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, 2024
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, 100 F Street, NE, Washington, DC 20549-1090. 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. |
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about The Gabelli Asset Fund (the Fund) for the period of January 1, 2024 to June 30, 2024. The Gabelli Asset Fund is a diversified, open-end investment company whose primary investment objective is growth of capital. Current income is a secondary objective. The Fund focuses on securities of companies which appear underpriced relative to their Private Market Value (PMV) with Catalyst™ to unlock that value. PMV is the price the Fund’s Adviser believes a strategic buyer would be willing to pay for the entire company. You can find additional information about the Fund at www.gabelli.com. You can also request this information by contacting us at 800-GABELLI (800-422-3554).
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| The Gabelli Asset Fund - Class AAA | $68 | 1.36% |
How did the Fund perform?
During the six months ended June 30, 2024, the Gabelli Asset Fund underperformed its benchmark, the S&P 500. The S&P 500’s record performance has primarily been driven by a concentrated group of technology-enabled growth stocks. Our Fund has historically allocated a significant percentage of assets to small-cap companies which did not perform as well as large companies during the period. Top contributors to our Fund consisted of companies with strong balance sheets and disciplined capital allocations histories. First half detractors included companies adversely impacted by changes in consumer behavior and individual corporate developments.
How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.
Total Return Based on a $10,000 Investment
| The Gabelli Asset Fund - Class AAA | S&P 500 Index | Dow Jones Industrial Average (DJIA) |
|---|
| 6/14 | 10,000 | 10,000 | 10,000 |
| 6/15 | 10,080 | 10,742 | 10,721 |
| 6/16 | 9,948 | 11,171 | 11,202 |
| 6/17 | 11,445 | 13,170 | 13,672 |
| 6/18 | 12,687 | 15,063 | 15,908 |
| 6/19 | 13,404 | 16,632 | 17,855 |
| 6/20 | 12,563 | 17,881 | 17,759 |
| 6/21 | 18,109 | 25,175 | 24,214 |
| 6/22 | 15,633 | 22,501 | 22,021 |
| 6/23 | 18,006 | 26,910 | 25,154 |
| 6/24 | 18,897 | 33,519 | 29,196 |
Average Annual Total Returns
| Fund | 6 months | 1 Year | 5 Year | 10 Year |
|---|
| The Gabelli Asset Fund - Class AAA | 1.96% | 4.94% | 7.11% | 6.57% |
| S&P 500 Index | 15.29% | 24.56% | 15.05% | 12.86% |
| Dow Jones Industrial Average (DJIA) | 9.84% | 16.07% | 10.31% | 11.29% |
- Total Net Assets$1,616,747,600
- Number of Portfolio Holdings477
- Portfolio Turnover Rate2%
- Management Fees$8,347,481
Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com for current month-end performance.
The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
Updated Location: Visit www.confluence.com/funds for more recent performance information.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| Top 10 | |
|---|
| AMETEK Inc. | 3.1% |
| Berkshire Hathaway Inc. | 2.4% |
| Deere & Co. | 2.4% |
| Sony Group Corp. | 2.1% |
| Republic Services Inc. | 2.1% |
| Caterpillar Inc. | 2.0% |
| Brown-Forman Corp. | 1.9% |
| Genuine Parts Co. | 1.9% |
| American Express Co. | 1.7% |
| Mastercard Inc. | 1.6% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Food and Beverage | 11.8% |
| Financial Services | 10.5% |
| Equipment and Supplies | 10.1% |
| Diversified Industrial | 6.5% |
| Machinery | 6.1% |
| Health Care | 5.6% |
| Entertainment | 5.4% |
| Electronics | 4.2% |
| Other Industry sectors | 39.8% |
| Other Assets and Liabilities (Net) | 0.0% |
Portfolio Weighting (% of net assets)
| Value | Value |
|---|
| Common Stocks | 99.3% |
| U.S. Government Obligations | 0.6% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | 0.0% |
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com.
Contact Us
Phone: 800-GABELLI (800-422-3554)
Email: info@gabelli.com
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about The Gabelli Asset Fund (the Fund) for the period of January 1, 2024 to June 30, 2024. The Gabelli Asset Fund is a diversified, open-end investment company whose primary investment objective is growth of capital. Current income is a secondary objective. The Fund focuses on securities of companies which appear underpriced relative to their Private Market Value (PMV) with Catalyst™ to unlock that value. PMV is the price the Fund’s Adviser believes a strategic buyer would be willing to pay for the entire company. You can find additional information about the Fund at www.gabelli.com. You can also request this information by contacting us at 800-GABELLI (800-422-3554).
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| The Gabelli Asset Fund - Class C | $106 | 2.11% |
How did the Fund perform?
During the six months ended June 30, 2024, the Gabelli Asset Fund underperformed its benchmark, the S&P 500. The S&P 500’s record performance has primarily been driven by a concentrated group of technology-enabled growth stocks. Our Fund has historically allocated a significant percentage of assets to small-cap companies which did not perform as well as large companies during the period. Top contributors to our Fund consisted of companies with strong balance sheets and disciplined capital allocations histories. First half detractors included companies adversely impacted by changes in consumer behavior and individual corporate developments.
How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.
Total Return Based on a $10,000 Investment
| The Gabelli Asset Fund - Class C | S&P 500 Index | Dow Jones Industrial Average (DJIA) |
|---|
| 6/14 | 10,000 | 10,000 | 10,000 |
| 6/15 | 9,905 | 10,742 | 10,721 |
| 6/16 | 9,607 | 11,171 | 11,202 |
| 6/17 | 10,873 | 13,170 | 13,672 |
| 6/18 | 11,854 | 15,063 | 15,908 |
| 6/19 | 12,313 | 16,632 | 17,855 |
| 6/20 | 11,337 | 17,881 | 17,759 |
| 6/21 | 16,110 | 25,175 | 24,214 |
| 6/22 | 13,670 | 22,501 | 22,021 |
| 6/23 | 15,490 | 26,910 | 25,154 |
| 6/24 | 15,979 | 33,519 | 29,196 |
Average Annual Total Returns
| Fund | 6 months | 1 Year | 5 Year | 10 Year |
|---|
| The Gabelli Asset Fund - Class C | 0.57% | 3.15% | 6.31% | 5.78% |
| S&P 500 Index | 15.29% | 24.56% | 15.05% | 12.86% |
| Dow Jones Industrial Average (DJIA) | 9.84% | 16.07% | 10.31% | 11.29% |
- Total Net Assets$1,616,747,600
- Number of Portfolio Holdings477
- Portfolio Turnover Rate2%
- Management Fees$8,347,481
Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com for current month-end performance.
The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
Updated Location: Visit www.confluence.com/funds for more recent performance information.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| Top 10 | |
|---|
| AMETEK Inc. | 3.1% |
| Berkshire Hathaway Inc. | 2.4% |
| Deere & Co. | 2.4% |
| Sony Group Corp. | 2.1% |
| Republic Services Inc. | 2.1% |
| Caterpillar Inc. | 2.0% |
| Brown-Forman Corp. | 1.9% |
| Genuine Parts Co. | 1.9% |
| American Express Co. | 1.7% |
| Mastercard Inc. | 1.6% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Food and Beverage | 11.8% |
| Financial Services | 10.5% |
| Equipment and Supplies | 10.1% |
| Diversified Industrial | 6.5% |
| Machinery | 6.1% |
| Health Care | 5.6% |
| Entertainment | 5.4% |
| Electronics | 4.2% |
| Other Industry sectors | 39.8% |
| Other Assets and Liabilities (Net) | 0.0% |
Portfolio Weighting (% of net assets)
| Value | Value |
|---|
| Common Stocks | 99.3% |
| U.S. Government Obligations | 0.6% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | 0.0% |
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com.
Contact Us
Phone: 800-GABELLI (800-422-3554)
Email: info@gabelli.com
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about The Gabelli Asset Fund (the Fund) for the period of January 1, 2024 to June 30, 2024. The Gabelli Asset Fund is a diversified, open-end investment company whose primary investment objective is growth of capital. Current income is a secondary objective. The Fund focuses on securities of companies which appear underpriced relative to their Private Market Value (PMV) with Catalyst™ to unlock that value. PMV is the price the Fund’s Adviser believes a strategic buyer would be willing to pay for the entire company. You can find additional information about the Fund at www.gabelli.com. You can also request this information by contacting us at 800-GABELLI (800-422-3554).
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| The Gabelli Asset Fund - Class I | $56 | 1.11% |
How did the Fund perform?
During the six months ended June 30, 2024, the Gabelli Asset Fund underperformed its benchmark, the S&P 500. The S&P 500’s record performance has primarily been driven by a concentrated group of technology-enabled growth stocks. Our Fund has historically allocated a significant percentage of assets to small-cap companies which did not perform as well as large companies during the period. Top contributors to our Fund consisted of companies with strong balance sheets and disciplined capital allocations histories. First half detractors included companies adversely impacted by changes in consumer behavior and individual corporate developments.
How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.
Total Return Based on a $10,000 Investment
| The Gabelli Asset Fund - Class I | S&P 500 Index | Dow Jones Industrial Average (DJIA) |
|---|
| 6/14 | 10,000 | 10,000 | 10,000 |
| 6/15 | 10,106 | 10,742 | 10,721 |
| 6/16 | 9,999 | 11,171 | 11,202 |
| 6/17 | 11,532 | 13,170 | 13,672 |
| 6/18 | 12,815 | 15,063 | 15,908 |
| 6/19 | 13,573 | 16,632 | 17,855 |
| 6/20 | 12,753 | 17,881 | 17,759 |
| 6/21 | 18,430 | 25,175 | 24,214 |
| 6/22 | 15,951 | 22,501 | 22,021 |
| 6/23 | 18,419 | 26,910 | 25,154 |
| 6/24 | 19,379 | 33,519 | 29,196 |
Average Annual Total Returns
| Fund | 6 months | 1 Year | 5 Year | 10 Year |
|---|
| The Gabelli Asset Fund - Class I | 2.09% | 5.21% | 7.38% | 6.84% |
| S&P 500 Index | 15.29% | 24.56% | 15.05% | 12.86% |
| Dow Jones Industrial Average (DJIA) | 9.84% | 16.07% | 10.31% | 11.29% |
- Total Net Assets$1,616,747,600
- Number of Portfolio Holdings477
- Portfolio Turnover Rate2%
- Management Fees$8,347,481
Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com for current month-end performance.
The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
Updated Location: Visit www.confluence.com/funds for more recent performance information.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| Top 10 | |
|---|
| AMETEK Inc. | 3.1% |
| Berkshire Hathaway Inc. | 2.4% |
| Deere & Co. | 2.4% |
| Sony Group Corp. | 2.1% |
| Republic Services Inc. | 2.1% |
| Caterpillar Inc. | 2.0% |
| Brown-Forman Corp. | 1.9% |
| Genuine Parts Co. | 1.9% |
| American Express Co. | 1.7% |
| Mastercard Inc. | 1.6% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Food and Beverage | 11.8% |
| Financial Services | 10.5% |
| Equipment and Supplies | 10.1% |
| Diversified Industrial | 6.5% |
| Machinery | 6.1% |
| Health Care | 5.6% |
| Entertainment | 5.4% |
| Electronics | 4.2% |
| Other Industry sectors | 39.8% |
| Other Assets and Liabilities (Net) | 0.0% |
Portfolio Weighting (% of net assets)
| Value | Value |
|---|
| Common Stocks | 99.3% |
| U.S. Government Obligations | 0.6% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | 0.0% |
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com.
Contact Us
Phone: 800-GABELLI (800-422-3554)
Email: info@gabelli.com
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about The Gabelli Asset Fund (the Fund) for the period of January 1, 2024 to June 30, 2024. The Gabelli Asset Fund is a diversified, open-end investment company whose primary investment objective is growth of capital. Current income is a secondary objective. The Fund focuses on securities of companies which appear underpriced relative to their Private Market Value (PMV) with Catalyst™ to unlock that value. PMV is the price the Fund’s Adviser believes a strategic buyer would be willing to pay for the entire company. You can find additional information about the Fund at www.gabelli.com. You can also request this information by contacting us at 800-GABELLI (800-422-3554).
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| The Gabelli Asset Fund - Class A | $68 | 1.36% |
How did the Fund perform?
During the six months ended June 30, 2024, the Gabelli Asset Fund underperformed its benchmark, the S&P 500. The S&P 500’s record performance has primarily been driven by a concentrated group of technology-enabled growth stocks. Our Fund has historically allocated a significant percentage of assets to small-cap companies which did not perform as well as large companies during the period. Top contributors to our Fund consisted of companies with strong balance sheets and disciplined capital allocations histories. First half detractors included companies adversely impacted by changes in consumer behavior and individual corporate developments.
How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.
Total Return Based on a $10,000 Investment
| The Gabelli Asset Fund - Class A | S&P 500 Index | Dow Jones Industrial Average (DJIA) |
|---|
| 6/14 | 10,000 | 10,000 | 10,000 |
| 6/15 | 9,501 | 10,742 | 10,721 |
| 6/16 | 9,949 | 11,171 | 11,202 |
| 6/17 | 11,446 | 13,170 | 13,672 |
| 6/18 | 12,689 | 15,063 | 15,908 |
| 6/19 | 13,405 | 16,632 | 17,855 |
| 6/20 | 12,565 | 17,881 | 17,759 |
| 6/21 | 18,112 | 25,175 | 24,214 |
| 6/22 | 15,638 | 22,501 | 22,021 |
| 6/23 | 18,010 | 26,910 | 25,154 |
| 6/24 | 18,902 | 33,519 | 29,196 |
Average Annual Total Returns
| Fund | 6 months | 1 Year | 5 Year | 10 Year |
|---|
| The Gabelli Asset Fund - Class A | (3.91)% | (1.08)% | 5.85% | 5.94% |
| S&P 500 Index | 15.29% | 24.56% | 15.05% | 12.86% |
| Dow Jones Industrial Average (DJIA) | 9.84% | 16.07% | 10.31% | 11.29% |
- Total Net Assets$1,616,747,600
- Number of Portfolio Holdings477
- Portfolio Turnover Rate2%
- Management Fees$8,347,481
Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com for current month-end performance.
The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
Updated Location: Visit www.confluence.com/funds for more recent performance information.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| Top 10 | |
|---|
| AMETEK Inc. | 3.1% |
| Berkshire Hathaway Inc. | 2.4% |
| Deere & Co. | 2.4% |
| Sony Group Corp. | 2.1% |
| Republic Services Inc. | 2.1% |
| Caterpillar Inc. | 2.0% |
| Brown-Forman Corp. | 1.9% |
| Genuine Parts Co. | 1.9% |
| American Express Co. | 1.7% |
| Mastercard Inc. | 1.6% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Food and Beverage | 11.8% |
| Financial Services | 10.5% |
| Equipment and Supplies | 10.1% |
| Diversified Industrial | 6.5% |
| Machinery | 6.1% |
| Health Care | 5.6% |
| Entertainment | 5.4% |
| Electronics | 4.2% |
| Other Industry sectors | 39.8% |
| Other Assets and Liabilities (Net) | 0.0% |
Portfolio Weighting (% of net assets)
| Value | Value |
|---|
| Common Stocks | 99.3% |
| U.S. Government Obligations | 0.6% |
| Closed-End Funds | 0.1% |
| Other Assets and Liabilities (Net) | 0.0% |
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com.
Contact Us
Phone: 800-GABELLI (800-422-3554)
Email: info@gabelli.com
If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)
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(a) of this form. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
| (a) | An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X. |
The semi-annual financial statements are attached herewith.
The Gabelli Asset Fund
Semiannual Report — June 30, 2024
To Our Shareholders,
For the six months ended June 30, 2024, the net asset value (NAV) total return per class AAA Share of The Gabelli Asset Fund was 2.0% compared with a total return of 15.3% for the Standard & Poor’s (S&P) 500 Index. Other classes of shares are available.
Enclosed are the financial statements, including the schedule of investments, as of June 30, 2024.
Summary of Portfolio Holdings (Unaudited)
The following table presents portfolio holdings as a percent of net assets as of June 30, 2024:
The Gabelli Asset Fund
| Food and Beverage | | 11.8 | % |
| Financial Services | | 10.5 | % |
| Equipment and Supplies | | 10.1 | % |
| Diversified Industrial | | 6.5 | % |
| Machinery | | 6.1 | % |
| Health Care | | 5.6 | % |
| Entertainment | | 5.4 | % |
| Electronics | | 4.2 | % |
| Automotive: Parts and Accessories | | 3.7 | % |
| Consumer Products | | 3.7 | % |
| Energy and Utilities | | 3.3 | % |
| Environmental Services | | 3.1 | % |
| Metals and Mining | | 3.0 | % |
| Business Services | | 2.8 | % |
| Retail | | 2.7 | % |
| Computer Software and Services | | 1.9 | % |
| Publishing | | 1.7 | % |
| Telecommunications | | 1.7 | % |
| Cable and Satellite | | 1.7 | % |
| Transportation | | 1.3 | % |
| Automotive | | 1.3 | % |
| Broadcasting | | 1.1 | % |
| Hotels and Gaming | | 1.0 | % |
| Building and Construction | | 1.0 | % |
| Aerospace | | 0.7 | % |
| Real Estate | | 0.7 | % |
| Consumer Services | | 0.6 | % |
| US Government Obligations | | 0.6 | % |
| Wireless Communications | | 0.4 | % |
| Aviation: Parts and Services | | 0.3 | % |
| Specialty Chemicals | | 0.3 | % |
| Manufactured Housing and Recreational Vehicles | | 0.3 | % |
| Agriculture | | 0.3 | % |
| Computer Hardware | | 0.2 | % |
| Communications Equipment | | 0.2 | % |
| Closed-End Funds | | 0.1 | % |
| Semiconductors | | 0.1 | % |
| Other Assets and Liabilities (Net) | | (0.0 | )%* |
| | | 100.0 | % |
| * | Amount represents greater 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, 2024 (Unaudited)
| Shares | | | | | Cost | | | Market
Value | |
| | | | | COMMON STOCKS — 99.3% |
| | | | | Aerospace — 0.7% |
| | 300 | | | Airbus SE | | $ | 42,080 | | | $ | 41,208 | |
| | 8,500 | | | HEICO Corp. | | | 694,919 | | | | 1,900,685 | |
| | 8,625 | | | L3Harris Technologies Inc. | | | 840,156 | | | | 1,937,003 | |
| | 350 | | | Leidos Holdings Inc. | | | 44,949 | | | | 51,058 | |
| | 4,850 | | | Lockheed Martin Corp. | | | 143,318 | | | | 2,265,435 | |
| | 2,500 | | | Mercury Systems Inc.† | | | 87,946 | | | | 67,475 | |
| | 5,800 | | | Northrop Grumman Corp. | | | 259,296 | | | | 2,528,510 | |
| | 302,000 | | | Rolls-Royce Holdings plc† | | | 703,685 | | | | 1,743,871 | |
| | 12,200 | | | RTX Corp. | | | 1,069,772 | | | | 1,224,758 | |
| | 2,550 | | | The Boeing Co.† | | | 511,852 | | | | 464,125 | |
| | | | | | | | 4,397,973 | | | | 12,224,128 | |
| | | | | | | | | | | | | |
| | | | | Agriculture — 0.3% |
| | 63,400 | | | Archer-Daniels-Midland Co. | | | 556,066 | | | | 3,832,530 | |
| | 19,500 | | | The Mosaic Co. | | | 342,172 | | | | 563,550 | |
| | | | | | | | 898,238 | | | | 4,396,080 | |
| | | | | | | | | | | | | |
| | | | | Automotive — 1.3% |
| | 1,500 | | | Daimler Truck Holding AG | | | 50,211 | | | | 59,711 | |
| | 5,000 | | | Ferrari NV | | | 189,262 | | | | 2,041,850 | |
| | 324,850 | | | Iveco Group NV | | | 1,701,049 | | | | 3,642,493 | |
| | 126,200 | | | PACCAR Inc. | | | 427,566 | | | | 12,991,028 | |
| | 825 | | | Tesla Inc.† | | | 156,398 | | | | 163,251 | |
| | 36,800 | | | Traton SE | | | 576,672 | | | | 1,204,005 | |
| | 2,800 | | | Volkswagen AG | | | 111,585 | | | | 336,150 | |
| | | | | | | | 3,212,743 | | | | 20,438,488 | |
| | | | | | | | | | | | | |
| | | | | Automotive: Parts and Accessories — 3.7% |
| | 10,000 | | | Aptiv plc† | | | 710,462 | | | | 704,200 | |
| | 8,000 | | | Atmus Filtration Technologies Inc.† | | | 229,050 | | | | 230,240 | |
| | 63,500 | | | BorgWarner Inc. | | | 227,469 | | | | 2,047,240 | |
| | 72,800 | | | Brembo NV | | | 138,748 | | | | 799,455 | |
| | 276,500 | | | Dana Inc. | | | 1,934,067 | | | | 3,351,180 | |
| | 70,000 | | | Dowlais Group plc | | | 65,429 | | | | 64,684 | |
| | 260,340 | | | Garrett Motion Inc.† | | | 1,539,484 | | | | 2,236,320 | |
| | 217,400 | | | Genuine Parts Co. | | | 5,051,326 | | | | 30,070,768 | |
| | 12,800 | | | Modine Manufacturing Co.† | | | 37,539 | | | | 1,282,432 | |
| | 16,000 | | | Monro Inc. | | | 505,330 | | | | 381,760 | |
| | 16,400 | | | O’Reilly Automotive Inc.† | | | 403,791 | | | | 17,319,384 | |
| | 30,000 | | | Standard Motor Products Inc. | | | 302,787 | | | | 831,900 | |
| | | | | | | | 11,145,482 | | | | 59,319,563 | |
| | | | | | | | | | | | | |
| | | | | Aviation: Parts and Services — 0.3% |
| | 20,000 | | | Curtiss-Wright Corp. | | | 61,251 | | | | 5,419,600 | |
| | 17,000 | | | Triumph Group Inc.† | | | 235,276 | | | | 261,970 | |
| | | | | | | | 296,527 | | | | 5,681,570 | |
| | | | | | | | | | | | | |
| | | | | Broadcasting — 1.1% |
| | 500 | | | Cogeco Communications Inc. | | | 19,773 | | | | 18,855 | |
| Shares | | | | | Cost | | | Market
Value | |
| | 16,800 | | | Cogeco Inc. | | $ | 319,276 | | | $ | 591,908 | |
| | 22,000 | | | Corus Entertainment Inc., Cl. B | | | 30,032 | | | | 2,552 | |
| | 29,750 | | | Liberty Broadband Corp., Cl. A† | | | 25,596 | | | | 1,624,350 | |
| | 64,580 | | | Liberty Broadband Corp., Cl. C† | | | 49,013 | | | | 3,540,276 | |
| | 33,750 | | | Liberty Media Corp.-Liberty Formula One, Cl. A† | | | 105,721 | | | | 2,167,763 | |
| | 39,100 | | | Liberty Media Corp.-Liberty Formula One, Cl. C† | | | 17,127 | | | | 2,808,944 | |
| | 186,147 | | | Liberty Media Corp.-Liberty SiriusXM† | | | 90,314 | | | | 4,125,018 | |
| | 50,000 | | | Liberty Media Corp.-Liberty SiriusXM, Cl. A† | | | 15,496 | | | | 1,107,500 | |
| | 5,500 | | | Nexstar Media Group Inc. | | | 448,718 | | | | 913,055 | |
| | 28,500 | | | Sinclair Inc. | | | 631,585 | | | | 379,905 | |
| | 16,000 | | | TBS Holdings Inc. | | | 211,657 | | | | 403,157 | |
| | 20,000 | | | TEGNA Inc. | | | 325,322 | | | | 278,800 | |
| | | | | | | | 2,289,630 | | | | 17,962,083 | |
| | | | | | | | | | | | | |
| | | | | Building and Construction — 1.0% |
| | 43,450 | | | Arcosa Inc. | | | 127,036 | | | | 3,624,164 | |
| | 1,500 | | | Ashtead Group plc | | | 84,670 | | | | 100,155 | |
| | 33,200 | | | Assa Abloy AB, Cl. B | | | 563,280 | | | | 938,458 | |
| | 325 | | | Cie de Saint-Gobain SA | | | 25,038 | | | | 25,276 | |
| | 33,500 | | | Fortune Brands Innovations Inc. | | | 347,915 | | | | 2,175,490 | |
| | 46,000 | | | Herc Holdings Inc. | | | 1,274,498 | | | | 6,131,340 | |
| | 10,625 | | | Johnson Controls International plc | | | 158,965 | | | | 706,244 | |
| | 5,000 | | | KBR Inc. | | | 158,835 | | | | 320,700 | |
| | 18,500 | | | Knife River Corp.† | | | 743,802 | | | | 1,297,590 | |
| | 715 | | | Lennar Corp., Cl. A | | | 109,545 | | | | 107,157 | |
| | 1,000 | | | Lennar Corp., Cl. B | | | 97,787 | | | | 139,430 | |
| | | | | | | | 3,691,371 | | | | 15,566,004 | |
| | | | | | | | | | | | | |
| | | | | Business Services — 2.8% |
| | 300,000 | | | Clear Channel Outdoor Holdings Inc.† | | | 380,668 | | | | 423,000 | |
| | 19,300 | | | Ecolab Inc. | | | 152,014 | | | | 4,593,400 | |
| | 1,550 | | | Jacobs Solutions Inc. | | | 199,748 | | | | 216,550 | |
| | 14,500 | | | Live Nation Entertainment Inc.† | | | 630,741 | | | | 1,359,230 | |
| | 59,250 | | | Mastercard Inc., Cl. A | | | 231,075 | | | | 26,138,730 | |
| | 25,000 | | | The Interpublic Group of Companies Inc. | | | 128,861 | | | | 727,250 | |
| | 17,000 | | | UL Solutions Inc., Cl. A | | | 579,515 | | | | 717,230 | |
| | 2,275 | | | United Rentals Inc. | | | 211,244 | | | | 1,471,311 | |
| | 16,000 | | | V2X Inc.† | | | 75,413 | | | | 767,360 | |
| | 50,000 | | | Vestis Corp. | | | 890,809 | | | | 611,500 | |
See accompanying notes to financial statements.
The Gabelli Asset Fund
Schedule of Investments (Continued) — June 30, 2024 (Unaudited)
| Shares | | | | | Cost | | | Market
Value | |
| | | | | COMMON STOCKS (Continued) |
| | | | | Business Services (Continued) |
| | 33,850 | | | Visa Inc., Cl. A | | $ | 372,350 | | | $ | 8,884,610 | |
| | | | | | | | 3,852,438 | | | | 45,910,171 | |
| | | | | | | | | | | | | |
| | | | | Cable and Satellite — 1.7% |
| | 35,000 | | | AMC Networks Inc., Cl. A† | | | 0 | | | | 338,100 | |
| | 1,300 | | | Charter Communications Inc., Cl. A† | | | 71,179 | | | | 388,648 | |
| | 319,300 | | | Comcast Corp., Cl. A | | | 2,303,063 | | | | 12,503,788 | |
| | 7,000 | | | EchoStar Corp., Cl. A† | | | 64,829 | | | | 124,670 | |
| | 8,050 | | | Naspers Ltd., Cl. N | | | 340,038 | | | | 1,578,351 | |
| | 3,000 | | | Prosus NV | | | 107,555 | | | | 106,859 | |
| | 322,000 | | | Rogers Communications Inc., Cl. B | | | 1,404,819 | | | | 11,907,560 | |
| | | | | | | | 4,291,483 | | | | 26,947,976 | |
| | | | | | | | | | | | | |
| | | | | Communications Equipment — 0.2% |
| | 77,000 | | | Corning Inc. | | | 186,469 | | | | 2,991,450 | |
| | 1,250 | | | QUALCOMM Inc. | | | 155,582 | | | | 248,975 | |
| | | | | | | | 342,051 | | | | 3,240,425 | |
| | | | | | | | | | | | | |
| | | | | Computer Hardware — 0.2% |
| | 12,400 | | | Apple Inc. | | | 397,466 | | | | 2,611,688 | |
| | 100 | | | Dell Technologies Inc., Cl. C | | | 13,184 | | | | 13,791 | |
| | 5,300 | | | International Business Machines Corp. | | | 673,558 | | | | 916,635 | |
| | | | | | | | 1,084,208 | | | | 3,542,114 | |
| | | | | | | | | | | | | |
| | | | | Computer Software and Services — 1.9% |
| | 405 | | | Adobe Inc.† | | | 229,149 | | | | 224,994 | |
| | 10,200 | | | Alphabet Inc., Cl. A | | | 719,547 | | | | 1,857,930 | |
| | 37,500 | | | Alphabet Inc., Cl. C | | | 772,384 | | | | 6,878,250 | |
| | 540 | | | Autodesk Inc.† | | | 130,910 | | | | 133,623 | |
| | 5,700 | | | Cisco Systems Inc. | | | 268,889 | | | | 270,807 | |
| | 400 | | | Dynatrace Inc.† | | | 19,927 | | | | 17,896 | |
| | 100 | | | Elastic NV† | | | 11,621 | | | | 11,391 | |
| | 23,000 | | | Hewlett Packard Enterprise Co. | | | 153,967 | | | | 486,910 | |
| | 18,635 | | | Meta Platforms Inc., Cl. A | | | 2,862,628 | | | | 9,396,140 | |
| | 11,550 | | | Microsoft Corp. | | | 1,645,432 | | | | 5,162,272 | |
| | 2,250 | | | Oracle Corp. | | | 155,480 | | | | 317,700 | |
| | 695 | | | Palo Alto Networks Inc.† | | | 193,816 | | | | 235,612 | |
| | 50,000 | | | PAR Technology Corp.† | | | 1,799,698 | | | | 2,354,500 | |
| | 11,625 | | | Rockwell Automation Inc. | | | 242,131 | | | | 3,200,130 | |
| | 1,500 | | | Salesforce Inc. | | | 261,472 | | | | 385,650 | |
| | 1,100 | | | Snowflake Inc., Cl. A† | | | 183,482 | | | | 148,599 | |
| | 1,500 | | | Unity Software Inc.† | | | 44,330 | | | | 24,390 | |
| | | | | | | | 9,694,863 | | | | 31,106,794 | |
| | | | | | | | | | | | | |
| | | | | Consumer Products — 3.7% |
| | 25,000 | | | Brunswick Corp. | | | 600,779 | | | | 1,819,250 | |
| | 10,325 | | | Christian Dior SE | | | 281,996 | | | | 7,425,151 | |
| | 36,400 | | | Church & Dwight Co. Inc. | | | 55,824 | | | | 3,773,952 | |
| Shares | | | | | Cost | | | Market
Value | |
| | 328,100 | | | Edgewell Personal Care Co. | | $ | 6,563,428 | | | $ | 13,186,339 | |
| | 82,150 | | | Energizer Holdings Inc. | | | 386,624 | | | | 2,426,711 | |
| | 9,000 | | | Essity AB, Cl. A | | | 118,720 | | | | 229,691 | |
| | 40,000 | | | Essity AB, Cl. B | | | 448,674 | | | | 1,024,248 | |
| | 2,780 | | | Givaudan SA | | | 926,752 | | | | 13,181,368 | |
| | 28,000 | | | Harley-Davidson Inc. | | | 70,525 | | | | 939,120 | |
| | 1,700 | | | Hermes International SCA | | | 589,066 | | | | 3,896,116 | |
| | 3,500 | | | National Presto Industries Inc. | | | 97,930 | | | | 262,955 | |
| | 20,350 | | | Philip Morris International Inc. | | | 1,952,350 | | | | 2,062,066 | |
| | 28,450 | | | Reckitt Benckiser Group plc | | | 861,307 | | | | 1,539,963 | |
| | 59,500 | | | Sally Beauty Holdings Inc.† | | | 430,778 | | | | 638,435 | |
| | 43,000 | | | Spectrum Brands Holdings Inc. | | | 3,445,432 | | | | 3,694,990 | |
| | 3,700 | | | The Estee Lauder Companies Inc., Cl. A | | | 160,216 | | | | 393,680 | |
| | 13,000 | | | The Procter & Gamble Co. | | | 343,953 | | | | 2,143,960 | |
| | 1,200 | | | Unilever plc | | | 61,090 | | | | 65,910 | |
| | 2,100 | | | VF Corp. | | | 37,231 | | | | 28,350 | |
| | 31,000 | | | Wolverine World Wide Inc. | | | 144,167 | | | | 419,120 | |
| | | | | | | | 17,576,842 | | | | 59,151,375 | |
| | | | | | | | | | | | | |
| | | | | Consumer Services — 0.6% |
| | 1,800 | | | Allegion plc | | | 18,117 | | | | 212,670 | |
| | 3,170 | | | Amazon.com Inc.† | | | 374,921 | | | | 612,603 | |
| | 13,000 | | | Avis Budget Group Inc. | | | 1,394,636 | | | | 1,358,760 | |
| | 675 | | | FedEx Corp. | | | 100,983 | | | | 202,392 | |
| | 17,200 | | | IAC Inc.† | | | 36,467 | | | | 805,820 | |
| | 145,000 | | | Rollins Inc. | | | 129,101 | | | | 7,074,550 | |
| | 3,650 | | | Uber Technologies Inc.† | | | 116,307 | | | | 265,282 | |
| | | | | | | | 2,170,532 | | | | 10,532,077 | |
| | | | | | | | | | | | | |
| | | | | Diversified Industrial — 6.5% |
| | 9,450 | | | ABB Ltd., ADR | | | 207,448 | | | | 526,459 | |
| | 450 | | | Acuity Brands Inc. | | | 5,311 | | | | 108,648 | |
| | 34,000 | | | Ampco-Pittsburgh Corp.† | | | 84,221 | | | | 26,180 | |
| | 5,000 | | | Ardagh Group SA† | | | 18,650 | | | | 19,450 | |
| | 60,000 | | | Avantor Inc.† | | | 1,368,974 | | | | 1,272,000 | |
| | 331,500 | | | Bollore SE | | | 1,911,595 | | | | 1,945,509 | |
| | 175,350 | | | Crane Co. | | | 1,286,986 | | | | 25,422,243 | |
| | 6,550 | | | Crane NXT Co. | | | 21,907 | | | | 402,301 | |
| | 5,400 | | | Eaton Corp. plc | | | 213,489 | | | | 1,693,170 | |
| | 3,300 | | | Emerson Electric Co. | | | 306,032 | | | | 363,528 | |
| | 1,000 | | | Enpro Inc. | | | 38,323 | | | | 145,570 | |
| | 11,850 | | | General Electric Co. | | | 1,640,043 | | | | 1,883,795 | |
| | 116,950 | | | Greif Inc., Cl. A | | | 2,279,385 | | | | 6,721,117 | |
| | 1,600 | | | GXO Logistics Inc.† | | | 88,637 | | | | 80,800 | |
| | 35,675 | | | Honeywell International Inc. | | | 786,887 | | | | 7,618,040 | |
| | 4,000 | | | Hyster-Yale Inc. | | | 132,854 | | | | 278,920 | |
| | 16,500 | | | Ingersoll Rand Inc. | | | 59,915 | | | | 1,498,860 | |
| | 164,700 | | | ITT Inc. | | | 1,037,487 | | | | 21,275,946 | |
See accompanying notes to financial statements.
The Gabelli Asset Fund
Schedule of Investments (Continued) — June 30, 2024 (Unaudited)
| Shares | | | | | Cost | | | Market
Value | |
| | | | COMMON STOCKS (Continued) |
| | | | | Diversified Industrial (Continued) |
| | 13,500 | | | Jardine Matheson Holdings Ltd. | | $ | 653,525 | | | $ | 477,630 | |
| | 237,150 | | | Myers Industries Inc. | | | 1,439,201 | | | | 3,173,067 | |
| | 17,200 | | | nVent Electric plc | | | 179,655 | | | | 1,317,692 | |
| | 10,000 | | | Park-Ohio Holdings Corp. | | | 200,453 | | | | 258,900 | |
| | 24,700 | | | Pentair plc | | | 570,902 | | | | 1,893,749 | |
| | 325 | | | Siemens AG | | | 50,707 | | | | 60,465 | |
| | 6,000 | | | Sulzer AG | | | 363,339 | | | | 829,428 | |
| | 9,300 | | | Svenska Cellulosa AB SCA, Cl. A | | | 32,783 | | | | 137,934 | |
| | 36,000 | | | Svenska Cellulosa AB SCA, Cl. B | | | 100,827 | | | | 531,729 | |
| | 170,500 | | | Textron Inc. | | | 2,033,370 | | | | 14,639,130 | |
| | 200 | | | The Sherwin-Williams Co. | | | 60,107 | | | | 59,686 | |
| | 220,000 | | | Toray Industries Inc. | | | 1,513,485 | | | | 1,041,270 | |
| | 8,200 | | | Trane Technologies plc | | | 90,606 | | | | 2,697,226 | |
| | 191,500 | | | Trinity Industries Inc. | | | 578,193 | | | | 5,729,680 | |
| | 2,800 | | | Waters Corp.† | | | 206,262 | | | | 812,336 | |
| | | | | | | | 19,561,559 | | | | 104,942,458 | |
| | | | | | | | | | | | | |
| | | | | Electronics — 4.2% |
| | 35,000 | | | Flex Ltd.† | | | 451,646 | | | | 1,032,150 | |
| | 42,000 | | | Kyocera Corp., ADR | | | 282,635 | | | | 482,160 | |
| | 1,300 | | | Mettler-Toledo International Inc.† | | | 181,861 | | | | 1,816,867 | |
| | 353,000 | | | Mirion Technologies Inc.† | | | 3,218,548 | | | | 3,791,220 | |
| | 213,000 | | | Resideo Technologies Inc.† | | | 1,551,027 | | | | 4,166,280 | |
| | 2,100 | | | Samsung Electronics Co. Ltd., GDR | | | 383,541 | | | | 3,108,000 | |
| | 100 | | | Samsung Electronics Co. Ltd., New York, GDR | | | 136,555 | | | | 148,002 | |
| | 404,350 | | | Sony Group Corp., ADR | | | 7,277,809 | | | | 34,349,533 | |
| | 27,200 | | | TE Connectivity Ltd. | | | 618,717 | | | | 4,091,696 | |
| | 68,380 | | | Texas Instruments Inc. | | | 1,516,885 | | | | 13,301,961 | |
| | 4,340 | | | Thermo Fisher Scientific Inc. | | | 657,828 | | | | 2,400,020 | |
| | | | | | | | 16,277,052 | | | | 68,687,889 | |
| | | | | | | | | | | | | |
| | | | | Energy and Utilities — 3.3% |
| | 49,450 | | | BP plc, ADR | | | 826,100 | | | | 1,785,145 | |
| | 51,190 | | | Chevron Corp. | | | 1,588,885 | | | | 8,007,140 | |
| | 34,000 | | | ConocoPhillips | | | 2,924,217 | | | | 3,888,920 | |
| | 84,500 | | | Devon Energy Corp. | | | 982,473 | | | | 4,005,300 | |
| | 35,000 | | | Dril-Quip Inc.† | | | 842,068 | | | | 651,000 | |
| | 3,250 | | | E.ON SE | | | 44,382 | | | | 42,655 | |
| | 27,000 | | | Enbridge Inc. | | | 621,220 | | | | 960,930 | |
| | 69,000 | | | EOG Resources Inc. | | | 158,001 | | | | 8,685,030 | |
| | 53,500 | | | Exxon Mobil Corp. | | | 2,876,247 | | | | 6,158,920 | |
| | 132,000 | | | Halliburton Co. | | | 3,726,343 | | | | 4,458,960 | |
| | 20,000 | | | Kinder Morgan Inc. | | | 232,434 | | | | 397,400 | |
| | 650 | | | Marathon Petroleum Corp. | | | 118,960 | | | | 112,762 | |
| Shares | | | | | Cost | | | Market
Value | |
| | 70,000 | | | National Fuel Gas Co. | | $ | 3,274,418 | | | $ | 3,793,300 | |
| | 2,250 | | | National Grid plc | | | 25,270 | | | | 25,103 | |
| | 29,450 | | | NextEra Energy Inc. | | | 1,758,778 | | | | 2,085,354 | |
| | 13,000 | | | NOV Inc. | | | 232,402 | | | | 247,130 | |
| | 34,000 | | | Occidental Petroleum Corp. | | | 2,079,323 | | | | 2,143,020 | |
| | 45,000 | | | PG&E Corp. | | | 409,370 | | | | 785,700 | |
| | 28,000 | | | Schlumberger NV | | | 1,364,012 | | | | 1,321,040 | |
| | 1,300 | | | Severn Trent plc | | | 41,518 | | | | 39,111 | |
| | 5,400 | | | Shell plc, ADR | | | 228,305 | | | | 389,772 | |
| | 22,500 | | | Southwest Gas Holdings Inc. | | | 374,486 | | | | 1,583,550 | |
| | 86,000 | | | The AES Corp. | | | 238,220 | | | | 1,511,020 | |
| | 3,707 | | | Vitesse Energy Inc. | | | 12,486 | | | | 87,856 | |
| | | | | | | | 24,979,918 | | | | 53,166,118 | |
| | | | | | | | | | | | | |
| | | | | Entertainment — 5.4% |
| | 119,800 | | | Atlanta Braves Holdings Inc., Cl. A† | | | 2,813,683 | | | | 4,951,334 | |
| | 336,700 | | | Atlanta Braves Holdings Inc., Cl. C† | | | 7,861,007 | | | | 13,279,448 | |
| | 48,000 | | | Fox Corp., Cl. A | | | 1,977,574 | | | | 1,649,760 | |
| | 30,000 | | | Fox Corp., Cl. B | | | 875,607 | | | | 960,600 | |
| | 998,000 | | | Grupo Televisa SAB, ADR | | | 4,238,629 | | | | 2,764,460 | |
| | 13,934 | | | Liberty Media Corp.-Liberty Live, Cl. A† | | | 7,188 | | | | 522,664 | |
| | 27,434 | | | Liberty Media Corp.-Liberty Live, Cl. C† | | | 10,049 | | | | 1,049,899 | |
| | 146,220 | | | Madison Square Garden Entertainment Corp.† | | | 59,013 | | | | 5,005,111 | |
| | 124,383 | | | Madison Square Garden Sports Corp.† | | | 684,074 | | | | 23,400,174 | |
| | 250 | | | Netflix Inc.† | | | 124,292 | | | | 168,720 | |
| | 67,500 | | | Ollamani SAB† | | | 461,640 | | | | 153,817 | |
| | 356,891 | | | Paramount Global, Cl. A | | | 5,161,577 | | | | 6,559,656 | |
| | 40,000 | | | Paramount Global, Cl. B | | | 950,543 | | | | 415,600 | |
| | 171,920 | | | Sphere Entertainment Co.† | | | 210,917 | | | | 6,027,515 | |
| | 1,475 | | | Take-Two Interactive Software Inc.† | | | 208,576 | | | | 229,348 | |
| | 102,700 | | | The Walt Disney Co. | | | 820,837 | | | | 10,197,083 | |
| | 315,000 | | | Vivendi SE | | | 3,474,776 | | | | 3,291,179 | |
| | 804,950 | | | Warner Bros Discovery Inc.† | | | 4,801,424 | | | | 5,988,828 | |
| | | | | | | | 34,741,406 | | | | 86,615,196 | |
| | | | | | | | | | | | | |
| | | | | Environmental Services — 3.1% |
| | 15,500 | | | Phinia Inc. | | | 343,944 | | | | 610,080 | |
| | 174,000 | | | Republic Services Inc. | | | 1,243,175 | | | | 33,815,160 | |
| | 1,000 | | | Veralto Corp. | | | 2,254 | | | | 95,470 | |
| | 72,000 | | | Waste Connections Inc. | | | 2,400,362 | | | | 12,625,920 | |
| | 16,700 | | | Waste Management Inc. | | | 228,549 | | | | 3,562,778 | |
| | | | | | | | 4,218,284 | | | | 50,709,408 | |
See accompanying notes to financial statements.
The Gabelli Asset Fund
Schedule of Investments (Continued) — June 30, 2024 (Unaudited)
| Shares | | | | | Cost | | | Market
Value | |
| | | | COMMON STOCKS (Continued) |
| | | | | Equipment and Supplies — 10.1% |
| | 2,550 | | | 3M Co. | | $ | 212,637 | | | $ | 260,585 | |
| | 298,350 | | | AMETEK Inc. | | | 443,987 | | | | 49,737,929 | |
| | 42,000 | | | Amphenol Corp., Cl. A | | | 20,240 | | | | 2,829,540 | |
| | 14,000 | | | AZZ Inc. | | | 555,085 | | | | 1,081,500 | |
| | 34,950 | | | Crown Holdings Inc. | | | 157,565 | | | | 2,599,930 | |
| | 110,050 | | | CTS Corp. | | | 460,612 | | | | 5,571,831 | |
| | 4,000 | | | Danaher Corp. | | | 23,809 | | | | 999,400 | |
| | 21,000 | | | Distribution Solutions Group Inc.† | | | 160,876 | | | | 630,000 | |
| | 316,800 | | | Donaldson Co. Inc. | | | 463,193 | | | | 22,670,208 | |
| | 375,750 | | | Flowserve Corp. | | | 1,653,031 | | | | 18,073,575 | |
| | 48,000 | | | Graco Inc. | | | 733,383 | | | | 3,805,440 | |
| | 11,000 | | | Hubbell Inc. | | | 1,549,733 | | | | 4,020,280 | |
| | 68,900 | | | IDEX Corp. | | | 252,463 | | | | 13,862,680 | |
| | 37,500 | | | Interpump Group SpA | | | 147,378 | | | | 1,665,863 | |
| | 133,000 | | | Mueller Industries Inc. | | | 1,649,414 | | | | 7,573,020 | |
| | 92,500 | | | Sealed Air Corp. | | | 1,740,298 | | | | 3,218,075 | |
| | 24,000 | | | The Manitowoc Co. Inc.† | | | 72,224 | | | | 276,720 | |
| | 46,650 | | | The Timken Co. | | | 1,730,549 | | | | 3,738,064 | |
| | 15,000 | | | The Toro Co. | | | 257,644 | | | | 1,402,650 | |
| | 68,000 | | | The Weir Group plc | | | 286,137 | | | | 1,705,423 | |
| | 15,000 | | | Titan Machinery Inc.† | | | 273,373 | | | | 238,500 | |
| | 27,900 | | | Valmont Industries Inc. | | | 2,418,737 | | | | 7,657,155 | |
| | 55,200 | | | Watts Water Technologies Inc., Cl. A | | | 555,447 | | | | 10,122,024 | |
| | | | | | | | 15,817,815 | | | | 163,740,392 | |
| | | | | | | | | | | | | |
| | | | | Financial Services — 10.5% |
| | 40,000 | | | AllianceBernstein Holding LP | | | 0 | | | | 1,351,600 | |
| | 115,250 | | | American Express Co. | | | 873,797 | | | | 26,686,137 | |
| | 1,300 | | | Ameriprise Financial Inc. | | | 40,960 | | | | 555,347 | |
| | 5,600 | | | Bank of America Corp. | | | 31,487 | | | | 222,712 | |
| | 12,500 | | | Barclays plc | | | 28,712 | | | | 33,009 | |
| | 62 | | | Berkshire Hathaway Inc., Cl. A† | | | 187,565 | | | | 37,958,942 | |
| | 53,450 | | | Blackstone Inc. | | | 242,528 | | | | 6,617,110 | |
| | 5,625 | | | Brookfield Asset Management Ltd., Cl. A | | | 46,657 | | | | 214,031 | |
| | 22,000 | | | Brookfield Corp. | | | 203,553 | | | | 913,880 | |
| | 1,400 | | | Capital One Financial Corp. | | | 192,943 | | | | 193,830 | |
| | 22,050 | | | Citigroup Inc. | | | 655,400 | | | | 1,399,293 | |
| | 1,500 | | | EXOR NV | | | 143,153 | | | | 156,948 | |
| | 35,000 | | | FTAI Aviation Ltd. | | | 582,698 | | | | 3,613,050 | |
| | 150,000 | | | GAM Holding AG† | | | 83,245 | | | | 33,391 | |
| | 30,500 | | | Interactive Brokers Group Inc., Cl. A | | | 481,187 | | | | 3,739,300 | |
| | 1,975 | | | Intercontinental Exchange Inc. | | | 239,428 | | | | 270,358 | |
| Shares | | | | | Cost | | | Market
Value | |
| | 28,000 | | | Jefferies Financial Group Inc. | | $ | 240,094 | | | $ | 1,393,280 | |
| | 63,200 | | | JPMorgan Chase & Co., CDI | | | 2,096,655 | | | | 12,782,832 | |
| | 78,500 | | | KKR & Co. Inc. | | | 737,645 | | | | 8,261,340 | |
| | 2,500 | | | Lazard Inc. | | | 97,248 | | | | 95,450 | |
| | 81,500 | | | Loews Corp. | | | 4,333,328 | | | | 6,091,310 | |
| | 6,450 | | | M&T Bank Corp. | | | 258,217 | | | | 976,272 | |
| | 15,300 | | | Marsh & McLennan Companies Inc. | | | 388,249 | | | | 3,224,016 | |
| | 1,850 | | | Nasdaq Inc. | | | 95,784 | | | | 111,481 | |
| | 12,000 | | | Popular Inc. | | | 176,699 | | | | 1,061,160 | |
| | 20,000 | | | PROG Holdings Inc. | | | 17,401 | | | | 693,600 | |
| | 87,800 | | | State Street Corp. | | | 1,133,845 | | | | 6,497,200 | |
| | 9,750 | | | T. Rowe Price Group Inc. | | | 136,841 | | | | 1,124,272 | |
| | 360,400 | | | The Bank of New York Mellon Corp. | | | 9,189,470 | | | | 21,584,356 | |
| | 18,000 | | | The Goldman Sachs Group Inc. | | | 2,451,070 | | | | 8,141,760 | |
| | 16,000 | | | The Hartford Financial Services Group Inc. | | | 490,700 | | | | 1,608,640 | |
| | 24,600 | | | The PNC Financial Services Group Inc. | | | 958,299 | | | | 3,824,808 | |
| | 9,000 | | | Value Line Inc. | | | 122,382 | | | | 387,630 | |
| | 129,450 | | | Wells Fargo & Co. | | | 3,476,671 | | | | 7,688,036 | |
| | | | | | | | 30,433,911 | | | | 169,506,381 | |
| | | | | | | | | | | | | |
| | | | | Food and Beverage — 11.8% |
| | 137,014 | | | BellRing Brands Inc.† | | | 3,603,086 | | | | 7,828,980 | |
| | 600,900 | | | Brown-Forman Corp., Cl. A | | | 2,567,886 | | | | 26,517,717 | |
| | 85,450 | | | Brown-Forman Corp., Cl. B | | | 335,153 | | | | 3,690,586 | |
| | 67,000 | | | Campbell Soup Co. | | | 2,572,671 | | | | 3,027,730 | |
| | 720,000 | | | China Mengniu Dairy Co. Ltd. | | | 1,047,905 | | | | 1,290,810 | |
| | 23,400 | | | Coca-Cola Europacific Partners plc | | | 457,809 | | | | 1,705,158 | |
| | 15,400 | | | Coca-Cola HBC AG | | | 215,080 | | | | 525,223 | |
| | 2,200 | | | Constellation Brands Inc., Cl. A | | | 30,272 | | | | 566,016 | |
| | 23,500 | | | Crimson Wine Group Ltd.† | | | 160,578 | | | | 140,295 | |
| | 79,600 | | | Danone SA | | | 2,757,207 | | | | 4,865,934 | |
| | 20,000 | | | Davide Campari-Milano NV | | | 30,395 | | | | 189,001 | |
| | 1,000 | | | Diageo plc | | | 35,870 | | | | 31,300 | |
| | 189,250 | | | Diageo plc, ADR | | | 6,600,966 | | | | 23,860,640 | |
| | 58,000 | | | Farmer Brothers Co.† | | | 378,167 | | | | 155,440 | |
| | 192,000 | | | Flowers Foods Inc. | | | 337,119 | | | | 4,262,400 | |
| | 30,600 | | | Fomento Economico Mexicano SAB de CV, ADR | | | 1,016,741 | | | | 3,294,090 | |
| | 69,000 | | | General Mills Inc. | | | 1,036,211 | | | | 4,364,940 | |
| | 1,336,000 | | | Grupo Bimbo SAB de CV, Cl. A | | | 529,323 | | | | 4,718,172 | |
| | 10,500 | | | Heineken Holding NV | | | 448,760 | | | | 828,192 | |
See accompanying notes to financial statements.
The Gabelli Asset Fund
Schedule of Investments (Continued) — June 30, 2024 (Unaudited)
| Shares | | | | | Cost | | | Market
Value | |
| | | | | COMMON STOCKS (Continued) |
| | | | | Food and Beverage (Continued) |
| | 74,150 | | | Heineken NV | | $ | 3,255,387 | | | $ | 7,170,808 | |
| | 19,350 | | | Heineken NV, ADR | | | 465,264 | | | | 934,992 | |
| | 125,550 | | | ITO EN Ltd. | | | 2,626,877 | | | | 2,717,168 | |
| | 7,000 | | | John Bean Technologies Corp. | | | 106,661 | | | | 664,790 | |
| | 13,200 | | | Kellanova | | | 324,581 | | | | 761,376 | |
| | 56,500 | | | Kerry Group plc, Cl. A | | | 658,492 | | | | 4,574,456 | |
| | 450 | | | Kerry Group plc, Cl. A | | | 38,924 | | | | 36,458 | |
| | 787,750 | | | Kikkoman Corp. | | | 1,639,305 | | | | 9,124,073 | |
| | 1,000 | | | Lamb Weston Holdings Inc. | | | 82,320 | | | | 84,080 | |
| | 16,585 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 579,093 | | | | 12,674,753 | |
| | 54,000 | | | Maple Leaf Foods Inc. | | | 953,329 | | | | 904,704 | |
| | 37,000 | | | MEIJI Holdings Co. Ltd. | | | 387,565 | | | | 797,769 | |
| | 122,000 | | | Mondelēz International Inc., Cl. A | | | 2,211,865 | | | | 7,983,680 | |
| | 86,000 | | | Morinaga Milk Industry Co. Ltd. | | | 772,140 | | | | 1,801,889 | |
| | 18,000 | | | National Beverage Corp. | | | 841,352 | | | | 922,320 | |
| | 34,500 | | | Nestlé SA | | | 1,833,410 | | | | 3,521,999 | |
| | 278,400 | | | Nissin Foods Holdings Co. Ltd. | | | 3,075,756 | | | | 7,063,390 | |
| | 45,750 | | | PepsiCo Inc. | | | 1,483,663 | | | | 7,545,547 | |
| | 44,650 | | | Pernod Ricard SA | | | 3,509,604 | | | | 6,058,530 | |
| | 67,000 | | | Post Holdings Inc.† | | | 429,078 | | | | 6,978,720 | |
| | 58,400 | | | Remy Cointreau SA | | | 3,169,703 | | | | 4,872,137 | |
| | 16,450 | | | Suntory Beverage & Food Ltd. | | | 524,300 | | | | 583,505 | |
| | 2,500 | | | The Boston Beer Co. Inc., Cl. A† | | | 813,301 | | | | 762,625 | |
| | 17,700 | | | The Coca-Cola Co. | | | 388,056 | | | | 1,126,605 | |
| | 18,400 | | | The J.M. Smucker Co. | | | 503,875 | | | | 2,006,336 | |
| | 90,000 | | | The Kraft Heinz Co. | | | 3,183,881 | | | | 2,899,800 | |
| | 210,000 | | | Tingyi (Cayman Islands) Holding Corp. | | | 471,470 | | | | 253,053 | |
| | 24,205 | | | Tootsie Roll Industries Inc. | | | 164,943 | | | | 739,947 | |
| | 5,000 | | | TreeHouse Foods Inc.† | | | 201,555 | | | | 183,200 | |
| | 5,000 | | | WK Kellogg Co. | | | 30,461 | | | | 82,300 | |
| | 203,300 | | | Yakult Honsha Co. Ltd. | | | 2,297,628 | | | | 3,634,735 | |
| | | | | | | | 61,185,038 | | | | 191,328,369 | |
| | | | | | | | | | | | | |
| | | | | Health Care — 5.6% |
| | 8,000 | | | Abbott Laboratories | | | 437,037 | | | | 831,280 | |
| | 24,050 | | | AbbVie Inc. | | | 2,136,467 | | | | 4,125,056 | |
| | 26,880 | | | Amgen Inc. | | | 176,429 | | | | 8,398,656 | |
| | 10,000 | | | AstraZeneca plc, ADR | | | 512,604 | | | | 779,900 | |
| | 45,000 | | | Bausch + Lomb Corp.† | | | 729,143 | | | | 653,400 | |
| | 7,800 | | | Bausch Health Cos. Inc.† | | | 77,608 | | | | 54,366 | |
| | 41,200 | | | Baxter International Inc. | | | 1,183,325 | | | | 1,378,140 | |
| | 7,600 | | | Biogen Inc.† | | | 56,050 | | | | 1,761,832 | |
| Shares | | | | | Cost | | | Market
Value | |
| | 6,000 | | | Bio-Rad Laboratories Inc., Cl. A† | | $ | 1,026,263 | | | $ | 1,638,660 | |
| | 73,650 | | | Bristol-Myers Squibb Co. | | | 1,865,892 | | | | 3,058,685 | |
| | 25,000 | | | Catalent Inc.† | | | 1,718,060 | | | | 1,405,750 | |
| | 8,800 | | | Cencora Inc. | | | 346,880 | | | | 1,982,640 | |
| | 2,000 | | | Charles River Laboratories International Inc.† | | | 452,768 | | | | 413,160 | |
| | 7,300 | | | Chemed Corp. | | | 180,607 | | | | 3,960,834 | |
| | 7,200 | | | CONMED Corp. | | | 137,063 | | | | 499,104 | |
| | 5,000 | | | DaVita Inc.† | | | 280,123 | | | | 692,850 | |
| | 102,300 | | | Demant A/S† | | | 948,190 | | | | 4,427,579 | |
| | 30,000 | | | DENTSPLY SIRONA Inc. | | | 1,250,466 | | | | 747,300 | |
| | 4,000 | | | Elevance Health Inc. | | | 1,097,882 | | | | 2,167,440 | |
| | 320 | | | Eli Lilly & Co. | | | 187,860 | | | | 289,722 | |
| | 128,000 | | | Evolent Health Inc., Cl. A† | | | 2,244,740 | | | | 2,447,360 | |
| | 13,650 | | | Fortrea Holdings Inc.† | | | 331,972 | | | | 318,591 | |
| | 4,350 | | | Gerresheimer AG | | | 287,580 | | | | 467,261 | |
| | 100 | | | GRAIL Inc.† | | | 1,814 | | | | 1,537 | |
| | 1,100 | | | Guardant Health Inc.† | | | 25,523 | | | | 31,768 | |
| | 10,750 | | | Haleon plc | | | 40,746 | | | | 43,838 | |
| | 15,000 | | | Halozyme Therapeutics Inc.† | | | 713,499 | | | | 785,400 | |
| | 21,900 | | | HCA Healthcare Inc. | | | 2,239,695 | | | | 7,036,032 | |
| | 78,336 | | | Henry Schein Inc.† | | | 1,865,470 | | | | 5,021,338 | |
| | 480 | | | Humana Inc. | | | 210,794 | | | | 179,352 | |
| | 1,500 | | | ICU Medical Inc.† | | | 292,287 | | | | 178,125 | |
| | 900 | | | Illumina Inc.† | | | 95,735 | | | | 93,942 | |
| | 4,500 | | | Indivior plc† | | | 13,813 | | | | 70,537 | |
| | 13,000 | | | Integer Holdings Corp.† | | | 676,234 | | | | 1,505,270 | |
| | 21,750 | | | Johnson & Johnson | | | 1,305,673 | | | | 3,178,980 | |
| | 10,000 | | | Labcorp Holdings Inc. | | | 1,352,960 | | | | 2,035,100 | |
| | 2,500 | | | McKesson Corp. | | | 223,163 | | | | 1,460,100 | |
| | 18,000 | | | Medtronic plc | | | 1,338,678 | | | | 1,416,780 | |
| | 41,200 | | | Merck & Co. Inc. | | | 818,440 | | | | 5,100,560 | |
| | 1,430 | | | Moderna Inc.† | | | 153,761 | | | | 169,812 | |
| | 65,000 | | | Option Care Health Inc.† | | | 520,000 | | | | 1,800,500 | |
| | 17,500 | | | Perrigo Co. plc | | | 573,287 | | | | 449,400 | |
| | 14,000 | | | QuidelOrtho Corp.† | | | 169,394 | | | | 465,080 | |
| | 590 | | | Regeneron Pharmaceuticals Inc.† | | | 238,617 | | | | 620,108 | |
| | 40,000 | | | Roche Holding AG, ADR | | | 734,498 | | | | 1,386,800 | |
| | 1,506 | | | Solventum Corp.† | | | 98,462 | | | | 79,637 | |
| | 6,900 | | | Stryker Corp. | | | 321,481 | | | | 2,347,725 | |
| | 25,000 | | | Tenet Healthcare Corp.† | | | 652,367 | | | | 3,325,750 | |
| | 8,500 | | | The Cigna Group | | | 608,373 | | | | 2,809,845 | |
| | 20,000 | | | The Cooper Companies Inc. | | | 1,336,925 | | | | 1,746,000 | |
| | 2,525 | | | UnitedHealth Group Inc. | | | 676,000 | | | | 1,285,881 | |
| | 3,645 | | | Vertex Pharmaceuticals Inc.† | | | 856,859 | | | | 1,708,484 | |
| | 20,350 | | | Zimmer Biomet Holdings Inc. | | | 1,386,005 | | | | 2,208,586 | |
See accompanying notes to financial statements.
The Gabelli Asset Fund
Schedule of Investments (Continued) — June 30, 2024 (Unaudited)
| Shares | | | | | Cost | | | Market
Value | |
| | | | | COMMON STOCKS (Continued) |
| | | | | Health Care (Continued) |
| | 450 | | | Zoetis Inc. | | $ | 19,536 | | | $ | 78,012 | |
| | | | | | | | 37,225,098 | | | | 91,119,845 | |
| | | | | | | | | | | | | |
| | | | | Hotels and Gaming — 1.0% |
| | 10,000 | | | Accor SA | | | 257,845 | | | | 410,174 | |
| | 19,500 | | | Caesars Entertainment Inc.† | | | 808,492 | | | | 774,930 | |
| | 2,000 | | | Churchill Downs Inc. | | | 9,278 | | | | 279,200 | |
| | 3,000 | | | Entain plc | | | 37,574 | | | | 23,891 | |
| | 225 | | | Flutter Entertainment plc† | | | 39,696 | | | | 41,142 | |
| | 310,000 | | | Genting Singapore Ltd. | | | 232,412 | | | | 197,751 | |
| | 5,700 | | | Hyatt Hotels Corp., Cl. A | | | 178,128 | | | | 865,944 | |
| | 2,544,100 | | | Mandarin Oriental International Ltd. | | | 3,650,072 | | | | 4,401,293 | |
| | 134,500 | | | MGM Resorts International† | | | 1,245,686 | | | | 5,977,180 | |
| | 13,500 | | | Ryman Hospitality Properties Inc., REIT | | | 59,879 | | | | 1,348,110 | |
| | 733,000 | | | The Hongkong & Shanghai Hotels Ltd. | | | 674,481 | | | | 542,542 | |
| | 19,000 | | | Universal Entertainment Corp. | | | 96,850 | | | | 186,115 | |
| | 2,700 | | | Wyndham Hotels & Resorts Inc. | | | 34,458 | | | | 199,800 | |
| | 6,200 | | | Wynn Resorts Ltd. | | | 289,675 | | | | 554,900 | |
| | | | | | | | 7,614,526 | | | | 15,802,972 | |
| | | | | | | | | | | | | |
| | | | | Machinery — 6.1% |
| | 22,000 | | | Astec Industries Inc. | | | 908,870 | | | | 652,520 | |
| | 95,170 | | | Caterpillar Inc. | | | 618,531 | | | | 31,701,127 | |
| | 1,452,150 | | | CNH Industrial NV | | | 9,725,746 | | | | 14,710,279 | |
| | 101,500 | | | Deere & Co. | | | 704,539 | | | | 37,923,445 | |
| | 13,000 | | | Mueller Water Products Inc., Cl. A | | | 46,016 | | | | 232,960 | |
| | 93,850 | | | Xylem Inc. | | | 693,122 | | | | 12,728,876 | |
| | | | | | | | 12,696,824 | | | | 97,949,207 | |
| | | | | | | | | | | | | |
| | | | | Manufactured Housing and Recreational Vehicles — 0.3% |
| | 8,700 | | | Cavco Industries Inc.† | | | 162,846 | | | | 3,011,679 | |
| | 825 | | | Nobility Homes Inc. | | | 4,606 | | | | 24,791 | |
| | 20,500 | | | Skyline Champion Corp.† | | | 98,752 | | | | 1,388,875 | |
| | | | | | | | 266,204 | | | | 4,425,345 | |
| | | | | | | | | | | | | |
| | | | | Metals and Mining — 3.0% |
| | 46,850 | | | Agnico Eagle Mines Ltd. | | | 1,464,008 | | | | 3,063,990 | |
| | 146,600 | | | Barrick Gold Corp. | | | 1,361,998 | | | | 2,445,288 | |
| | 55,500 | | | Franco-Nevada Corp. | | | 1,844,631 | | | | 6,577,860 | |
| | 105,250 | | | Freeport-McMoRan Inc. | | | 1,121,790 | | | | 5,115,150 | |
| | 18,000 | | | Kinross Gold Corp. | | | 38,019 | | | | 149,760 | |
| | 15,000 | | | MP Materials Corp.† | | | 202,909 | | | | 190,950 | |
| | 368,700 | | | Newmont Corp. | | | 6,227,391 | | | | 15,437,469 | |
| | 97,000 | | | Royal Gold Inc. | | | 4,085,836 | | | | 12,140,520 | |
| Shares | | | | | Cost | | | Market
Value | |
| | 73,750 | | | Wheaton Precious Metals Corp. | | $ | 1,391,215 | | | $ | 3,865,975 | |
| | | | | | | | 17,737,797 | | | | 48,986,962 | |
| | | | | | | | | | | | | |
| | | | | Publishing — 1.7% |
| | 111,000 | | | News Corp., Cl. A | | | 753,804 | | | | 3,060,270 | |
| | 53,480 | | | S&P Global Inc. | | | 403,241 | | | | 23,852,080 | |
| | 90,000 | | | The E.W. Scripps Co., Cl. A† | | | 572,339 | | | | 282,600 | |
| | | | | | | | 1,729,384 | | | | 27,194,950 | |
| | | | | | | | | | | | | |
| | | | | Real Estate — 0.7% |
| | 14,000 | | | American Tower Corp., REIT | | | 2,554,866 | | | | 2,721,320 | |
| | 2,200 | | | Prologis Inc., REIT | | | 253,482 | | | | 247,082 | |
| | 127,500 | | | The St. Joe Co. | | | 895,733 | | | | 6,974,250 | |
| | 34,200 | | | Weyerhaeuser Co., REIT | | | 663,803 | | | | 970,938 | |
| | | | | | | | 4,367,884 | | | | 10,913,590 | |
| | | | | | | | | | | | | |
| | | | | Retail — 2.7% |
| | 55,100 | | | AutoNation Inc.† | | | 392,799 | | | | 8,781,838 | |
| | 700 | | | AutoZone Inc.† | | | 692,314 | | | | 2,074,870 | |
| | 19,700 | | | CarMax Inc.† | | | 1,287,510 | | | | 1,444,798 | |
| | 20,380 | | | Costco Wholesale Corp. | | | 947,825 | | | | 17,322,796 | |
| | 97,600 | | | CVS Health Corp. | | | 3,067,757 | | | | 5,764,256 | |
| | 2,100 | | | Dollar Tree Inc.† | | | 252,857 | | | | 224,217 | |
| | 1,200 | | | Lowe’s Companies Inc. | | | 163,882 | | | | 264,552 | |
| | 900 | | | McDonald’s Corp. | | | 256,333 | | | | 229,356 | |
| | 1,400 | | | NIKE Inc., Cl. B | | | 148,281 | | | | 105,518 | |
| | 1,700 | | | Restaurant Brands International Inc. | | | 117,016 | | | | 119,629 | |
| | 15,000 | | | Rush Enterprises Inc., Cl. B | | | 151,639 | | | | 588,600 | |
| | 2,000 | | | Starbucks Corp. | | | 204,006 | | | | 155,700 | |
| | 2,550 | | | The Home Depot Inc. | | | 78,942 | | | | 877,812 | |
| | 84,000 | | | The Kroger Co. | | | 249,281 | | | | 4,194,120 | |
| | 36,000 | | | Walgreens Boots Alliance Inc. | | | 764,093 | | | | 435,420 | |
| | 6,600 | | | Walmart Inc. | | | 302,042 | | | | 446,886 | |
| | 1,650 | | | Zalando SE† | | | 37,744 | | | | 38,681 | |
| | | | | | | | 9,114,321 | | | | 43,069,049 | |
| | | | | | | | | | | | | |
| | | | | Semiconductors — 0.1% |
| | 1,250 | | | Advanced Micro Devices Inc.† | | | 152,736 | | | | 202,763 | |
| | 365 | | | Broadcom Inc. | | | 215,493 | | | | 586,018 | |
| | 7,400 | | | Intel Corp. | | | 370,892 | | | | 229,178 | |
| | 725 | | | Micron Technology Inc. | | | 67,724 | | | | 95,359 | |
| | | | | | | | 806,845 | | | | 1,113,318 | |
| | | | | | | | | | | | | |
| | | | | Specialty Chemicals — 0.3% |
| | 950 | | | Air Products and Chemicals Inc. | | | 247,829 | | | | 245,148 | |
| | 16,600 | | | DuPont de Nemours Inc. | | | 586,551 | | | | 1,336,134 | |
| | 29,700 | | | H.B. Fuller Co. | | | 214,861 | | | | 2,285,712 | |
| | 300 | | | Linde plc | | | 125,794 | | | | 131,643 | |
See accompanying notes to financial statements.
The Gabelli Asset Fund
Schedule of Investments (Continued) — June 30, 2024 (Unaudited)
| Shares | | | | | Cost | | | Market
Value | |
| | | | COMMON STOCKS (Continued) |
| | | | | Specialty Chemicals (Continued) |
| | 17,600 | | | Sensient Technologies Corp. | | $ | 282,094 | | | $ | 1,305,744 | |
| | | | | | | | 1,457,129 | | | | 5,304,381 | |
| | | | | | | | | | | | | |
| | | | | Telecommunications — 1.7% |
| | 2,200 | | | AT&T Inc. | | | 39,682 | | | | 42,042 | |
| | 155,250 | | | Deutsche Telekom AG, ADR | | | 2,325,166 | | | | 3,910,748 | |
| | 52,000 | | | GCI Liberty Inc., Escrow† | | | 0 | | | | 1 | |
| | 14,000 | | | Hellenic Telecommunications Organization SA | | | 82,085 | | | | 201,510 | |
| | 23,400 | | | Hellenic Telecommunications Organization SA, ADR | | | 93,977 | | | | 166,374 | |
| | 148,500 | | | Liberty Global Ltd., Cl. A† | | | 733,768 | | | | 2,588,355 | |
| | 228,750 | | | Liberty Global Ltd., Cl. C† | | | 2,041,466 | | | | 4,083,187 | |
| | 5,600 | | | Orange SA, ADR | | | 59,112 | | | | 55,944 | |
| | 7,250 | | | SoftBank Group Corp., ADR | | | 155,920 | | | | 233,522 | |
| | 1,930,000 | | | Telecom Italia SpA† | | | 962,169 | | | | 461,960 | |
| | 36,000 | | | Telefonica Brasil SA, ADR | | | 303,553 | | | | 295,560 | |
| | 269,000 | | | Telefonica SA, ADR | | | 1,295,653 | | | | 1,132,490 | |
| | 607,000 | | | Telephone and Data Systems Inc. | | | 11,773,240 | | | | 12,583,110 | |
| | 52,900 | | | Telesat Corp.† | | | 543,806 | | | | 481,390 | |
| | 18,700 | | | TIM SA, ADR | | | 136,557 | | | | 267,784 | |
| | 10,000 | | | VEON Ltd., ADR† | | | 182,315 | | | | 259,400 | |
| | 6,650 | | | Verizon Communications Inc. | | | 117,080 | | | | 274,246 | |
| | | | | | | | 20,845,549 | | | | 27,037,623 | |
| | | | | | | | | | | | | |
| | | | | Transportation — 1.3% |
| | 10,000 | | | Canadian Pacific Kansas City Ltd. | | | 6,337 | | | | 787,300 | |
| | 153,500 | | | GATX Corp. | | | 3,009,937 | | | | 20,317,260 | |
| | 850 | | | Union Pacific Corp. | | | 191,646 | | | | 192,321 | |
| | | | | | | | 3,207,920 | | | | 21,296,881 | |
| | | | | | | | | | | | | |
| | | | | Wireless Communications — 0.4% |
| | 61,250 | | | America Movil SAB de CV, ADR | | | 184,781 | | | | 1,041,250 | |
| | 215,000 | | | Operadora De Sites Mexicanos SAB de CV | | | 257,222 | | | | 194,023 | |
| | 20,885 | | | T-Mobile US Inc. | | | 863,247 | | | | 3,679,519 | |
| | 28,500 | | | United States Cellular Corp.† | | | 1,142,917 | | | | 1,590,870 | |
| | | | | | | | 2,448,167 | | | | 6,505,662 | |
| | | | | TOTAL COMMON STOCKS | | | 391,677,012 | | | | 1,605,434,844 | |
| | | | | | | | | | | | | |
| | | | | CLOSED-END FUNDS — 0.1% |
| | 2,000 | | | Altaba Inc., Escrow† | | | 0 | | | | 5,050 | |
| | 10,700 | | | Royce Global Trust Inc. | | | 93,090 | | | | 118,984 | |
| Shares | | | | | Cost | | | Market
Value | |
| | 78,000 | | | Royce Small-Cap Trust Inc. | | $ | 935,792 | | | $ | 1,128,660 | |
| | | | | | | | 1,028,882 | | | | 1,252,694 | |
| | | | | | | | | | | | | |
| | | | | TOTAL CLOSED-END FUNDS | | | 1,028,882 | | | | 1,252,694 | |
| | | | | | | | | | | | | |
| | | | | PREFERRED STOCKS — 0.0% |
| | | | | Diversified Industrial — 0.0% |
| | 600 | | | Jungheinrich AG | | | 20,235 | | | | 19,766 | |
| | | | | | | | | | | | | |
| | | | | Electronics — 0.0% |
| | 95 | | | WESCO International Inc., Ser. A, 10.625% | | | 2,517 | | | | 2,463 | |
| | | | | | | | | | | | | |
| | | | | TOTAL PREFERRED STOCKS | | | 22,752 | | | | 22,229 | |
| | | | | | | | | | | | | |
Principal Amount | | | | | | | | | | | |
| | | | | U.S. GOVERNMENT OBLIGATIONS — 0.6% |
| $ | 10,210,000 | | | U.S. Treasury Bills, | | | | | | | | |
| | | | | 5.275% to 5.320%††,
08/15/24 to 09/26/24 | | | 10,109,768 | | | | 10,110,006 | |
| | | | | | | | | | | | | |
| | | | | TOTAL INVESTMENTS — 100.0% | | $ | 402,838,414 | | | | 1,616,819,773 | |
| | | | | | | | | | | | | |
| | | | | Other Assets and Liabilities (Net) — (0.0)% | | | | (72,173) | |
| | | | | | | | | | | | | |
| | | | | NET ASSETS — 100.0% | | | $ | 1,616,747,600 | |
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |
| ADR | American Depositary Receipt |
| CDI | CHESS (Australia) Depository Interest |
| 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, 2024 (Unaudited)
| | | | |
| Assets: | | | |
| Investments, at value (cost $402,838,414) | | $ | 1,616,819,773 | |
| Cash | | | 5,055 | |
| Foreign currency, at value (cost $116,761) | | | 116,134 | |
| Deposit at brokers | | | 10,772 | |
| Receivable for Fund shares sold | | | 466,366,323 | |
| Receivable for investments sold | | | 1,341,001 | |
| Dividends and interest receivable | | | 1,995,978 | |
| Prepaid expenses | | | 61,427 | |
| Total Assets | | | 2,086,716,463 | |
| Liabilities: | | | | |
| Payable for investments purchased | | | 231,119 | |
| Payable for Fund shares redeemed | | | 467,360,190 | |
| Payable for investment advisory fees | | | 1,337,962 | |
| Payable for distribution fees | | | 236,392 | |
| Payable for accounting fees | | | 7,500 | |
| Other accrued expenses | | | 795,700 | |
| Total Liabilities | | | 469,968,863 | |
| Net Assets | | | | |
| (applicable to 32,762,210 shares outstanding) | | $ | 1,616,747,600 | |
| Net Assets Consist of: | | | | |
| Paid-in capital | | $ | 292,386,028 | |
| Total distributable earnings | | | 1,324,361,572 | |
| Net Assets | | $ | 1,616,747,600 | |
| 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 ($635,262,050 ÷ 12,842,439 shares outstanding) | | $ | 49.47 | |
| Class A: | | | | |
| Net Asset Value and redemption price per share ($33,250,174 ÷ 683,182 shares outstanding) | | $ | 48.67 | |
| Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | | $ | 51.64 | |
| Class C: | | | | |
| Net Asset Value and offering price per share ($1,825,538 ÷ 43,407 shares outstanding) | | $ | 42.06 | (a) |
| Class I: | | | | |
| Net Asset Value, offering, and redemption price per share ($946,409,838 ÷ 19,193,182 shares outstanding) | | $ | 49.31 | |
| (a) | Redemption price varies based on the length of time held. |
Statement of Operations
For the Six Months Ended June 30, 2024 (Unaudited)
| Investment Income: | | | |
| Dividends (net of foreign withholding taxes of $348,535) | | $ | 13,057,955 | |
| Interest | | | 206,824 | |
| Total Investment Income | | | 13,264,779 | |
| Expenses: | | | | |
| Investment advisory fees | | | 8,347,481 | |
| Distribution fees - Class AAA | | | 1,438,459 | |
| Distribution fees - Class A | | | 42,216 | |
| Distribution fees - Class C | | | 11,800 | |
| Shareholder services fees | | | 409,708 | |
| Shareholder communications expenses | | | 119,114 | |
| Custodian fees | | | 108,026 | |
| Trustees’ fees | | | 67,000 | |
| Registration expenses | | | 47,362 | |
| Legal and audit fees | | | 42,194 | |
| Interest expense | | | 30,993 | |
| Accounting fees | | | 22,500 | |
| Miscellaneous expenses | | | 82,977 | |
| Total Expenses | | | 10,769,830 | |
| Less: | | | | |
| Expenses paid indirectly by broker (See Note 7) | | | (13,572 | ) |
| Net Expenses | | | 10,756,258 | |
| Net Investment Income | | | 2,508,521 | |
| Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency: | | | | |
| Net realized gain on investments | | | 119,847,541 | |
| Net realized gain on foreign currency transactions | | | 2,232 | |
| Net realized gain on investments and foreign currency transactions | | | 119,849,773 | |
| Net change in unrealized appreciation/depreciation: | | | | |
| on investments | | | (87,866,418 | ) |
| on foreign currency translations | | | (41,933 | ) |
| Net change in unrealized appreciation/depreciation on investments and foreign currency translations | | | (87,908,351 | ) |
| Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency | | | 31,941,422 | |
| Net Increase in Net Assets Resulting from Operations | | $ | 34,449,943 | |
See accompanying notes to financial statements.
The Gabelli Asset Fund
Statement of Changes in Net Assets
| | | Six Months Ended | | |
| | | June 30, 2024 | | Year Ended |
| | | (Unaudited) | | December 31, 2023 |
| | | | | | | | | | |
| Operations: | | | | | | | | | | | |
| Net investment income | | | $ | 2,508,521 | | | | | $ | 5,320,339 | | |
| Net realized gain on investments, redemption in-kind, and foreign currency transactions | | | | 119,849,773 | | | | | | 176,041,766 | | |
| Net change in unrealized appreciation/depreciation on investments and foreign currency translations | | | | (87,908,351 | ) | | | | | (9,123,936 | ) | |
| Net Increase in Net Assets Resulting from Operations | | | | 34,449,943 | | | | | | 172,238,169 | | |
| | | | | | | | | | | | |
| Distributions to Shareholders: | | | | | | | | | | | |
| Accumulated earnings | | | | | | | | | | | |
| Class AAA | | | | — | | | | | | (91,335,007 | ) | |
| Class A | | | | — | | | | | | (2,531,089 | ) | |
| Class C | | | | — | | | | | | (244,091 | ) | |
| Class I | | | | — | | | | | | (35,163,426 | ) | |
| Total Distributions to Shareholders | | | | — | | | | | | (129,273,613 | ) | |
| | | | | | | | | | | | | |
| Shares of Beneficial Interest Transactions: | | | | | | | | | | | |
| Class AAA | | | | (599,888,312 | ) | | | | | (62,964,165 | ) | |
| Class A | | | | (859,800 | ) | | | | | 282,410 | | |
| Class C | | | | (1,605,994 | ) | | | | | (2,752,365 | ) | |
| Class I | | | | 485,142,104 | | | | | | (113,333,141 | ) | |
| Net Decrease in Net Assets from Shares of Beneficial Interest Transactions | | | | (117,212,002 | ) | | | | | (178,767,261 | ) | |
| Redemption Fees | | | | 61 | | | | | | 140 | | |
| Net Decrease in Net Assets | | | | (82,761,998 | ) | | | | | (135,802,565 | ) | |
| Net Assets: | | | | | | | | | | | | |
| Beginning of year | | | | 1,699,509,598 | | | | | | 1,835,312,163 | | |
| End of period | | | $ | 1,616,747,600 | | | | | $ | 1,699,509,598 | | |
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 | | |
| 2024(e) | | $ | 48.51 | | | $ | 0.06 | | | $ | 0.90 | | | $ | 0.96 | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.00 | | | $ | 49.47 | | | 1.96 | % | | $ | 635,262 | | | 0.23 | %(f) | | 1.36 | %(f) | | 2 | % |
| 2023 | | | 47.51 | | | | 0.12 | | | | 4.78 | | | | 4.90 | | | | (0.16 | ) | | | (3.74 | ) | | | (3.90 | ) | | | 0.00 | | | | 48.51 | | | 10.29 | | | | 1,211,699 | | | 0.24 | | | 1.38 | | | 4 | |
| 2022 | | | 58.56 | | | | 0.12 | | | | (6.39 | ) | | | (6.27 | ) | | | (0.09 | ) | | | (4.69 | ) | | | (4.78 | ) | | | 0.00 | | | | 47.51 | | | (10.63 | ) | | | 1,245,183 | | | 0.23 | | | 1.35 | | | 5 | |
| 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 | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024(e) | | $ | 47.74 | | | $ | 0.06 | | | $ | 0.87 | | | $ | 0.93 | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.00 | | | $ | 48.67 | | | 1.95 | % | | $ | 33,250 | | | 0.23 | %(f) | | 1.36 | %(f) | | 2 | % |
| 2023 | | | 46.75 | | | | 0.12 | | | | 4.71 | | | | 4.83 | | | | (0.16 | ) | | | (3.68 | ) | | | (3.84 | ) | | | 0.00 | | | | 47.74 | | | 10.32 | | | | 33,457 | | | 0.24 | | | 1.38 | | | 4 | |
| 2022 | | | 57.63 | | | | 0.12 | | | | (6.29 | ) | | | (6.17 | ) | | | (0.09 | ) | | | (4.62 | ) | | | (4.71 | ) | | | 0.00 | | | | 46.75 | | | (10.63 | ) | | | 32,436 | | | 0.23 | | | 1.35 | | | 5 | |
| 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 | |
| Class C | | |
| 2024(e) | | $ | 41.41 | | | $ | (0.11 | ) | | $ | 0.76 | | | $ | 0.65 | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.00 | | | $ | 42.06 | | | 1.57 | % | | $ | 1,826 | | | (0.56 | )%(f) | | 2.11 | %(f) | | 2 | % |
| 2023 | | | 40.72 | | | | (0.22 | ) | | | 4.09 | | | | 3.87 | | | | — | | | | (3.18 | ) | | | (3.18 | ) | | | 0.00 | | | | 41.41 | | | 9.49 | | | | 3,367 | | | (0.53 | ) | | 2.13 | | | 4 | |
| 2022 | | | 50.48 | | | | (0.24 | ) | | | (5.50 | ) | | | (5.74 | ) | | | — | | | | (4.02 | ) | | | (4.02 | ) | | | 0.00 | | | | 40.72 | | | (11.30 | ) | | | 5,966 | | | (0.53 | ) | | 2.10 | | | 5 | |
| 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 | |
| Class I | | |
| 2024(e) | | $ | 48.30 | | | $ | 0.12 | | | $ | 0.89 | | | $ | 1.01 | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.00 | | | $ | 49.31 | | | 2.09 | % | | $ | 946,410 | | | 0.49 | %(f) | | 1.11 | %(f) | | 2 | % |
| 2023 | | | 47.32 | | | | 0.24 | | | | 4.77 | | | | 5.01 | | | | (0.29 | ) | | | (3.74 | ) | | | (4.03 | ) | | | 0.00 | | | | 48.30 | | | 10.57 | | | | 450,987 | | | 0.48 | | | 1.13 | | | 4 | |
| 2022 | | | 58.36 | | | | 0.26 | | | | (6.38 | ) | | | (6.12 | ) | | | (0.23 | ) | | | (4.69 | ) | | | (4.92 | ) | | | 0.00 | | | | 47.32 | | | (10.41 | ) | | | 551,727 | | | 0.49 | | | 1.10 | | | 5 | |
| 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 | |
| † | 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 years 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, 2024, unaudited. |
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.
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, 2024 is as follows:
| | | Valuation Inputs | | | | |
| | | | | | Level 2 Other | | | | |
| | | Level 1 | | | Significant | | | Total Market Value | |
| | | Quoted Prices | | | Observable Inputs | | | at 06/30/24 | |
| INVESTMENTS IN SECURITIES: | | | | | | | | | | | | |
| ASSETS (Market Value): | | | | | | | | | | | | |
| Common Stocks | | | | | | | | | | | | |
| Diversified Industrial | | $ | 104,923,008 | | | $ | 19,450 | | | $ | 104,942,458 | |
| Electronics | | | 68,539,887 | | | | 148,002 | | | | 68,687,889 | |
| Manufactured Housing and Recreational Vehicles | | | 4,400,554 | | | | 24,791 | | | | 4,425,345 | |
| Telecommunications | | | 27,037,622 | | | | 1 | | | | 27,037,623 | |
| Other Industries (a) | | | 1,400,341,529 | | | | — | | | | 1,400,341,529 | |
| Total Common Stocks | | | 1,605,242,600 | | | | 192,244 | | | | 1,605,434,844 | |
| Closed-End Funds | | | 1,247,644 | | | | 5,050 | | | | 1,252,694 | |
| Preferred Stocks (a) | | | 22,229 | | | | — | | | | 22,229 | |
| U.S. Government Obligations | | | — | | | | 10,110,006 | | | | 10,110,006 | |
| TOTAL INVESTMENTS IN SECURITIES – ASSETS | | $ | 1,606,512,473 | | | $ | 10,307,300 | | | $ | 1,616,819,773 | |
| (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, 2024 and December 31, 2023. The Fund’s policy is to recognize transfers among levels as of the beginning of the reporting period.
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
The Gabelli Asset Fund
Notes to Financial Statements (Unaudited) (Continued)
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 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
The Gabelli Asset Fund
Notes to Financial Statements (Unaudited) (Continued)
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, 2024, the Fund did not hold restricted securities.
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, 2024, 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 in-kind distributions for shareholder redemptions. These reclassifications have no impact on the NAV of the Fund.
The Gabelli Asset Fund
Notes to Financial Statements (Unaudited) (Continued)
The tax character of distributions paid during the year ended December 31, 2023 was as follows:
| Distributions paid from:* | | | |
| Ordinary income | | $ | 6,753,731 | |
| Net long term capital gains | | | 130,291,864 | |
| Total distributions paid | | $ | 137,045,595 | |
| * | Total distributions paid differs from the Statement of Changes in Net Assets due to the utilization of equalization. |
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, 2024:
| | | | Gross | | Gross | | |
| | | | Unrealized | | Unrealized | | Net Unrealized |
| | Cost | | Appreciation | | Depreciation | | Appreciation |
| Investments | $409,777,299 | | $1,223,193,550 | | $(16,151,076) | | $1,207,042,474 |
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, 2024, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2024, 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.
The Gabelli Asset Fund
Notes to Financial Statements (Unaudited) (Continued)
5. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2024, other than short term securities and U.S. Government obligations, aggregated $35,469,427 and $175,415,728, respectively.
6. Redemptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the year ended December 31, 2023, the Gabelli Asset Fund realized net gains of $44,581,272 on $49,643,053 of redemptions-in-kind, including cash of $2,161,437. During the six months ended June 30, 2024, there was no such activity.
7. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2024, the Fund paid $9,914 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $722 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.
During the six months ended June 30, 2024, 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 $13,572.
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, 2024, 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.
8. Line of Credit. The Fund participates in an unsecured line of credit, which expires on February 26, 2025 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, 2024, there were no borrowings outstanding under the line of credit.
The average daily amount of borrowings outstanding under the line of credit for 15 days of borrowings during the six months ended June 30, 2024 was $6,659,200 with a weighted average interest rate of 6.58%. The maximum amount borrowed at any time during the six months ended June 30, 2024 was $19,863,000.
9. 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
The Gabelli Asset Fund
Notes to Financial Statements (Unaudited) (Continued)
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, 2024 and the year ended December 31, 2023, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.
Transactions in shares of capital stock were as follows:
| | | Six Months Ended | | | | | | | |
| | | June 30, 2024 | | | Year Ended | |
| | | (Unaudited) | | | December 31, 2023 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
| Class AAA | | | | | | | | | | | | | | | | |
| Shares sold | | | 133,299 | | | $ | 6,615,021 | | | | 258,675 | | | $ | 12,840,492 | |
| Shares issued upon reinvestment of distributions | | | — | | | | — | | | | 1,782,288 | | | | 86,673,009 | |
| Shares redeemed | | | (12,267,140 | ) | | | (606,503,333 | ) | | | (3,275,406 | ) | | | (162,477,666 | ) |
| Net decrease | | | (12,133,841 | ) | | $ | (599,888,312 | ) | | | (1,234,443 | ) | | $ | (62,964,165 | ) |
| Class A | | | | | | | | | | | | | | | | |
| Shares sold | | | 37,092 | | | $ | 1,821,331 | | | | 63,098 | | | $ | 3,048,738 | |
| Shares issued upon reinvestment of distributions | | | — | | | | — | | | | 49,535 | | | | 2,370,258 | |
| Shares redeemed | | | (54,799 | ) | | | (2,681,131 | ) | | | (105,570 | ) | | | (5,136,586 | ) |
| Net increase/(decrease) | | | (17,707 | ) | | $ | (859,800 | ) | | | 7,063 | | | $ | 282,410 | |
| Class C | | | | | | | | | | | | | | | | |
| Shares sold | | | 163 | | | $ | 7,000 | | | | 1,655 | | | $ | 70,400 | |
| Shares issued upon reinvestment of distributions | | | — | | | | — | | | | 5,880 | | | | 244,091 | |
| Shares redeemed | | | (38,083 | ) | | | (1,612,994 | ) | | | (72,740 | ) | | | (3,066,856 | ) |
| Net decrease | | | (37,920 | ) | | $ | (1,605,994 | ) | | | (65,205 | ) | | $ | (2,752,365 | ) |
| Class I | | | | | | | | | | | | | | | | |
| Shares sold | | | 10,782,324 | | | $ | 531,093,294 | | | | 483,833 | | | $ | 23,936,587 | |
| Shares issued upon reinvestment of distributions | | | — | | | | — | | | | 658,262 | | | | 31,874,307 | |
| Shares redeemed in-kind | | | — | | | | — | | | | (1,005,874 | ) | | | — | |
| Shares redeemed | | | (925,833 | ) | | | (45,951,190 | ) | | | (2,460,024 | ) | | | (169,144,035 | ) |
| Net increase/(decrease) | | | 9,856,490 | | | $ | 485,142,104 | | | | (2,323,803 | ) | | $ | (113,333,141 | ) |
10. 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.
11. 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.
| (b) | An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A. |
The Financial Highlights are attached herewith.
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 | | |
| 2024(e) | | $ | 48.51 | | | $ | 0.06 | | | $ | 0.90 | | | $ | 0.96 | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.00 | | | $ | 49.47 | | | 1.96 | % | | $ | 635,262 | | | 0.23 | %(f) | | 1.36 | %(f) | | 2 | % |
| 2023 | | | 47.51 | | | | 0.12 | | | | 4.78 | | | | 4.90 | | | | (0.16 | ) | | | (3.74 | ) | | | (3.90 | ) | | | 0.00 | | | | 48.51 | | | 10.29 | | | | 1,211,699 | | | 0.24 | | | 1.38 | | | 4 | |
| 2022 | | | 58.56 | | | | 0.12 | | | | (6.39 | ) | | | (6.27 | ) | | | (0.09 | ) | | | (4.69 | ) | | | (4.78 | ) | | | 0.00 | | | | 47.51 | | | (10.63 | ) | | | 1,245,183 | | | 0.23 | | | 1.35 | | | 5 | |
| 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 | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024(e) | | $ | 47.74 | | | $ | 0.06 | | | $ | 0.87 | | | $ | 0.93 | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.00 | | | $ | 48.67 | | | 1.95 | % | | $ | 33,250 | | | 0.23 | %(f) | | 1.36 | %(f) | | 2 | % |
| 2023 | | | 46.75 | | | | 0.12 | | | | 4.71 | | | | 4.83 | | | | (0.16 | ) | | | (3.68 | ) | | | (3.84 | ) | | | 0.00 | | | | 47.74 | | | 10.32 | | | | 33,457 | | | 0.24 | | | 1.38 | | | 4 | |
| 2022 | | | 57.63 | | | | 0.12 | | | | (6.29 | ) | | | (6.17 | ) | | | (0.09 | ) | | | (4.62 | ) | | | (4.71 | ) | | | 0.00 | | | | 46.75 | | | (10.63 | ) | | | 32,436 | | | 0.23 | | | 1.35 | | | 5 | |
| 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 | |
| Class C | | |
| 2024(e) | | $ | 41.41 | | | $ | (0.11 | ) | | $ | 0.76 | | | $ | 0.65 | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.00 | | | $ | 42.06 | | | 1.57 | % | | $ | 1,826 | | | (0.56 | )%(f) | | 2.11 | %(f) | | 2 | % |
| 2023 | | | 40.72 | | | | (0.22 | ) | | | 4.09 | | | | 3.87 | | | | — | | | | (3.18 | ) | | | (3.18 | ) | | | 0.00 | | | | 41.41 | | | 9.49 | | | | 3,367 | | | (0.53 | ) | | 2.13 | | | 4 | |
| 2022 | | | 50.48 | | | | (0.24 | ) | | | (5.50 | ) | | | (5.74 | ) | | | — | | | | (4.02 | ) | | | (4.02 | ) | | | 0.00 | | | | 40.72 | | | (11.30 | ) | | | 5,966 | | | (0.53 | ) | | 2.10 | | | 5 | |
| 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 | |
| Class I | | |
| 2024(e) | | $ | 48.30 | | | $ | 0.12 | | | $ | 0.89 | | | $ | 1.01 | | | $ | — | | | $ | — | | | $ | — | | | $ | 0.00 | | | $ | 49.31 | | | 2.09 | % | | $ | 946,410 | | | 0.49 | %(f) | | 1.11 | %(f) | | 2 | % |
| 2023 | | | 47.32 | | | | 0.24 | | | | 4.77 | | | | 5.01 | | | | (0.29 | ) | | | (3.74 | ) | | | (4.03 | ) | | | 0.00 | | | | 48.30 | | | 10.57 | | | | 450,987 | | | 0.48 | | | 1.13 | | | 4 | |
| 2022 | | | 58.36 | | | | 0.26 | | | | (6.38 | ) | | | (6.12 | ) | | | (0.23 | ) | | | (4.69 | ) | | | (4.92 | ) | | | 0.00 | | | | 47.32 | | | (10.41 | ) | | | 551,727 | | | 0.49 | | | 1.10 | | | 5 | |
| 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 | |
| † | 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 years 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, 2024, unaudited. |
See accompanying notes to financial statements.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:
(1) All directors and all members of any advisory board for regular compensation;
| Anthony J. Colavita | | $ | 13,000 | |
| James P. Conn | | $ | 13,500 | |
| Werner J. Roeder | | $ | 13,000 | |
| Anthonie C. van Ekris | | $ | 13,000 | |
| Salvatore J. Zizza | | $ | 14,500 | |
(2) Each director and each member of an advisory board for special compensation; $0
(3) All officers; $0 and
(4) Each person of whom any officer or director of the Fund is an affiliated person. $0
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
At its meeting on February 12, 2024, the Board of Trustees (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 December 31, 2023) 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 third quartile for the one-, five-, and ten-year periods, and in the fourth quartile for 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 fourth quintile for the one-, five-, and ten-year periods, and the fifth quintile for the three-year period.
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 nineteen other multi-cap value 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 below average within the Adviser Peer Group, and that the Fund’s size was larger than 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 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 in light of information presented at this Meeting and at meetings throughout the year. 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 continuation of the 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.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which 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 16. Controls and Procedures.
| (a) | The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.
Item 19. Exhibits.
| (a)(3)(1) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(3)(2) | There was no change in the Registrant’s independent public accountant during the period covered by the report. |
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 | |
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 | |
| By (Signature and Title)* | /s/ John C. Ball | |
| | John C. Ball, Principal Financial Officer and Treasurer | |
* Print the name and title of each signing officer under his or her signature.
