# EDGAR Filing Document

**Accession Number:** 0000783898
**File Stem:** 0001387131-23-003233
**Filing Date:** 2023-3
**Character Count:** 147744
**Document Hash:** 7891b458b94ff73a551f902ebde3b888
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-003233.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001387131-23-003233

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GABELLI ASSET FUND
- **CENTRAL INDEX KEY:** 0000783898
- **IRS NUMBER:** 133331485
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04494
- **FILM NUMBER:** 23720215

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 8004223554

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **STREET 2:** 100 PARK AVENUE
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

## Series and Classes Contracts Data

### THE GABELLI ASSET FUND (Series ID: S000001087)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002940 | CLASS A      | GATAX           |
| C000002942 | CLASS C      | GATCX           |
| C000002943 | CLASS AAA    | GABAX           |
| C000034307 | CLASS I      | GABIX           |

STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-04494</u> 

<u>The Gabelli Asset Fund</u> <br> (Exact name of registrant as specified in charter)

<u>One Corporate Center Rye, New York 10580-1422</u> <br> (Address of principal executive offices) (Zip code)

<u>John C. Ball Gabelli Funds, LLC One Corporate Center Rye, New York 10580-1422</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-800-422-3554</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2022</u>

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.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Report to Shareholders is attached herewith.

**The Gabelli Asset Fund**

**Annual Report** **— December 31, 2022**

**To Our Shareholders,**

For the year ended December 31, 2022, the net asset value (NAV) total return per class AAA Share of The Gabelli Asset Fund was (10.6)% compared with a total return of (18.1)% 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, 2022.

**Investment Objective and Strategy (Unaudited)**

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

The Fund's investment strategy is to 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 2022 saw Deere & Co. shares rise as the company continued to showcase its next generation precision farming technologies amidst a backdrop of increasing commodity prices and a broader lack of dealer inventory within the agricultural machinery ecosystem. Newmont Corporation, the biggest gold mining company in the world, benefited from a rising gold price. Berkshire Hathaway shares increased as its insurance business benefited from higher interest rates, its rail business benefited from higher energy costs, and the company deployed capital in the form of recent investments in Occidental Petroleum and the acquisition of Alleghany insurance. GATX delivered a strong performance as the market for leased railcars tightened considerably, lifting spot and renewal leasing rates. GATX and leased railcars are an inflation hedge, with rising steel prices increasing the value of lease fleets and expected strong lease renewal rates. American Express provided a strong outlook at its investor day due to investments made during the pandemic, the positive impact on billings from inflation, and the return to a more robust environment for travel and lodging.

By far the largest contributor to returns for the second quarter of 2022 was Swedish Match which agreed to an acquisition by Philip Morris International for SEK 106 per share in cash. The deal marks the realization of our long-held thesis that a global cigarette firm would bolster its smokeless tobacco offerings via market leader ZYN, owned by Swedish Match. Other consumer staples companies such as Post Holdings, General Mills, and Yakult Honsha added ballast during a choppy quarter. Advertising-driven and consumer oriented companies including Warner Brothers Discovery, Madison Square Garden Entertainment, Paramount Global, and American Express were more challenged. The late quarter swoon in commodities hit agricultural equipment manufacturers Deere & Co., CNH Industrial, as well as gold miner Newmont Corp.

While the third quarter was a difficult one for the market, there were some bright spots for the Fund's holdings. Deere rose as it delivered strong top and bottom line results that demonstrated the company's ability to generate strong profits from its ability to pass along price increases to consumers while maintaining operational discipline. Shares of Genuine Parts, owner of NAPA Auto Parts, and O'Reilly Automotive both rose as auto aftermarket retailers enjoyed substantial pricing power. On the negative side, Sony shares declined due to growing concerns about its video game business amid increased competition with Microsoft, as well as worries about the impact of a looming global recession on consumer spending. While Sony's diversified global businesses offer a defensive position for the long run, short term headwinds include cyclical weaknesses in video games and low-to-mid-end smartphone markets, and difficult year-over-year comparisons for its movie business.

The fourth quarter of 2022 was a strong quarter for energy and agricultural commodities. Some of the largest contributors to performance in the fourth quarter included firms that enhance the productivity of farming and/or mining globally, including Deere & Co., CNH Industrial, and Caterpillar. Oil and gas companies Chevron and Halliburton also fit this description. MSG Sports, the owner of the New York Knicks and New York Rangers, rebounded strongly as network and venue owner MSG Entertainment restructured its announced spin-off in a manner favorable to MSGS, and sports asset valuations rose. Finally, inflation conduits such as Genuine Parts, O'Reilly Auto Parts, and MasterCard continued to rise. Facing cyclical headwinds around advertising and secular challenges involving changing consumption behavior, media and telecom companies such as Warner Bros Discovery, Telephone & Data Systems, and The Walt Disney Company were among the largest detractors in the fourth quarter.

The top contributors to the Fund's performance in 2022 included: Swedish Match AB (no longer held); Deere & Co. (3.5%); and Genuine Parts Co. (2.3%).

**2**

Some of our weaker performing stocks during the year were: Sony Group Corp. (2.0%); Alphabet Inc., Cl. A (0.5%); and S&P Global Inc. (1.4%).

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**

**<u>Average Annual Returns through December 31, 2022 (a) (Unaudited)</u>**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>1 Year |<br>5 Year |<br>10 Year |<br>15 Year | Since<br>Inception<br>(3/3/86) |
| **Class AAA (GABAX)** | (10.63)% | 5.97% | 8.88% | 6.92% | 11.15% |
| S&P 500 Index (b) | (18.11) | 9.42 | 12.56 | 8.81 | 10.40 |
| **Class A (GATAX)** | (10.63) | 5.97 | 8.88 | 6.92 | 11.15 |
| With sales charge (c) | (15.77) | 4.72 | 8.24 | 6.50 | 10.97 |
| **Class C (GATCX)** | (11.30) | 5.18 | 8.07 | 6.13 | 10.72 |
| With contingent deferred sales charge (d) | (12.19) | 5.18 | 8.07 | 6.13 | 10.72 |
| **Class I (GABIX)** | (10.41) | 6.23 | 9.15 | 7.19 | 11.26 |

---

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

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

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

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

**In the current prospectuses dated April 29, 2022, the expense ratios for Class AAA, A, C, and I are 1.33%, 1.33%, 2.08%, and 1.08%, respectively. See page 17 for the expense ratios for the year ended December 31, 2022. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.**

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

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

**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\* | Average Annual Total Returns\* | Average Annual Total Returns\* | Average Annual Total Returns\* |
|  | 1 Year | 5 Year | 10 Year |
| Class AAA | (10.63)% | 5.97% | 8.88% |

---

![](gabelliassetncsr001.jpg)

\* 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, 2022 through December 31, 2022 | **Expense Table** |

---

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

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

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

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. 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, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account Value<br>07/01/22 | Ending<br>Account Value<br>12/31/22 | Annualized<br>Expense<br>Ratio | Expenses<br>Paid During<br>Period \* |
| ***The Gabelli Asset Fund*** | ***The Gabelli Asset Fund*** |  |  |  |
| **Actual Fund Return** | **Actual Fund Return** |  |  |  |
| Class AAA | $1000.00 | $1074.90 | 1.37% | $7.16 |
| Class A | $1000.00 | $1074.70 | 1.37% | $7.16 |
| Class C | $1000.00 | $1070.70 | 2.11% | $11.01 |
| Class I | $1000.00 | $1076.20 | 1.12% | $5.86 |
| **Hypothetical 5% Return** | **Hypothetical 5% Return** |  |  |  |
| Class AAA | $1000.00 | $1018.30 | 1.37% | $6.97 |
| Class A | $1000.00 | $1018.30 | 1.37% | $6.97 |
| Class C | $1000.00 | $1014.57 | 2.11% | $10.71 |
| Class I | $1000.00 | $1019.56 | 1.12% | $5.70 |

---

\* 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.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of December 31, 2022:

**The Gabelli Asset Fund**

---

| | |
|:---|:---|
| Food and Beverage | 13.9% |
| Equipment and Supplies | 10.0% |
| Financial Services | 8.7% |
| Machinery | 7.2% |
| Diversified Industrial | 6.1% |
| Health Care | 5.6% |
| Entertainment | 4.6% |
| Automotive: Parts and Accessories | 4.0% |
| Electronics | 3.9% |
| Energy and Utilities | 3.5% |
| U.S. Government Obligations | 3.3% |
| Metals and Mining | 3.0% |
| Consumer Products | 2.9% |
| Cable and Satellite | 2.8% |
| Environmental Services | 2.5% |
| Business Services | 2.5% |
| Retail | 2.3% |
| Publishing | 1.6% |
| Broadcasting | 1.5% |
| Computer Software and Services | 1.4% |
| Transportation | 1.1% |
| Specialty Chemicals | 1.1% |

---

---

| | |
|:---|:---|
| Hotels and Gaming | 1 |
| Building and Construction | 1 |
| Telecommunications | 0.9 |
| Real Estate | 0.9 |
| Aerospace | 0.8 |
| Automotive | 0.8 |
| Agriculture | 0.7 |
| Consumer Services | 0.5 |
| Manufactured Housing and Recreational Vehicles | 0.4 |
| Wireless Communications | 0.3 |
| Aviation: Parts and Services | 0.3 |
| Communications Equipment | 0.2 |
| Computer Hardware | 0.1 |
| Closed-End Funds | 0.1 |
| Automobiles and Components | 0 |
| Airlines | 0 |
| Other Assets and Liabilities (Net) | (1.5 |
|  | 100 |

---

\* Amount represents less than 0.05%.

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

**Proxy Voting**

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

**The Gabelli Asset Fund**

**Schedule of Investments — December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 98.1%** |  |  |
|  | **Aerospace — 0.8%** |  |  |
| 93000 | Aerojet Rocketdyne Holdings Inc.† | $2211435 | $5201490 |
| 2000 | Astronics Corp.† | 17959 | 20600 |
| 9000 | HEICO Corp. | 736228 | 1382760 |
| 12675 | L3Harris Technologies Inc. | 1725856 | 2639062 |
| 4850 | Lockheed Martin Corp. | 143318 | 2359477 |
| 5800 | Northrop Grumman Corp. | 259296 | 3164538 |
| 2775 | Raytheon Technologies Corp. | 261050 | 280053 |
| 127400 | Rolls-Royce Holdings plc† | 207818 | 143547 |
| 305 | The Boeing Co.† | 49733 | 58099 |
|  |  | 5612693 | 15249626 |
|  | **Agriculture — 0.7%** |  |  |
| 10000 | American Vanguard Corp. | 215322 | 217100 |
| 120000 | Archer-Daniels-Midland Co. | 1221923 | 11142000 |
| 21000 | The Mosaic Co. | 368493 | 921270 |
|  |  | 1805738 | 12280370 |
|  | **Airlines— 0.0%** |  |  |
| 33 | American Airlines Group Inc.† | 596 | 420 |
|  | **Automotive — 0.8%** |  |  |
| 5000 | Ferrari NV | 189262 | 1071100 |
| 38000 | General Motors Co. | 1534069 | 1278320 |
| 316050 | Iveco Group NV† | 1582700 | 1880359 |
| 87000 | PACCAR Inc. | 443421 | 8610390 |
| 53000 | Traton SE | 1003281 | 801649 |
| 2900 | Volkswagen AG | 115571 | 458351 |
|  |  | 4868304 | 14100169 |
|  | **Automotive: Parts and Accessories — 4.0%** |  |  |
| 2500 | Aptiv plc† | 268835 | 232825 |
| 82550 | BorgWarner Inc. | 338455 | 3322638 |
| 78814 | Brembo SpA | 150814 | 881629 |
| 395700 | Dana Inc. | 4003769 | 5986941 |
| 91600 | Garrett Motion Inc.† | 458885 | 697992 |
| 700 | Gentherm Inc.† | 53571 | 45703 |
| 246000 | Genuine Parts Co. | 5704726 | 42683460 |
| 83500 | Modine Manufacturing Co.† | 899013 | 1658310 |
| 13000 | Monro Inc. | 634705 | 587600 |
| 18900 | O'Reilly Automotive Inc.† | 468357 | 15952167 |
| 28000 | Standard Motor Products Inc. | 228943 | 974400 |
|  |  | 13210073 | 73023665 |
|  | **Aviation: Parts and Services — 0.3%** |  |  |
| 20000 | Curtiss-Wright Corp. | 61251 | 3339800 |
| 78000 | Kaman Corp. | 1016240 | 1739400 |
|  |  | 1077491 | 5079200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| | **Broadcasting — 1.5%** | | |
| 1000 | Cogeco Communications Inc. | $55949 | $56713 |
| 17400 | Cogeco Inc. | 330961 | 816926 |
| 37400 | Corus Entertainment Inc., Cl. B | 59794 | 60962 |
| 29750 | Liberty Broadband Corp., Cl. A† | 25596 | 2256538 |
| 68663 | Liberty Broadband Corp., Cl. C† | 53677 | 5236927 |
| 32350 | Liberty Media Corp.- Liberty Formula One, Cl. A† | 15277 | 1728461 |
| 39100 | Liberty Media Corp.- Liberty Formula One, Cl. C† | 17754 | 2337398 |
| 50000 | Liberty Media Corp.- Liberty SiriusXM, Cl. A† | 20644 | 1965500 |
| 233147 | Liberty Media Corp.- Liberty SiriusXM, Cl. C† | 1526218 | 9123042 |
| 17500 | Nexstar Media Group Inc. | 1530621 | 3063025 |
| 103500 | Sinclair Broadcast Group Inc., Cl. A | 3155047 | 1605285 |
| 16000 | TBS Holdings Inc. | 211657 | 186772 |
|  |  | 7003195 | 28437549 |
|  | **Building and Construction — 1.0%** |  |  |
| 58950 | Arcosa Inc. | 182695 | 3203343 |
| 600 | Ashtead Group plc | 29097 | 34237 |
| 35200 | Assa Abloy AB, Cl. B | 599135 | 754610 |
| 37100 | Fortune Brands Innovations Inc. | 386733 | 2118781 |
| 61300 | Herc Holdings Inc. | 2479994 | 8065241 |
| 35000 | Johnson Controls International plc | 613286 | 2240000 |
| 20000 | KBR Inc. | 651855 | 1056000 |
| 37100 | Masterbrand Inc.† | 62195 | 280105 |
|  |  | 5004990 | 17752317 |
|  | **Business Services — 2.5%** |  |  |
| 120000 | Clear Channel Outdoor Holdings Inc.† | 109326 | 126000 |
| 12000 | Diebold Nixdorf Inc.† | 84605 | 17040 |
| 20700 | Ecolab Inc. | 176817 | 3013092 |
| 12200 | Live Nation Entertainment Inc.† | 105469 | 850828 |
| 80100 | Mastercard Inc., Cl. A | 312390 | 27853173 |
| 20000 | Rentokil Initial plc, ADR | 766983 | 616200 |
| 110000 | The Interpublic Group of Companies Inc. | 590235 | 3664100 |
| 2700 | United Rentals Inc.† | 265018 | 959634 |
| 18000 | V2X Inc.† | 85612 | 743220 |
| 41600 | Visa Inc., Cl. A | 457600 | 8642816 |
|  |  | 2954055 | 46486103 |

---

See accompanying notes to financial statements.

**The Gabelli Asset Fund**

**Schedule of Investments (Continued) — December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Cable and Satellite — 2.8%** |  |  |
| 39000 | AMC Networks Inc., Cl. A† | $0 | $611130 |
| 7150 | Charter Communications Inc., Cl. A† | 1866894 | 2424565 |
| 404350 | Comcast Corp., Cl. A | 3989980 | 14140120 |
| 232599 | DISH Network Corp., Cl. A† | 3944113 | 3265690 |
| 28600 | EchoStar Corp., Cl. A† | 481247 | 477048 |
| 130000 | Liberty Global plc, Cl. A† | 425609 | 2460900 |
| 313900 | Liberty Global plc, Cl. C† | 4780950 | 6099077 |
| 857 | Liberty Latin America Ltd., Cl. A† | 1714 | 6453 |
| 7850 | Naspers Ltd., Cl. N | 307004 | 1304852 |
| 6700 | Prosus NV | 562155 | 462236 |
| 335900 | Rogers Communications Inc., Cl. B | 1474585 | 15733556 |
| 160000 | Shaw Communications Inc., Cl. B | 235387 | 4604800 |
|  |  | 18069638 | 51590427 |
|  | **Communications Equipment — 0.2%** |  |  |
| 79950 | Corning Inc. | 198592 | 2553603 |
| 3100 | QUALCOMM Inc. | 393834 | 340814 |
|  |  | 592426 | 2894417 |
|  | **Computer Hardware — 0.1%** |  |  |
| 12650 | Apple Inc. | 359292 | 1643614 |
| 6100 | Intel Corp. | 336295 | 161223 |
| 5400 | International Business Machines Corp. | 680882 | 760806 |
| 1300 | Western Digital Corp.† | 51187 | 41015 |
|  |  | 1427656 | 2606658 |
|  | **Computer Software and Services — 1.4%** |  |  |
| 15600 | Activision Blizzard Inc. | 1103987 | 1194180 |
| 11500 | Alphabet Inc., Cl. A† | 845906 | 1014645 |
| 107000 | Alphabet Inc., Cl. C† | 2958518 | 9494110 |
| 14000 | Black Knight Inc.† | 935706 | 864500 |
| 7200 | Cisco Systems Inc. | 339522 | 343008 |
| 2000 | Fidelity National Information Services Inc. | 28966 | 135700 |
| 5400 | Gen Digital Inc. | 106844 | 115722 |
| 23000 | Hewlett Packard Enterprise Co. | 153967 | 367080 |
| 4500 | Kyndryl Holdings Inc.† | 47640 | 50040 |
| 17100 | Meta Platforms Inc., Cl. A† | 2762856 | 2057814 |
| 17150 | Microsoft Corp. | 3164540 | 4112913 |
| 3800 | Oracle Corp. | 293654 | 310612 |
| 45000 | PAR Technology Corp.† | 1653261 | 1173150 |
| 14600 | Rockwell Automation Inc... | 310064 | 3760522 |
| 2000 | Salesforce Inc.† | 356277 | 265180 |
| 27000 | Vimeo Inc.† | 15494 | 92610 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 2601 | VMware Inc., Cl. A† | $159839 | $319299 |
|  |  | 15237041 | 25671085 |
|  | **Consumer Products — 2.9%** |  |  |
| 25000 | Brunswick Corp. | 600779 | 1802000 |
| 10700 | Christian Dior SE | 296073 | 7800048 |
| 39000 | Church & Dwight Co. Inc. | 59882 | 3143790 |
| 411100 | Edgewell Personal Care Co. | 9257797 | 15843794 |
| 105950 | Energizer Holdings Inc. | 515529 | 3554622 |
| 9350 | Essity AB, Cl. A | 124094 | 243722 |
| 41650 | Essity AB, Cl. B | 467387 | 1090859 |
| 3100 | Givaudan SA | 1058911 | 9497972 |
| 28000 | Harley-Davidson Inc. | 70525 | 1164800 |
| 1800 | Hermes International | 624105 | 2784240 |
| 3500 | National Presto Industries Inc. | 97930 | 239610 |
| 31025 | Reckitt Benckiser Group plc | 942203 | 2158192 |
| 60000 | Sally Beauty Holdings Inc.† | 434670 | 751200 |
| 1925 | Sysco Corp. | 141064 | 147166 |
| 3700 | The Estee Lauder Companies Inc., Cl. A | 160216 | 918007 |
| 15700 | The Procter & Gamble Co. | 421591 | 2379492 |
| 31000 | Wolverine World Wide Inc. | 144167 | 338830 |
|  |  | 15416923 | 53858344 |
|  | **Consumer Services — 0.5%** |  |  |
| 3750 | Allegion plc | 37744 | 394725 |
| 1100 | FedEx Corp. | 165745 | 190520 |
| 22450 | IAC Inc.† | 134319 | 996780 |
| 190000 | Rollins Inc. | 169825 | 6942600 |
| 6000 | Uber Technologies Inc.† | 215342 | 148380 |
| 1225 | United Parcel Service Inc., Cl. B | 231534 | 212954 |
|  |  | 954509 | 8885959 |
|  | **Diversified Industrial — 6.1%** |  |  |
| 9700 | ABB Ltd., ADR | 215538 | 295462 |
| 450 | Acuity Brands Inc. | 5311 | 74524 |
| 1000 | Agilent Technologies Inc. | 82528 | 149650 |
| 35000 | Ampco-Pittsburgh Corp.† | 87762 | 87850 |
| 60000 | Avantor Inc.† | 1368974 | 1265400 |
| 300000 | Bollore SE | 1722989 | 1676325 |
| 213300 | Crane Holdings Co. | 2652392 | 21425985 |
| 90550 | Eaton Corp. plc | 3346669 | 14211823 |
| 4400 | Emerson Electric Co. | 415547 | 422664 |
| 9500 | EnPro Industries Inc. | 551141 | 1032555 |
| 2500 | General Electric Co. | 219653 | 209475 |
| 126650 | Greif Inc., Cl. A | 2695886 | 8493149 |
| 65375 | Honeywell International Inc. | 1515496 | 14009863 |
| 3200 | Hyster-Yale Materials Handling Inc. | 108398 | 80992 |
| 19706 | Ingersoll Rand Inc. | 71556 | 1029638 |
| 186425 | ITT Inc. | 1185269 | 15119067 |

---

See accompanying notes to financial statements.

**The Gabelli Asset Fund**

**Schedule of Investments (Continued) — December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| | **COMMON STOCKS (Continued)** | | |
|  | **Diversified Industrial (Continued)** |  |  |
| 15000 | Jardine Matheson Holdings Ltd. | $739446 | $763500 |
| 238150 | Myers Industries Inc. | 1444824 | 5294074 |
| 20000 | nVent Electric plc | 211407 | 769400 |
| 6700 | Park-Ohio Holdings Corp. | 156716 | 81941 |
| 28000 | Pentair plc | 655751 | 1259440 |
| 8200 | Sulzer AG | 499589 | 638512 |
| 9300 | Svenska Cellulosa AB SCA, Cl. A | 32783 | 118892 |
| 36800 | Svenska Cellulosa AB SCA, Cl. B | 103096 | 465341 |
| 165600 | Textron Inc. | 1712177 | 11724480 |
| 263000 | Toray Industries Inc. | 1833531 | 1476119 |
| 21300 | Trane Technologies plc | 235355 | 3580317 |
| 203500 | Trinity Industries Inc. | 623759 | 6017495 |
| 3000 | Waters Corp.† | 221780 | 1027740 |
|  |  | 24715323 | 112801673 |
|  | **Electronics — 3.9%** |  |  |
| 160000 | Flex Ltd.† | 2909913 | 3433600 |
| 10500 | Kyocera Corp., ADR | 282635 | 519960 |
| 1400 | Mettler-Toledo International Inc.† | 197041 | 2023630 |
| 375000 | Mirion Technologies Inc.† | 3484623 | 2478750 |
| 273000 | Resideo Technologies Inc.† | 2253230 | 4490850 |
| 2100 | Samsung Electronics Co. Ltd., GDR | 383541 | 2320500 |
| 471550 | Sony Group Corp., ADR | 8687560 | 35969834 |
| 31200 | TE Connectivity Ltd. | 741032 | 3581760 |
| 81350 | Texas Instruments Inc. | 1870200 | 13440647 |
| 5000 | Thermo Fisher Scientific Inc. | 999671 | 2753450 |
|  |  | 21809446 | 71012981 |
|  | **Energy and Utilities — 3.5%** |  |  |
| 5500 | APA Corp. | 179479 | 256740 |
| 54775 | BP plc, ADR | 975812 | 1913290 |
| 72675 | Chevron Corp. | 2291228 | 13044436 |
| 35500 | ConocoPhillips | 3107892 | 4189000 |
| 85000 | Devon Energy Corp. | 988539 | 5228350 |
| 25000 | Dril-Quip Inc.† | 681919 | 679250 |
| 27000 | Enbridge Inc. | 621220 | 1055700 |
| 74350 | EOG Resources Inc. | 170252 | 9629812 |
| 71800 | Exxon Mobil Corp. | 4125320 | 7919540 |
| 132000 | Halliburton Co. | 3726343 | 5194200 |
| 59000 | Kinder Morgan Inc. | 919187 | 1066720 |
| 58500 | National Fuel Gas Co. | 2686971 | 3703050 |
| 17000 | NextEra Energy Partners LP | 1322935 | 1191530 |
| 18500 | Occidental Petroleum Corp. | 1156659 | 1165315 |
| 40000 | Oceaneering International Inc.† | 463822 | 699600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 1000 | ONE Gas Inc. | $71615 | $75720 |
| 164000 | PG&E Corp.† | 1659348 | 2666640 |
| 5500 | Shell plc, ADR | 233172 | 313225 |
| 27500 | Southwest Gas Holdings Inc. | 474756 | 1701700 |
| 91100 | The AES Corp. | 252347 | 2620036 |
| 26 | Weatherford International plc† | 19539 | 1324 |
|  |  | 26128355 | 64315178 |
|  | **Entertainment — 4.6%** |  |  |
| 147500 | Fox Corp., Cl. A | 6111799 | 4479575 |
| 30000 | Fox Corp., Cl. B | 875606 | 853500 |
| 849000 | Grupo Televisa SAB, ADR | 7292113 | 3871440 |
| 113800 | Liberty Media Corp.- Liberty Braves, Cl. A† | 2596083 | 3717846 |
| 282650 | Liberty Media Corp.- Liberty Braves, Cl. C† | 5971402 | 9109809 |
| 180375 | Madison Square Garden Entertainment Corp.† | 1020503 | 8111464 |
| 125533 | Madison Square Garden Sports Corp. | 877042 | 23013965 |
| 372941 | Paramount Global, Cl. A | 5733840 | 7313373 |
| 145000 | Paramount Global, Cl. B | 4442575 | 2447600 |
| 114050 | The Walt Disney Co.† | 920471 | 9908664 |
| 25000 | Universal Music Group NV | 585036 | 602396 |
| 490000 | Vivendi SE | 6152544 | 4675576 |
| 592150 | Warner Bros Discovery Inc.† | 2438023 | 5613582 |
|  |  | 45017037 | 83718790 |
|  | **Environmental Services — 2.5%** |  |  |
| 242850 | Republic Services Inc. | 1740620 | 31325221 |
| 79000 | Waste Connections Inc. | 2925364 | 10472240 |
| 30200 | Waste Management Inc. | 422375 | 4737776 |
|  |  | 5088359 | 46535237 |
|  | **Equipment and Supplies — 10.0%** |  |  |
| 460290 | AMETEK Inc. | 687740 | 64311719 |
| 22000 | Amphenol Corp., Cl. A | 21214 | 1675080 |
| 16350 | AZZ Inc. | 677285 | 657270 |
| 40000 | CIRCOR International Inc.† | 329195 | 958400 |
| 73450 | Crown Holdings Inc. | 331135 | 6038325 |
| 135050 | CTS Corp. | 675143 | 5323671 |
| 5300 | Danaher Corp. | 187882 | 1406726 |
| 10000 | Distribution Solutions Group Inc.† | 138376 | 368600 |
| 358900 | Donaldson Co. Inc. | 525773 | 21128443 |
| 384200 | Flowserve Corp. | 1691236 | 11787256 |
| 80000 | Graco Inc. | 1224930 | 5380800 |
| 12000 | Hubbell Inc. | 1774267 | 2816160 |
| 98400 | IDEX Corp. | 360557 | 22467672 |
| 40650 | Interpump Group SpA | 159758 | 1834541 |

---

See accompanying notes to financial statements.

**The Gabelli Asset Fund**

**Schedule of Investments (Continued) — December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| | **COMMON STOCKS (Continued)** | | |
|  | **Equipment and Supplies (Continued)** |  |  |
| 117800 | Mueller Industries Inc. | $3104396 | $6950200 |
| 101000 | Sealed Air Corp. | 1946537 | 5037880 |
| 24000 | The Manitowoc Co. Inc.† | 72224 | 219840 |
| 47150 | The Timken Co. | 1749500 | 3332090 |
| 16500 | The Toro Co. | 283937 | 1867800 |
| 69500 | The Weir Group plc | 292448 | 1402328 |
| 20050 | Valmont Industries Inc. | 156916 | 6629934 |
| 77575 | Watts Water Technologies Inc., Cl. A | 780596 | 11343792 |
|  |  | 17171045 | 182938527 |
|  | **Financial Services — 8.7%** |  |  |
| 45650 | AllianceBernstein Holding LP | 0 | 1568990 |
| 158150 | American Express Co. | 1915784 | 23366662 |
| 1700 | Ameriprise Financial Inc. | 53563 | 529329 |
| 20000 | Argo Group International Holdings Ltd. | 394314 | 517000 |
| 66400 | Bank of America Corp. | 2333638 | 2199168 |
| 84 | Berkshire Hathaway Inc., Cl. A† | 254121 | 39371721 |
| 81100 | Blackstone Inc. | 1021252 | 6016809 |
| 5625 | Brookfield Asset Management Ltd., Cl. A† | 46657 | 161269 |
| 22500 | Brookfield Corp. | 209913 | 707850 |
| 21800 | Citigroup Inc. | 614993 | 986014 |
| 40000 | FTAI Aviation Ltd. | 666134 | 684800 |
| 46000 | GAM Holding AG† | 95701 | 46764 |
| 42500 | Interactive Brokers Group Inc., Cl. A | 688280 | 3074875 |
| 2950 | Intercontinental Exchange Inc. | 369786 | 302640 |
| 32000 | Jefferies Financial Group Inc. | 292834 | 1096960 |
| 75550 | JPMorgan Chase & Co. | 2535821 | 10131255 |
| 23000 | Kinnevik AB, Cl. A† | 256414 | 317839 |
| 40000 | Kinnevik AB, Cl. B† | 429549 | 548930 |
| 83150 | KKR & Co. Inc. | 595658 | 3859823 |
| 1200 | LendingTree Inc.† | 9514 | 25596 |
| 97500 | Loews Corp. | 5403977 | 5687175 |
| 6450 | M&T Bank Corp. | 258217 | 935637 |
| 30000 | Marsh & McLennan Companies Inc. | 776797 | 4964400 |
| 13250 | PayPal Holdings Inc.† | 398218 | 943665 |
| 12500 | Popular Inc. | 184332 | 829000 |
| 50000 | Post Holdings Partnering Corp.† | 500000 | 502840 |
| 20000 | PROG Holdings Inc.† | 17401 | 337800 |
| 128800 | State Street Corp. | 3102596 | 9991016 |
| 9750 | T. Rowe Price Group Inc. | 136841 | 1063335 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 382400 | The Bank of New York Mellon Corp. | $9839901 | $17406848 |
| 24700 | The Goldman Sachs Group Inc. | 3961980 | 8481486 |
| 20000 | The Hartford Financial Services Group Inc. | 613540 | 1516600 |
| 25100 | The PNC Financial Services Group Inc. | 982349 | 3964294 |
| 9000 | Value Line Inc. | 122382 | 457920 |
| 167300 | Wells Fargo & Co. | 4832892 | 6907817 |
|  |  | 43915349 | 159504127 |
|  | **Food and Beverage — 13.9%** |  |  |
| 58709 | BellRing Brands Inc.† | 71864 | 1505299 |
| 691000 | Brown-Forman Corp., Cl. A | 3014032 | 45440160 |
| 85450 | Brown-Forman Corp., Cl. B | 335153 | 5612356 |
| 22000 | Campbell Soup Co. | 581589 | 1248500 |
| 771150 | China Mengniu Dairy Co. Ltd. | 1139205 | 3497391 |
| 32150 | Chr. Hansen Holding A/S | 1347652 | 2312627 |
| 23400 | Coca-Cola Europacific Partners plc | 457809 | 1294488 |
| 15400 | Coca-Cola HBC AG | 215080 | 367330 |
| 74000 | Conagra Brands Inc. | 1729135 | 2863800 |
| 18100 | Constellation Brands Inc., Cl. A | 338150 | 4194675 |
| 35000 | Crimson Wine Group Ltd.† | 268247 | 196350 |
| 92100 | Danone SA | 3284521 | 4853509 |
| 30000 | Davide Campari-Milano NV | 45593 | 304564 |
| 189595 | Diageo plc, ADR | 6653574 | 33783933 |
| 95084 | Farmer Brothers Co.† | 722824 | 438337 |
| 236000 | Flowers Foods Inc. | 414376 | 6782640 |
| 32000 | Fomento Economico Mexicano SAB de CV, ADR | 1101715 | 2499840 |
| 71000 | General Mills Inc. | 1066246 | 5953350 |
| 1566300 | Grupo Bimbo SAB de CV, Cl. A | 629032 | 6615169 |
| 10000 | Heineken Holding NV | 407450 | 771259 |
| 74150 | Heineken NV | 3255387 | 6975376 |
| 19350 | Heineken NV, ADR | 465264 | 909837 |
| 128050 | ITO EN Ltd. | 2687129 | 4673571 |
| 7000 | John Bean Technologies Corp. | 106661 | 639310 |
| 20000 | Kellogg Co. | 522250 | 1424800 |
| 58700 | Kerry Group plc, Cl. A | 686542 | 5341010 |
| 164700 | Kikkoman Corp. | 1719192 | 8709372 |
| 6000 | Lamb Weston Holdings Inc. | 354497 | 536160 |
| 18350 | LVMH Moet Hennessy Louis Vuitton SE | 682043 | 13355111 |
| 55000 | Maple Leaf Foods Inc. | 971833 | 993168 |
| 18500 | MEIJI Holdings Co. Ltd. | 387566 | 950091 |

---

See accompanying notes to financial statements.

**The Gabelli Asset Fund**

**Schedule of Investments (Continued) — December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Food and Beverage (Continued)** |  |  |
| 149000 | Mondelēz International Inc., Cl. A | $2706980 | $9930850 |
| 44000 | Morinaga Milk Industry Co. Ltd. | 794833 | 1674642 |
| 21000 | National Beverage Corp.† | 1001132 | 977130 |
| 40300 | Nestlé SA | 2268614 | 4669596 |
| 95800 | Nissin Foods Holdings Co. Ltd. | 3178243 | 7606187 |
| 83 | Nomad Foods Ltd.† | 2103 | 1431 |
| 54550 | PepsiCo Inc. | 1779471 | 9855003 |
| 50400 | Pernod Ricard SA | 4138185 | 9913438 |
| 72100 | Post Holdings Inc.† | 514292 | 6507746 |
| 70100 | Remy Cointreau SA | 3948920 | 11826075 |
| 16450 | Suntory Beverage & Food Ltd. | 524300 | 564043 |
| 22150 | The Coca-Cola Co. | 566494 | 1408962 |
| 24250 | The Hain Celestial Group Inc.† | 426197 | 392365 |
| 20600 | The J.M. Smucker Co. | 690558 | 3264276 |
| 47100 | The Kraft Heinz Co. | 1726705 | 1917441 |
| 220000 | Tingyi (Cayman Islands) Holding Corp. | 496395 | 388395 |
| 27634 | Tootsie Roll Industries Inc. | 200202 | 1176379 |
| 5000 | TreeHouse Foods Inc.† | 212859 | 246900 |
| 125150 | Yakult Honsha Co. Ltd. | 2910045 | 8162786 |
|  |  | 63748139 | 255527028 |
|  | **Health Care — 5.6%** |  |  |
| 10000 | Abbott Laboratories | 546296 | 1097900 |
| 25550 | AbbVie Inc. | 2312773 | 4129136 |
| 24500 | AmerisourceBergen Corp. | 1264319 | 4059895 |
| 29475 | Amgen Inc. | 394429 | 7741314 |
| 10000 | AstraZeneca plc, ADR | 512604 | 678000 |
| 15000 | Bausch + Lomb Corp.† | 235353 | 232650 |
| 28000 | Bausch Health Cos. Inc.† | 278592 | 175840 |
| 42600 | Baxter International Inc. | 1514223 | 2171322 |
| 8125 | Biogen Inc.† | 244297 | 2249975 |
| 1800 | BioMarin Pharmaceutical Inc.† | 152334 | 186282 |
| 6100 | Bio-Rad Laboratories Inc., Cl. A† | 1056666 | 2564989 |
| 86600 | Bristol-Myers Squibb Co. | 2207916 | 6230870 |
| 15000 | Catalent Inc.† | 1335088 | 675150 |
| 2000 | Charles River Laboratories International Inc.† | 452768 | 435800 |
| 8600 | Chemed Corp. | 774516 | 4389698 |
| 13000 | Cigna Corp. | 1383008 | 4307420 |
| 8900 | CONMED Corp. | 169822 | 788896 |
| 15000 | DaVita Inc.† | 860714 | 1120050 |
| 106400 | Demant A/S† | 987910 | 2949174 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 30000 | DENTSPLY SIRONA Inc. | $1250466 | $955200 |
| 4000 | Elevance Health Inc. | 1097882 | 2051880 |
| 75000 | Evolent Health Inc., Cl. A† | 787354 | 2106000 |
| 2100 | Galapagos NV, ADR† | 111178 | 93198 |
| 5000 | Gerresheimer AG | 319189 | 336121 |
| 3750 | GSK plc, ADR | 142586 | 131775 |
| 4700 | Haleon plc, ADR† | 31341 | 37600 |
| 24945 | HCA Healthcare Inc. | 2904000 | 5985802 |
| 88336 | Henry Schein Inc.† | 2562448 | 7055396 |
| 2500 | ICU Medical Inc.† | 487145 | 393700 |
| 700 | Illumina Inc.† | 184451 | 141540 |
| 5400 | Indivior plc† | 16699 | 120905 |
| 20000 | Integer Holdings Corp.† | 1210521 | 1369200 |
| 200 | IQVIA Holdings Inc.† | 40906 | 40978 |
| 24200 | Johnson & Johnson | 1643678 | 4274930 |
| 12350 | Laboratory Corp. of America Holdings | 2113288 | 2908178 |
| 4000 | McKesson Corp. | 357873 | 1500480 |
| 25300 | Medtronic plc | 1928742 | 1966316 |
| 58300 | Merck & Co. Inc. | 1402717 | 6468385 |
| 70000 | Option Care Health Inc.† | 560000 | 2106300 |
| 27500 | Perrigo Co. plc | 968224 | 937475 |
| 25400 | Pfizer Inc. | 1132286 | 1301496 |
| 14000 | QuidelOrtho Corp.† | 169394 | 1199380 |
| 350 | Regeneron Pharmaceuticals Inc.† | 38211 | 252521 |
| 42200 | Roche Holding AG, ADR | 825485 | 1652130 |
| 6900 | Stryker Corp. | 321481 | 1686981 |
| 28000 | Tenet Healthcare Corp.† | 804658 | 1366120 |
| 5000 | The Cooper Companies Inc. | 1336925 | 1653350 |
| 1585 | UnitedHealth Group Inc. | 224572 | 840335 |
| 4825 | Vertex Pharmaceuticals Inc.† | 1134695 | 1393364 |
| 21150 | Zimmer Biomet Holdings Inc. | 1483821 | 2696625 |
| 300 | Zimvie Inc.† | 2799 | 2802 |
| 7000 | Zoetis Inc. | 304921 | 1025850 |
|  |  | 44583564 | 102236674 |
|  | **Hotels and Gaming — 1.0%** |  |  |
| 10500 | Accor SA† | 279668 | 262448 |
| 5700 | Churchill Downs Inc. | 57091 | 1205151 |
| 327100 | Genting Singapore Ltd. | 251550 | 233224 |
| 11200 | Hyatt Hotels Corp., Cl. A† | 361508 | 1013040 |
| 1100 | Las Vegas Sands Corp.† | 993 | 52877 |
| 3194100 | Mandarin Oriental International Ltd.† | 4938991 | 6132672 |
| 160800 | MGM Resorts International | 1527075 | 5391624 |
| 17100 | Ryman Hospitality Properties Inc., REIT | 140947 | 1398438 |
| 1353350 | The Hongkong & Shanghai Hotels Ltd.† | 1574640 | 1407888 |

---

See accompanying notes to financial statements.

**The Gabelli Asset Fund**

**Schedule of Investments (Continued) — December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Hotels and Gaming (Continued)** |  |  |
| 19000 | Universal Entertainment Corp.† | $96850 | $344270 |
| 3000 | Wyndham Hotels & Resorts Inc. | 38287 | 213930 |
| 6550 | Wynn Resorts Ltd.† | 320837 | 540179 |
|  |  | 9588437 | 18195741 |
|  | **Machinery — 7.2%** |  |  |
| 610 | Accelleron Industries AG, ADR† | 10092 | 12444 |
| 3000 | Astec Industries Inc. | 125306 | 121980 |
| 104050 | Caterpillar Inc. | 679303 | 24926218 |
| 1442000 | CNH Industrial NV | 9793339 | 23158520 |
| 86550 | CNH Industrial NV, Borsa ltaliana | 600724 | 1386469 |
| 149600 | Deere & Co. | 1044541 | 64142496 |
| 13000 | Mueller Water Products Inc., Cl. A | 46016 | 139880 |
| 1550 | Otis Worldwide Corp. | 120664 | 121380 |
| 167575 | Xylem Inc. | 1276332 | 18528768 |
|  |  | 13696317 | 132538155 |
|  | **Manufactured Housing and Recreational Vehicles — 0.4%** |  |  |
| 28000 | Cavco Industries Inc.† | 526630 | 6335000 |
| 825 | Nobility Homes Inc. | 4606 | 20543 |
| 26000 | Skyline Champion Corp.† | 126937 | 1339260 |
|  |  | 658173 | 7694803 |
|  | **Metals and Mining — 3.0%** |  |  |
| 48350 | Agnico Eagle Mines Ltd. | 1522600 | 2513716 |
| 147400 | Barrick Gold Corp. | 1374347 | 2532332 |
| 69600 | Franco-Nevada Corp. | 2351330 | 9499008 |
| 106250 | Freeport-McMoRan Inc. | 1138403 | 4037500 |
| 28000 | Kinross Gold Corp. | 114918 | 114520 |
| 15000 | MP Materials Corp.† | 202910 | 364200 |
| 442200 | Newmont Corp. | 7871057 | 20871840 |
| 103000 | Royal Gold Inc. | 4359376 | 11610160 |
| 74750 | Wheaton Precious Metals Corp. | 1410547 | 2921230 |
|  |  | 20345488 | 54464506 |
|  | **Publishing — 1.6%** |  |  |
| 98000 | News Corp., Cl. A | 482233 | 1783600 |
| 76600 | S&P Global Inc. | 582786 | 25656404 |
| 118050 | The E.W. Scripps Co., Cl. A† | 1003976 | 1557079 |
|  |  | 2068995 | 28997083 |
|  | **Real Estate — 0.9%** |  |  |
| 1400 | Alexandria Real Estate Equities Inc., REIT | 221477 | 203938 |
| 8500 | Host Hotels & Resorts Inc., REIT | 169561 | 136425 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 101907 | Indus Realty Trust Inc., REIT | $1297003 | $6470075 |
| 1550 | Prologis Inc., REIT | 174172 | 174732 |
| 190500 | The St. Joe Co. | 1383967 | 7362825 |
| 41000 | Weyerhaeuser Co., REIT | 822874 | 1271000 |
|  |  | 4069054 | 15618995 |
|  | **Retail — 2.3%** |  |  |
| 8800 | Advance Auto Parts Inc. | 1217846 | 1293864 |
| 69000 | AutoNation Inc.† | 859307 | 7403700 |
| 700 | AutoZone Inc.† | 692314 | 1726326 |
| 29015 | Costco Wholesale Corp. | 1468442 | 13245347 |
| 113100 | CVS Health Corp. | 3616553 | 10539789 |
| 1450 | Dollar Tree Inc.† | 173064 | 205088 |
| 1150 | Lowe's Companies Inc. | 154846 | 229126 |
| 1100 | NIKE Inc., Cl. B | 115126 | 128711 |
| 10000 | Rush Enterprises Inc., Cl. B | 151639 | 562700 |
| 2800 | Starbucks Corp. | 274848 | 277760 |
| 1425 | Target Corp. | 220953 | 212382 |
| 3550 | The Home Depot Inc. | 109899 | 1121303 |
| 94950 | The Kroger Co. | 284082 | 4232871 |
| 11000 | Walgreens Boots Alliance Inc. | 466518 | 410960 |
| 1950 | Walmart Inc. | 258770 | 276491 |
|  |  | 10064207 | 41866418 |
|  | **Specialty Chemicals — 1.1%** |  |  |
| 1150 | Air Products and Chemicals Inc. | 313497 | 354499 |
| 157000 | DuPont de Nemours Inc. | 7586443 | 10774910 |
| 50000 | H.B. Fuller Co. | 373462 | 3581000 |
| 27300 | International Flavors & Fragrances Inc. | 1110407 | 2862132 |
| 4500 | Rogers Corp.† | 543660 | 537030 |
| 32200 | Sensient Technologies Corp. | 519074 | 2348024 |
|  |  | 10446543 | 20457595 |
|  | **Telecommunications — 0.9%** |  |  |
| 3200 | AT&T Inc. | 79814 | 58912 |
| 158250 | Deutsche Telekom AG, ADR | 2381236 | 3161835 |
| 14000 | Hellenic Telecommunications Organization SA | 82085 | 218650 |
| 23400 | Hellenic Telecommunications Organization SA, ADR | 93977 | 181911 |
| 5600 | Orange SA, ADR | 59112 | 55328 |
| 5850 | SoftBank Group Corp., ADR | 125913 | 123757 |
| 2488200 | Telecom Italia SpA† | 1311503 | 576114 |
| 84000 | Telecom Italia SpA, ADR† | 582472 | 191520 |
| 37400 | Telefonica Brasil SA, ADR | 328172 | 267410 |
| 275000 | Telefonica SA, ADR | 1368158 | 981750 |

---

See accompanying notes to financial statements.

**The Gabelli Asset Fund**

**Schedule of Investments (Continued) — December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market<br> Value** |
| | **COMMON STOCKS (Continued)** | | | |
|  | **Telecommunications (Continued)** |  |  |  |
| 744500 | Telephone and Data Systems Inc. | $| 14733832 | $7809805 |
| 91000 | Telesat Corp.† |  | 2483250 | 682500 |
| 18700 | TIM SA, ADR |  | 136557 | 217855 |
| 120000 | VEON Ltd., ADR† |  | 279192 | 58800 |
| 37650 | Verizon Communications Inc. |  | 973408 | 1483410 |
|  |  |  | 25018681 | 16069557 |
|  | **Transportation — 1.1%** |  |  |  |
| 1500 | Canadian National Railway |  |  |  |
|  | Co. |  | 161265 | 178320 |
| 10000 | Canadian Pacific Railway Ltd. |  | 6337 | 745900 |
| 189550 | GATX Corp. |  | 4114451 | 20156747 |
|  |  |  | 4282053 | 21080967 |
|  | **Wireless Communications — 0.3%** | **Wireless Communications — 0.3%** | **Wireless Communications — 0.3%** |  |
| 96750 | America Movil SAB de CV, Cl. L, ADR |  | 292338 | 1760850 |
| 215000 | Operadora De Sites Mexicanos SAB de CV |  | 257222 | 210736 |
| 24635 | T-Mobile US Inc.† |  | 1359439 | 3448900 |
| 29000 | United States Cellular Corp.† |  | 1043066 | 604650 |
|  |  |  | 2952065 | 6025136 |
|  | **TOTAL COMMON STOCKS** |  | 488601958 | 1799515480 |
|  | **CLOSED-END FUNDS — 0.1%** |  |  |  |
| 2000 | Altaba Inc., Escrow† |  | 0 | 7600 |
| 10700 | Royce Global Value Trust Inc. |  | 93090 | 92555 |
| 81700 | Royce Value Trust Inc. |  | 992513 | 1083342 |
|  |  |  | 1085603 | 1183497 |
|  | **TOTAL CLOSED-END FUNDS** |  | 1085603 | 1183497 |
|  | **PREFERRED STOCKS — 0.0%** |  |  |  |
|  | **Electronics — 0.0%** |  |  |  |
| 95 | WESCO International Inc., Ser. A, 10.625% |  | 2518 | 2491 |
|  | **Retail — 0.0%** |  |  |  |
| 18500 | Qurate Retail Inc., 8.000%, 03/15/31 |  | 967950 | 633810 |
|  | **TOTAL PREFERRED STOCKS** |  | 970468 | 636301 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **CONVERTIBLE PREFERRED STOCKS — 0.0%** | **CONVERTIBLE PREFERRED STOCKS — 0.0%** | **CONVERTIBLE PREFERRED STOCKS — 0.0%** |
|  | **Automobiles and Components — 0.0%** | **Automobiles and Components — 0.0%** | **Automobiles and Components — 0.0%** |
| 94569 | Garrett Motion Inc., Ser. A, 11.000% | $496487 | $822750 |
|  | **WARRANTS — 0.0%** |  |  |
|  | **Energy and Utilities — 0.0%** |  |  |
| 1694 | Weatherford International plc, expire 12/13/23† | 0 | 373 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>Principal<br> Amount</u>** |  | | |
|  | **U.S. GOVERNMENT OBLIGATIONS — 3.3%** | **U.S. GOVERNMENT OBLIGATIONS — 3.3%** | **U.S. GOVERNMENT OBLIGATIONS — 3.3%** |
| $60020000 | U.S. Treasury Bill, 3.052%††, 01/03/23 | 60009830 | 60020000 |
|  | **TOTAL INVESTMENTS — 101.5%** | $551164346 | 1862178401 |
|  | **Other Assets and Liabilities (Net) — (1.5)%** |  | (26866238) |
|  | **NET ASSETS — 100.0%** |  | $1835312163 |

---

† Non-income producing security.

†† Represents annualized yield at date of purchase.

ADR American Depositary Receipt

GDR Global Depositary Receipt

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

**The Gabelli Asset Fund**

**Statement of Assets and Liabilities**

**December 31, 2022**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $551,164,346) | $1862178401 |
| &nbsp;&nbsp;&nbsp;Cash | 46798 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $6,891) | 6906 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 868621 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 456576 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 2666391 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 62885 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 1866286578 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Line of credit payable | 26912000 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 1675986 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 1570998 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 285430 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 11250 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 518751 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 30974415 |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 38,711,574 shares outstanding) | $1835312163 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $535861909 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 1299450254 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $1835312163 |
| **Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:** |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($1,245,182,769 ÷ 26,210,723 shares outstanding) | $47.51 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($32,436,427 ÷ 693,826 shares outstanding) | $46.75 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price) | $49.60 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($5,966,232 ÷ 146,531 shares outstanding) | $40.72 (a) |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($551,726,735 ÷ 11,660,494 shares outstanding) | $47.32 |

---

**Statement of Operations**

**For the Year Ended December 31, 2022**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $712,954) | $30324495 |
| &nbsp;&nbsp;&nbsp;Interest | 336379 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 30660874 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees. | 19321294 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 3380097 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 91186 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 75931 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 968331 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 272813 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 262974 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 163000 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 75894 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 68647 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 45000 |
| &nbsp;&nbsp;&nbsp;Interest expense | 7108 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 159978 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 24892253 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 6) | (30563) |
| **Net Expenses** | 24861690 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 5799184 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 176919673 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (158609) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 176761064 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | (419022692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | (19577) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (419042269) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | (242281205) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | $(236482021) |

---

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

See accompanying notes to financial statements.

**The Gabelli Asset Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5799184 | $4265930 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 176761064 | 208681342 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (419042269) | 170973206 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Resulting from Operations** | (236482021) | 383920478 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (115304660) | (142836778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (3055017) | (3996047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (552633) | (1080786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (53526916) | (56099797) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (172439226) | (204013408) |
| **Shares of Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (56190901) | (93863608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (3476096) | 3946720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (3094817) | (11922489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 64826508 | 75087668 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions** | 2064694 | (26751709) |
| &nbsp;&nbsp;&nbsp;**Redemption Fees** | 558 | 395 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | (406855995) | 153155756 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 2242168158 | 2089012402 |
| &nbsp;&nbsp;&nbsp;End of year | $1835312163 | $2242168158 |

---

See accompanying notes to financial statements.

**The Gabelli Asset Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment<br> Operations** | **Income (Loss) from Investment<br> Operations** | **Income (Loss) from Investment<br> Operations** | **Distributions** | **Distributions** | **Distributions** |  |  |  | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| Year Ended<br> December 31 | Net Asset Value,<br> Beginning of Year | Net Investment<br> Income (Loss)(a) | Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments | Total from<br> Investment<br> Operations | Net Investment<br> Income | Net Realized<br> Gain on<br> Investments | Total<br> Distributions | Redemption<br> Fees(a)(b) | Net Asset Value,<br> End of Year | Total Return† | Net Assets, End of<br> Year (in 000's) | Net Investment<br> Income (Loss) | Operating Expenses(c)(d) | Portfolio<br> Turnover<br> Rate |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $58.56 | $0.12 | $(6.39) | $(6.27) | $(0.09) | $(4.69) | $(4.78) | $0.00 | $47.51 | (10.63)% | $1245183 | 0.23% | 1.35% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 54.05 | 0.08 | 10.15 | 10.23 | (0.19) | (5.53) | (5.72) | 0.00 | 58.56 | 18.93 | 1584831 | 0.13 | 1.33 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 | 55.02 | 0.13 | 5.99 | 6.12 | (0.17) | (6.92) | (7.09) | 0.00 | 54.05 | 11.23 | 1544305 | 0.25 | 1.36 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2019 | 49.44 | 0.22 | 10.88 | 11.10 | (0.23) | (5.29) | (5.52) | 0.00 | 55.02 | 22.43 | 1674315 | 0.40 | 1.36 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2018 | 58.97 | 0.19 | (4.77) | (4.58) | (0.17) | (4.78) | (4.95) | 0.00 | 49.44 | (7.69) | 1566040 | 0.32 | 1.35 | 2 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $57.63 | $0.12 | $(6.29) | $(6.17) | $(0.09) | $(4.62) | $(4.71) | $0.00 | $46.75 | (10.63)% | $32436 | 0.23% | 1.35% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 53.28 | 0.08 | 10.01 | 10.09 | (0.21) | (5.53) | (5.74) | 0.00 | 57.63 | 18.93 | 43714 | 0.14 | 1.33 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 | 54.33 | 0.13 | 5.91 | 6.04 | (0.17) | (6.92) | (7.09) | 0.00 | 53.28 | 11.23 | 36656 | 0.25 | 1.36 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2019 | 48.88 | 0.22 | 10.76 | 10.98 | (0.24) | (5.29) | (5.53) | 0.00 | 54.33 | 22.45 | 38598 | 0.41 | 1.36 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2018 | 58.36 | 0.19 | (4.72) | (4.53) | (0.17) | (4.78) | (4.95) | 0.00 | 48.88 | (7.69) | 29477 | 0.32 | 1.35 | 2 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $50.48 | $(0.24) | $(5.50) | $(5.74) | $— | $(4.02) | $(4.02) | $0.00 | $40.72 | (11.30)% | $5966 | (0.53)% | 2.10% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 47.45 | (0.30) | 8.86 | 8.56 |  | (5.53) | (5.53) | 0.00 | 50.48 | 18.04 | 10721 | (0.57) | 2.08 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 | 49.30 | (0.23) | 5.30 | 5.07 |  | (6.92) | (6.92) | 0.00 | 47.45 | 10.41 | 20863 | (0.50) | 2.11 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2019 | 44.91 | (0.19) | 9.87 | 9.68 |  | (5.29) | (5.29) | 0.00 | 49.30 | 21.53 | 32334 | (0.37) | 2.11 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2018 | 54.28 | (0.23) | (4.36) | (4.59) |  | (4.78) | (4.78) | 0.00 | 44.91 | (8.38) | 40549 | (0.43) | 2.10 | 2 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $58.36 | $0.26 | $(6.38) | $(6.12) | $(0.23) | $(4.69) | $(4.92) | $0.00 | $47.32 | (10.41)% | $551727 | 0.49% | 1.10% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 53.88 | 0.23 | 10.14 | 10.37 | (0.36) | (5.53) | (5.89) | 0.00 | 58.36 | 19.24 | 602902 | 0.38 | 1.08 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;2020 | 54.86 | 0.26 | 5.98 | 6.24 | (0.30) | (6.92) | (7.22) | 0.00 | 53.88 | 11.50 | 487188 | 0.51 | 1.11 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2019 | 49.30 | 0.36 | 10.87 | 11.23 | (0.38) | (5.29) | (5.67) | 0.00 | 54.86 | 22.76 | 514387 | 0.65 | 1.11 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2018 | 58.85 | 0.34 | (4.78) | (4.44) | (0.33) | (4.78) | (5.11) | 0.00 | 49.30 | (7.46) | 498494 | 0.57 | 1.10 | 2 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning
 of the year and sold at the end of the 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 periods presented, there was no impact on the expense ratios.

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

See accompanying notes to financial statements.

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

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

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

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

**The Gabelli Asset Fund**

**Notes to Financial Statements (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 Gabelli Asset Fund**

**Notes to Financial Statements (Continued)**

The summary of the Fund's investments in securities by inputs used to value the Fund's investments as of December 31, 2022 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  |<br>**Level 1**<br>**Quoted Prices** | **Level 2 Other**<br>**Significant**<br>**Observable Inputs** |<br>**Total Market Value**<br>**at 12/31/22** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Manufactured Housing and Recreational Vehicles | $7674260 | $20543 | $7694803 |
| &nbsp;&nbsp;&nbsp;Other Industries (a) | 1791820677 |  | 1791820677 |
| Total Common Stocks | 1799494937 | 20543 | 1799515480 |
| Closed-End Funds | 1175897 | 7600 | 1183497 |
| Preferred Stocks (a) | 636301 |  | 636301 |
| Convertible Preferred Stocks (a) | 822750 |  | 822750 |
| Warrants (a) | 373 |  | 373 |
| U.S. Government Obligations |  | 60020000 | 60020000 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $1802130258 | $60048143 | $1862178401 |

---

(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, 2022 or December 31, 2021.

**Additional Information to Evaluate Qualitative Information.**

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

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

**Notes to Financial Statements (Continued)**

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

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

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

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

***Restricted Securities.*** The Fund may invest up to 10% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At December 31, 2022, 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, 2022, the Fund's pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

**The Gabelli Asset Fund**

**Notes to Financial Statements (Continued)**

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

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

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

***Distributions to Shareholders.*** Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to utilization of tax equalization and prior year long term capital gain reversal on real estate investment trusts. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2022, reclassifications were made to increase paid-in capital by $8,668,385, with an offsetting adjustment to total distributable earnings.

The tax character of distributions paid during the years ended December 31, 2022 and 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** |
| **Distributions paid from:\*** |  |  |
| Ordinary income (inclusive of short term capital gains) | $4513125 | $10727340 |
| Net long term capital gains | 175863580 | 203458859 |
| Total distributions paid | $180376705 | $214186199 |

---

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

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

**The Gabelli Asset Fund**

**Notes to Financial Statements (Continued)**

At December 31, 2022, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Net unrealized appreciation on investments and foreign currency translations | $1299450254 |

---

At December 31, 2022, 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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net Unrealized**<br> **Appreciation** |
| Investments | $562721889 | $1348386899 | $(48930387) | $1299456512 |

---

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, 2022, the Fund did not incur any income tax, interest, or penalties. As of December 31, 2022, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

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

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

**5. Portfolio Securities.** Purchases and sales of securities during the year ended December 31, 2022, other than short term securities and U.S. Government obligations, aggregated $89,555,458 and $307,160,428, respectively.

**The Gabelli Asset Fund**

**Notes to Financial Statements (Continued)**

**6. Transactions with Affiliates and Other Arrangements.** During the year ended December 31, 2022, the Fund paid $9,931 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $2,378 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the year ended December 31, 2022, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $30,563.

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, 2022, 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.

**7. Line of Credit.** The Fund participates in an unsecured line of credit, which expires on March 1, 2023 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding

Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. At December 31, 2022, there was $26,912,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for the 12 days of borrowings during the year ended. The average daily amount of borrowings outstanding under the line of credit during the year ended December 31, 2022 was $14,961,500 with a weighted average interest rate of 2.64%. The maximum amount borrowed at any time during the year ended December 31, 2022 was $26,912,000.

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

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

**The Gabelli Asset Fund**

**Notes to Financial Statements (Continued)**

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **Year Ended<br> December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 211857 | $11299992 | 397517 | $23732270 |
| Shares issued upon reinvestment of distributions | 2318170 | 108992689 | 2298562 | 134603794 |
| Shares redeemed | (3381409) | (176483582) | (4204047) | (252199672) |
| &nbsp;&nbsp;&nbsp;Net decrease | (851382) | $(56190901) | (1507968) | $(93863608) |
| **Class A** |  |  |  |  |
| Shares sold | 56952 | $2984631 | 122842 | $7186619 |
| Shares issued upon reinvestment of distributions | 61889 | 2864851 | 64858 | 3737763 |
| Shares redeemed | (183537) | (9325578) | (117170) | (6977662) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (64696) | $(3476096) | 70530 | $3946720 |
| **Class C** |  |  |  |  |
| Shares sold | 3621 | $170656 | 11158 | $550666 |
| Shares issued upon reinvestment of distributions | 13532 | 545603 | 21184 | 1069372 |
| Shares redeemed | (83004) | (3811076) | (259691) | (13542527) |
| &nbsp;&nbsp;&nbsp;Net decrease | (65851) | $(3094817) | (227349) | $(11922489) |
| **Class I** |  |  |  |  |
| Shares sold | 2130124 | $111788843 | 1682941 | $100552940 |
| Shares issued upon reinvestment of distributions | 931582 | 43614881 | 889384 | 51897337 |
| Shares redeemed | (1732824) | (90577217) | (1282737) | (77362609) |
| &nbsp;&nbsp;&nbsp;Net increase | 1328882 | $64826508 | 1289588 | $75087668 |

---

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

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

**The Gabelli Asset Fund**

**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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022, and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP<br> New York, New York

March 1, 2023

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

**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 17, 2022, 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.

**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)**<br> **Address<sup>1</sup>**<br> **and Year of Birth** | **Term of Office**<br> **and**<br> **Length of**<br> **Time Served<sup>2</sup>** | **Number of**<br> **Funds**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee<sup>3</sup>** | **Principal Occupation(s)**<br> **During Past Five Years** | **Other Directorships**<br> **Held by Trustee<sup>3</sup>** |
| **<u>INTERESTED TRUSTEES<sup>4</sup>:</u>** | **<u>INTERESTED TRUSTEES<sup>4</sup>:</u>** | **<u>INTERESTED TRUSTEES<sup>4</sup>:</u>** | **<u>INTERESTED TRUSTEES<sup>4</sup>:</u>** | **<u>INTERESTED TRUSTEES<sup>4</sup>:</u>** |
| **Mario J. Gabelli, CFA**<br> Trustee <br> 1942 | Since 1986 | 31 | Chairman, 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 Chairman 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**<br> Trustee <br> 1944 | Since 1999 | 12 | Former Senior Vice President of G.research, LLC (and its predecessor) (1991-2019) |  |
| **<u>INDEPENDENT TRUSTEES<sup>5</sup>:</u>** | **<u>INDEPENDENT TRUSTEES<sup>5</sup>:</u>** | **<u>INDEPENDENT TRUSTEES<sup>5</sup>:</u>** | **<u>INDEPENDENT TRUSTEES<sup>5</sup>:</u>** | **<u>INDEPENDENT TRUSTEES<sup>5</sup>:</u>** |
| **Anthony J. Colavita<sup>6</sup>**<br> Trustee <br> 1935 | Since 1989 | 18 | President of the law firm of Anthony J. Colavita, P.C. |  |
| **James P. Conn**<br> Trustee <br> 1938 | Since 1992 | 23 | Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (1992-1998) |  |
| **Kuni Nakamura**<br> Trustee <br> 1968 | Since 2009 | 36 | President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees; Trustee on Fordham Preparatory School Board of Trustees |  |
| **Werner J. Roeder**<br> Trustee<br> 1940 | Since 2001 | 20 | Retired physician; Former Vice President of Medical Affairs (Medical Director) of New York Presbyterian/Lawrence Hospital (1999-2014) |  |

---

**The Gabelli Asset Fund**

**Additional Fund Information (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Position(s)**<br> **Address<sup>1</sup>**<br> **and Year of Birth** | **Term of Office**<br> **and**<br> **Length of**<br> **Time Served<sup>2</sup>** | **Number of**<br> **Funds**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee<sup>3</sup>** | **Principal Occupation(s)**<br> **During Past Five Years** | **Other Directorships**<br> **Held by Trustee<sup>3</sup>** |
| **Anthonie C. van Ekris<sup>7</sup>**<br> Trustee <br> 1934 | Since 1986-1989 <br> 1992-present | 23 | Chairman and Chief Executive Officer of BALMAC International, Inc.(global import/ export company) |  |
| **Salvatore J. Zizza<sup>8</sup>**<br> Trustee <br> 1945 | Since 1986-1996 <br> 2000-present | 34 | President of 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) |

---

**The Gabelli Asset Fund**

**Additional Fund Information (Continued)**

---

| | | |
|:---|:---|:---|
| **Name, Position(s)**<br> **Address<sup>1</sup>**<br> **and Year of Birth** | **Term of Office**<br> **and Length of**<br> **Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past Five Years** |
| **OFFICERS:** | **OFFICERS:** | **OFFICERS:** |
| **John C. Ball**<br> President and<br> Treasurer <br> 1976 | Since 2017 | Officer of registered investment companies within the Gabelli Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Chief Executive Officer, G.distributors, LLC since December 2020 |
| **Peter Goldstein**<br> Secretary and Vice<br> President<br> 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**<br> Chief Compliance<br> Officer<br> 1959 | Since 2013 | Chief Compliance Officer of registered investment companies within the Fund Complex since 2013 |

---

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

<sup>2</sup> 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.

<sup>3</sup> 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.

<sup>4</sup> "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.

<sup>5</sup> Trustees who are not interested persons are considered "Independent" Trustees.

<sup>6</sup> 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.

<sup>7</sup> 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.

<sup>8</sup> 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.

**The Gabelli Asset Fund**

**2022 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

For the year ended December 31, 2022, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.0847, $0.0844, and $0.2218, per share for Class AAA, Class A, and Class I, respectively, and long term capital gains totaling $175,863,580, 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, 2022, 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 1.04% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010. The Fund designates 100% of the ordinary income distribution as qualified short term gain pursuant to the American Jobs Creation Act of 2004.

**U.S. Government Income:**

The percentage of the ordinary income distribution paid by the Fund during the year ended December 31, 2022 which was derived from U.S. Treasury securities was 1.43%. 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 2022. The percentage of U.S. Government securities held as of December 31, 2022 was 3.3%. 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**

---

| | |
|:---|:---|
| ![](gabelliassetncsr002.jpg) | **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. |
| ![](gabelliassetncsr003.jpg) | **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. |
| ![](gabelliassetncsr004.jpg) | **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. |
| ![](gabelliassetncsr005.jpg) | **Jeffrey J. Jonas, CFA,** joined Gabelli in 2003 as a research analyst focusing on companies across the healthcare industry. In 2006, he began serving as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Mr. Jonas was a Presidential Scholar at Boston College, where he received a BS in Finance and Management Information Systems. |

---

---

| | |
|:---|:---|
| ![](gabelliassetncsr006.jpg) | **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. |
| ![](gabelliassetncsr007.jpg) | **Sarah Donnelly** joined Gabelli in 1999 as a junior research analyst working with the consumer staples and media analysts. Currently she is a portfolio manager of Gabelli Funds, LLC, a Senior Vice President, and the Food, Household, and Personal Care products research analyst for Gabelli & Company. In 2013, she was named the Health & Wellness research platform leader. Ms. Donnelly received a BS in Business Administration with a concentration in Finance and minor in History from Fordham University. |
| ![](gabelliassetncsr008.jpg) | **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.

![](gabelliassetncsr009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 Kuni Nakamura 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.**

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(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 $41,249 for
 2021 and $43,311 for 2022.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(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 2021 and $0 for 2022.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(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 $4,335 for 2021 and $4,550 for 2022. Tax fees represent tax compliance services provided
 in connection with the review of the Registrant's tax returns.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(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 2021 and $0 for 2022.

(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: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

No services described in paragraphs (b) through (d) were approved pursuant to paragraph (c)(7)(i)(c) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 2021 and $0 for 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The registrant is not a foreign issuer.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.**

&nbsp;&nbsp;&nbsp;&nbsp;(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)).

&nbsp;&nbsp;&nbsp;&nbsp;(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)](ex99-a1.htm) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](ex99-a1.htm)

[(a)(2)](ex99-a2.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-a2.htm)

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

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

[(b)](ex99-b.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-b.htm)

**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   <u>March 9, 2023</u>  

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   <u>March 9, 2023</u>  

---

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

---

Date   <u>March 9, 2023</u>  

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.(A)(1)

[The Gabelli Asset Fund](gabelliasset-ncsr_123122.htm)

**EX-99.(a)(1)**

**Joint Code of Ethics for Chief Executive** 

**and Senior Financial Officers of the Gabelli/GAMCO/TETON Funds** 

Each affiliated registered investment company (each a "<u>Company</u>") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise -- in compliance with applicable law. This Code of Ethics, applicable to each Company's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "<u>Senior Officers</u>"), sets forth policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees of the investment advisor to the Companies or service providers thereof (the "<u>Advisor</u>") and/or affiliates of the Advisor (the "Advisory Group") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:

● the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the " <u>1940 Act</u> ");

● the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the " <u>Advisers Act</u> ");

● the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the " <u>Trust's 1940 Act Code of Ethics</u> ");

● one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the " <u>Directors</u> ") of each Company that are not "interested persons" of such Company (the " <u>Independent Directors</u> ") within the meaning of the 1940 Act (the " <u>Advisory Group's 1940 Act Code of Ethics</u> " and, together with such Company's 1940 Act Code of Ethics, the " <u>1940 Act Codes of Ethics</u> ");

Revised: July 30, 2014

● the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the " <u>Conflict Policies</u> "); and

● the Advisory Group's policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the " <u>Advisory Policies</u> ").

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the "<u>Additional Conflict Rules</u>".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly**

Each Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

● act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

● comply with the laws, rules and regulations that govern the conduct of each Company's operations and report any suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

● adhere to a high standard of business ethics.

**Conflicts Of Interest**

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of a Company.

Revised: July 30, 2014

Senior Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the "CCO") and obtain the approval of the CCO prior to taking action.

Some conflict of interest situations that should always be approved by the CCO, if material, include the following:

● the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, of any of the Companies' service providers, other than the Advisory Group; or

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Advisory Group, such as compensation or equity ownership.

Revised: July 30, 2014

**Disclosures**

It is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by such Company. As a Senior Officer, you are required to promote compliance with this policy and to abide by such Company 's standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

● familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and

● not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Company's independent auditors, such Company's counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics**

If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Company, you must report that information on a timely basis to the CCO or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time. *No one will be subject to retaliation because of a good faith report of a suspected violation*.

Each Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

● the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her;

● violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation;

● if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

● appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics**

Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

Revised: July 30, 2014

The CCO is authorized to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged to do so.

The Board of Directors of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

**Recordkeeping**

Each Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:

● that provided the basis for any amendment or waiver to this Code of Ethics; and

● relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors.

**Confidentiality**

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.

**Amendments**

This Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company's Directors, including a majority of its Independent Directors.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Companies' business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Revised: July 30, 2014

ACKNOWLEDGMENT FORM

I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company's related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time.

---

| |
|:---|
| Printed Name |
| Signature |
| Date |

---

Revised: July 30, 2014

## Ex-99.(A)(2)

[The Gabelli Asset Fund](gabelliasset-ncsr_123122.htm)

**EX-99.(a)(2)**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I
 have reviewed this report on Form N-CSR of The Gabelli Asset Fund;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 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; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2023 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Executive Officer |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I
 have reviewed this report on Form N-CSR of The Gabelli Asset Fund;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 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; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2023 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Financial Officer and Treasurer |

---

## Ex-99.(B)

[The Gabelli Asset Fund](gabelliasset-ncsr_123122.htm)

**EX-99.(b)**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, John C. Ball, Principal Executive Officer of The Gabelli Asset Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2023 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Executive Officer |

---

I, John C. Ball, Principal Financial Officer and Treasurer of The Gabelli Asset Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2023 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Financial Officer and Treasurer |

---