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Gabelli Equity Series Funds Inc – ‘N-30D’ for 3/31/03

On: Thursday, 6/5/03, at 2:29pm ET · Effective: 6/5/03 · For: 3/31/03 · Accession #: 935069-3-787 · File #: 811-06367

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 6/05/03  Gabelli Equity Series Funds Inc   N-30D       3/31/03    1:45K                                    Bowne - BGM/FA

Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Gabelli Woodland Small Cap Value - March 31, 2003     19±    75K

Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Net
1	1st Page - Filing Submission
10	Net

N-30D 1st “Page” of 12 TOC ↑Top Previous Next ↓Bottom Just 1st
THE GABELLI WOODLAND SMALL CAP VALUE FUND

SEMI-ANNUAL REPORT
MARCH 31, 2003

TO OUR SHAREHOLDERS,

This is our first opportunity to discuss the performance of the Gabelli
Woodland Small Cap Value Fund (the "Fund") since the Fund began operations on
December 31, 2002. We would like to welcome you as a new shareholder of the Fund
and thank you for entrusting your capital with us. This "Letter to Shareholders"
is an important vehicle for us to share our views on the Fund's performance, our
decision making process, and the economy and markets (although we profess to be
far from experts on the economy and the markets).

For the three months ended March 31, 2003, the Fund declined 8.00%,
under-performing its benchmark, the Russell 2000 Index, which posted a loss of
4.49%.

As inaugural investors to this new Fund, we think it is important to
explain our investment philosophy. We look to invest in good businesses operated
by excellent management teams with equity-based compensation plans that are tied
to the creation of shareholder value. Our goal is to identify businesses that
possess a competitive advantage over the competition. This competitive advantage
may be proprietary products that have stable and growing demand (e.g. Alberto
Culver, Cytyc Corporation, Intergraph Corporation), a manufacturing process that
allows the company to consistently be the low-cost producer in the industry (HON
Industries, Albany International, Tennant Corporation), or it might be a
superior management team that deploys excess capital at extraordinary returns
(TCF Financial, Triarc Corporation, Station Casinos). From time to time, we
choose to invest in companies that do not possess these qualities but are in the
process of turning around and have high potential (Wild Oats Markets, Insurance
Auto Auctions, BMC Industries). While making an investment in a turnaround
situation can generate superior returns for investors, we also are aware that
the integrity, ability and execution skills of management are more important
than ever.

One of the most challenging aspects of our job, as investors, is
evaluating management. It is also the most critical. Our goal is to partner with
leadership teams that are intelligent, honest and have a demonstrated ability to
operate the business and allocate capital above its cost of capital. We analyze
management's strategy to grow revenues, expand margins, allocate the excess cash
flow and improve the return on invested capital. It is also important to
understand the compensation of their executives, what their incentives are
comprised of and what they are geared toward. We prefer to see incentive plans
that are heavily equity-based, long term in nature and "wiggle proof" so as not
to encourage short-term irrational behavior.

The next step in our process involves valuing the business and the price
we would be willing to pay to own a part of the business (a share of stock). To
borrow a phrase from legendary investor Peter Lynch, this step is part art
(intuitive) and part science (analytical). It is our intention to invest in
companies that are valued by the stock market at least 40% below our appraisal
of that businesses' intrinsic value. To derive this valuation, we principally
rely on private market value/transaction value and discounted cash flow analysis
but also use several other methodologies and metrics. Private market value is
the value another reasonable investor would pay (or has paid in similar
transactions) to own the entire company. Discounted cash flow analysis involves
discounting the company's future free cash flows at an appropriate discount rate
and subtracting any net debt to arrive at a net present value.

N-30D 2nd “Page” of 12 TOC 1st Previous Next ↓Bottom Just 2nd
We value businesses based on our expectations for their performance over
the course of years, not the next week, month or quarter. However, the market
does not value every company this way and will often assign value based on
short-term performance. As a result, in any given quarter, there will be stocks
in the portfolio that may outperform because they are delivering financially and
gaining popularity with investors. Conversely, there will be stocks in the
portfolio that may under-perform the market because they or their industry are
"out of favor." Each shareholder letter will discuss holdings in the portfolio
that contributed to the portfolio's performance in the quarter and attempt to
provide insight on the companies that fit into those categories.

During the quarter, there were several companies that contributed
significantly to the performance. CYTYC CORPORATION (CYTC - $13.05 - NASDAQ) (up
28%) is the industry leader in Pap smear testing for women with over 60% market
share. Management has had some credibility issues over the last several quarters
but the excess inventory in the pipeline has been worked through and they have
realigned their sales force and the incentive compensation plan. We are
confident in CEO Pat Sullivan and his management team and the strategy they have
laid out to surface the value for shareholders. STATION CASINOS (STN - $21.11 -
NYSE) contributed nicely (up 19%) and management continues to execute well.
Station has a dominant position in the high barrier to entry Las Vegas locals
market. After spending a tremendous amount of capital over the last several
years to expand their reach, Station is now focused on operating the acquired
casino properties more efficiently and reducing their cost structure further.
The Fertitta family, which has run this company for years, owns 30% of the
equity. Its management is considered among the savviest operators in the gaming
industry.

Life is not without its challenges and during the quarter we experienced
several disappointments. INSURANCE AUTO AUCTIONS (IAAI - $11.00 - NASDAQ)
declined (down 33%), as the turnaround that Tom O'Brien and his team are
executing is taking longer than investors seem to have patience for. As one of
the leading operators in the automobile salvage industry, IAAI was significantly
mismanaged historically and there is tremendous room for margin expansion and
cash flow improvement. We remain confident in management and their abilities to
execute the turnaround strategy they have laid out.

NATIONAL SERVICE INDUSTRIES (NSI - $5.16 - NYSE) (down 27%) was a
disappointment in the quarter as the linen service industry and the envelope
markets both suffered economic and competitive challenges. However, in early
April it was announced that NSI was to be acquired by a private investor group
for $10 per share cash versus its quarter end price of $5.16.

There are several reasons to be encouraged about the portfolio. We
estimate the portfolio's current market value as being only 65% of what we
believe to be its intrinsic value. As patient long-term investors, experience
has shown that over time the gap between the market's valuation of a business
and its intrinsic value closes. Additionally, there are several neglected small
capitalization companies that are taking all the right steps to improve their
businesses and grow their significant free cash flows. We believe if the market
doesn't recognize the value of these businesses and their franchise over time,
management will be proactive and surface the value (e.g. Dollar Thrifty, Apogee
Enterprises and Pittston Brinks).

MULTI-CLASS SHARES

The Gabelli Woodland Small Cap Value Fund began offering multiple classes
of Fund shares on December 31, 2002. Class AAA Shares are no-load shares offered
directly by selected broker/dealers. Class A, Class B and Class C Shares are
targeted to the needs of investors who seek advice through financial
consultants. The Board of Directors believes that offering shares through
various distribution channels will enhance the ability of the Fund to attract
additional investors.

N-30D 3rd “Page” of 12 TOC 1st Previous Next ↓Bottom Just 3rd
WWW.GABELLI.COM

Please visit us on the Internet. Our homepage at www.gabelli.com contains
information about Gabelli Asset Management Inc., the Gabelli Mutual Funds, IRAs,
401(k)s, quarterly reports, closing prices and other current news. You can send
us e-mail at info@gabelli.com.

In our efforts to bring our shareholders more timely portfolio
information, Gabelli Funds' portfolio managers regularly participate in chat
sessions at www.gabelli.com as reflected below.

[Download Table]

MAY JUNE JULY
--- ---- ----

1st Tuesday Howard Ward Howard Ward Howard Ward
1st Wednesday Henry Van der Eb Susan Byrne Caesar Bryan
2nd Wednesday Caesar Bryan Walter Walsh Charles Minter & Martin Weiner
3rd Wednesday Elizabeth Lilly Ivan Arteaga Hartswell Woodson
4th Wednesday Barbara Marcin Barbara Marcin Ivan Arteaga
5th Wednesday Barbara Marcin

All chat sessions start at 4:15 PM (Eastern Time). Please arrive early, as
participation is limited.

You may sign up for our e-mail alerts at www.gabelli.com and receive early
notice of chat sessions, closing mutual fund prices, news events and media
sightings.

IN CONCLUSION

We are focusing our efforts where we believe we can add value: following a
rigorous bottom-up strategy that seeks to identify and invest in undervalued
companies with strong management teams. Our goal, and the whole purpose of
investing, is to earn an attractive rate of return on our assets over a
sustained period of time.

We appreciate your belief and support of our process and thank you for
your confidence in us.

The Fund's daily net asset value is available each evening after 6:00 PM
(Eastern Time) by calling 800-GABELLI (800-422-3554) or through financial
websites on the Internet. The Fund's Nasdaq symbol is GWSVX for the Class AAA
Shares. Please call us during the business day for further information.

Sincerely,

/S/ Elizabeth M. Lilly

Elizabeth M. Lilly
Portfolio Manager

April 28, 2003

NOTE: The views expressed in this report reflect those of the portfolio manager
only through the end of the period stated in this report. The manager's views
are subject to change at any time based on market and other conditions.

N-30D 4th “Page” of 12 TOC 1st Previous Next ↓Bottom Just 4th
THE GABELLI WOODLAND SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS -- MARCH 31, 2003 (UNAUDITED)
--------------------------------------------------------------------------------

MARKET
SHARES COST VALUE
------ ---- -------
COMMON STOCKS -- 85.6%
AEROSPACE -- 2.0%
170 Alliant Techsystems Inc.+ .$ 9,449 $ 9,182
-------- --------
AGRICULTURE -- 2.4%
490 Delta & Pine Land Co. ..... 9,863 11,079
-------- --------
BUSINESS SERVICES -- 6.5%
700 Bowne & Co. Inc. .......... 8,209 7,000
880 Danka Business
Systems plc, ADR+ ........ 4,270 3,115
270 HON Industries Inc. ....... 7,645 7,695
680 Paxar Corp.+ .............. 10,197 7,786
210 Viad Corp. ................ 4,874 4,503
-------- --------
35,195 30,099
-------- --------
COMPUTER SOFTWARE AND SERVICES -- 2.5%
670 Intergraph Corp.+ ......... 12,287 11,618
-------- --------
CONSUMER PRODUCTS -- 8.6%
350 Alberto-Culver Co., Cl. A . 17,424 16,783
600 Brunswick Corp. ........... 12,191 11,400
390 Church & Dwight Co. Inc. .. 11,972 11,840
-------- --------
41,587 40,023
-------- --------
CONSUMER SERVICES -- 5.8%
630 Dollar Thrifty Automotive
Group Inc.+ ............. 12,862 10,489
650 Insurance Auto
Auctions Inc.+ .......... 9,983 7,150
920 ServiceMaster Co. ......... 10,061 9,200
-------- --------
32,906 26,839
-------- --------
DIVERSIFIED INDUSTRIAL -- 12.2%
340 Albany International
Corp., Cl. A ............ 7,454 7,789
1,100 Apogee Enterprises Inc. ... 10,203 9,043
2,030 BMC Industries Inc.+ ...... 3,483 2,639
290 Material Sciences Corp.+ .. 3,689 2,920
500 National Service
Industries Inc. ......... 3,499 2,580
390 Pentair Inc. .............. 13,944 13,787
730 Pittson Brink's Group ..... 12,397 10,118
390 Texas Industries Inc. ..... 9,317 7,500
-------- --------
63,986 56,376
-------- --------
ELECTRONICS -- 0.5%
490 Axcelis Technologies Inc.+ 3,109 2,318
-------- --------
ENERGY AND UTILITIES -- 5.5%
770 Allete Inc. ............... 16,876 15,985
950 Key Energy Services Inc.+ . 8,723 9,576
-------- --------
25,599 25,561
-------- --------
ENTERTAINMENT -- 5.0%
1,160 Hasbro Inc. ............... 13,751 16,112
850 Topps Co. Inc.+ ........... 7,515 7,208
-------- --------
21,266 23,320
-------- --------
EQUIPMENT AND SUPPLIES -- 2.8%
420 Tennant Co. ............... 14,246 13,230
-------- --------
FINANCIAL SERVICES -- 3.1%
360 TCF Financial Corp. ....... 15,550 14,414
-------- --------
FOOD AND BEVERAGE -- 6.1%
590 Del Monte Foods Co.+ ...... 5,054 4,401

MARKET
SHARES COST VALUE
------ ---- -------
250 IHOP Corp. ................$ 5,888 $ 5,635
650 Triarc Companies Inc.+ .... 17,206 18,103
-------- --------
28,148 28,139
-------- --------
HEALTH CARE -- 3.2%
160 Apria Healthcare
Group Inc.+ ............. 3,694 3,738
770 Cytyc Corp.+ .............. 8,412 10,048
30 Laboratory Corporation of
America Holdings+ ....... 894 890
-------- --------
13,000 14,676
-------- --------
HOTELS AND GAMING -- 4.5%
780 Gaylord Entertainment Co.+ 15,958 14,001
320 Station Casinos Inc.+ ..... 5,802 6,755
-------- --------
21,760 20,756
-------- --------
PUBLISHING -- 3.4%
1,510 Hollinger
International Inc. ...... 15,208 11,929
150 Scholastic Corp.+ ......... 5,571 4,035
-------- --------
20,779 15,964
-------- --------
RETAIL -- 5.6%
250 Dillard's Inc., Cl. A ..... 4,081 3,230
610 Office Depot Inc.+ ........ 8,314 7,216
920 Sports Authority Inc.+ .... 6,394 6,421
1,010 Wild Oats Markets Inc.+ ... 10,173 9,353
-------- --------
28,962 26,220
-------- --------
SPECIALTY CHEMICALS -- 4.6%
330 Cytec Industries Inc.+ .... 9,083 9,191
520 Fuller (H.B.) Co. ......... 13,561 12,022
-------- --------
22,644 21,213
-------- --------
TRANSPORTATION -- 1.3%
860 Northwest Airlines Corp.+ . 6,878 5,934
-------- --------
TOTAL COMMON STOCKS ....... 427,214 396,961
-------- --------
PRINCIPAL
AMOUNT
---------
U.S. GOVERNMENT OBLIGATIONS -- 13.1%
$61,000 U.S. Treasury Bill,
1.120%++, 04/24/03 ...... 60,954 60,956
-------- --------
TOTAL
INVESTMENTS -- 98.7% ....$488,168 457,917
========
OTHER ASSETS AND
LIABILITIES (NET) -- 1.3% ........ 5,835
--------
NET ASSETS -- 100.0% ............... $463,752
========
----------------
For Federal tax purposes:
Aggregate cost ..................... $488,168
========
Gross unrealized appreciation ...... $ 8,481
Gross unrealized depreciation ...... (38,732)
--------
Net unrealized depreciation ........ $(30,251)
========
----------------
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR - American Depository Receipt.

See accompanying notes to financial statements.

N-30D 5th “Page” of 12 TOC 1st Previous Next ↓Bottom Just 5th
THE GABELLI WOODLAND SMALL CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2003 (UNAUDITED)*
--------------------------------------------------------------------------------

ASSETS:
Investments, at value (Cost $488,170) ....................... $ 457,917
Cash ........................................................ 575
Dividends and interest receivable ........................... 118
Receivable from advisor ..................................... 20,181
---------
TOTAL ASSETS ................................................ 478,791
---------
LIABILITIES:
Payable for investments purchased ........................... 895
Payable for investment advisory fees ........................ 924
Payable for distribution fees ............................... 92
Payable for legal and audit fees ............................ 4,809
Payable for registration fees ............................... 4,790
Other accrued expenses ...................................... 3,529
---------
TOTAL LIABILITIES ........................................... 15,039
---------
NET ASSETS .................................................. $ 463,752
=========
NET ASSETS CONSIST OF:
Capital stock, at par value ................................. $ 50
Additional paid-in capital .................................. 495,069
Accumulated net investment loss ............................. (763)
Accumulated net realized loss on investments ................ (351)
Net unrealized depreciation on investments .................. (30,253)
---------
TOTAL NET ASSETS ............................................ $ 463,752
=========
SHARES OF BENEFICIAL INTEREST ($0.001 PAR VALUE):
CLASS AAA:
NET ASSET VALUE, offering and redemption
price per share (50,354 shares outstanding) ............... $9.20
=====
CLASS A:
NET ASSET VALUE, offering and redemption
price per share (10 shares outstanding) ................... $9.20
=====
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 at March 31, 2003) ..................... $9.76
=====
CLASS B:
NET ASSET VALUE, offering and redemption
price per share (10 shares outstanding) ................... $9.20(a)
=====
CLASS C:
NET ASSET VALUE and offering
price per share (10 shares outstanding) ................... $9.20(a)
=====

STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED MARCH 31, 2003 (UNAUDITED)*
--------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends ................................................. $ 888
Interest .................................................. 182
--------
TOTAL INVESTMENT INCOME ................................... 1,070
--------
EXPENSES:
Investment advisory fees .................................. 924
Distribution fees ......................................... 231
Shareholder services fees ................................. 3,844
Shareholder communications expenses ....................... 2,243
Custodian fees ............................................ 3,204
Legal and audit fees ...................................... 4,809
Registration fees ......................................... 6,407
Miscellaneous expenses .................................... 352
--------
TOTAL EXPENSES BEFORE FEES
WAIVED BY MANAGER ....................................... 22,014
--------
FEES WAIVED BY MANAGER .................................... (20,181)
--------
TOTAL EXPENSES -- NET ..................................... 1,833
--------
NET INVESTMENT LOSS ....................................... (763)
--------
NET REALIZED AND UNREALIZED GAIN/
(LOSS) ON INVESTMENTS
Net realized loss on investments .......................... (351)
Net change in unrealized depreciation
on investments .......................................... (30,253)
--------
NET REALIZED AND UNREALIZED LOSS
ON INVESTMENTS .......................................... (30,604)
--------
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS ......................................... $(31,367)
========

---------------------
* For the period December 31, 2002 (commencement of operations) through March
31, 2003.
(a) Redemption price varies based on length of time held.

See accompanying notes to financial statements.

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THE GABELLI WOODLAND SMALL CAP VALUE FUND

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

PERIOD ENDED
MARCH 31, 2003
(UNAUDITED)*
--------------
OPERATIONS:
Net investment loss .......................................... $ (763)
Net realized gain/(loss) on investments ...................... (351)
Net change in unrealized depreciation on investments ......... (30,253)
---------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS ......... (31,367)
---------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued
Class AAA .................................................. 496,901
Class A .................................................... 100
Class B .................................................... 100
Class C .................................................... 100
---------
497,201
---------
Cost of shares redeemed
Class AAA .................................................. (2,082)
Class A .................................................... --
Class B .................................................... --
Class C .................................................... --
---------
(2,082)
---------
Net increase in net assets from capital share transactions ... 495,119
---------
NET INCREASE IN NET ASSETS ................................... 463,752
NET ASSETS:
Beginning of period .......................................... --
---------
End of period ................................................ $ 463,752
=========

----------------
*For the period December 31, 2002 (commencement of operations) through March 31,
2003.

See accompanying notes to financial statements.

N-30D 7th “Page” of 12 TOC 1st Previous Next ↓Bottom Just 7th
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 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.

2. SIGNIFICANT ACCOUNTING POLICIES. The preparation of financial statements in
accordance with accounting principals generally accepted in the United States
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, quoted by the National Association of Securities
Dealers Automated Quotations, Inc. ("Nasdaq") 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 on that exchange or market 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 so determines, by such other method as the Board
of Directors 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. 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 of Directors. Short term debt securities with
remaining maturities of 60 days or less are valued at amortized cost, unless the
Board of Directors determines such does not reflect the securities' fair value,
in which case these securities will be valued at their fair value as determined
by the Directors. 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. Options are valued at the
last sale price on the exchange on which they are listed. If no sales of such
options have taken place that day, they will be valued at the mean between their
closing bid and asked prices.

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
of Directors. 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 100% of the dollar

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

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.

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.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders are recorded on the ex-dividend date. Income distributions and
capital gain distributions are determined in accordance with income tax
regulations which may differ from accounting principles generally accepted in
the United States.

EXPENSES. Certain administrative expenses are common to, and allocated among,
the Portfolios. Such allocations are made on the basis of each Portfolio's
average net assets or other criteria directly affecting the expenses as
determined by the Adviser.

PROVISION FOR INCOME TAXES. The Fund intends to qualify as a regulated
investment company under Subchapter M of the Internal Revenue Code of 1986, as
amended. As a result, a Federal income tax provision is not 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.

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 its affiliates. The Adviser has
agreed to reimburse expenses of the Fund to the extent necessary to maintain the
annualized total operating expenses of the Fund (exclusive of interest expense)
at 2.00% of the value of the Fund's average daily net assets. For the quarter
ended March 31, 2003, the Adviser reimbursed the Fund in the amount of $20,181.
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% of average daily
net assets.

4. DISTRIBUTION PLAN. The Fund's Board of Directors has adopted a distribution
plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. For the quarter
ended March 31, 2003, the Class AAA shares incurred distribution costs payable
to Gabelli & Company, Inc., an affiliate of the Adviser, of $231, or 0.25% of
average daily net assets, the annual limitation under the Plan. Such payments
are accrued daily and paid monthly.

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

For the quarter ended March 31, 2003, the Class A, Class B and Class C Shares
did not incur distribution costs payable to Gabelli & Company, Inc., an
affiliate of the Adviser. Under the Plan, such amounts are limited to 0.25%,
1.00% and 1.00% of average daily net assets for Class A Shares, Class B Shares
and Class C Shares, respectively. Such payments are accrued daily and paid
monthly.

5. PORTFOLIO SECURITIES. Purchases and sales of securities for the quarter ended
March 31, 2003, other than short term securities, aggregated $438,391 and
$10,837, respectively.

6. CAPITAL STOCK TRANSACTIONS. Transactions in shares of capital stock were as
follows:

SIX MONTHS ENDED
MARCH 31, 2003
(UNAUDITED)
---------------------
SHARES AMOUNT
---------- ----------
CLASS AAA
Shares sold ....................................... 50,581 $496,901
Shares issued upon reinvestment of dividends ...... -- --
Shares redeemed ................................... (227) (2,082)
------ --------
Net increase in Class AAA shares .................. 50,354 $494,819
====== ========
CLASS A
Shares sold ....................................... 10 $ 100
Shares issued upon reinvestment of dividends ...... -- --
Shares redeemed ................................... -- --
------ --------
Net increase in Class A shares .................... 10 $ 100
====== ========
CLASS B
Shares sold ....................................... 10 $ 100
Shares issued upon reinvestment of dividends ...... -- --
Shares redeemed ................................... -- --
------ --------
Net increase in Class B shares .................... 10 $ 100
====== ========
CLASS C
Shares sold ....................................... 10 $ 100
Shares issued upon reinvestment of dividends ...... -- --
Shares redeemed ................................... -- --
------ --------
Net increase in Class C shares .................... 10 $ 100
====== ========

N-30D 10th “Page” of 12 TOC 1st Previous Next ↓Bottom Just 10th
THE GABELLI WOODLAND SMALL CAP VALUE FUND
FINANCIAL HIGHLIGHTS (UNAUDITED)
--------------------------------------------------------------------------------

Selected data for a share of beneficial interest outstanding throughout each
period:

[Enlarge/Download Table]

OPERATING PERFORMANCE DISTRIBUTIONS TO SHAREHOLDERS
------------------------------------------------- ------------------------------------
NET
REALIZED
NET ASSET NET AND TOTAL NET NET
VALUE, INVESTMENT UNREALIZED FROM NET REALIZED ASSET VALUE,
PERIOD ENDED BEGINNING INCOME GAIN (LOSS) ON INVESTMENT INVESTMENT GAIN ON TOTAL END OF
MARCH 31 OF PERIOD(A) (LOSS)(C) INVESTMENTS OPERATIONS INCOME INVESTMENTS DISTRIBUTIONS PERIOD
------------ ------------ ---------- -------------- ---------- ---------- ----------- ------------- ------------

CLASS AAA
2003 $10.00 $(0.02) $(0.78) $(0.80) -- -- -- $9.20
CLASS A
2003 $10.00 $(0.02) $(0.78) $(0.80) -- -- -- $9.20
CLASS B
2003 $10.00 $(0.02) $(0.78) $(0.80) -- -- -- $9.20
CLASS C
2003 $10.00 $(0.02) $(0.78) $(0.80) -- -- -- $9.20

[Enlarge/Download Table]

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

NET
NET ASSETS, INVESTMENT EXPENSES EXPENSES
END OF INCOME (LOSS) NET OF BEFORE PORTFOLIO
PERIOD ENDED TOTAL PERIOD TO AVERAGE WAIVERS/ WAIVERS/ TURNOVER
MARCH 31 RETURN+ IN (000'S) NET ASSETS REIMBURSEMENTS REIMBURSEMENTS(B) RATE
------------ ------- ----------- ------------ -------------- ----------------- ----------

CLASS AAA
2003 (8.00)% $463 (0.84)%(d) 2.00%(d) 23.83%(d) 3%
CLASS A
2003 (8.00)% $0.1 (1.07)%(d) 2.00%(d) 22.43%(d) 3%
CLASS B
2003 (8.00)% $0.1 (0.82)%(d) 2.75%(d) 23.18%(d) 3%
CLASS C
2003 (8.00)% $0.1 (0.82)%(d) 2.75%(d) 23.18%(d) 3%

-------------
+ 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. Total return for the period of less
than one year is not annualized.
(a) As of December 31, 2002, the commencement of investment operations.
(b) During the period, certain fees were voluntarily reduced and/or reimbursed.
If such fee reductions and/or reimbursements had not occurred, the ratio
would have been as shown.
(c) Per share amounts have been calculated using the monthly average shares
outstanding method.
(d) Annualized.

See accompanying notes to financial statements.

N-30D 11th “Page” of 12 TOC 1st Previous Next ↓Bottom Just 11th
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. (CLASS AAA-NO-LOAD)
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.
(CLASS AAA-NO-LOAD) PORTFOLIO MANAGER: BARBARA MARCIN, CFA

GABELLI 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.
(CLASS AAA-NO-LOAD) PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

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. (CLASS AAA-NO-LOAD)
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 ___________________________________
GABELLI 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. (CLASS AAA-NO-LOAD)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA

GABELLI 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

GABELLI 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. (CLASS AAA-NO-LOAD)
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. (CLASS AAA-NO-LOAD) 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

SMALL CAP GROWTH __________________________
GABELLI WESTWOOD SMALLCAP EQUITY FUND
Seeks to invest primarily in smaller capitalization equity securities - market
caps of $1.5 billion or less. The Fund's primary objective is long-term capital
appreciation. (MULTICLASS)
CO-PORTFOLIO MANAGERS: CHRISTOPHER J. MACDONALD, CFA
THOMAS W. COLER, CPA, CFA

FIXED INCOME ________________________________
GABELLI 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). THE PROSPECTUS GIVES A
MORE COMPLETE DESCRIPTION OF THE FUND, INCLUDING FEES AND EXPENSES. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.

N-30D Last “Page” of 12 TOC 1st Previous Next ↓Bottom Just 12th
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
INVESTMENT 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

James E. McKee Gus Coutsouros
SECRETARY VICE PRESIDENT AND TREASURER

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.
--------------------------------------------------------------------------------

GAB840Q103SR

[GRAPHIC OMITTED]
PICTURE OF MARIO GABELLI
THE
GABELLI
WOODLAND
SMALL CAP
VALUE
FUND
SEMI-ANNUAL REPORT
MARCH 31, 2003

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Dates Referenced Herein and Documents Incorporated by Reference

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Filed on / Effective on:	6/5/03			N-30D
	4/28/03	3
For Period End:	3/31/03	1	12	N-30D, NSAR-A
	12/31/02	1	10	497, N-30B-2
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