EXHIBIT (l)
PURCHASE AGREEMENT
The Gabelli Value Fund Inc. (the "Fund"), a Maryland corporation, and Gabelli &
Company, Inc. (the "Buyer") hereby agree as follows:
1. The Trust hereby offers the Buyer and the Buyer hereby purchases 1
share of each of the Class B shares and Class C shares of the Fund (the
"Shares") at $10.00 per share. The Shares are the "initial shares" of each such
class. The Buyer hereby acknowledges receipt of a purchase confirmation
reflecting the purchase of the Shares, and the Trust hereby acknowledges receipt
from the Buyer of funds in the amount of $20 in full payment for the Shares.
2. The Buyer represents and warrants to the Fund that the Shares
purchased by the Buyer are being acquired for investment purposes and not for
the purpose of distribution.
3. The Fund represents that a copy of its Agreement and Articles of
Incorporation, dated July 20, 1989, is on file in the Office of the Secretary of
the State of Maryland.
4. This Agreement has been executed on behalf of the Fund by the
undersigned officer of the Fund in his or her capacity as an officer of the
Fund.
5. This Agreement may be executed in counterparts, each of which shall
be deemed to be an original, but such counterparts shall, together, constitute
only one instrument.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the 20th day of April, 1999.
Attest: THE GABELLI VALUE FUND INC.
/s/ Xxxxx XxXxx By:/s/ Xxxxx Xxxxxx
Xxxxx XxXxx Xxxxx Xxxxxx
Attest: GABELLI & COMPANY, INC.
/s/ Xxxxx Xxxxxx By:/s/ Xxxxx XxXxx
Xxxxx Xxxxxx Xxxxx XxXxx
