<PAGE> PAGE 1
000 A000000 03/31/98
000 C000000 877670
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 GABELLI EQUITY SERIES FUNDS, INC.
001 B000000 811-06367
001 C000000 9149215100
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 ADVISORS INC.
008 B00AA01 A
008 C00AA01 801-47568
008 D01AA01 RYE
008 D02AA01 NY
008 D03AA01 10580
008 D04AA01 1434
010 A00AA01 GABELLI FUNDS INC.
010 B00AA01 8-21373
010 C01AA01 RYE
010 C02AA01 NY
010 C03AA01 10580
010 C04AA01 1434
010 A00AA02 BISYS FUND SERVICES, INC.
<PAGE> PAGE 2
010 B00AA02 8-00000
010 C01AA02 COLUMBUS
010 C02AA02 OH
010 C03AA02 43219
010 C04AA02 8000
011 A00AA01 GABELLI AND COMPANY, INC.
011 B00AA01 8-21373
011 C01AA01 RYE
011 C02AA01 NY
011 C03AA01 10580
011 C04AA01 1434
012 A00AA01 BOSTON FINANCIAL DATA SERVICES INC.
012 B00AA01 85-05003
012 C01AA01 NORTH QUINCY
012 C02AA01 MA
012 C03AA01 02171
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10172
014 A00AA01 GABELLI AND 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 CO.
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 GABELLI AND COMPANY, INC.
020 B000001 13-2885006
020 C000001 77
020 A000002 ASIEL AND COMPANY
020 B000002 13-4933080
020 C000002 16
020 A000003 NEEDHAM SECURITIES
020 B000003 13-3255839
020 C000003 11
020 A000004 J.C. BRADFORD
020 B000004 62-0136910
020 C000004 9
020 A000005 EVEREN SECURITIES, INC.
020 B000005 34-1542819
020 C000005 9
<PAGE> PAGE 3
020 A000006 MARK BOYER AND COMPANY, INC.
020 B000006 11-2484308
020 C000006 8
020 A000007 HERZOG, HEINE, GEDULD, INC.
020 B000007 13-1955436
020 C000007 7
020 A000008 SALOMON-SMITH BARNEY, INC.
020 B000008 13-1912900
020 C000008 5
020 A000009 GORDON, HASKET & COMPANY
020 B000009 04-2106089
020 C000009 5
020 A000010 ALLEN AND COMPANY, INC.
020 B000010 13-6176976
020 C000010 4
021 000000 230
022 A000001 STATE STREET BANK AND TRUST COMPANY
022 B000001 04-1867445
022 C000001 315960
022 D000001 0
022 A000002 GX CLARK
022 B000002 13-2969143
022 C000002 78043
022 D000002 34661
022 A000003 HSBC SECURITIES, INC.
022 B000003 13-2650272
022 C000003 49519
022 D000003 37087
022 A000004 ABN AMRO
022 B000004 13-3227945
022 C000004 25258
022 D000004 26260
022 A000005 ALLEN AND COMPANY, INC.
022 B000005 13-6176976
022 C000005 2851
022 D000005 654
022 A000006 SHERWOOD
022 B000006 13-2616318
022 C000006 3075
022 D000006 0
022 A000007 PAINEWEBBER, INC.
022 B000007 13-2638166
022 C000007 1323
022 D000007 598
022 A000008 HERZOG, HEINE, GEDULD, INC.
022 B000008 13-1955436
022 C000008 1171
022 D000008 219
022 A000009 DONALDSON, LUFKIN AND JENRETTE SECURITIES
022 B000009 13-2741729
022 C000009 1355
<PAGE> PAGE 4
022 D000009 0
022 A000010 CANTOR FITGERALD AND COMPANY, INC.
022 B000010 13-3680184
022 C000010 1328
022 D000010 0
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023 D000000 101508
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE TRACY PERSINGER
TITLE DIRECTOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877670
<NAME> GABELLI EQUITY SERIES FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> THE GABELLI SMALL CAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 220,994,930
<INVESTMENTS-AT-VALUE> 346,713,703
<RECEIVABLES> 2,926,439
<ASSETS-OTHER> 53,823
<OTHER-ITEMS-ASSETS> 0
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 522,931
<TOTAL-LIABILITIES> 1,236,730
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<SHARES-COMMON-STOCK> 14,562,244
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<ACCUMULATED-NII-CURRENT> 2,107
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<ACCUMULATED-NET-GAINS> 3,749,627
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 348,457,235
<DIVIDEND-INCOME> 1,271,685
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<NET-CHANGE-FROM-OPS> 31,093,410
<EQUALIZATION> 0
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877670
<NAME> GABELLI EQUITY SERIES FUNDS, INC.
<SERIES>
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<NAME> THE EQUITY INCOME FUND
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<NET-CHANGE-FROM-OPS> 10,279,245
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 7,160,971
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<SHARES-REINVESTED> 463,685
<NET-CHANGE-IN-ASSETS> 13,784,547
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</TABLE>
The Gabelli Small Cap Growth Fund
Section 10f-3 Transactions
The following securities were purchased pursuant to Rule 10f-3 and
All requirements of the affiliated Underwriting Procedures of the
Fund. A folder documenting such compliance for each transaction
Is available for inspection by Board Members.
Trade Date 11/13/97 11/21/97 11/25/97
Issue GST Telecom Teligent Inc. Catellus Dev.
Shares 24,600 13,000 20,000
Price $12 $21.5 $18
Amount $295,200 $279,500 $360,000
Spread 0.6 1.4 0.855
Amount
Spread % 5% 6.51% 4.75%
% of Fund
Assets 0.10% (a) (a)
Fund's %
'of issue 0.35% 0.24% 0.12%
% of issue for
all Gabelli Funds 0.92% 0.34% 1.92%
Broker Morgan Merrill Morgan
Stanley Lynch Stanley
Issues within
90 Days 3 2 2
Reason (1),(2) (1),(2) (1),(2)
Trade Date 12/16/97 2/5/98
Issue Fairchild Inds. Response USA
Shares 44,000 30,000
Price $20 $6.5
Amount $880,000 $195,000
Spread 1 0.39
Amount
Spread % 5% 6%
% of Fund
Assets (a)
Fund's %
'of issue 1.19% 1.25%
% of issue for
all Gabelli Funds 6.74% 2.08%
Broker Donaldson Gruntal &
Lufkin Company
Issues within
90 Days 2 2
Reason (1),(2) (1),(2)
(a) New procedure adopted on November 18, 1997 do not require this
'condition to be met.
The purchases listed above meet the following requirements of 10f-3
...Part of an issue registered under the Securities Act of 1933.
...Purchased at not more than the offering price.
...Offered pursuant to a firm commitment underwriting.
...The issuer has been in continuous operation for at least 3 years.
All other requirement s are presented in the table above.
Reason Key
(1) Does not exceed 125% of the mean offering spread of 3
'comparable issues underwritten in the last 90 days.
(2) Does not exceed 110% of the underwriting spread of 3
'comparable issues underwritten in the last 90 days.
'ie: If 3 comparable issues are not available within 90 days a one year
'window is used
