-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Smg+CgIQmBzbsd5lG2lrqp68TbT92rcjiWH9dyzG3iE0vQjXOCJS62e9TZy+SvV4 KalkBlhgnV3IdZPSBeuzKg== 0000935069-08-001238.txt : 20080528 0000935069-08-001238.hdr.sgml : 20080528 20080528171249 ACCESSION NUMBER: 0000935069-08-001238 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080528 DATE AS OF CHANGE: 20080528 EFFECTIVENESS DATE: 20080528 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-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07644 FILM NUMBER: 08864250 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 0000901246 S000001060 GABELLI CAPITAL ASSET FUND C000002849 CLASS AAA N-Q 1 capasset_nq0308.txt GABELLI CAPITAL ASSET FUND, 03-31-2008 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-07644 ---------- Gabelli Capital Series Funds, Inc. ---------------------------------------------------------------------- (Exact name of registrant as specified in charter) One Corporate Center Rye, New York 10580-1422 ---------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Bruce N. Alpert Gabelli Funds, LLC One Corporate Center Rye, New York 10580-1422 ---------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 1-800-422-3554 -------------- Date of fiscal year end: December 31 ----------- Date of reporting period: March 31, 2008 -------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached herewith. GABELLI CAPITAL ASSET FUND SCHEDULE OF INVESTMENTS -- MARCH 31, 2008 (UNAUDITED) ================================================================================ MARKET SHARES VALUE ------ ----- COMMON STOCKS -- 100.0% AEROSPACE -- 1.0% 4,500 HEICO Corp. $ 219,375 40,000 Herley Industries Inc.+ 413,600 150,000 Rolls-Royce Group plc+ 1,199,714 13,440,000 Rolls-Royce Group plc, Cl. B 26,674 ------------ 1,859,363 ------------ AGRICULTURE -- 1.7% 75,000 Archer-Daniels-Midland Co. 3,087,000 1,000 The Mosaic Co.+ 102,600 ------------ 3,189,600 ------------ AUTOMOTIVE -- 1.3% 65,000 General Motors Corp. 1,238,250 20,000 Navistar International Corp.+ 1,203,000 ------------ 2,441,250 ------------ AUTOMOTIVE: PARTS AND ACCESSORIES -- 1.7% 1,000 BERU AG 117,065 10,000 BorgWarner Inc. 430,300 42,000 CLARCOR Inc. 1,493,100 85,000 Earl Scheib Inc.+ 224,400 20,000 Midas Inc.+ 343,800 10,000 Modine Manufacturing Co. 144,900 27,000 Proliance International Inc.+ 49,140 90,000 Standard Motor Products Inc. 550,800 ------------ 3,353,505 ------------ AVIATION: PARTS AND SERVICES -- 3.3% 36,000 Curtiss-Wright Corp. 1,493,280 70,000 GenCorp Inc.+ 720,300 55,000 Kaman Corp. 1,555,950 23,000 Precision Castparts Corp. 2,347,840 113,500 The Fairchild Corp., Cl. A+ 258,780 ------------ 6,376,150 ------------ BROADCASTING -- 3.0% 45,000 CBS Corp., Cl. A 994,500 10,000 Cogeco Inc. 297,141 55,000 Fisher Communications Inc.+ 1,713,800 200,000 Gray Television Inc. 1,138,000 18,000 Liberty Media Corp. - Capital, Cl. A+ 283,320 70,000 Lin TV Corp., Cl. A+ 672,700 80,000 Sinclair Broadcast Group Inc., Cl. A 712,800 20,000 Young Broadcasting Inc., Cl. A+ 15,200 ------------ 5,827,461 ------------ BUSINESS SERVICES -- 1.8% 40,000 Diebold Inc. 1,502,000 55,000 Intermec Inc.+ 1,220,450 75,000 Nashua Corp.+ 824,250 ------------ 3,546,700 ------------ CABLE AND SATELLITE -- 3.4% 5,000 Adelphia Communications Corp., Cl. A+ (a) 0 5,000 Adelphia Communications Corp., Cl. A, Escrow+ (a) 0 5,000 Adelphia Recovery Trust+ (a) 0 160,000 Cablevision Systems Corp., Cl. A+ 3,428,800 10,000 DISH Network Corp., Cl. A+ 287,300 2,000 EchoStar Corp., Cl. A+ 59,080 25,000 Liberty Global Inc., Cl. A+ 852,000 9,315 Liberty Global Inc., Cl. C+ 302,551 65,000 The DIRECTV Group Inc.+ 1,611,350 ------------ 6,541,081 ------------ COMMUNICATIONS EQUIPMENT -- 2.1% 80,000 Corning Inc. 1,923,200 83,000 Nortel Networks Corp.+ 555,270 44,000 Thomas & Betts Corp.+ 1,600,280 ------------ 4,078,750 ------------ COMPUTER SOFTWARE AND SERVICES -- 1.7% 125,000 Furmanite Corp.+ 1,062,500 75,000 Yahoo! Inc.+ 2,169,750 ------------ 3,232,250 ------------ CONSUMER PRODUCTS -- 2.0% 10,000 Avon Products Inc. 395,400 2,500 Clorox Co. 141,600 15,000 Pactiv Corp.+ 393,150 35,000 Procter & Gamble Co. 2,452,450 70,000 Revlon Inc., Cl. A+ 68,600 65,000 Schiff Nutrition International Inc. 389,350 ------------ 3,840,550 ------------ CONSUMER SERVICES -- 0.9% 5,000 Liberty Media Corp. - Interactive, Cl. A+ 80,700 88,000 Rollins Inc. 1,556,720 ------------ 1,637,420 ------------ DIVERSIFIED INDUSTRIAL -- 7.1% 32,000 Ampco-Pittsburgh Corp. 1,375,680 83,000 Baldor Electric Co. 2,324,000 20,000 Cooper Industries Ltd., Cl. A 803,000 30,000 Crane Co. 1,210,500 16,000 Greif Inc., Cl. A 1,086,880 82,000 Honeywell International Inc. 4,626,440 25,000 ITT Corp. 1,295,250 23,000 Katy Industries Inc.+ 35,650 70,000 Myers Industries Inc. 919,100 ------------ 13,676,500 ------------ ELECTRONICS -- 2.0% 15,000 Cypress Semiconductor Corp.+ 354,150 55,000 Intel Corp. 1,164,900 30,000 LSI Corp.+ 148,500 75,000 Texas Instruments Inc. 2,120,250 ------------ 3,787,800 ------------ ENERGY AND UTILITIES -- 8.4% 60,000 Allegheny Energy Inc. 3,030,000 250,000 Aquila Inc.+ 802,500 13,000 Cameron International Corp.+ 541,320 10,000 Chevron Corp. 853,600 25,000 ConocoPhillips 1,905,250 10,000 Devon Energy Corp. 1,043,300 38,000 DPL Inc. 974,320 90,000 El Paso Corp. 1,497,600 27,000 El Paso Electric Co.+ 576,990 18,000 Exxon Mobil Corp. 1,522,440 6,699 Florida Public Utilities Co. 74,694 20,000 Mirant Corp., Escrow+ (a) 0 27,000 NSTAR 821,610 17,000 Progress Energy Inc., CVO+ (a) 5,610 15,000 Royal Dutch Shell plc, Cl. A, ADR 1,034,700 80,000 RPC Inc. 1,215,200 10,000 Southwest Gas Corp. 279,600 ------------ 16,178,734 ------------ ENTERTAINMENT -- 7.6% 15,000 Canterbury Park Holding Corp. 141,750 50,000 Discovery Holding Co., Cl. A+ 1,061,000 70,000 Dover Motorsports Inc. 430,500 170,000 Gemstar-TV Guide International Inc.+ 799,000 120,000 Grupo Televisa SA, ADR 2,908,800 72,000 Liberty Media Corp., Cl. A+ 1,630,080 180,000 Time Warner Inc. 2,523,600 20,000 Triple Crown Media Inc.+ 55,800 100,000 Viacom Inc., Cl. A+ 3,963,000 25,000 Vivendi 976,855 ------------ 14,490,385 ------------ ENVIRONMENTAL SERVICES -- 1.7% 60,000 Allied Waste Industries Inc.+ 648,600 80,000 Waste Management Inc. 2,684,800 ------------ 3,333,400 ------------ EQUIPMENT AND SUPPLIES -- 5.5% 33,000 AMETEK Inc. 1,449,030 38,000 Baldwin Technology Co. Inc., Cl. A+ 97,660 16,000 Belden Inc. 565,120 40,000 Capstone Turbine Corp.+ 84,800 19,000 CIRCOR International Inc. 878,750 110,000 CTS Corp. 1,177,000 17,000 Flowserve Corp. 1,774,460 15,000 Franklin Electric Co. Inc. 512,550 40,000 GrafTech International Ltd.+ 648,400 40,000 IDEX Corp. 1,227,600 50,000 L.S. Starrett Co., Cl. A 962,000 26,000 Robbins & Myers Inc. 848,900 13,000 The Eastern Co. 203,450 8,000 Watts Water Technologies Inc., Cl. A 224,240 ------------ 10,653,960 ------------ FINANCIAL SERVICES -- 6.6% 90,000 American Express Co. 3,934,800 8,000 American International Group Inc. 346,000 12,000 Argo Group International Holdings Ltd.+ 426,240 20,000 BKF Capital Group Inc.+ 38,400 50,000 Citigroup Inc. 1,071,000 11,000 Deutsche Bank AG 1,243,550 152,000 Epoch Holding Corp. 1,820,960 9,000 Federal National Mortgage Association 236,880 6,000 Freddie Mac 151,920 40,000 Marsh & McLennan Companies Inc. 974,000 14,151 The Bank of New York Mellon Corp. 590,521 20,000 The Bear Stearns Companies Inc. 209,800 9,000 The Midland Co. 584,370 35,000 Wells Fargo & Co. 1,018,500 ------------ 12,646,941 ------------ FOOD AND BEVERAGE -- 14.5% 12,000 Anheuser-Busch Companies Inc. 569,400 25,000 Brown-Forman Corp., Cl. A 1,731,000 60,000 Cadbury Schweppes plc, ADR 2,653,200 4,000 Corn Products International Inc. 148,560 50,000 Diageo plc, ADR 4,066,000 20,000 Fomento Economico Mexicano SAB de CV, ADR 835,600 70,000 General Mills Inc. 4,191,600 150,000 Groupe Danone, ADR 2,692,485 10,000 H.J. Heinz Co. 469,700 90,000 PepsiAmericas Inc. 2,297,700 90,000 The Coca-Cola Co. 5,478,300 5,000 The Hershey Co. 188,350 33,027 Tootsie Roll Industries Inc. 832,280 20,000 Wm. Wrigley Jr. Co. 1,256,800 5,750 Wm. Wrigley Jr. Co., Cl. B 357,650 ------------ 27,768,625 ------------ HEALTH CARE -- 3.9% 85,000 Advanced Medical Optics Inc.+ 1,725,500 4,000 Alpharma Inc., Cl. A+ 104,840 100,000 Boston Scientific Corp.+ 1,287,000 2,000 DENTSPLY International Inc. 77,200 8,000 Henry Schein Inc.+ 459,200 2,000 Invitrogen Corp.+ 170,940 4,500 Laboratory Corp. of America Holdings+ 331,560 10,000 Patterson Companies Inc.+ 363,000 140,000 Pfizer Inc. 2,930,200 60,000 TL Administration Corp.+ (a) 0 ------------ 7,449,440 ------------ HOTELS AND GAMING -- 2.6% 14,000 Boyd Gaming Corp. 280,000 18,000 Churchill Downs Inc. 850,320 2,000 Dover Downs Gaming & Entertainment Inc. 17,020 20,000 Gaylord Entertainment Co.+ 605,800 14,000 International Game Technology 562,940 9,500 Las Vegas Sands Corp.+ 699,580 32,000 MGM Mirage+ 1,880,640 12,000 Pinnacle Entertainment Inc.+ 153,600 ------------ 5,049,900 ------------ MACHINERY -- 1.8% 46,000 CNH Global NV 2,393,380 12,000 Deere & Co. 965,280 ------------ 3,358,660 ------------ MANUFACTURED HOUSING AND RECREATIONAL VEHICLES -- 0.4% 3,000 Cavco Industries Inc.+ 105,120 50,000 Champion Enterprises Inc.+ 501,500 5,000 Skyline Corp. 139,100 ------------ 745,720 ------------ METALS AND MINING -- 1.2% 50,000 Newmont Mining Corp. 2,265,000 ------------ PUBLISHING -- 1.5% 80,000 Journal Communications Inc., Cl. A 590,400 20,000 Lee Enterprises Inc. 200,200 13,000 Media General Inc., Cl. A 182,260 7,000 Meredith Corp. 267,750 30,000 News Corp., Cl. A 562,500 40,000 PRIMEDIA Inc. 294,000 16,000 The E.W. Scripps Co., Cl. A 672,160 5,000 The New York Times Co., Cl. A 94,400 ------------ 2,863,670 ------------ REAL ESTATE -- 0.9% 50,000 Griffin Land & Nurseries Inc. 1,724,500 ------------ RETAIL -- 3.1% 32,000 Aaron Rents Inc., Cl. A 608,000 60,000 CSK Auto Corp.+ 558,600 40,000 CVS Caremark Corp. 1,620,400 10,000 Ingles Markets Inc., Cl. A 245,900 15,000 Safeway Inc. 440,250 15,000 The Great Atlantic & Pacific Tea Co. Inc.+ 393,300 55,000 Walgreen Co. 2,094,950 ------------ 5,961,400 ------------ SPECIALTY CHEMICALS -- 3.2% 80,000 Ferro Corp. 1,188,800 50,000 Hawkins Inc. 760,000 30,000 Hercules Inc. 548,700 24,000 International Flavors & Fragrances Inc. 1,057,200 130,000 Omnova Solutions Inc.+ 518,700 5,000 Quaker Chemical Corp. 156,450 12,000 Rohm and Haas Co. 648,960 40,000 Sensient Technologies Corp. 1,179,600 ------------ 6,058,410 ------------ TELECOMMUNICATIONS -- 2.1% 230,000 Cincinnati Bell Inc.+ 979,800 17,000 Nortel Networks Corp.+ 115,934 120,000 Qwest Communications International Inc. 543,600 12,000 Rogers Communications Inc., Cl. B 431,040 140,000 Sprint Nextel Corp. 936,600 8,000 Telephone & Data Systems Inc. 314,160 5,000 Telephone & Data Systems Inc., Special 186,500 14,000 Verizon Communications Inc. 510,300 ------------ 4,017,934 ------------ TRANSPORTATION -- 0.9% 44,000 GATX Corp. 1,719,080 ------------ WIRELESS COMMUNICATIONS -- 1.1% 30,000 Price Communications Corp., Escrow+ (a) 0 38,000 United States Cellular Corp.+ 2,090,000 ------------ 2,090,000 ------------ TOTAL COMMON STOCKS 191,764,139 ------------ WARRANTS -- 0.0% ENERGY AND UTILITIES -- 0.0% 1,000 Mirant Corp., Ser. A, expire 01/03/11+ 15,850 ------------ TOTAL INVESTMENTS -- 100.0% (Cost $150,788,495) $191,779,989 ============ Aggregate book cost $150,788,495 ============ Gross unrealized appreciation $ 57,008,593 Gross unrealized depreciation (16,017,099) ------------ Net unrealized appreciation/depreciation $ 40,991,494 ============ - ---------------- (a) Security fair valued under procedures established by the Board of Directors. The procedures may include reviewing available financial information about the company and reviewing valuation of comparable securities and other factors on a regular basis. At March 31, 2008, the market value of fair valued securities amounted to $5,610 or 0.00% of total investments. + Non-income producing security. ADR American Depositary Receipt CVO Contingent Value Obligation See accompanying notes to schedule of investments. GABELLI CAPITAL ASSET FUND NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED) 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 instruments with remaining maturities of 60 days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities' fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than 60 days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 157 "FAIR VALUE MEASUREMENTS" ("SFAS 157") On January 1, 2008, the Fund adopted SFAS 157 that clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosures about the use of fair value measurements. The three levels of the fair value hierarchy under SFAS 157 are described below: o Level 1 - quoted prices in active markets for identical securities; o Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and o Level 3 - significant unobservable inputs (including the Fund's determinations as to the fair value of investments). 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 inputs used to value the Fund's net assets as of March 31, 2008 is as follows: INVESTMENTS IN SECURITIES VALUATION INPUTS (MARKET VALUE) ------------------ -------------- Level 1 - Quoted Prices $191,774,379 Level 3 - Significant Unobservable Inputs 5,610 ------------ Total $191,779,989 ============ Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value: INVESTMENTS IN SECURITIES (MARKET VALUE) -------------- BALANCE AS OF 12/31/07 $5,610 Accrued discounts/premiums -- Realized gain (loss) -- Change in unrealized appreciation/depreciation -- Net purchases (sales) -- Transfers in and/or out of Level 3 -- ------ BALANCE AS OF 3/31/08 $5,610 ====== ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Gabelli Capital Series Funds, Inc. ----------------------------------------------------------------- By (Signature and Title)* /s/ Bruce N. Alpert ------------------------------------------------------- Bruce N. Alpert, Principal Executive Officer Date May 28, 2008 ---------------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Bruce N. Alpert ------------------------------------------------------- Bruce N. Alpert, Principal Executive Officer Date May 28, 2008 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ Agnes Mullady ------------------------------------------------------- Agnes Mullady, Principal Financial Officer and Treasurer Date May 28, 2008 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 exh302.txt EXHIBIT TO SECTION 302 OF SOA CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Bruce N. Alpert, certify that: 1. I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 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: (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; (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; (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 (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter 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): (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 (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: May 28, 2008 /s/ Bruce N. Alpert -------------------- ---------------------------------------------- Bruce N. Alpert, Principal Executive Officer CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Agnes Mullady, certify that: 1. I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 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: (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; (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; (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 (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter 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): (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 (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: May 28, 2008 /s/ Agnes Mullady ---------------------- ------------------------------------------- Agnes Mullady, Principal Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----