# EDGAR Filing Document

**Accession Number:** 0000901246
**File Stem:** 0001387131-23-003231
**Filing Date:** 2023-3
**Character Count:** 110380
**Document Hash:** 603735e73dadb6c691b7000207ba92b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-003231.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001387131-23-003231

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GABELLI CAPITAL SERIES FUNDS INC
- **CENTRAL INDEX KEY:** 0000901246
- **IRS NUMBER:** 133761834
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07644
- **FILM NUMBER:** 23720125

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 8004223554

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WCC CAPITAL GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### GABELLI CAPITAL ASSET FUND (Series ID: S000001060)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002849 | CLASS AAA    |  |

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

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-07644</u> 

<u>Gabelli Capital Series Funds, Inc.</u> <br> (Exact name of registrant as specified in charter)

<u>One Corporate Center Rye, New York 10580-1422</u> <br> (Address of principal executive offices) (Zip code)

<u>John C. Ball Gabelli Funds, LLC One Corporate Center Rye, New York 10580-1422</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-800-422-3554</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2022</u>

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. § 3507.

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Report to Shareholders is attached herewith.

---

| | | |
|:---|:---|:---|
| **■** | **Gabelli Capital Asset Fund**  | ***Annual Report*** |
| | | ***To Contractowners*** |

---

---

| | |
|:---|:---|
| **Objective:** <br> Growth of capital. Current income is a secondary objective<br>**Portfolio:** <br> At least 80% common stocks and securities convertible into common stocks<br>**Inception Date:** <br> May 1, 1995<br>**Net Assets at** <br> **December 31, 2022:** <br> $63,149,345<br>| **An Update from Fund Management (Unaudited)**<br>Markets declined in the first quarter of 2022 with the S&P 500 Index falling 4.6%, the first quarterly drop since the severe market downturn in Q1 2020 when COVID-19 was first detected in the U.S. Two years of a macro environment underpinned by economic reopening and expansion was finally replaced by one with significantly elevated inflation, rising interest rates, and the first major war in Europe in over 70 years. In March, the Federal Reserve finally began raising interest rates, increasing the Fed Funds target rate 25 bps from ¼ to ½ percent. The meeting minutes indicated that "many" participants noted that inflation is well above the FOMC objective of 2% and that hawkish policy would be required to combat further inflation.<br>The second fiscal quarter brought some of the biggest market declines in years as the reality of higher interest rates and the increasing prospect of a global slowdown took hold. While the rotation to Value that began in late 2021 continued into the year, by the end of Q2 there was no place to hide as energy stocks and other statistically cheap securities succumbed to the selling. Despite this news, the labor market remained tight, consumers held $2.7 trillion in savings, job prospects were ample, and supply chain issues continued slowly resolving,<br>The third quarter was an ugly one for financial markets. The S&P 500 Index declined just under 5%, but with markets down about 9% in September – the worst monthly performance since March 2020 – it felt even worse. As has been the case throughout 2022, inflation, the prospect of a recession, Fed policy, and geopolitics have dominated the news and market sentiment, which is decidedly negative.<br>Most of the sectors that make up the S&P 500 were up in the fourth quarter, with the energy sector up the most at over 22%. Only two sectors fell during the quarter, with discretionary down about 10% and communication services down just over 1%. With interest rates rising in the quarter, value stocks significantly outperformed growth stocks, as investors started to favor companies with good free cash flow and dividends.<br>Among the Fund's top contributors were Aerojet Rocketdyne Holdings Inc. (3.4% of net assets as of December 31, 2022), a manufacturer of aerospace and defense products and systems for defense and space applications and a leading technology based designer and developer for the U.S. government. On December 18, 2022, the company announced it had agreed to be acquired by L3Harris for $58 per share, in an all cash transaction valued at $4.7 billion, inclusive of debt. The transaction is expected to close in 2023; and CTS Corp. (2.3%), designer and manufacturer of highly engineered electronic components, sensors, accelerator pedal modules, actuators and engineered products. The company strategically expanded its presence in industrial and medical markets through multiple acquisitions and beyond its core transportation market. Operational improvement, cost discipline, and pricing improvements help the company manage inflationary factors and supply chain headwinds.<br>Detractors from the Fund's performance were Sony Group Corp. (2.6%), a global conglomerate which designs, develops, produces, and sells direct to consumer electronic equipment, instruments, and devices for the consumer, professional, and industrial markets in Japan, the United States, Europe, China, the Asia-Pacific, and internationally. Deteriorating economic conditions and continued supply chain constraints forced the company to scale back production earlier in the year; and Paramount Global, Cl. A (2.3%), the product of the December 2019 recombination of Viacom and CBS. Paramount (formerly ViacomCBS), a globally scaled content company which leveraged its brand to better navigate the shifts in consumer behavior and monetization primarily through the successful launch of its Paramount+ direct-to-consumer platform. Despite strong growth in these areas, company EPS was down over 40% year-over-year due to continued heavy investment in content and marketing.<br>Thank you for your investment in the Gabelli Capital Asset Fund.<br>We appreciate your confidence and trust.<br>|

---

*The views expressed above are those of the Gabelli Capital Asset Fund's portfolio manager as of December 31, 2022 and are subject to change without notice. They do not necessarily represent the current views of Gabelli Funds, LLC (the Adviser). The views expressed herein are based on current market conditions and are not intended to predict or guarantee the future performance of any Fund, any individual security, any market, or market segment. The composition of the Fund's portfolio is subject to change. No recommendation is made with respect to any security discussed herein.* 

***About information in this report:***

• It
 is important to consider carefully the Fund's investment objectives, risks, fees,
 and expenses before investing. All funds involve some risk, including possible loss of
 the principal amount invested.

GABELLI CAPITAL ASSET FUND<sub>1</sub>

---

| | | |
|:---|:---|:---|
| **■** | **Gabelli Capital Asset Fund**  | ***Annual Report*** |
| | | ***To Contractowners*** |

---

**Top Ten Holdings** ***(As of 12/31/2022)* (Unaudited)**

---

| | |
|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Company** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage of**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;Diageo plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerojet Rocketdyne Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indus Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown-Forman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6% |

---

**Sector Weightings** ***(Percentage of Net Assets as of 12/31/2022)* (Unaudited)**

![](capitalassetncsr001.jpg)

**Average Annual Returns** ***(For periods ended 12/31/2022)* (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** | **15 Year** | **Since<br> Inception<br> (5/1/1995)** |
| &nbsp;&nbsp;The Gabelli Capital Asset Fund | (12.92)% | 3.46% | 7.49% | 6.33% | 9.18% |
| &nbsp;&nbsp;S&P 500 Index | (18.11) | 9.42 | 12.56 | 8.81 | 9.58 (a) |

---

The Standard & Poor's ("S&P") 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. Please note that the indices are unmanaged and not available for direct investment and its returns consider dividends as reinvested and do not reflect the fees and expenses that have been deducted from the Fund.

(a) The S&P 500 Index since inception performance results are as of April 30, 1995.

***About information in this report:***

**All performance data quoted are historical and the results represent past performance and neither guarantee nor predict future investment results.** To obtain performance data current to the most recent month (availability within seven business days of the most recent month end), please call us at (800) 221-3253 or visit our website at www.guardianlife.com. Current performance may be higher or lower than the performance quoted here. Investment returns and the principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.

Total return figures are historical and assume the reinvestment of distributions and the deduction of all Fund expenses. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. The return figures shown do not reflect the deduction of taxes that a contractowner may pay on distributions or redemption of units.

---

| | |
|:---|:---|
| **2** | GABELLI CAPITAL ASSET FUND |

---

---

| | | |
|:---|:---|:---|
| **■** | **Gabelli Capital Asset Fund**  | ***Annual Report*** |
| | | ***To Contractowners*** |

---

**Growth of a Hypothetical $10,000 Investment (Unaudited)**

To give you a comparison, this chart shows you the performance of a hypothetical $10,000 investment made in the Fund and in the S&P 500 Index. Index returns do not include the fees and expenses of the Fund, but do include the reinvestment of distributions.

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns\* | Average Annual Total Returns\* | Average Annual Total Returns\* | Average Annual Total Returns\* |
|  | 1 Year | 5 Year | 10 Year |
| &nbsp;&nbsp;&nbsp;Investment | (12.92)% | 3.46% | 7.49% |

---

![](capitalassetncsr002.jpg)

\* Past performance is not predictive of future results. The S&P 500 Index is an unmanaged indicator of stock market performance.

*The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. 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-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.*

**Proxy Voting**

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

GABELLI CAPITAL ASSET FUND<sub>3</sub>

---

| | | |
|:---|:---|:---|
| **■** | **Gabelli Capital Asset Fund**  | ***Annual Report*** |
| | | ***To Contractowners*** |

---

**Disclosure of Fund Expenses (Unaudited)**

For the Six Month Period from July 1, 2022 through December 31, 2022.

**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 would be 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 year ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning** <br> **Account Value** <br> **July 1, 2022**  | **Ending** <br> **Account Value** <br> **December 31, 2022**  | **Annualized** <br> **Expense** <br> **Ratio**  | **Expenses** <br> **Paid During** <br> **Period\***  |
| &nbsp;&nbsp;*The Gabelli Capital Asset Fund* |  |  |  |  |
| &nbsp;&nbsp;**Actual Fund Return** | $1000.00 | $1065.90 | 1.39% | $&nbsp;&nbsp;&nbsp;&nbsp;7.24 |
| &nbsp;&nbsp;**Hypothetical 5% Return** | $1000.00 | $1018.20 | 1.39% | $&nbsp;&nbsp;&nbsp;&nbsp;7.07 |

---

\* 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 (184 days), then divided by 365.

---

| | |
|:---|:---|
| **4** | GABELLI CAPITAL ASSET FUND |

---

**■** Gabelli
 Capital Asset Fund

**Schedule of Investments**

---

| | | | |
|:---|:---|:---|:---|
| December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 |
| *Shares* |  | *Cost* | *Market <br> Value* |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Aerospace and Defense — 7.6%** | **Aerospace and Defense — 7.6%** |  |  |
| 38000 | Aerojet Rocketdyne Holdings Inc.† | $132168 | $2125340 |
| 10600 | HEICO Corp. | 50289 | 1628584 |
| 2200 | Honeywell International Inc. | 68603 | 471460 |
| 27000 | Kaman Corp. | 357063 | 602100 |
|  |  | 608123 | 4827484 |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** |  |  |
| 2500 | Archer-Daniels-Midland Co. | 53100 | 232125 |
| **Automobiles and Components — 0.5%** | **Automobiles and Components — 0.5%** |  |  |
| 5500 | Dana Inc. | 103013 | 83215 |
| 2299 | Garrett Motion Inc.† | 8962 | 17518 |
| 40000 | Iveco Group NV† | 198759 | 237983 |
|  |  | 310734 | 338716 |
| **Building and Construction — 2.6%** | **Building and Construction — 2.6%** |  |  |
| 11200 | Griffon Corp. | 130280 | 400848 |
| 9500 | Herc Holdings Inc. | 325600 | 1249915 |
|  |  | 455880 | 1650763 |
| **Commercial and Professional Services — 0.9%** | **Commercial and Professional Services — 0.9%** |  |  |
| 3600 | Rollins Inc. | 3814 | 131544 |
| 3000 | Waste Management Inc. | 110811 | 470640 |
|  |  | 114625 | 602184 |
| **Consumer Durables — 4.4%** | **Consumer Durables — 4.4%** |  |  |
| 2900 | Cavco Industries Inc.† | 84061 | 656125 |
| 9000 | Skyline Champion Corp.† | 43076 | 463590 |
| 21500 | Sony Group Corp., ADR | 406430 | 1640020 |
|  |  | 533567 | 2759735 |
| **Consumer Services — 1.1%** | **Consumer Services — 1.1%** |  |  |
| 6500 | Boyd Gaming Corp. | 71869 | 354445 |
| 11500 | Canterbury Park Holding Corp. | 126480 | 359490 |
|  |  | 198349 | 713935 |
| **Consumer Staples — 10.2%** | **Consumer Staples — 10.2%** |  |  |
| 28700 | Brown-Forman Corp., Cl. A | 286070 | 1887312 |
| 4000 | Campbell Soup Co. | 183855 | 227000 |
| 37000 | Danone SA, ADR | 397657 | 389055 |
| 13400 | Diageo plc, ADR | 553382 | 2387746 |
| 12500 | Fomento Economico Mexicano SAB de CV, ADR | 489225 | 976500 |
| 5400 | National Beverage Corp.† | 245855 | 251262 |
| 2500 | The Coca-Cola Co. | 61235 | 159025 |
| 3200 | Tootsie Roll Industries Inc. | 51682 | 136224 |
|  |  | 2268961 | 6414124 |
| **Diversified Industrial — 4.1%** | **Diversified Industrial — 4.1%** |  |  |
| 10600 | Crane Holdings Co. | 324424 | 1064770 |
| 1100 | EnPro Industries Inc. | 51413 | 119559 |
| 14000 | ITT Inc. | 265632 | 1135400 |
| 17900 | L.B. Foster Co., Cl. A† | 275690 | 173272 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Shares* |  | *Cost* | *Market <br> Value* |
| 1700 | Textron Inc. | $93336 | $120360 |
|  |  | 1010495 | 2613361 |
| **Electrical Equipment — 4.4%** | **Electrical Equipment — 4.4%** |  |  |
| 12000 | AMETEK Inc. | 59782 | 1676640 |
| 13000 | Franklin Electric Co. Inc. | 77478 | 1036750 |
| 300 | Rockwell Automation Inc. | 14247 | 77271 |
|  |  | 151507 | 2790661 |
| **Energy — 2.8%** | **Energy — 2.8%** |  |  |
| 1700 | Chevron Corp. | 106216 | 305133 |
| 4000 | ConocoPhillips | 84007 | 472000 |
| 4400 | Devon Energy Corp. | 42991 | 270644 |
| 6500 | Dril-Quip Inc.† | 156275 | 176605 |
| 2800 | Exxon Mobil Corp. | 122976 | 308840 |
| 30000 | RPC Inc. | 127413 | 266700 |
|  |  | 639878 | 1799922 |
| **Entertainment — 3.2%** | **Entertainment — 3.2%** |  |  |
| 74500 | Paramount Global, Cl. A | 2692700 | 1460945 |
| 2500 | The Walt Disney Co.† | 44175 | 217200 |
| 17000 | Vivendi SE | 184186 | 162214 |
| 17000 | Warner Bros Discovery Inc.† | 203100 | 161160 |
|  |  | 3124161 | 2001519 |
| **Financials — 14.7%** | **Financials — 14.7%** |  |  |
| 8400 | American Express Co. | 185693 | 1241100 |
| 6000 | Bank of America Corp. | 158007 | 198720 |
| 30600 | Indus Realty Trust Inc., REIT | 499950 | 1942794 |
| 3500 | JPMorgan Chase & Co. | 100288 | 469350 |
| 800 | Marsh & McLennan Companies Inc. | 20832 | 132384 |
| 12000 | Morgan Stanley | 337603 | 1020240 |
| 3500 | PROG Holdings Inc.† | 15272 | 59115 |
| 7900 | Ryman Hospitality Properties Inc., REIT | 195063 | 646062 |
| 11500 | State Street Corp. | 666574 | 892055 |
| 37000 | The Bank of New York Mellon Corp. | 1024313 | 1684240 |
| 24000 | Wells Fargo & Co. | 718882 | 990960 |
|  |  | 3922477 | 9277020 |
| **Health Care — 1.4%** | **Health Care — 1.4%** |  |  |
| 11000 | Henry Schein Inc.† | 222531 | 878570 |
| **Information Technology — 5.8%** | **Information Technology — 5.8%** |  |  |
| 14500 | Corning Inc. | 165170 | 463130 |
| 37400 | CTS Corp. | 360165 | 1474308 |
| 5000 | Diebold Nixdorf Inc.† | 22490 | 7100 |
| 4000 | EchoStar Corp., Cl. A† | 69708 | 66720 |
| 10000 | Texas Instruments Inc. | 209500 | 1652200 |
|  |  | 827033 | 3663458 |
| **Machinery — 11.1%** | **Machinery — 11.1%** |  |  |
| 18000 | CIRCOR International Inc.† | 434339 | 431280 |
| 122000 | CNH Industrial NV | 713699 | 1959320 |
| 1600 | Deere & Co. | 46240 | 686016 |
| 14000 | Flowserve Corp. | 308639 | 429520 |
| 18500 | Graco Inc. | 369405 | 1244310 |

---

See accompanying notes to financial statements.

**5**

**■** Gabelli
 Capital Asset Fund

**Schedule of Investments (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 |
| *Shares* |  | *Cost* | *Market <br> Value* |
| **Common Stocks (Continued)** | **Common Stocks (Continued)** | **Common Stocks (Continued)** | **Common Stocks (Continued)** |
| **Machinery (Continued)** | **Machinery (Continued)** |  |  |
| 2200 | IDEX Corp. | $89825 | $502326 |
| 1200 | Snap-on Inc. | 253614 | 274188 |
| 8000 | The Eastern Co. | 98352 | 154240 |
| 74010 | The L.S. Starrett Co., Cl. A† | 587899 | 544713 |
| 1200 | Watts Water Technologies Inc., Cl. A | 19728 | 175476 |
| 5400 | Xylem Inc. | 154618 | 597078 |
|  |  | 3076358 | 6998467 |
| **Materials — 7.7%** | **Materials — 7.7%** |  |  |
| 45000 | Ampco-Pittsburgh Corp.† | 131670 | 112950 |
| 36000 | Freeport-McMoRan Inc. | 602601 | 1368000 |
| 1500 | International Flavors & Fragrances Inc. | 83590 | 157260 |
| 68000 | Myers Industries Inc. | 789432 | 1511640 |
| 36000 | Newmont Corp. | 1207104 | 1699200 |
| 400 | Sensient Technologies Corp. | 8052 | 29168 |
|  |  | 2822449 | 4878218 |
| **Media — 7.6%** | **Media — 7.6%** |  |  |
| 3000 | AMC Networks Inc., Cl. A† | 48772 | 47010 |
| 10000 | Cogeco Inc. | 195072 | 469498 |
| 12000 | DISH Network Corp., Cl. A† | 201725 | 168480 |
| 6000 | Fox Corp., Cl. A | 249300 | 182220 |
| 125000 | Grupo Televisa SAB, ADR | 1575814 | 570000 |
| 1500 | Liberty Broadband Corp., Cl. A† | 9828 | 113775 |
| 1800 | Liberty Broadband Corp., Cl. C† | 38393 | 137286 |
| 5000 | Liberty Global plc, Cl. A† | 30677 | 94650 |
| 12000 | Liberty Global plc, Cl. C† | 87458 | 233160 |
| 12500 | Liberty Latin America Ltd., Cl. A† | 134066 | 94125 |
| 269 | Liberty Latin America Ltd., Cl. C† | 1921 | 2044 |
| 7000 | Liberty Media Corp.-Liberty Braves, Cl. A† | 165572 | 228690 |
| 2000 | Liberty Media Corp.-Liberty Braves, Cl. C† | 36978 | 64460 |
| 1500 | Liberty Media Corp.-Liberty Formula One, Cl. A† | 5307 | 80145 |
| 1500 | Liberty Media Corp.- Liberty Formula One, Cl. C† | 5510 | 89670 |
| 1098 | Liberty Media Corp.- Liberty SiriusXM, Cl. C† | 6072 | 42965 |
| 12144 | Madison Square Garden Entertainment Corp.† | 84619 | 546116 |
| 6700 | Madison Square Garden Sports Corp. | 86784 | 1228311 |
| 26000 | Sinclair Broadcast Group Inc., Cl. A | 633637 | 403260 |
|  |  | 3597505 | 4795865 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Shares* |  | *Cost* | *Market <br> Value* |
| **Publishing — 0.5%** | **Publishing — 0.5%** | **Publishing — 0.5%** |  |
| 24000 | The E.W. Scripps Co., Cl. A† | $172414 | $316560 |
| **Retailing — 2.2%** | **Retailing — 2.2%** |  |  |
| 8700 | CVS Health Corp. | 280683 | 810753 |
| 2000 | Ingles Markets Inc., Cl. A | 29696 | 192920 |
| 31000 | Sally Beauty Holdings Inc.† | 466518 | 388120 |
|  |  | 776897 | 1391793 |
| **Specialty Chemicals — 0.1%** | **Specialty Chemicals — 0.1%** |  |  |
| 500 | Rogers Corp.† | 52405 | 59670 |
| **Telecommunication Services — 2.3%** | **Telecommunication Services — 2.3%** |  |  |
| 10000 | Millicom International Cellular SA, SDR† | 221000 | 126643 |
| 8500 | Rogers Communications Inc., Cl. B | 116319 | 398140 |
| 29000 | Telephone and Data Systems Inc. | 592888 | 304210 |
| 28500 | United States Cellular Corp.† | 981475 | 594225 |
|  |  | 1911682 | 1423218 |
| **Transportation — 2.2%** | **Transportation — 2.2%** |  |  |
| 13000 | GATX Corp. | 410040 | 1382420 |
| **Utilities — 2.1%** | **Utilities — 2.1%** |  |  |
| 20500 | National Fuel Gas Co. | 1126835 | 1297650 |
|  | **Total Common Stocks** | **28388006** | **63107438** |
| **Closed-End Funds — 0.1%** | **Closed-End Funds — 0.1%** |  |  |
| 7500 | Altaba Inc., Escrow† | 0 | 28500 |
| **Convertible Preferred Stocks — 0.0%** | **Convertible Preferred Stocks — 0.0%** |  |  |
| **Automobiles and Components — 0.0%** | **Automobiles and Components — 0.0%** |  |  |
| 2300 | Garrett Motion Inc., Ser. A, |  |  |
|  | 11.000% | 12075 | 20010 |
| **Warrants — 0.0%** | **Warrants — 0.0%** |  |  |
| **Materials — 0.0%** | **Materials — 0.0%** |  |  |
| 6000 | Ampco-Pittsburgh Corp., expire 08/01/25† | 4099 | 945 |
| **TOTAL INVESTMENTS — 100.0%** | **TOTAL INVESTMENTS — 100.0%** | $**28404180** | **63156893** |
| **Other Assets and Liabilities (Net) — (0.0)%** | **Other Assets and Liabilities (Net) — (0.0)%** |  | **(7548)** |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  | $**63149345** |

---

† Non-income
 producing security.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

SDR Swedish Depositary Receipt

See accompanying notes to financial statements.

**6**

**■** Gabelli
 Capital Asset Fund

**Statement of Assets and Liabilities**

---

| | |
|:---|:---|
| December 31, 2022 |  |
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $28,404,180) | $63156893 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 276103 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 1398 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 84289 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 63518683 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 221925 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 42664 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 40567 |
| &nbsp;&nbsp;&nbsp;Payable for administrative services | 13644 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 12594 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 11250 |
| &nbsp;&nbsp;&nbsp;Payable to bank | 2627 |
| &nbsp;&nbsp;&nbsp;Payable for payroll expenses | 1009 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 23058 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 369338 |
| &nbsp;&nbsp;&nbsp;**Net Assets (applicable to 4,223,269 shares outstanding)** | $63149345 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $29098108 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 34051237 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $63149345 |
| **Shares of Capital Stock, each at $0.001 par value; 500,000,000 shares authorized:** |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value,** offering, and redemption<br> price per share ($63,149,345 ÷ 4,223,269 shares outstanding) | $14.95 |

---

---

| | |
|:---|:---|
| **Statement of Operations** | |
| For the Year Ended |  |
| December 31, 2022 |  |
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $9,935) | $1180397 |
| &nbsp;&nbsp;&nbsp;Interest | 5018 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 1185415 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 518326 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 172775 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 71792 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 53000 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 45000 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 31633 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 10726 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 8924 |
| &nbsp;&nbsp;&nbsp;Payroll expenses | 2611 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1658 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 15030 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 931475 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fee reduction on unsupervised assets (See Note 3) | (4021) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 927454 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 257961 |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 6334219 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (4873) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign |  |
| &nbsp;&nbsp;&nbsp;currency transactions | 6329346 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;on investments | (16817954) |
| &nbsp;&nbsp;&nbsp;on foreign currency translations | 11 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (16817943) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | (10488597) |
| &nbsp;&nbsp;&nbsp;**NET DECREASE IN NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RESULTING FROM OPERATIONS** | $(10230636) |

---

See accompanying notes to financial statements.

**7**

**■** Gabelli
 Capital Asset Fund

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $257961 | $356313 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 6329346 | 9047539 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (16817943) | 5808907 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Resulting from Operations** | (10230636) | 15212759 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | (6690912) | (9336126) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (6690912) | (9336126) |
| **NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS** | (2543930) | (382492) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | (19465478) | 5494141 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 82614823 | 77120682 |
| &nbsp;&nbsp;&nbsp;End of year | $63149345 | $82614823 |

---

See accompanying notes to financial statements.

**8** 

**■** Gabelli
 Capital Asset Fund

**Financial Highlights**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Operating Performance:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, Beginning of Year | $19.23 | $17.99 | $17.95 | $16.45 | $20.83 |
| &nbsp;&nbsp;&nbsp;Net investment income(a) | 0.06 | 0.09 (b) | 0.02 | 0.06 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments and foreign currency transactions | (2.57) | 3.60 | 1.11 | 3.15 | (2.40) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.51) | 3.69 | 1.13 | 3.21 | (2.33) |
| **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.10) | (0.03) | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | (1.69) | (2.35) | (1.06) | (1.64) | (1.98) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.77) | (2.45) | (1.09) | (1.71) | (2.05) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $14.95 | $19.23 | $17.99 | $17.95 | $16.45 |
| **Total Return †** | (12.92 %) | 20.48% | 6.34% | 19.51% | (11.09%) |
| **Ratios to Average Net Assets and** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $63149 | $82615 | $77121 | $82272 | $78205 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.37% | 0.43 %(b) | 0.15% | 0.34% | 0.33% |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets | 1.35 %(c) | 1.28 %(c) | 1.32% | 1.28 %(d) | 1.26% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 3% | 6% | 2% | 1% | 1% |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning
 of the year and sold at the end of the year including reinvestment of distributions and
 does not reflect the applicable sales charges.

(a) Per
 share data are calculated using the average shares outstanding method.

(b) Includes
 income resulting from special dividends. Without these dividends, the per share income
 amounts would have been $0.07 and the net investment income ratio would have been 0.33%.

(c) Ratio
 of operating expenses includes advisory fee reduction on unsupervised assets totaling
 0.01% of net assets for the year ended December 31, 2022. For the year ended December
 31, 2021, there was no impact on the expense ratio.

(d) The
 Fund incurred tax expense during the year ended December 31, 2019, the effect of which
 was minimal.

See accompanying notes to financial statements.

**9**

**■** Gabelli
 Capital Asset Fund

**Notes to Financial Statements**

December 31, 2022

**1.** **Organization** 

The Gabelli Capital Asset Fund was incorporated on April 8, 1993 in Maryland. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund's primary objective is growth of capital. Current income is a secondary objective. The Fund commenced investment operations on May 1, 1995. Shares of the Fund are available to the public only through the purchase of certain variable annuity and variable life insurance contracts issued by The Guardian Insurance & Annuity Company, Inc. (Guardian) and other selected insurance companies, including Ameritas Life Insurance Corporation.

**2.** **Significant Accounting Policies** 

As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its 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.

The global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions, and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objectives.

*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 a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the securities are valued using the closing bid price, unless the Board determines such amount does not reflect the securities' fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by 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 with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt 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 inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

&nbsp;&nbsp;&nbsp;&nbsp;• Level
1 — quoted prices in active markets for identical securities;

**10**

**■** Gabelli
 Capital Asset Fund

**Notes to Financial Statements (Continued)**

December 31, 2022

&nbsp;&nbsp;&nbsp;&nbsp;• Level
2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level
3 — significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2 Other<br> Significant<br> Observable Inputs** | <br>**Total Market<br> Value at 12/31/22** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks(a) | $63107438 |  | $63107438 |
| Closed-End Funds |  | $28500 | 28500 |
| Convertible Preferred Stocks (a) | 20010 |  | 20010 |
| Warrants (a) | 945 |  | 945 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $**63128393** | $**28500** | $**63156893** |

---

(a) Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

During the year ended December 31, 2022, the Fund did not have material transfers into or out of Level 3.

There were no Level 3 investments held at December 31, 2022.

*Additional Information to Evaluate Qualitative Information*

*General.* The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

*Fair Valuation.* Fair valued securities may be common and preferred equities, warrants, options, rights, and fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

*Investments in Other Investment Companies*

The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund's expenses. For the year ended December 31, 2022, the Fund's pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

**11**

**■** Gabelli
 Capital Asset Fund

**Notes to Financial Statements (Continued)**

December 31, 2022

*Foreign Currency Translations*

The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. 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 that 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 purchase 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 inability 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 securities of comparable U.S. issuers.

*Foreign Taxes*

The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

*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 on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

*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.

*Distributions to Shareholders*

Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions 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 capital accounts in the period when the differences arise. These reclassifications have no impact on the net asset value (NAV) per share of the Fund. For the year ended December 31, 2022, reclassifications were made to decrease paid-in capital by $23,113 with an offsetting adjustment to total distributable earnings.

**12**

**■** Gabelli
 Capital Asset Fund

**Notes to Financial Statements (Continued)**

December 31, 2022

The tax character of distributions paid during the years ended December 31, 2022 and 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** |
| **Distributions paid from:** |  |  |
| Ordinary income (inclusive of short term capital gains) | $284908 | $507993 |
| Net long term capital gains | 6406004 | 8828133 |
| Total distributions paid | $6690912 | $9336126 |

---

*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.

At December 31, 2022, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gains | $76583 |
| Net unrealized appreciation on investments and foreign currency translations | 33974654 |
| Total | $34051237 |

---

At December 31, 2022, the temporary differences between book basis and tax basis net unrealized appreciation on investments were primarily due to deferral of losses from wash sales for tax purposes.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation** |
| Investments | $29182253 | $38535179 | $(4560539) | $33974640 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the year ended December 31, 2022, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2022, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

**3.** **Agreements with Affiliated Parties** 

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 0.75% of the value of its 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 certain aspects of the Fund's business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser. The Fund entered into a shareholder services agreement with The Guardian Insurance & Annuity Company, Inc. (Guardian), whereby Guardian provides various administrative services, including maintenance of books and records, reconciliations with respect to Fund purchase and redemption orders, and telephone support for contractowners, as well as providing advice to the Adviser with respect to relevant insurance laws, regulations, and related matters and IRS regulations with respect to variable contracts. As compensation for its services, the Fund pays Guardian a fee, computed daily and paid monthly, at the annual rate of 0.25% of the value of its average daily net assets.

**13**

**■** Gabelli
 Capital Asset Fund

**Notes to Financial Statements (Continued)**

December 31, 2022

There was a reduction in the advisory fee paid to the Adviser relating to certain portfolio holdings, i.e., unsupervised assets, of the Fund with respect to which the Adviser transferred dispositive and voting control to the Fund's Proxy Voting Committee. During the year ended December 31, 2022, the Fund's Proxy Voting Committee exercised control and discretion over all rights to vote or consent, and exercised dispositive control with respect to The L.S. Starrett Co., Class A and the Adviser reduced its fee with respect to such securities by $4,021.

**4.** **Portfolio Securities** 

Purchases and sales of securities during the year ended December 31, 2022, other than short term securities and U.S. Government obligations, aggregated $2,150,217 and $10,675,886, respectively.

**5.** **Transactions with Affiliates** 

During the year ended December 31, 2022, the Fund paid $2,836 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Investment Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. During the year ended December 31, 2022, the Fund accrued $45,000 in accounting fees in the Statement of Operations.

As per the approval of the Board, the Fund compensates an officer of the Fund, who is employed by the Fund and who is also employed by the Adviser and receives compensation from the Adviser. During the year ended December 31, 2022, the Fund accrued $2,611 in payroll expenses in the Statement of Operations.

The Fund pays retainer and per meeting fees to Directors not affiliated with the Adviser, plus specified amounts to the Lead Director and Audit Committee Chairman. Directors are also reimbursed for out of pocket expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

**6.** **Line of Credit** 

The Fund participates in an unsecured line of credit, which expires on March 1, 2023 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. At December 31, 2022, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the year ended December 31, 2022 was $207,618 with a weighted average interest rate of 2.03%. The maximum amount borrowed at any time during the year ended December 31, 2022 was $1,055,000.

**7.** **Capital Stock** 

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
| | Shares | Amount | Shares | Amount |
| Shares sold | 64126 | $1136375 | 107710 | $2196496 |
| Shares issued upon reinvestment of distributions | 453621 | 6690912 | 484993 | 9336126 |
| Shares redeemed | (591651) | (10371217) | (583493) | (11915114) |
| **Net increase/(decrease)** | **(73904)** | $**(2543930)** | **9210** | $**(382492)** |

---

**14** 

**■** Gabelli
 Capital Asset Fund

**Notes to Financial Statements (Continued)**

December 31, 2022

**8.** **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. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**9.** **Subsequent Events** 

Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

**15**

**■** **Gabelli Capital Asset Fund** 

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders of Gabelli Capital Asset Fund**

**and the Board of Directors of Gabelli Capital Series Funds, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Gabelli Capital Series Funds, Inc. (the "Corporation") (comprising Gabelli Capital Asset Fund (the "Fund")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund comprising Gabelli Capital Series Funds, Inc. at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Corporation's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Corporation's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](capitalassetncsr003.jpg)

We have served as the auditor of one or more Gabelli Funds investment companies since 1992.

New York, New York

March 1, 2023

---

| | |
|:---|:---|
| **16** | GABELLI CAPITAL ASSET FUND |

---

**■** Gabelli
 Capital Asset Fund

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act, the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on August 17, 2022, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**17**

**■** Gabelli
 Capital Asset Fund

**Additional Information (Unaudited)**

The business and affairs of the Fund are managed under the direction of the Company's Board of Directors. Information pertaining to the Directors and officers of the Fund is set forth below. The Fund's Statement of Additional Information includes additional information about the Fund's Directors and officers and is available without charge, upon request, by writing to Gabelli Capital Series Funds, Inc. at One Corporate Center, Rye, NY 10580-1422.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Position(s)**<br> **Address<sup>1</sup>**<br> **and Year of Birth** | **Term of** <br> **Office and Length** <br> **of Time Served<sup>2</sup>** | **Number of <br> Funds in<br> Fund Complex <br> Overseen by <br> Director** | **Principal Occupation(s)<br> During Past Five Years** | **Other Directorships**<br> **Held by Director<sup>3</sup>** |
| **Interested Director<sup>4</sup>** |  |  |  |  |
| Mario J. Gabelli, CFA <br> Director and Chief Investment Officer <br> 1942 | Since 1995 | 31 | Chairman, Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc.; Director/ Trustee or Chief Investment Officer of other registered investment companies within the Gabelli Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc. | Director of Morgan Group Holding, Co. (holding company) (2001-2019); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications) (2013- 2018) |
| **Independent Directors<sup>5</sup>:** |  |  |  |  |
| Clarence A. Davis<sup>7</sup> Director <br> 1941 | Since 2015 | 3 | Former Chief Executive Officer of Nestor, Inc. (2007-2009); Former Chief Operating Officer (2000-2005) and Chief Financial Officer (1999-2000) of the American Institute of Certified Public Accountants | Director of Telephone & Data Systems, Inc. (telephone services); Director of Pennichuck Corp. (water supply) (2009-2012); Director, PMV Consumer Acquisition Corp. |
| Mary E. Hauck <br> Director <br> 1942 | Since 2014 | 9 | Retired Senior Manager of the Gabelli-O'Connor Fixed Income Mutual Funds Management Company |  |
| William F. Heitmann <br> Director <br> 1949 | Since 2015 | 4 | Managing Director and Senior Advisor of Perlmutter Investment Company (real estate); Senior Vice President of Finance, Verizon Communications, and President, Verizon Investment Management (1971-2011) | Director and Audit Committee Chair of Syncreon (contract logistics provider) (2011-2019) |
| Kuni Nakamura <br> Director <br> 1968 | Since 2015 | 36 | President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees; Trustee on Fordham Preparatory School Board of Trustees |  |
| Werner J. Roeder <br> Director <br> 1940 | Since 1995 | 20 | Retired physician; Former Vice President of Medical Affairs (Medical Director) of New York Presbyterian/Lawrence Hospital (1999-2014) |  |
| Anthonie C. van Ekris<sup>6</sup> Director <br> 1934 | Since 1995 | 23 | Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/ export company) |  |

---

**18**

**■** Gabelli
 Capital Asset Fund

**Additional Information (Unaudited) (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Position(s)**<br> **Address<sup>1</sup>**<br> **and Year of Birth** | **Term of** <br> **Office and Length** <br> **of Time Served<sup>2</sup>** | **Number of <br> Funds in<br> Fund Complex <br> Overseen by <br> Director** | **Principal Occupation(s)<br> During Past Five Years** | **Other Directorships**<br> **Held by Director<sup>3</sup>** |
| Daniel E. Zucchi<sup>7</sup> Director <br> 1940 | Since 2015 | 3 | President of Zucchi & Associates (general business consulting); Senior Vice President of Hearst Corp. (1984-1995) | Cypress Care LLC (health care) (2001-2009); Director, PMV Consumer Acquisition Corp. |

---

**19**

**■** Gabelli
 Capital Asset Fund

**Additional Information (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
| **Name, Position(s)** <br> **Address<sup>1</sup>**<br> **and Year of Birth** | **Term of** <br> **Office and Length**<br> **of Time Served<sup>2</sup>** | **Principal Occupation(s) During Past Five Years** |
| **Officers** |  |  |
| John C. Ball <br> President and Treasurer <br> 1976 | Since 2017 | Officer of registered investment companies within the Gabelli Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Chief Executive Officer, G.distributors, LLC since December 2020 |
| Peter Goldstein <br> Secretary and Vice President <br> 1953 | Since 2020 | General Counsel, GAMCO Investors, Inc. and Chief Legal Officer, Associated Capital Group, Inc. since 2021; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020) |
| Richard J. Walz <br> Chief Compliance Officer <br> 1959 | Since 2013 | Chief Compliance Officer of registered investment companies within the Fund Complex since 2013 |

---

1. Address: One Corporate Center,
Rye, NY 10580-1422, unless otherwise noted.

2. Each Director will hold
office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering
the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected
at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders,
in accordance with the Fund's By-Laws and Articles of Incorporation. Each officer will hold office for an indefinite term
until the date he or she resigns or retires or until his or her successor is elected and qualified. For officers, includes time
served in other officer positions with the Fund.

3. This column includes only
directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies,
or other investment companies registered under the 1940 Act.

4. "Interested person"
of the Fund as defined in the 1940 Act. Mr. Gabelli is considered an "interested person" because of his affiliation
with Gabelli Funds, LLC which acts as the Fund's Adviser.

5. Directors who are not interested
persons are considered "Independent" Directors.

6. Mr. van Ekris is an independent
director of Gabelli International Ltd., Gabelli Fund LDC, Gama Capital Opportunities Master Ltd., and GAMCO International SICAV,
all of which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and, in that event, would be deemed to be under
common control with the Fund's Adviser.

7. Mr. Davis and Mr. Zucchi
are independent directors of PMV Consumer Acquisition Corp., which may be deemed to be controlled by Mario J. Gabelli and/or affiliates
and, in that event, would be deemed to be under common control with the Fund's Adviser.

**20**

**■** Gabelli
 Capital Asset Fund

**2022 Tax Notice to Shareholders (Unaudited)** 

For the year ended December 31, 2022, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.0824 per share, and long term capital gains totaling $6,406,004 or the maximum allowable. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund's Board of Directors. For the year ended December 31, 2022, 100% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.45% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010. The Fund designates 100% of the ordinary income distribution as qualified short term gain pursuant to the American Jobs Creation Act of 2004.

**U.S. Government Income:**

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2022 which was derived from U.S. Treasury securities was 0.38%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund's fiscal year in U.S. Government securities. The Fund did not meet this strict requirement in 2022. There were no U.S. Government securities held as of December 31, 2022. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**21**

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant, as of the end of the period covered by this report, has adopted a code of
 ethics that applies to the registrant's principal executive officer, principal
 financial officer, principal accounting officer or controller, or persons performing
 similar functions, regardless of whether these individuals are employed by the registrant
 or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) There
 have been no amendments, during the period covered by this report, to a provision of
 the code of ethics that applies to the registrant's principal executive officer,
 principal financial officer, principal accounting officer or controller, or persons performing
 similar functions, regardless of whether these individuals are employed by the registrant
 or a third party, and that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 registrant has not granted any waivers, including an implicit waiver, from a provision
 of the code of ethics that applies to the registrant's principal executive officer,
 principal financial officer, principal accounting officer or controller, or persons performing
 similar functions, regardless of whether these individuals are employed by the registrant
 or a third party, that relates to one or more of the items set forth in paragraph (b)
 of this item's instructions.

**Item 3. Audit Committee Financial Expert.**

As of the end of the period covered by the report, the registrant's Board of Directors has determined that William F. Heitmann is qualified to serve as an audit committee financial expert serving on its audit committee and that he is "independent," as defined by Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 aggregate fees billed for each of the last two fiscal years for professional services
 rendered by the principal accountant for the audit of the registrant's annual financial
 statements or services that are normally provided by the accountant in connection with
 statutory and regulatory filings or engagements for those fiscal years are $35,300 for
 2021 and $36,700 for 2022.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 aggregate fees billed in each of the last two fiscal years for assurance and related
 services by the principal accountant that are reasonably related to the performance of
 the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item are $0 for 2021 and $0 for 2022.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 aggregate fees billed in each of the last two fiscal years for professional services
 rendered by the principal accountant for tax compliance, tax advice, and tax planning
 are $3,800 for 2021 and $3,800 for 2022. Tax fees represent tax compliance services provided
 in connection with the review of the Registrant's tax returns.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 aggregate fees billed in each of the last two fiscal years for products and services
 provided by the principal accountant, other than the services reported in paragraphs
 (a) through (c) of this Item are $77 for 2021 and $83 for 2022. The fees relate to Passive
 Foreign Investment Company identification database subscription fees billed on an annual
 basis.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee ("Committee") of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC ("Gabelli") that provides services to the registrant (a "Covered Services Provider") if the independent registered public accounting firm's engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson's pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee's pre-approval responsibilities to the other persons (other than Gabelli or the registrant's officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 0%

&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 percentage of hours expended on the principal accountant's engagement to audit
 the registrant's financial statements for the most recent fiscal year that were
 attributed to work performed by persons other than the principal accountant's full-time,
 permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 aggregate non-audit fees billed by the registrant's accountant for services rendered
 to the registrant, and rendered to the registrant's investment adviser (not including
 any sub-adviser whose role is primarily portfolio management and is subcontracted with
 or overseen by another investment adviser), and any entity controlling, controlled by,
 or under common control with the adviser that provides ongoing services to the registrant
 for each of the last two fiscal years of the registrant was $44,950 for 2021 and $48,350
 for 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 registrant's audit committee of the board of directors has considered whether the
 provision of non-audit services that were rendered to the registrant's investment
 adviser (not including any sub-adviser whose role is primarily portfolio management and
 is subcontracted with or overseen by another investment adviser), and any entity controlling,
 controlled by, or under common control with the investment adviser that provides ongoing
 services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii)
 of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's
 independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The registrant is not a foreign issuer.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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(a) of this
 form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable due to no such divestments during the semi-annual period covered since the
 previous Form N-CSR filing.

**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.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's Board of Directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 11. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(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)).

&nbsp;&nbsp;&nbsp;&nbsp;(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
 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

[(a)(1)](ex99-a1.htm) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](ex99-a1.htm)

[(a)(2)](ex99-a2.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-a2.htm)

(a)(2)(1) Not applicable.

(a)(2)(2) Not applicable.

[(b)](ex99-b.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](ex99-b.htm)

**SIGNATURES**<br>

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 Capital Series Funds, Inc.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |

---

Date   <u>March 9, 2023</u>  

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/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |

---

Date   <u>March 9, 2023</u>  

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |

---

Date   <u>March 9, 2023</u>  

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.(A)(1)

[Gabelli Capital Series Funds, Inc.](capitalasset-ncsr_123122.htm)

**EX-99.(a)(1)**

**Joint Code of Ethics for Chief Executive** 

**and Senior Financial Officers of the Gabelli/GAMCO/TETON Funds** 

Each affiliated registered investment company (each a "<u>Company</u>") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise -- in compliance with applicable law. This Code of Ethics, applicable to each Company's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "<u>Senior Officers</u>"), sets forth policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees of the investment advisor to the Companies or service providers thereof (the "<u>Advisor</u>") and/or affiliates of the Advisor (the "Advisory Group") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:

● the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the " <u>1940 Act</u> ");

● the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the " <u>Advisers Act</u> ");

● the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the " <u>Trust's 1940 Act Code of Ethics</u> ");

● one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the " <u>Directors</u> ") of each Company that are not "interested persons" of such Company (the " <u>Independent Directors</u> ") within the meaning of the 1940 Act (the " <u>Advisory Group's 1940 Act Code of Ethics</u> " and, together with such Company's 1940 Act Code of Ethics, the " <u>1940 Act Codes of Ethics</u> ");

Revised: July 30, 2014

● the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the " <u>Conflict Policies</u> "); and

● the Advisory Group's policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the " <u>Advisory Policies</u> ").

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the "<u>Additional Conflict Rules</u>".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly**

Each Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

● act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

● comply with the laws, rules and regulations that govern the conduct of each Company's operations and report any suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

● adhere to a high standard of business ethics.

**Conflicts Of Interest**

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of a Company.

Revised: July 30, 2014

Senior Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the "CCO") and obtain the approval of the CCO prior to taking action.

Some conflict of interest situations that should always be approved by the CCO, if material, include the following:

● the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, of any of the Companies' service providers, other than the Advisory Group; or

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Advisory Group, such as compensation or equity ownership.

Revised: July 30, 2014

**Disclosures**

It is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by such Company. As a Senior Officer, you are required to promote compliance with this policy and to abide by such Company 's standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

● familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and

● not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Company's independent auditors, such Company's counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics**

If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Company, you must report that information on a timely basis to the CCO or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time. *No one will be subject to retaliation because of a good faith report of a suspected violation*.

Each Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

● the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her;

● violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation;

● if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

● appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics**

Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

Revised: July 30, 2014

The CCO is authorized to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged to do so.

The Board of Directors of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

**Recordkeeping**

Each Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:

● that provided the basis for any amendment or waiver to this Code of Ethics; and

● relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors.

**Confidentiality**

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.

**Amendments**

This Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company's Directors, including a majority of its Independent Directors.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Companies' business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Revised: July 30, 2014

ACKNOWLEDGMENT FORM

I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company's related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time.

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| |
|:---|
| Printed Name |
| Signature |
| Date |

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Revised: July 30, 2014

## Ex-99.(A)(2)

[Gabelli Capital Series Funds, Inc.](capitalasset-ncsr_123122.htm)

**EX-99.(a)(2)**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I
 have reviewed this report on Form N-CSR of Gabelli Capital Series Funds, Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the registrant's period covered by this report that has materially
 affected, or is reasonably likely to materially affect, the registrant's internal
 control over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2023 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Executive Officer |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I
 have reviewed this report on Form N-CSR of Gabelli Capital Series Funds, Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during 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; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2023 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Financial Officer and Treasurer |

---

## Ex-99.(B)

[Gabelli Capital Series Funds, Inc.](capitalasset-ncsr_123122.htm)

**EX-99.(b)**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, John C. Ball, Principal Executive Officer of Gabelli Capital Series Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2023 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Executive Officer |

---

I, John C. Ball, Principal Financial Officer and Treasurer of Gabelli Capital Series Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2023 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Financial Officer and Treasurer |

---