<PAGE> PAGE 1
000 B000000 09/30/99
000 C000000 877670
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 11
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SIGNATURE BRIAN O'NEIL
TITLE DIRECTOR
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 Board of Directors of
The Gabelli Equity Series Funds, Inc.
In planning and performing our audits of the financial statements of
The Gabelli Equity Income Fund and The Gabelli Small Cap Growth Fund
(which comprise The Gabelli Equity Series Funds, Inc.) for the year ended
September 30, 1999, 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, not to
provide assurance on internal control.
The management of The 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, error 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 the internal control components does not reduce
to a relatively low level the risk that misstatements caused by error 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, 1999.
This report is intended solely for the information and use of management,
the Board of Directors of The Gabelli Equity Series Funds, Inc. and the
Securities and Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.
/S/ ERNST & YOUNG LLP
New York, New York
November 1, 1999
GABELLI EQUITY SERIES FUNDS, INC.
EXHIBIT TO ITEM 77C
A Special Meeting of Shareholders of Gabelli Equity Series Funds,
Inc. (the "Fund") was held on May 18, 1999.
The following proposals were submitted for a vote of the
shareholders:
1. To consider and act upon Articles of Amendment to the Fund's
Charter to permit each series of the Fund to offer additional classes
of shares:
With respect to the proposal relating to the approval of
Articles of Amendment to the Fund's Charter to permit each series
of the Fund to offer additional classes of shares, the following
votes and percentages were recorded:
For Against Abstain Broker Non-Votes
9,041,105 1,268,894 617,058 590,769
(47.65%)
2. To elect nine directors of the Fund:
With respect to the proposal relating to the election of nine
directors of the Fund, the following votes and percentages were
recorded:
For
Withholding Authority Percent Represented at the Meeting Voting in Favor
Mario J. Gabelli 11,158,787 359,038 96.88%
Felix J. Christiana 11,134,154 383,672 96.67%
Anthony J. Colavita 11,142,109 375,716 96.74%
Vincent D. Enright 11,161,008 356,716 96.90%
John D. Gabelli 11,099,916 417,910 96.37%
Robert J. Morrissey 11,157,999 359,827 96.88%
Karl Otto Phl 11,089,820 428,005 96.28%
Anthony R. Pustorino 11,129,299 388,526 96.63%
Anthonie C. van Ekris 11,147,936 369,890 96.79%
3. To ratify the selection of Ernst & Young LLP as the
independent auditors of the Fund for the fiscal year ending
December 31, 1999:
With respect to the proposal relating to the ratification of the
selection of Ernst & Young LLP as the independent auditors of the
Fund for the fiscal year ending December 31, 1999, the following
votes and percentages were recorded:
For Against Abstain
11,052,961 202,389 262,476
(95.96%)
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