GABELLI VALUE FUND INC
NSAR-B, 1998-03-16
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<PAGE>      PAGE  1
000 B000000 12/31/97
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001 A000000 THE GABELLI VALUE FUND INC.
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011 A000001 GABELLI & COMPANY, INC.
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012 A000001 BOSTON FINANCIAL DATA SERVICES, INC.
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013 A000001 PRICE WATERHOUSE LLP
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013 B020001 NY
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014 A000001 IFG NETWORK SECURITIES INC.
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014 A000002 KEELEY INVESTMENT CORPORATION
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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>                   12-MOS
<FISCAL-YEAR-END>               DEC-31-1997
<PERIOD-END>                    DEC-31-1997
<INVESTMENTS-AT-COST>              389,867,946
<INVESTMENTS-AT-VALUE>             595,066,365
<RECEIVABLES>                       21,982,966
<ASSETS-OTHER>                               0
<OTHER-ITEMS-ASSETS>                    10,998
<TOTAL-ASSETS>                     617,060,329
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<SENIOR-LONG-TERM-DEBT>                      0
<OTHER-ITEMS-LIABILITIES>           20,461,744
<TOTAL-LIABILITIES>                 20,513,288
<SENIOR-EQUITY>                              0
<PAID-IN-CAPITAL-COMMON>           391,748,645
<SHARES-COMMON-STOCK>               41,723,898
<SHARES-COMMON-PRIOR>               40,202,118
<ACCUMULATED-NII-CURRENT>                    0
<OVERDISTRIBUTION-NII>                       0
<ACCUMULATED-NET-GAINS>                246,302
<OVERDISTRIBUTION-GAINS>                     0
<ACCUM-APPREC-OR-DEPREC>           204,552,094
<NET-ASSETS>                       596,547,041
<DIVIDEND-INCOME>                    4,176,213
<INTEREST-INCOME>                      632,304
<OTHER-INCOME>                               0
<EXPENSES-NET>                       7,164,920
<NET-INVESTMENT-INCOME>             (2,253,147)
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<APPREC-INCREASE-CURRENT>          103,506,441
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<EQUALIZATION>                               0
<DISTRIBUTIONS-OF-INCOME>                    0
<DISTRIBUTIONS-OF-GAINS>           (96,768,357)
<DISTRIBUTIONS-OTHER>                        0
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<EXPENSE-RATIO>                           1.42
<AVG-DEBT-OUTSTANDING>                       0
<AVG-DEBT-PER-SHARE>                         0


</TABLE>


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