<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 901246
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 CAPITAL SERIES FUND, INC.
001 B000000 811-7644
001 C000000 9149215070
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
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007 C020100 GABELLI CAPITAL ASSET FUND
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007 C010400 4
007 C010500 5
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007 C010700 7
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008 A00AA01 GABELLI FUNDS, INC.
008 B00AA01 S
008 C00AA01 801-37706
008 D01AA01 RYE
008 D02AA01 NY
008 D03AA01 10580
008 A00AA02 GUARDIAN INVESTOR SERVICES CORPORATION
008 B00AA02 A
008 C00AA02 801-9654
008 D01AA02 LEHIGH
008 D02AA02 PA
008 D03AA02 18002
010 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
010 B00AA01 84-1764
010 C01AA01 BOSTON
010 C02AA01 MA
<PAGE> PAGE 2
010 C03AA01 02109
011 A00AA01 GABELLI & COMPANY, INC.
011 B00AA01 8-21373
011 C01AA01 RYE
011 C02AA01 NY
011 C03AA01 10580
012 A00AA01 STATE STREET BANK AND TRUST COMPANY
012 B00AA01 85-5003
012 C01AA01 QUINCY
012 C02AA01 MA
012 C03AA01 02171
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10172
014 A00AA01 IFG NETWORK SECURITIES INC.
014 B00AA01 8-37937
014 A00AA02 KEELEY INVESTMENT CORPORATION
014 B00AA02 8-20353
014 A00AA03 GABELLI & COMPANY, INC.
014 B00AA03 8-21373
014 A00AA04 GUARDIAN INVESTORS SERVICES CORPORATION
014 B00AA04 8-14108
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 QUINCY
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015 C03AA01 02171
015 E01AA01 X
018 00AA00 Y
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020 A000001 GABELLI & COMPANY
020 B000001 13-2885006
020 C000001 66
020 A000002 ASIEL & COMPANY
020 B000002 13-4933080
020 C000002 8
020 A000003 HERZOG, HEINE, GEDULD INC.
020 B000003 13-1955436
020 C000003 5
020 A000004 INSTINET CORPORATION
020 B000004 13-2596491
020 C000004 4
020 A000005 BROWN (ALEX) & SONS INC.
020 B000005 52-0256630
020 C000005 2
020 A000006 ALLEN & COMPANY, INC.
020 B000006 13-6176976
020 C000006 1
<PAGE> PAGE 3
020 A000007 LEGG MASON
020 B000007 52-1235572
020 C000007 1
020 A000008 JONES & ASSOCIATES
020 B000008 95-3583143
020 C000008 1
020 A000009 CANTOR FITGERALD SECURITIES
020 B000009 13-2698893
020 C000009 1
020 A000010 RAGAN MACKENZIE
020 B000010 91-3742805
020 C000010 1
021 000000 98
022 A000001 STATE STREET BANK & TRUST COMPANY
022 B000001 04-1867745
022 C000001 45442
022 D000001 29946
022 A000002 PIPER JAFFRAY
022 B000002 41-0953246
022 C000002 896
022 D000002 0
022 A000003 PAINE WEBBER INC.
022 B000003 13-2638166
022 C000003 749
022 D000003 0
022 A000004 GOLDMAN SACHS & COMPANY
022 B000004 13-5108880
022 C000004 582
022 D000004 0
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022 C000005 527
022 D000005 0
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022 B000006 13-6176976
022 C000006 513
022 D000006 0
022 A000007 FURMAN SELZ
022 B000007 13-3856626
022 C000007 252
022 D000007 0
022 A000008 LEHMAN BROTHERS
022 B000008 13-2518466
022 C000008 241
022 D000008 0
022 A000009 SALOMON BROTHERS
022 B000009 13-5365580
022 C000009 187
022 D000009 0
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022 B000010 13-1955436
<PAGE> PAGE 4
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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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SIGNATURE BRUCE N. ALPERT
TITLE V.PRESIDENT/TREAS
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> GABELLI CAPITAL ASSET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
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<INVESTMENTS-AT-VALUE> 54,505,145
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<TOTAL-LIABILITIES> 3,211,092
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,376,263
<SHARES-COMMON-STOCK> 4,455,887
<SHARES-COMMON-PRIOR> 2,463,338
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,988)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (20,943)
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<NET-ASSETS> 51,461,531
<DIVIDEND-INCOME> 443,344
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<OTHER-INCOME> 0
<EXPENSES-NET> 566,061
<NET-INVESTMENT-INCOME> 92,133
<REALIZED-GAINS-CURRENT> 1,411,324
<APPREC-INCREASE-CURRENT> 2,258,045
<NET-CHANGE-FROM-OPS> 3,761,502
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (95,723)
<DISTRIBUTIONS-OF-GAINS> (1,416,212)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,913,475
<NUMBER-OF-SHARES-REDEEMED> (1,052,170)
<SHARES-REINVESTED> 131,244
<NET-CHANGE-IN-ASSETS> 25,097,589
<ACCUMULATED-NII-PRIOR> 511
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (16,055)
<GROSS-ADVISORY-FEES> 433,279
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<GROSS-EXPENSE> 566,061
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<PER-SHARE-NAV-BEGIN> 10.70
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
