<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 853438
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001 A000000 THE GABELLI VALUE FUND INC.
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002 A000000 ONE CORPORATE CENTER
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002 D010000 10580
002 D020000 1434
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008 B000001 A
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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
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011 C030001 10580
011 A000002 DELETE
<PAGE> PAGE 2
012 A000001 BOSTON FINANCIAL DATA SERVICES, INC.
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 CORPORATION
014 B000002 8-20353
014 A000003 GABELLI & COMPANY, INC.
014 B000003 8-21373
015 A000001 BOSTON SAFE DEPOSIT AND TRUST COMPANY
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020 A000003 EVEREN SECURITIES
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020 A000004 ASIEL & CO.
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020 B000007 13-2518466
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020 C000008 5
020 A000009 NEEDHAM & CO.
020 B000009 13-3255839
<PAGE> PAGE 3
020 C000009 5
020 A000010 MERRILL LYNCH PIERCE FENNER & SMITH INC.
020 B000010 13-5674085
020 C000010 4
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022 A000001 MORGAN (J.P.) SECURITIES INC.
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022 C000007 574
022 D000007 0
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022 C000008 263
022 D000008 159
022 A000009 STERNE AGEE & LEACH
022 B000009 63-0463600
022 C000009 272
022 D000009 0
022 A000010 BEAR STEARNS & CO. INC.
022 B000010 13-4946705
022 C000010 90
022 D000010 160
023 C000000 364839
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025 A000001 LEHMAN BROTHERS
025 B000001 13-2518466
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<PAGE> PAGE 4
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SIGNATURE BRUCE N. ALPERT
TITLE COO/V.PRESDT/TREAS
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> Gabelli Value Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 341,483,268
<INVESTMENTS-AT-VALUE> 507,485,128
<RECEIVABLES> 3,561,830
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 6,101,958
<TOTAL-ASSETS> 517,148,916
<PAYABLE-FOR-SECURITIES> 5,900,352
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,525,448
<TOTAL-LIABILITIES> 7,425,800
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 312,914,423
<SHARES-COMMON-STOCK> 36,112,188
<SHARES-COMMON-PRIOR> 40,020,118
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (955,614)
<ACCUMULATED-NET-GAINS> 31,762,529
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 166,001,778
<NET-ASSETS> 509,723,116
<DIVIDEND-INCOME> 2,206,963
<INTEREST-INCOME> 88,085
<OTHER-INCOME> 0
<EXPENSES-NET> 3,250,662
<NET-INVESTMENT-INCOME> (955,614)
<REALIZED-GAINS-CURRENT> 32,124,114
<APPREC-INCREASE-CURRENT> 64,956,125
<NET-CHANGE-FROM-OPS> 96,124,625
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 354,417
<NUMBER-OF-SHARES-REDEEMED> (4,262,347)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 48,887,078
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (361,585)
<GROSS-ADVISORY-FEES> 2,272,432
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,250,662
<AVERAGE-NET-ASSETS> 458,252,929
<PER-SHARE-NAV-BEGIN> 11.52
<PER-SHARE-NII> (0.03)
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<PER-SHARE-NAV-END> 14.11
<EXPENSE-RATIO> 1.43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
