<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0000893783
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 GABELLI INVESTOR FUNDS, INC.
001 B000000 811-7326
001 C000000 8004223554
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 Y
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007 C010100 1
007 C020100 THE GABELLI ABC FUND
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007 C010300 3
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007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 GABELLI & CO.
020 B000001 13-2885006
020 C000001 50
020 A000002 ALLEN & CO.
020 B000002 13-6176976
020 C000002 14
020 A000003 MERRILL LYNCH & CO.
020 B000003 13-5674085
020 C000003 7
020 A000004 ASIEL & CO
020 B000004 13-4933080
020 C000004 7
020 A000005 BEAR STEARNS & CO.
020 B000005 13-3299429
020 C000005 5
020 A000006 EVEREN SECURITIES,INC.
<PAGE> PAGE 2
020 B000006 34-1542819
020 C000006 4
020 A000007 LEHMAN BROTHERS, INC.
020 B000007 13-2518466
020 C000007 3
020 A000008 SALOMAN BROTHERS, INC.
020 B000008 13-3082694
020 C000008 3
020 A000009 DILLON, REED & CO., INC.
020 B000009 13-1939216
020 C000009 3
020 A000010 JEFERIES & COMPANY, INC.
020 B000010 13-1939216
020 C000010 2
021 000000 123
022 A000001 HSBC SECURITIES, INC.
022 B000001 13-2650272
022 C000001 104769
022 D000001 57616
022 A000002 ABN AMRO
022 B000002 13-3227945
022 C000002 12609
022 D000002 16702
022 A000003 CANTOR, FITZGERALD & CO., INC.
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022 C000003 3125
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022 C000004 2465
022 D000004 0
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022 C000007 1126
022 D000007 53
022 A000008 BEAR, STEARNS & CO., INC.
022 B000008 13-3299429
022 C000008 1015
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022 A000009 MORGAN STANLEY & CO., INC.
022 B000009 13-2655998
022 C000009 900
022 D000009 0
<PAGE> PAGE 3
022 A000010 J.P. MORGAN SECURITIES, INC.
022 B000010 13-3224016
022 C000010 855
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023 D000000 74695
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010 C020102 OH
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<PAGE> PAGE 4
011 C010101 RYE
011 C020101 NY
011 C030101 10580
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012 A000101 STATE STREET BANK & TRUST COMPANY
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012 C010101 BOSTON
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013 A000101 GRANT THORNTON LLP
013 B010101 NEW YORK
013 B020101 NY
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014 B000101 8-21373
014 A000102 IFG NETWORK SECURITIES
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014 A000103 KEELEY INVESTMENT CORP.
014 B000103 8-20353
014 A000104 LYNCH & CO.
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015 A000101 STATE STREET BANK & TRUST COMPANY
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE TRACIE PERSINGER
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893783
<NAME> GABELLI INVESTOR FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> THE GABELLI ABC FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 32,061,626
<INVESTMENTS-AT-VALUE> 33,101,584
<RECEIVABLES> 2,715,885
<ASSETS-OTHER> 8,822
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35,826,291
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 598,284
<TOTAL-LIABILITIES> 598,284
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,190,155
<SHARES-COMMON-STOCK> 3,442,361
<SHARES-COMMON-PRIOR> 2,723,940
<ACCUMULATED-NII-CURRENT> (5,775)
<OVERDISTRIBUTION-NII> 20,288
<ACCUMULATED-NET-GAINS> 3,669
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,039,958
<NET-ASSETS> 35,228,007
<DIVIDEND-INCOME> 266,748
<INTEREST-INCOME> 610,136
<OTHER-INCOME> 0
<EXPENSES-NET> 632,073
<NET-INVESTMENT-INCOME> 244,811
<REALIZED-GAINS-CURRENT> 2,253,030
<APPREC-INCREASE-CURRENT> 873,518
<NET-CHANGE-FROM-OPS> 3,371,359
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 265,916
<DISTRIBUTIONS-OF-GAINS> 2,253,195
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,121,544
<NUMBER-OF-SHARES-REDEEMED> 2,608,737
<SHARES-REINVESTED> 205,614
<NET-CHANGE-IN-ASSETS> 8,426,297
<ACCUMULATED-NII-PRIOR> 765
<ACCUMULATED-GAINS-PRIOR> 18,886
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 281,337
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 632,073
<AVERAGE-NET-ASSETS> 28,141,838
<PER-SHARE-NAV-BEGIN> 9.84
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 1.17
<PER-SHARE-DIVIDEND> .09
<PER-SHARE-DISTRIBUTIONS> .77
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.23
<EXPENSE-RATIO> 2.26
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
Board of Directors
The Gabelli Investor Funds, Inc.
(consisting of The Gabelli ABC Fund)
In planning and performing our audit of the
financial statements of The Gabelli Investor Funds,
Inc. for the year ended December 31, 1997, we considered
its internal control structure, including procedures
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 the internal control structure.
The management of The Gabelli Investor Funds, Inc.
is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs of
internal control structure policies and procedures.
Two of the objectives of an internal control structure
are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition and that
transactions are executed in accordance with
management's authorization and recorded properly
to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and
not be detected. Also, projection of any evaluation
of the structure 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 the internal control structure would
not necessarily disclose all matters in the internal control
structure 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 the
specific internal control structure elements does not
reduce to a relatively low level the risk that errors or
irregularities 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 the internal control structure, including
procedures for safeguarding securities, that we
consider to be material weaknesses as defined
above as of December 31, 1997.
This report is intended solely for the information
and use of management and the Securities and
Exchange Commission.
New York, New York
February 26 1998
