GABELLI ASSET FUND
NSAR-B, 1997-02-28
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<PAGE>      PAGE  1
000 B000000 12/31/96
000 C000000 783898
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE GABELLI ASSET FUND
001 B000000 811-4494
001 C000000 9149215070
002 A000000 ONE CORPORATE CENTER
002 B000000 RYE
002 C000000 NY
002 D010000 10580
002 D020000 1434
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008 B000001 A
008 C000001 801-37706
008 D010001 RYE
008 D020001 NY
008 D030001 10580
008 D040001 1434
010 A000001 FIRST DATA INVESTOR SERVICES GROUP, INC.
010 B000001 84-1764
010 C010001 BOSTON
010 C020001 MA
010 C030001 02109
011 A000001 GABELLI & COMPANY, INC.
011 B000001 8-21373
011 C010001 RYE
011 C020001 NY
011 C030001 10580
012 A000001 STATE STREET BANK & TRUST COMPANY
<PAGE>      PAGE  2
012 B000001 85-5003
012 C010001 QUINCY
012 C020001 MA
012 C030001 02171
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
014 A000001 IFG NETWORK SECURITIES, INC.
014 B000001 8-37937
014 A000002 KEELEY INVESTMENT COPORATION
014 B000002 8-20353
014 A000003 GABELLI & COMPANY, INC.
014 B000003 8-21373
015 A000001 STATE STREET BANK AND TRUST COMPANY
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020 A000001 GABELLI & COMPANY
020 B000001 13-2885006
020 C000001    130
020 A000002 ASIEL & COMPANY
020 B000002 13-4933080
020 C000002     18
020 A000003 LEHMAN BROTHERS
020 B000003 13-2518466
020 C000003     17
020 A000004 HERZOG, HEINE, GEDULD INC.
020 B000004 13-1955436
020 C000004     16
020 A000005 GOLDMAN SACHS
020 B000005 13-2518466
020 C000005     15
020 A000006 ALLEN & COMPANY, INC.
020 B000006 13-6176976
020 C000006     14
020 A000007 LAZARD FRERES & CO.
020 B000007 13-5545100
020 C000007     14
020 A000008 MORGAN (J.P.) SECURITIES INC.
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020 A000009 LIPPER ANALYTICAL SECURITIES CORP.
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020 C000009     12
<PAGE>      PAGE  3
020 A000010 BEAR STEARNS & CO. INC.
020 B000010 13-4946705
020 C000010     12
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022 A000001 STATE STREET BANK & TRUST CO.
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022 C000004      1214
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022 A000005 CANTOR FITZGERALD SECURITIES
022 B000005 13-2698893
022 C000005       615
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022 A000006 HERZOG, HEINE, GEDULD INC.
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022 A000009 MERRILL LYNCH PIERCE FENNER & SMITH
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022 A000010 SHERWOOD SECURITIES
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022 C000010         0
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025 A000001 LEHMAN BROTHERS HOLDINGS INC.
025 B000001 13-2518466
025 C000001 E
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025 A000002 SALOMON BROTHERS INC.
025 B000002 13-5365580
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SIGNATURE   BRUCE N. ALPERT                              
TITLE       PRESIDENT/TREAS     
 


<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
              <NUMBER> 001
              <NAME> GABELLI ASSET FUND
       
<S>                                      <C>
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<PERIOD-END>                             DEC-31-1996
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<OVERDISTRIBUTION-GAINS>                                    (1,104,816)
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