UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06367
---------

Gabelli Equity Series Funds, Inc.
--------------------------------------------------
(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422
--------------------------------------------------
(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
--------------------------------------------------
(Name and address of agent for service)

registrant's telephone number, including area code: 1-800-422-3554
--------------

Date of fiscal year end: September 30
------------

Date of reporting period: March 31, 2005
--------------

Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

THE GABELLI SMALL CAP GROWTH FUND

SEMI-ANNUAL REPORT (A)
MARCH 31, 2005

TO OUR SHAREHOLDERS,

Small cap stocks continued to outperform during the six-month period
through March 31, 2005, although they lost momentum in the first quarter of
2005. For the six month period ended March 31, 2005 The Russell 2000 Index
gained 8.00%, outperforming the 6.88% rise in the Standard & Poor's ("S&P") 500
Index and the 5.56% rise in the Dow Jones Industrial Average. The Gabelli Small
Cap Growth Fund gained 12.97% during the trailing six-month period.

COMPARATIVE RESULTS
- -------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH MARCH 31, 2005 (UNAUDITED) (A)(B)
Since
Inception
Quarter 1 Year 3 Year 5 Year 10 Year (10/22/91)
---------------------------------------------------------------------

GABELLI SMALL CAP GROWTH FUND
CLASS AAA ............................... (1.89)% 13.50% 12.60% 11.78% 13.91% 15.52%
Russell 2000 Index ........................ (5.34) 5.41 8.05 4.01 10.43 11.09
Value Line Composite Index ................ (3.27) 7.70 9.83 10.22 13.66 13.51
Class A ................................... (1.89) 13.50 12.61 11.78 13.91 15.52
(7.54)(c) 6.87(c) 10.40(c) 10.46(c) 13.24(c) 15.02(c)
Class B ................................... (2.08) 12.66 12.26 11.57 13.81 15.44
(6.97)(d) 7.66(d) 11.46(d) 11.32(d) 13.81(d) 15.44(d)
Class C ................................... (2.04) 12.66 12.26 11.57 13.81 15.44
(3.02)(d) 11.66(d) 12.26(d) 11.57(d) 13.81(d) 15.44(d)

(a) THE FUND'S FISCAL YEAR ENDS SEPTEMBER 30.
(b) RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.
TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN SHARE PRICES
AND REINVESTMENT OF DIVIDENDS AND ARE NET OF EXPENSES. INVESTMENT RETURNS
AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE. WHEN SHARES ARE
REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
PERFORMANCE RETURNS FOR PERIODS LESS THAN ONE YEAR ARE NOT ANNUALIZED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
PRESENTED. VISIT WWW.GABELLI.COM FOR PERFORMANCE INFORMATION AS OF THE MOST
RECENT MONTH END. INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVES,
RISKS AND CHARGES AND EXPENSES OF THE FUND CAREFULLY BEFORE INVESTING. THE
PROSPECTUS CONTAINS MORE COMPLETE INFORMATION ABOUT THIS AND OTHER MATTERS
AND SHOULD BE READ CAREFULLY BEFORE INVESTING. INVESTING IN SMALL
CAPITALIZATION SECURITIES INVOLVES SPECIAL CHALLENGES BECAUSE THESE
SECURITIES MAY TRADE LESS FREQUENTLY AND EXPERIENCE MORE ABRUPT PRICE
MOVEMENTS THAN LARGE CAPITALIZATION SECURITIES.
THE CLASS AAA SHARES' NET ASSET VALUES ARE USED TO CALCULATE PERFORMANCE
FOR THE PERIODS PRIOR TO THE ISSUANCE OF CLASS A SHARES, CLASS B SHARES AND
CLASS C SHARES ON DECEMBER 31, 2003. THE ACTUAL PERFORMANCE FOR THE CLASS A
SHARES, CLASS B SHARES AND CLASS C SHARES WOULD HAVE BEEN LOWER DUE TO THE
ADDITIONAL EXPENSES ASSOCIATED WITH THESE CLASSES OF SHARES. THE RUSSELL
2000 INDEX AND THE VALUE LINE COMPOSITE INDEX ARE UNMANAGED INDICATORS OF
STOCK MARKET PERFORMANCE. DIVIDENDS ARE CONSIDERED REINVESTED.
(c) INCLUDES THE EFFECT OF THE MAXIMUM 5.75% SALES CHARGE AT THE BEGINNING OF
THE PERIOD.
(d) INCLUDES THE EFFECT OF THE APPLICABLE CONTINGENT DEFERRED SALES CHARGE AT
THE END OF THE PERIOD SHOWN FOR CLASS B AND CLASS C SHARES, RESPECTIVELY.
CLASS B SHARES ARE NOT AVAILABLE FOR NEW PURCHASES.
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
We have separated the portfolio manager's commentary from the financial
statements and investment portfolio due to new corporate governance
regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to
ensure that the content of the portfolio manager's commentary is unrestricted.
The financial statements and investment portfolio are mailed separately. Both
the commentary and the financial statements, including the portfolio of
investments, will be available on our website at www.gabelli.com/funds.
- --------------------------------------------------------------------------------

THE GABELLI SMALL CAP GROWTH FUND
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
For the Six Month Period from October 1, 2004 through March 31, 2005
EXPENSE TABLE
- --------------------------------------------------------------------------------

We believe it is important for you to understand the impact of fees and expenses
regarding your investment. All mutual funds have operating expenses. As a
shareholder of a fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports (like
this one), among others. Operating expenses, which are deducted from a fund's
gross income, directly reduce the investment return of a fund. When a fund's
expenses are expressed as a percentage of its average net assets, this figure is
known as the expense ratio. The following examples are intended to help you
understand the ongoing costs (in dollars) of investing in your Fund and to
compare these costs with those of other mutual funds. The examples are based on
an investment of $1,000 made at the beginning of the period shown and held for
the entire period.

The Expense Table below illustrates your Fund's costs in two ways:

ACTUAL FUND RETURN: This section provides information about actual account
values and actual expenses. You may use this section to help you to estimate the
actual expenses that you paid over the period after any fee waivers and expense
reimbursements. The "Ending Account Value" shown is derived from the Fund's
ACTUAL return during the past six months, and the "Expenses Paid During Period"
shows the dollar amount that would have been paid by an investor who started
with $1,000 in the Fund. You may use this information, together with the amount
you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for your Fund under the heading "Expenses Paid During Period" to estimate
the expenses you paid during this period.

HYPOTHETICAL 5% RETURN: This section provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio. It assumes a hypothetical annualized return of 5% before expenses during
the period shown. In this case -- because the hypothetical return used is NOT
the Fund's actual return -- the results do not apply to your investment and you
cannot use the hypothetical account value and expense to estimate the actual
ending account balance or expenses you paid for the period. This example is
useful in making comparisons of the ongoing costs of investing in the Fund and
other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs such as sales
charges (loads), redemption fees, or exchange fees, if any, which are described
in the Prospectus. If these costs were applied to your account, your costs would
be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing
costs only, and will not help you determine the relative total costs of owning
different funds. The "Annualized Expense Ratio" represents the actual expenses
for the last six months and may be different from the expense ratio in the
Financial Highlights which is for the six months ended March 31, 2005.

ACTUAL FUND RETURN
Class AAA $1,000.00 $1,129.70 1.40% $ 7.43
Class A $1,000.00 $1,129.70 1.44% $ 7.65
Class B $1,000.00 $1,125.70 2.17% $11.50
Class C $1,000.00 $1,125.70 2.20% $11.66

HYPOTHETICAL 5% RETURN
Class AAA $1,000.00 $1,017.95 1.40% $ 7.04
Class A $1,000.00 $1,017.75 1.44% $ 7.24
Class B $1,000.00 $1,014.11 2.17% $10.90
Class C $1,000.00 $1,013.96 2.20% $11.05

* Expenses are equal to the Fund's annualized expense ratio for the last six
months multiplied by the average account value over the period, multiplied by
the number of days in the most recent fiscal half-year, then divided by 365.

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

The following table presents portfolio holdings as a percent of total net
assets.

THE GABELLI SMALL CAP GROWTH FUND

Equipment and Supplies ............................ 12.3%
Diversified Industrial ............................ 9.9%
Health Care ....................................... 7.8%
Energy and Utilities .............................. 5.4%
Hotels and Gaming ................................. 5.3%
Specialty Chemicals ............................... 4.8%
Financial Services ................................ 4.1%
Food and Beverage ................................. 4.1%
Publishing ........................................ 4.0%
Retail ............................................ 3.7%
Broadcasting ...................................... 3.7%
Automotive: Parts and Accessories ................. 3.5%
Consumer Products ................................. 3.5%
Aviation: Parts and Services ...................... 3.4%
Business Services ................................. 2.8%
Cable ............................................. 2.6%
Communications Equipment .......................... 2.0%
Entertainment ..................................... 2.0%
Manufactured Housing and
Recreational Vehicles .......................... 1.9%
Wireless Communications ........................... 1.7%
Consumer Services ................................. 1.3%
Telecommunications ................................ 1.2%
Real Estate ....................................... 1.2%
Computer Software and Services .................... 1.2%
Environmental Services ............................ 1.1%
Electronics ....................................... 1.0%
U.S. Treasury Bills ............................... 1.0%
Transportation .................................... 0.8%
Closed-End Funds .................................. 0.5%
Paper and Forest Products ......................... 0.4%
Metals and Mining ................................. 0.4%
Satellite ......................................... 0.4%
Automotive ........................................ 0.3%
Aerospace ......................................... 0.2%
Building and Construction ......................... 0.2%
Home Furnishings .................................. 0.1%
Other Assets and Liabilities -- Net ............... 0.2%
------
100.0%
======

THE FUND FILES A COMPLETE SCHEDULE OF PORTFOLIO HOLDINGS WITH THE SEC FOR THE
FIRST AND THIRD QUARTERS OF EACH FISCAL YEAR ON FORM N-Q, THE FIRST OF WHICH WAS
FILED FOR THE QUARTER ENDING DECEMBER 31, 2004. SHAREHOLDERS MAY OBTAIN THIS
INFORMATION AT WWW.GABELLI.COM OR BY CALLING THE FUND AT 800-GABELLI
(800-422-3554). THE FUND'S FORM N-Q IS AVAILABLE ON THE SEC'S WEBSITE AT
WWW.SEC.GOV AND MAY ALSO BE REVIEWED AND COPIED AT THE COMMISSION'S PUBLIC
REFERENCE ROOM IN WASHINGTON, DC. INFORMATION ON THE OPERATION OF THE PUBLIC
REFERENCE ROOM MAY BE OBTAINED BY CALLING 1-800-SEC-0330.

PROXY VOTING

The Fund files Form N-PX with its complete proxy voting record for the 12 months
ended June 30th, no later than August 31st of each year. A description of the
Fund's proxy voting policies and procedures are available (i) without charge,
upon request, by calling 800-GABELLI (800-422-3554); (ii) by writing to The
Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; and (iii) by visiting
the Securities and Exchange Commission's website at www.sec.gov.

THE GABELLI SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- ------
COMMON STOCKS -- 98.1%
AEROSPACE -- 0.2%
54,000 Herley Industries
Inc.+ ..............$ 1,060,983 $ 923,940
10,000 Titan Corp.+ ......... 133,666 181,600
------------ ------------
1,194,649 1,105,540
------------ ------------
AGRICULTURE -- 0.0%
1,200 Cadiz Inc.+ .......... 4,500 18,480
1,500 Mosaic Co.+ .......... 10,470 25,590
------------ ------------
14,970 44,070
------------ ------------
AUTOMOTIVE -- 0.3%
70,000 Adesa Inc. ........... 1,211,384 1,635,200
3,000 Oshkosh Truck Corp. .. 89,796 245,970
------------ ------------
1,301,180 1,881,170
------------ ------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 3.5%
3,816 Aftermarket Technology
Corp.+ ............. 47,013 62,964
78,000 BorgWarner Inc. ...... 1,609,455 3,797,040
485 Exide Technologies+ .. 3,751 6,256
40,000 Federal-Mogul Corp.+ . 79,500 13,600
200,000 Midas Inc.+ .......... 2,538,716 4,566,000
210,000 Modine Manufacturing
Co. ................ 5,112,442 6,159,300
7,875 Monro Muffler
Brake Inc.+ ........ 52,860 203,254
8,300 Pep Boys -
Manny, Moe & Jack .. 101,098 145,914
3,000 Puradyn Filter
Technologies Inc.+ . 7,205 2,820
170,000 Raytech Corp.+ ....... 523,981 249,050
195,000 Scheib (Earl) Inc.+ .. 1,314,528 638,625
170,000 Standard Motor
Products Inc. ...... 2,539,350 1,989,000
27,000 Strattec Security
Corp.+ ............. 1,058,830 1,446,660
6,000 Superior Industries
International Inc. . 167,156 158,460
230,000 Tenneco Automotive
Inc.+ ............. 480,700 2,865,800
28,000 Thor Industries Inc. . 259,454 837,480
160,000 TransPro Inc.+ ....... 1,390,729 1,040,000
------------ ------------
17,286,768 24,182,223
------------ ------------
AVIATION: PARTS AND SERVICES -- 3.4%
25,000 AAR Corp.+ ........... 302,990 340,000
10,000 Astronics Corp.+ ..... 48,990 69,800
77,000 Aviall Inc.+ ......... 566,047 2,156,000
14,000 Barnes Group Inc. .... 233,341 380,380
27,000 Curtiss-Wright Corp. . 540,651 1,539,000
34,200 Curtiss-Wright Corp.,
Cl. B .............. 956,620 1,928,880
7,500 Ducommun Inc.+ ....... 80,125 150,000
16,000 EDO Corp. ............ 328,407 480,800
30,000 Embraer-Empresa
Brasileira
de Aeronautica
SA, ADR ............ 508,773 939,000
195,400 Fairchild Corp.,
Cl. A+ ............. 1,193,712 605,740

MARKET
SHARES COST VALUE
------ ---- -------
25,000 Gamesa Corporacion
Tecnologica SA .....$ 153,032 $ 332,175
240,000 GenCorp Inc. ......... 2,275,688 4,800,000
430,000 Kaman Corp., Cl. A ... 6,855,690 5,353,500
80,000 Moog Inc., Cl. A+ .... 758,069 3,616,000
8,000 Woodward Governor
Co. 347,309 573,600
------------ ------------
15,149,444 23,264,875
------------ ------------
BROADCASTING -- 3.5%
120,000 Acme Communications
Inc.+ .............. 968,947 632,400
24,100 Beasley Broadcast Group Inc.,
Cl. A+ ............. 271,741 428,498
2,000 Cogeco Inc. .......... 39,014 38,439
257,000 Crown Media Holdings Inc.,
Cl. A+ ............. 1,887,214 2,315,570
3,333 CTN Media Group
Inc.+ (b) .......... 16,800 3
340,000 Granite
Broadcasting Corp.+ 803,365 102,000
390,000 Gray Television Inc. . 4,022,232 5,643,300
38,300 Gray Television Inc.,
Cl. A .............. 563,192 500,773
48,000 Hearst-Argyle
Television Inc. .... 425,523 1,224,000
183,900 Liberty Corp. ........ 5,983,141 7,457,145
20,000 Nexstar Broadcasting
Group Inc., Cl. A+ . 216,125 141,000
125,000 Paxson Communications
Corp.+ ............. 1,066,479 86,250
94,650 Salem Communications
Corp., Cl. A+ ...... 1,412,784 1,949,790
200,000 Sinclair Broadcast
Group Inc., Cl. A .. 2,156,325 1,606,000
57,000 Spanish Broadcasting
System Inc., Cl. A+ 508,514 584,820
120,000 Young Broadcasting Inc.,
Cl. A+ ............. 1,919,959 1,036,800
------------ ------------
22,261,355 23,746,788
------------ ------------
BUILDING AND CONSTRUCTION -- 0.2%
12,000 Florida Rock
Industries Inc. .... 103,533 705,840
25,000 Huttig Building
Products Inc.+ ..... 90,165 273,250
1,000 Universal Forest
Products Inc. ...... 12,125 38,850
------------ ------------
205,823 1,017,940
------------ ------------
BUSINESS SERVICES -- 2.4%
120,000 AMICAS Inc.+ ......... 583,918 441,600
5,000 BrandPartners
Group Inc.+ ........ 4,850 4,750
610,400 Career Blazers
Inc.+ (b) .......... 236,019 107,125
6,000 Carlisle
Holdings Ltd. ...... 30,250 39,783
1,000 CheckFree Corp.+ ..... 9,040 40,760
22,000 Donnelley (R.H.)
Corp.+ ............. 296,898 1,277,980
200,000 Edgewater
Technology Inc.+ ... 802,829 836,000
80,000 GP Strategies Corp.+ . 259,209 573,600

See accompanying notes to financial statements.

THE GABELLI SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
BUSINESS SERVICES (CONTINUED)
80,000 Industrial Distribution
Group Inc.+ ........$ 224,062 $ 716,000
60,000 Interactive
Data Corp.+ ........ 534,171 1,245,000
13,000 Landauer Inc. ........ 234,859 618,020
4,000 MDC Partners Inc.,
Cl. A+ ............. 12,360 38,040
166,000 Nashua Corp.+ ........ 1,597,567 1,444,200
100,000 Paxar Corp.+ ......... 1,199,175 2,134,000
40 Protection One Inc.+ . 3,720 1,120
80,000 Sohgo Security Services
Co. Ltd. ........... 1,016,197 1,151,170
25,000 Stamps.com Inc.+ ..... 137,340 415,000
2,000 StarTek Inc. ......... 36,208 33,600
53,000 The Brink's Co. ...... 1,092,906 1,833,800
100,000 Trans-Lux Corp. (a) .. 821,193 705,000
130,000 UNOVA Inc.+ .......... 2,457,802 2,684,500
------------ ------------
11,590,573 16,341,048
------------ ------------
CABLE -- 2.6%
230,000 Adelphia Communications
Corp., Cl. A+ ...... 29,650 55,200
510,000 Cablevision Systems Corp.,
Cl. A+ ............. 3,013,883 14,305,500
90,000 Lin TV Corp., Cl. A+ . 1,847,503 1,523,700
4,000 Outdoor Channel
Holdings Inc.+ ..... 44,765 57,000
160,823 UnitedGlobalCom Inc.,
Cl. A+ ............. 1,258,279 1,521,386
------------ ------------
6,194,080 17,462,786
------------ ------------
CLOSED-END FUNDS -- 0.5%
60,000 Central Europe and Russia
Fund Inc. .......... 920,409 1,812,600
36,700 Germany Fund Inc. .... 386,832 295,435
45,500 MVC Capital Inc. ..... 418,996 422,240
55,000 New Germany Fund Inc. 646,003 502,700
11,000 Spain Fund Inc. ...... 103,029 125,510
------------ ------------
2,475,269 3,158,485
------------ ------------
COMMUNICATIONS EQUIPMENT -- 2.0%
149,838 Andrew Corp.+ ........ 633,275 1,754,603
130,000 Communications
Systems Inc. ....... 840,303 1,482,000
260,900 Sycamore Networks
Inc.+ .............. 778,040 928,804
290,000 Thomas & Betts
Corp.+ ............. 5,352,259 9,367,000
------------ ------------
7,603,877 13,532,407
------------ ------------
COMPUTER SOFTWARE AND SERVICES -- 1.2%
105,000 Ascential Software
Corp.+ ............. 1,272,815 1,945,650
70,000 Borland Software
Corp.+ ............. 594,300 568,400
80,200 FalconStor Software
Inc.+ .............. 571,737 478,794
20,900 Global Sources Ltd.+ . 306,293 224,675
50,000 Jupitermedia Corp.+ .. 435,800 775,500

MARKET
SHARES COST VALUE
------ ---- -------
200 Macromedia Inc.+ .....$ 2,371 $ 6,700
15,187 MKS Instruments Inc.+ 284,328 241,170
170,000 OpenTV Corp., Cl. A+ . 915,188 482,800
8,000 Phoenix
Technologies Ltd.+ . 55,158 76,160
550 SafeNet Inc.+ ........ 14,425 16,120
800,000 StorageNetworks Inc.
Escrow+ ............ 0 24,000
360,000 Tyler Technologies
Inc.+ .............. 1,411,950 2,739,600
210,000 Xanser Corp.+ ........ 728,537 672,000
------------ ------------
6,592,902 8,251,569
------------ ------------
CONSUMER PRODUCTS -- 3.5%
3,500 Action Performance
Companies Inc. ..... 16,187 46,305
27,000 Adams Golf Inc.+ ..... 71,200 39,150
5,250 Alberto-Culver Co. ... 169,298 251,265
17,000 Ashworth Inc.+ ....... 73,937 193,630
33,500 Chofu Seisakusho
Co. Ltd. ........... 484,644 738,856
37,500 Church & Dwight
Co. Inc. ........... 354,732 1,330,125
35,000 Coachmen
Industries Inc. .... 436,787 476,000
44,000 Department 56 Inc.+ .. 514,126 768,240
6,000 Elizabeth Arden
Inc.+ .............. 82,125 142,440
2,000 Genlyte Group Inc.+ .. 8,580 179,940
2,000 Harley-Davidson Inc. . 4,713 115,520
180,000 Hartmarx Corp.+ ...... 830,789 1,717,200
74,400 Jacuzzi Brands Inc.+ . 477,471 726,144
40,000 Levcor International
Inc.+ .............. 80,931 82,000
4,000 Madden (Steven) Ltd.+ 30,540 66,760
293,250 Marine Products Corp. 195,039 4,929,532
52,000 National Presto
Industries Inc. .... 1,811,655 2,095,600
3,000 Nature's Sunshine
Products Inc. ...... 36,938 51,510
5,000 Rayovac Corp.+ ....... 57,290 208,000
90,000 Revlon Inc., Cl. A+ .. 311,417 259,200
3,000 Scotts Miracle-Gro Co.,
Cl. A+ ............. 61,223 210,690
14,000 Stewart Enterprises Inc.,
Cl. A+ ............. 65,467 86,100
87,425 Syratech Corp.+ ...... 17,426 5,683
300,000 TL Administration
Corp.+ ............. 783,952 6,000
10,000 Water Pik
Technologies Inc.+ . 186,626 197,000
17,000 WD-40 Co. ............ 470,278 552,330
695,000 Weider Nutrition
International Inc.+ 1,856,521 4,232,550
190,000 Wolverine World
Wide Inc. .......... 1,734,450 4,071,700
------------ ------------
11,224,342 23,779,470
------------ ------------
CONSUMER SERVICES -- 1.3%
30,000 Bowlin Travel
Centers Inc.+ ...... 22,611 58,950
2,500 Collectors
Universe Inc.+ ..... 8,720 47,900
4,000 eLong Inc., ADR+ ..... 48,416 36,000
95,000 IAC/InterActiveCorp+ . 1,015,587 2,115,650

See accompanying notes to financial statements.

THE GABELLI SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
CONSUMER SERVICES (CONTINUED)
16,000 Martha Stewart Living
Omnimedia Inc.,
Cl. A+ .............$ 167,206 $ 361,440
20,000 Response USA Inc.+ ... 16,500 51
321,000 Rollins Inc. ......... 2,775,718 5,970,600
10,000 TiVo Inc.+ ........... 74,563 51,700
------------ ------------
4,129,321 8,642,291
------------ ------------
DIVERSIFIED INDUSTRIAL -- 9.8%
173,000 Acuity Brands Inc. ... 2,323,864 4,671,000
43,000 Amatsuji Steel Ball
Mfg. Co. Ltd. ...... 357,633 553,390
100,000 Ampco-Pittsburgh
Corp. .............. 972,481 1,353,000
6,000 Anixter International
Inc.+ .............. 57,120 216,900
150,000 Baldor Electric Co. .. 2,965,923 3,871,500
150,000 Crane Co. ............ 3,282,255 4,318,500
3,000 ESCO Technologies
Inc.+ .............. 99,827 241,050
803 Foster Wheeler Ltd.+ . 3,183 13,972
6,000 Gardner Denver Inc.+ . 103,046 237,060
157,000 Greif Inc., Cl. A .... 3,103,009 10,939,760
1,000 Greif Inc., Cl. B .... 29,800 64,400
130,000 Griffon Corp.+ ....... 3,309,402 2,783,300
26,000 Harbor Global Co.
Ltd.+ .............. 63,215 232,050
5,000 Insteel Industries
Inc.+ .............. 4,250 75,100
67,500 Katy Industries
Inc.+ .............. 554,531 256,500
222,000 Lamson & Sessions
Co.+ ............... 1,295,821 2,208,900
70,000 Lindsay
Manufacturing Co. .. 708,238 1,335,600
190,000 MagneTek Inc.+ ....... 1,406,274 1,012,700
37,000 Matthews International
Corp.,
Cl. A .............. 861,644 1,212,120
275,000 Myers Industries
Inc. ............... 2,505,876 3,880,250
80,000 Mykrolis Corp.+ ...... 921,166 1,144,000
130,000 National Patent
Development Corp.+ . 86,241 370,500
610,400 Noel Group Inc.+ (b) . 55,045 117,685
80,000 Oil-Dri Corporation
of America ......... 810,055 1,480,000
15,000 Olin Corp. ........... 232,292 334,500
215,000 Park-Ohio Holdings
Corp.+ ............. 1,149,135 4,029,100
50,000 Precision Castparts
Corp. .............. 1,702,840 3,850,500
16,000 Roper Industries Inc. 620,029 1,048,000
25,000 Sonoco Products Co. .. 669,340 721,250
63,000 Standex International
Corp. .............. 1,253,307 1,719,900
21,000 Tech/Ops Sevcon Inc. . 142,728 133,980
296,000 Thomas Industries
Inc. ............... 4,161,994 11,733,440
50,000 Tredegar Corp. ....... 671,722 843,000
------------ ------------
36,483,286 67,002,907
------------ ------------
EDUCATIONAL SERVICES -- 0.0%
2,000 Career Education
Corp.+ ............. 61,350 68,520
3,000 School Specialty
Inc.+ .............. 71,820 117,480
------------ ------------
133,170 186,000
------------ ------------

MARKET
SHARES COST VALUE
------ ---- -------
ELECTRONICS -- 1.0%
175,000 California Micro
Devices Corp.+ .....$ 1,436,412 $ 883,750
204,600 CTS Corp. ............ 2,145,753 2,659,800
20,000 Fargo Electronics+ ... 118,826 293,400
55,000 KEMET Corp.+ ......... 566,815 426,250
22,000 Lowrance Electronics
Inc. ............... 58,991 534,820
80,000 Park Electrochemical
Corp. .............. 1,821,898 1,620,800
10,000 Trident Microsystems
Inc.+ .............. 119,857 176,800
20,000 Wilson Greatbatch
Technologies Inc.+ . 487,480 364,800
20,000 Zoran Corp.+ ......... 121,523 207,000
------------ ------------
6,877,555 7,167,420
------------ ------------
ENERGY AND UTILITIES -- 5.4%
7,000 AGL Resources Inc. ... 117,975 244,510
380,000 Aquila Inc.+ ......... 1,290,571 1,455,400
6,400 BIW Ltd. ............. 94,562 130,880
95,000 Callon Petroleum Co.+ 939,533 1,476,300
142,000 CH Energy Group Inc. . 5,982,836 6,489,400
12,000 Chesapeake
Utilities Corp. .... 236,752 319,200
125,000 CMS Energy Corp.+ .... 747,044 1,630,000
23,000 Connecticut Water
Service Inc. ....... 464,832 573,620
120,000 Duquesne Light
Holdings Inc. ...... 1,663,452 2,150,400
150,000 El Paso Electric Co.+ 1,983,209 2,850,000
20,000 Environmental Power
Corp.+ ............. 110,000 104,000
66,000 Florida Public
Utilities Co. ...... 784,438 1,240,800
44,399 Middlesex Water Co. .. 768,686 805,842
10,000 Nicor Inc. ........... 221,003 370,900
15,000 Nordex AG+ ........... 32,726 8,750
2,000 PetroQuest
Energy Inc.+ ....... 5,250 13,280
436,500 RPC Inc. ............. 1,028,612 6,630,435
25,000 SEMCO Energy Inc. .... 164,830 143,750
48,000 SJW Corp. ............ 1,557,739 1,686,240
50,000 Southern Union Co.+ .. 682,575 1,255,500
112,000 Southwest Gas Corp. .. 1,959,693 2,705,920
10,000 Tesoro Corp.+ ........ 140,934 370,200
4,000 Toreador Resources
Corp.+ ............. 15,250 72,600
10,000 Vestas Wind Systems
A/S+ ............... 89,988 144,416
7,000 W-H Energy Services
Inc.+ .............. 148,589 167,510
170,000 Westar Energy Inc. ... 2,801,066 3,678,800
------------ ------------
24,032,145 36,718,653
------------ ------------
ENTERTAINMENT -- 2.0%
20,000 Canterbury Park
Holding Corp. ...... 215,807 347,800
200,000 Dover Motorsports
Inc. ............... 1,098,503 1,010,000
78,000 Fisher Communications
Inc.+ .............. 4,537,195 4,033,380
151,000 GC Companies Inc.+ ... 164,590 129,860
580,000 Gemstar-TV Guide
International Inc.+ 3,375,386 2,523,000

See accompanying notes to financial statements.

THE GABELLI SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
ENTERTAINMENT (CONTINUED)
16,000 International Speedway
Corp., Cl. A .......$ 515,479 $ 868,000
2,500 International Speedway
Corp., Cl. B ....... 45,000 135,000
5,000 Liberty Media Corp.,
Cl. A+ ............. 43,533 51,850
10,000 Metromedia International
Group Inc.+ ........ 6,700 15,400
340,000 Six Flags Inc.+ ...... 1,716,559 1,400,800
150,100 Topps Co. Inc. ....... 1,215,701 1,382,421
70,000 World Wrestling
Entertainment Inc. . 837,190 840,000
38,000 WPT Enterprises
Inc.+ .............. 298,988 710,600
------------ ------------
14,070,631 13,448,111
------------ ------------
ENVIRONMENTAL SERVICES -- 1.1%
225,000 Allied Waste
Industries Inc.+ ... 2,183,048 1,644,750
30,000 Catalytica Energy
Systems Inc.+ ...... 278,600 61,500
175,000 Republic Services
Inc. ............... 2,490,315 5,859,000
------------ ------------
4,951,963 7,565,250
------------ ------------
EQUIPMENT AND SUPPLIES -- 12.3%
175,000 AMETEK Inc. .......... 1,043,631 7,043,750
425,000 Baldwin Technology Co. Inc.,
Cl. A+ ............. 1,353,684 1,020,000
94,500 Belden CDT Inc. ...... 1,748,174 2,098,845
12,000 C&D Technologies
Inc. ............... 235,930 120,600
50,000 Capstone Turbine
Corp.+ ............. 103,400 77,500
203,000 CIRCOR International
Inc. ............... 3,121,895 5,003,950
212,000 CLARCOR Inc. ......... 2,615,605 11,015,520
236,800 Core Molding
Technologies Inc.+ . 411,233 1,181,632
200,000 Crown Holdings Inc.+ . 807,766 3,112,000
60,000 CUNO Inc.+ ........... 1,049,568 3,083,400
2,500 Danaher Corp. ........ 42,633 133,525
66,000 Donaldson Co. Inc. ... 761,576 2,130,480
450,000 Fedders Corp. ........ 2,048,076 1,251,000
185,000 Flowserve Corp.+ ..... 3,024,886 4,785,950
177,000 Franklin Electric
Co. Inc. ........... 1,436,452 6,678,210
40,000 General Magnaplate
Corp.+ (b) ......... 83,762 60,000
150,000 Gerber Scientific
Inc.+ .............. 1,456,281 1,092,000
100,343 Gorman-Rupp Co. ...... 1,956,301 2,153,361
84,000 Graco Inc. ........... 928,834 3,390,240
42,000 GrafTech International
Ltd.+ .............. 574,742 238,980
4,000 Hughes Supply Inc. ... 28,473 119,000
60,000 IDEX Corp. ........... 556,738 2,421,000
20,000 Imagistics
International Inc.+ 387,725 698,600
160,000 Interpump Group SpA .. 628,395 850,369
3,000 Jarden Corp.+ ........ 12,770 137,640
10,000 K-Tron International
Inc.+ .............. 74,932 304,400
18,600 L.S. Starrett Co.,
Cl. A .............. 369,831 360,840

MARKET
SHARES COST VALUE
------ ---- -------
28,000 Littelfuse Inc.+ .....$ 538,592 $ 802,200
55,000 Lufkin Industries Inc. 1,054,290 2,655,950
55,000 Maezawa Kyuso
Industries Co. Ltd. 359,609 835,540
20,000 Met-Pro Corp. ........ 192,469 274,000
1,000 Middleby Corp. ....... 37,310 49,400
19,000 Mueller Industries
Inc. ............... 577,116 534,850
4,500 Plantronics Inc. ..... 56,548 171,360
50,000 Robbins & Myers Inc. . 1,023,975 1,100,500
40,500 Sequa Corp., Cl. A+ .. 1,502,140 2,099,925
80,000 Sequa Corp., Cl. B+ .. 3,631,577 4,200,000
92,000 SL Industries Inc.+ .. 1,070,831 1,285,240
2,000 Smith (A.O.) Corp. ... 32,662 57,740
15,000 Smith (A.O.) Corp.,
Cl. A .............. 336,569 433,050
5,000 Teleflex Inc. ........ 76,167 255,900
48,000 Tennant Co. .......... 1,556,465 1,857,120
5,000 Valmont
Industries Inc. .... 40,625 111,600
7,875 Watsco Inc., Cl. B ... 23,627 332,719
190,500 Watts Water Technologies
Inc., Cl. A ........ 3,366,746 6,212,205
15,000 Wolverine Tube Inc.+ . 150,915 134,250
------------ ------------
42,491,526 83,966,341
------------ ------------
FINANCIAL SERVICES -- 4.1%
11,220 Alleghany Corp.+ ..... 2,026,816 3,107,940
40,000 Argonaut Group Inc.+ . 867,813 848,800
66,000 Bankgesellschaft
Berlin AG+ ......... 1,280,794 228,433
132,000 BKF Capital
Group Inc. ......... 2,415,665 5,281,320
370,000 CNA Surety Corp.+ .... 4,080,505 5,032,000
4,000 Crazy Woman Creek
Bancorp Inc. ....... 51,340 65,000
98,169 Danielson
Holding Corp.+ ..... 271,171 1,693,415
36,500 Epoch Holding Corp.+ . 60,978 173,375
3,000 Federal Agricultural
Mortgage Corp., Cl. C 24,000 52,470
33,000 First Republic Bank .. 636,067 1,068,210
94,100 Flushing Financial
Corp. .............. 1,374,594 1,712,620
60,000 Hibernia Corp., Cl. A 812,399 1,920,600
40,500 LaBranche & Co. Inc.+ 369,344 376,650
1,000 LandAmerica Financial
Group Inc. ......... 12,175 50,030
1,500 Leucadia National
Corp. .............. 24,354 51,525
109,000 Midland Co. .......... 833,351 3,434,590
1,500 NetBank Inc. ......... 6,000 12,720
31,000 NewAlliance
Bancshares Inc. .... 461,751 434,000
38,400 Sterling Bancorp ..... 670,453 931,968
8,600 SWS Group Inc. ....... 158,362 137,858
50,000 Wilmington
Trust Corp. ........ 1,574,410 1,755,000
------------ ------------
18,012,342 28,368,524
------------ ------------
FOOD AND BEVERAGE -- 4.1%
26,000 Boston Beer Co. Inc.,
Cl. A+ ............. 384,207 569,400
24,000 Brown-Forman Corp.,
Cl. A .............. 665,535 1,321,200

See accompanying notes to financial statements.

THE GABELLI SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
FOOD AND BEVERAGE (CONTINUED)
11,250 Cheesecake
Factory Inc.+ ......$ 37,036 $ 398,812
38,000 Corn Products
International Inc. . 617,424 987,620
100,000 Del Monte Foods Co.+ . 997,536 1,085,000
85,000 Denny's Corp.+ ....... 132,580 403,750
25,000 Farmer Brothers Co. .. 389,323 598,750
200,000 Flowers Foods Inc. ... 2,462,671 5,642,000
500 Genesee Corp.,
Cl. A+ ............. 0 1,000
21,500 Genesee Corp.,
Cl. B+ ............. 32,823 43,000
701,500 Grupo Continental SA . 1,058,724 1,254,019
10,000 Hain Celestial
Group Inc.+ ........ 184,774 186,400
6,000 J & J Snack
Foods Corp. ........ 100,375 280,980
210,000 Kikkoman Corp. ....... 1,375,672 2,105,288
20,000 Meiji Seika Kaisha Ltd. 87,470 99,599
35,000 MGP Ingredients Inc. . 243,900 291,900
3,000 Nathan's Famous Inc.+ 23,305 25,350
5,000 Northland Cranberries Inc.,
Cl. A .............. 4,200 1,925
4,000 Omni Nutraceuticals
Inc.+ .............. 13,563 7
35,000 PepsiAmericas Inc. ... 501,525 793,100
57,000 Ralcorp Holdings Inc. 862,281 2,698,950
70,000 Smucker (J.M.) Co. ... 1,627,033 3,521,000
100,000 The Steak n
Shake Co.+ ......... 1,088,229 1,935,000
5,000 Todhunter
International Inc.+ 51,750 65,250
38,858 Tootsie Roll
Industries Inc. .... 596,821 1,165,733
60,000 Triarc Companies Inc.,
Cl. A .............. 429,705 852,000
120,000 Triarc Companies Inc.,
Cl. B .............. 1,025,442 1,659,600
------------ ------------
14,993,904 27,986,633
------------ ------------
HEALTH CARE -- 7.8%
50,000 Align Technology
Inc.+ .............. 444,171 312,000
2,000 AngioDynamics Inc.+ .. 21,200 36,600
55,000 ArthroCare Corp.+ .... 1,133,267 1,567,500
7,800 Bio-Rad Laboratories Inc.,
Cl. A+ ............. 309,943 379,938
1,000 Biomet Inc. .......... 30,350 36,300
10,000 Biosite Inc.+ ........ 253,600 520,300
9,000 Bruker BioSciences
Corp.+ ............. 34,729 31,680
105,000 Chemed Corp. ......... 3,493,080 8,030,400
20,000 CNS Inc. ............. 229,587 356,000
20,000 CONMED Corp.+ ........ 580,028 602,400
7,000 Corixa Corp.+ ........ 129,195 21,490
82,000 Del Global
Technologies Corp.+ 260,262 258,300
1,000 Digene Corp.+ ........ 8,000 20,750
115,000 Edwards Lifesciences
Corp.+ ............. 4,076,298 4,970,300
1,102 Enzo Biochem Inc.+ ... 13,091 15,891
40,000 Exactech Inc.+ ....... 572,732 678,800
8,000 Fisher Scientific
International Inc.+ 184,008 455,360

MARKET
SHARES COST VALUE
------ ---- -------
50,000 Henry Schein Inc.+ ...$ 879,631 $ 1,792,000
34,000 ICU Medical Inc.+ .... 1,015,386 1,207,000
123,000 INAMED Corp.+ ........ 2,193,017 8,595,240
2,000 Integra LifeSciences
Holdings+ .......... 43,600 70,440
35,000 Inverness Medical
Innovations Inc.+ .. 638,388 822,500
27,000 Invitrogen Corp.+ .... 1,389,635 1,868,400
59,500 Lifecore Biomedical
Inc.+ .............. 442,549 1,057,315
15,000 Nabi
Biopharmaceuticals+ 105,625 187,200
1,300 Nobel Biocare
Holding AG ......... 100,171 273,630
4,100 NWH Inc. ............. 63,026 60,680
10,000 OCA Inc.+ ............ 75,721 42,500
34,000 Orthofix
International NV+ .. 1,133,250 1,331,100
2,000 OrthoLogic Corp.+ .... 6,750 10,120
35,000 Owens & Minor Inc. ... 692,324 950,250
51,000 Penwest
Pharmaceuticals Co.+ 368,867 630,360
10,000 Possis Medical Inc.+ . 112,049 83,700
43,000 Priority Healthcare Corp.,
Cl. B+ ............. 862,278 930,090
12,000 PSS World Medical Inc.+ 153,956 136,440
105,000 Regeneration
Technologies Inc.+ . 1,047,404 1,082,550
44,000 Schick Technologies
Inc.+ .............. 379,269 759,000
590,000 Snia SpA+ ............ 272,969 192,733
20,000 Sonic Innovations Inc.+ 92,523 111,600
1,880,000 Sorin SpA+ ........... 6,403,312 6,007,285
2,500 Straumann Holding AG . 224,697 541,365
4,200 Stryker Corp. ........ 162,570 187,362
155,000 Sybron Dental
Specialties Inc.+ .. 2,964,637 5,564,500
41,000 Thoratec Corp.+ ...... 491,798 501,020
72,000 Women First
HealthCare Inc.+ ... 91,845 72
1,000 Wright Medical
Group Inc.+ ........ 16,460 24,000
5,100 Young Innovations
Inc. ............... 128,516 186,915
------------ ------------
34,325,764 53,501,376
------------ ------------
HOME FURNISHINGS -- 0.1%
15,000 Bassett Furniture
Industries Inc. .... 262,461 295,500
4,000 Bed Bath &
Beyond Inc.+ ....... 11,125 146,160
15,000 Foamex
International Inc.+ 127,457 29,850
30,000 La-Z-Boy Inc. ........ 250,200 417,900
------------ ------------
651,243 889,410
------------ ------------
HOTELS AND GAMING -- 5.3%
270,000 Aztar Corp.+ ......... 4,427,702 7,711,200
12,000 Boyd Gaming Corp. .... 90,225 625,800
90,000 Caesars
Entertainment Inc.+ 903,190 1,781,100
50,000 Churchill Downs Inc. . 1,397,003 1,979,500

See accompanying notes to financial statements.

THE GABELLI SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
HOTELS AND GAMING (CONTINUED)
80,000 Dover Downs Gaming &
Entertainment Inc. .$ 796,488 $ 996,000
150,000 Gaylord
Entertainment Co.+ . 4,244,031 6,060,000
5,000 Jury's Doyle Hotel
Group plc .......... 27,762 75,833
60,000 Kerzner
International Ltd.+ 1,415,009 3,673,800
370,000 La Quinta Corp.+ ..... 936,975 3,145,000
142,000 Lakes
Entertainment Inc.+ 713,290 2,556,000
1,200 Las Vegas Sands
Corp.+ ............. 34,800 54,000
355,000 Magna Entertainment Corp.,
Cl. A+ ............. 2,312,344 2,179,700
20,000 Marcus Corp. ......... 377,480 410,000
82,000 Penn National
Gaming Inc.+ ....... 186,907 2,409,160
85,000 Pinnacle
Entertainment Inc.+ 659,965 1,419,500
3,000 Station Casinos Inc. . 13,350 202,650
55,000 Wyndham International Inc.,
Cl. A+ ............. 120,095 44,000
16,000 Wynn Resorts Ltd.+ ... 231,002 1,083,840
20,000 Youbet.com Inc.+ ..... 51,494 117,200
------------ ------------
18,939,112 36,524,283
------------ ------------
MANUFACTURED HOUSING AND RECREATIONAL VEHICLES -- 1.9%
58,000 Cavco Industries
Inc.+ .............. 1,127,032 1,402,498
335,000 Champion Enterprises
Inc.+ .............. 3,495,127 3,149,000
8,500 Drew Industries Inc.+ 296,303 320,025
205,000 Fleetwood Enterprises
Inc.+ .............. 2,634,462 1,783,500
75,000 Monaco Coach Corp. ... 1,660,313 1,211,250
140,000 Skyline Corp. ........ 4,450,174 5,388,600
------------ ------------
13,663,411 13,254,873
------------ ------------
METALS AND MINING -- 0.4%
2,000 Ivanhoe Mines Ltd.+ .. 13,255 14,940
142,115 Kinross Gold Corp.+ .. 984,488 852,690
10,000 Meridian Gold Inc.+ .. 75,630 168,400
70,000 Placer Dome Inc. ..... 653,970 1,135,400
190,000 Royal Oak
Mines Inc.+ ........ 322,487 570
26,148 Stillwater
Mining Co.+ ........ 362,121 257,558
------------ ------------
2,411,951 2,429,558
------------ ------------
PAPER AND FOREST PRODUCTS -- 0.4%
40,000 Packaging Dynamics
Corp. .............. 296,567 559,600
55,000 Pope & Talbot Inc. ... 942,815 966,900
18,000 Schweitzer-Mauduit
International Inc. . 424,690 603,900
22,000 Wausau-Mosinee
Paper Corp. ........ 255,362 311,080
------------ ------------
1,919,434 2,441,480
------------ ------------
PUBLISHING -- 4.0%
307,237 Independent News &
Media plc .......... 431,671 1,011,604
40,000 Journal Communications Inc.,
Cl. A .............. 759,162 662,000
110,000 Journal Register
Co.+ ............... 1,779,817 1,837,000
11,000 Lee Enterprises Inc. . 261,685 477,400

MARKET
SHARES COST VALUE
------ ---- -------
53,000 McClatchy Co., Cl. A .$ 1,581,315 $ 3,930,480
67,000 Media General Inc.,
Cl. A .............. 1,841,424 4,143,950
28,000 Meredith Corp. ....... 500,908 1,309,000
310,000 News Corp., Cl. A .... 912,485 5,245,200
1,050,000 Penton Media Inc.+ ... 951,840 173,250
400,000 PRIMEDIA Inc.+ ....... 1,290,396 1,740,000
21,400 Pulitzer Inc. ........ 888,190 1,363,822
215,000 Thomas Nelson Inc. ... 2,192,528 5,084,750
4,000 Value Line Inc. ...... 162,772 156,000
12,000 Wiley (John) & Sons Inc.,
Cl. B .............. 46,500 426,240
------------ ------------
13,600,693 27,560,696
------------ ------------
REAL ESTATE -- 1.2%
190 Case Pomeroy & Co. Inc.,
Cl. A .............. 222,300 242,250
17,000 Catellus Development
Corp. .............. 298,821 453,050
170,000 Griffin Land &
Nurseries Inc.+ .... 2,202,170 4,420,000
9,000 Gyrodyne Company of
America Inc.+ ...... 135,071 386,910
20,000 Malan Realty
Investors Inc. (b) . 149,429 83,800
110,000 Morguard Corp. ....... 1,392,683 2,773,415
------------ ------------
4,400,474 8,359,425
------------ ------------
RETAIL -- 3.7%
20,000 Aaron Rents Inc. ..... 178,889 400,000
146,250 Aaron Rents Inc.,
Cl. A .............. 524,217 2,597,400
35,000 Big 5 Sporting
Goods Corp. ........ 657,716 864,500
98,000 Burlington Coat Factory
Warehouse Corp. .... 1,058,146 2,812,600
8,000 Casey's General
Stores Inc. ........ 124,503 143,760
57,000 Coldwater Creek Inc.+ 183,710 1,053,360
6,000 CoolBrands
International Inc.+ 41,632 44,391
80,000 CSK Auto Corp.+ ...... 1,331,224 1,412,000
4,000 Gander Mountain Co.+ . 66,680 52,400
175,000 Ingles Markets Inc.,
Cl. A .............. 2,176,506 2,331,000
35,000 Movado Group Inc. .... 515,027 647,500
130,000 Neiman Marcus Group Inc.,
Cl. B .............. 4,106,529 11,732,500
1,500 The Sports Authority .
Inc.+ .............. 9,198 41,250
40,000 Weis Markets Inc. .... 1,174,744 1,474,800
------------ ------------
12,148,721 25,607,461
------------ ------------
SATELLITE -- 0.4%
35,000 Pegasus Communications
Corp., Cl. A+ ...... 365,574 464,800
150,000 Sirius Satellite
Radio Inc.+ ........ 724,115 843,000
35,000 XM Satellite Radio
Holdings Inc.,
Cl. A+ ............. 302,980 1,102,500
------------ ------------
1,392,669 2,410,300
------------ ------------

See accompanying notes to financial statements.

THE GABELLI SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
SPECIALTY CHEMICALS -- 4.8%
30,000 Airgas Inc. ..........$ 183,650 $ 716,700
48,000 Albemarle Corp. ...... 1,295,613 1,745,280
42,000 Arch Chemicals Inc. .. 905,730 1,195,740
10,000 Cytec Industries
Inc. ............... 278,296 542,500
8,000 Dionex Corp.+ ........ 240,000 436,000
150,000 Ferro Corp. .......... 3,406,266 2,823,000
130,000 Fuller (H.B.) Co. .... 2,306,337 3,770,000
30,000 Great Lakes
Chemical Corp. ..... 733,119 963,600
430,000 Hercules Inc.+ ....... 4,166,174 6,230,700
140,000 MacDermid Inc. ....... 2,361,630 4,550,000
170,000 Material Sciences
Corp.+ ............. 1,589,043 2,286,500
130,000 Omnova Solutions
Inc.+ .............. 810,622 698,100
50,000 Penford Corp. ........ 539,601 812,500
10,000 Quaker Chemical
Corp. .............. 181,137 205,400
20,000 Schulman (A.) Inc. ... 240,000 348,400
270,000 Sensient
Technologies Corp. . 5,449,105 5,821,200
------------ ------------
24,686,323 33,145,620
------------ ------------
TELECOMMUNICATIONS -- 1.2%
9,200 Atlantic Tele-
Network Inc. ....... 92,644 294,584
190,000 Cincinnati Bell Inc.+ 475,442 807,500
85,000 Commonwealth Telephone
Enterprises Inc.+ .. 1,950,492 4,006,900
6,795 Community Service
Communications Inc.+ 0 21,234
46,950 D&E Communications
Inc. ............... 605,207 428,653
277 NTL Inc.+ ............ 8,407 17,637
80,525 Rogers Communications
Inc.,
Cl. B .............. 762,545 2,193,501
20,000 Shenandoah
Telecommunications
Co. ................ 296,543 620,000
621 Telewest Global Inc.+ 8,867 11,048
53,000 Winstar
Communications
Inc.+ .............. 133 53
------------ ------------
4,200,280 8,401,110
------------ ------------
TRANSPORTATION -- 0.8%
130,000 GATX Corp. ........... 3,650,103 4,314,700
97,500 Grupo TMM SA, Cl. A,
ADR+ ............... 866,789 298,350
2,000 Irish Continental
Group plc+ ......... 17,829 25,693
50,000 OMI Corp. ............ 313,120 957,500
5,100 Providence & Worcester
Railroad Co. ....... 42,979 67,830
------------ ------------
4,890,820 5,664,073
------------ ------------
WIRELESS COMMUNICATIONS -- 1.7%
17,220 Alamosa Holdings
Inc.+ .............. 137,880 200,957
50,000 Centennial
Communications
Corp.+ ............. 545,692 542,500
3,000 Nextel Communications Inc.,
Cl. A+ ............. 15,360 85,260

MARKET
SHARES COST VALUE
------ ---- -------
72,000 Price Communications
Corp.+ .............$ 905,273 $ 1,260,000
55,000 Rural Cellular Corp.,
Cl. A+ ............. 374,090 290,950
12,000 Triton PCS Holdings Inc.,
Cl. A+ ............. 93,020 26,640
5,000 UbiquiTel Inc.+ ...... 2,700 33,500
187,000 Vimpel-Communications,
ADR+ ............... 1,608,309 6,436,540
70,000 Western Wireless Corp.,
Cl. A+ ............. 238,828 2,657,200
------------ ------------
3,921,152 11,533,547
------------ ------------
TOTAL COMMON STOCKS .. 410,423,122 670,543,713
------------ ------------
PREFERRED STOCKS -- 0.4%
BROADCASTING -- 0.2%
1,063 Granite Broadcasting Corp.,
12.750% Pfd.+ ...... 439,683 462,405
100 Gray Television Inc.,
8.000% Cv. Pfd.,
Ser. C (b)(d)(e) ... 1,000,000 1,010,000
1,103 PTV Inc., 10.000%
Pfd.,
Ser. A ............. 0 4,192
------------ ------------
1,439,683 1,476,597
------------ ------------
BUSINESS SERVICES -- 0.1%
21,618 Interep National Radio Sales Inc.,
4.000% Cv. Pfd.,
Ser. A (b)(d)(e) ... 2,163,147 647,809
------------ ------------
DIVERSIFIED INDUSTRIAL -- 0.1%
151 Foster Wheeler Ltd.,
Pfd., Ser. B+ ...... 38,060 145,262
WHX Corp.,
39,400 $3.75 Cv. Pfd.,
Ser. B+ ............ 191,751 108,350
58,000 6.500% Cv. Pfd.,
Ser. A+ ............ 463,067 159,500
------------ ------------
692,878 413,112
------------ ------------
TOTAL PREFERRED
STOCKS ............. 4,295,708 2,537,518
------------ ------------
RIGHTS -- 0.0%
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.0%
800,000 Exide Technologies
Rights+ ............ 0 0
------------ ------------
WARRANTS -- 0.1%
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.0%
1,213 Exide Technologies,
expires 05/05/11+ .. 2,247 2,183
------------ ------------
BUSINESS SERVICES -- 0.1%
250,000 GP Strategies Corp.,
expires
08/14/08+ (b)(e) ... 637,065 653,341
125,000 Interep National Radio
Sales Inc.,
expires
05/06/07+ (b)(d)(e) 0 0
------------ ------------
637,065 653,341
------------ ------------

See accompanying notes to financial statements.

THE GABELLI SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
WARRANTS (CONTINUED)
COMPUTER SOFTWARE AND SERVICES -- 0.0%
430 Anacomp Inc., Cl. B,
expires 12/10/06+ ..$ 0 $ 26
------------ ------------
DIVERSIFIED INDUSTRIAL -- 0.0%
379,703 National Patent Development Corp.,
expires
08/14/08+ (b)(e) ... 0 167,188
------------ ------------
HEALTH CARE -- 0.0%
14,424 Del Global Technologies Corp.,
expires 03/28/08+ .. 24,809 21,636
------------ ------------
TELECOMMUNICATIONS -- 0.0%
86 NTL Inc.,
expires 01/13/11+ .. 124 142
------------ ------------
TOTAL WARRANTS ....... 664,245 844,516
------------ ------------
PRINCIPAL
AMOUNT
------
CORPORATE BONDS -- 0.2%
AVIATION: PARTS AND SERVICES -- 0.0%
$ 300,000 GenCorp Inc., Sub. Deb. Cv.,
5.750%,
04/15/07 ........... 284,542 334,875
------------ ------------
BUSINESS SERVICES -- 0.2%
2,000,000 GP Strategies Corp., Sub. Deb.,
6.000%,
08/14/08 (b)(e) .... 1,508,123 1,336,122
------------ ------------
COMPUTER SOFTWARE AND SERVICES -- 0.0%
300,000 Exodus Communications Inc.,
Sub. Deb. Cv.,
5.250%,
02/15/08+ (b)(c) ... 1,185 0
------------ ------------
HEALTH CARE -- 0.0%
28,848 Del Global Technologies Corp.,
6.000%,
03/28/07 (b) ....... 28,848 21,636
------------ ------------
TOTAL CORPORATE
BONDS .............. 1,822,698 1,692,633
------------ ------------
U.S. GOVERNMENT OBLIGATIONS -- 1.0%
7,002,000 U.S. Treasury Bills,
2.478% to 2.823%++,
04/07/05 to
07/07/05 ........... 6,966,929 6,967,711
------------ ------------
TOTAL
INVESTMENTS --
99.8% ..............$424,172,702 682,586,091
============
OTHER ASSETS AND
LIABILITIES (NET) -- 0.2% ......... 1,277,165
------------
NET ASSETS -- 100.0% ................$683,863,256
============

- ----------------
For Federal tax purposes:
Aggregate cost ......................$424,172,702
============
Gross unrealized appreciation .......$285,032,225
Gross unrealized depreciation ....... (26,618,836)
------------
Net unrealized appreciation
(depreciation) .....................$258,413,389
============
- ----------------
(a) Security considered an affiliated holding because the Fund owns at least 5%
of the outstanding shares. See Note 9.
(b) Security fair valued under procedures established by the Board of
Directors. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At March 31, 2005, the
market value of fair valued securities amounted to $4,204,709 or 0.6% of
total net assets.
(c) Security is in default.
(d) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At March 31,
2005, the market value of Rule 144A securities amounted to $1,657,809 or
0.2% of total net assets.
(e) At March 31, 2005, the Fund held investments in restricted and illiquid
securities that were valued under methods approved by the Board, as
follows:

ACQUISITION 03/31/05
SHARES/ CARRYING
PRINCIPAL ACQUISITION ACQUISITION VALUE
AMOUNT ISSUER DATE COST PER UNIT
------- ------ ---- ---- --------
$2,000,000 GP Strategies Corp.,
Sub. Deb.,
6.000%, 08/14/08 ... 08/08/03 $1,362,935 $ 66.8061
250,000 GP Strategies Corp.
warrants
expire 08/14/08 .... 08/08/03 $ 637,065 $ 2.6134
100 Gray Television Inc.,
8.000% Cv.
Pfd., Ser. C ....... 04/22/02 $1,000,000 $10,100.0000
21,618 Interep National Radio
Sales Inc.,
4.000% Cv. Pfd.,
Ser. A ............. 05/03/02 $2,163,147 $ 29.9662
125,000 Interep National
Radio Sales Inc.
warrants expire
05/06/07 ........... 05/03/02 $ 0.00 $ 0.0000
379,703 National Patent
Development Corp.
warrants expire
08/14/08 ........... 11/24/04 $ 0.00 $ 0.4403
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.

See accompanying notes to financial statements.

THE GABELLI SMALL CAP GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value (cost $423,351,509) ........$681,881,091
Investments in affiliates, at value
(cost $821,193) ................................ 705,000
Cash and foreign currency, at value
(cost $12,263) ................................. 12,314
Dividends and interest receivable ................ 1,303,476
Receivable for investments sold .................. 593,030
Receivable for Fund shares sold .................. 398,176
Other assets ..................................... 18,783
------------
TOTAL ASSETS ..................................... 684,911,870
------------
LIABILITIES:
Payable for investment advisory fees ............. 590,017
Payable for shareholder services fees ............ 159,065
Payable for distribution fees .................... 148,049
Payable for shareholder communication fees ....... 47,492
Payable for Fund shares redeemed ................. 42,806
Other accrued expenses ........................... 61,185
------------
TOTAL LIABILITIES ................................ 1,048,614
------------
NET ASSETS applicable to 24,355,609
shares outstanding .............................$683,863,256
============
NET ASSETS CONSIST OF:
Capital stock, at $0.001 par value ...............$ 24,355
Additional paid-in capital ....................... 407,168,845
Accumulated net investment loss .................. (38,598)
Accumulated net realized gain on investments
and foreign currency transactions .............. 18,295,108
Net unrealized appreciation on investments
and foreign currency translations .............. 258,413,546
------------
NET ASSETS .......................................$683,863,256
============
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption price per
share ($682,215,193 / 24,296,619 shares
outstanding; 150,000,000 shares authorized
of $0.001 par value) ........................... $28.08
======
CLASS A:
Net Asset Value and redemption price per share
($727,609 / 25,902 shares outstanding; 50,000,000
shares authorized of $0.001 par value) ......... $28.09
======
Maximum sales charge ............................. 5.75%
======
Maximum offering price per share (NAV / 0.9425,
based on maximum sales charge of 5.75% of
the offering price) ............................ $29.80
======
CLASS B:
Net Asset Value and offering price per share
($149,439 / 5,371 shares outstanding; 50,000,000
shares authorized of $0.001 par value) ......... $27.82(a)
======
CLASS C:
Net Asset Value and offering price per share
($771,015 / 27,717 shares outstanding; 50,000,000
shares authorized of $0.001 par value) ......... $27.82(a)
======

- -------------
(a) Redemption price varies based on length of time held.

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends (net of foreign taxes of $9,989) $ 4,615,014
Interest ................................. 175,926
------------
TOTAL INVESTMENT INCOME .................. 4,790,940
------------
EXPENSES:
Investment advisory fees ................. 3,369,222
Distribution fees -- Class AAA ........... 841,481
Distribution fees -- Class A ............. 336
Distribution fees -- Class B ............. 599
Distribution fees -- Class C ............. 1,356
Shareholder services fees ................ 252,012
Shareholder communications expenses ...... 92,521
Custodian fees ........................... 56,539
Legal and audit fees ..................... 26,403
Directors' fees .......................... 20,622
Registration fees ........................ 16,093
Miscellaneous expenses ................... 46,525
------------
TOTAL EXPENSES ........................... 4,723,709
------------
NET INVESTMENT INCOME .................... 67,231
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain on investments ......... 22,453,239
Net realized loss on foreign
currency transactions .................. (750)
Net change in unrealized appreciation/
depreciation on investments and foreign
currency translations .................. 57,871,165
------------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS AND FOREIGN CURRENCY ....... 80,323,654
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ........................ $ 80,390,885
============

See accompanying notes to financial statements.

THE GABELLI SMALL CAP GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------

SIX MONTHS ENDED
MARCH 31, 2005 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2004
------------- ------------------

OPERATIONS:
Net investment income (loss) ....................... $ 67,231 $ (923,061)
Net realized gain on investments, futures contracts
and foreign currency transactions ............... 22,452,489 27,631,501
Net change in unrealized appreciation/
depreciation on investments, futures
contracts and foreign currency translations ...... 57,871,165 87,063,565
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 80,390,885 113,772,005
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net realized gains
Class AAA ........................................ (27,271,924) (4,352,438)
Class A .......................................... (6,636) --
Class B .......................................... (5,930) --
Class C .......................................... (5,584) --
------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ................ (27,290,074) (4,352,438)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ........................................ 8,764,738 (29,481,563)
Class A .......................................... 665,919 57,577
Class B .......................................... 90,941 54,633
Class C .......................................... 746,804 24,010
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS ....................... 10,268,402 (29,345,343)
------------- -------------
REDEMPTION FEES .................................... 23,293 --
------------- -------------
NET INCREASE IN NET ASSETS ......................... 63,392,506 80,074,224
NET ASSETS:
Beginning of period ................................ 620,470,750 540,396,526
------------- -------------
End of period ...................................... $ 683,863,256 $ 620,470,750
============= =============

See accompanying notes to financial statements.

THE GABELLI SMALL CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------

1. ORGANIZATION. The Gabelli Small Cap Growth Fund (the "Fund") is a series of
Gabelli Equity Series Funds, Inc. (the "Corporation"), which was organized on
July 25, 1991 as a Maryland corporation. The Fund is a diversified, open-end
management investment company registered under the Investment Company Act of
1940, as amended (the "1940 Act"), and one of three separately managed
portfolios of the Corporation, with four separate classes of shares known as
Class AAA, Class A, Class B and Class C. The Fund's primary objective is capital
appreciation. The Fund commenced investment operations on October 22, 1991.

2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements in
accordance with U.S. generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results could differ from
those estimates. The following is a summary of significant accounting policies
followed by the Fund in the preparation of its financial statements.

SECURITY VALUATION. Portfolio securities listed or traded on a nationally
recognized securities exchange or traded in the U.S. over-the-counter market for
which market quotations are readily available are valued at the last quoted sale
price or a market's official closing price as of the close of business on the
day the securities are being valued. If there were no sales that day, the
security is valued at the average of the closing bid and asked prices or, if
there were no asked prices quoted on that day, then the security is valued at
the closing bid price on that day. If no bid or asked prices are quoted on such
day, the security is valued at the most recently available price or, if the
Board of Directors (the "Board") so determines, by such other method as the
Board shall determine in good faith, to reflect its fair market value. Portfolio
securities traded on more than one national securities exchange or market are
valued according to the broadest and most representative market, as determined
by Gabelli Funds, LLC (the "Adviser").

Portfolio securities primarily traded on foreign markets are generally valued at
the preceding closing values of such securities on their respective exchanges or
if after the close of the foreign markets, but prior to the close of business on
the day the securities are being valued, market conditions change significantly,
certain foreign securities may be fair valued pursuant to procedures established
by the Board. Debt instruments that are not credit impaired with remaining
maturities of 60 days or less are valued at amortized cost, unless the Board
determines such amount does not reflect the securities' fair value, in which
case these securities will be valued at their fair value as determined by the
Board. Debt instruments having a maturity greater than 60 days for which market
quotations are readily available are valued at the latest average of the bid and
asked prices. If there were no asked prices quoted on such day, the security is
valued using the closing bid price. Futures contracts are valued at the closing
settlement price of the exchange or board of trade on which the applicable
contract is traded.

Securities and assets for which market quotations are not readily available are
valued at their fair value as determined in good faith under procedures
established by and under the general supervision of the Board. Fair valuation
methodologies and procedures may include, but are not limited to: analysis and
review of available financial and non-financial information about the company;
comparisons to the valuation and changes in valuation of similar securities,
including a comparison of foreign securities to the equivalent U.S. dollar value
ADR securities at the close of the U.S. exchange; and evaluation of any other
information that could be indicative of the value of the security.

THE GABELLI SMALL CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

REPURCHASE AGREEMENTS. The Fund may enter into repurchase agreements with
primary government securities dealers recognized by the Federal Reserve Board,
with member banks of the Federal Reserve System or with other brokers or dealers
that meet credit guidelines established by the Adviser and reviewed by the
Board. Under the terms of a typical repurchase agreement, the Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and the Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during the Fund's holding period.
The Fund will always receive and maintain securities as collateral whose market
value, including accrued interest, will be at least equal to 102% of the dollar
amount invested by the Fund in each agreement. The Fund will make payment for
such securities only upon physical delivery or upon evidence of book entry
transfer of the collateral to the account of the custodian. To the extent that
any repurchase transaction exceeds one business day, the value of the collateral
is marked-to-market on a daily basis to maintain the adequacy of the collateral.
If the seller defaults and the value of the collateral declines or if bankruptcy
proceedings are commenced with respect to the seller of the security,
realization of the collateral by the Fund may be delayed or limited.

FUTURES CONTRACTS. The Fund may engage in futures contracts for the purpose of
hedging against changes in the value of its portfolio securities and in the
value of securities it intends to purchase. Upon entering into a futures
contract, the Fund is required to deposit with the broker an amount of cash or
cash equivalents equal to a certain percentage of the contract amount. This is
known as the "initial margin". Subsequent payments ("variation margin") are made
or received by the Fund each day, depending on the daily fluctuation of the
value of the contract. The daily changes in the contract are included in
unrealized gains or losses. The Fund recognizes a realized gain or loss when the
contract is closed. At March 31, 2005, there were no open futures contracts.

There are several risks in connection with the use of futures contracts as a
hedging device. The change in the value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate with the change in value of the hedged investments. In addition, there
is the risk that the Fund may not be able to enter into a closing transaction
because of an illiquid secondary market.

FORWARD FOREIGN EXCHANGE CONTRACTS. The Fund may engage in forward foreign
exchange contracts for hedging a specific transaction with respect to either the
currency in which the transaction is denominated or another currency as deemed
appropriate by the Adviser. Forward foreign exchange contracts are valued at the
forward rate and are marked-to-market daily. The change in market value is
included in unrealized appreciation/depreciation on investments and foreign
currency transactions. When the contract is closed, the Fund records a realized
gain or loss equal to the difference between the value of the contract at the
time it was opened and the value at the time it was closed.

The use of forward foreign exchange contracts does not eliminate fluctuations in
the underlying prices of the Fund's portfolio securities, but it does establish
a rate of exchange that can be achieved in the future. Although forward foreign
exchange contracts limit the risk of loss due to a decline in the value of the
hedged currency, they also limit any potential gain that might result should the
value of the currency increase. In addition, the Fund could be exposed to risks
if the counterparties to the contracts are unable to meet the terms of their
contracts. At March 31, 2005, there were no open forward foreign exchange
contracts.

THE GABELLI SMALL CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

FOREIGN CURRENCY TRANSLATION. The books and records of the Fund are maintained
in United States (U.S.) dollars. Foreign currencies, investments and other
assets and liabilities are translated into U.S. dollars at the exchange rates
prevailing at the end of the period, and purchases and sales of investment
securities, income and expenses are translated at the exchange rate prevailing
on the respective dates of such transactions. Unrealized gains and losses, which
result from changes in foreign exchange rates and/or changes in market prices of
securities, have been included in unrealized appreciation/depreciation on
investments and foreign currency translations. Net realized foreign currency
gains and losses resulting from changes in exchange rates include foreign
currency gains and losses between trade date and settlement date on investment
securities transactions, foreign currency transactions and the difference
between the amounts of interest and dividends recorded on the books of the Fund
and the amounts actually received. The portion of foreign currency gains and
losses related to fluctuation in exchange rates between the initial trade date
and subsequent sale trade date is included in realized gain/(loss) on
investments.

FOREIGN SECURITIES. The Fund may directly purchase securities of foreign
issuers. Investing in securities of foreign issuers involves special risks not
typically associated with investing in securities of U.S. issuers. The risks
include possible revaluation of currencies, the ability to repatriate funds,
less complete financial information about companies and possible future adverse
political and economic developments. Moreover, securities of many foreign
issuers and their markets may be less liquid and their prices more volatile than
those of securities of comparable U.S. issuers.

SECURITIES TRANSACTIONS AND INVESTMENT INCOME. Securities transactions are
accounted for on the trade date with realized gain or loss on investments
determined by using the identified cost method. Interest income (including
amortization of premium and accretion of discount) is recorded as earned.
Dividend income is recorded on the ex-dividend date.

DETERMINATION OF NET ASSET VALUE AND CALCULATION OF EXPENSES. Certain
administrative expenses are common to, and allocated among, various affiliated
funds. Such allocations are made on the basis of each Fund's average net assets
or other criteria directly affecting the expenses as determined by the Adviser
pursuant to procedures established by the Board.

In calculating net asset value per share of each class, investment income,
realized and unrealized gains and losses, redemption fees and expenses other
than class specific expenses, are allocated daily to each class of shares based
upon the proportion of net assets of each class at the beginning of each day.
Distribution expenses are solely borne by the class incurring the expense.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders are recorded on the ex-dividend date. Distributions to shareholders
are based on ordinary income and long-term capital gains as determined in
accordance with Federal income tax regulations, which may differ from income and
capital gains as determined under U.S. generally accepted accounting principles.
These differences are primarily due to differing treatments of income and gains
on various investment securities held by the Fund, timing differences and
differing characterizations of distributions made by the Fund.

These book/tax differences are either temporary or permanent in nature. To the
extent these differences are permanent, adjustments are made to the appropriate
equity accounts in the period that the differences arise.

THE GABELLI SMALL CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

For the fiscal year ended September 30, 2004, reclassifications were made to
decrease accumulated net investment loss by $882,830 and decrease accumulated
net realized gain on investments by $679,000, with an offsetting adjustment to
additional paid-in capital.

For the fiscal years ended September 30, 2004 and 2003, the tax character of
distributions is $2,246,976 of ordinary income and $2,105,462 of long-term
capital gain and $300,296 of ordinary income and $6,071,352 of long-term capital
gain, respectively.

PROVISION FOR INCOME TAXES. The Fund intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code of
1986, as amended (the "Code"). It is the policy of the Fund to comply with the
requirements of the Code applicable to regulated investment companies and to
distribute substantially all of its net investment company taxable income and
net capital gains. Therefore, no provision for Federal income taxes is required.

Dividends and interest from non-U.S. sources received by the Fund are generally
subject to non-U.S. withholding taxes at rates ranging up to 30%. Such
withholding taxes may be reduced or eliminated under the terms of applicable
U.S. income tax treaties, and the Fund intends to undertake any procedural steps
required to claim the benefits of such treaties.

The difference between book and tax basis undistributed ordinary income is
primarily due to the continued accrual of defaulted interest for tax purposes
which has been written down for book purposes.

At September 30, 2004, the difference between book and tax basis unrealized
appreciation is primarily due to deferral of losses from wash sales for tax
purposes.

As of September 30, 2004, the components of accumulated earnings/(losses) on a
tax basis were as follows:

Undistributed long-term capital gains .............. $ 25,399,703
Post-October deferred losses ....................... 2,189
Net unrealized appreciation ........................ 198,328,041
Other temporary differences ........................ (160,688)
------------
Total accumulated earnings ....................... $223,569,245
============

3. INVESTMENT ADVISORY AGREEMENTS. The Fund has entered into an investment
advisory agreement (the "Advisory Agreement") with the Adviser which provides
that the Fund will pay the Adviser a fee, computed daily and paid monthly, at
the annual rate of 1.00% of the value of the Fund's average daily net assets. In
accordance with the Advisory Agreement, the Adviser provides a continuous
investment program for the Fund's portfolio, oversees the administration of all
aspects of the Fund's business and affairs and pays the compensation of all
Officers and Directors of the Fund who are affiliates of the Adviser.

4. DISTRIBUTION PLAN. The Fund's Board has adopted a distribution plan (the
"Plan") for each class of shares pursuant to Rule 12b-1 under the 1940 Act.
Gabelli & Company, Inc. ("Gabelli & Company"), an affiliate of the Adviser,
serves as distributor of the Fund. Under the Class AAA, Class A, Class B and
Class C Share Plans, payments are authorized to Gabelli & Company at annual
rates of 0.25%, 0.25%, 1.00% and 1.00%, respectively, of the average daily net
assets of those classes, the annual limitations under each Plan. Such payments
are accrued daily and paid monthly.

THE GABELLI SMALL CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

5. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities for
the six months ended March 31, 2005, other than short-term securities,
aggregated $21,512,240 and $38,128,915, respectively.

6. TRANSACTIONS WITH AFFILIATES. During the six months ended March 31, 2005, the
Fund paid brokerage commissions of $88,821 to Gabelli & Company. During the six
months ended March 31, 2005, Gabelli & Company informed the Fund that it
received $4,504 from investors representing commissions (sales charges and
underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund's net asset value per share is a Fund expense
pursuant to the Advisory Agreement between the Fund and the Adviser. During the
six months ended March 31, 2005, the Fund reimbursed the Adviser $19,950 in
connection with the cost of computing the Fund's net asset value, which is
included in miscellaneous expenses in the Statement of Operations.

7. LINE OF CREDIT. The Fund has access to an unsecured line of credit of up to
$25,000,000 from the custodian for temporary borrowing purposes. Borrowings
under this arrangement bear interest at 0.75% above the Federal Funds rate on
outstanding balances. At March 31, 2005, there were no borrowings outstanding
from the line of credit.

The average daily amount of borrowings outstanding from the line of credit
within the six months ended March 31, 2005 was $321,623 with a related weighted
average interest rate of 2.73%. The maximum amount borrowed at any time during
the six months ended March 31, 2005 was $4,354,000.

8. CAPITAL STOCK TRANSACTIONS. The Fund offers four classes of shares -- Class
AAA Shares, Class A Shares, Class B Shares, and Class C Shares. Class AAA Shares
are offered only to investors who acquire them directly from Gabelli & Company
or through selected broker/dealers without a sales charge. Class A Shares are
subject to a maximum front-end sales charge of 5.75%. Class B Shares are subject
to a contingent deferred sales charge ("CDSC") upon redemption within six years
of purchase. The applicable CDSC is equal to a declining percentage of the
lesser of the net asset value per share at the date of the original purchase or
at the date of redemption, based on the length of time held. Class C Shares are
subject to a 1% CDSC for one year after purchase. As of July 27, 2004, Class B
Shares are available only through exchange of Class B Shares of other Funds
distributed by Gabelli & Company.

The Fund imposes a redemption fee of 2.00% on Class AAA, Class A, Class B and
Class C Shares that are redeemed or exchanged within 60 days after the date of a
purchase. For Class AAA, Class A, Class B and Class C Shares, the 2.00%
redemption fee applies to shares purchased on or after November 1, 2004. The
redemption fee is deducted from the proceeds otherwise payable to the redeeming
shareholders and retained by the Fund. The redemption fees retained by the Fund
during the six months ended March 31, 2005 amounted to $23,293.

The redemption fee does not apply to shares purchased through programs that the
Adviser determined to have appropriate short-term trading policies in place.
Additionally, certain recordkeepers for qualified and non-qualified retirement
plans that could not collect the redemption fee at the participant level due to
systems limitations have received an extension until March 31, 2005 to implement
such systems.

THE GABELLI SMALL CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

Transactions in shares of capital stock were as follows:

SIX MONTHS ENDED
MARCH 31, 2005 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2004
-------------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------- ---------- -------------
CLASS AAA CLASS AAA
-------------------------- -------------------------

Shares sold ............................................. 3,044,258 $ 85,155,691 6,139,577 $ 153,305,617
Shares issued upon reinvestment of dividends ............ 930,960 25,964,511 172,209 4,162,298
Shares redeemed ......................................... (3,652,049) (102,355,464) (7,494,730) (186,949,478)
---------- ------------- ---------- -------------
Net increase / (decrease) ............................... 323,169 $ 8,764,738 (1,182,944) $ (29,481,563)
========== ============= ========== =============
CLASS A CLASS A
-------------------------- -------------------------
Shares sold ............................................. 23,610 $ 664,621 2,253 $ 57,859
Shares issued upon reinvestment of dividends ............ 234 6,514 -- --
Shares redeemed ......................................... (184) (5,216) (11) (282)
---------- ------------- ---------- -------------
Net increase ............................................ 23,660 $ 665,919 2,242 $ 57,577
========== ============= ========== =============
CLASS B CLASS B
-------------------------- -------------------------
Shares sold ............................................. 3,028 $ 85,010 2,268 $ 58,160
Shares issued upon reinvestment of dividends ............ 214 5,931 -- --
Shares redeemed ......................................... -- -- (139) (3,527)
---------- ------------- ---------- -------------
Net increase ............................................ 3,242 $ 90,941 2,129 $ 54,633
========== ============= ========== =============
CLASS C CLASS C
-------------------------- -------------------------
Shares sold ............................................. 26,676 $ 743,954 937 $ 24,010
Shares issued upon reinvestment of dividends ............ 163 4,525 -- --
Shares redeemed ......................................... (59) (1,675) -- --
---------- ------------- ---------- -------------
Net increase ............................................ 26,780 $ 746,804 937 $ 24,010
========== ============= ========== =============

9. TRANSACTIONS IN SECURITIES OF AFFILIATED ISSUERS. The 1940 Act defines
affiliated issuers as those in which the Fund's holdings of an issuer represent
5% or more of the outstanding voting securities of the issuer. A summary of the
Fund's transactions in the securities of these issuers during the six months
ended March 31, 2005 is set forth below:

NET CHANGE
BEGINNING SHARES ENDING DIVIDEND IN UNREALIZED VALUE AT PERCENT OWNED OF
SHARES PURCHASED (SOLD) SHARES INCOME APPRECIATION/DEPRECIATION MARCH 31, 2005 SHARES OUTSTANDING
--------- ---------------- ------ -------- ------------------------- -------------- ------------------

Trans-Lux Corp. 100,000 0 100,000 $7,000 $62,000 $705,000 10.28%
------- - ------- ------ ------- -------- ------

10. OTHER MATTERS. The Adviser and/or affiliates have received subpoenas from
the Attorney General of the State of New York and the SEC requesting information
on mutual fund shares trading practices. Gabelli Asset Management Inc., the
Adviser's parent company, is responding to these requests. The Fund does not
believe that these matters will have a material adverse effect on the Fund's
financial position or the results of its operations.

11. INDEMNIFICATIONS. The Fund enters into contracts that contain a variety of
indemnifications. The Fund's maximum exposure under these arrangements is
unknown. However, the Fund has not had prior claims or losses pursuant to these
contracts and expects the risk of loss to be remote.

THE GABELLI SMALL CAP GROWTH FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

Selected data for a share of capital stock outstanding throughout each period:

INCOME
FROM INVESTMENT OPERATIONS DISTRIBUTIONS
---------------------------------------------------- --------------------------------------
Net
Net Asset Net Realized and Total Net
Period Value, Investment Unrealized from Net Realized
Ended Beginning Income/ Gain/(Loss) on Investment Investment Gain on Total
September 30 of Period (Loss)(e) Investments Operations Income Investments Distributions
- ------------ --------- ---------- -------------- ---------- ---------- ----------- -------------

CLASS AAA
2005(d) $25.88 $ 0.00(c) $ 3.35 $ 3.35 -- $(1.15) $(1.15)
2004 21.48 (0.04) 4.61 4.57 -- (0.17) (0.17)
2003 17.04 (0.05) 4.74 4.69 -- (0.25) (0.25)
2002 17.13 (0.04) 0.31 0.27 $(0.01) (0.35) (0.36)
2001 23.60 0.06 (1.75) (1.69) (0.05) (4.73) (4.78)
2000 21.84 0.06 4.16 4.22 -- (2.46) (2.46)

CLASS A
2005(d) $25.89 $ 0.04 $ 3.31 $ 3.35 -- $(1.15) $(1.15)
2004(a) 24.49 (0.06) 1.46 1.40 -- -- --

CLASS B
2005(d) $25.74 $(0.11) $ 3.34 $ 3.23 -- $(1.15) $(1.15)
2004(a) 24.49 (0.19) 1.44 1.25 -- -- --

CLASS C
2005(d) $25.74 $(0.07) $ 3.30 $ 3.23 -- $(1.15) $(1.15)
2004(a) 24.49 (0.20) 1.45 1.25 -- -- --

RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA
--------------------------------------------------

Net Asset Net Assets
Period Value, End of Net Portfolio
Ended Redemption End of Total Period Investment Operating Turnover
September 30 Fees(e) Period Return+ (in 000's) Income/(Loss) Expenses Rate
- ------------ ---------- ---------- ------- ----------- ------------- --------- ----------

CLASS AAA
2005(d) $0.00(c) $28.08 12.97% $682,215 0.02%(b) 1.40%(b) 3%
2004 -- 25.88 21.34 620,334 (0.15) 1.42 10
2003 -- 21.48 27.84 540,397 (0.22) 1.45 4
2002 -- 17.04 1.39 428,416 (0.22) 1.45 10
2001 -- 17.13 (7.47) 372,865 0.30 1.45 17
2000 -- 23.60 21.00 366,459 0.26 1.49 47

CLASS A
2005(d) $0.00(c) $28.09 12.97% $ 728 0.28%(b) 1.44%(b) 3%
2004(a) -- 25.89 5.72 58 (0.32)(b) 1.42(b) 10

CLASS B
2005(d) $0.00(c) $27.82 12.57% $ 149 (0.76)%(b) 2.17%(b) 3%
2004(a) -- 25.74 5.10 55 (1.02)(b) 2.17(b) 10

CLASS C
2005(d) $0.00(c) $27.82 12.57% $ 771 (0.49)%(b) 2.20%(b) 3%
2004(a) -- 25.74 5.10 24 (1.07)(b) 2.17(b) 10

- -----------------------
+ Total return represents aggregate total return of a hypothetical $1,000
investment at the beginning of the period and sold at the end of the period
including reinvestment of dividends and does not reflect applicable sales
charges. Total return for the period of less than one year is not
annualized.
(a) From the commencement of offering Class A, Class B and Class C Shares on
December 31, 2003.
(b) Annualized.
(c) Amount represents less than $0.005 per share.
(d) For the period ending March 31, 2005, unaudited.
(e) Per share amounts have been calculated using the average shares outstanding
method.

See accompanying notes to financial statements.

THE GABELLI SMALL CAP GROWTH FUND

BOARD CONSIDERATION AND RE-APPROVAL OF ADVISORY AGREEMENT (UNAUDITED)

During the six months ended March 31, 2005, the Board of Directors of the
Corporation approved the continuation of the investment advisory agreement with
the Adviser for the Fund on the basis of the recommendation by the directors
(the "independent directors") who are not "interested persons" of the Fund. The
following paragraphs summarize the material information and factors considered
by the independent directors as well as their conclusions relative to such
factors.

NATURE, EXTENT AND QUALITY OF SERVICES. The independent directors considered
information regarding the portfolio manager, the depth of the analyst pool
available to the Adviser and the portfolio manager, the scope of administrative,
shareholder and other services supervised or provided by the Adviser and the
absence of significant service problems reported to the Board. The independent
directors noted the experience, length of service and reputation of the
portfolio manager.

INVESTMENT PERFORMANCE. The independent directors reviewed the short, medium and
long-term performance of the Fund against a peer group of small cap value and
small cap core funds. The directors noted that the Fund's performance was in or
near the top 33% of the funds in its category for all relevant periods.

PROFITABILITY. The independent directors reviewed summary data regarding the
profitability of the Fund to the Adviser both with an administrative overhead
charge and without such a charge. The directors also noted that a substantial
portion of the Fund's portfolio transactions were executed by an affiliated
broker, that the affiliated broker received distribution fees and minor amounts
of sales commissions and that the Adviser received a moderate level of soft
dollar research benefits through the Fund's portfolio brokerage.

ECONOMIES OF SCALE. The independent directors discussed the major elements of
the Adviser's cost structure and the relationship of those elements to potential
economies of scale. The independent directors agreed that the Adviser should
gather and provide them with information regarding possible ways of measuring
potential economies of scale so that they would be in a position to review this
potential issue in greater detail if the Fund continued to grow rapidly on an
inflation-adjusted basis.

SHARING OF ECONOMIES OF SCALE. The independent directors noted that the
investment management fee schedule for the Fund does not take into account any
potential economies of scale that may develop.

SERVICE AND COST COMPARISONS. The independent directors compared the expense
ratios of the investment management fee, other expenses and total expenses of
the Fund to similar expense ratios of the peer group of small cap value and
small cap core funds and noted that the Adviser's management fee includes
substantially all administrative services of the Fund as well as investment
advisory services. The directors noted that the Fund's expense ratios were at
and the Fund's size was above average within this group. The directors also
noted that the management fee structure was the same as that in effect for most
of the Gabelli funds. The directors did not compare the management fee to the
fee for other types of accounts managed by the Adviser.

CONCLUSIONS. The independent directors concluded that the Fund enjoyed highly
experienced portfolio management services, good ancillary services and an
excellent performance record. The independent directors also concluded that the
Fund's expense ratios and the profitability to the Adviser of managing the Fund
were reasonable, particularly in light of the Fund's performance, and that
economies of scale were not a significant factor in their thinking at this time.
The directors did not view the potential profitability of ancillary services as
material to their decision. On the basis of the foregoing and without assigning
particular weight to any single conclusion, the independent directors determined
to recommend continuation of the investment management agreement to the full
Board of Directors.

- --------------------------------------------------------------------------------
GABELLI FUNDS AND YOUR PERSONAL PRIVACY
- --------------------------------------------------------------------------------
WHO ARE WE?
The Gabelli Funds are investment companies registered with the Securities
and Exchange Commission under the Investment Company Act of 1940. We are
managed by Gabelli Funds, LLC, Gabelli Advisers, Inc. and Gabelli Fixed
Income, LLC, which are affiliated with Gabelli Asset Management Inc.
Gabelli Asset Management is a publicly-held company that has subsidiaries
that provide investment advisory or brokerage services for a variety of
clients.

WHAT KIND OF NON-PUBLIC INFORMATION DO WE COLLECT ABOUT YOU IF YOU BECOME A
GABELLI CUSTOMER?
If you apply to open an account directly with us, you will be giving us
some non-public information about yourself. The non-public information we
collect about you is:
o INFORMATION YOU GIVE US ON YOUR APPLICATION FORM. This could include
your name, address, telephone number, social security number, bank
account number, and other information.

o INFORMATION ABOUT YOUR TRANSACTIONS WITH US, ANY TRANSACTIONS WITH OUR
AFFILIATES AND TRANSACTIONS WITH THE ENTITIES WE HIRE TO PROVIDE
SERVICES TO YOU. This would include information about the shares that
you buy or redeem, and the deposits and withdrawals that you make. If
we hire someone else to provide services--like a transfer agent--we
will also have information about the transactions that you conduct
through them.

WHAT INFORMATION DO WE DISCLOSE AND TO WHOM DO WE DISCLOSE IT?
We do not disclose any non-public personal information about our customers
or former customers to anyone, other than our affiliates, our service
providers who need to know such information and as otherwise permitted by
law. If you want to find out what the law permits, you can read the privacy
rules adopted by the Securities and Exchange Commission. They are in volume
17 of the Code of Federal Regulations, Part 248. The Commission often posts
information about its regulations on its web site, www.sec.gov.

WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?
We restrict access to non-public personal information about you to the
people who need to know that information in order to provide services to
you or the Fund and to ensure that we are complying with the laws governing
the securities business. We maintain physical, electronic, and procedural
safeguards to keep your personal information confidential.
- --------------------------------------------------------------------------------

GABELLI FAMILY OF FUNDS

VALUE ________________________________________
GABELLI ASSET FUND
Seeks to invest primarily in a diversified portfolio of common stocks selling at
significant discounts to their private market value. The Fund's primary
objective is growth of capital. (MULTICLASS)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

GABELLI BLUE CHIP VALUE FUND
Seeks long term growth of capital through investment primarily in the common
stocks of established companies which are temporarily out of favor. The fund's
objective is to identify a catalyst or sequence of events that will return the
company to a higher value.
(MULTICLASS) PORTFOLIO MANAGER: BARBARA MARCIN, CFA

WESTWOOD EQUITY FUND
Seeks to invest primarily in the common stock of well-seasoned companies that
have recently reported positive earnings surprises and are trading below
Westwood's proprietary growth rate estimates. The Fund's primary objective is
capital appreciation.
(MULTICLASS) PORTFOLIO MANAGER: SUSAN M. BYRNE

FOCUSED VALUE ______________________________
GABELLI VALUE FUND
Seeks to invest in securities of companies believed to be undervalued. The
Fund's primary objective is long-term capital appreciation. (MULTICLASS)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

SMALL CAP VALUE ____________________________
GABELLI SMALL CAP FUND
Seeks to invest primarily in common stock of smaller companies (market
capitalizations less than $1 billion) believed to have rapid revenue and
earnings growth potential. The Fund's primary objective is capital appreciation.
(MULTICLASS) PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

WESTWOOD SMALLCAP EQUITY FUND
Seeks to invest primarily in smaller capitalization equity securities - market
caps of $2.5 billion or less. The Fund's primary objective is long-term capital
appreciation. (MULTICLASS) TEAM MANAGED

GABELLI WOODLAND SMALL CAP VALUE FUND
Seeks to invest primarily in the common stocks of smaller companies (market
capitalizations less than $1.5 billion) believed to be undervalued with
shareholder oriented management teams that are employing strategies to grow the
company's value. The Fund's primary objective is capital appreciation.
(MULTICLASS) PORTFOLIO MANAGER: ELIZABETH M. LILLY, CFA

GROWTH ______________________________________
GABELLI GROWTH FUND
Seeks to invest primarily in large cap stocks believed to have favorable, yet
undervalued, prospects for earnings growth. The Fund's primary objective is
capital appreciation. (MULTICLASS) PORTFOLIO MANAGER: HOWARD F. WARD, CFA

GABELLI INTERNATIONAL GROWTH FUND
Seeks to invest in the equity securities of foreign issuers with long-term
capital appreciation potential. The Fund offers investors global
diversification. (MULTICLASS) PORTFOLIO MANAGER: CAESAR BRYAN

AGGRESSIVE GROWTH _________________________
GABELLI GLOBAL GROWTH FUND
Seeks capital appreciation through a disciplined investment program focusing on
the globalization and interactivity of the world's marketplace. The Fund invests
in companies at the forefront of accelerated growth. The Fund's primary
objective is capital appreciation. (MULTICLASS) TEAM MANAGED

MICRO-CAP ___________________________________
WESTWOOD MIGHTY MITES(SM) FUND
Seeks to invest in micro-cap companies that have market capitalizations of $300
million or less. The Fund's primary objective is long-term capital appreciation.
(MULTICLASS) TEAM MANAGED

EQUITY INCOME _______________________________
GABELLI EQUITY INCOME FUND
Seeks to invest primarily in equity securities with above market average yields.
The Fund pays monthly dividends and seeks a high level of total return with an
emphasis on income. (MULTICLASS) PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

WESTWOOD BALANCED FUND
Seeks to invest in a balanced and diversified portfolio of stocks and bonds. The
Fund's primary objective is both capital appreciation and current income.
(MULTICLASS) CO-PORTFOLIO MANAGERS: SUSAN M. BYRNE
MARK FREEMAN, CFA

WESTWOOD REALTY FUND
Seeks to invest in securities that are primarily engaged in or related to the
real estate industry. The Fund's primary objective is long-term capital
appreciation. (MULTICLASS) PORTFOLIO MANAGER: SUSAN M. BYRNE

SPECIALTY EQUITY ____________________________
GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
Seeks to invest principally in bonds and preferred stocks which are convertible
into common stock of foreign and domestic companies. The Fund's primary
objective is total return through a combination of current income and capital
appreciation. (MULTICLASS) TEAM MANAGED

GABELLI GLOBAL OPPORTUNITY FUND
Seeks to invest in common stock of companies which have rapid growth in revenues
and earnings and potential for above average capital appreciation or are
undervalued. The Fund's primary objective is capital appreciation.
(MULTICLASS) TEAM MANAGED

SECTOR ______________________________________
GABELLI GLOBAL TELECOMMUNICATIONS FUND
Seeks to invest in telecommunications companies throughout the world - targeting
undervalued companies with strong earnings and cash flow dynamics. The Fund's
primary objective is capital appreciation. (MULTICLASS) TEAM MANAGED

GABELLI GOLD FUND
Seeks to invest in a global portfolio of equity securities of gold mining and
related companies. The Fund's objective is long-term capital appreciation.
Investment in gold stocks is considered speculative and is affected by a variety
of world-wide economic, financial and political factors. (MULTICLASS)
PORTFOLIO MANAGER: CAESAR BRYAN

GABELLI UTILITIES FUND
Seeks to provide a high level of total return through a combination of capital
appreciation and current income. (MULTICLASS) TEAM MANAGED

MERGER AND ARBITRAGE _____________________
GABELLI ABC FUND
Seeks to invest in securities with attractive opportunities for appreciation or
investment income. The Fund's primary objective is total return in various
market conditions without excessive risk of capital loss.
(NO-LOAD) PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

CONTRARIAN_________________________________
Gabelli Mathers Fund
Seeks long-term capital appreciation in various market conditions without
excessive risk of capital loss. (CLASS AAA-NO-LOAD)
PORTFOLIO MANAGER: HENRY VAN DER EB, CFA

COMSTOCK CAPITAL VALUE FUND
Seeks capital appreciation and current income. The Fund may use either long or
short positions to achieve its objective.
(MULTICLASS) PORTFOLIO MANAGER: MARTIN WEINER, CFA

COMSTOCK STRATEGY FUND
The Fund emphasizes investments in debt securities, which maximize total return
in light of credit risk, interest rate risk, and the risk associated with the
length of maturity of the debt instrument. (MULTICLASS)
PORTFOLIO MANAGER: MARTIN WEINER, CFA

QUANTITATIVE_________________________________
NED DAVIS RESEARCH ASSET ALLOCATION FUND
Seeks to achieve returns greater then the weighted composite benchmark
consisting of 60% in the S&P 500 Index and 40% in the Lehman Long Term U.S.
Government Bond Index through a flexible asset allocation strategy. The Fund's
primary objective is capital appreciation. (MULTICLASS) TEAM MANAGED

FIXED INCOME ________________________________
WESTWOOD INTERMEDIATE BOND FUND
Seeks to invest in a diversified portfolio of bonds with various maturities. The
Fund's primary objective is total return.
(MULTICLASS) PORTFOLIO MANAGER: MARK FREEMAN, CFA

CASH MANAGEMENT-MONEY MARKET __________
GABELLI U.S. TREASURY MONEY MARKET FUND
Seeks to invest exclusively in short-term U.S. Treasury securities. The Fund's
primary objective is to provide high current income consistent with the
preservation of principal and liquidity. (NO-LOAD)
PORTFOLIO MANAGER: JUDITH A. RANERI

THE TREASURER'S FUND
Three money market portfolios designed to generate superior returns without
compromising portfolio safety. U.S. Treasury Money Market seeks to invest in
U.S. Treasury securities and repurchase agreements. Tax Exempt Money Market
seeks to invest in municipal securities. Domestic Prime Money Market seeks to
invest in prime quality, domestic money market instruments.
(NO-LOAD) PORTFOLIO MANAGER: JUDITH A. RANERI

THE GLOBAL FUNDS INVEST IN FOREIGN SECURITIES WHICH INVOLVE RISKS NOT ORDINARILY
ASSOCIATED WITH INVESTMENTS IN DOMESTIC ISSUES, INCLUDING CURRENCY FLUCTUATION,
ECONOMIC AND POLITICAL RISKS.

AN INVESTMENT IN THE ABOVE MONEY MARKET FUNDS IS NEITHER INSURED NOR GUARANTEED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENT AGENCY. ALTHOUGH
THE FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT
IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUNDS.

TO RECEIVE A PROSPECTUS, CALL 800-GABELLI (422-3554). INVESTORS SHOULD CONSIDER
THE INVESTMENT OBJECTIVES, RISKS AND CHARGES AND EXPENSES OF THE FUND CAREFULLY
BEFORE INVESTING. THE PROSPECTUS CONTAINS MORE COMPLETE INFORMATION
ABOUT THIS AND OTHER MATTERS AND SHOULD BE READ CAREFULLY BEFORE INVESTING.

Gabelli Equity Series Funds, Inc.
THE GABELLI SMALL CAP GROWTH FUND
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
FAX: 914-921-5118
WEBSITE: WWW.GABELLI.COM
E-MAIL: INFO@GABELLI.COM
Net Asset Value available daily by calling
800-GABELLI after 6:00 P.M.

BOARD OF DIRECTORS
Mario J. Gabelli, CFA Karl Otto Pohl
CHAIRMAN AND CHIEF FORMER PRESIDENT
EXECUTIVE OFFICER DEUTSCHE BUNDESBANK
GABELLI ASSET MANAGEMENT INC.

Anthony J. Colavita Anthony R. Pustorino
ATTORNEY-AT-LAW CERTIFIED PUBLIC ACCOUNTANT
ANTHONY J. COLAVITA, P.C. PROFESSOR EMERITUS
PACE UNIVERSITY

Vincent D. Enright Anthonie C. van Ekris
FORMER SENIOR VICE PRESIDENT MANAGING DIRECTOR
AND CHIEF FINANCIAL OFFICER BALMAC INTERNATIONAL, INC.
KEYSPAN ENERGY CORP.

John D. Gabelli Salvatore J. Zizza
SENIOR VICE PRESIDENT CHAIRMAN
GABELLI & COMPANY, INC. HALLMARK ELECTRICAL
SUPPLIES CORP.

Robert J. Morrissey
ATTORNEY-AT-LAW
MORRISSEY, HAWKINS & LYNCH

OFFICERS
Bruce N. Alpert James E. McKee
PRESIDENT AND TREASURER SECRETARY

Peter D. Goldstein
CHIEF COMPLIANCE OFFICER

DISTRIBUTOR
Gabelli & Company, Inc.

CUSTODIAN, TRANSFER AGENT AND DIVIDEND AGENT
State Street Bank and Trust Company

LEGAL COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP

- --------------------------------------------------------------------------------
This report is submitted for the general information of the shareholders of The
Gabelli Small Cap Growth Fund. It is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.
- --------------------------------------------------------------------------------

GAB443Q105SR

[GRAPHIC OMITTED]
PICTURE OF MARIO GABELLI

THE
GABELLI
SMALL CAP
GROWTH
FUND

SEMI-ANNUAL REPORT
MARCH 31, 2005

THE GABELLI EQUITY INCOME FUND

SEMI-ANNUAL REPORT (A)
MARCH 31, 2005

TO OUR SHAREHOLDERS,

Higher yielding equities outperformed the broad based market indices for
the six month period ending March 31, 2005. During the same six month period,
the Gabelli Equity Income Fund returned 9.24% while the Standard & Poor's 500
Index, the Nasdaq Composite Index and the Lipper Equity Income Fund Average rose
6.88%, 5.40% and 8.34%, respectively.

COMPARATIVE RESULTS

- ------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH MARCH 31, 2005 (UNAUDITED) (A)(B)
Since
Inception
Quarter 1 Year 3 Year 5 Year 10 Year (1/2/92)
--------------------------------------------------------------------

GABELLI EQUITY INCOME FUND CLASS AAA ...... 0.23% 10.17% 8.77% 7.98% 12.50% 12.22%
S&P 500 Index ............................. (2.15) 6.69 2.74 (3.16) 10.79 10.31
Nasdaq Composite Index .................... (8.10) 0.25 2.71 (15.25) 9.36 9.70
Lipper Equity Income Fund Avg. ............ (0.42) 9.89 4.93 4.36 10.14 10.41
Class A ................................... 0.17 10.17 8.75 7.97 12.49 12.21
(5.60)(c) 3.85(c) 6.63(c) 6.69(c) 11.82(c) 11.71(c)
Class B ................................... 0.00 9.35 8.42 7.77 12.39 12.14
(5.00)(d) 4.35(d) 7.56(d) 7.47(d) 12.39(d) 12.14(d)
Class C ................................... 0.01 9.38 8.45 7.79 12.40 12.14
(0.99)(d) 8.38(d) 8.45(d) 7.79(d) 12.40(d) 12.14(d)

(a) THE FUND'S FISCAL YEAR ENDS SEPTEMBER 30.
(b) RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE
RESULTS.TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN SHARE
PRICE AND REINVESTMENT OF DIVIDENDS AND ARE NET OF EXPENSES. INVESTMENT
RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE.WHEN SHARES
ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
PRESENTED. VISIT WWW.GABELLI.COM FOR PERFORMANCE INFORMATION AS OF THE MOST
RECENT MONTH END. INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVES,
RISKS AND CHARGES AND EXPENSES OF THE FUND BEFORE INVESTING. THE PROSPECTUS
CONTAINS MORE COMPLETE INFORMATION ABOUT THIS AND OTHER MATTERS AND SHOULD
BE READ CAREFULLY BEFORE INVESTING. PERFORMANCE RETURNS FOR PERIODS LESS
THAN ONE YEAR ARE NOT ANNUALIZED.
THE CLASS AAA SHARES' NET ASSET VALUES ARE USED TO CALCULATE PERFORMANCE
FOR THE PERIODS PRIOR TO THE ISSUANCE OF CLASS A SHARES, CLASS B SHARES AND
CLASS C SHARES ON DECEMBER 31, 2003. THE ACTUAL PERFORMANCE FOR THE CLASS A
SHARES, CLASS B SHARES AND CLASS C SHARES WOULD HAVE BEEN LOWER DUE TO THE
ADDITIONAL EXPENSES ASSOCIATED WITH THESE CLASSES OF SHARES. THE S&P 500
INDEX AND THE NASDAQ COMPOSITE INDEX ARE UNMANAGED INDICATORS OF STOCK
MARKET PERFORMANCE, WHILE THE LIPPER AVERAGE REFLECTS THE AVERAGE
PERFORMANCE OF MUTUAL FUNDS CLASSIFIED IN THIS PARTICULAR CATEGORY.
DIVIDENDS ARE CONSIDERED REINVESTED EXCEPT FOR THE NASDAQ COMPOSITE INDEX.
(c) INCLUDES THE EFFECT OF THE MAXIMUM 5.75% SALES CHARGE AT THE BEGINNING OF
THE PERIOD.
(d) INCLUDES THE EFFECT OF THE APPLICABLE CONTINGENT DEFERRED SALES CHARGE AT
THE END OF THE PERIOD SHOWN FOR CLASS B AND CLASS C SHARES, RESPECTIVELY.
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
We have separated the portfolio manager's commentary from the financial
statements and investment portfolio due to new corporate governance regulations
stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that
the content of the portfolio manager's commentary is unrestricted. The
financial statements and investment portfolio are mailed separately from the
commentary. Both the commentary and the financial statements, including the
portfolio of investments, will be available on our website at
www.gabelli.com/funds.
- --------------------------------------------------------------------------------

THE GABELLI EQUITY INCOME FUND
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
For the Six Month Period from October 1, 2004 through March 31, 2005
EXPENSE TABLE
- --------------------------------------------------------------------------------

The Expense Table below illustrates your Fund's costs in two ways:

ACTUAL FUND RETURN
Class AAA $1,000.00 $1,092.40 1.44% $ 7.51
Class A $1,000.00 $1,092.50 1.45% $ 7.56
Class B $1,000.00 $1,088.80 2.06% $10.73
Class C $1,000.00 $1,088.50 2.21% $11.51

HYPOTHETICAL 5% RETURN
Class AAA $1,000.00 $1,017.75 1.44% $ 7.24
Class A $1,000.00 $1,017.70 1.45% $ 7.29
Class B $1,000.00 $1,014.66 2.06% $10.35
Class C $1,000.00 $1,013.91 2.21% $11.10

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

The following table presents portfolio holdings as a percent of total net
assets.

THE GABELLI EQUITY INCOME FUND

Financial Services ................................ 12.2%
Energy and Utilities: Integrated .................. 8.5%
Energy and Utilities: Oil ......................... 7.9%
Consumer Products ................................. 7.4%
Health Care ....................................... 7.1%
Food and Beverage ................................. 7.1%
Telecommunications ................................ 5.2%
U.S. Treasury Bills ............................... 4.9%
Hotels and Gaming ................................. 3.7%
Specialty Chemicals ............................... 3.5%
Diversified Industrial ............................ 3.3%
Energy and Utilities: Electric .................... 2.9%
Automotive: Parts and Accessories ................. 2.9%
Publishing ........................................ 2.8%
Communications Equipment .......................... 2.3%
Equipment and Supplies ............................ 2.1%
Energy and Utilities: Natural Gas ................. 1.9%
Entertainment ..................................... 1.6%
Retail ............................................ 1.6%
Aviation: Parts and Services ...................... 1.5%
Aerospace ......................................... 1.5%
Electronics ....................................... 1.3%
Metals and Mining ................................. 1.3%
Cable and Satellite ............................... 1.1%
Broadcasting ...................................... 0.9%
Business Services ................................. 0.7%
Machinery ......................................... 0.5%
Environmental Services ............................ 0.4%
Energy and Utilities: Services .................... 0.3%
Manufactured Housing .............................. 0.3%
Transportation .................................... 0.3%
Computer Software and Services .................... 0.2%
Consumer Services ................................. 0.2%
Computer Hardware ................................. 0.1%
Energy and Utilities: Water ....................... 0.1%
Other Assets and Liabilities -- Net ............... 0.4%
------
100.0%
======

PROXY VOTING

THE GABELLI EQUITY INCOME FUND
SCHEDULE OF INVESTMENTS -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- ------
COMMON STOCKS -- 89.7%
AEROSPACE -- 1.5%
32,000 Boeing Co. ...........$ 1,082,148 $ 1,870,720
3,000 Lockheed Martin Corp. 71,025 183,180
12,000 Northrop Grumman Corp. 367,550 647,760
10,000 Raytheon Co. ......... 279,250 387,000
2,000 Rockwell Automation
Inc. ............... 25,686 113,280
2,000 Rockwell Collins Inc. 15,843 95,180
95,000 Titan Corp.+ ......... 1,731,710 1,725,200
25,000 United Defense
Industries Inc. .... 1,833,365 1,835,500
------------ ------------
5,406,577 6,857,820
------------ ------------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 2.2%
1,000 ArvinMeritor Inc. .... 10,488 15,470
100,000 Dana Corp. ........... 1,459,536 1,279,000
150,000 Genuine Parts Co. .... 4,633,678 6,523,500
4,000 Johnson Controls Inc. 101,475 223,040
60,000 Modine Manufacturing
Co. ................ 1,160,998 1,759,800
3,000 Pep Boys -
Manny, Moe & Jack .. 27,885 52,740
------------ ------------
7,394,060 9,853,550
------------ ------------
AVIATION: PARTS AND SERVICES -- 0.7%
13,000 Barnes Group Inc. .... 245,002 353,210
11,000 Curtiss-Wright Corp. . 77,638 627,000
12,096 Curtiss-Wright Corp.,
Cl. B .............. 272,014 682,214
40,000 GenCorp Inc. ......... 342,710 800,000
8,000 United Technologies
Corp. .............. 281,946 813,280
------------ ------------
1,219,310 3,275,704
------------ ------------
BROADCASTING -- 0.0%
33,000 Granite Broadcasting
Corp.+ ............. 13,715 9,900
------------ ------------
BUSINESS SERVICES -- 0.2%
4,000 Automatic Data
Processing Inc. .... 126,808 179,800
6,000 Donnelley (R.H.)
Corp.+ ............. 68,850 348,540
500 Imation Corp. ........ 7,150 17,375
2,500 Landauer Inc. ........ 60,337 118,850
------------ ------------
263,145 664,565
------------ ------------
CABLE AND SATELLITE -- 1.1%
89,002 Cablevision Systems Corp.,
Cl. A+ ............. 1,636,955 2,496,506
9,000 Comcast Corp.,
Cl. A+ ............. 275,105 304,020
36,000 DIRECTV Group Inc.+ .. 429,789 519,120
60,000 EchoStar Communications
Corp., Cl. A ....... 1,837,193 1,755,000
------------ ------------
4,179,042 5,074,646
------------ ------------
COMMUNICATIONS EQUIPMENT -- 1.0%
120,000 Corning Inc.+ ........ 1,285,395 1,335,600
115,000 Motorola Inc. ........ 1,077,984 1,721,550
50,000 Thomas & Betts Corp.+ 881,146 1,615,000
------------ ------------
3,244,525 4,672,150
------------ ------------

MARKET
SHARES COST VALUE
------ ---- ------
COMPUTER HARDWARE -- 0.1%
300 International Business
Machines Corp. .....$ 3,810 $ 27,414
13,000 Xerox Corp.+ ......... 126,343 196,950
------------ ------------
130,153 224,364
------------ ------------
COMPUTER SOFTWARE AND SERVICES -- 0.2%
2,000 EMC Corp.+ ........... 19,360 24,640
30,000 Microsoft Corp. ...... 782,100 725,100
10,000 SunGard Data
Systems Inc.+ ...... 343,971 345,000
154 Telecom Italia
Media SpA+ ......... 205 86
------------ ------------
1,145,636 1,094,826
------------ ------------
CONSUMER PRODUCTS -- 7.4%
33,000 Altria Group Inc. .... 991,749 2,157,870
5,000 Clorox Co. ........... 262,246 314,950
38,000 Eastman Kodak Co. .... 890,357 1,236,900
40,000 Energizer
Holdings Inc.+ ..... 997,527 2,392,000
94,700 Gallaher Group
plc, ADR ........... 2,711,252 5,396,953
70,000 Gillette Co. ......... 2,704,031 3,533,600
31,100 National Presto
Industries Inc. .... 1,036,492 1,253,330
10,000 Pactiv Corp.+ ........ 161,895 233,500
38,000 Procter & Gamble Co. . 1,393,252 2,014,000
10,000 Reckitt Benckiser
plc ................ 313,364 317,856
26,000 Rothmans Inc. ........ 237,941 515,616
940,500 Swedish Match AB ..... 9,972,140 11,505,360
26,000 Unilever NV, ADR ..... 1,542,066 1,778,920
10,000 UST Inc. ............. 364,903 517,000
------------ ------------
23,579,215 33,167,855
------------ ------------
CONSUMER SERVICES -- 0.2%
52,500 Rollins Inc. ......... 454,969 976,500
------------ ------------
DIVERSIFIED INDUSTRIAL -- 3.3%
5,000 3M Co. ............... 213,645 428,450
22,000 Acuity Brands Inc. ... 342,225 594,000
35,000 Cooper Industries Ltd.,
Cl. A .............. 1,532,038 2,503,200
152,000 General Electric Co. . 4,229,926 5,481,120
5,000 Harbor Global
Co. Ltd.+ .......... 24,172 44,625
120,000 Honeywell
International Inc. . 3,109,683 4,465,200
22,000 Thomas Industries Inc. 250,524 872,080
4,000 Trinity Industries
Inc. ............... 82,100 112,680
10,000 Tyco International
Ltd. ............... 128,601 338,000
------------ ------------
9,912,914 14,839,355
------------ ------------
ELECTRONICS -- 1.0%
10,000 Freescale Semiconductor Inc.,
Cl. B+ ............. 81,750 172,500
20,000 Intel Corp. .......... 370,400 464,600
140,000 Texas Instruments
Inc. ............... 2,856,614 3,568,600
11,000 Thermo Electron
Corp.+ ............. 217,973 278,190
------------ ------------
3,526,737 4,483,890
------------ ------------

See accompanying notes to financial statements.

THE GABELLI EQUITY INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- ------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: ELECTRIC -- 2.9%
80,000 AES Corp.+ ...........$ 268,400 $ 1,310,400
18,000 American Electric
Power Co. Inc. ..... 515,300 613,080
81,000 Cinergy Corp. ........ 2,478,068 3,282,120
16,000 DTE Energy Co. ....... 695,800 727,680
95,000 El Paso
Electric Co.+ ...... 746,352 1,805,000
56,000 FPL Group Inc. ....... 1,818,648 2,248,400
35,000 Great Plains
Energy Inc. ........ 748,610 1,070,300
90,000 Northeast Utilities .. 1,660,471 1,734,300
7,000 UIL Holdings Corp. ... 245,744 354,550
------------ ------------
9,177,393 13,145,830
------------ ------------
ENERGY AND UTILITIES: INTEGRATED -- 8.3%
42,000 Allegheny
Energy Inc.+ ....... 395,405 867,720
180,000 Aquila Inc.+ ......... 483,805 689,400
44,000 BP plc, ADR .......... 1,030,211 2,745,600
84,000 Burlington
Resources Inc. ..... 1,618,222 4,205,880
44,000 CH Energy Group Inc. . 1,809,289 2,010,800
70,000 Constellation
Energy Group ....... 1,664,815 3,619,000
1,000 Dominion
Resources Inc. ..... 48,852 74,430
100,000 Duke Energy Corp. .... 1,795,444 2,801,000
150,000 Duquesne Light
Holdings Inc. ...... 2,318,392 2,688,000
150,000 El Paso Corp. ........ 1,419,618 1,587,000
150,000 Energy East Corp. .... 3,071,332 3,933,000
29,000 Eni SpA .............. 304,221 752,978
40,000 NSTAR ................ 1,282,183 2,172,000
10,000 OGE Energy Corp. ..... 249,538 269,500
80,000 Progress Energy Inc. . 3,424,284 3,356,000
15,000 Progress Energy
Inc., CVO+ ......... 7,800 1,950
6,000 Public Service Enterprise
Group Inc. ......... 235,600 326,340
12,000 Scottish Power
plc, ADR ........... 314,381 374,400
50,000 TECO Energy Inc. ..... 645,886 784,000
26,500 TXU Corp. ............ 537,364 2,110,195
95,000 Westar Energy Inc. ... 1,388,045 2,055,800
------------ ------------
24,044,687 37,424,993
------------ ------------
ENERGY AND UTILITIES: NATURAL GAS -- 1.9%
25,000 AGL Resources Inc. ... 488,941 873,250
26,000 Atmos Energy Corp. ... 599,725 702,000
25,000 National Fuel
Gas Co. ............ 519,678 714,750
45,000 ONEOK Inc. ........... 796,167 1,386,900
5,000 Peoples Energy Corp. . 185,826 209,600
24,000 Piedmont Natural
Gas Co. Inc. ....... 394,017 552,960
40,000 SEMCO Energy Inc. .... 282,604 230,000
63,000 Southern Union Co.+ .. 845,950 1,581,930
100,000 Southwest Gas Corp. .. 1,777,547 2,416,000
------------ ------------
5,890,455 8,667,390
------------ ------------

MARKET
SHARES COST VALUE
------ ---- ------
ENERGY AND UTILITIES: OIL -- 7.9%
5,000 Anadarko Petroleum
Corp. ..............$ 340,506 $ 380,500
82,000 ChevronTexaco Corp. .. 1,927,546 4,781,420
58,000 ConocoPhillips ....... 3,187,718 6,254,720
11,000 Cooper Cameron
Corp.+ ............. 630,760 629,310
30,000 Devon Energy Corp. ... 692,247 1,432,500
141,000 Exxon Mobil Corp. .... 4,214,795 8,403,600
19,000 Kerr-McGee Corp. ..... 839,167 1,488,270
4,000 Murphy Oil Corp. ..... 363,913 394,920
4,000 Occidental Petroleum
Corp. .............. 286,930 284,680
6,000 PetroChina Co.
Ltd., ADR .......... 378,267 379,320
30,000 Repsol YPF SA, ADR ... 631,290 796,500
114,000 Royal Dutch
Petroleum Co. ...... 5,156,828 6,844,560
25,000 Statoil ASA, ADR ..... 327,939 428,500
8,759 Total SA, ADR ........ 299,550 1,026,818
32,500 Unocal Corp. ......... 1,853,776 2,004,925
------------ ------------
21,131,232 35,530,543
------------ ------------
ENERGY AND UTILITIES: SERVICES -- 0.3%
14,000 Halliburton Co. ...... 158,327 605,500
12,000 Schlumberger Ltd. .... 547,706 845,760
------------ ------------
706,033 1,451,260
------------ ------------
ENERGY AND UTILITIES: WATER -- 0.1%
18,750 Aqua America Inc. .... 230,874 456,750
------------ ------------
ENTERTAINMENT -- 1.6%
140,000 The Walt Disney Co. .. 2,635,231 4,022,200
120,000 Time Warner Inc.+ .... 1,822,600 2,106,000
25,000 Viacom Inc., Cl. A ... 836,760 876,000
12,500 Vivendi Universal
SA, ADR+ ........... 397,443 382,500
------------ ------------
5,692,034 7,386,700
------------ ------------
ENVIRONMENTAL SERVICES -- 0.4%
60,000 Waste Management Inc. 1,436,232 1,731,000
------------ ------------
EQUIPMENT AND SUPPLIES -- 2.1%
68,800 Flowserve Corp.+ ..... 1,734,142 1,779,856
11,000 Imagistics International
Inc.+ .............. 212,935 384,230
3,000 Ingersoll-Rand Co. Ltd.,
Cl. A .............. 125,173 238,950
10,000 Masonite International
Corp.+ ............. 329,973 348,000
1,500 Minerals Technologies
Inc. ............... 37,938 98,670
30,000 Mueller Industries
Inc. ............... 1,320,222 844,500
2,000 Parker Hannifin Corp. 77,350 121,840
14,000 Smith (A.O.) Corp. ... 298,250 404,180
1,000,000 Tomkins plc .......... 4,854,126 4,993,667
------------ ------------
8,990,109 9,213,893
------------ ------------
FINANCIAL SERVICES -- 12.2%
7,140 Alleghany Corp.+ ..... 1,260,332 1,977,780
2,000 Allstate Corp. ....... 66,600 108,120
137,000 American Express Co. . 6,003,071 7,037,690
42,000 American International
Group Inc. ......... 2,692,824 2,327,220

See accompanying notes to financial statements.

THE GABELLI EQUITY INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- ------
COMMON STOCKS (CONTINUED)
FINANCIAL SERVICES (CONTINUED)
39,000 Argonaut Group Inc.+ .$ 789,154 $ 827,580
5,000 Banco Popular
Espanol SA ......... 185,939 323,425
18,000 Banco Santander Central
Hispano SA, ADR .... 64,963 218,880
2,000 Banco Santander
Chile SA, ADR ...... 29,250 66,260
100,000 Bank of America
Corp. .............. 1,890,574 4,410,000
44,000 Bank of New York
Co. Inc. ........... 1,423,658 1,278,200
30,000 Bankgesellschaft
Berlin AG+ ......... 201,349 103,833
8,000 Banque Nationale
de Paris SA ........ 296,835 566,740
2,000 Bear Stearns
Companies Inc. ..... 129,100 199,800
114,000 Citigroup Inc. ....... 5,104,081 5,123,160
40,000 Commerzbank AG, ADR+ . 855,073 869,724
35,000 Deutsche Bank
AG, ADR ............ 1,966,016 3,017,000
2,000 Dun and Bradstreet
Corp.+ ............. 20,476 122,900
3,000 Fannie Mae ........... 173,213 163,350
16,000 Fidelity
Southern Corp. ..... 153,870 268,800
1,000 Goldman Sachs
Group Inc. ......... 111,410 109,990
25,000 H&R Block Inc. ....... 1,168,929 1,264,500
25,000 Huntington
Bancshares Inc. .... 407,250 597,500
77,080 JPMorgan Chase & Co. . 2,311,310 2,666,968
20,000 KeyCorp .............. 599,947 649,000
16,500 Leucadia National
Corp. .............. 361,227 566,775
2,000 Manulife Financial
Corp. .............. 49,388 95,840
55,000 Mellon Financial
Corp. .............. 1,528,208 1,569,700
10,000 Merrill Lynch &
Co. Inc. ........... 362,400 566,000
4,000 Moody's Corp. ........ 64,841 323,440
3,000 Municipal Mortgage &
Equity, LLC ........ 60,488 73,020
6,000 Northern Trust Corp. . 60,300 260,640
50,000 Phoenix
Companies Inc. ..... 650,511 639,000
47,000 PNC Financial Services
Group Inc. ......... 1,985,813 2,419,560
40,000 Popular Inc. ......... 1,042,464 972,800
6,000 Schwab (Charles)
Corp. .............. 93,000 63,060
40,000 St. Paul Travelers
Companies Inc. ..... 1,573,259 1,469,200
108,000 Sterling Bancorp ..... 1,456,020 2,621,160
12,000 SunTrust Banks Inc. .. 251,737 864,840
15,000 T. Rowe Price
Group Inc. ......... 617,260 890,700
50,000 Unitrin Inc. ......... 1,507,811 2,270,000
15,000 Wachovia Corp. ....... 441,375 763,650
60,000 Waddell & Reed
Financial Inc.,
Cl. A .............. 1,151,502 1,184,400
75,000 Wilmington Trust
Corp. .............. 2,342,833 2,632,500
------------ ------------
43,505,661 54,544,705
------------ ------------

MARKET
SHARES COST VALUE
------ ---- ------
FOOD AND BEVERAGE -- 7.1%
80,800 Allied Domecq
plc, ADR ...........$ 2,305,754 $ 3,286,136
5,800 Brown-Forman Corp.,
Cl. A .............. 320,925 319,290
44,000 Cadbury Schweppes
plc, ADR ........... 1,139,439 1,790,800
35,000 Campbell Soup Co. .... 794,372 1,015,700
40,000 Coca-Cola Amatil
Ltd., ADR .......... 246,845 530,964
62,000 Coca-Cola Co. ........ 2,748,595 2,583,540
2,000 Coca-Cola Femsa SA
de CV, ADR ......... 52,945 48,340
20,000 Corn Products
International Inc. . 260,071 519,800
50,000 Del Monte Foods Co.+ . 439,041 542,500
55,000 Diageo plc, ADR ...... 2,273,096 3,129,500
60,000 Dreyer's Grand Ice Cream
Holdings Inc.,
Cl. A .............. 4,784,499 4,846,200
22,000 Fomento Economico
Mexicano SA
de CV, ADR ......... 888,268 1,178,100
90,000 General Mills Inc. ... 4,418,321 4,423,500
100,000 Heinz (H.J.) Co. ..... 3,520,318 3,684,000
4,000 Hershey Foods Corp. .. 120,014 241,840
13,000 Kellogg Co. .......... 368,299 562,510
10,000 Nestle SA ............ 2,083,075 2,736,090
12,889 Tootsie Roll
Industries Inc. .... 339,630 386,682
------------ ------------
27,103,507 31,825,492
------------ ------------
HEALTH CARE -- 7.1%
8,000 Abbott Laboratories .. 298,164 372,960
14,900 Accredo Health Inc.+ . 645,766 661,709
50,000 Baxter
International Inc. . 1,430,911 1,699,000
16,000 Becton, Dickinson
& Co. .............. 491,573 934,720
300 Bio-Rad Laboratories Inc.,
Cl. B+ ............. 11,100 14,737
100,000 Bristol-Myers
Squibb Co. ......... 2,590,401 2,546,000
97,000 Eli Lilly & Co. ...... 5,659,927 5,053,700
11,276 GlaxoSmithKline
plc, ADR ........... 515,984 517,794
10,000 Guidant Corp. ........ 712,074 739,000
25,000 Henry Schein Inc.+ ... 631,852 896,000
1,000 Hospira Inc.+ ........ 23,468 32,270
20,000 Johnson & Johnson .... 1,034,361 1,343,200
15,030 Medco Health
Solutions Inc.+ .... 432,351 745,037
100,000 Merck & Co. Inc. ..... 4,180,182 3,237,000
1,000 Nobel Biocare
Holding AG ......... 139,480 210,485
5,000 Orthofix
International NV+ .. 162,394 195,750
345,000 Pfizer Inc. .......... 10,536,582 9,063,150
150,000 Schering-Plough
Corp. .............. 2,779,186 2,722,500
50,000 Tenet Healthcare
Corp.+ ............. 554,153 576,500
3,000 William Demant
Holding A/S+ ....... 154,831 149,809
2,000 Zimmer Holdings Inc.+ 103,551 155,620
------------ ------------
33,088,291 31,866,941
------------ ------------
HOTELS AND GAMING -- 3.7%
1,200,000 Hilton Group plc ..... 6,132,338 6,825,781
50,000 Hilton Hotels Corp. .. 867,453 1,117,500

See accompanying notes to financial statements.

THE GABELLI EQUITY INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- ------
COMMON STOCKS (CONTINUED)
HOTELS AND GAMING (CONTINUED)
100,000 Mandalay Resort
Group ..............$ 6,985,454 $ 7,049,000
30,000 Starwood Hotels & Resorts
Worldwide Inc. ..... 755,965 1,800,900
------------ ------------
14,741,210 16,793,181
------------ ------------
MACHINERY -- 0.5%
3,000 Caterpillar Inc. ..... 35,181 274,320
28,000 Deere & Co. .......... 567,189 1,879,640
------------ ------------
602,370 2,153,960
------------ ------------
MANUFACTURED HOUSING -- 0.3%
140,000 Champion
Enterprises Inc.+ .. 1,413,577 1,316,000
------------ ------------
METALS AND MINING -- 1.3%
17,500 Fording Canadian Coal
Trust (Toronto) .... 349,181 1,603,889
55,875 Freeport-McMoRan Copper
& Gold Inc., Cl. B . 1,202,110 2,213,209
42,500 Newmont Mining Corp. . 1,412,938 1,795,625
------------ ------------
2,964,229 5,612,723
------------ ------------
PUBLISHING -- 2.8%
25,000 Dow Jones & Co. Inc. . 1,104,769 934,250
11,000 Knight-Ridder Inc. ... 725,310 739,750
4,000 McClatchy Co., Cl. A . 263,095 296,640
10,000 McGraw-Hill
Companies Inc. ..... 502,221 872,500
50,800 News Corp., Cl. A .... 591,896 859,536
6,016 News Corp., Cl. B .... 70,881 105,942
50,000 Pulitzer Inc. ........ 3,189,640 3,186,500
100,000 Reader's Digest
Association Inc. ... 1,360,932 1,731,000
3,000 Scripps (E.W.) Co.,
Cl. A .............. 142,245 146,250
406 Seat Pagine Gialle
SpA ................ 1,350 169
60,000 Tribune Co. .......... 2,717,613 2,392,200
1,200 Washington Post Co.,
Cl. B .............. 700,030 1,072,800
------------ ------------
11,369,982 12,337,537
------------ ------------
REAL ESTATE -- 0.0%
5,000 Griffin Land &
Nurseries Inc.+ .... 71,716 130,000
------------ ------------
RETAIL -- 1.6%
170,000 Albertson's Inc. ..... 3,875,352 3,510,500
2,000 Ingles Markets Inc.,
Cl. A .............. 25,480 26,640
2,800 Neiman Marcus
Group Inc.,
Cl. B .............. 174,855 252,700
140,000 Safeway Inc.+ ........ 2,907,271 2,594,200
590 Sears Holdings
Corp.+ ............. 51,241 78,570
6,000 The Home Depot Inc. .. 127,998 229,440
10,000 Weis Markets Inc. .... 300,480 368,700
------------ ------------
7,462,677 7,060,750
------------ ------------

MARKET
SHARES COST VALUE
------ ---- ------
SPECIALTY CHEMICALS -- 3.5%
20,000 Albemarle Corp. ......$ 434,626 $ 727,200
10,000 Dow Chemical Co. ..... 360,656 498,500
138,000 E.I. du Pont de Nemours
and Co. ............ 6,614,436 7,071,120
60,100 Ferro Corp. .......... 1,226,288 1,131,082
15,000 Great Lakes
Chemical Corp. ..... 351,191 481,800
67,000 Monsanto Co. ......... 1,125,554 4,321,500
6,000 NewMarket Corp.+ ..... 23,156 111,600
22,700 Omnova Solutions
Inc.+ .............. 171,320 121,899
4,000 Quaker Chemical Corp. 79,615 82,160
50,000 Sensient
Technologies Corp. . 1,039,860 1,078,000
------------ ------------
11,426,702 15,624,861
------------ ------------
TELECOMMUNICATIONS -- 4.9%
8,000 ALLTEL Corp. ......... 414,045 438,800
100,000 AT&T Corp. ........... 2,178,783 1,875,000
63,900 BCE Inc. ............. 1,358,957 1,596,861
35,000 BellSouth Corp. ...... 934,347 920,150
300,000 BT Group plc ......... 1,251,761 1,165,032
30,000 BT Group plc, ADR .... 1,006,938 1,168,200
50,000 Cable & Wireless
plc, ADR ........... 292,432 364,000
250,000 Cincinnati Bell Inc.+ 1,473,055 1,062,500
70,000 Citizens
Communications Co. . 974,745 905,800
50,000 Deutsche Telekom
AG, ADR+ ........... 875,541 998,000
12,000 France Telecom SA,
ADR ................ 347,118 358,440
500,000 O2 plc+ .............. 536,816 1,126,764
420,000 Qwest Communications
International Inc.+ 1,745,277 1,554,000
75,000 SBC Communications
Inc. ............... 2,281,410 1,776,750
80,000 Sprint Corp. ......... 1,306,786 1,820,000
3,300 Telecom Italia
SpA, ADR ........... 31,072 124,542
7,880 Telefonica SA, ADR ... 80,701 409,524
18,000 TELUS Corp. .......... 293,047 578,672
100,000 Verizon
Communications Inc. 3,769,983 3,550,000
------------ ------------
21,152,814 21,793,035
------------ ------------
TRANSPORTATION -- 0.3%
35,000 GATX Corp. ........... 880,178 1,161,650
------------ ------------
TOTAL COMMON STOCKS .. 313,551,961 402,424,319
------------ ------------
PREFERRED STOCKS -- 2.0%
AUTOMOTIVE -- 0.0%
1,000 Ford Motor Co. Capital
Trust II,
6.500% Cv. Pfd. .... 45,215 45,340
------------ ------------
AVIATION: PARTS AND SERVICES -- 0.5%
7,000 Coltec Capital Trust,
5.250% Cv. Pfd. .... 281,500 348,250
20,000 Sequa Corp.,
$5.00 Cv. Pfd. ..... 1,658,167 1,870,000
------------ ------------
1,939,667 2,218,250
------------ ------------

See accompanying notes to financial statements.

THE GABELLI EQUITY INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- ------
PREFERRED STOCKS (CONTINUED)
BROADCASTING -- 0.9%
2,000 Granite Broadcasting Corp.,
12.750% Pfd.+ ......$ 1,185,500 $ 870,000
100 Gray Television Inc.,
8.000%
Cv. Pfd.,
Ser. C (b)(c)(d) ... 1,000,000 1,010,000
50,500 Sinclair Broadcast
Group Inc.,
6.000% Cv. Pfd.,
Ser. D ............. 2,362,125 2,114,688
------------ ------------
4,547,625 3,994,688
------------ ------------
COMMUNICATIONS EQUIPMENT -- 0.3%
1,100 Lucent Technologies
Capital Trust I,
7.750% Cv. Pfd. .... 759,000 1,111,000
------------ ------------
DIVERSIFIED INDUSTRIAL -- 0.0%
26,200 WHX Corp.,
$3.75 Cv. Pfd.,
Ser. B+ ............ 177,129 72,050
------------ ------------
ENTERTAINMENT -- 0.0%
3,000 Metromedia International
Group Inc.,
7.250% Cv. Pfd.+ ... 5,310 108,000
------------ ------------
TELECOMMUNICATIONS -- 0.3%
33,000 Cincinnati Bell Inc.,
6.750% Cv. Pfd.,
Ser. B ............. 918,893 1,405,800
------------ ------------
TOTAL PREFERRED
STOCKS ............. 8,392,839 8,955,128
------------ ------------
WARRANTS -- 0.2%
BUSINESS SERVICES -- 0.2%
250,000 GP Strategies Corp.,
expires
08/14/08+ (c)(d) ... 637,065 653,341
------------ ------------
DIVERSIFIED INDUSTRIAL -- 0.0%
379,703 National Patent
Development Corp.,
expires
08/14/08+ (c)(d) ... 0 167,188
------------ ------------
TOTAL WARRANTS ....... 637,065 820,529
------------ ------------
PRINCIPAL
AMOUNT
------
CORPORATE BONDS -- 2.8%
AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.7%
$ 2,500,000 Pep Boys - Manny,
Moe & Jack, Cv.,
4.250%, 06/01/07 ... 2,489,522 2,543,750
800,000 Standard Motor
Products Inc.,
Sub. Deb. Cv.,
6.750%, 07/15/09 ... 669,261 744,000
------------ ------------
3,158,783 3,287,750
------------ ------------
AVIATION: PARTS AND SERVICES -- 0.3%
1,400,000 GenCorp Inc.,
Sub. Deb. Cv.,
5.750%, 04/15/07 ... 1,349,330 1,562,750
------------ ------------
BUSINESS SERVICES -- 0.3%
100,000 BBN Corp., Sub. Deb. Cv.,
6.000%,
04/01/12+ (a)(c) ... 97,500 0
2,000,000 GP Strategies Corp.,
Sub. Deb.,
6.000%,
08/14/08 (c)(d) .... 1,508,123 1,336,122
------------ ------------
1,605,623 1,336,122
------------ ------------
COMMUNICATIONS EQUIPMENT -- 1.0%
2,500,000 Agere Systems Inc.,
Sub. Deb. Cv.,
6.500%, 12/15/09 ... 2,408,666 2,571,875
2,000,000 Nortel Networks Corp., Cv.,
4.250%, 09/01/08 ... 1,956,323 1,860,000
------------ ------------
4,364,989 4,431,875
------------ ------------

PRINCIPAL MARKET
AMOUNT COST VALUE
--------- ---- ------
ELECTRONICS -- 0.3%
$ 1,100,000 Oak Industries Inc.,
Sub. Deb. Cv.,
4.875%, 03/01/08 ...$ 859,972 $ 1,144,000
------------ ------------
ENERGY AND UTILITIES: INTEGRATED -- 0.2%
1,200,000 Mirant Corp., Deb. Cv.,
2.500%,
06/15/21+ (a) ...... 886,921 948,000
------------ ------------
HEALTH CARE -- 0.0%
200,000 Twin Laboratories Inc.,
Sub. Deb.,
10.250%,
05/15/06+ (a) ...... 98,105 43,000
------------ ------------
TOTAL
CORPORATE BONDS .... 12,323,723 12,753,497
------------ ------------
U.S. GOVERNMENT OBLIGATIONS -- 4.9%
21,946,000 U.S. Treasury Bills,
2.352% to 2.823%++,
04/07/05 to
07/07/05 ........... 21,876,741 21,876,723
------------ ------------
TOTAL
INVESTMENTS --
99.6% ..............$356,782,329 446,830,196
============
OTHER ASSETS AND LIABILITIES
(NET) -- 0.4% ..................... 1,615,688
------------
NET ASSETS -- 100.0% ................$448,445,884
============
- ----------------
For Federal tax purposes:
Aggregate cost ......................$356,782,329
============
Gross unrealized appreciation .......$ 99,444,276
Gross unrealized depreciation ....... (9,396,409)
------------
Net unrealized appreciation
(depreciation) ....................$ 90,047,867
============
- ----------------
(a) Security in default.
(b) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At March
31, 2005, the Rule 144A securities are considered liquid and the market
value amounted to $1,010,000 or 0.23% of total net assets.
(c) Security fair valued under procedures established by the Board of
Directors. The procedures may include reviewing available financial
information about the company and reviewing valuation of comparable
securities and other factors on a regular basis. At March 31, 2005, the
market value of fair valued securities amounted to $3,166,651 or 0.71% of
total net assets.
(d) At March 31, 2005, the Fund held investments in restricted and illiquid
securities that were valued under methods approved by the Board, as
follows:
ACQUISITION 03/31/05
SHARES/ CARRYING
PRINCIPAL ACQUISITION ACQUISITION VALUE
AMOUNT ISSUER DATE COST PER UNIT
------- ------ ---- ---- --------
$2,000,000 GP Strategies Corp.,
Sub. Deb.,
6.000%, 08/14/08 ... 08/08/03 $1,362,935 $ 66.8061
250,000 GP Strategies Corp.
warrants
expire 08/14/08 .... 08/08/03 $ 637,065 $ 2.6134
100 Gray Television Inc.,
8.000%
Cv. Pfd., Ser. C ... 04/22/02 $1,000,000 $10,100.0000
379,703 National Patent
Development Corp.
warrants expire
08/14/08 ........... 11/24/04 $ 0.00 $ 0.4403
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.
CVO - Contingent Value Obligation.

See accompanying notes to financial statements.

THE GABELLI EQUITY INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value (cost $356,782,329) .......$446,830,196
Cash ............................................ 1,293
Receivable for Fund shares sold ................. 1,893,169
Dividends and interest receivable ............... 1,058,678
Other assets .................................... 10,623
------------
TOTAL ASSETS .................................... 449,793,959
------------
LIABILITIES:
Payable for investments purchased ............... 479,558
Payable for investment advisory fees ............ 374,182
Payable for Fund shares redeemed ................ 196,617
Payable for shareholder services fees ........... 105,560
Payable for distribution fees ................... 94,049
Payable for shareholder communication fees ...... 51,649
Other accrued expenses .......................... 46,460
------------
TOTAL LIABILITIES ............................... 1,348,075
------------
NET ASSETS applicable to 25,207,121
shares outstanding ............................$448,445,884
============
NET ASSETS CONSIST OF:
Capital stock, at $0.001 par value ..............$ 25,207
Additional paid-in capital ...................... 357,922,413
Distributions in excess of net
investment income ............................. (742,730)
Accumulated net realized gain on investments
and foreign currency transactions ............. 1,193,248
Net unrealized appreciation on investments
and foreign currency translations ............. 90,047,746
------------
NET ASSETS ......................................$448,445,884
============
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption price per
share ($446,866,124 / 25,117,725 shares
outstanding; 150,000,000 shares authorized
of $0.001 par value) .......................... $17.79
======
CLASS A:
Net Asset Value and redemption price per share
($607,152 / 34,207 shares outstanding; 50,000,000
shares authorized of $0.001 par value) ........ $17.75
======
Maximum sales charge ............................ 5.75%
======
Maximum offering price per share (NAV / .9425,
based on maximum sales charge of 5.75% of
the offering price) ........................... $18.83
======
CLASS B:
Net Asset Value and offering price per share
($2,555 / 144.95 shares outstanding; 50,000,000
shares authorized of $0.001 par value) ........ $17.63(a)
======
CLASS C:
Net Asset Value and offering price per share
($970,053 / 55,044 shares outstanding; 50,000,000
shares authorized of $0.001 par value) ........ $17.62(a)
======

- -------------
(a) Redemption price varies based on length of time held.

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends (net of foreign taxes of $62,997) ................ $ 5,310,003
Interest ................................................... 647,544
-----------
TOTAL INVESTMENT INCOME .................................... 5,957,547
-----------
EXPENSES:
Investment advisory fees ................................... 1,969,362
Distribution fees -- Class AAA ............................. 491,577
Distribution fees -- Class A ............................... 350
Distribution fees -- Class B ............................... 6
Distribution fees -- Class C ............................... 1,646
Shareholder services fees .................................. 175,355
Shareholder communications expenses ........................ 73,948
Custodian fees ............................................. 45,146
Legal and audit fees ....................................... 24,850
Registration fees .......................................... 12,645
Directors' fees ............................................ 11,338
Miscellaneous expenses ..................................... 32,872
-----------
TOTAL EXPENSES ............................................. 2,839,095
-----------
NET INVESTMENT INCOME ...................................... 3,118,452
-----------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on investments ........................... 3,491,127
Net realized gain on foreign
currency transactions .................................... 41,822
Net change in unrealized appreciation/
depreciation on investments and foreign
currency translations .................................... 26,465,432
-----------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS AND FOREIGN CURRENCY ......................... 29,998,381
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS .......................................... $33,116,833
===========

See accompanying notes to financial statements.

THE GABELLI EQUITY INCOME FUND

STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------

SIX MONTHS ENDED
MARCH 31, 2005 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2004
--------------- ------------------

OPERATIONS:
Net investment income ............................................ $ 3,118,452 $ 4,536,567
Net realized gain on investments and foreign currency transactions 3,532,949 8,029,283
Net change in unrealized appreciation/depreciation on investments
and foreign currency translations .............................. 26,465,432 33,027,899
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............. 33,116,833 45,593,749
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class AAA ...................................................... (3,837,162) (5,229,584)
Class A ........................................................ (3,393) (389)
Class B ........................................................ (12) (13)
Class C ........................................................ (3,983) (259)
------------- -------------
(3,844,550) (5,230,245)
------------- -------------
Net realized gains
Class AAA ...................................................... (6,792,707) (1,806,422)
Class A ........................................................ (4,991) (135)
Class B ........................................................ (19) (4)
Class C ........................................................ (4,541) (89)
------------- -------------
(6,802,258) (1,806,650)
------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS .............................. (10,646,808) (7,036,895)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Class AAA ...................................................... 69,066,829 54,989,849
Class A ........................................................ 476,770 123,156
Class B ........................................................ 1,454 1,017
Class C ........................................................ 891,659 77,434
------------- -------------
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ....... 70,436,712 55,191,456
------------- -------------
REDEMPTION FEES .................................................. 13,680 --
------------- -------------
NET INCREASE IN NET ASSETS ....................................... 92,920,417 93,748,310
NET ASSETS:
Beginning of period .............................................. 355,525,467 261,777,157
------------- -------------
End of period .................................................... $ 448,445,884 $ 355,525,467
============= =============

See accompanying notes to financial statements.

THE GABELLI EQUITY INCOME FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------

1. ORGANIZATION. The Gabelli Equity Income Fund (the "Fund") is a series of
Gabelli Equity Series Funds, Inc. (the "Corporation"), which was organized on
July 25, 1991 as a Maryland corporation. The Fund is a diversified, open-end
management investment company registered under the Investment Company Act of
1940, as amended (the "1940 Act"), and one of three separately managed
portfolios (collectively, the "Portfolios") of the Corporation, each with four
separate classes of shares known as Class AAA, Class A, Class B and Class C. The
Fund's primary objective is to seek a high level of total return with an
emphasis on income. The Fund commenced investment operations on January 2, 1992.

THE GABELLI EQUITY INCOME FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

FORWARD FOREIGN EXCHANGE CONTRACTS. The Fund may engage in forward foreign
exchange contracts for hedging a specific transaction with respect to either the
currency in which the transaction is denominated or another currency as deemed
appropriate by the Adviser. Forward foreign exchange contracts are valued at the
forward rate and are marked-to-market daily. The change in market value is
included in unrealized appreciation/depreciation on investments and foreign
currency translations. When the contract is closed, the Fund records a realized
gain or loss equal to the difference between the value of the contract at the
time it was opened and the value at the time it was closed.

THE GABELLI EQUITY INCOME FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

For the fiscal year ended September 30, 2004 reclassifications were made to
increase accumulated net investment income by $4,565 and decrease accumulated
net realized gain on investments by $4,565.

For the fiscal years ended September 30, 2004 and 2003, the tax character of
distributions is all ordinary income.

At September 30, 2004, the difference between book and tax basis unrealized
appreciation is primarily due to deferral of losses from wash sales for tax
purposes.

As of September 30, 2004, the components of accumulated earnings/(losses) on a
tax basis were as follows:

Undistributed ordinary income
(inclusive of short-term capital gains) ..... $ 1,374,937
Undistributed long-term capital gains ......... 4,171,499
Net unrealized appreciation ................... 62,503,738
Other temporary differences ................... (21,935)
-----------
Total accumulated earnings .................. $68,028,239
===========

During the fiscal year ended September 30, 2004, the Fund utilized capital loss
carryforwards of $478,901.

THE GABELLI EQUITY INCOME FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

5. PORTFOLIO SECURITIES. Purchases and proceeds from the sales of securities for
the six months ended March 31, 2005, other than short term securities,
aggregated $100,938,270 and $26,142,491, respectively.

6. TRANSACTIONS WITH AFFILIATES. During the six months ended March 31, 2005, the
Fund paid brokerage commissions of $106,671 to Gabelli & Company. During the six
months ended March 31, 2005, Gabelli & Company informed the Fund that it
received $3,203 from investors representing commissions (sales charges and
underwriting fees) on sales and redemptions of Fund shares.

7. LINE OF CREDIT. The Fund has access to an unsecured line of credit of up to
$25,000,000 from the custodian for temporary borrowing purposes. Borrowings
under this arrangement bear interest at 0.75% above the Federal Funds rate on
outstanding balances. During the six months ended March 31, 2005, there were no
borrowings from the line of credit.

8. CAPITAL STOCK TRANSACTIONS. The Fund offers four classes of shares -- Class
AAA Shares, Class A Shares, Class B Shares and Class C Shares. Class AAA Shares
are offered only to investors who acquire them directly from Gabelli & Company
or through selected broker/dealers without a sales charge. Class A Shares are
subject to a maximum front-end sales charge of 5.75%. Class B Shares are subject
to a contingent deferred sales charge (CDSC) upon redemption within six years of
purchase. The applicable CDSC is equal to a declining percentage of the lesser
of the net asset value per share at the date of the original purchase or at the
date of redemption, based on the length of time held. Class C Shares are subject
to a 1% CDSC for one year after purchase. As of July 27, 2004, Class B Shares
are available only through exchange of Class B Shares of other Funds distributed
by Gabelli & Company.

The Fund imposes a redemption fee of 2.00% on Class AAA, Class A, Class B and
Class C Shares that are redeemed or exchanged within 60 days after the date of a
purchase. For Class AAA, Class A, Class B, and Class C Shares, the 2.00%
redemption fee applies to shares purchased on or after November 1, 2004. The
redemption fee is deducted from the proceeds otherwise payable to the redeeming
shareholders and retained by the Fund. The redemption fees retained by the Fund
during the six months ended March 31, 2005 amounted to $13,680.

THE GABELLI EQUITY INCOME FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

Transactions in shares of capital stock were as follows:

Shares sold ............................................ 5,711,600 $ 101,321,102 7,919,728 $ 130,184,333
Shares issued upon reinvestment of dividends ........... 552,509 9,802,211 393,424 6,453,128
Shares redeemed ........................................ (2,390,092) (42,056,484) (4,998,860) (81,647,612)
---------- ------------- ---------- -------------
Net increase ........................................... 3,874,017 $ 69,066,829 3,314,292 $ 54,989,849
========== ============= ========== =============
CLASS A CLASS A
-------------------------- -------------------------
Shares sold ............................................ 31,630 $ 560,853 7,383 $ 122,882
Shares issued upon reinvestment of dividends ........... 450 7,973 17 274
Shares redeemed ........................................ (5,273) (92,056) -- --
---------- ------------- ---------- -------------
Net increase ........................................... 26,807 $ 476,770 7,400 $ 123,156
========== ============= ========== =============
CLASS B CLASS B
-------------------------- -------------------------
Shares sold ............................................ 81 $ 1,423 61 $ 1,000
Shares issued upon reinvestment of dividends ........... 2 31 1 17
Shares redeemed ........................................ -- -- -- --
---------- ------------- ---------- -------------
Net increase ........................................... 83 $ 1,454 62 $ 1,017
========== ============= ========== =============
CLASS C CLASS C
-------------------------- -------------------------
Shares sold ............................................ 50,066 $ 887,702 4,732 $ 77,086
Shares issued upon reinvestment of dividends ........... 404 7,104 21 348
Shares redeemed ........................................ (179) (3,147) -- --
---------- ------------- ---------- -------------
Net increase ........................................... 50,291 $ 891,659 4,753 $ 77,434
========== ============= ========== =============

9. OTHER MATTERS. The Adviser and/or affiliates have received subpoenas from the
Attorney General of the State of New York and the SEC requesting information on
mutual fund shares trading practices. Gabelli Asset Management Inc., the
Adviser's parent company, is responding to these requests. The Fund does not
believe that these matters will have a material adverse effect on the Fund's
financial position or the results of its operations.

10. INDEMNIFICATIONS. The Fund enters into contracts that contain a variety of
indemnifications. The Fund's maximum exposure under these arrangements is
unknown. However, the Fund has not had prior claims or losses pursuant to these
contracts and expects the risk of loss to be remote.

THE GABELLI EQUITY INCOME FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

Selected data for a share of capital stock outstanding throughout each period:

INCOME
FROM INVESTMENT OPERATIONS DISTRIBUTIONS
---------------------------------------------------- --------------------------------------
Net
Net Asset Net Realized and Total Net
Period Value, Investment Unrealized from Net Realized
Ended Beginning Income/ Gain/(Loss) on Investment Investment Gain on Total
September 30 of Period (Loss)(f) Investments Operations Income Investments Distributions
- ------------ --------- ---------- -------------- ---------- ---------- ----------- -------------

CLASS AAA
2005(e) $16.73 $0.14 $ 1.40 $ 1.54 $(0.17) $(0.31) $(0.48)
2004 14.60 0.23 2.26 2.49 (0.27) (0.09) (0.36)
2003 11.93 0.28 2.64 2.92 (0.25) -- (0.25)
2002 13.88 0.23 (1.79) (1.56) (0.23) (0.16) (0.39)
2001 16.35 0.25 (0.28) (0.03) (0.36) (2.08) (2.44)
2000 17.58 0.46 0.81 1.27 (0.36) (2.14) (2.50)

CLASS A
2005(e) $16.72 $0.13 $ 1.41 $ 1.54 $(0.20) $(0.31) $(0.51)
2004(a) 16.40 0.16 0.43 0.59 (0.20) (0.07) (0.27)

CLASS B
2005(e) $16.62 $0.08 $ 1.39 $ 1.47 $(0.15) $(0.31) $(0.46)
2004(a) 16.40 0.07 0.42 0.49 (0.20) (0.07) (0.27)

CLASS C
2005(e) $16.64 $0.06 $ 1.41 $ 1.47 $(0.18) $(0.31) $(0.49)
2004(a) 16.40 0.08 0.43 0.51 (0.20) (0.07) (0.27)

RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA
------------------------------------------------

Net Asset Net Assets
Period Value, End of Net Portfolio
Ended Redemption End of Total Period Investment Operating Turnover
September 30 Fees(f) Period Return+ (in 000's) Income/(Loss) Expenses Rate
- ------------ ---------- --------- ------- ---------- ------------- --------- ---------

CLASS AAA
2005(e) $0.00(d) $17.79 9.24% $446,866 1.58%(b) 1.44%(b) 7%
2004 -- 16.73 17.13 355,321 1.42 1.49 12
2003 -- 14.60 24.59 261,777 2.09 1.49 27
2002 -- 11.93 (11.58) 162,938 1.75 1.50 12
2001 -- 13.88 (0.43) 121,499 1.65 1.55 41
2000 -- 16.35 8.41 89,164 2.85 1.66(c) 33

CLASS A
2005(e) $0.00(d) $17.75 9.25% $ 607 1.44%(b) 1.45%(b) 7%
2004(a) -- 16.72 3.62 124 1.33(b) 1.49(b) 12

CLASS B
2005(e) $0.00(d) $17.63 8.88% $ 3 0.87%(b) 2.06%(b) 7%
2004(a) -- 16.62 3.00 1 0.56(b) 2.24(b) 12

CLASS C
2005(e) $0.00(d) $17.62 8.85% $ 970 0.63%(b) 2.21%(b) 7%
2004(a) -- 16.64 3.13 79 0.62(b) 2.24(b) 12

- --------------------------
+ Total return represents aggregate total return of a hypothetical $1,000
investment at the beginning of the period and sold at the end of the period
including reinvestment of dividends and does not reflect applicable sales
charges. Total return for the period of less than one year is not
annualized.
(a) From the commencement of offering Class A, Class B and Class C Shares on
December 31, 2003.
(b) Annualized.
(c) The Fund incurred interest expense during the year ended September 30, 2000.
If interest expense had not been incurred, the ratio of operating expenses
to average net assets would have been 1.61%.
(d) Amount represents less than $0.005 per share.
(e) For the period ending March 31, 2005, unaudited.
(f) Per share amounts have been calculated using the average shares outstanding
method.

See accompanying notes to financial statements.

THE GABELLI EQUITY INCOME FUND

BOARD CONSIDERATION AND RE-APPROVAL OF ADVISORY AGREEMENT (UNAUDITED)

INVESTMENT PERFORMANCE. The independent directors reviewed the short, medium and
long-term performance of the Fund against a peer group of equity income funds.
The directors noted that the Fund's performance was in or near the top 15% of
the funds in its category for all relevant periods other than the one-year
period, during which the Fund's performance was average.

SHARING OF ECONOMIES OF SCALE. The independent directors noted that the
investment management fee schedule for the Fund does not take into account any
potential economies of scale that may develop.

SERVICE AND COST COMPARISONS. The independent directors compared the expense
ratios of the investment management fee, other expenses and total expenses of
the Fund to similar expense ratios of the peer group of equity income funds and
noted that the Adviser's management fee includes substantially all
administrative services of the Fund as well as investment advisory services. The
directors noted that the Fund's expense ratios were above and the Fund's size
was below average within this group. The directors also noted that the
management fee structure was the same as that in effect for most of the Gabelli
funds. The directors did not compare the management fee to the fee for other
types of accounts managed by the Adviser.

GABELLI FAMILY OF FUNDS

GABELLI UTILITIES FUND
Seeks to provide a high level of total return through a combination of capital
appreciation and current income. (MULTICLASS) TEAM MANAGED

COMSTOCK CAPITAL VALUE FUND
Seeks capital appreciation and current income. The Fund may use either long or
short positions to achieve its objective.
(MULTICLASS) PORTFOLIO MANAGER: MARTIN WEINER, CFA

THE GLOBAL FUNDS INVEST IN FOREIGN SECURITIES WHICH INVOLVE RISKS NOT ORDINARILY
ASSOCIATED WITH INVESTMENTS IN DOMESTIC ISSUES, INCLUDING CURRENCY FLUCTUATION,
ECONOMIC AND POLITICAL RISKS.

Gabelli Equity Series Funds, Inc.
THE GABELLI EQUITY INCOME FUND
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
FAX: 914-921-5118
WEBSITE: WWW.GABELLI.COM
E-MAIL: INFO@GABELLI.COM
Net Asset Value available daily by calling
800-GABELLI after 6:00 P.M.

BOARD OF DIRECTORS

Mario J. Gabelli, CFA Karl Otto Pohl
CHAIRMAN AND CHIEF FORMER PRESIDENT
EXECUTIVE OFFICER DEUTSCHE BUNDESBANK
GABELLI ASSET MANAGEMENT INC.

Anthony J. Colavita Anthony R. Pustorino
ATTORNEY-AT-LAW CERTIFIED PUBLIC ACCOUNTANT
ANTHONY J. COLAVITA, P.C. PROFESSOR EMERITUS
PACE UNIVERSITY

Vincent D. Enright Anthonie C. van Ekris
FORMER SENIOR VICE PRESIDENT MANAGING DIRECTOR
AND CHIEF FINANCIAL OFFICER BALMAC INTERNATIONAL, INC.
KEYSPAN ENERGY CORP.

John D. Gabelli Salvatore J. Zizza
SENIOR VICE PRESIDENT CHAIRMAN
GABELLI & COMPANY, INC. HALLMARK ELECTRICAL
SUPPLIES CORP.

Robert J. Morrissey
ATTORNEY-AT-LAW
MORRISSEY, HAWKINS & LYNCH

OFFICERS

Bruce N. Alpert James E. McKee
PRESIDENT AND TREASURER SECRETARY

Peter D. Goldstein
CHIEF COMPLIANCE OFFICER

DISTRIBUTOR
Gabelli & Company, Inc.

CUSTODIAN, TRANSFER AGENT AND DIVIDEND AGENT
State Street Bank and Trust Company

LEGAL COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP

- --------------------------------------------------------------------------------
This report is submitted for the general information of the shareholders of The
Gabelli Equity Income Fund. It is not authorized for distribution to prospective
investors unless preceded or accompanied by an effective prospectus.
- --------------------------------------------------------------------------------

GAB444Q105SR

[GRAPHIC OMITTED]
PICTURE OF MARIO GABELLLI

THE
GABELLI
EQUITY
INCOME
FUND

SEMI-ANNUAL REPORT
MARCH 31, 2005

THE GABELLI WOODLAND SMALL CAP VALUE FUND

SEMI-ANNUAL REPORT (A)
MARCH 31, 2005

TO OUR SHAREHOLDERS,

The Gabelli Woodland Small Cap Value Fund (Fund) outperformed its small
cap benchmark, the Russell 2000 Index, as well as the broad based market indices
for the six month period ending March 31, 2005. During this period, the Fund
rose 11.77% versus gains of 8.00% for the Russell 2000, 5.56% for the Standard &
Poor's 500 Index and 10.12% for the Value Line Composite Index.

COMPARATIVE RESULTS
- --------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH MARCH 31, 2005 (UNAUDITED) (A)(B)

Since Inception
Quarter 1 Year (12/31/02)
- --------------------------------------------------------------------------------
GABELLI WOODLAND SMALL CAP
VALUE FUND CLASS AAA ................ (1.53)% 12.92% 17.34%
Russell 2000 Index .................... (5.34) 5.41 24.91
S&P 500 Index ......................... (2.15) 6.69 15.98
Value Line Composite Index ............ (3.27) 7.70 25.90
Class A Shares ........................ (1.60) 12.93 17.30
(7.26)(c) 6.45(c) 14.26(c)
Class B Shares ........................ (1.14) 14.52 18.37
(6.09)(d) 9.52(d) 16.92(d)
Class C Shares ........................ (1.69) 12.13 16.61
(2.68)(d) 11.13(d) 16.61(d)

(a) THE FUND'S FISCAL YEAR ENDS SEPTEMBER 30.
(b) RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.
TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND ARE NET OF EXPENSES. INVESTMENT RETURNS AND
THE PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE. WHEN SHARES ARE
REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
PERFORMANCE FOR PERIODS LESS THAN ONE YEAR IS NOT ANNUALIZED. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA PRESENTED.
VISIT WWW.GABELLI.COM FOR PERFORMANCE INFORMATION AS OF THE MOST RECENT
MONTH END. INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS AND
CHARGES AND EXPENSES OF THE FUND CAREFULLY BEFORE INVESTING. THE PROSPECTUS
CONTAINS MORE COMPLETE INFORMATION ABOUT THIS AND OTHER MATTERS AND SHOULD
BE READ CAREFULLY BEFORE INVESTING.
INVESTING IN SMALL CAPITALIZATION SECURITIES INVOLVES SPECIAL CHALLENGES
BECAUSE THESE SECURITIES MAY TRADE LESS FREQUENTLY AND EXPERIENCE MORE
ABRUPT PRICE MOVEMENTS THAN LARGE CAPITALIZATION SECURITIES. THE RUSSELL
2000 INDEX, THE S&P 500 INDEX, AND VALUE LINE COMPOSITE INDICES ARE
UNMANAGED INDICATORS OF STOCK MARKET PERFORMANCE.
(c) INCLUDES THE EFFECT OF THE MAXIMUM 5.75% SALES CHARGE AT THE BEGINNING OF
THE PERIOD.
(d) INCLUDES THE EFFECT OF THE APPLICABLE CONTINGENT DEFERRED SALES CHARGE AT
THE END OF THE PERIOD SHOWN FOR CLASS B AND CLASS C SHARES, RESPECTIVELY.
CLASS B SHARES ARE NOT AVAILABLE FOR NEW PURCHASES.
- --------------------------------------------------------------------------------

THE GABELLI WOODLAND SMALL CAP VALUE FUND
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
For the Six Month Period from October 1, 2004 through March 31, 2005
EXPENSE TABLE
- --------------------------------------------------------------------------------

The Expense Table below illustrates your Fund's costs in two ways:

Beginning Ending Annualized Expenses
Account Value Account Value Expense Paid During
10/01/04 03/31/05 Ratio Period*
- --------------------------------------------------------------------------------
GABELLI WOODLAND SMALL CAP VALUE FUND
- --------------------------------------------------------------------------------
ACTUAL FUND RETURN
Class AAA $1,000.00 $1,117.70 2.00% $10.56
Class A $1,000.00 $1,116.90 2.00% $10.56
Class B $1,000.00 $1,123.20 2.75% $14.56
Class C $1,000.00 $1,113.30 2.75% $14.49

HYPOTHETICAL 5% RETURN
Class AAA $1,000.00 $1,014.96 2.00% $10.05
Class A $1,000.00 $1,014.96 2.00% $10.05
Class B $1,000.00 $1,011.22 2.75% $13.79
Class C $1,000.00 $1,011.22 2.75% $13.79

SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)

The following table presents portfolio holdings as a percent of total net
assets.

GABELLI WOODLAND SMALL CAP VALUE FUND

Diversified Industrial ............................ 14.7%
Health Care ....................................... 10.7%
Consumer Products ................................. 10.3%
Business Services ................................. 9.7%
U.S. Treasury Bills ............................... 8.2%
Food and Beverage ................................. 6.1%
Computer Software and Services .................... 6.0%
Financial Services ................................ 5.1%
Hotels and Gaming ................................. 4.7%
Equipment and Supplies ............................ 4.5%
Consumer Services ................................. 3.1%
Entertainment ..................................... 3.1%
Specialty Chemicals ............................... 2.3%
Retail ............................................ 2.3%
Aerospace ......................................... 1.9%
Publishing ........................................ 1.7%
Transportation .................................... 1.6%
Manufactured Housing and
Recreational Vehicles .......................... 1.1%
Energy and Utilities .............................. 1.0%
Automotive: Parts and Accessories ................. 1.0%
Agriculture ....................................... 0.6%
Other Assets and Liabilities -- Net ............... 0.3%
------
100.0%
======

PROXY VOTING

THE GABELLI WOODLAND SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS -- 91.5%
AEROSPACE -- 1.9%
1,220 Alliant Techsystems
Inc.+ ................$ 64,856 $ 87,169
---------- ----------
AGRICULTURE -- 0.6%
940 Delta & Pine Land Co. .. 22,900 25,380
---------- ----------
AUTOMOTIVE: PARTS AND ACCESSORIES -- 1.0%
1,480 Modine
Manufacturing Co. .... 47,245 43,408
---------- ----------
BUSINESS SERVICES -- 9.7%
2,180 Acxiom Corp. ........... 39,707 45,628
3,690 Adesa Inc. ............. 61,215 86,198
5,370 Bowne & Co. Inc. ....... 72,462 80,765
1,910 Fair Isaac Corp. ....... 58,085 65,780
1,960 HNI Corp. .............. 67,540 88,102
2,180 The Brink's Co. ........ 46,356 75,428
---------- ----------
345,365 441,901
---------- ----------
COMPUTER SOFTWARE AND SERVICES -- 6.0%
1,290 Harland Co., John H. ... 39,565 44,324
4,347 Intergraph Corp.+ ...... 104,210 125,237
8,370 Stellent Inc.+ ......... 67,968 70,392
4,650 Tyler Technologies Inc.+ 41,365 35,387
---------- ----------
253,108 275,340
---------- ----------
CONSUMER PRODUCTS -- 10.3%
1,740 Alberto-Culver Co. ..... 64,901 83,276
2,030 Brunswick Corp. ........ 62,258 95,106
1,825 Church & Dwight
Co. Inc. ............. 45,865 64,733
8,230 CNS Inc. ............... 86,882 146,494
1,750 Jarden Corp.+ .......... 53,720 80,290
---------- ----------
313,626 469,899
---------- ----------
CONSUMER SERVICES -- 3.1%
5,120 Insurance Auto
Auctions Inc.+ ....... 71,500 142,592
---------- ----------
DIVERSIFIED INDUSTRIAL -- 14.7%
1,970 Albany International Corp.,
Cl. A ................ 60,227 60,834
7,380 Apogee Enterprises Inc. 83,087 105,386
1,340 Carlisle Companies Inc. 71,331 93,492
2,000 EnPro Industries Inc.+ . 57,429 55,000
290 ESCO Technologies Inc.+ 16,175 23,301
3,060 Griffon Corp.+ ......... 58,653 65,515
4,530 Material Sciences Corp.+ 53,932 60,928
3,720 Pentair Inc. ........... 86,107 145,080
1,120 Texas Industries Inc. .. 34,690 60,200
---------- ----------
521,631 669,736
---------- ----------
ENERGY AND UTILITIES -- 1.0%
1,096 ALLETE Inc. ............ 36,498 45,868
---------- ----------

MARKET
SHARES COST VALUE
------ ---- -------
ENTERTAINMENT -- 3.1%
14,790 Alloy Inc.+ ............$ 100,204 $ 86,965
5,890 Topps Co. Inc. ......... 54,952 54,247
---------- ----------
155,156 141,212
---------- ----------
EQUIPMENT AND SUPPLIES -- 4.5%
2,440 Tennant Co. ............ 91,129 94,404
1,240 Toro Co. ............... 67,132 109,740
---------- ----------
158,261 204,144
---------- ----------
FINANCIAL SERVICES -- 5.1%
3,850 BISYS Group Inc.+ ...... 58,075 60,368
4,310 NewAlliance
Bancshares Inc. ...... 65,293 60,340
4,190 TCF Financial Corp. .... 97,435 113,758
---------- ----------
220,803 234,466
---------- ----------
FOOD AND BEVERAGE -- 6.1%
7,370 Del Monte Foods Co.+ ... 70,561 79,965
2,350 PepsiAmericas Inc. ..... 38,339 53,251
3,490 Triarc Companies Inc.,
Cl. A ................ 33,480 49,558
7,070 Triarc Companies Inc.,
Cl. B ................ 74,524 97,778
---------- ----------
216,904 280,552
---------- ----------
HEALTH CARE -- 10.7%
783 Fisher Scientific
International Inc.+ .. 37,661 44,568
1,970 Laboratory Corporation of
America Holdings+ .... 67,363 94,954
3,550 Lifecore Biomedical
Inc.+ ................ 28,173 63,083
1,710 NeighborCare Inc.+ ..... 39,543 50,018
2,260 PolyMedica Corp. ....... 69,434 71,778
3,750 Possis Medical Inc.+ ... 47,140 31,388
2,530 SurModics Inc.+ ........ 58,387 80,732
2,100 West Pharmaceutical
Services Inc. ........ 55,155 50,190
---------- ----------
402,856 486,711
---------- ----------
HOTELS AND GAMING -- 4.7%
3,580 Gaylord Entertainment
Co.+ ................. 93,954 144,632
2,810 Vail Resorts Inc.+ ..... 48,974 70,952
---------- ----------
142,928 215,584
---------- ----------
MANUFACTURED HOUSING AND RECREATIONAL VEHICLES -- 1.1%
5,450 Champion Enterprises
Inc.+ ................ 58,247 51,230
---------- ----------
PUBLISHING -- 1.7%
3,340 Hollinger International Inc.,
Cl. A ................ 48,081 36,406
2,470 Journal Communications Inc.,
Cl. A ................ 45,303 40,878
---------- ----------
93,384 77,284
---------- ----------
RETAIL -- 2.3%
2,410 Gander Mountain Co.+ ... 30,381 31,571
3,360 Office Depot Inc.+ ..... 51,497 74,525
---------- ----------
81,878 106,096
---------- ----------

See accompanying notes to financial statements.

THE GABELLI WOODLAND SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (CONTINUED) -- MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS (CONTINUED)
SPECIALTY CHEMICALS -- 2.3%
1,210 Cytec Industries Inc. ..$ 46,466 $ 65,643
1,400 Fuller (H.B.) Co. ...... 35,930 40,600
---------- ----------
82,396 106,243
---------- ----------
TRANSPORTATION -- 1.6%
3,470 Laidlaw International
Inc.+ ................ 58,362 72,176
---------- ----------
TOTAL COMMON STOCKS .... 3,347,904 4,176,991
---------- ----------
PRINCIPAL
AMOUNT
------
U.S. GOVERNMENT OBLIGATIONS -- 8.2%
$376,000 U.S. Treasury Bills,
2.454% to 2.823%++,
04/21/05 to 06/23/05 . 374,061 374,115
---------- ----------
TOTAL
INVESTMENTS -- 99.7% $3,721,965 4,551,106
==========
OTHER ASSETS AND LIABILITIES
(NET) -- 0.3% ..................... 12,532
----------
NET ASSETS -- 100.0% ............... $4,563,638
==========
- ----------------
For Federal tax purposes:
Aggregate cost ..................... $3,721,965
==========
Gross unrealized appreciation ...... $ 904,116
Gross unrealized depreciation ...... (74,975)
----------
Net unrealized appreciation
(depreciation) ................... $ 829,141
==========
- --------------
+ Non-income producing security.
++ Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

THE GABELLI WOODLAND SMALL CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

ASSETS:
Investments, at value (cost $3,721,965) ............. $ 4,551,106
Cash ................................................ 34,689
Receivable from Adviser ............................. 3,275
Dividends receivable ................................ 506
Other assets ........................................ 1,110
-----------
TOTAL ASSETS ........................................ 4,590,686
-----------

LIABILITIES:
Payable for shareholder
communication fees ................................ 11,361
Payable for shareholder services fees ............... 3,913
Payable for distribution fees ....................... 1,011
Other accrued expenses .............................. 10,763
-----------
TOTAL LIABILITIES ................................... 27,048
-----------
NET ASSETS applicable to 336,532
shares outstanding ................................ $ 4,563,638
===========
NET ASSETS CONSIST OF:
Capital stock, at $0.001 par value .................. $ 337
Additional paid-in capital .......................... 3,686,739
Accumulated net investment loss ..................... (4,946)
Accumulated net realized gain
on investments .................................... 52,367
Net unrealized appreciation
on investments .................................... 829,141
-----------
NET ASSETS .......................................... $ 4,563,638
===========
SHARES OF CAPITAL STOCK:
CLASS AAA:
Net Asset Value, offering and redemption price
per share ($4,442,950 / 327,579 shares
outstanding; 100,000,000 shares authorized of
$0.001 par value) ................................. $13.56
======
CLASS A:
Net Asset Value and redemption price per share
($74,877 / 5,524 shares outstanding; 50,000,000
shares authorized of $0.001 par value) ............ $13.55
======
Maximum sales charge ................................ 5.75%
======
Maximum offering price per share (NAV / .9425,
based on maximum sales charge of 5.75% of
the offering price) ............................... $14.38
======
CLASS B:
Net Asset Value and offering price per share
($146 / 10.55 shares outstanding; 50,000,000
shares authorized of $0.001 par value) ............ $13.84(a)
======
CLASS C:
Net Asset Value and offering price per share
($45,665 / 3,418 shares outstanding; 50,000,000
shares authorized of $0.001 par value) ............ $13.36(a)
======

- -----------------
(a) Redemption price varies based on length of time held.

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends ........................................ $ 34,800
Interest ......................................... 2,404
---------
TOTAL INVESTMENT INCOME .......................... 37,204
---------
EXPENSES:
Investment advisory fees ......................... 20,978
Distribution fees -- Class AAA ................... 5,106
Distribution fees -- Class A ..................... 83
Distribution fees -- Class B ..................... 1
Distribution fees -- Class C ..................... 222
Legal and audit fees ............................. 12,112
Registration fees ................................ 10,032
Shareholder communications expenses .............. 9,296
Shareholder services fees ........................ 8,606
Custodian fees ................................... 4,563
Directors' fees .................................. 119
Miscellaneous expenses ........................... 2,583
---------
TOTAL EXPENSES BEFORE FEES WAIVED AND
EXPENSES REIMBURSED BY ADVISER ................. 73,701
---------
FEES WAIVED AND EXPENSES REIMBURSED
BY ADVISER ..................................... (31,551)
---------
TOTAL EXPENSES -- NET ............................ 42,150
---------
NET INVESTMENT LOSS .............................. (4,946)
---------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments ................. 73,584
Net change in unrealized appreciation/depreciation
on investments ................................. 366,731
---------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS ................................. 440,315
---------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ................................ $ 435,369
=========

See accompanying notes to financial statements.

THE GABELLI WOODLAND SMALL CAP VALUE FUND

STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------

SIX MONTHS ENDED
MARCH 31, 2005 PERIOD ENDED
(UNAUDITED) SEPTEMBER 30, 2004
---------------- -------------------

OPERATIONS:
Net investment loss ................................ $ (4,946) $ (33,845)
Net realized gain on investments ................... 73,584 251,438
Net change in unrealized appreciation/
depreciation on investments ...................... 366,731 302,913
----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 435,369 520,506
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net realized gains
Class AAA ........................................ (216,521) (6,975)
Class A .......................................... (3,450) (29)
Class B .......................................... (7) (1)
Class C .......................................... (2,367) (362)
----------- -----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ................ (222,345) (7,367)
----------- -----------

CAPITAL SHARE TRANSACTIONS:
Class AAA ........................................ 847,669 573,650
Class A .......................................... 24,304 41,636
Class B .......................................... 8 --
Class C .......................................... 2,367 (97,250)
----------- -----------

NET INCREASE IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS ....................... 874,348 518,036
----------- -----------

REDEMPTION FEES .................................... 36 --
----------- -----------
NET INCREASE IN NET ASSETS ......................... 1,087,408 1,031,175

NET ASSETS:
Beginning of period ................................ 3,476,230 2,445,055
----------- -----------
End of period ...................................... $ 4,563,638 $ 3,476,230
=========== ===========

See accompanying notes to financial statements.

THE GABELLI WOODLAND SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------

1. ORGANIZATION. The Gabelli Woodland Small Cap Value Fund (the "Fund") is a
series of Gabelli Equity Series Funds, Inc. (the "Corporation"), which was
organized on July 25, 1991 as a Maryland corporation. The Fund is a
non-diversified, open-end management investment company registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), and one of three
separately managed portfolios (collectively, the "Portfolios") of the
Corporation, each with four separate classes of shares known as Class AAA, Class
A, Class B and Class C. The Fund's primary objective is capital appreciation.
The Fund commenced investment operations on December 31, 2002.

THE GABELLI WOODLAND SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

For the fiscal year ended September 30, 2004, reclassifications were made to
decrease accumulated net investment loss by $33,845 and decrease accumulated net
realized gain on investments by $33,845.

For the fiscal year ended September 30, 2004, the tax character of distributions
is all ordinary income.

THE GABELLI WOODLAND SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

At September 30, 2004, the difference between book and tax basis unrealized
appreciation is primarily due to deferral of losses from wash sales for tax
purposes.

As of September 30, 2004, the components of accumulated earnings/(losses) on a
tax basis were as follows:

Undistributed ordinary income
(inclusive of short-term capital gains) ..... $188,894
Undistributed long-term capital gains ......... 17,752
Net unrealized appreciation ................... 456,892
--------
Total accumulated earnings .................. $663,538
========

3. INVESTMENT ADVISORY AGREEMENT. The Fund has entered into an investment
advisory agreement (the "Advisory Agreement") with the Adviser which provides
that the Fund will pay the Adviser a fee, computed daily and paid monthly, at
the annual rate of 1.00% of the value of the Fund's average daily net assets. In
accordance with the Advisory Agreement, the Adviser provides a continuous
investment program for the Fund's portfolio, oversees the administration of all
aspects of the Fund's business and affairs and pays the compensation of all
Officers and Directors of the Fund who are affiliates of the Adviser. The
Adviser has agreed to waive its fees and reimburse expenses of the Fund to the
extent necessary to maintain the annualized total operating expenses at 2.00%,
2.00%, 2.75% and 2.75% of average daily net assets for Class AAA, Class A, Class
B and Class C Shares, respectively. For the six months ended March 31, 2005, the
Adviser reimbursed the Fund in the amount of $31,551. The Fund is obliged to
repay the Adviser for a period of two fiscal years following the fiscal year in
which the Adviser reimbursed the Fund only to the extent that the operating
expenses of the Fund fall below 2.00%, 2.00%, 2.75% and 2.75% on an annualized
basis of average daily net assets for Class AAA, Class A, Class B and Class C,
respectively. The cumulative amount for which the Fund may repay the adviser is
$271,168.

THE GABELLI WOODLAND SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

5. PORTFOLIO SECURITIES. Purchases and proceeds from sales of securities for the
six months ended March 31, 2005, other than short-term securities, are
$1,128,144 and $607,808, respectively.

6. TRANSACTIONS WITH AFFILIATES. During the six months ended March 31, 2005, the
Fund paid brokerage commissions of $216 to Gabelli & Company. During the six
months ended March 31, 2005, Gabelli & Company informed the Fund that it
received $1,318 from investors representing commissions (sales charges and
underwriting fees) on sales and redemptions of Fund shares.

7. LINE OF CREDIT. The Fund has access to an unsecured line of credit of up to
$25,000,000 from the custodian for temporary borrowing purposes. Borrowings
under this agreement bear interest at 0.75% above the Federal Funds rate on
outstanding balances. During the six months ended March 31, 2005, there were no
borrowings from the line of credit.

8. CAPITAL STOCK TRANSACTIONS. The Fund offers four classes of shares--Class AAA
Shares, Class A Shares, Class B Shares and Class C Shares. Class AAA Shares are
offered only to investors who acquire them directly from Gabelli & Company or
through selected broker/dealers without a sales charge. Class A Shares are
subject to a maximum front-end sales charge of 5.75%. Class B Shares are subject
to a contingent deferred sales charge ("CDSC") upon redemption within six years
of purchase. The applicable CDSC is equal to a declining percentage of the
lesser of the net asset value per share at the date of the original purchase or
at the date of redemption, based on the length of time held. Class C Shares are
subject to a 1% CDSC for one year after purchase. As of July 27, 2004, Class B
Shares are available only through exchange of Class B Shares of other Funds
distributed by Gabelli & Company.

The redemption fee does not apply to shares purchased through programs that the
Adviser determined to have appropriate short-term trading policies in place.
Additionally, certain recordkeepers for qualified and non-qualified retirement
plans that could not collect the redemption fee at participant level due to
systems limitations have received an extension until March 31, 2005 to implement
such systems.

THE GABELLI WOODLAND SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)
- --------------------------------------------------------------------------------

Transactions in shares of capital stock were as follows:

SIX MONTHS ENDED
MARCH 31, 2005 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2004
----------------------- ------------------------
SHARES AMOUNT SHARES AMOUNT
------- ----------- ------- -----------
CLASS AAA CLASS AAA
----------------------- ------------------------

Shares sold ..................... 76,011 $ 1,029,851 125,294 $ 1,550,393
Shares issued upon
reinvestment of dividends ..... 15,770 212,423 579 6,880
Shares redeemed ................. (29,047) (394,605) (80,708) (983,623)
------- ----------- ------- -----------
Net increase .................... 62,734 $ 847,669 45,165 $ 573,650
======= =========== ======= ===========
CLASS A CLASS A
----------------------- ------------------------
Shares sold ..................... 1,585 $ 20,854 3,366 $ 41,607
Shares issued upon
reinvestment of dividends ..... 256 3,450 2 29
Shares redeemed ................. -- -- -- --
------- ----------- ------- -----------
Net increase .................... 1,841 $ 24,304 3,368 $ 41,636
======= =========== ======= ===========
CLASS B CLASS B
----------------------- ------------------------
Shares sold ..................... -- -- -- --
Shares issued upon
reinvestment of dividends ..... 1 $ 8 -- --
Shares redeemed ................. -- -- -- --
------- ----------- ------- -----------
Net increase .................... 1 $ 8 -- --
======= =========== ======= ===========
CLASS C CLASS C
----------------------- ------------------------
Shares sold ..................... -- -- 31 $ 362
Shares issued upon
reinvestment of dividends ..... 178 $ 2,367 -- --
Shares redeemed ................. -- -- (7,997) (97,612)
------- ----------- ------- -----------
Net increase / (decrease) ....... 178 $ 2,367 (7,966) $ (97,250)
======= =========== ======= ===========

9. OTHER MATTERS. The Adviser and/or affiliates have received subpoenas from the
Attorney General of the State of New York and SEC requesting information on
mutual fund shares trading practices. Gabelli Asset Management Inc., the
Adviser's parent company, is responding to these requests. The Fund does not
believe that these matters will have a material adverse effect on the Fund's
financial position or the results of its operations.

THE GABELLI WOODLAND SMALL CAP VALUE FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

Selected data for a share of capital stock outstanding throughout each period:

INCOME
FROM INVESTMENT OPERATIONS DISTRIBUTIONS
--------------------------------------------------- ---------------------------
Net
Net Asset Net Realized and Total Net
Period Value, Investment Unrealized from Realized
Ended Beginning Income/ Gain/(Loss) on Investment Gain on Total Redemption
September 30 of Period (Loss)(d) Investments Operations Investments Distributions Fees(d)
- ------------ --------- ---------- -------------- ---------- ----------- ------------- ----------

CLASS AAA
2005(f) $12.79 $(0.02) $1.52 $1.50 $(0.73) $(0.73) $0.00(e)
2004 10.58 (0.14) 2.38 2.24 (0.03) (0.03) --
2003(a) 10.00 (0.07) 0.65 0.58 -- -- --

CLASS A
2005(f) $12.79 $(0.01) $1.50 $1.49 $(0.73) $(0.73) $0.00(e)
2004 10.57 (0.14) 2.39 2.25 (0.03) (0.03) --
2003(a) 10.00 (0.07) 0.64 0.57 -- -- --

CLASS B
2005(f) $12.98 $(0.08) $1.67 $1.59 $(0.73) $(0.73) $0.00(e)
2004 10.59 0.02 2.40 2.42 (0.03) (0.03) --
2003(a) 10.00 (0.12) 0.71 0.59 -- -- --

CLASS C
2005(f) $12.66 $(0.07) $1.50 $1.43 $(0.73) $(0.73) $0.00(e)
2004 10.55 (0.23) 2.37 2.14 (0.03) (0.03) --
2003(a) 10.00 (0.11) 0.66 0.55 -- -- --

RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA
-------------------------------------------------------------------------------------------

Net Asset Net Assets Expenses Expenses
Period Value, End of Net Net of Before Portfolio
Ended End of Total Period Investment Waivers/ Waivers/ Turnover
September 30 Period Return+ (in 000's) Income/(Loss) Reimbursements Reimbursements(c) Rate
- ------------ --------- ------- ----------- ------------- -------------- ----------------- ----------

CLASS AAA
2005(f) $13.56 11.77% $4,443 (0.23)%(b) 2.00%(b) 3.51%(b) 15%
2004 12.79 21.22 3,388 (1.14) 2.00 5.94 45
2003(a) 10.58 5.80 2,323 (0.97)(b) 2.00(b) 15.05(b) 39

CLASS A
2005(f) $13.55 11.69% $ 75 (0.19)%(b) 2.00%(b) 3.51%(b) 15%
2004 12.79 21.34 47 (1.16) 2.00 5.94 45
2003(a) 10.57 5.70 3 (0.97)(b) 2.00(b) 15.05(b) 39

CLASS B
2005(f) $13.84 12.32% $ 0.1 (1.12)%(b) 2.75%(b) 4.48%(b) 15%
2004 12.98 22.91 0.1 0.18 2.75 6.69 45
2003(a) 10.59 5.90 0.1 (1.72)(b) 2.75(b) 15.80(b) 39

CLASS C
2005(f) $13.36 11.33% $ 46 (0.99)%(b) 2.75%(b) 4.25%(b) 15%
2004 12.66 20.33 41 (1.88) 2.75 6.69 45
2003(a) 10.55 5.50 118 (1.72)(b) 2.75(b) 15.80(b) 39

- ------------------------
+ Total return represents aggregate total return of a hypothetical $1,000
investment at the beginning of the period and sold at the end of the period
including reinvestment of dividends and does not reflect applicable sales
charges. Total return for the period of less than one year is not
annualized.
(a) From commencement of investment operations on December 31, 2002 through
September 30, 2003.
(b) Annualized.
(c) During the period, expenses were voluntarily reduced and/or reimbursed.
If such fee reductions and/or reimbursements had not occurred, the ratio
would have been as shown.
(d) Per share amounts have been calculated using the average shares outstanding
method.
(e) Amount represents less than $0.005 per share.
(f) For the period ending March 31, 2005, unaudited.

See accompanying notes to financial statements.

THE GABELLI WOODLAND SMALL CAP VALUE FUND

BOARD CONSIDERATION AND RE-APPROVAL OF ADVISORY AGREEMENT (UNAUDITED)

INVESTMENT PERFORMANCE. The independent directors reviewed the short-term
performance of the Fund since inception against a peer group of small cap value
and core funds. The directors noted that the Fund's performance was near the top
33% of the funds in its category for the relevant period.

PROFITABILITY. The independent directors reviewed summary data regarding the
lack of profitability of the Fund to the Adviser both with an administrative
overhead charge and without such a charge. The directors also noted that an
affiliated broker of the Adviser received distribution fees and minor amounts of
sales commissions and that the Adviser received a moderate level of soft dollar
research benefits through the Fund's portfolio brokerage.

ECONOMIES OF SCALE. The independent directors discussed the major elements of
the Adviser's cost structure and the relationship of those elements to potential
economies of scale. The independent directors agreed that economies of scale
were not an issue for this small and slow-growing Fund that has been
unprofitable to the Adviser.

SHARING OF ECONOMIES OF SCALE. The independent directors noted that the
investment management fee schedule for the Fund does not take into account any
potential economies of scale that may develop or any losses or diminished
profitability to the Adviser in prior years.

SERVICE AND COST COMPARISONS. The independent directors compared the expense
ratios of the investment management fee, other expenses and total expenses of
the Fund to similar expense ratios of the peer group of small cap value and core
funds and noted that the Adviser's management fee includes substantially all
administrative services of the Fund as well as investment advisory services. The
directors noted that the Fund's expense ratios after waivers were above and the
Fund's size was far below average within this group and that the Adviser had
been waiving substantial portions of its fees in order to make the Fund a more
attractive investment. The directors also noted that the management fee
structure before waivers was the same as that in effect for most of the Gabelli
funds. The directors did not compare the management fee to the fee for other
types of accounts managed by the Adviser.

CONCLUSIONS. The independent directors concluded that the Fund enjoyed highly
experienced portfolio management services, good ancillary services and an
excellent performance record during its limited life. The independent directors
also concluded that the Fund's expense ratios were reasonable in light of the
lack of profitability to the Adviser of managing the Fund, and that economies of
scale were not a factor in their thinking at this time. The directors did not
view the potential profitability of ancillary services as material to their
decision. On the basis of the foregoing and without assigning particular weight
to any single conclusion, the independent directors determined to recommend
continuation of the investment management agreement to the full Board of
Directors.

GABELLI FAMILY OF FUNDS

GABELLI UTILITIES FUND
Seeks to provide a high level of total return through a combination of capital
appreciation and current income. (MULTICLASS) TEAM MANAGED

COMSTOCK CAPITAL VALUE FUND
Seeks capital appreciation and current income. The Fund may use either long or
short positions to achieve its objective.
(MULTICLASS) PORTFOLIO MANAGER: MARTIN WEINER, CFA

THE GLOBAL FUNDS INVEST IN FOREIGN SECURITIES WHICH INVOLVE RISKS NOT ORDINARILY
ASSOCIATED WITH INVESTMENTS IN DOMESTIC ISSUES, INCLUDING CURRENCY FLUCTUATION,
ECONOMIC AND POLITICAL RISKS.

Gabelli Equity Series Funds, Inc.
THE GABELLI WOODLAND SMALL CAP VALUE FUND
One Corporate Center
Rye, New York 10580-1422
800-GABELLI
800-422-3554
FAX: 914-921-5118
WEBSITE: WWW.GABELLI.COM
E-MAIL: INFO@GABELLI.COM
Net Asset Value available daily by calling
800-GABELLI after 6:00 P.M.

BOARD OF DIRECTORS
Mario J. Gabelli, CFA Karl Otto Pohl
CHAIRMAN AND CHIEF FORMER PRESIDENT
EXECUTIVE OFFICER DEUTSCHE BUNDESBANK
GABELLI ASSET MANAGEMENT INC.

Anthony J. Colavita Anthony R. Pustorino
ATTORNEY-AT-LAW CERTIFIED PUBLIC ACCOUNTANT
ANTHONY J. COLAVITA, P.C. PROFESSOR EMERITUS
PACE UNIVERSITY

Vincent D. Enright Anthonie C. van Ekris
FORMER SENIOR VICE PRESIDENT MANAGING DIRECTOR
AND CHIEF FINANCIAL OFFICER BALMAC INTERNATIONAL, INC.
KEYSPAN ENERGY CORP.

John D. Gabelli Salvatore J. Zizza
SENIOR VICE PRESIDENT CHAIRMAN
GABELLI & COMPANY, INC. HALLMARK ELECTRICAL
SUPPLIES CORP.

Robert J. Morrissey
ATTORNEY-AT-LAW
MORRISSEY, HAWKINS & LYNCH

OFFICERS AND PORTFOLIO MANAGER
Elizabeth M. Lilly, CFA Bruce N. Alpert
PORTFOLIO MANAGER PRESIDENT AND TREASURER

James E. McKee Peter D. Goldstein
SECRETARY CHIEF COMPLIANCE OFFICER

DISTRIBUTOR
Gabelli & Company, Inc.

CUSTODIAN, TRANSFER AGENT AND DIVIDEND AGENT
State Street Bank and Trust Company

LEGAL COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP

- --------------------------------------------------------------------------------
This report is submitted for the general information of the shareholders of The
Gabelli Woodland Small Cap Value Fund. It is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.
- --------------------------------------------------------------------------------

GAB840Q105SR

[GRAPHIC OMITTED]
PICTURE OF MARIO GABELLI

THE
GABELLI
WOODLAND
SMALL CAP
VALUE
FUND
SEMI-ANNUAL REPORT
MARCH 31, 2005

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

Schedule of Investments in securities of unaffiliated issuers as of the close of
the reporting period is included as part of the report to shareholders filed
under Item 1 of this form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The Board of Directors has a Nominating Committee comprised of three
"non-interested" (as such term is defined by the Investment Company Act of 1940,
as amended) Directors, namely Anthony J. Colavita, Vincent D. Enright and Robert
J. Morrisey. The Nominating Committee is responsible for identifying and
recommending to the Board of Directors individuals believed to be qualified to
become Board members in the event that a position is vacated or created. The
Nominating Committee will consider Director candidates recommended by
shareholders. In considering candidates submitted by shareholders, the
Nominating Committee will take into consideration the needs of the Board of
Directors, the qualifications of the candidate and the interests of
shareholders. The Nominating Committee may also take into consideration the
number of shares held by the recommending shareholder and the length of time
that such shares have been held. To recommend a candidate for consideration by
the Nominating Committee, a shareholder must submit the recommendation in
writing and must include the following information:

o The name of the shareholder and evidence of the person's ownership of shares
of the Fund, including the number of shares owned and the length of time of
ownership;

o The name of the candidate, the candidate's resume or a listing of his or her
qualifications to be a Director of the Fund and the person's consent to be named
as a Director if selected by the Nominating Committee and nominated by the Board
of Directors; and

o If requested by the Nominating Committee, a completed and signed Directors
questionnaire.

The shareholder recommendation and information described above must be sent to
the Fund's Secretary c/o Gabelli Funds, LLC, James E. McKee, and must be
received by the Secretary no less than 120 days prior to the anniversary date of
the Fund's most recent annual meeting of shareholders or, if the meeting has
moved by more than 30 days, a reasonable amount of time before the meeting.

The Nominating Committee believes that the minimum qualifications for serving as
a Director of the Fund are that the individual demonstrate, by significant
accomplishment in his or her field, an ability to make a meaningful contribution
to the Board of Directors' oversight on the business and affairs of the Fund and
have an impeccable record and reputation for honest and ethical conduct in both
his or her professional and personal activities. In addition, the Nominating
Committee examines a candidate's specific experiences and skills, time
availability in light of other commitments, potential conflicts of interest and
independence from management and the Fund. The Nominating Committee also seeks
to have the Board of Directors represent a diversity of backgrounds and
experience.

The Board of Directors has adopted a Nominating Committee Charter.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or
persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the "1940
Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days
of the filing date of the report that includes the disclosure required by
this paragraph, based on their evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
270.30a-3(d)) that occurred during the registrant's second fiscal quarter
of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control
over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) Gabelli Equity Series Funds, Inc.
-------------------------------------------------------------------

By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer

Date June 6, 2005
----------------------------------------------------------------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
and Principal Financial Officer

Date June 6, 2005
----------------------------------------------------------------------------

* Print the name and title of each signing officer under his or her signature.