U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Form 12b-25							SEC File Number   
811-4494
								CUSIP NUMBER

NOTIFICATION OF LATE FILING

(Check One)

[   ] Form 10-K	[   ] Form 11-K	[   ] Form 20-F	[   ] Form 
10-Q	[X] Form N-SAR

	For Period Ended:   December 31, 1997
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Read Attached Instruction Sheet before Preparing Form.  Please 
Print or Type.

	Nothing in this Form shall be construed to imply that the 
Commission has verified any
	 information contained herein.
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	If the notification relates to a portion of the filing 
checked above, identify the item(s) to which 
	the notification relates:
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Part I -- Registrant Information
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	Full Name of registrant:	The Gabelli Asset Fund

	Former Name if Applicable:  
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	Address of Principal Executive Office (Street and Number):
	One Corporate Center
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	City, State and Zip Code:
	Rye, NY 10580-1434
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Part II -- Rules 12b-25(b) and (c)
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	If the subject report could not be filed without 
unreasonable effort or expense and the registrant 
	seeks relief pursuant to Rule 12b-25(b), the following 
should be completed.  (Check box if 
	appropriate)

[  ]	(a)	The reasons described in reasonable detail in Part III 
of this Form could not be 
		 eliminated without unreasonable effort or expense:

[X]	(b)	The subject annual report or semi-annual 
report/portion thereof will be filed on or before 
		the fifteenth calendar day following the prescribed 
due date; or the subject quarterly 
		report/portion thereof will be filed on or before the 
fifth calendar day following the 
		prescribed due date; and

[  ]	(c)	The accountants statement or other exhibit required by 
Rule 12b-25(c) has been attached 
		if applicable


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Part III -- Narrative
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	State below in reasonable detail the reasons why the Form 
10-K, 11-K, 20-F, 10-Q or N-SAR 	
	portion thereof could not be filed within the prescribed 
time period:

	Awaiting information necessary to complete this document.
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Part IV -- Other Information
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	(1)	Name and telephone number of person to contract in 
regard to this notification;

	(Name)					(Area Code)	
	(Telephone Number)

	Richard Rose				(617)			573-
1351

	(2)	Have all other periodic reports required under section 
13 or 15 (d) of the Securities 
		Exchange Act of 1934 or section 30 of the Investment 
Company Act of 1940 during the 
		preceding 12 months or for such shorter period that 
the registrant was required to file 
		such report(s) been filed?  If the answer is no, 
identify report(s).

			[ X ] Yes				[    ] No

	(3)	Is it anticipated that any significant change in 
results of operations from the 
		corresponding period for the last fiscal year will be 
reflected by the earnings statements 
		to be included in the subject report or portion 
thereof?

			[    ] Yes					[ X ] No

		If so, attach an explanation of the anticipated 
change, both narratively an quantitatively, 
		and, if appropriate, state the reasons why a 
reasonable estimate of the results cannot be 
		made.
				The Gabelli Asset Fund
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(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the 
undersigned thereunto duly authorized.


Date:    February 27, 1998	
	By:_____________________________
					      Richard Rose