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SIGNATURE BRUCE N. ALPERT
TITLE PRESIDENT/TREAS
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000783898
<NAME> GABELLI ASSET FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
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The Gabelli Asset Fund
4th Quarter 1999
Section 10f-3 Transactions
The following securities were purchased pursuant to Rule 10f-3 and all
requirements of the Affiliated Underwriting Procedures of the Fund. A
folder documenting such compliance for each transaction is available for
inspection by Board Members.
Trade Dates 11-24-99
Issue PNV Inc.
Shares 15,000
Price $17
Amount $255,000
Spread Amount 1.19
Spread % 7.0%
Fund's % of Issue 0.04%
% of Issue for all
GabelliFunds 2.13%
Broker CIBC World Markets
Issues within
90 days 3
Reason (1),(2)
The Purchases listed above meet the following requirements of 10f-3
...Part of an issue registered under the Securities Act of 1933.
...Purchased at not more than the offering price.
...Offered pursuant to a firm commitment underwriting.
... The issuer has been in continuos operation for at least 3 years.
All other requirements are presented in the table above.
Reason Key
(1) Does not exceed 125% of the mean offering spread of 3 comparable
Issues underwritten in the last 90 days.
(2) Does not exceed 110% of this underwriting spread of 3 comparable
Issues underwritten in the last 90 days.
Note: If 3 comparable issues are not available within 90 days, a one-year
window is used.
Report of Independent Accountants
To the Shareholders and Board of Trustees of
The Gabelli Asset Fund
In planning and performing our audit of the financial statements
of The Gabelli Asset Fund (the "Fund") for the year ended December
31, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design
or operation of one or more of the internal control components does
not reduce to a relatively low level the risk that misstatements caused
by error or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal
control and its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above as of December
31, 1999. This report is intended solely for the information and use of
management and the Trustees of the Fund and the Securities and Exchange
Commission and should not be used by anyone other than those specified
parties.
PricewaterhouseCoopers LLP
February 11, 2000
THE GABELLI ASSET FUND
EXHIBIT TO ITEM 77C
A Special Meeting of Shareholders of The Gabelli Asset Fund (the "
Fund") was held on August 31, 1999. The following proposals were
submitted for a vote of the shareholders:
1. To consider and act upon amendments to the Fund's Declaration of
Trust to permit the Fund to offer additional classes of shares:
With respect to the proposal relating to the approval of amendments
to the Fund's Declaration of Trust to permit the Fund to offer
additional classes of shares, the following votes and percentages
were recorded:
For Against Abstain Broker Non-Votes
21,722,782 4,063,324 1,794,676 597,196
(50.23%)
2. To consider and act upon a proposal to amend the Fund's
fundamental investment policy with respect to options to permit
the Fund to buy and sell put and call options on securities it
holds or has the right to obtain:
With respect to the proposal relating to amending the Fund's
fundamental investment policy with respect to options to permit the
Fund to buy and sell put and call options on securities it holds or
has the right to obtain, the following votes and percentages were
recorded:
For Against Abstain Broker Non-Votes
22,709,704 3,446,591 1,424,486 597,196
(52.51%)
3. To elect nine trustees of the Fund:
With respect to the proposal relating to the election of nine
trustees of the Fund, the following votes and percentages were
recorded:
For
Withholding
Authority
Percent Represented
at the Meeting
Voting in Favor
Mario J. Gabelli
27,421,179
756,799
97.31%
Felix J. Christiana
27,364,332
813,646
97.11%
Anthony J. Colavita
27,395,623
782,355
97.22%
James P. Conn
27,290,903
887,075
96.85%
John D. Gabelli
27,290,379
887,599
96.85%
Karl Otto Pohl
27,254,244
923,734
96.72%
Anthony R. Pustorino
27,355,997
821,981
97.08%
Anthonie C. van Ekris
27,412,068
765,910
97.28%
Salvatore J. Zizza
27,413,151
764,827
97.29%
4. To ratify the selection of PricewaterhouseCoopers LLP as
the independent accountants of the Fund for the fiscal year
ending December 31, 1999:
With respect to the proposal relating to the ratification of the
selection of PricewaterhouseCoopers LLP as the independent
accountants of the Fund for the fiscal year ending December 31, 1999,
the following votes and percentages were recorded:
For Against Abstain
27,161,945 340,652 675,380
(96.36%)
g:\boslegal\clients\gabasset\misc\nsar77c.doc
G:\SHARED\3RDPARTY\GABEQTRU\NSAREX.DOC
