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: December 31, 2023

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

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

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

The Gabelli Asset Fund

Annual Report — December 31, 2023

To Our Shareholders,

For the year ended December 31, 2023, the net asset value (NAV) total return per class AAA Share of The Gabelli Asset Fund was 10.3% compared with a total return of 26.3% for the Standard & Poor’s (S&P) 500 Index. Other classes of shares are available. See page 4 for the performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2023.

Investment Objective and Strategy (Unaudited)

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

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

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

Performance Discussion (Unaudited)

The first quarter of 2023 saw Silicon Valley Bank become the second biggest bank failure in U.S. history after losses in its held-to-maturity bond portfolio precipitated a new twist on an old-fashioned bank run. Social media fanned depositor panic and online accounts facilitated withdrawals. New York based Signature Bank (which embarked on an ill considered expansion into cryptocurrency in recent years) failed the same weekend, and bank stocks broadly came under pressure as investors braced for who might be next. The Federal Reserve, FDIC, and Treasury Department acted swiftly, taking over both banks and making depositors whole. This raises the question: will uninsured deposits be guaranteed at other banks if they also fail? So far, this step has not been taken explicitly, though there has been discussion of raising the $250,000 FDIC limit for insured deposits. Trying to balance stability in the banking system while still burnishing its inflation fighting credentials, the Fed, following its 25 bps increase in the federal funds rate in February, ultimately decided to raise rates 25 bps again in March to 4.75%-5%. The Fed has a challenging tightrope walk in decisions on future rate hikes, which will depend on the situation of inflation and the economy in the coming months.

With the Great Financial Crisis still in recent memory, market reaction to the banking crisis was swift, with equities initially selling off and the yield on the 10-year U.S. Treasury Note falling from 4.1% at its peak to 3.5% at quarter end. Stabilization of the banking situation led to a market rally, as lower rates are good for equities generally, especially so-called growth stocks with more distant future cash flows. Mega cap tech stocks, which also benefited from being considered safe havens with large cash balances, were the main beneficiaries. As these stocks make up a large component of the S&P 500 Index, this dynamic ultimately offset woes for banks and more cyclical sectors during the quarter and gave the market a strong, if tenuous, start to the year, with the S&P 500 increasing 7.5%.

Global equities rose in the second quarter (S&P 500 +9%) and for the first half of the year (+17%) as the market ascribed higher odds to ending the current interest rate hiking cycle with a soft landing (short, shallow recession) rather than a hard landing (long, deep recession). A June extension of the U.S. debt ceiling, limited fallout from the March bank failures, and efforts to temper a hot war in Ukraine and a cold war with China buoyed sentiment. Meanwhile, Artificial Intelligence (AI) injected some serious Fear of Missing Out (FOMO) into the market leading to panic buying of tech stocks.

The third quarter of 2023 was a choppy quarter for U.S. stock market indices against rising interest rates and decelerating macroeconomic activity. The Fed has been on hold since its last rate hike of 25bps to 5.25-5.50% on July 26th, but the recent rise in the 10-year Treasury yield has tightened monetary conditions further. The 10-year Treasury yield finished the quarter at 4.6%, up nearly 80bps, and climbed above 4.8% in early October. This has been driven by higher real interest rates, with real 10-year Treasury yields now above 2.25%. Driving higher real rates are a surprisingly resilient U.S. economy, at least on the employment front, concerns about large U.S. government deficits, and potentially less foreign interest in U.S. treasuries. Monthly inflation has continued to come down in recent months, with year-on-year core CPI prints of just over 4%; monthly sequential inflation data suggests annualized inflation is running closer to 3%. Still, the labor market remains reasonably tight, and rents and other services continue to inflate.

As the economic picture continued to improve, we saw industrials perform well in the fourth quarter. These included aerospace suppliers, diversified manufacturers, and waste collection firms. Consumer facing

2

companies benefitted similarly. Although the Fund has relatively little energy exposure, lower oil prices impacted holdings in Chevron (0.6% of net assets as of December 31, 2023), Exxon Mobil (0.3%), and Halliburton (0.3%).

Top contributors to the Fund’s performance in 2023 included: Crane Co. (1.4%); Sony Group (2.4%); and AMETEK Inc. (3.0%).

Some of our weaker performing stocks during the year were: Genuine Parts Co. (1.9%); Diageo plc (1.7%); and CNH Industrial NV (1.1%).

Thank you for your investment in The Gabelli Asset Fund.

We appreciate your confidence and trust.

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

3

Comparative Results

Average Annual Returns through December 31, 2023 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses.

1 Year

5 Year

10 Year

15 Year

Since Inception (3/3/86)

Class AAA (GABAX)

10.29‌

%

9.81

%

6.91

%

11.01

%

11.13

%

S&P 500 Index (b)

26.29‌

15.69‌

12.03‌

13.97‌

10.79

Class A (GATAX)

10.32‌

9.82‌

6.92‌

11.01‌

11.13

With sales charge (c)

3.98‌

8.52‌

6.28‌

10.58‌

10.95

Class C (GATCX)

9.49‌

8.99‌

6.12‌

10.19‌

10.69

With contingent deferred sales charge (d)

8.49‌

8.99‌

6.12‌

10.19‌

10.69

Class I (GABIX)

10.57‌

10.09‌

7.18‌

11.29‌

11.25

(a)	Returns would have been lower had Gabelli Funds, LLC (the Adviser) not reimbursed certain expenses of the Fund for periods prior to December 31, 1988. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C Shares on December 31, 2003 and Class I Shares on January 11, 2008. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.
(b)	The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. Dividends are considered reinvested. You cannot invest directly in an index. Since inception performance is as of February 28, 1986.
(c)	Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.
(d)	Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

In the current prospectuses dated April 28, 2023, the expense ratios for Class AAA, A, C, and I are 1.35%, 1.35%, 2.10%, and 1.10%, respectively. See page 17 for the expense ratios for the year ended December 31, 2023. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

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

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

4

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE GABELLI ASSET FUND (CLASS AAA SHARES) AND S&P 500 INDEX (Unaudited)

Average Annual Total Returns*
	1 Year	5 Year	10 Year
Class AAA	10.29%	9.81%	6.91%

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

5

The Gabelli Asset Fund

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from July 1, 2023 through December 31, 2023 Expense Table

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

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

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

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the year ended December 31, 2023.

	Beginning Account Value 07/01/23		Ending Account Value 12/31/23		Annualized Expense Ratio	Expenses Paid During Period *
The Gabelli Asset Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,029.30	1.38%	$	7.06
Class A	$	1,000.00	$	1,029.50	1.38%	$	7.06
Class C	$	1,000.00	$	1,025.40	2.13%	$	10.87
Class I	$	1,000.00	$	1,030.60	1.13%	$	5.78
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,018.25	1.38%	$	7.02
Class A	$	1,000.00	$	1,018.25	1.38%	$	7.02
Class C	$	1,000.00	$	1,014.47	2.13%	$	10.82
Class I	$	1,000.00	$	1,019.51	1.13%	$	5.75

* Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184 days), then divided by 365.

6

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of December 31, 2023:

The Gabelli Asset Fund

Food and Beverage	13.7	%
Equipment and Supplies	10.0	%
Financial Services	9.5	%
Diversified Industrial	7.1	%
Machinery	6.5	%
Health Care	5.7	%
Entertainment	5.2	%
Electronics	4.4	%
Automotive: Parts and Accessories	3.8	%
Consumer Products	3.3	%
Energy and Utilities	3.0	%
Metals and Mining	2.8	%
Environmental Services	2.8	%
Business Services	2.8	%
Retail	2.5	%
Cable and Satellite	2.1	%
Computer Software and Services	2.0	%
Publishing	1.7	%
Telecommunications	1.5	%
Broadcasting	1.3	%

Transportation	1.2	%
Building and Construction	1.1	%
Automotive	1.1	%
Hotels and Gaming	1.0	%
Real Estate	0.8	%
Specialty Chemicals	0.7	%
Aerospace	0.6	%
Consumer Services	0.5	%
Manufactured Housing and Recreational Vehicles	0.5	%
Agriculture	0.4	%
Aviation: Parts and Services	0.4	%
Wireless Communications	0.3	%
Computer Hardware	0.2	%
Communications Equipment	0.2	%
Closed-End Funds	0.1	%
Semiconductors	0.1	%
Other Assets and Liabilities (Net)	(0.9	)%
	100.0	%

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.

7

The Gabelli Asset Fund

Schedule of Investments — December 31, 2023

Shares			Cost		Market Value
		COMMON STOCKS — 100.8%
		Aerospace — 0.6%
	2,000	Astronics Corp.†	$	17,959	$	34,840
	9,000	HEICO Corp.		736,228		1,609,830
	9,325	L3Harris Technologies Inc.		967,084		1,964,031
	4,850	Lockheed Martin Corp.		143,317		2,198,214
	2,500	Mercury Systems Inc.†		87,946		91,425
	5,800	Northrop Grumman Corp.		259,296		2,715,212
	317,000	Rolls-Royce Holdings plc†		745,397		1,210,980
	6,400	RTX Corp.		557,296		538,496
	1,015	The Boeing Co.†		191,861		264,570
				3,706,384		10,627,598
		Agriculture — 0.4%
	81,800	Archer-Daniels-Midland Co.		772,376		5,907,596
	19,500	The Mosaic Co.		342,172		696,735
				1,114,548		6,604,331
		Automotive — 1.1%
	1,500	Daimler Truck Holding AG		50,211		56,335
	5,000	Ferrari NV		189,262		1,692,150
	315,350	Iveco Group NV†		1,577,216		2,835,872
	127,700	PACCAR Inc.		433,097		12,469,905
	46,000	Traton SE		807,684		1,082,666
	2,900	Volkswagen AG		115,571		379,212
				3,173,041		18,516,140
		Automotive: Parts and Accessories — 3.8%
	2,500	Aptiv plc†		268,835		224,300
	66,750	BorgWarner Inc.		239,480		2,392,987
	78,814	Brembo SpA		150,814		965,775
	323,000	Dana Inc.		2,572,264		4,719,030
	260,340	Garrett Motion Inc.†		1,539,484		2,517,488
	228,200	Genuine Parts Co.		5,311,895		31,605,700
	53,500	Modine Manufacturing Co.†		475,876		3,193,950
	11,000	Monro Inc.		367,760		322,740
	17,600	O’Reilly Automotive Inc.†		434,783		16,721,408
	30,000	Standard Motor Products Inc.		302,787		1,194,300
				11,663,978		63,857,678
		Aviation: Parts and Services — 0.4%
	20,000	Curtiss-Wright Corp.		61,250		4,455,800
	77,500	Kaman Corp.		1,008,673		1,856,125
				1,069,923		6,311,925
		Broadcasting — 1.3%
	500	Cogeco Communications Inc.		19,773		22,395
	16,800	Cogeco Inc.		319,276		724,845
	30,000	Corus Entertainment Inc., Cl. B		45,071		16,578
	29,750	Liberty Broadband Corp., Cl. A†		25,596		2,399,040

Shares			Cost		Market Value
	68,663	Liberty Broadband Corp., Cl. C†	$	53,677	$	5,533,551
	34,150	Liberty Media Corp.-Liberty Formula One, Cl. A†		132,230		1,980,017
	39,100	Liberty Media Corp.-Liberty Formula One, Cl. C†		17,128		2,468,383
	203,147	Liberty Media Corp.-Liberty SiriusXM†		429,678		5,846,571
	50,000	Liberty Media Corp.-Liberty SiriusXM, Cl. A†		15,496		1,437,000
	5,500	Nexstar Media Group Inc.		448,718		862,125
	31,100	Sinclair Inc.		740,015		405,233
	16,000	TBS Holdings Inc.		211,657		340,312
	15,000	TEGNA Inc.		247,112		229,500
				2,705,427		22,265,550
		Building and Construction — 1.1%
	52,650	Arcosa Inc.		159,367		4,350,996
	1,750	Ashtead Group plc		101,425		121,838
	33,200	Assa Abloy AB, Cl. B		563,280		955,573
	33,500	Fortune Brands Innovations Inc.		347,915		2,550,690
	54,400	Herc Holdings Inc.		1,784,973		8,099,616
	15,000	Johnson Controls International plc		216,736		864,600
	13,000	KBR Inc.		412,971		720,330
	18,500	Knife River Corp.†		743,802		1,224,330
	1,000	Lennar Corp., Cl. B		97,787		134,050
				4,428,256		19,022,023
		Business Services — 2.8%
	120,000	Clear Channel Outdoor Holdings Inc.†		109,326		218,400
	20,000	Diebold Nixdorf Inc.†		17,100		0
	19,300	Ecolab Inc.		152,014		3,828,155
	1,550	Jacobs Solutions Inc.		199,278		201,190
	9,000	Live Nation Entertainment Inc.†		77,805		842,400
	64,470	Mastercard Inc., Cl. A		251,433		27,497,100
	36,500	The Interpublic Group of Companies Inc.		190,501		1,191,360
	3,800	United Rentals Inc.		655,719		2,178,996
	17,200	V2X Inc.†		81,525		798,768
	28,000	Vestis Corp.		476,658		591,920
	36,475	Visa Inc., Cl. A		401,225		9,496,266
				2,612,584		46,844,555
		Cable and Satellite — 2.1%
	35,000	AMC Networks Inc., Cl. A†		0		657,650
	5,150	Charter Communications Inc., Cl. A†		1,167,349		2,001,702
	364,800	Comcast Corp., Cl. A		2,878,098		15,996,480
	17,000	EchoStar Corp., Cl. A†		223,657		281,690

See accompanying notes to financial statements.

8

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2023

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Cable and Satellite (Continued)
	7,850	Naspers Ltd., Cl. N	$	307,004	$	1,342,343
	2,000	Prosus NV		76,990		59,580
	322,000	Rogers Communications Inc., Cl. B		1,404,819		15,072,820
				6,057,917		35,412,265
		Communications Equipment — 0.2%
	77,000	Corning Inc.		186,469		2,344,650
	1,900	QUALCOMM Inc.		226,159		274,797
				412,628		2,619,447
		Computer Hardware — 0.2%
	12,500	Apple Inc.		417,920		2,406,625
	5,300	International Business Machines Corp.		673,558		866,815
				1,091,478		3,273,440
		Computer Software and Services — 2.0%
	110	Adobe Inc.†		64,610		65,626
	10,800	Alphabet Inc., Cl. A†		778,542		1,508,652
	75,500	Alphabet Inc., Cl. C†		1,792,655		10,640,215
	6,300	Cisco Systems Inc.		297,788		318,276
	23,000	Hewlett Packard Enterprise Co.		153,967		390,540
	26,325	Meta Platforms Inc., Cl. A†		4,307,129		9,317,997
	12,125	Microsoft Corp.		1,771,602		4,559,485
	2,950	Oracle Corp.		230,864		311,018
	1,500	Palantir Technologies Inc., Cl. A†		26,364		25,755
	200	Palo Alto Networks Inc.†		48,222		58,976
	50,000	PAR Technology Corp.†		1,809,141		2,177,000
	12,200	Rockwell Automation Inc.		255,261		3,787,856
	1,250	Salesforce Inc.†		199,304		328,925
	2,200	Unity Software Inc.†		65,928		89,958
				11,801,377		33,580,279
		Consumer Products — 3.3%
	25,000	Brunswick Corp.		600,779		2,418,750
	10,700	Christian Dior SE		296,073		8,357,178
	38,500	Church & Dwight Co. Inc.		59,102		3,640,560
	360,100	Edgewell Personal Care Co.		7,545,171		13,190,463
	98,150	Energizer Holdings Inc.		472,921		3,109,392
	9,350	Essity AB, Cl. A		124,094		230,365
	41,650	Essity AB, Cl. B		467,387		1,032,366
	2,880	Givaudan SA		968,052		11,930,230
	28,000	Harley-Davidson Inc.		70,525		1,031,520
	1,700	Hermes International SCA		589,066		3,601,041
	3,500	National Presto Industries Inc.		97,930		280,980
	15,000	Philip Morris International Inc.		1,463,664		1,411,200
	30,600	Reckitt Benckiser Group plc		928,852		2,114,033

Shares			Cost		Market Value
	60,000	Sally Beauty Holdings Inc.†	$	434,670	$	796,800
	3,700	The Estee Lauder Companies Inc., Cl. A		160,216		541,125
	14,000	The Procter & Gamble Co.		372,708		2,051,560
	1,200	Unilever plc		61,090		58,124
	3,600	VF Corp.		65,813		67,680
	31,000	Wolverine World Wide Inc.		144,166		275,590
				14,922,279		56,138,957
		Consumer Services — 0.5%
	2,000	Allegion plc		20,130		253,380
	2,750	Amazon.com Inc.†		305,758		417,835
	1,250	FedEx Corp.		241,084		316,212
	17,200	IAC Inc.†		36,467		900,936
	152,000	Rollins Inc.		135,333		6,637,840
	4,000	Uber Technologies Inc.†		130,838		246,280
				869,610		8,772,483
		Diversified Industrial — 7.1%
	10,000	ABB Ltd., ADR		225,729		443,000
	450	Acuity Brands Inc.		5,311		92,174
	35,000	Ampco-Pittsburgh Corp.†		87,762		95,550
	5,000	Ardagh Group SA†		18,650		27,400
	60,000	Avantor Inc.†		1,368,974		1,369,800
	330,250	Bollore SE		1,903,426		2,061,697
	195,450	Crane Co.		1,482,297		23,090,463
	6,550	Crane NXT Co.		21,907		372,498
	71,300	Eaton Corp. plc		2,635,202		17,170,466
	3,300	Emerson Electric Co.		305,172		321,189
	7,000	Enpro Inc.		345,215		1,097,180
	2,350	General Electric Co.		185,358		299,930
	117,950	Greif Inc., Cl. A		2,322,282		7,736,340
	46,150	Honeywell International Inc.		1,022,607		9,678,117
	4,000	Hyster-Yale Materials Handling Inc.		132,854		248,760
	19,000	Ingersoll Rand Inc.		68,993		1,469,460
	175,500	ITT Inc.		1,110,870		20,940,660
	13,500	Jardine Matheson Holdings Ltd.		653,525		556,335
	236,150	Myers Industries Inc.		1,420,331		4,616,733
	18,350	nVent Electric plc		207,039		1,084,302
	10,000	Park-Ohio Holdings Corp.		200,453		269,600
	25,500	Pentair plc		591,292		1,854,105
	325	Siemens AG		50,707		60,965
	6,000	Sulzer AG		363,339		612,805
	9,300	Svenska Cellulosa AB SCA, Cl. A		32,783		138,125
	36,000	Svenska Cellulosa AB SCA, Cl. B		100,827		539,319
	172,200	Textron Inc.		2,144,204		13,848,324
	230,000	Toray Industries Inc.		1,584,690		1,195,837
	16,000	Trane Technologies plc		176,793		3,902,400
	200,500	Trinity Industries Inc.		610,202		5,331,295

See accompanying notes to financial statements.

9

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2023

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Diversified Industrial (Continued)
	2,800	Waters Corp.†	$	206,261	$	921,844
				21,585,055		121,446,673
		Electronics — 4.4%
	50,000	Flex Ltd.†		878,109		1,523,000
	10,500	Kyocera Corp., ADR		282,635		614,670
	1,300	Mettler-Toledo International Inc.†		181,861		1,576,848
	375,000	Mirion Technologies Inc.†		3,452,362		3,843,750
	238,000	Resideo Technologies Inc.†		1,849,007		4,479,160
	2,100	Samsung Electronics Co. Ltd., GDR		383,540		3,145,800
	436,600	Sony Group Corp., ADR		7,933,658		41,341,654
	30,200	TE Connectivity Ltd.		710,245		4,243,100
	72,550	Texas Instruments Inc.		1,559,221		12,366,873
	4,250	Thermo Fisher Scientific Inc.		605,855		2,255,857
				17,836,493		75,390,712
		Energy and Utilities — 3.0%
	49,500	BP plc, ADR		824,998		1,752,300
	63,415	Chevron Corp.		1,973,011		9,458,982
	34,000	ConocoPhillips		2,924,217		3,946,380
	84,500	Devon Energy Corp.		982,473		3,827,850
	30,000	Dril-Quip Inc.†		795,869		698,100
	27,000	Enbridge Inc.		621,220		972,540
	69,700	EOG Resources Inc.		159,604		8,430,215
	53,000	Exxon Mobil Corp.		2,816,383		5,298,940
	132,000	Halliburton Co.		3,726,343		4,771,800
	600	Hess Corp.		82,049		86,496
	20,000	Kinder Morgan Inc.		230,456		352,800
	375	Linde plc		153,157		154,016
	59,000	National Fuel Gas Co.		2,712,496		2,960,030
	27,550	NextEra Energy Inc.		1,621,666		1,673,387
	34,000	Occidental Petroleum Corp.		2,079,323		2,030,140
	75,000	PG&E Corp.		686,389		1,352,250
	1,500	Schlumberger NV		86,563		78,060
	5,700	Shell plc, ADR		244,963		375,060
	27,500	Southwest Gas Holdings Inc.		474,755		1,742,125
	89,100	The AES Corp.		246,807		1,715,175
	3,707	Vitesse Energy Inc.		12,486		81,146
				23,455,228		51,757,792
		Entertainment — 5.2%
	119,800	Atlanta Braves Holdings Inc., Cl. A†		2,813,683		5,125,044
	323,771	Atlanta Braves Holdings Inc., Cl. C†		7,351,928		12,814,856
	78,500	Fox Corp., Cl. A		3,244,849		2,329,095
	30,000	Fox Corp., Cl. B		875,606		829,500

Shares			Cost		Market Value
	535,000	Grupo Televisa SAB, ADR	$	3,254,444	$	1,786,900
	13,961	Liberty Media Corp.-Liberty Live, Cl. A†		8,121		510,275
	39,459	Liberty Media Corp.-Liberty Live, Cl. C†		15,016		1,475,372
	162,720	Madison Square Garden Entertainment Corp.†		98,824		5,172,869
	123,383	Madison Square Garden Sports Corp.†		499,715		22,434,731
	155	Netflix Inc.†		61,421		75,466
	356,391	Paramount Global, Cl. A		5,151,127		7,006,647
	55,000	Paramount Global, Cl. B		1,487,753		813,450
	176,120	Sphere Entertainment Co.†		338,374		5,981,035
	1,250	Take-Two Interactive Software Inc.†		173,810		201,188
	104,175	The Walt Disney Co.		838,079		9,405,961
	315,000	Vivendi SE		3,841,592		3,364,773
	863,950	Warner Bros Discovery Inc.†		5,884,972		9,831,751
				35,939,314		89,158,913
		Environmental Services — 2.8%
	10,510	Phinia Inc.		25,194		318,348
	197,200	Republic Services Inc.		1,414,082		32,520,252
	1,200	Veralto Corp.		2,708		95,556
	74,500	Waste Connections Inc.		2,509,529		11,120,615
	22,700	Waste Management Inc.		313,835		4,065,570
				4,265,348		48,120,341
		Equipment and Supplies — 10.0%
	1,850	3M Co.		179,684		202,242
	312,350	AMETEK Inc.		466,356		51,503,391
	21,500	Amphenol Corp., Cl. A		20,727		2,131,295
	16,350	AZZ Inc.		677,285		949,771
	39,450	Crown Holdings Inc.		177,852		3,632,951
	123,050	CTS Corp.		568,305		5,382,207
	5,000	Danaher Corp.		98,796		1,156,700
	21,000	Distribution Solutions Group Inc.†		160,876		662,760
	336,900	Donaldson Co. Inc.		493,071		22,016,415
	385,750	Flowserve Corp.		1,819,981		15,900,615
	50,500	Graco Inc.		771,741		4,381,380
	12,000	Hubbell Inc.		1,774,267		3,947,160
	78,050	IDEX Corp.		285,991		16,945,435
	39,150	Interpump Group SpA		153,863		2,025,705
	185,400	Mueller Industries Inc.		2,381,832		8,741,610
	92,500	Sealed Air Corp.		1,740,298		3,378,100
	24,000	The Manitowoc Co. Inc.†		72,224		400,560
	47,150	The Timken Co.		1,749,500		3,779,072
	16,000	The Toro Co.		275,173		1,535,840
	68,000	The Weir Group plc		286,137		1,635,147
	31,000	Valmont Industries Inc.		3,378,745		7,238,810

See accompanying notes to financial statements.

10

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2023

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Equipment and Supplies (Continued)
	62,350	Watts Water Technologies Inc., Cl. A	$	627,394	$	12,989,999
				18,160,098		170,537,165
		Financial Services — 9.5%
	42,000	AllianceBernstein Holding LP		0		1,303,260
	144,400	American Express Co.		1,594,287		27,051,896
	1,500	Ameriprise Financial Inc.		47,262		569,745
	11,400	Bank of America Corp.		64,098		383,838
	65	Berkshire Hathaway Inc., Cl. A†		196,641		35,270,627
	61,900	Blackstone Inc.		330,175		8,103,948
	5,625	Brookfield Asset Management Ltd., Cl. A		46,657		225,956
	22,500	Brookfield Corp.		209,913		902,700
	20,800	Citigroup Inc.		580,567		1,069,952
	40,000	FTAI Aviation Ltd.		666,134		1,856,000
	50,000	GAM Holding AG†		54,439		23,274
	31,700	Interactive Brokers Group Inc., Cl. A		501,773		2,627,930
	2,740	Intercontinental Exchange Inc.		341,090		351,898
	31,500	Jefferies Financial Group Inc.		275,117		1,272,915
	64,900	JPMorgan Chase & Co.		2,191,434		11,039,490
	78,900	KKR & Co. Inc.		548,060		6,536,865
	86,000	Loews Corp.		4,629,277		5,984,740
	6,450	M&T Bank Corp.		258,217		884,166
	19,500	Marsh & McLennan Companies Inc.		499,263		3,694,665
	2,550	Nasdaq Inc.		131,093		148,257
	9,800	PayPal Holdings Inc.†		291,943		601,818
	12,000	Popular Inc.		176,699		984,840
	20,000	PROG Holdings Inc.†		17,401		618,200
	93,800	State Street Corp.		1,409,249		7,265,748
	9,750	T. Rowe Price Group Inc.		136,841		1,049,978
	363,400	The Bank of New York Mellon Corp.		9,277,100		18,914,970
	21,300	The Goldman Sachs Group Inc.		3,179,460		8,216,901
	20,000	The Hartford Financial Services Group Inc.		613,540		1,607,600
	25,100	The PNC Financial Services Group Inc.		982,349		3,886,735
	9,000	Value Line Inc.		122,382		438,750
	158,000	Wells Fargo & Co.		4,356,018		7,776,760
				33,728,479		160,664,422
		Food and Beverage — 13.7%
	113,014	BellRing Brands Inc.†		2,287,609		6,264,366

Shares			Cost		Market Value
	613,400	Brown-Forman Corp., Cl. A	$	2,629,146	$	36,552,506
	85,450	Brown-Forman Corp., Cl. B		335,153		4,879,195
	32,000	Campbell Soup Co.		1,024,498		1,383,360
	746,150	China Mengniu Dairy Co. Ltd.		1,094,471		2,006,679
	23,400	Coca-Cola Europacific Partners plc		457,809		1,561,716
	15,400	Coca-Cola HBC AG		215,080		452,462
	39,000	Conagra Brands Inc.		896,394		1,117,740
	9,000	Constellation Brands Inc., Cl. A		123,840		2,175,750
	26,000	Crimson Wine Group Ltd.†		183,467		153,296
	87,100	Danone SA		3,061,364		5,642,319
	20,000	Davide Campari-Milano NV		30,395		225,537
	192,850	Diageo plc, ADR		7,092,456		28,090,531
	60,000	Farmer Brothers Co.†		396,357		183,600
	218,000	Flowers Foods Inc.		382,771		4,907,180
	31,200	Fomento Economico Mexicano SAB de CV, ADR		1,045,232		4,066,920
	69,000	General Mills Inc.		1,036,211		4,494,660
	1,424,000	Grupo Bimbo SAB de CV, Cl. A		567,224		7,200,085
	10,500	Heineken Holding NV		448,760		887,907
	74,150	Heineken NV		3,255,387		7,526,015
	19,350	Heineken NV, ADR		465,264		986,463
	128,050	ITO EN Ltd.		2,687,129		3,888,724
	7,000	John Bean Technologies Corp.		106,661		696,150
	20,000	Kellanova		491,789		1,118,200
	57,400	Kerry Group plc, Cl. A		669,967		5,012,308
	161,300	Kikkoman Corp.		1,681,125		9,877,051
	16,985	LVMH Moet Hennessy Louis Vuitton SE		619,053		13,755,433
	54,000	Maple Leaf Foods Inc.		953,329		1,028,610
	37,000	MEIJI Holdings Co. Ltd.		387,565		878,816
	149,000	Mondelēz International Inc., Cl. A		2,706,980		10,792,070
	86,000	Morinaga Milk Industry Co. Ltd.		772,140		1,663,887
	19,500	National Beverage Corp.†		921,242		969,540
	40,300	Nestlé SA		2,268,614		4,672,318
	280,800	Nissin Foods Holdings Co. Ltd.		3,102,843		9,800,119
	83	Nomad Foods Ltd.†		2,103		1,407
	51,300	PepsiCo Inc.		1,670,028		8,712,792
	45,125	Pernod Ricard SA		3,572,976		7,958,065
	68,500	Post Holdings Inc.†		453,901		6,032,110
	64,800	Remy Cointreau SA		3,583,069		8,226,636
	16,450	Suntory Beverage & Food Ltd.		524,300		542,500

See accompanying notes to financial statements.

11

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2023

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	2,000	The Boston Beer Co. Inc., Cl. A†	$	659,126	$	691,180
	19,500	The Coca-Cola Co.		432,765		1,149,135
	1,150	The Hain Celestial Group Inc.†		7,746		12,592
	250	The Hershey Co.		46,340		46,610
	18,900	The J.M. Smucker Co.		525,563		2,388,582
	90,000	The Kraft Heinz Co.		3,261,178		3,328,200
	210,000	Tingyi (Cayman Islands) Holding Corp.		471,470		256,029
	24,500	Tootsie Roll Industries Inc.		172,048		814,380
	37,000	TreeHouse Foods Inc.†		1,722,412		1,533,650
	5,000	WK Kellogg Co.		30,461		65,700
	247,300	Yakult Honsha Co. Ltd.		2,870,791		5,554,604
				64,403,602		232,225,685
		Health Care — 5.7%
	8,000	Abbott Laboratories		437,037		880,560
	25,200	AbbVie Inc.		2,263,738		3,905,244
	26,900	Amgen Inc.		122,484		7,747,738
	11,900	AstraZeneca plc, ADR		639,892		801,465
	30,000	Bausch + Lomb Corp.†		481,727		511,800
	9,000	Bausch Health Cos. Inc.†		89,547		72,180
	36,200	Baxter International Inc.		975,475		1,399,492
	7,900	Biogen Inc.†		138,114		2,044,283
	1,100	BioMarin Pharmaceutical Inc.†		90,748		106,062
	6,000	Bio-Rad Laboratories Inc., Cl. A†		1,026,263		1,937,340
	75,350	Bristol-Myers Squibb Co.		1,914,625		3,866,209
	17,000	Catalent Inc.†		1,334,404		763,810
	13,300	Cencora Inc.		525,677		2,731,554
	2,000	Charles River Laboratories International Inc.†		452,768		472,800
	7,300	Chemed Corp.		180,607		4,268,675
	7,200	CONMED Corp.		137,064		788,472
	8,000	DaVita Inc.†		451,984		838,080
	103,400	Demant A/S†		958,847		4,532,468
	30,000	DENTSPLY SIRONA Inc.		1,250,466		1,067,700
	4,000	Elevance Health Inc.		1,097,882		1,886,240
	340	Eli Lilly & Co.		200,048		198,193
	80,000	Evolent Health Inc., Cl. A†		893,102		2,642,400
	15,500	Fortrea Holdings Inc.†		393,847		540,950
	4,350	Gerresheimer AG		287,580		453,086
	10,750	Haleon plc		40,746		44,074
	15,000	Halozyme Therapeutics Inc.†		713,499		554,400
	24,115	HCA Healthcare Inc.		2,724,755		6,527,448
	87,336	Henry Schein Inc.†		2,487,228		6,612,209
	300	Humana Inc.		143,073		137,343

Shares			Cost		Market Value
	1,500	ICU Medical Inc.†	$	292,287	$	149,610
	5,400	Indivior plc†		16,699		81,565
	20,000	Integer Holdings Corp.†		1,210,521		1,981,600
	490	IQVIA Holdings Inc.†		96,294		113,376
	250	Jazz Pharmaceuticals plc†		30,459		30,750
	23,200	Johnson & Johnson		1,486,745		3,636,368
	10,450	Laboratory Corp. of America Holdings		1,422,162		2,375,180
	3,000	McKesson Corp.		268,066		1,388,940
	20,000	Medtronic plc		1,493,746		1,647,600
	44,500	Merck & Co. Inc.		895,758		4,851,390
	600	Moderna Inc.†		48,079		59,670
	70,000	Option Care Health Inc.†		560,000		2,358,300
	17,500	Perrigo Co. plc		573,287		563,150
	14,000	QuidelOrtho Corp.†		169,394		1,031,800
	515	Regeneron Pharmaceuticals Inc.†		167,350		452,319
	40,000	Roche Holding AG, ADR		734,498		1,449,200
	6,900	Stryker Corp.		321,481		2,066,274
	28,794	Tenet Healthcare Corp.†		845,327		2,175,963
	13,000	The Cigna Group		1,383,008		3,892,850
	5,000	The Cooper Companies Inc.		1,336,925		1,892,200
	1,375	UnitedHealth Group Inc.		138,322		723,896
	3,825	Vertex Pharmaceuticals Inc.†		918,160		1,556,354
	20,350	Zimmer Biomet Holdings Inc.		1,386,005		2,476,595
	7,000	Zoetis Inc.		304,922		1,381,590
				38,552,722		96,668,815
		Hotels and Gaming — 1.0%
	10,000	Accor SA		257,845		381,967
	4,500	Churchill Downs Inc.		21,050		607,185
	310,000	Genting Singapore Ltd.		232,412		234,893
	8,500	Hyatt Hotels Corp., Cl. A		270,222		1,108,485
	1,100	Las Vegas Sands Corp.		993		54,131
	2,694,100	Mandarin Oriental International Ltd.		3,941,706		4,202,796
	155,250	MGM Resorts International		1,470,662		6,936,570
	17,100	Ryman Hospitality Properties Inc., REIT		140,947		1,882,026
	793,350	The Hongkong & Shanghai Hotels Ltd.†		744,378		593,349
	19,000	Universal Entertainment Corp.		96,850		309,929
	3,000	Wyndham Hotels & Resorts Inc.		38,287		241,230
	6,550	Wynn Resorts Ltd.		320,838		596,770
				7,536,190		17,149,331
		Machinery — 6.5%
	22,000	Astec Industries Inc.		908,870		818,400
	98,120	Caterpillar Inc.		638,719		29,011,140

See accompanying notes to financial statements.

12

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2023

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Machinery (Continued)
	1,420,600	CNH Industrial NV	$	9,567,929	$	17,302,908
	46,550	CNH Industrial NV, Borsa ltaliana		313,938		569,389
	121,970	Deere & Co.		850,985		48,772,144
	5,000	Generac Holdings Inc.†		575,496		646,200
	13,000	Mueller Water Products Inc., Cl. A		46,015		187,200
	116,800	Xylem Inc.		892,969		13,357,248
				13,794,921		110,664,629
		Manufactured Housing and Recreational Vehicles — 0.5%
	18,000	Cavco Industries Inc.†		336,924		6,239,160
	825	Nobility Homes Inc.		4,606		28,458
	23,500	Skyline Champion Corp.†		113,780		1,745,110
				455,310		8,012,728
		Metals and Mining — 2.8%
	46,850	Agnico Eagle Mines Ltd.		1,464,008		2,569,722
	147,400	Barrick Gold Corp.		1,374,347		2,666,466
	55,500	Franco-Nevada Corp.		1,844,631		6,149,955
	105,550	Freeport-McMoRan Inc.		1,133,771		4,493,264
	18,000	Kinross Gold Corp.		38,019		108,900
	15,000	MP Materials Corp.†		202,909		297,750
	390,100	Newmont Corp.		6,618,540		16,146,239
	99,500	Royal Gold Inc.		4,199,528		12,035,520
	74,750	Wheaton Precious Metals Corp.		1,410,547		3,688,165
				18,286,300		48,155,981
		Publishing — 1.7%
	111,000	News Corp., Cl. A		753,804		2,725,050
	55,930	S&P Global Inc.		422,126		24,638,284
	106,000	The E.W. Scripps Co., Cl. A†		818,549		846,940
				1,994,479		28,210,274
		Real Estate — 0.8%
	13,500	American Tower Corp., REIT		2,447,070		2,914,380
	2,200	Prologis Inc., REIT		253,482		293,260
	150,000	The St. Joe Co.		1,057,392		9,027,000
	35,800	Weyerhaeuser Co., REIT		696,097		1,244,766
				4,454,041		13,479,406
		Retail — 2.5%
	58,100	AutoNation Inc.†		416,166		8,725,458
	700	AutoZone Inc.†		692,314		1,809,927
	19,000	CarMax Inc.†		1,236,498		1,458,060
	20,870	Costco Wholesale Corp.		962,401		13,775,870
	107,800	CVS Health Corp.		3,413,483		8,511,888
	2,300	Dollar Tree Inc.†		277,899		326,715
	1,200	Lowe’s Companies Inc.		163,129		267,060
	750	McDonald’s Corp.		212,583		222,383
	1,600	NIKE Inc., Cl. B		168,776		173,712

Shares			Cost		Market Value
	1,700‌	Restaurant Brands International Inc.	$	115,795‌	$	132,821‌
	15,000‌	Rush Enterprises Inc., Cl. B		151,639‌		794,700‌
	2,400‌	Starbucks Corp.		238,013‌		230,424‌
	2,550‌	The Home Depot Inc.		78,942‌		883,702‌
	85,600‌	The Kroger Co.		279,284‌		3,912,776‌
	10,000‌	Walgreens Boots Alliance Inc.		275,075‌		261,100‌
	2,500‌	Walmart Inc.		349,192‌		394,125‌
				9,031,189‌		41,880,721‌
		Semiconductors — 0.1%
	1,775	Advanced Micro Devices Inc.†		188,513‌		261,653‌
	1,200‌	ARM Holdings plc, ADR†		62,000‌		90,174‌
	385‌	Broadcom Inc.		230,735‌		429,756‌
	7,600‌	Intel Corp.		387,577‌		381,900‌
	800‌	Micron Technology Inc.		52,325‌		68,272‌
				921,150‌		1,231,755‌
		Specialty Chemicals — 0.7%
	1,000‌	Air Products and Chemicals Inc.		267,264‌		273,800‌
	80,000‌	DuPont de Nemours Inc.		2,822,827‌		6,154,400‌
	42,500‌	H.B. Fuller Co.		314,023‌		3,459,925‌
	12,000‌	Rogers Corp.†		1,549,651‌		1,584,840‌
	19,500‌	Sensient Technologies Corp.		312,548‌		1,287,000‌
				5,266,313‌		12,759,965‌
		Telecommunications — 1.5%
	2,200‌	AT&T Inc.		39,682‌		36,916‌
	155,250‌	Deutsche Telekom AG, ADR		2,325,166‌		3,746,183‌
	52,000‌	GCI Liberty Inc., Escrow†		0‌		0‌
	14,000‌	Hellenic Telecommunications Organization SA		82,085‌		199,373‌
	23,400	Hellenic Telecommunications Organization SA, ADR		93,977‌		159,588‌
	130,000‌	Liberty Global Ltd., Cl. A†		425,609‌		2,310,100‌
	203,750‌	Liberty Global Ltd., Cl. C†		1,580,928‌		3,797,900‌
	5,600‌	Orange SA, ADR		59,112‌		64,008‌
	7,500‌	SoftBank Group Corp., ADR		161,517‌		165,150‌
	2,286,200‌	Telecom Italia SpA†		1,185,086‌		742,517‌
	36,000‌	Telefonica Brasil SA, ADR		303,553‌		393,840‌
	269,000‌	Telefonica SA, ADR		1,295,653‌		1,049,100‌
	651,000‌	Telephone and Data Systems Inc.		12,691,252‌		11,945,850‌
	84,900‌	Telesat Corp.†		1,275,637‌		885,507‌
	18,700‌	TIM SA, ADR		136,557‌		345,389‌
	1,000‌	VEON Ltd., ADR†		8,812‌		19,700‌

See accompanying notes to financial statements.

13

The Gabelli Asset Fund

Schedule of Investments (Continued) — December 31, 2023

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Telecommunications (Continued)
	7,650	Verizon Communications Inc.	$	138,676	$	288,405
				21,803,302		26,149,526
		Transportation — 1.2%
	10,000	Canadian Pacific Kansas City Ltd.		6,337		790,600
	600	CSX Corp.		18,933		20,802
	163,550	GATX Corp.		3,298,953		19,661,981
	900	Union Pacific Corp.		203,219		221,058
				3,527,442		20,694,441
		Wireless Communications — 0.3%
	84,750	America Movil SAB de CV, ADR		255,869		1,569,570
	215,000	Operadora De Sites Mexicanos SAB de CV		257,222		301,463
	20,885	T-Mobile US Inc.		863,247		3,348,492
	14,500	United States Cellular Corp.†		393,286		602,330
				1,769,624		5,821,855
		TOTAL COMMON STOCKS		412,396,030		1,714,027,801
		CLOSED-END FUNDS — 0.1%
	2,000	Altaba Inc., Escrow†		0		4,890
	10,700	Royce Global Value Trust Inc.		93,090		104,325
	78,000	Royce Value Trust Inc.		935,792		1,135,680
				1,028,882		1,244,895
		TOTAL CLOSED-END FUNDS		1,028,882		1,244,895
		PREFERRED STOCKS — 0.0%
		Electronics — 0.0%
	95	WESCO International Inc., Ser. A, 10.625%		2,518		2,510
		TOTAL INVESTMENTS — 100.9%	$	413,427,430		1,715,275,206
		Other Assets and Liabilities (Net) — (0.9)%				(15,765,608	)
		NET ASSETS — 100.0%			$	1,699,509,598

† Non-income producing security.

ADR American Depositary Receipt

GDR Global Depositary Receipt

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

14

The Gabelli Asset Fund

Statement of Assets and Liabilities

December 31, 2023

Assets:
Investments, at value (cost $413,427,430)	$	1,715,275,206
Cash		84,810
Foreign currency, at value (cost $7,445)		7,409
Deposit at brokers		10,772
Receivable for investments sold		425,614
Receivable for Fund shares sold		102,372
Dividends and interest receivable		2,937,466
Prepaid expenses		64,939
Total Assets		1,718,908,588
Liabilities:
Line of credit payable		15,211,000
Payable for investments purchased		62,571
Payable for Fund shares redeemed		1,635,845
Payable for investment advisory fees		1,432,051
Payable for distribution fees		265,326
Payable for accounting fees		3,750
Other accrued expenses		788,447
Total Liabilities		19,398,990
Net Assets
(applicable to 35,095,186 shares outstanding)	$	1,699,509,598
Net Assets Consist of:
Paid-in capital	$	409,597,969
Total distributable earnings		1,289,911,629
Net Assets	$	1,699,509,598
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net Asset Value, offering, and redemption price per share ($1,211,698,718 ÷ 24,976,280 shares outstanding)	$	48.51
Class A:
Net Asset Value and redemption price per share ($33,457,141 ÷ 700,889 shares outstanding)	$	47.74
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	50.65
Class C:
Net Asset Value and offering price per share ($3,367,347 ÷ 81,326 shares outstanding)	$	41.41	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($450,986,392 ÷ 9,336,691 shares outstanding)	$	48.30

(a) Redemption price varies based on the length of time held.

Statement of Operations

For the Year Ended December 31, 2023

Investment Income:
Dividends (net of foreign withholding taxes of $558,855)	$	27,814,933
Interest		527,094
Total Investment Income		28,342,027
Expenses:
Investment advisory fees		17,477,290
Distribution fees - Class AAA		3,096,222
Distribution fees - Class A		83,224
Distribution fees - Class C		44,208
Shareholder services fees		1,022,307
Custodian fees		425,298
Shareholder communications expenses		354,911
Trustees’ fees		169,070
Legal and audit fees		81,160
Registration expenses		76,062
Accounting fees		45,000
Interest expense		29,183
Miscellaneous expenses		142,088
Total Expenses		23,046,023
Less:
Expenses paid indirectly by broker (See Note 7)		(24,335	)
Net Expenses		23,021,688
Net Investment Income		5,320,339
Net Realized and Unrealized Gain/(Loss) on Investments, Redemption In-Kind, and Foreign Currency:
Net realized gain on investments		131,478,144
Net realized gain on in-kind transactions		44,581,272
Net realized loss on foreign currency transactions		(17,650	)
Net realized gain on investments, redemption in-kind, and foreign currency transactions		176,041,766
Net change in unrealized appreciation/depreciation:
on investments		(9,166,279	)
on foreign currency translations		42,343
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(9,123,936	)
Net Realized and Unrealized Gain/(Loss) on Investments, Redemption In-Kind, and Foreign Currency		166,917,830
Net Increase in Net Assets Resulting from Operations	$	172,238,169

See accompanying notes to financial statements.

15

The Gabelli Asset Fund

Statement of Changes in Net Assets

	Year Ended December 31, 2023			Year Ended December 31, 2022
Operations:
Net investment income	$	5,320,339‌		$	5,799,184‌
Net realized gain on investments, redemption in-kind, and foreign currency transactions		176,041,766‌			176,761,064‌
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(9,123,936‌)			(419,042,269	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		172,238,169			(236,482,021	)
Distributions to Shareholders:
Accumulated earnings
Class AAA		(91,335,007	)		(115,304,660	)
Class A		(2,531,089	)		(3,055,017	)
Class C		(244,091	)		(552,633	)
Class I		(35,163,426	)		(53,526,916	)
Total Distributions to Shareholders		(129,273,613	)		(172,439,226	)
Shares of Beneficial Interest Transactions:
Class AAA		(62,964,165	)		(56,190,901	)
Class A		282,410			(3,476,096	)
Class C		(2,752,365	)		(3,094,817	)
Class I		(113,333,141	)		64,826,508
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		(178,767,261	)		2,064,694
Redemption Fees		140			558
Net Decrease in Net Assets		(135,802,565	)		(406,855,995	)
Net Assets:
Beginning of year		1,835,312,163			2,242,168,158
End of year	$	1,699,509,598		$	1,835,312,163

See accompanying notes to financial statements.

16

The Gabelli Asset Fund

Financial Highlights

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

			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 Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income (Loss)			Operating Expenses(c)(d)			Portfolio Turnover Rate
Class AAA
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
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
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
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 year including reinvestment of distributions and does not reflect the applicable sales charges.
(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.

See accompanying notes to financial statements.

17

The Gabelli Asset Fund

Notes to Financial Statements

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.

18

The Gabelli Asset Fund

Notes to Financial Statements (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 December 31, 2023 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 12/31/23
INVESTMENTS:
ASSETS (Market Value):
Common Stocks
Business Services	$	46,844,555	$	0	$	46,844,555
Diversified Industrial		121,419,273		27,400		121,446,673
Telecommunications		26,149,526		0		26,149,526
Other Industries (a)		1,519,587,047		—		1,519,587,047
Total Common Stocks		1,714,000,401		27,400		1,714,027,801
Closed-End Funds		1,240,005		4,890		1,244,895
Preferred Stocks (a)		2,510		—		2,510
TOTAL INVESTMENTS – ASSETS	$	1,715,242,916	$	32,290	$	1,715,275,206

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

The Fund held no Level 3 investments at December 31, 2023 or December 31, 2022. 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 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.

19

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

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 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

20

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

traded securities, and accordingly the Board will monitor their liquidity. At December 31, 2023, 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 year ended December 31, 2023, 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. For the year ended December 31, 2023, reclassifications were made to increase paid-in capital by $52,503,181, with an offsetting adjustment to total distributable earnings.

21

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

The tax character of distributions paid during the years ended December 31, 2023 and 2022 was as follows:

	Year Ended December 31, 2023		Year Ended December 31, 2022
Distributions paid from:*
Ordinary income (inclusive of short term capital gains)	$	6,753,731	$	4,513,125
Net long term capital gains		130,291,864		175,863,580
Total distributions paid	$	137,045,595	$	180,376,705

* 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.

At December 31, 2023, the components of accumulated earnings/losses on a tax basis were as follows:

Net unrealized appreciation on investments and foreign currency translations $ 1,289,911,629

At December 31, 2023, the temporary differences between book basis and tax basis net unrealized appreciation on investments were primarily due to deferral of losses from wash sales for tax purposes and tax basis adjustments on investments in real estate investment trusts, mark-to-market adjustments on investments considered passive foreign investment companies, tax basis adjustments due to corporate actions, and basis adjustments on investments in partnerships.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2023:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	425,399,662	$	1,314,453,507	$	(24,577,963	)	$	1,289,875,544

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 year ended December 31, 2023, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2023, 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.

22

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

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

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

5. Portfolio Securities. Purchases and sales of securities during the year ended December 31, 2023, other than short term securities and U.S. Government obligations, aggregated $61,121,986 and $266,856,872, 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 gain of $44,581,272 on $49,643,053 of redemptions-in-kind, including cash of $2,161,437.

7. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2023, the Fund paid $20,904 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $940 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the year ended December 31, 2023, 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 $24,335.

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 year ended December 31, 2023, the Fund accrued $45,000 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.

During the year ended December 31, 2023, the Gabelli Asset Fund engaged in sales transactions with funds that have a common investment adviser. These transactions complied with Rule 17a-7 under the 1940 Act and amounted to $18,650 in sales transactions.

8. Line of Credit. The Fund participates in an unsecured line of credit, which expires on February 28, 2024 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from

23

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

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 December 31, 2023, there was $15,211,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 11 days of borrowings during the year ended December 31, 2023 was $13,638,818 with a weighted average interest rate of 6.03%. The maximum amount borrowed at any time during the year ended December 31, 2023 was $26,912,000

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 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 fiscal years ended December 31, 2023 and 2022, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

24

The Gabelli Asset Fund

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

	Year Ended						Year Ended
	December 31, 2023						December 31, 2022
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		258,675		$	12,840,492			211,857		$	11,299,992
Shares issued upon reinvestment of distributions		1,782,288			86,673,009			2,318,170			108,992,689
Shares redeemed		(3,275,406	)		(162,477,666	)		(3,381,409	)		(176,483,582	)
Net decrease		(1,234,443	)	$	(62,964,165	)		(851,382	)	$	(56,190,901	)
Class A
Shares sold		63,098		$	3,048,738			56,952		$	2,984,631
Shares issued upon reinvestment of distributions		49,535			2,370,258			61,889			2,864,851
Shares redeemed		(105,570	)		(5,136,586	)		(183,537	)		(9,325,578	)
Net increase/(decrease)		7,063		$	282,410			(64,696	)	$	(3,476,096	)
Class C
Shares sold		1,655		$	70,400			3,621		$	170,656
Shares issued upon reinvestment of distributions		5,880			244,091			13,532			545,603
Shares redeemed		(72,740	)		(3,066,856	)		(83,004	)		(3,811,076	)
Net decrease		(65,205	)	$	(2,752,365	)		(65,851	)	$	(3,094,817	)
Class I
Shares sold		483,833		$	23,936,587			2,130,124		$	111,788,843
Shares issued upon reinvestment of distributions		658,262			31,874,307			931,582			43,614,881
Shares redeemed in-kind		(1,005,874	)		—			—			—
Shares redeemed		(2,460,024	)		(169,144,035	)		(1,732,824	)		(90,577,217	)
Net increase/(decrease)		(2,323,803	)	$	(113,333,141	)		1,328,882		$	64,826,507

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.

25

The Gabelli Asset Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of The Gabelli Asset Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Gabelli Asset Fund (the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023, and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
New York, New York

February 29, 2024

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

26

The Gabelli Asset Fund

Liquidity Risk Management Program (Unaudited)

In accordance with Rule 22e-4 under the 1940 Act,the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund’s liquidity and the monthly classification and re-classification of certain investments that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on August 23, 2023, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund’s liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a “highly liquid investment minimum” as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a “highly liquid investment minimum” amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee’s annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund’s Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

27

The Gabelli Asset Fund

Additional Fund Information

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Trustees. Information pertaining to the Trustees and Officers of the Fund is set forth below. The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to The Gabelli Asset Fund at One Corporate Center, Rye, NY 10580-1422.

Name, Position(s) Address1 and Year of Birth	Term of Office and Length of Time Served2	Number of Funds in Fund Complex Overseen by Trustee3	Principal Occupation(s) During Past Five Years	Other Directorships Held by Trustee3
INTERESTED TRUSTEES4:
Mario J. Gabelli, CFA Trustee 1942	Since 1986	31	Chairman, Co-Chief Executive Officer, and Chief Investment Officer– Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer – Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies within the Gabelli Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chair of Associated Capital Group, Inc.	Director of Morgan Group Holding Co. (holding company) (2001-2019); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications) (2013-2018)
John D. Gabelli Trustee 1944	Since 1999	12	Former Senior Vice President of G.research, LLC (1991-2019)	—
INDEPENDENT TRUSTEES5:
Anthony J. Colavita6 Trustee 1935	Since 1989	18	President of the law firm of Anthony J. Colavita, P.C.	—
James P. Conn Trustee 1938	Since 1992	23	Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (1992-1998)	—
Werner J. Roeder Trustee 1940	Since 2001	20	Retired physician; Former Vice President of Medical Affairs (Medical Director) of New York Presbyterian/Lawrence Hospital (1999-2014)	—
Anthonie C. van Ekris7 Trustee 1934	Since 1986-1989 1992-present	23	Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/ export company)	—

28

The Gabelli Asset Fund

Additional Fund Information (Continued)

Name, Position(s) Address1 and Year of Birth	Term of Office and Length of Time Served2	Number of Funds in Fund Complex Overseen by Trustee3	Principal Occupation(s) During Past Five Years	Other Directorships Held by Trustee3
Salvatore J. Zizza8 Trustee 1945	Since 1986-1996 2000-present	35	President, Zizza & Associates Corp. (private holding company); Chairman of Bergen Cove Realty Inc. (residential real estate)	Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018); Retired Chairman of BAM (semiconductor and aerospace manufacturing); Director of Bion Environmental Technologies, Inc.

29

The Gabelli Asset Fund

Additional Fund Information (Continued)

Name, Position(s) Address1 and Year of Birth	Term of Office and Length of Time Served2	Principal Occupation(s) During Past Five Years
OFFICERS:
John C. Ball President, Treasurer, Principal Financial & Accounting Officer 1976	Since 2017	Senior Vice President (since 2018) and other positions (2017 - 2018) of GAMCO Investors, Inc.; Chief Executive Officer, G.distributors, LLC since 2020; Officer of registered investment companies within the Gabelli Fund Complex since 2017
Peter Goldstein Secretary & Vice President 1953	Since 2020	General Counsel, GAMCO Investors, Inc. and Chief Legal Officer, Associated Capital Group, Inc. since 2021; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)
Richard J. Walz Chief Compliance Officer 1959	Since 2013	Chief Compliance Officer of registered investment companies within the Gabelli Fund Complex since 2013

¹ Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

² Each Trustee will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Trustee and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Trustee resigns or retires, or a Trustee is removed by the Board of Trustees or shareholders, in accordance with the Fund’s By-Laws and Declaration of Trust. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified. For officers, includes time served in previous officer positions with the Fund.

³ This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁴ “Interested person” of the Fund as defined in the 1940 Act. Messrs. Gabelli are each considered an “interested person” because of their affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser. Mario J. Gabelli and John D. Gabelli are brothers.

⁵ Trustees who are not interested persons are considered “Independent” Trustees.

⁶ Mr. Colavita’s son, Anthony S. Colavita, serves as a director of other funds in the Gabelli/GAMCO Fund Complex. Mr. van Ekris is an independent director of Gabelli International Ltd., Gabelli Fund, LDC, GAMA Capital Opportunities Master, Ltd., and GAMCO International SICAV, which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund’s Adviser.

⁷ Mr. van Ekris is an independent director of Gabelli International Ltd., Gabelli Fund LDC, Gama Capital Opportunities Master Ltd., and GAMCO International SICAV, all of which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and, in that event, would be deemed to be under common control with the Fund’s Adviser.

⁸ Mr. Zizza is an independent director of Gabelli International Ltd., which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund’s Adviser. On September 9, 2015, Mr. Zizza entered into a settlement with the SEC to resolve an inquiry relating to an alleged violation regarding the making of false statements or omissions to the accountants of a company concerning a related party transaction. The company in question is not an affiliate of, nor has any connection to, the Fund. Under the terms of the settlement, Mr. Zizza, without admitting or denying the SEC’s findings and allegation, paid $150,000 and agreed to cease and desist committing or causing any future violations of Rule 13b2-2 of the Securities Exchange Act of 1934, as amended. The Board has discussed this matter and has determined that it does not disqualify Mr. Zizza from serving as an Independent Director.

30

The Gabelli Asset Fund

2023 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2023, the Fund paid to shareholders ordinary income distributions (comprised of net investment income) totaling $0.1579, $0.1638, and $0.2901, per share for Class AAA, Class A, and Class I, respectively, and long term capital gains totaling $130,291,864, or the maximum allowable. The distribution of long term capital gains has been designated as a capital gain dividend by the Fund’s Board of Trustees. For the year ended December 31, 2023, 100% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 1.77% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010.

U.S. Government Income:

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2023 which was derived from U.S. Treasury securities was 1.41%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Gabelli Asset Fund did not meet this strict requirement in 2023. The percentage of U.S. Government securities held as of December 31, 2023 was 0.00%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

Gabelli Funds and Your Personal Privacy

Who are we?

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

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

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

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

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

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

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

What do we do to protect your personal information?

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

This page was intentionally left blank.

THE GABELLI ASSET FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

	Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.
	Christopher J. Marangi joined Gabelli in 2003 as a research analyst. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA degree with honors from Columbia Business School.
	Kevin V. Dreyer joined Gabelli in 2005 as a research analyst covering companies within the consumer sector. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Dreyer received a BSE from the University of Pennsylvania and an MBA degree from Columbia Business School.
	Jeffrey J. Jonas, CFA, joined Gabelli in 2003 as a research analyst focusing on companies across the healthcare industry. He also serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Jonas was a Presidential Scholar at Boston College, where he received a BS in Finance and Management Information Systems.

	Brian C. Sponheimer is a portfolio manager and research analyst, responsible for coverage of automotive, trucking, and machinery stocks. In 2010, 2011, and 2016, Mr. Sponheimer was recognized by various financial publications, including the Wall Street Journal and the Financial Times, as a “Best on the Street” analyst. He began his business career in institutional equities at CIBC World Markets in New York and Boston. Mr.Sponheimer graduated cum laude from Harvard University with a BA in Government and received an MBA in Finance and Economics from Columbia Business School.
	Sarah Donnelly joined Gabelli in 1999 as a junior research analyst working with the consumer staples and media analysts. Currently she is a portfolio manager of Gabelli Funds, LLC, a Senior Vice President, and the Food, Household, and Personal Care products research analyst for Gabelli & Company. Her responsibilities include leading the Health & Wellness platform. Ms. Donnelly received a BS in Business Administration with a concentration in Finance and minor in History from Fordham University.
	Melody Prenner Bryant joined GAMCO Investors, Inc. in September 2018 and is a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Previously, Ms. Prenner Bryant was a managing director and chief investment officer for Trevor Stewart Burton & Jacobsen Inc., a New York based registered investment adviser. She has held senior and portfolio management positions at Neuberger Berman, LLC, John A. Levin & Co., and Kempner Asset Management. Ms. Prenner Bryant received her BA in Political Science from The State University of New York at Binghamton and attended the Leonard N. Stern School of Business, New York University.

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

(b) Not applicable.

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s Board of Trustees has determined that James P. Conn is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $43,311 for 2022 and $44,178 for 2023.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2022 and $0 for 2023.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $4,550 for 2022 and $4,640 for 2023. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2022 and $0 for 2023.

(e)(1)

Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the independent registered public accounting firm’s engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to the other persons (other than Gabelli or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(c) 0%

(d) N/A

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2022 and $0 for 2023.

(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not Applicable.

(j) The registrant is not a foreign issuer.

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.

(b) Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(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 has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

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

(a)(2)(1) Not applicable.

(a)(2)(2) Not applicable.

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

SIGNATURES

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

(Registrant)	The Gabelli Asset Fund
By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Executive Officer
Date	March 8, 2024

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

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Executive Officer
Date	March 8, 2024

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer
Date	March 8, 2024

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