GABELLI EQUITY SERIES FUNDS INC, 497, 1996-08-23

GABELLI EQUITY SERIES FUNDS INC
497, 1996-08-23

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                        THE GABELLI SMALL CAP GROWTH FUND
                         THE GABELLI EQUITY INCOME FUND

                Supplement to Prospectuses Dated January 30, 1996

     Effective August 12, 1996 The Gabelli Small Cap Growth Fund and The Gabelli
Equity Income Fund are eliminating the sales charges for all accounts. As a
result, for purchases of fund shares on or after August 12, 1996 in any account,
there will be no sales charge.

August 12, 1996

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