquisitions Fund 50-51 .............................................................................. The Gabelli Global Content & Connectivity Fund 52-53 ..................................................................................... The Gabelli Global Financial Services Fund ..................................................................................................54-55 Gabelli Media Mogul Fund ...................................................................................................................................56-57 Gabelli Pet Parents’..................................................................................................................................... Fund 58-59 Performance – Value Funds ..............................................................................................................................................60-61 Performance – Growth Funds .................................................................................................................................................62 Performance – Specialty Funds ..............................................................................................................................................63 Your Portfolio Management Team ..................................................................................................................................64-65 Directors / Trustees ....................................................................................................................................................................66 Officers / Investment Adviser / Notes & Important Information ..............................................................................67 3 BARRON’S ROUNDTABLE 2021 Mario J. Gabelli, our Chief Investment Officer, has appeared in the prestigiousBarron’s Roundtable discussion annually since 1980. Many of our readers enjoyed the inclusion of selected and edited comments from Barron’s Roundtable in previous reports to shareholders. As is our custom, we are including selected comments of Mario Gabelli from Barron’s, published on January 22, 2021. Mario, what is your view? Mario Gabelli: Monetary and fiscal stimulation went into hyper mode last year, and the economy began to recover after the second quarter. Now it is deteriorating again due to COVID-related lockdowns around the world. We solved other health crises, such as smallpox, SARS, and MERS, and we’ll solve this one, too. But there is also a question about how we’ll finance the federal deficit, which is approaching $5 trillion. I see some interesting challenges ahead. When I look to the first quarter of 2022, the domestic economy looks pretty good. The Biden team will want a good economy for the midterm elections. An infrastructure bill will be announced earlier, but it will kick in around that time. Europe’s economy looks uninspiring. Consumer wealth In the U.S. is at an all-time high. We have a problem with outstanding student loans, but the government will deal with that. The consumer will spend nicely. That’s good for the auto industry. The industrial sector looks robust. We’ll see what happens with corporate taxes. With wages rising and commodity prices spiking, companies that can pass higher costs on to customers will benefit. I expect U.S. GDP to increase 5% or 6% in real terms, reflecting a vaccine that works, continued monetary policy, and added fiscal stimulus, including a sizeable infrastructure bill that kicks in in the fourth quarter to buttress the economy in first half of 2022 in time for the mid-term election. On the corporate side, about 20% of companies in the S&P 500
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