THE GABELLI ASSET FUND
Supplement to Prospectus dated May 1, 1996
For Ohio Residents
This Prospectus must be delivered to the investor prior to
consummation of sale.
Investment in this investment company may involve a higher
degree of risk than investment in more traditional open-end,
diversified investment companies because the Fund may purchase
securities of an issuer in which affiliated parties (including the
Fund's officers and directors) could own more than 5% of the
securities of such issuer.
May 1, 1996
shared/3rdparty/gabasset/pea/#13/gabstick.doc
