<PAGE> PAGE 1
000 A000000 03/31/96
000 C000000 877670
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 GABELLI EQUITY SERIES FUNDS, INC.
001 B000000 811-6367
001 C000000 2128083946
002 A000000 ONE CORPORATE CENTER
002 B000000 RYE
002 C000000 NY
002 D010000 10580
002 D020000 1434
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 THE GABELLI SMALL CAP GROWTH FUND
007 C030100 N
007 C010200 2
007 C020200 THE GABELLI EQUITY INCOME FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 GABELLI FUNDS, INC.
008 B00AA01 A
008 C00AA01 801-37706
008 D01AA01 RYE
008 D02AA01 NY
008 D03AA01 10580
008 D04AA01 1434
010 A00AA01 FURMAN SELZ LLC
010 B00AA01 8-17741
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10017
011 A00AA01 GABELLI & COMPANY, INC.
011 B00AA01 8-21373
<PAGE> PAGE 2
011 C01AA01 RYE
011 C02AA01 NY
011 C03AA01 10580
011 C04AA01 1434
012 A00AA01 STATE STREET BANK AND TRUST COMPANY
012 B00AA01 85-05003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02171
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10172
014 A00AA01 GABELLI & COMPANY, INC.
014 B00AA01 8-21373
014 A00AA02 IFG NETWORK SECURITIES
014 B00AA02 8-37937
014 A00AA03 KEELEY INVESTMENT CORP
014 B00AA03 8-20353
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 16
019 C00AA00 GABELLIGRP
020 A000001 ASIEL & CO.
020 B000001 13-4933080
020 C000001 17
020 A000002 INSTINET CORP.
020 B000002 13-3443395
020 C000002 14
020 A000003 GABELLI & COMPANY, INC.
020 B000003 13-2885006
020 C000003 12
020 A000004 BEAR, STEARNS & CO., INC.
020 B000004 13-3299429
020 C000004 5
020 A000005 MORAN & ASSOCIATES, INC.
020 B000005 06-1202328
020 C000005 5
020 A000006 ROBERTSON STEPHENS & CO., INC.
020 B000006 94-2524501
020 C000006 4
020 A000007 CANTOR, FITZGERALD & CO.
020 B000007 13-3680184
020 C000007 4
020 A000008 HAMBRECHT & QUIST, INC.
<PAGE> PAGE 3
020 B000008 94-3220242
020 C000008 3
020 A000009 SOUTHCOST CAPITAL CORP.
020 B000009 72-1164960
020 C000009 2
020 A000010 HERZOG, HEINE, GEDULD, INC.
020 B000010 13-1955436
020 C000010 2
021 000000 93
022 A000001 HSBC SECURITIES, INC.
022 B000001 13-2650272
022 C000001 18122
022 D000001 10579
022 A000002 CHEMICAL SECURITIES, INC.
022 B000002 13-3379014
022 C000002 0
022 D000002 3071
022 A000003 HARRIS TRUST
022 B000003 36-1194448
022 C000003 0
022 D000003 1665
022 A000004 ALLEN & CO., INC.
022 B000004 13-6176976
022 C000004 1432
022 D000004 33
022 A000005 MERRILL LYNCH & CO.
022 B000005 13-5674085
022 C000005 275
022 D000005 1065
022 A000006 FIRST CHICAGO TRUST OF NEW YORK
022 B000006 36-2669970
022 C000006 0
022 D000006 1231
022 A000007 HERZOG, HEINE, GEDULD, INC.
022 B000007 13-1955436
022 C000007 430
022 D000007 664
022 A000008 GOLDMAN, SACHS & CO.
022 B000008 13-5108880
022 C000008 0
022 D000008 883
022 A000009 MAGMA COPPER
022 B000009 25-0659306
022 C000009 0
022 D000009 1698
022 A000010 PAINEWEBBER, INC.
022 B000010 13-2638166
022 C000010 396
022 D000010 290
023 C000000 22338
023 D000000 25555
<PAGE> PAGE 4
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 1.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
<PAGE> PAGE 5
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
<PAGE> PAGE 6
077 A000000 N
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 1787
028 A020100 0
028 A030100 0
028 A040100 5723
028 B010100 1177
028 B020100 0
028 B030100 0
028 B040100 3045
028 C010100 1668
028 C020100 14721
028 C030100 0
028 C040100 3434
028 D010100 2330
028 D020100 315
028 D030100 0
028 D040100 6219
028 E010100 1615
028 E020100 0
028 E030100 0
028 E040100 8468
028 F010100 2341
028 F020100 2
028 F030100 0
028 F040100 5243
028 G010100 10918
028 G020100 15038
028 G030100 0
028 G040100 32132
028 H000100 6537
029 000100 Y
030 A000100 24
030 B000100 4.50
<PAGE> PAGE 7
030 C000100 0.00
031 A000100 20
031 B000100 0
032 000100 0
033 000100 4
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 283
044 000100 -14
066 A000100 Y
066 B000100 Y
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 Y
<PAGE> PAGE 8
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 14246
071 B000100 31757
071 C000100 227192
071 D000100 6
072 A000100 6
072 B000100 93
072 C000100 1282
072 D000100 0
072 E000100 0
072 F000100 1130
072 G000100 0
072 H000100 0
072 I000100 242
072 J000100 32
072 K000100 0
072 L000100 26
072 M000100 21
072 N000100 12
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 13
072 S000100 10
072 T000100 283
072 U000100 7
072 V000100 0
072 W000100 5
072 X000100 1781
072 Y000100 0
072 Z000100 -406
072AA000100 16329
072BB000100 1320
072CC010100 4820
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 15496
073 A010100 0.0000
073 A020100 0.0000
073 B000100 1.3400
<PAGE> PAGE 9
073 C000100 0.0000
074 A000100 443
074 B000100 0
074 C000100 0
074 D000100 1947
074 E000100 0
074 F000100 225806
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 1007
074 K000100 0
074 L000100 285
074 M000100 14
074 N000100 229502
074 O000100 118
074 P000100 199
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 276
074 S000100 0
074 T000100 228909
074 U010100 11651
074 U020100 0
074 V010100 19.65
074 V020100 0.00
074 W000100 0.0000
074 X000100 22594
074 Y000100 0
075 A000100 0
075 B000100 226007
076 000100 0.00
028 A010200 271
028 A020200 0
028 A030200 0
028 A040200 1534
028 B010200 198
028 B020200 0
028 B030200 0
028 B040200 581
028 C010200 314
028 C020200 2653
028 C030200 0
028 C040200 499
028 D010200 601
028 D020200 44
028 D030200 0
028 D040200 1579
028 E010200 258
<PAGE> PAGE 10
028 E020200 0
028 E030200 0
028 E040200 1273
028 F010200 422
028 F020200 280
028 F030200 0
028 F040200 577
028 G010200 2064
028 G020200 2977
028 G030200 0
028 G040200 6043
028 H000200 1512
029 000200 Y
030 A000200 7
030 B000200 4.50
030 C000200 0.00
031 A000200 6
031 B000200 0
032 000200 0
033 000200 1
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 70
044 000200 -19
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 Y
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 Y
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
<PAGE> PAGE 11
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 Y
070 Q010200 Y
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 3977
071 B000200 11854
071 C000200 52483
071 D000200 8
072 A000200 6
072 B000200 251
072 C000200 844
072 D000200 0
072 E000200 0
072 F000200 279
072 G000200 0
072 H000200 0
072 I000200 71
072 J000200 22
072 K000200 0
072 L000200 21
072 M000200 19
072 N000200 8
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 14
072 S000200 10
072 T000200 70
072 U000200 7
<PAGE> PAGE 12
072 V000200 0
072 W000200 1
072 X000200 522
072 Y000200 0
072 Z000200 573
072AA000200 2371
072BB000200 120
072CC010200 3838
072CC020200 0
072DD010200 632
072DD020200 0
072EE000200 2515
073 A010200 0.1500
073 A020200 0.0000
073 B000200 0.6000
073 C000200 0.0000
074 A000200 21
074 B000200 0
074 C000200 6423
074 D000200 4662
074 E000200 1211
074 F000200 44835
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 260
074 M000200 16
074 N000200 57428
074 O000200 0
074 P000200 48
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 61
074 S000200 0
074 T000200 57319
074 U010200 4257
074 U020200 0
074 V010200 13.47
074 V020200 0.00
074 W000200 0.0000
074 X000200 7269
074 Y000200 0
075 A000200 0
075 B000200 55750
076 000200 0.00
031 A000600 0
031 B000600 0
<PAGE> PAGE 13
032 000600 0
033 000600 0
SIGNATURE DONALD E. BROSTROM
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> GABELLI SMALL CAP GROWTH FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 167770
<INVESTMENTS-AT-VALUE> 227753
<RECEIVABLES> 1293
<ASSETS-OTHER> 456
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 229502
<PAYABLE-FOR-SECURITIES> 118
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 475
<TOTAL-LIABILITIES> 593
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154878
<SHARES-COMMON-STOCK> 11651
<SHARES-COMMON-PRIOR> 11955
<ACCUMULATED-NII-CURRENT> (406)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14454
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 59983
<NET-ASSETS> 228909
<DIVIDEND-INCOME> 1282
<INTEREST-INCOME> 93
<OTHER-INCOME> 0
<EXPENSES-NET> 1781
<NET-INVESTMENT-INCOME> (406)
<REALIZED-GAINS-CURRENT> 15009
<APPREC-INCREASE-CURRENT> 4820
<NET-CHANGE-FROM-OPS> 19423
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 15496
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 574
<NUMBER-OF-SHARES-REDEEMED> 1691
<SHARES-REINVESTED> 813
<NET-CHANGE-IN-ASSETS> (2248)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 14965
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1130
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1781
<AVERAGE-NET-ASSETS> 226007
<PER-SHARE-NAV-BEGIN> 19.34
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 1.69
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.34
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.65
<EXPENSE-RATIO> .016
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> GABELLI EQUITY INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 44499
<INVESTMENTS-AT-VALUE> 57131
<RECEIVABLES> 260
<ASSETS-OTHER> 37
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57428
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 109
<TOTAL-LIABILITIES> 109
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42454
<SHARES-COMMON-STOCK> 4257
<SHARES-COMMON-PRIOR> 4333
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2233
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12632
<NET-ASSETS> 57319
<DIVIDEND-INCOME> 844
<INTEREST-INCOME> 251
<OTHER-INCOME> 0
<EXPENSES-NET> 522
<NET-INVESTMENT-INCOME> 573
<REALIZED-GAINS-CURRENT> 2251
<APPREC-INCREASE-CURRENT> 3838
<NET-CHANGE-FROM-OPS> 6662
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 632
<DISTRIBUTIONS-OF-GAINS> 2515
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 158
<NUMBER-OF-SHARES-REDEEMED> 465
<SHARES-REINVESTED> 231
<NET-CHANGE-IN-ASSETS> 2513
<ACCUMULATED-NII-PRIOR> 25
<ACCUMULATED-GAINS-PRIOR> 2531
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 279
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 522
<AVERAGE-NET-ASSETS> 55750
<PER-SHARE-NAV-BEGIN> 12.65
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 1.42
<PER-SHARE-DIVIDEND> 0.15
<PER-SHARE-DISTRIBUTIONS> 0.60
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.47
<EXPENSE-RATIO> .021
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
