<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 783898
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE GABELLI ASSET FUND
001 B000000 811-4494
001 C000000 9149215100
002 A000000 ONE CORPORATE CENTER
002 B000000 RYE
002 C000000 NY
002 D010000 10580
002 D020000 1434
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 GABELLI FUNDS, INC.
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 BOSTON FINANCIAL DATA SERVICES, INC.
<PAGE> PAGE 2
012 B000001 85-5003
012 C010001 N. 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
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 16
019 C000000 GABELLIGRP
020 A000001 GABELLI & COMPANY
020 B000001 13-2885006
020 C000001 217
020 A000002 ASIEL & COMPANY
020 B000002 13-4933080
020 C000002 29
020 A000003 LEHMAN BROTHERS
020 B000003 13-2518466
020 C000003 35
020 A000004 HERZOG, HEINE, GEDULD INC.
020 B000004 13-1955436
020 C000004 21
020 A000005 ALLEN & COMPANY, INC.
020 B000005 13-6176976
020 C000005 45
020 A000006 FIRST BOSTON
020 B000006 13-5659485
020 C000006 34
020 A000007 GOLDMAN SACHS
020 B000007 13-5108880
020 C000007 14
020 A000008 MORGAN (J.P.) & CO., INC.
020 B000008 13-3224016
020 C000008 13
020 A000009 SALOMON SMITH BARNEY
020 B000009 13-1912900
020 C000009 26
<PAGE> PAGE 3
020 A000010 BEAR STEARNS & CO. INC.
020 B000010 13-4946705
020 C000010 24
021 000000 701
022 A000001 STATE STREET BANK & TRUST CO.
022 B000001 04-1867445
022 C000001 507331
022 D000001 337305
022 A000002 ABN AMRO
022 C000002 18337
022 D000002 3125
022 A000003 UBS SECURITIES
022 B000003 13-2932996
022 C000003 4699
022 D000003 255
022 A000004 DONALDSON LUFKIN & JENRETTE
022 B000004 13-2741729
022 C000004 4674
022 D000004 162
022 A000005 ALLEN & CO.
022 B000005 13-6176976
022 C000005 2856
022 D000005 298
022 A000006 BAIRD, ROBERT W.
022 C000006 1877
022 D000006 0
022 A000007 MERRILL LYNCH PIERCE FENNER & SMITH INC.
022 B000007 13-5674085
022 C000007 233
022 D000007 1346
022 A000008 JEFFRIES & CO.
022 B000008 96-2622900
022 C000008 1440
022 D000008 0
022 A000009 HAMBRECHT & QUIST
022 B000009 94-2856935
022 C000009 1137
022 D000009 0
022 A000010 JONES & ASSOC.
022 B000010 95-3583143
022 C000010 1024
022 D000010 0
023 C000000 548118
023 D000000 462441
024 000000 Y
025 A000001 LEHMAN BROTHERS HOLDINGS INC.
025 B000001 13-2518466
025 C000001 E
025 D000001 10200
025 A000002 DELETE
025 D000002 0
<PAGE> PAGE 4
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 18997
028 A020000 0
028 A030000 0
028 A040000 27657
028 B010000 17198
028 B020000 0
028 B030000 0
028 B040000 28729
028 C010000 40639
028 C020000 0
028 C030000 0
028 C040000 29217
028 D010000 69502
028 D020000 0
028 D030000 0
028 D040000 88474
028 E010000 77742
028 E020000 0
028 E030000 0
028 E040000 55874
028 F010000 76277
028 F020000 155493
028 F030000 0
028 F040000 72995
028 G010000 300355
028 G020000 155493
028 G030000 0
028 G040000 302946
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
<PAGE> PAGE 5
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 2897
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
<PAGE> PAGE 6
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 100
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 D000000 Y
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
<PAGE> PAGE 7
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 247647
071 B000000 460221
071 C000000 1124324
071 D000000 22
072 A000000 12
072 B000000 2488
072 C000000 16234
072 D000000 0
072 E000000 0
072 F000000 11701
072 G000000 0
072 H000000 0
072 I000000 927
072 J000000 0
072 K000000 0
072 L000000 0
<PAGE> PAGE 8
072 M000000 62
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 37
072 S000000 10
072 T000000 2897
072 U000000 0
072 V000000 0
072 W000000 540
072 X000000 16174
072 Y000000 0
072 Z000000 2548
072AA000000 166964
072BB000000 0
072CC010000 207588
072CC020000 0
072DD010000 2575
072DD020000 0
072EE000000 167004
073 A010000 0.0700
073 A020000 0.0000
073 B000000 4.5400
073 C000000 0.0000
074 A000000 115
074 B000000 0
074 C000000 102836
074 D000000 2757
074 E000000 4051
074 F000000 1224459
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 1709
074 K000000 0
074 L000000 4170
074 M000000 0
074 N000000 1340097
074 O000000 981
074 P000000 1627
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2437
074 S000000 0
074 T000000 1335052
074 U010000 41918
074 U020000 0
074 V010000 31.85
<PAGE> PAGE 9
074 V020000 0.00
074 W000000 0.0000
074 X000000 41790
074 Y000000 0
075 A000000 0
075 B000000 1171654
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A000000 CNA INSURANCE COMPANY
080 C000000 12625
081 A000000 Y
081 B000000 20
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE BRUCE N. ALPERT
TITLE PRESIDENT/TREAS
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> GABELLI ASSET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 749,414,531
<INVESTMENTS-AT-VALUE> 1,334,103,798
<RECEIVABLES> 5,887,081
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 115,277
<TOTAL-ASSETS> 1,340,106,156
<PAYABLE-FOR-SECURITIES> 981,104
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,073,274
<TOTAL-LIABILITIES> 5,054,378
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 751,414,932
<SHARES-COMMON-STOCK> 41,918,237
<SHARES-COMMON-PRIOR> 40,907,365
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,038,715)
<ACCUM-APPREC-OR-DEPREC> 584,675,561
<NET-ASSETS> 1,335,051,778
<DIVIDEND-INCOME> 16,233,559
<INTEREST-INCOME> 2,487,757
<OTHER-INCOME> 0
<EXPENSES-NET> 16,173,453
<NET-INVESTMENT-INCOME> 2,547,863
<REALIZED-GAINS-CURRENT> 166,963,760
<APPREC-INCREASE-CURRENT> 207,587,959
<NET-CHANGE-FROM-OPS> 377,099,582
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,574,725)
<DISTRIBUTIONS-OF-GAINS> (167,004,172)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,039,709
<NUMBER-OF-SHARES-REDEEMED> (16,898,747)
<SHARES-REINVESTED> 4,869,910
<NET-CHANGE-IN-ASSETS> 254,412,506
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,104,816)
<GROSS-ADVISORY-FEES> 11,701,148
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,173,453
<AVERAGE-NET-ASSETS> 1,171,654,335
<PER-SHARE-NAV-BEGIN> 26.42
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 9.97
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (4.54)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 31.85
<EXPENSE-RATIO> 1.38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
