<PAGE> PAGE 1
000 B000000 09/30/98
000 C000000 877670
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
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000 J000000 A
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007 C010500 5
007 C010600 6
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008 D04AA01 1434
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010 B00AA01 8-21373
010 C01AA01 RYE
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010 C04AA01 1434
010 A00AA02 BISYS FUND SERVICES, INC.
<PAGE> PAGE 2
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010 C01AA02 COLUMBUS
010 C02AA02 OH
010 C03AA02 43219
010 C04AA02 8000
011 A00AA01 GABELLI AND COMPANY, INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE TROY STATCZAR
TITLE MANAGER
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Report of Independent Auditors
To the Shareholders and Board of Directors
Gabelli Equity Series Funds, Inc.
In planning and performing our audit of
the financial statements of Gabelli
Equity Series Funds, Inc.
(comprised of The Gabelli Equity Income
Fund and The Gabelli Small Cap Growth
Fund) for the
year ended September 30, 1998, we considered
its internal control, including control
activities for
safeguarding securities, in order to
determine our auditing procedures
for the purpose of expressing
our opinion on the financial statements
and to comply with the requirements
of Form N-SAR, and
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
relevant 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
fraud 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 internal control
would not necessarily disclose all
matters in 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 specific internal control
components does not reduce to a
relatively low level the risk that
errors or fraud 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
internal control and
its operation, including controls for
safeguarding securities, that we
consider to be material
weaknesses as defined above at
September 30, 1998.
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 10, 1998
