<PAGE> PAGE 1
000 B000000 09/30/97
000 C000000 877670
000 D000000 N
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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SIGNATURE TRACY PERSINGER
TITLE MANAGER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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Report of Independent Auditors
To the Shareholders and Board of Directors of
Gabelli Equity Series Funds, Inc.
In planning and performing our audit of the financial
statements of GabelliEquity Series Funds, Inc.
(comprised of The Gabelli Equity Income Fund and
TheGabelli Small Cap Fund) for the year
ended September 30, 1997, we considered its
internal control, including control activities for
safeguarding securities, inorder to determine our
auditing procedures for the purpose of expressing our
openion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide
assurance on the internal control.
The management of Gabelli Equity Series Funds, Inc. is
responsible for establishing and maintaining internal
control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are elevant to an audit pertain
to the entity's objective of preparing financial
statements for external purposes that are fairly presented
in conformity with generally accepted accounting
principles. Those controls include the safeguarding
of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal control,
errors or irregularities may occur and not be detected
Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control would not
necessarily disclose all matters in the internal control
that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in
which the design or operation of one or more
of the internal control components does not reduce
to a relatively low level the risk that errors or
irregularities in amounts that would be material in
relation to the financial statements being audited
may occur and not be detected within a timely period
by employees in the normal course of performing their
assigned functions. However, we noted no matters
involving the internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above
at September 30, 1997.
This report is intended solely for the information
and use of the board of directors and management
of Gabelli Equity Series Funds, Inc. and the Securities
and Exchange Commission.
ERNST & YOUNG LLP
New York, New York
November 15, 1997
