<PAGE> PAGE 1
000 B000000 12/31/99
000 C000000 0000893783
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
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000 J000000 A
001 A000000 GABELLI INVESTOR FUNDS, INC.
001 B000000 811-07326
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
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007 C020100 THE GABELLI ABC FUND
007 C030100 N
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007 C010600 6
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008 B00AA01 A
008 C00AA01 801-37706
008 D01AA01 RYE
008 D02AA01 NY
008 D03AA01 10580
008 D04AA01 1434
010 A00AA01 PFPC INC.
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02110
011 A00AA01 GABELLI & COMPANY, INC.
011 B00AA01 8-21373
011 C01AA01 RYE
011 C02AA01 NY
011 C03AA01 10580
<PAGE> PAGE 2
011 C04AA01 1434
012 A00AA01 BOSTON FINANCIAL DATA SERVICES, INC.
012 B00AA01 85-05003
012 C01AA01 BRAINTREE
012 C02AA01 MA
012 C03AA01 02184
013 A00AA01 GRANT THORNTON LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10004
013 B04AA01 2616
014 A00AA01 KEELEY INVESTMENT CORP.
014 B00AA01 8-20353
014 A00AA02 GABELLI & COMPANY, INC.
014 B00AA02 8-21373
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
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020 C000001 289
020 A000002 INSTINET
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020 C000002 12
020 A000003 MORGAN STANLEY
020 B000003 13-2655998
020 C000003 12
020 A000004 UTENDAHL CAPITAL PARTNERS
020 B000004 13-3663000
020 C000004 12
020 A000005 ALLEN & CO. INC.
020 B000005 13-6176976
020 C000005 9
020 A000006 ROBOTTI & ENG INC.
020 B000006 11-2627501
020 C000006 7
020 A000007 WEISS PECK & GREER
020 B000007 13-2649199
020 C000007 4
020 A000008 BROWN BROTHERS
020 B000008 13-4973745
020 C000008 4
020 A000009 ASIEL & CO. INC.
020 B000009 13-4933080
<PAGE> PAGE 3
020 C000009 3
020 A000010 MERRILL LYNCH
020 B000010 13-5674085
020 C000010 3
021 000000 388
022 A000001 GX CLARK
022 B000001 13-2969143
022 C000001 168711
022 D000001 186000
022 A000002 SPEAR LEEDS & KELLOGG
022 B000002 13-5515160
022 C000002 126193
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022 B000003 11-2418191
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SIGNATURE BRUCE N. ALPERT
TITLE PRESIDENT/TREAS
<TABLE> <S> <C>
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<CIK> 0000893783
<NAME> GABELLI INVESTOR FUND
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<NAME> GABELLI ABC FUND
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<PERIOD-START> JAN-01-1999
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The Gabelli ABC 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 10-18-99
Issue Martha Stewart Living
Shares 1,000
Price $18
Amount $18,000
Spread Amount 1.26
Spread % 7.0%
Fund's % of Issue 0.1%
% of Issue for all
Gabelli Funds 0.12%
Broker Morgan Stanley Dean Witter
Issues within
90 days 3
Reason (1),(2)
Trade Dates 10-18-99
Issue WWF Entertainment
Shares 500
Price $17
Amount $8,500
Spread Amount 1.19
Spread % 7.0%
Fund's % of Issue 0.01%
% of Issue for all
Gabelli Funds 0.05%
Broker Bear Stearns
Issues within
90 days 3
Reason (1),(2)
Trade Dates 11-24-99
Issue PNV Inc.
Shares 5,000
Price $17
Amount $85,000
Spread Amount 1.19
Spread % 7.0%
Fund's % of Issue 0.13%
% of Issue for all
Gabelli Funds 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 CERTIFIED PUBLIC ACCOUNTANTS
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, 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 Gabelli Investor Funds, Inc. 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 the specific internal control components does not reduce to a
relatively low level the risk that errors 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, 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, the
Board of Directors of The Gabelli Investor Funds, Inc., and the Securities
and Exchange Commission.
GRANT THORNTON LLP
New York, New York
February 11, 2000
