# EDGAR Filing Document

**Accession Number:** 0000783898
**File Stem:** 0001387131-23-001163
**Filing Date:** 2023-2
**Character Count:** 6932
**Document Hash:** 760e00f4121e653cf15fa875b1866168
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-001163.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001387131-23-001163

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230201

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-01719
- **FILM NUMBER:** 23574919

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

---

## 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           |

**<br> Filed Pursuant to Rule 497(e)**

**Registration No. 033-01719**

**THE GABELLI ASSET FUND**

**Supplement dated February 1, 2023**

**To**

**Statutory Prospectus and Statement of Additional Information, each dated April 29, 2022**

This supplement amends certain information in the Prospectus (the "Prospectus") and Statement of Additional Information (the "SAI"), each dated April 29, 2022, of The Gabelli Asset Fund. Unless otherwise indicated, all other information included in the Prospectus and SAI, or any previous supplements thereto, that is not inconsistent with the information set forth in this supplement, remains unchanged. Capitalized terms not otherwise defined in this supplement have the same meaning as in the Prospectus and SAI.

**Addition of Portfolio Manager**

Effective February 1, 2023, Mr. Ashish Sinha has been added to the portfolio management team for The Gabelli Asset Fund (the "Fund").

To reflect the changes, please note the following changes to the Prospectus:

*The following paragraph replaces the disclosure in the sub-section entitled "Management – The Portfolio Managers" beginning on page 6:*

The Portfolio Managers. Mr. Mario J. Gabelli, CFA, Chief Investment Officer — Value Portfolios of the Adviser, has served as portfolio manager of the Fund since its inception on January 22, 1986. Mr. Kevin V. Dreyer, Managing Director and Co-Chief Investment Officer of the Value Team of GAMCO Investors, Inc. and a portfolio manager of the Adviser, has served as a portfolio manager of the Fund since September 1, 2009. Mr. Christopher Marangi, Managing Director and Co-Chief Investment Officer of the Value Team of GAMCO Investors, Inc. and a portfolio manager of the Adviser, has served as a portfolio manager of the Fund since December 1, 2010. Mr. Jeffrey J. Jonas, CFA, a portfolio manager of the Adviser, has served as a portfolio manager of the Fund since October 1, 2012. Mr. Brian C. Sponheimer, Senior Vice President of GAMCO Investors, Inc. and a portfolio manager of the Adviser, has served as a portfolio manager of the Fund since July 1, 2019. Ms. Sarah Donnelly and Ms. Melody Bryant, portfolio managers of the Adviser, have served as portfolio managers of the Fund since January 1, 2020. Mr. Ashish Sinha, portfolio manager of the Adviser and Assistant Vice President of GAMCO Asset Management (UK) Limited ("GAMCO UK"), has served as a portfolio manager to the Fund since February 1, 2023.

*The following paragraphs are added as paragraphs 8 and 9 to the sub-section "Management of the Fund – The Portfolio Managers" beginning on page 12:*

In managing the portfolio of The Gabelli Asset Fund, the Adviser also uses the services of Ashish Sinha. Mr. Sinha is a portfolio manager for Gabelli Funds, LLC (the "Adviser") and an investment professional of an affiliate, GAMCO UK. Mr. Sinha joined GAMCO UK in 2012 as a research analyst and is an Assistant Vice President. Mr. Sinha holds a Bachelor of Business Administration from IMS, India and a Master of International Business from the Indian Institute of Foreign Trade, India. He is a Chartered Financial Analyst.

In keeping with applicable regulatory guidance, GAMCO UK entered into a Memorandum of Understanding ("MOU") with the Adviser pursuant to which GAMCO UK is considered a "Participating Affiliate" of the Adviser as that term is used in relief granted by the staff of the Securities and Exchange Commission allowing U.S. registered investment advisers to use portfolio management and trading resources of advisory affiliates subject to the supervision of a registered adviser.

Please also note the following changes to the SAI:

*In the "Investment Advisory and Other Services" section, under the "Other Accounts Managed" sub-section, the following is added with information as of December 31, 2022:*

**EXCLUDES THE GABELLI ASSET FUND:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Portfolio Manager**<br>| **Type of**<br> **Accounts**<br>| &nbsp;&nbsp;&nbsp; **Total<br> Number of<br> Accounts<br> Managed**<br>| &nbsp;&nbsp;&nbsp; **Total<br> Assets**<br>| &nbsp;&nbsp;&nbsp; **Number of<br> Accounts<br> Managed with<br> Advisory Fee<br> Based on<br> Performance**<br>| &nbsp;&nbsp; **Total Assets with<br> Advisory Fee<br> Based<br> on Performance**<br>|
| Ashish Sinha | &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;$1.9 billion | 1 | &nbsp;&nbsp;&nbsp;$1.9 billion |
|  | &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | 0 | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;Less than $1 million | 0 | &nbsp;&nbsp;&nbsp;$0 |

---

*In the "Investment Advisory and Other Services" section, under the "Ownership of Shares in the Funds" sub-section, the following is added:*

---

| | | |
|:---|:---|:---|
| <br> **Name** | <br> **Fund** | <br> **Dollar Range of Equity Securities<br> Held in each Fund\*** |
| Ashish Sinha | **A** | **B** |

---

\* Key to Dollar Ranges – Information as of December 31, 2022

A. None

B. $1 – $10,000

C. $10,001 – $50,000

D. $50,001 – $100,000

E. $100,001 - $500,000

F. $500,001 – $1,000,000

G. over $1,000,000

**SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE**