Gabelli Asset Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-04494

The Gabelli Asset Fund

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: June 30, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

The Gabelli Asset Fund

Semiannual Report — June 30, 2022

To Our Shareholders,

For the six months ended June 30, 2022, the net asset value (NAV) total return per class AAA Share of The Gabelli Asset Fund was (16.9)% compared with a total return of (20.0)% for the Standard & Poor’s (S&P) 500 Index. Other classes of shares are available. See page 3 for the performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2022.

Investment Objective and Strategy (Unaudited)

The Fund primarily seeks to provide growth of capital. The Fund’s secondary goal is to provide current income.

The Fund’s investment strategy is to primarily invest in common and preferred stocks. The Fund focuses on companies which appear underpriced relative to their private market value (PMV). PMV is the value the Fund’s investment adviser, Gabelli Funds, LLC, believes informed investors would be willing to pay for a company. Under normal market conditions, the Fund invests at least 80% of its assets in stocks that are listed on a recognized securities exchange or similar market. The portfolio managers will invest in companies that, in the public market, are selling at a significant discount to the portfolio managers’ assessment of their PMV. The portfolio managers consider factors such as price, earnings expectations, earnings and price histories, balance sheet characteristics, and perceived management skills. The portfolio managers also consider changes in economic and political outlooks as well as individual corporate developments.

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

Performance Discussion (Unaudited)

For the six months ended June 30, 2022, the Fund declined 16.85% while the S&P 500 Index declined 20%. Markets came under pressure as concerns about inflation, sparked by loose monetary and fiscal policies, supply chain issues, and oil and agricultural products shocks exacerbated by the war in Ukraine morphed into worries about an economic downturn triggered largely by central bank tightening meant to control inflation. Reflecting these higher rates, the P/E multiple on the S&P 500 compressed from 21x to 16x, though the earnings estimates underlying current multiples are likely to decline as economic weakness spreads. Energy was the strongest sector in the first half, though it too succumbed to heavy selling pressure in June. Cyclically sensitive sectors, including Technology, Consumer Discretionary, and Industrials, performed poorly while more resilient sectors such as Utilities, Staples, and Health Care were relatively strong.

The largest contributor to returns for the quarter was Swedish Match (2.7% of net assets as of June 30, 2022), which agreed to an acquisition by Philip Morris International (PM) for SEK 106 per share in cash. The deal marks the realization of our long-held thesis that a global cigarette firm would bolster their smokeless tobacco offerings via market leader ZYN, owned by Swedish Match. The deal is expected to close in late 2022. As would be expected, energy-oriented firms performed well. Among the Fund’s holdings were Chevron (0.6%), EOG Resources (0.5%), and ExxonMobil (0.3%). Pharmaceuticals firms, including Bristol-Myers Squibb (0.4%) and Merck & Co (0.3%), added ballast during a choppy environment.

After several strong years, Sony Corp. (2.2%) was the largest detractor from performance as competition in the video games arena is likely to increase after Microsoft announced a bid for game publisher Activision; Sony also faces headwinds across its consumer businesses and from semiconductor supply challenges. S&P Global (1.6%) identified a dearth of new bond issuance as causing a shortfall in expected earnings for the year. Finally, advertising-driven companies, including The Walt Disney Company (0.6%) and Warner Brothers Discovery (0.4%), were pressured while the late quarter swoon in commodities hit agricultural equipment manufacturers Deere & Co. (2.7%) and CNH Industrial (1.0%).

Thank you for your investment in The Gabelli Asset Fund.

We appreciate your confidence and trust.

The views expressed reflect the opinions of the Fund's portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Comparative Results

Average Annual Returns through June 30, 2022 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance returns for periods of less than one year are not annualized.

	Six Months	1 Year	5 Year	10 Year	15 Year	Since Inception (3/3/86)
Class AAA (GABAX)	(16.85)%	(13.67)%	6.44%	9.09%	6.43%	11.09%
S&P 500 Index (b)	(19.96)	(10.62)	11.31	12.96	8.54	10.48
Class A (GATAX)	(16.85)	(13.66)	6.44	9.09	6.43	11.09
With sales charge (c)	(21.63)	(18.63)	5.19	8.45	6.01	10.91
Class C (GATCX)	(17.16)	(14.29)	5.65	8.28	5.64	10.67
With contingent deferred sales charge (d)	(17.98)	(15.15)	5.65	8.28	5.64	10.67
Class I (GABIX)	(16.76)	(13.45)	6.70	9.36	6.68	11.20

(a)

Returns would have been lower had Gabelli Funds, LLC (the Adviser) not reimbursed certain expenses of the Fund for periods prior to December 31, 1988. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C Shares on December 31, 2003 and Class I Shares on January 11, 2008. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.

(b)

The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. Dividends are considered reinvested. You cannot invest directly in an index. Since inception performance is as of February 28, 1986.

(c)

Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(d)

Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

In the current prospectuses dated April 29, 2022, the expense ratios for Class AAA, A, C, and I are 1.33%, 1.33%, 2.08%, and 1.08%, respectively. See page 15 for the expense ratios for the six months ended June 30, 2022. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com.

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

The Gabelli Asset Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from January 1, 2022 through June 30, 2022

Expense Table

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return: This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you

paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning	Ending	Annualized	Expenses
	Account Value	Account Value	Expense	Paid During
	01/01/22	06/30/22	Ratio	Period *
*The Gabelli Asset Fund*
Actual Fund Return
Class AAA	$1,000.00	$831.50	1.34%	$	6.09
Class A	$1,000.00	$831.50	1.34%	$	6.09
Class C	$1,000.00	$828.40	2.09%	$	9.47
Class I	$1,000.00	$832.40	1.09%	$	4.95
Hypothetical 5% Return
Class AAA	$1,000.00	$1,018.15	1.34%	$	6.71
Class A	$1,000.00	$1,018.15	1.34%	$	6.71
Class C	$1,000.00	$1,014.43	2.09%	$	10.44
Class I	$1,000.00	$1,019.39	1.09%	$	5.46

Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (181 days), then divided by 365.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2022:

The Gabelli Asset Fund


Food and Beverage	14.2%
Equipment and Supplies	8.6%
Financial Services	8.6%
Consumer Products	5.7%
Health Care	5.7%
Diversified Industrial	5.6%
Machinery	5.5%
Entertainment	5.0%
Electronics	4.1%
Automotive: Parts and Accessories	3.3%
Metals and Mining	3.2%
Cable and Satellite	3.2%
Energy and Utilities	2.8%
Environmental Services	2.8%
Retail	2.6%
Business Services	2.5%
Broadcasting	1.8%
Publishing	1.7%
Computer Software and Services	1.6%
Telecommunications	1.3%
Specialty Chemicals	1.1%
Transportation	1.1%


Hotels and Gaming	1.0	%
Consumer Services	0.9	%
U.S. Government Obligations	0.9	%
Real Estate	0.9	%
Building and Construction	0.8	%
Automotive	0.7	%
Aerospace	0.6	%
Agriculture	0.6	%
Manufactured Housing and Recreational Vehicles	0.4	%
Wireless Communications	0.3	%
Aviation: Parts and Services	0.3	%
Computer Hardware	0.2	%
Communications Equipment	0.2	%
Closed-End Funds	0.1	%
Automobiles and Components	0.0	%*
Airlines	0.0	%*
Other Assets and Liabilities (Net)	0.1	%
	100.0	%

*	Amount represents less than 0.05%.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

The Gabelli Asset Fund

Schedule of Investments — June 30, 2022 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 98.8%
		Aerospace — 0.6%
	49,000	Aerojet Rocketdyne Holdings Inc.†	$	299,202	$	1,989,400
	9,500	HEICO Corp.		801,328		1,245,640
	11,875	L3Harris Technologies Inc.		1,537,599		2,870,187
	4,850	Lockheed Martin Corp.		143,318		2,085,306
	5,800	Northrop Grumman Corp.		259,296		2,775,706
	1,525	Raytheon Technologies Corp.		146,846		146,568
	156,800	Rolls-Royce Holdings plc†		255,776		158,329
	1,830	The Boeing Co.†		538,721		250,198
				3,982,086		11,521,334
		Agriculture — 0.6%
	129,000	Archer-Daniels-Midland Co.		1,329,719		10,010,400
	21,000	The Mosaic Co.		368,493		991,830
	1,050	The Scotts Miracle-Gro Co.		132,225		82,940
				1,830,437		11,085,170
		Airlines — 0.0%
	66	American Airlines Group Inc.†		1,193		837
		Automotive — 0.7%
	5,000	Ferrari NV		189,262		917,400
	55,100	General Motors Co.†		2,509,863		1,749,976
	292,050	Iveco Group NV†		1,454,536		1,543,123
	87,500	PACCAR Inc.		446,187		7,204,750
	40,000	Traton SE		883,285		585,175
	2,900	Volkswagen AG		115,571		528,492
				5,598,704		12,528,916
		Automotive: Parts and Accessories — 3.3%
	2,500	Aptiv plc†		268,836		222,675
	82,550	BorgWarner Inc.		338,455		2,754,694
	78,814	Brembo SpA		150,814		765,638
	445,700	Dana Inc.		5,190,100		6,270,999
	91,600	Garrett Motion Inc.†		458,885		708,068
	1,200	Gentherm Inc.†		93,583		74,892
	250,000	Genuine Parts Co.		5,802,159		33,250,000
	85,000	Modine Manufacturing Co.†		921,423		895,050
	13,000	Monro Inc.		634,705		557,440
	18,900	O'Reilly Automotive Inc.†		468,357		11,940,264
	28,000	Standard Motor Products Inc.		228,943		1,259,720
				14,556,260		58,699,440
		Aviation: Parts and Services — 0.3%
	20,000	Curtiss-Wright Corp.		61,251		2,641,200
	78,000	Kaman Corp.		1,016,240		2,437,500
				1,077,491		5,078,700

					Market
Shares			Cost		Value
		Broadcasting — 1.8%
	1,000	Cogeco Communications Inc.	$	94,581	$	67,643
	17,400	Cogeco Inc.		330,961		922,584
	37,400	Corus Entertainment Inc., Cl. B		59,794		103,224
	29,750	Liberty Broadband Corp., Cl. A†		25,596		3,378,113
	75,663	Liberty Broadband Corp., Cl. C†		62,407		8,749,669
	32,350	Liberty Media Corp.- Liberty Formula One, Cl. A†		15,277		1,875,329
	39,100	Liberty Media Corp.- Liberty Formula One, Cl. C†		17,754		2,481,677
	50,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†		20,644		1,802,000
	233,147	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		1,526,218		8,404,949
	17,000	Nexstar Media Group Inc., Cl. A		1,453,016		2,768,960
	102,000	Sinclair Broadcast Group Inc., Cl. A		3,176,411		2,080,800
	16,000	TBS Holdings Inc.		211,657		200,354
				6,994,316		32,835,302

	Building and Construction — 0.8%
62,950	Arcosa Inc.	288,156	2,922,769
35,200	Assa Abloy AB, Cl. B	599,135	747,717
52,500	Fortune Brands Home & Security Inc.	643,443	3,143,700
57,400	Herc Holdings Inc.	2,097,820	5,174,610
37,000	Johnson Controls International plc	652,941	1,771,560
20,000	KBR Inc.	651,855	967,800
		4,933,350	14,728,156

	Business Services — 2.5%
120,000	Clear Channel Outdoor Holdings Inc.†	109,326	128,400
20,000	Diebold Nixdorf Inc.†	153,568	45,400
20,900	Ecolab Inc.	198,413	3,213,584
12,850	Live Nation Entertainment Inc.†	111,088	1,061,153
35,000	Macquarie Infrastructure Holdings LLC	32,206	136,850
84,350	Mastercard Inc., Cl. A	328,965	26,610,738
122,000	The Interpublic Group of Companies Inc.	659,883	3,358,660
2,700	United Rentals Inc.†	265,018	655,857
20,000	Vectrus Inc.†	95,883	669,200
42,000	Visa Inc., Cl. A	462,000	8,269,380
		2,416,350	44,149,222

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Cable and Satellite — 3.2%
	39,000	AMC Networks Inc., Cl. A†	$	0	$	1,135,680
	2,150	Charter Communications Inc., Cl. A†		118,032		1,007,339
	410,100	Comcast Corp., Cl. A		4,228,172		16,092,324
	275,099	DISH Network Corp., Cl. A†		5,568,451		4,932,525
	54,600	EchoStar Corp., Cl. A†		1,083,866		1,053,780
	130,250	Liberty Global plc, Cl. A†		432,929		2,741,763
	313,900	Liberty Global plc, Cl. C†		4,780,950		6,934,051
	857	Liberty Latin America Ltd., Cl. A†		1,714		6,685
	650	Liberty Latin America Ltd., Cl. C†		1,574		5,063
	8,200	Naspers Ltd., Cl. N		321,035		1,193,411
	7,250	Prosus NV		608,302		474,700
	336,200	Rogers Communications Inc., Cl. B		1,476,091		16,103,980
	160,000	Shaw Communications Inc., Cl. B		235,387		4,713,600
				18,856,503		56,394,901
		Communications Equipment — 0.2%
	79,950	Corning Inc.		198,592		2,519,225
	2,675	QUALCOMM Inc.		350,229		341,704
				548,821		2,860,929
		Computer Hardware — 0.2%
	12,705	Apple Inc.		296,535		1,737,028
	5,200	Dell Technologies Inc., Cl. C		138,311		240,292
	8,250	Intel Corp.		470,939		308,632
	5,400	International Business Machines Corp.		681,589		762,426
	3,400	Western Digital Corp.†		141,323		152,422
				1,728,697		3,200,800
		Computer Software and Services — 1.6%
	15,600	Activision Blizzard Inc.		1,103,987		1,214,616
	625	Alphabet Inc., Cl. A†		949,147		1,362,038
	6,100	Alphabet Inc., Cl. C†		3,850,568		13,343,445
	15,000	Black Knight Inc.†		1,004,134		980,850
	8,300	Cisco Systems Inc.		391,660		353,912
	12,000	Fidelity National Information Services Inc.		173,798		1,100,040
	23,000	Hewlett Packard Enterprise Co.		153,967		304,980
	5,300	IonQ Inc.†		59,679		23,214
	6,000	Meta Platforms Inc., Cl. A†		1,216,703		967,500
	11,575	Microsoft Corp.		1,802,693		2,972,807
	6,700	NortonLifeLock Inc.		140,378		147,132
	4,400	Oracle Corp.		354,149		307,428
	32,000	PAR Technology Corp.†		1,313,122		1,199,680
	15,700	Rockwell Automation Inc.		335,183		3,129,167

					Market
Shares			Cost		Value
	1,700	Salesforce Inc.†	$	381,694	$	280,568
	1,975	SAP SE, ADR		270,909		179,172
	1,000	Unity Software Inc.†		82,941		36,820
	27,000	Vimeo Inc.†		15,494		162,540
	2,701	VMware Inc., Cl. A		174,625		307,860
				13,774,831		28,373,769

	Consumer Products — 5.7%
25,000	Brunswick Corp.	600,779	1,634,500
10,700	Christian Dior SE	296,073	6,346,595
39,000	Church & Dwight Co. Inc.	59,882	3,613,740
420,100	Edgewell Personal Care Co.	9,605,635	14,501,852
110,950	Energizer Holdings Inc.	542,842	3,145,433
9,350	Essity AB, Cl. A	124,094	243,581
41,650	Essity AB, Cl. B	467,387	1,087,487
3,100	Givaudan SA	1,058,910	10,901,063
28,000	Harley-Davidson Inc.	70,525	886,480
1,800	Hasbro Inc.	152,657	147,384
1,900	Hermes International	659,145	2,124,509
3,500	National Presto Industries Inc.	97,930	229,740
31,025	Reckitt Benckiser Group plc	942,203	2,330,207
60,000	Sally Beauty Holdings Inc.†	434,670	715,200
9,300	Svenska Cellulosa AB SCA, Cl. A	32,783	138,367
36,800	Svenska Cellulosa AB SCA, Cl. B	103,096	549,675
4,810,000	Swedish Match AB	4,930,910	48,994,550
2,400	Sysco Corp.	175,931	203,304
3,700	The Estee Lauder Companies Inc., Cl. A	160,216	942,279
15,700	The Procter & Gamble Co.	421,591	2,257,503
31,000	Wolverine World Wide Inc.	144,167	624,960
		21,081,426	101,618,409

	Consumer Services — 0.9%
3,750	Allegion plc	37,744	367,125
9,000	Blink Charging Co.†	317,719	148,770
1,200	FedEx Corp.	180,983	272,052
45,600	IAC/InterActiveCorp.†	778,804	3,464,232
90,000	Liberty TripAdvisor Holdings Inc., Cl. A†	362,283	68,094
70,000	Rentokil Initial plc	487,860	404,411
206,500	Rollins Inc.	185,083	7,210,980
100,000	Terminix Global Holdings Inc.†	3,960,119	4,065,000
5,000	Uber Technologies Inc.†	213,485	102,300
1,250	United Parcel Service Inc., Cl. B	238,561	228,175
73,100	Vroom Inc.†	352,569	91,375
		7,115,210	16,422,514

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Diversified Industrial — 5.6%
	9,700	ABB Ltd., ADR	$	223,571	$	259,281
	450	Acuity Brands Inc.		5,311		69,318
	1,450	Agilent Technologies Inc.		123,148		172,216
	200,000	Ardagh Metal Packaging SA		2,071,260		1,220,000
	70,592	Avantor Inc.†		1,749,830		2,195,411
	300,000	Bollore SE		1,722,989		1,389,582
	37,000	ChargePoint Holdings Inc.†		858,921		506,530
	214,550	Crane Holdings Co.		2,679,408		18,785,998
	93,550	Eaton Corp. plc		3,457,547		11,786,365
	5,250	Emerson Electric Co.		500,466		417,585
	9,500	EnPro Industries Inc.		551,141		778,335
	1,466	Esab Corp.		51,621		64,138
	1,875	General Electric Co.		175,770		119,381
	127,150	Greif Inc., Cl. A		2,717,408		7,931,617
	66,500	Honeywell International Inc.		1,553,650		11,558,365
	3,000	Hyster-Yale Materials Handling Inc.		109,724		96,660
	19,706	Ingersoll Rand Inc.		71,556		829,228
	186,925	ITT Inc.		1,188,680		12,568,837
	15,000	Jardine Matheson Holdings Ltd.		739,446		788,400
	25,000	Li-Cycle Holdings Corp.†		237,175		172,000
	238,150	Myers Industries Inc.		1,444,824		5,413,149
	21,500	nVent Electric plc		229,115		673,595
	7,000	Park-Ohio Holdings Corp.		180,027		111,020
	28,000	Pentair plc		655,751		1,281,560
	9,350	Sulzer AG		571,027		580,794
	166,000	Textron Inc.		1,742,703		10,137,620
	263,000	Toray Industries Inc.		1,833,531		1,475,498
	21,300	Trane Technologies plc		235,355		2,766,231
	203,500	Trinity Industries Inc.		623,759		4,928,770
	14,000	Vantage Towers AG		408,497		390,257
	3,000	Waters Corp.†		221,780		992,940
				28,934,991		100,460,681
		Electronics — 4.1%
	160,750	Flex Ltd.†		2,924,159		2,326,052
	10,500	Kyocera Corp., ADR		282,635		561,960
	1,400	Mettler-Toledo International Inc.†		197,041		1,608,278
	285,000	Mirion Technologies Inc.†		2,879,249		1,641,600
	273,000	Resideo Technologies Inc.†		2,253,230		5,301,660
	2,100	Samsung Electronics Co. Ltd., GDR		383,540		2,291,100
	488,750	Sony Group Corp., ADR		9,005,893		39,965,088
	31,400	TE Connectivity Ltd.		747,337		3,552,910
	82,150	Texas Instruments Inc.		1,854,147		12,622,348
	5,000	Thermo Fisher Scientific Inc.		999,671		2,716,400
				21,526,902		72,587,396

					Market
Shares			Cost		Value
		Energy and Utilities — 2.8%
	5,500	APA Corp.	$	179,479	$	191,950
	54,250	BP plc, ADR		956,813		1,537,987
	73,250	Chevron Corp.		2,291,850		10,605,135
	20,500	ConocoPhillips		1,702,625		1,841,105
	85,000	Devon Energy Corp.		988,539		4,684,350
	6,000	Dril-Quip Inc.†		213,178		154,800
	27,000	Enbridge Inc.		621,220		1,141,020
	75,500	EOG Resources Inc.		172,886		8,338,220
	72,000	Exxon Mobil Corp.		4,141,328		6,166,080
	100,000	Halliburton Co.		2,790,344		3,136,000
	59,000	Kinder Morgan Inc.		984,235		988,840
	58,500	National Fuel Gas Co.		2,686,971		3,863,925
	160,000	Oceaneering International Inc.†		2,170,853		1,708,800
	160,000	PG&E Corp.†		1,619,069		1,596,800
	5,600	Shell plc, ADR		238,038		292,824
	27,500	Southwest Gas Holdings Inc.		474,755		2,394,700
	91,100	The AES Corp.		252,347		1,914,011
	52	Weatherford International PLC.†		39,077		1,101
				22,523,607		50,557,648

	Entertainment — 5.0%
156,375	Fox Corp., Cl. A	6,480,555	5,029,020
20,000	Fox Corp., Cl. B	585,902	594,000
834,400	Grupo Televisa SAB, ADR	7,222,124	6,825,392
80,000	IMAX Corp.†	1,454,814	1,351,200
113,800	Liberty Media Corp.- Liberty Braves, Cl. A†	2,596,083	2,862,070
214,650	Liberty Media Corp.- Liberty Braves, Cl. C†	4,059,596	5,151,600
176,525	Madison Square Garden Entertainment Corp.†	817,801	9,288,745
129,533	Madison Square Garden Sports Corp.†	1,629,318	19,559,483
500	Netflix Inc.†	105,372	87,435
368,716	Paramount Global, Cl. A	5,620,538	10,051,198
160,000	Paramount Global, Cl. B	5,002,648	3,948,800
116,870	The Walt Disney Co.†	945,270	11,032,528
20,000	Universal Music Group NV	488,835	401,030
485,000	Vivendi SE	6,131,857	4,928,048
596,150	Warner Bros Discovery Inc.†	2,393,539	8,000,333
		45,534,252	89,110,882

	Environmental Services — 2.8%
257,850	Republic Services Inc.	1,852,736	33,744,830
20,000	Stericycle Inc.†	1,268,535	877,000
80,000	Waste Connections Inc.	3,023,864	9,916,800

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Environmental Services (Continued)
	31,200	Waste Management Inc.	$	437,126	$	4,772,976
				6,582,261		49,311,606
		Equipment and Supplies — 8.6%
	825	3M Co.		151,712		106,763
	465,250	AMETEK Inc.		695,665		51,126,322
	22,000	Amphenol Corp., Cl. A		21,214		1,416,360
	16,350	AZZ Inc.		692,116		667,407
	40,000	CIRCOR International Inc.†		329,195		655,600
	74,650	Crown Holdings Inc.		336,545		6,880,491
	142,050	CTS Corp.		737,466		4,836,802
	5,175	Danaher Corp.		153,598		1,311,966
	10,000	Distribution Solutions Group Inc.†		138,376		513,900
	361,150	Donaldson Co. Inc.		529,117		17,385,761
	389,150	Flowserve Corp.		1,718,686		11,141,365
	86,000	Graco Inc.		1,322,503		5,109,260
	10,000	Hubbell Inc.		1,331,350		1,785,800
	99,000	IDEX Corp.		362,755		17,981,370
	40,650	Interpump Group SpA		159,758		1,549,758
	121,000	Mueller Industries Inc.		3,224,591		6,448,090
	101,000	Sealed Air Corp.		1,946,537		5,829,720
	21,700	The Manitowoc Co. Inc.†		46,763		228,501
	47,150	The Timken Co.		1,749,500		2,501,307
	16,500	The Toro Co.		283,937		1,250,535
	69,500	The Weir Group plc		292,448		1,153,130
	20,250	Valmont Industries Inc.		158,866		4,548,758
	79,275	Watts Water Technologies Inc., Cl. A		797,702		9,738,141
				17,180,400		154,167,107
		Financial Services — 8.6%
	4,360	Alleghany Corp.†		618,504		3,632,316
	45,650	AllianceBernstein Holding LP		0		1,898,127
	161,650	American Express Co.		2,022,432		22,407,923
	1,700	Ameriprise Financial Inc.		53,563		404,056
	20,000	Argo Group International Holdings Ltd.		394,314		737,200
	81,400	Bank of America Corp.		3,066,822		2,533,982
	90	Berkshire Hathaway Inc., Cl. A†		272,273		36,805,500
	81,650	Blackstone Inc.		1,199,364		7,448,930
	21,800	Citigroup Inc.		614,993		1,002,582
	52,000	GAM Holding AG†		215,524		43,031
	42,500	Interactive Brokers Group Inc., Cl. A		688,280		2,337,925
	2,400	Intercontinental Exchange Inc.		313,740		225,696
	32,000	Jefferies Financial Group Inc.		292,834		883,840

					Market
Shares			Cost		Value
	80,700	JPMorgan Chase & Co.	$	2,718,955	$	9,087,627
	30,500	Kinnevik AB, Cl. A†		343,896		503,874
	40,000	Kinnevik AB, Cl. B†		429,549		644,395
	83,150	KKR & Co. Inc.		595,658		3,849,013
	1,500	LendingTree Inc.†		11,892		65,730
	91,500	Loews Corp.		5,070,026		5,422,290
	6,450	M&T Bank Corp.		258,217		1,028,065
	31,000	Marsh & McLennan Companies Inc.		803,668		4,812,750
	17,150	PayPal Holdings Inc.†		541,695		1,197,756
	12,500	Popular Inc.		184,332		961,625
	50,000	Post Holdings Partnering Corp.†		500,000		488,500
	20,000	PROG Holdings Inc.†		17,401		330,000
	132,800	State Street Corp.		3,376,242		8,187,120
	9,750	T. Rowe Price Group Inc.		136,841		1,107,698
	382,400	The Bank of New York Mellon Corp.		9,839,901		15,949,904
	25,175	The Goldman Sachs Group Inc.		4,062,562		7,477,478
	20,000	The Hartford Financial Services Group Inc.		613,540		1,308,600
	25,700	The PNC Financial Services Group Inc.		1,011,209		4,054,689
	9,000	Value Line Inc.		122,382		594,450
	167,750	Wells Fargo & Co.		4,849,684		6,570,768
				45,240,293		154,003,440

	Food and Beverage — 14.2%
58,709	BellRing Brands Inc.†	71,864	1,461,267
698,200	Brown-Forman Corp., Cl. A	3,050,254	47,226,248
85,450	Brown-Forman Corp., Cl. B	335,153	5,995,172
22,000	Campbell Soup Co.	581,589	1,057,100
771,150	China Mengniu Dairy Co. Ltd.	1,139,205	3,847,495
32,150	Chr. Hansen Holding A/S	1,347,652	2,340,060
23,400	Coca-Cola Europacific Partners plc	457,809	1,207,674
15,400	Coca-Cola HBC AG	215,080	341,560
133,000	Conagra Brands Inc.	3,149,681	4,553,920
20,900	Constellation Brands Inc., Cl. A	426,570	4,870,954
35,000	Crimson Wine Group Ltd.†	268,247	249,900
92,300	Danone SA	3,293,447	5,151,615
30,000	Davide Campari-Milano NV	45,592	315,485
189,245	Diageo plc, ADR	6,567,474	32,951,339
95,084	Farmer Brothers Co.†	722,824	445,944
241,000	Flowers Foods Inc.	488,238	6,343,120
32,000	Fomento Economico Mexicano SAB de CV, ADR	1,101,714	2,159,680
78,950	General Mills Inc.	1,185,636	5,956,778

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	1,566,300	Grupo Bimbo SAB de CV, Cl. A	$	629,032	$	5,118,057
	10,000	Heineken Holding NV		407,450		727,801
	74,150	Heineken NV		3,255,387		6,760,378
	19,350	Heineken NV, ADR		465,264		883,908
	129,050	ITO EN Ltd.		2,711,230		5,782,901
	7,000	John Bean Technologies Corp.		106,661		772,940
	20,000	Kellogg Co.		522,250		1,426,800
	58,700	Kerry Group plc, Cl. A		686,542		5,662,425
	164,700	Kikkoman Corp.		1,719,192		8,739,977
	15,000	Lamb Weston Holdings Inc.		1,033,335		1,071,900
	18,300	LVMH Moet Hennessy Louis Vuitton SE		644,380		11,155,543
	55,000	Maple Leaf Foods Inc.		971,833		1,081,456
	18,500	MEIJI Holdings Co. Ltd.		387,565		908,093
	160,000	Mondelēz International Inc., Cl. A		2,913,499		9,934,400
	44,000	Morinaga Milk Industry Co. Ltd.		794,833		1,576,061
	22,000	National Beverage Corp.		1,054,392		1,076,680
	40,000	Nestlé SA		2,235,885		4,669,355
	95,800	Nissin Foods Holdings Co. Ltd.		3,178,243		6,615,905
	41,083	Nomad Foods Ltd.†		1,072,649		821,249
	54,950	PepsiCo Inc.		1,792,941		9,157,967
	50,600	Pernod Ricard SA		4,160,055		9,295,505
	72,400	Post Holdings Inc.†		519,365		5,962,140
	70,100	Remy Cointreau SA		3,948,920		12,245,998
	16,450	Suntory Beverage & Food Ltd.		524,300		621,967
	21,100	The Coca-Cola Co.		501,148		1,327,401
	39,150	The Hain Celestial Group Inc.†		1,461,597		929,421
	20,600	The J.M. Smucker Co.		690,558		2,637,006
	22,150	The Kraft Heinz Co.		798,178		844,801
	220,000	Tingyi (Cayman Islands) Holding Corp.		496,395		376,816
	28,014	Tootsie Roll Industries Inc.		202,983		990,295
	125,350	Yakult Honsha Co. Ltd.		2,915,279		7,233,863
				67,249,370		252,884,320
		Health Care — 5.7%
	10,000	Abbott Laboratories		546,296		1,086,500
	25,600	AbbVie Inc.		2,315,870		3,920,896
	24,500	AmerisourceBergen Corp.		1,264,319		3,466,260
	28,500	Amgen Inc.		130,815		6,934,050
	10,000	AstraZeneca plc, ADR		512,604		660,700
	65,000	Aurinia Pharmaceuticals Inc.†		892,853		653,250

					Market
Shares			Cost		Value
	5,000	Bausch + Lomb Corp.†	$	80,948	$	76,200
	85,000	Bausch Health Cos. Inc.†		1,333,271		710,600
	41,100	Baxter International Inc.		1,440,785		2,639,853
	8,300	Biogen Inc.†		286,225		1,692,702
	750	BioMarin Pharmaceutical Inc.†		57,398		62,152
	6,100	Bio-Rad Laboratories Inc., Cl. A†		1,056,666		3,019,500
	92,350	Bristol-Myers Squibb Co.		2,353,026		7,110,950
	18,000	Catalent Inc.†		1,790,218		1,931,220
	2,500	Charles River Laboratories International Inc.†		691,745		534,925
	8,625	Chemed Corp.		785,937		4,048,489
	13,000	Cigna Corp.		1,383,008		3,425,760
	8,900	CONMED Corp.		169,822		852,264
	10,000	Covetrus Inc.†		68,266		207,500
	15,000	DaVita Inc.†		860,715		1,199,400
	106,400	Demant A/S†		987,910		3,992,127
	25,000	DENTSPLY SIRONA Inc.		1,239,687		893,250
	4,000	Elevance Health Inc.		1,097,882		1,930,320
	80,000	Evolent Health Inc., Cl. A†		926,595		2,456,800
	1,850	Galapagos NV, ADR†		102,408		103,230
	5,000	Gerresheimer AG		319,189		324,865
	4,700	GSK plc, ADR		177,714		204,591
	16,920	HCA Healthcare Inc.		1,267,302		2,843,575
	90,336	Henry Schein Inc.†		2,712,444		6,932,385
	2,500	ICU Medical Inc.†		487,145		410,975
	850	Illumina Inc.†		265,637		156,706
	27,000	Indivior plc†		16,699		101,625
	20,000	Integer Holdings Corp.†		1,210,521		1,413,200
	22,625	Johnson & Johnson		1,378,940		4,016,164
	12,125	Laboratory Corp. of America Holdings		2,060,571		2,841,615
	4,000	McKesson Corp.		357,873		1,304,840
	24,600	Medtronic plc		1,866,897		2,207,850
	57,875	Merck & Co. Inc.		1,364,089		5,276,464
	25,000	Natus Medical Inc.†		817,415		819,250
	90,000	Option Care Health Inc.†		725,035		2,501,100
	15,000	Orthofix Medical Inc.†		458,338		353,100
	22,500	Perrigo Co. plc		1,001,904		912,825
	25,000	PetIQ Inc.†		633,644		419,750
	24,850	Pfizer Inc.		1,104,806		1,302,885
	14,000	QuidelOrtho Corp.†		169,394		1,360,520
	350	Regeneron Pharmaceuticals Inc.†		38,211		206,895
	40,000	Roche Holding AG, ADR		734,498		1,668,400
	4,800	Silk Road Medical Inc.†		226,714		174,672
	6,900	Stryker Corp.		321,481		1,372,617
	35,500	Tenet Healthcare Corp.†		1,327,547		1,865,880
	3,000	The Cooper Companies Inc.		705,990		939,360
	1,360	UnitedHealth Group Inc.		77,624		698,537

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

						Market
Shares			Cost			Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	4,900	Vertex Pharmaceuticals Inc.†	$	1,154,326		$	1,380,771
	21,150	Zimmer Biomet Holdings Inc.		1,483,821			2,222,019
	2,015	Zimvie Inc.†		34,429			32,260
	7,000	Zoetis Inc.		304,922			1,203,230
				47,180,389			101,077,824

		Hotels and Gaming — 1.0%
	10,500	Accor SA†		279,668			284,220
	6,200	Churchill Downs Inc.		62,673			1,187,486
	327,100	Genting Singapore Ltd.		251,551			169,518
	11,200	Hyatt Hotels Corp., Cl. A†		361,508			827,792
	1,100	Las Vegas Sands Corp.†		993			36,949
	3,354,100	Mandarin Oriental International Ltd.†		5,262,208			6,339,249
	164,800	MGM Resorts International		1,569,908			4,770,960
	10,000	Red Rock Resorts Inc., Cl. A		144,433			333,600
	19,100	Ryman Hospitality Properties Inc., REIT†		234,882			1,452,173
	1,353,350	The Hongkong & Shanghai Hotels Ltd.†		1,574,640			1,245,245
	19,000	Universal Entertainment Corp.†		96,850			203,751
	3,250	Wyndham Hotels & Resorts Inc.		41,477			213,590
	6,550	Wynn Resorts Ltd.†		320,838			373,219
				10,201,629			17,437,752
		Machinery — 5.5%
	104,950	Caterpillar Inc.		685,525	��		18,760,862
	1,503,150	CNH Industrial NV		10,549,776			17,421,508
	86,550	CNH Industrial NV, Borsa ltaliana		600,724			999,515
	158,120	Deere & Co.		1,344,681			47,352,196
	14,300	Mueller Water Products Inc., Cl. A		51,803			167,739
	171,375	Xylem Inc.		1,309,891			13,398,098
				14,542,400			98,099,918
		Manufactured Housing and Recreational Vehicles — 0.4%
	28,000	Cavco Industries Inc.†		526,630			5,487,720
	825	Nobility Homes Inc.		4,606			23,100
	26,000	Skyline Champion Corp.†		126,937			1,232,920
				658,173			6,743,740
		Metals and Mining — 3.2%
	48,350	Agnico Eagle Mines Ltd.		1,522,600			2,212,496
	147,400	Barrick Gold Corp.		1,374,347			2,607,506
	70,100	Franco-Nevada Corp.		2,369,525			9,223,758
	104,550	Freeport-McMoRan Inc.		1,077,265			3,059,133
	28,000	Kinross Gold Corp.		114,918			100,240

					Market
Shares			Cost		Value
	15,000	MP Materials Corp.†	$	202,910	$	481,200
	446,200	Newmont Corp.		7,975,312		26,624,754
	103,000	Royal Gold Inc.		4,359,376		10,998,340
	75,750	Wheaton Precious Metals Corp.		1,429,879		2,729,273
				20,426,132		58,036,700
		Publishing — 1.7%
	98,000	News Corp., Cl. A		482,233		1,526,840
	82,800	S&P Global Inc.		1,757,617		27,908,568
	118,050	The E.W. Scripps Co., Cl. A†		1,003,976		1,472,083
				3,243,826		30,907,491
		Real Estate — 0.9%
	23,100	Brookfield Asset Management Inc., Cl. A		265,898		1,027,257
	8,500	Host Hotels & Resorts Inc., REIT		169,560		133,280
	103,914	Indus Realty Trust Inc., REIT		1,438,581		6,168,335
	190,500	The St. Joe Co.		1,383,967		7,536,180
	41,000	Weyerhaeuser Co., REIT		822,874		1,357,920
				4,080,880		16,222,972
		Retail — 2.5%
	8,800	Advance Auto Parts Inc.		1,217,847		1,523,192
	72,000	AutoNation Inc.†		1,155,405		8,046,720
	700	AutoZone Inc.†		692,314		1,504,384
	20,000	CarMax Inc.†		1,620,477		1,809,600
	29,140	Costco Wholesale Corp.		1,399,601		13,966,219
	113,050	CVS Health Corp.		3,612,651		10,475,213
	800	Dollar Tree Inc.†		73,958		124,680
	20,000	EVgo Inc.†		232,555		120,200
	900	Lowe's Companies Inc.		88,862		157,203
	1,375	NIKE Inc., Cl. B		144,193		140,525
	80,000	Qurate Retail Inc., Cl. A		193,684		229,600
	10,000	Rush Enterprises Inc., Cl. B		151,639		496,100
	3,150	Starbucks Corp		309,876		240,628
	4,050	The Home Depot Inc.		125,378		1,110,794
	98,950	The Kroger Co.		296,794		4,683,304
	12,000	Walgreens Boots Alliance Inc.		525,493		454,800
	2,625	Walmart Inc.		352,230		319,148
	7,832	Zalando SE†		278,799		204,860
				12,471,756		45,607,170
		Specialty Chemicals — 1.1%
	1,650	Air Products and Chemicals Inc.		456,729		396,792
	166,000	DuPont de Nemours Inc.		8,228,213		9,226,280
	1,675	Eastman Chemical Co.		205,671		150,365
	50,000	H.B. Fuller Co.		373,462		3,010,500
	35,300	International Flavors & Fragrances Inc.		2,147,367		4,204,936

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2022 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Specialty Chemicals (Continued)
	32,200	Sensient Technologies Corp.	$	519,074	$	2,594,032
				11,930,516		19,582,905
		Telecommunications — 1.3%
	6,200	AT&T Inc.		166,482		129,952
	158,250	Deutsche Telekom AG, ADR		2,381,236		3,152,340
	14,000	Hellenic Telecommunications Organization SA		82,085		243,103
	23,400	Hellenic Telecommunications Organization SA, ADR		93,977		212,706
	5,600	Orange SA, ADR		59,112		65,912
	10,350	SoftBank Group Corp., ADR		224,131		199,548
	2,588,200	Telecom Italia SpA†		1,374,085		677,262
	92,300	Telecom Italia SpA, ADR		640,460		239,057
	37,400	Telefonica Brasil SA, ADR		328,172		338,844
	278,300	Telefonica SA, ADR		1,423,803		1,427,679
	752,500	Telephone and Data Systems Inc.		14,901,308		11,881,975
	124,000	Telesat Corp., New York†		4,182,086		1,385,080
	18,700	TIM SA, ADR		136,557		227,205
	120,000	VEON Ltd., ADR†		279,192		55,200
	47,650	Verizon Communications Inc.		1,303,220		2,418,238
				27,575,906		22,654,101
		Transportation — 1.1%
	2,250	Canadian National Railway Co.		244,750		253,057
	10,000	Canadian Pacific Railway Ltd.		6,337		698,400
	193,050	GATX Corp.		4,224,544		18,177,588
				4,475,631		19,129,045
		Wireless Communications — 0.3%
	96,750	America Movil SAB de CV, Cl. L, ADR		292,338		1,976,603
	215,000	Operadora De Sites Mexicanos SAB de CV		257,222		248,683
	22,635	T-Mobile US Inc.†		1,084,503		3,045,313
	34,000	United States Cellular Corp.†		1,268,826		984,640
				2,902,889		6,255,239
		TOTAL COMMON STOCKS		518,957,878		1,764,336,336

		CLOSED-END FUNDS — 0.1%
	2,000	Altaba Inc., Escrow†		0		10,100
	10,700	Royce Global Value Trust Inc.		93,090		95,444

					Market
Shares			Cost		Value
	81,700	Royce Value Trust Inc	$	992,514	$	1,141,349
				1,085,604		1,246,893
		TOTAL CLOSED-END FUNDS		1,085,604		1,246,893

		PREFERRED STOCKS — 0.1%
		Electronics — 0.0%
	95	WESCO International Inc., Ser. A, 10.625%		2,518		2,605

		Retail — 0.1%
	14,000	Qurate Retail Inc., 8.000%, 03/15/31		767,260		818,300

		TOTAL PREFERRED STOCKS		769,778		820,905

		CONVERTIBLE PREFERRED STOCKS — 0.0%
		Automobiles and Components — 0.0%
	94,569	Garrett Motion Inc., Ser. A, 11.000%		496,487		777,357

		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	1,694	Weatherford International plc, expire 12/13/23†		0		610

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.9%
$	16,270,000	U.S. Treasury Bills, 0.834% to 1.683%††, 08/04/22 to 09/29/22		16,234,778		16,228,847

		TOTAL INVESTMENTS — 99.9%	$	537,544,525		1,783,410,948
		Other Assets and Liabilities (Net) — 0.1%				2,379,386
		NET ASSETS — 100.0%			$	1,785,790,334

†	Non-income producing security.

††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

The Gabelli Asset Fund

Statement of Assets and Liabilities

June 30, 2022 (Unaudited)

Assets:
Investments, at value (cost $537,544,525)	$	1,783,410,948
Cash		19,124
Foreign currency, at value (cost $72,418)		72,209
Receivable for investments sold		3,232,663
Receivable for Fund shares sold		35,016
Dividends and interest receivable		2,271,592
Prepaid expenses		62,279
Total Assets		1,789,103,831
Liabilities:
Payable for investments purchased		605,361
Payable for Fund shares redeemed		540,792
Payable for investment advisory fees		1,525,435
Payable for distribution fees		280,152
Payable for accounting fees		7,500
Other accrued expenses		354,257
Total Liabilities		3,313,497
Net Assets
(applicable to 36,731,024 shares outstanding)	$	1,785,790,334
Net Assets Consist of:
Paid-in capital	$	436,873,535
Total distributable earnings		1,348,916,799
Net Assets	$	1,785,790,334
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net Asset Value, offering, and redemption price per share ($1,249,483,557 ÷ 25,659,402 shares outstanding)	$	48.69
Class A:
Net Asset Value and redemption price per share ($33,159,135 ÷ 691,960 shares outstanding)	$	47.92
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	50.84
Class C:
Net Asset Value and offering price per share ($6,940,493 ÷ 165,976 shares outstanding)	$	41.82	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($496,207,149 ÷ 10,213,686 shares outstanding)	$	48.58

(a)

Redemption price varies based on the length of time held.

Statement of Operations

For the Six Months Ended June 30, 2022 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $444,609)	$	15,504,743
Interest		33,678
Total Investment Income		15,538,421
Expenses:
Investment advisory fees		10,135,067
Distribution fees - Class AAA		1,781,519
Distribution fees - Class A		48,959
Distribution fees - Class C		42,828
Shareholder services fees		450,481
Custodian fees		146,507
Shareholder communications expenses		102,376
Trustees' fees		80,638
Registration expenses		37,041
Legal and audit fees		32,426
Accounting fees		22,500
Interest expense		6,966
Miscellaneous expenses		64,483
Total Expenses		12,951,791
Less:
Expenses paid indirectly by broker (See Note 6)		(14,518	)
Net Expenses		12,937,273
Net Investment Income		2,601,148
Net Realized and Unrealized Gain/(Loss) on Investments, and Foreign Currency:
Net realized gain on investments		113,518,033
Net realized loss on foreign currency transactions		(31,665	)
A
Net realized gain on investments, and foreign currency transactions		113,486,368
Net change in unrealized appreciation/depreciation:
on investments		(484,170,324	)
on foreign currency translations		(40,279	)
A
Net change in unrealized appreciation/depreciation on investments, and foreign currency translations		(484,210,603	)
Net Realized and Unrealized Gain/(Loss) on Investments, and Foreign Currency		(370,724,235	)
Net Decrease in Net Assets Resulting from Operations	$	(368,123,087	)

See accompanying notes to financial statements.

The Gabelli Asset Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2022 (Unaudited)				Year Ended December 31, 2021
Operations:
Net investment income		$	2,601,148			$	4,265,930
Net realized gain on investments, and foreign currency transactions			113,486,368				208,681,342
Net change in unrealized appreciation/depreciation on investments, and foreign currency translations			(484,210,603	)			170,973,206
Net Increase/(Decrease) in Net Assets Resulting from Operations			(368,123,087	)			383,920,478

Distributions to Shareholders:
Accumulated earnings
Class AAA			—				(142,836,778	)
Class A			—				(3,996,047	)
Class C			—				(1,080,786	)
Class I			—				(56,099,797	)
Total Distributions to Shareholders			—				(204,013,408	)

Shares of Beneficial Interest Transactions:
Class AAA			(76,123,555	)			(93,863,608	)
Class A			(3,418,782	)			3,946,720
Class C			(2,214,116	)			(11,922,489	)
Class I			(6,498,657	)			75,087,668
Net Decrease in Net Assets from Shares of Beneficial Interest Transactions			(88,255,110	)			(26,751,709	)
Redemption Fees			373				395
Net Increase/(Decrease) in Net Assets			(456,377,824	)			153,155,756
Net Assets:
Beginning of year			2,242,168,158				2,089,012,402
End of period		$	1,785,790,334			$	2,242,168,158

See accompanying notes to financial statements.

The Gabelli Asset Fund

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each period:

				Income (Loss) from Investment Operations									Distributions															Ratios to Average Net Assets/Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year			Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Period		Total Return†		Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)		Operating Expenses(c)(d)		Portfolio Turnover Rate
Class AAA
2022(e)		$	58.56	$	0.05		$	(9.92	)	$	(9.87	)	$	(0.00	)(b)	$	(0.00	)(b)	$	(0.00	)(b)	$	0.00	$	48.69	(16.85	)%	$	1,249,484	0.19	%(f)	1.34	%(f)	3	%
2021			54.05		0.08			10.15			10.23			(0.19	)		(5.53	)		(5.72	)		0.00		58.56	18.93			1,584,831	0.13		1.33		5
2020			55.02		0.13			5.99			6.12			(0.17	)		(6.92	)		(7.09	)		0.00		54.05	11.23			1,544,305	0.25		1.36		4
2019			49.44		0.22			10.88			11.10			(0.23	)		(5.29	)		(5.52	)		0.00		55.02	22.43			1,674,315	0.40		1.36		4
2018			58.97		0.19			(4.77	)		(4.58	)		(0.17	)		(4.78	)		(4.95	)		0.00		49.44	(7.69	)		1,566,040	0.32		1.35		2
2017			53.33		0.09			10.67			10.76			(0.09	)		(5.03	)		(5.12	)		0.00		58.97	20.16			1,973,845	0.15		1.35		2
Class A
2022(e)		$	57.63	$	0.05		$	(9.76	)	$	(9.71	)	$	—		$	—		$	—		$	0.00	$	47.92	(16.85	)%	$	33,159	0.19	%(f)	1.34	%(f)	3	%
2021			53.28		0.08			10.01			10.09			(0.21	)		(5.53	)		(5.74	)		0.00		57.63	18.93			43,714	0.14		1.33		5
2020			54.33		0.13			5.91			6.04			(0.17	)		(6.92	)		(7.09	)		0.00		53.28	11.23			36,656	0.25		1.36		4
2019			48.88		0.22			10.76			10.98			(0.24	)		(5.29	)		(5.53	)		0.00		54.33	22.45			38,598	0.41		1.36		4
2018			58.36		0.19			(4.72	)		(4.53	)		(0.17	)		(4.78	)		(4.95	)		0.00		48.88	(7.69	)		29,477	0.32		1.35		2
2017			52.80		0.09			10.57			10.66			(0.07	)		(5.03	)		(5.10	)		0.00		58.36	20.18			39,598	0.15		1.35		2
Class C
2022(e)		$	50.48	$	(0.13	)	$	(8.53	)	$	(8.66	)	$	—		$	—		$	—		$	0.00	$	41.82	(17.16	)%	$	6,940	(0.56	)%(f)	2.09	%(f)	3	%
2021			47.45		(0.30	)		8.86			8.56			—			(5.53	)		(5.53	)		0.00		50.48	18.04			10,721	(0.57	)	2.08		5
2020			49.30		(0.23	)		5.30			5.07			—			(6.92	)		(6.92	)		0.00		47.45	10.41			20,863	(0.50	)	2.11		4
2019			44.91		(0.19	)		9.87			9.68			—			(5.29	)		(5.29	)		0.00		49.30	21.53			32,334	(0.37	)	2.11		4
2018			54.28		(0.23	)		(4.36	)		(4.59	)		—			(4.78	)		(4.78	)		0.00		44.91	(8.38	)		40,549	(0.43	)	2.10		2
2017			49.72		(0.32	)		9.91			9.59			—			(5.03	)		(5.03	)		0.00		54.28	19.27			63,821	(0.59	)	2.10		2
Class I
2022(e)		$	58.36	$	0.12		$	(9.90	)	$	(9.78	)	$	—		$	—		$	—		$	0.00	$	48.58	(16.76	)%	$	496,207	0.44	%(f)	1.09	%(f)	3	%
2021			53.88		0.23			10.14			10.37			(0.36	)		(5.53	)		(5.89	)		0.00		58.36	19.24			602,902	0.38		1.08		5
2020			54.86		0.26			5.98			6.24			(0.30	)		(6.92	)		(7.22	)		0.00		53.88	11.50			487,188	0.51		1.11		4
2019			49.30		0.36			10.87			11.23			(0.38	)		(5.29	)		(5.67	)		0.00		54.86	22.76			514,387	0.65		1.11		4
2018			58.85		0.34			(4.78	)		(4.44	)		(0.33	)		(4.78	)		(5.11	)		0.00		49.30	(7.46	)		498,494	0.57		1.10		2
2017			53.22		0.23			10.68			10.91			(0.25	)		(5.03	)		(5.28	)		0.00		58.85	20.48			587,964	0.40		1.10		2

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a)

Per share amounts have been calculated using the average shares outstanding method.

(b)

Amount represents less than $0.005 per share.

(c)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no impact on the expense ratios.

(d)

The Fund incurred interest expense. For the year ended December 31, 2020 , if interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.35% (Class AAA and Class A), 2.10% (Class C), and 1.10% (Class I). For all remaining years, there was no impact on the expense ratios.

(e)

For the six months ended June 30, 2022, unaudited.

(f)

Annualized.

See accompanying notes to financial statements.

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Asset Fund was organized on November 25, 1985 as a Massachusetts business trust. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund’s primary objective is growth of capital. The Fund’s secondary goal is to provide current income. The Fund commenced investment operations on March 3, 1986.

2. Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

The global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions, and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objectives.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the securities are valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

●

Level 1 — quoted prices in active markets for identical securities;

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

●

Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2022 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 06/30/22
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	1,764,336,336		—	$	1,764,336,336
Closed-End Funds		1,236,793	$	10,100		1,246,893
Preferred Stocks (a)		820,905		—		820,905
Convertible Preferred Stocks (a)		777,357		—		777,357
Warrants (a)		610		—		610
U.S. Government Obligations		—		16,228,847		16,228,847
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,767,172,001	$	16,238,947	$	1,783,410,948

(a)

Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

The Fund held no Level 3 investments at June 30, 2022 or December 31, 2021.

Additional Information to Evaluate Qualitative Information.

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund may invest up to 10% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At June 30, 2022, the Fund did not hold restricted securities.

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2022, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

Determination of Net Asset Value and Calculation of Expenses. Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to utilization of tax equalization and prior year long term capital gain reversal on real estate investment trusts. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2021 was as follows:

Distributions paid from:*
Ordinary income (inclusive of short term capital gains)	$	10,727,340
Net long term capital gains		203,458,859
Total distributions paid	$	214,186,199

Total distributions paid differs from the Statement of Changes in Net Assets due to the utilization of equalization.

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2022:

		Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments		$544,983,160			$1,272,769,472			$(34,341,684)			$1,238,427,788

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended June 30, 2022, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2022, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio, oversees the administration of all aspects of the Fund’s business and affairs, and pays the compensation of all Officers and Trustees of the Fund who are affiliated persons of the Adviser.

4. Distribution Plan. The Fund’s Board has adopted a distribution plan (the Plan) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2022, other than short term securities and U.S. Government obligations, aggregated $54,437,066 and $178,916,405, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2022, the Fund paid $7,614 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $1,203 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

During the six months ended June 30, 2022, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $14,518.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2022, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

The Fund pays retainer and per meeting fees to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 1, 2023 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At June 30, 2022, there were no borrowings under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the ten days of borrowing in the six months ended June 30, 2022 was $12,571,400 with a weighted average interest rate of 1.35%. The maximum amount borrowed at any time during the six months ended June 30, 2022 was $24,271,000.

8. Shares of Beneficial Interest. The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2022 and the year ended December 31, 2021, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of beneficial interest were as follows:

	Six Months Ended June 30, 2022 (Unaudited)						Year Ended December 31, 2021
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		121,168		$	6,681,089			397,517		$	23,732,270
Shares issued upon reinvestment of distributions		—			—			2,298,562			134,603,794
Shares redeemed		(1,523,871	)		(82,804,644	)		(4,204,047	)		(252,199,672	)
Net decrease		(1,402,703	)	$	(76,123,555	)		(1,507,968	)	$	(93,863,608	)
Class A
Shares sold		32,949		$	1,783,414			122,842		$	7,186,619
Shares issued upon reinvestment of distributions		—			—			64,858			3,737,763
Shares redeemed		(99,511	)		(5,202,196	)		(117,170	)		(6,977,662	)
Net increase/(decrease)		(66,562	)	$	(3,418,782	)		70,530		$	3,946,720
Class C
Shares sold		2,564		$	123,950			11,158		$	550,666
Shares issued upon reinvestment of distributions		—			—			21,184			1,069,372
Shares redeemed		(48,970	)		(2,338,066	)		(259,691	)		(13,542,527	)
Net decrease		(46,406	)	$	(2,214,116	)		(227,349	)	$	(11,922,489	)
Class I
Shares sold		548,028		$	29,786,614			1,682,941		$	100,552,940
Shares issued upon reinvestment of distributions		—			—			889,384			51,897,337
Shares redeemed		(665,954	)		(36,285,271	)		(1,282,737	)		(77,362,609	)
Net increase/(decrease)		(117,926	)	$	(6,498,657	)		1,289,588		$	75,087,668

9. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

10. Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

The Gabelli Asset Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

At its meeting on May 12, 2022, the Board of the Fund approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the trustees who are not “interested persons” of the Fund (the Independent Board Members). The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services. The Independent Board Members considered information regarding the portfolio managers, the depth of the analyst pool available to the Adviser and the portfolio managers, the scope of administrative, shareholder, and other services supervised or provided by the Adviser, and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio managers.

Investment Performance. The Independent Board Members reviewed the short, medium, and long term performance (as of March 31, 2022) of the Fund against a peer group of nine other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of all retail and institutional multi-cap value funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund’s performance was in the second quartile for the five year period and ten year period and the third for the one year period and the three year period as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the fifth quintile for the one year period, the fourth quintile for the three year and ten year periods, and the third quintile for the five year period. The Independent Board Members noted the Fund’s better longer-term performance record relative to these peer groups.

Profitability. The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without such a charge. The Independent Board Members also noted that a large portion of the Fund’s portfolio transactions were executed by an affiliated broker and that the affiliated broker received distribution fees and minor amounts of sales commissions.

Economies of Scale. The Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale.

Sharing of Economies of Scale. The Independent Board Members noted that the investment advisory fee schedule for the Fund does not take into account any potential economies of scale that may develop or any losses or diminished profitability to the Adviser in prior years.

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment advisory fee, other expenses, and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of sixteen other multi-cap core funds selected by Broadridge and noted that the advisory fee includes substantially all administrative services for the Fund as well as investment advisory services of the Adviser. The Independent Board Members noted that the Fund’s expense ratios were the highest among the funds selected by Broadridge, that they were above average within the Adviser Peer Group, and that the Fund’s size was larger than, or comparable, to a majority of these peers. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most of the Gabelli funds. The

The Gabelli Asset Fund

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)

Independent Board Members were presented with but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services, and an acceptable performance record. The Independent Board Members also concluded that the Fund’s expense ratios and the profitability to the Adviser of managing the Fund were acceptable and that economies of scale were not a significant factor in their thinking at this time. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing, and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend the continuation of the investment advisory agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was acceptable in light of the quality of services provided and in light of other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all important or controlling.

Gabelli Funds and Your Personal Privacy

Who are we?

The Gabelli Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds LLC which is affiliated with GAMCO Investors, Inc. that is a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

What kind of non-public information do we collect about you if you become a fund shareholder?

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

●	Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

●

Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you. This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information.

THE GABELLI ASSET FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

		Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.


		Christopher J. Marangi joined Gabelli in 2003 as a research analyst. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA degree with honors from Columbia Business School.


		Kevin V. Dreyer joined Gabelli in 2005 as a research analyst covering companies within the consumer sector. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Dreyer received a BSE from the University of Pennsylvania and an MBA degree from Columbia Business School.


		Jeffrey J. Jonas, CFA, joined Gabelli in 2003 as a research analyst focusing on companies across the healthcare industry. In 2006, he began serving as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Jonas was a Presidential Scholar at Boston College, where he received a BS in Finance and Management Information Systems.

		Brian C. Sponheimer is a portfolio manager and research analyst, responsible for coverage of automotive, trucking, and machinery stocks. In 2010, 2011, and 2016, Mr. Sponheimer was recognized by various financial publications, including the Wall Street Journal and the Financial Times, as a “Best on the Street” analyst. He began his business career in institutional equities at CIBC World Markets in New York and Boston. Mr.Sponheimer graduated cum laude from Harvard University with a BA in Government and received an MBA in Finance and Economics from Columbia Business School.


		Sarah Donnelly joined Gabelli in 1999 as a junior research analyst working with the consumer staples and media analysts. Currently she is a portfolio manager of Gabelli Funds, LLC, a Senior Vice President, and the Food, Household, and Personal Care products research analyst for Gabelli & Company. In 2013, she was named the Health & Wellness research platform leader. Ms. Donnelly received a BS in Business Administration with a concentration in Finance and minor in History from Fordham University.


		Melody Prenner Bryant joined GAMCO Investors, Inc. in September 2018 and is a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Previously, Ms. Prenner Bryant was a managing director and chief investment officer for Trevor Stewart Burton & Jacobsen Inc., a New York based registered investment adviser. She has held senior and portfolio management positions at Neuberger Berman, LLC, John A. Levin & Co., and Kempner Asset Management. Ms. Prenner Bryant received her BA in Political Science from The State University of New York at Binghamton and attended the Leonard N. Stern School of Business, New York University.

We have separated the portfolio managers’ commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the contents of the portfolio managers’ commentary are unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(2)(1)

Not applicable.

(a)(2)(2)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

The Gabelli Asset Fund

By (Signature and Title)*		/s/ John C. Ball
		John C. Ball, Principal Executive Officer

Date

September 7, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*		/s/ John C. Ball
		John C. Ball, Principal Executive Officer

Date

September 7, 2022

By (Signature and Title)*		/s/ John C. Ball
		John C. Ball, Principal Financial Officer and Treasurer

Date

September 7, 2022

^* Print the name and title of each signing officer under his or her signature.

Gabelli Asset Fund (GABAX) N-CSRSCertified semi-annual shareholder report (management investment company)