Form 497K GABELLI EQUITY SERIES

GABELLI EQUITY SERIES FUNDS, INC.

Supplement dated August 17, 2022

to

The Gabelli Focused Growth and Income Fund’s Statutory Prospectus dated January 28, 2022;

Statement of Additional Information dated January 28, 2022; and

Summary Prospectus dated January 28, 2022

This supplement amends certain information in the Prospectus (the “Prospectus”), Statement of Additional Information (the “SAI”) and Summary Prospectus (the “Summary Prospectus”), each dated January 28, 2022, of The Gabelli Focused Growth and Income Fund (the “Fund”), a series of Gabelli Equity Series Funds, Inc. (the “Company”). Unless otherwise indicated, all other information included in the Prospectus, SAI and Summary Prospectus, or any previous supplements thereto, that is not inconsistent with the information set forth in this supplement, remains unchanged. Capitalized terms not otherwise defined in this supplement have the same meaning as in the Prospectus, SAI and Summary Prospectus.

Added Fee and Expense Waiver For Class A Shares

Effective August 17, 2022, Gabelli Funds, LLC (the “Adviser”), has agreed to amend the Company’s Expense Deferral Agreement with respect to the Fund to add the Fund’s Class A shares to the classes of shares of the Fund for which the Adviser has agreed to waive its investment advisory fee and/or to reimburse expenses of the Fund. Under the Agreement, the Adviser has contractually agreed to waive and/or reimburse such fees and expenses to the extent necessary to maintain the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) at no more than an annual rate of 1.25% for the Fund’s Class A shares. This arrangement is in effect through January 31, 2024.

There are no changes to the terms of the contractual agreement with respect to the Fund’s Class I shares.

The Fund’s waiver/reimbursement arrangements for Class A shares are in effect through January 31, 2024, and may be terminated only by the Board of Directors of the Company before such time.

Revised Fees and Expenses Table

To reflect the change in the contractual fee and expense waiver, the section “Fees and Expenses” in the Fund’s Prospectus and Summary Prospectus is modified as follows:

Fees and Expenses of the Focused Growth and Income Fund:

Effective January 3, 2022 (the “Effective Date”), the Focused Growth and Income Fund’s Class C shares have been “closed to all purchases.” “Closed to all purchases” means neither new investors nor existing shareholders may purchase any additional Class C shares after the Effective Date. These changes have no effect on existing shareholders’ ability to redeem shares of the Focused Growth and Income Fund as described herein.

This table describes the fees and expenses that you may pay if you buy and hold the following classes of shares of the Focused Growth and Income Fund. You may qualify for sales charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Gabelli family of mutual funds. More information about these and other discounts is available from your financial professional and in the section entitled, “Classes of Shares” on page 46 of the Prospectus and in Appendix A, “Sales Charge Reductions and Waivers Available through Certain Intermediaries,” attached to the Fund’s Prospectus.

Expense Example

This example is intended to help you compare the cost of investing in the Focused Growth and Income Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in shares of the Focused Growth and Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example assumes a waiver of expenses through the date of the expiration of the waiver, and reflects Total Annual Fund Operating Expenses following the date of the expiration of the waiver. This example also assumes that your investment has a 5% return each year, and that the Focused Growth and Income Fund’s operating expenses remain the same. Although your actual costs may be higher or lower based on these assumptions your costs would be:

2

You would pay the following expenses if you did not redeem your shares of the Focused Growth and Income Fund:

SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

3

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