ThZeal - The Zeal

For the six months ended June 30, 2018, the net asset value (“NAV”) per class AAA Share of The Gabelli Asset Fund increased 0.9% compared with a increase of 2.7% for the Standard & Poor’s (“S&P”) 500 Index. Other classes of shares are available. See page 2 for performance information for all classes of shares.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2018.


Average Annual Returns through June 30, 2018 (a) (Unaudited)											Since
										Inception
	Six Months	1 Year		5 Year		10 Year		15 Year		(3/3/86)
Class AAA (GABAX)	0.88%		10.85%		9.25%		8.75%		9.68%		11.82%
S&P 500 Index	2.65		14.37		13.42		10.17		9.30		10.47(b)
Dow Jones Industrial Average	(0.73)		16.26		12.89		10.73		9.55		11.41(b)
Nasdaq Composite Index	9.38		23.71		18.61		13.96		12.01		10.42(b)
Class A (GATAX)	0.89		10.86		9.25		8.75		9.68		11.82
With sales charge (c)	(4.91)		4.48		7.97		8.11		9.25		11.61
Class C (GATCX)	0.50		10.02		8.43		7.94		8.90		11.45
With contingent deferred sales charge (d)	(0.50)		9.02		8.43		7.94		8.90		11.45
Class I (GABIX)	1.00		11.13		9.52		9.02		9.87		11.91
Class T (GALTX)	0.88		10.89		9.26		8.76		9.69		11.83
With sales charge (e)	(1.64)		8.12		8.71		8.48		9.50		11.59

In the current prospectuses dated April 30, 2018, the expense ratios for Class AAA, A, C, I, and T Shares are 1.35%, 1.35%, 2.10%, 1.10%, and 1.35%, respectively. See page 14 for the expense ratios for the six months ended June 30, 2018. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares, Class C Shares, and Class T Shares is 5.75%, 1.00%, and 2.50%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. 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. 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 Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Performance returns for periods of less than one year are not annualized. 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. 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. The Dow Jones Industrial Average and the Nasdaq Composite Index are unmanaged indicators of stock market performance. Dividends are considered reinvested, except for the Nasdaq Composite Index. You cannot invest directly in an index. 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, Class I Shares on January 11, 2008, and Class T Shares on July 5, 2017. The actual performance of the Class A Shares, Class C Shares, and Class T 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.

(b)

S&P 500 Index, Dow Jones Industrial Average, and Nasdaq Composite Index since inception performance results are 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.

(e)

Performance results include the effect of the maximum 2.50% sales charge at the beginning of the period.

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

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

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

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

Hypothetical 5% Return: This section provides information about hypothetical account values and

hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

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


	Beginning	Ending		Annualized		Expenses
	Account Value	Account Value		Expense		Paid During
	01/01/18	06/30/18		Ratio		Period*
*The Gabelli Asset Fund*
Actual Fund Return
Class AAA	$1,000.00		$1,008.80		1.34%		$ 6.67
Class A	$1,000.00		$1,008.90		1.34%		$ 6.67
Class C	$1,000.00		$1,005.00		2.09%		$10.39
Class I	$1,000.00		$1,010.00		1.09%		$ 5.43
Class T	$1,000.00		$1,008.80		1.34%		$ 6.67
Hypothetical 5% Return
Class AAA	$1,000.00		$1,018.15		1.34%		$ 6.71
Class A	$1,000.00		$1,018.15		1.34%		$ 6.71
Class C	$1,000.00		$1,014.43		2.09%		$10.44
Class I	$1,000.00		$1,019.39		1.09%		$ 5.46
Class T	$1,000.00		$1,018.15		1.34%		$ 6.71

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

The following table presents portfolio holdings as a percent of net assets as of June 30, 2018:


Food and Beverage	14.4	%
Financial Services	10.2	%
Equipment and Supplies	7.4	%
Entertainment	7.4	%
Diversified Industrial	5.2	%
Health Care	4.8	%
Consumer Products	4.4	%
Machinery	3.7	%
Cable and Satellite	3.5	%
Energy and Utilities	3.3	%
Automotive: Parts and Accessories	3.1	%
Business Services	2.9	%
Electronics	2.8	%
Environmental Services	2.7	%
Broadcasting	2.3	%
Telecommunications	2.0	%
Metals and Mining	2.0	%
Retail	2.0	%
Consumer Services	1.7	%
Specialty Chemicals	1.7	%
Hotels and Gaming	1.6	%


Aerospace	1.5	%
Computer Software and Services	1.3	%
Publishing	1.3	%
Building and Construction	1.1	%
Automotive	0.9	%
Aviation: Parts and Services	0.9	%
Transportation	0.8	%
Real Estate	0.8	%
Wireless Communications	0.8	%
Agriculture	0.4	%
Closed-End Funds	0.4	%
Communications Equipment	0.4	%
Manufactured Housing and Recreational Vehicles	0.3	%
Computer Hardware	0.1	%
Airlines	0.0	%*
Other Assets and Liabilities (Net)	(0.1	)%

	100.0	%

*	Amount represents less than 0.05%.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. 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-Q 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.

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 the 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.


					Market
Shares			Cost		Value

		COMMON STOCKS — 99.7%
		Aerospace — 1.5%
	490,000	Aerojet Rocketdyne Holdings Inc.†	$	1,457,435	$	14,450,100
	5,000	Lockheed Martin Corp.		147,750		1,477,150
	6,000	Northrop Grumman Corp.		268,238		1,846,200
	1,506,100	Rolls-Royce Holdings plc		11,041,278		19,642,190
	106,933,100	Rolls-Royce Holdings plc, Cl. C†(a)		148,953		141,125
	2,500	The Boeing Co.		162,911		838,775

				13,226,565		38,395,540


		Agriculture — 0.4%
	220,000	Archer-Daniels-Midland Co.		2,515,131		10,082,600
	2,600	Nutrien Ltd.		29,744		141,388
	25,000	The Mosaic Co.		438,682		701,250

				2,983,557		10,925,238


		Airlines — 0.0%
	100,000	American Airlines Group Inc., Escrow†		1,464		122,500


		Automotive — 0.9%
	5,000	Ferrari NV		201,374		675,050
	25,000	General Motors Co.		792,150		985,000
	394,000	Navistar International Corp.†		6,961,578		16,043,680
	91,500	PACCAR Inc.		468,321		5,669,340
	3,000	Volkswagen AG		119,556		495,732

				8,542,979		23,868,802


		Automotive: Parts and Accessories — 3.1%
	138,000	BorgWarner Inc.		584,038		5,956,080
	85,000	Brembo SpA		163,152		1,150,459
	370,000	Dana Inc.		3,447,413		7,470,300
	416,000	Genuine Parts Co.		9,979,169		38,184,640
	43,000	Modine Manufacturing Co.†		275,372		784,750
	43,500	O’Reilly Automotive Inc.†		1,205,929		11,900,295
	30,000	Standard Motor Products Inc.		246,597		1,450,200
	55,000	Superior Industries International Inc.		821,638		984,500
	75,000	Tenneco Inc.		2,087,058		3,297,000
	45,000	Visteon Corp.†		2,450,885		5,815,800

				21,261,251		76,994,024


		Aviation: Parts and Services — 0.9%
	1,700,000	BBA Aviation plc		3,837,490		7,659,558
	46,500	Curtiss-Wright Corp.		142,407		5,534,430
	110,500	Kaman Corp.		1,579,767		7,700,745
	35,000	KLX Inc.†		1,358,014		2,516,500

				6,917,678		23,411,233


		Broadcasting — 2.3%
	279,600	CBS Corp., Cl. A, Voting		3,009,636		15,836,544
	18,000	Cogeco Inc.		342,646		795,771


					Market
Shares			Cost		Value

	26,666	Corus Entertainment Inc., New York, Cl. B	$	43,320	$	100,024
	13,334	Corus Entertainment Inc., Toronto, Cl. B		21,662		50,307
	35,250	Liberty Broadband Corp., Cl. A†		62,878		2,666,310
	100,682	Liberty Broadband Corp., Cl. C†		1,001,380		7,623,641
	33,000	Liberty Media Corp.- Liberty Formula One, Cl. A†		15,739		1,165,230
	65,000	Liberty Media Corp.- Liberty Formula One, Cl. C†		50,310		2,413,450
	50,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†		20,644		2,252,500
	185,000	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		86,016		8,391,600
	330,000	MSG Networks Inc., Cl. A†		210,020		7,903,500
	10,000	Naspers Ltd., Cl. N		393,199		2,540,550
	120,000	Pandora Media Inc.†		1,048,078		945,600
	100,000	Sky plc		1,220,378		1,928,813
	335,000	Television Broadcasts Ltd.		1,535,920		1,061,072
	40,000	Tokyo Broadcasting System Holdings Inc.		560,409		898,884
	56,000	Tribune Media Co., Cl. A		2,098,400		2,143,120

				11,720,635		58,716,916


		Building and Construction — 1.1%
	30,000	Armstrong Flooring Inc.†		522,126		421,200
	39,000	Assa Abloy AB, Cl. B		667,259		831,228
	145,000	Fortune Brands Home & Security Inc.		1,923,822		7,785,050
	95,000	Herc Holdings Inc.†		3,472,847		5,352,300
	379,000	Johnson Controls International plc		10,403,142		12,677,550

				16,989,196		27,067,328


		Business Services — 2.9%
	10,000	Blucora Inc.†		51,427		370,000
	225,000	Clear Channel Outdoor Holdings Inc., Cl. A		888,132		967,500
	20,700	Diebold Nixdorf Inc.		264,329		247,365
	29,000	Ecolab Inc.		229,552		4,069,570
	56,532	Fly Leasing Ltd., ADR†		679,360		796,536
	110,000	Live Nation Entertainment Inc.†		1,078,226		5,342,700
	151,900	Macquarie Infrastructure Corp.		6,657,846		6,410,180
	149,000	Mastercard Inc., Cl. A		581,100		29,281,480
	2,000	MSC Industrial Direct Co. Inc., Cl. A		143,139		169,700
	3,458	Novus Holdings Ltd.		1,557		839
	33,000	The Brink’s Co.		757,126		2,631,750


				Market
Shares		Cost		Value

	COMMON STOCKS (Continued)
	Business Services (Continued)
560,000	The Interpublic Group of Companies Inc.	$	4,476,140	$	13,126,400
24,000	Vectrus Inc.†		116,767		739,680
61,000	Visa Inc., Cl. A		791,911		8,079,450

			16,716,612		72,233,150


	Cable and Satellite — 3.5%
129,000	AMC Networks Inc., Cl. A†		21,473		8,023,800
10,000	Charter Communications Inc., Cl. A†		1,078,622		2,932,100
386,000	Comcast Corp., Cl. A		3,057,400		12,664,660
327,200	DISH Network Corp., Cl. A†		7,554,337		10,997,192
84,000	EchoStar Corp., Cl. A†		2,378,652		3,729,600
147,900	Liberty Global plc, Cl. A†		525,759		4,073,166
402,000	Liberty Global plc, Cl. C†		4,283,659		10,697,220
20,857	Liberty Latin America Ltd., Cl. A†		77,222		398,786
46,740	Liberty Latin America Ltd., Cl. C†		365,906		905,821
540,000	Rogers Communications Inc., New York, Cl. B		2,694,996		25,628,400
50,000	Rogers Communications Inc., Toronto, Cl. B		229,821		2,374,777
118,000	Shaw Communications Inc., New York, Cl. B		228,530		2,401,300
120,000	Shaw Communications Inc., Toronto, Cl. B		164,952		2,444,453

			22,661,329		87,271,275


	Communications Equipment — 0.4%
160,000	Corning Inc.		709,492		4,401,600
32,000	Harris Corp.		2,541,802		4,625,280

			3,251,294		9,026,880


	Computer Hardware — 0.1%
7,000	Apple Inc.		661,508		1,295,770
15,000	Dell Technologies Inc., Cl. V†		1,180,427		1,268,700

			1,841,935		2,564,470


	Computer Software and Services — 1.3%
5,700	Alphabet Inc., Cl. C†		3,123,555		6,359,205
42,000	Donnelley Financial Solutions Inc.†		890,208		729,540
130,000	eBay Inc.†		2,584,401		4,713,800
49,000	Fidelity National Information Services Inc.		913,926		5,195,470
325,000	Hewlett Packard Enterprise Co.		3,260,121		4,748,250
63,000	Internap Corp.†		911,313		656,460
5,000	Microsoft Corp.		158,896		493,050
7,992	NetScout Systems Inc.†		29,395		237,362


				Market
Shares		Cost		Value

55,000	Rockwell Automation Inc.	$	1,567,536	$	9,142,650

			13,439,351		32,275,787


	Consumer Products — 4.4%
30,000	Brunswick Corp.		735,843		1,934,400
11,000	Christian Dior SE		307,335		4,601,371
58,000	Church & Dwight Co. Inc.		89,534		3,083,280
323,000	Edgewell Personal Care Co.†		12,428,128		16,298,580
232,000	Energizer Holdings Inc.		3,065,882		14,606,720
10,000	Essity AB, Cl. A		134,075		247,858
50,000	Essity AB, Cl. B		696,771		1,234,823
3,400	Givaudan SA		1,182,809		7,731,798
30,000	Harley-Davidson Inc.		75,562		1,262,400
2,000	Hermes International		694,184		1,223,389
5,400	National Presto Industries Inc.		156,587		669,600
42,000	Reckitt Benckiser Group plc		1,288,438		3,458,243
100,000	Sally Beauty Holdings Inc.†		800,712		1,603,000
10,000	Svenska Cellulosa AB, Cl. A		35,640		109,303
42,000	Svenska Cellulosa AB, Cl. B		117,839		456,353
861,400	Swedish Match AB		8,870,184		42,672,083
4,000	The Estee Lauder Companies Inc., Cl. A		180,995		570,760
80,000	The Procter & Gamble Co.		2,595,481		6,244,800
30,000	Unilever plc, ADR		947,306		1,658,400
35,000	Wolverine World Wide Inc.		162,769		1,216,950

			34,566,074		110,884,111


	Consumer Services — 1.7%
5,000	Allegion plc		50,325		386,800
96,000	GCI Liberty Inc., Cl. A†		2,306,002		4,327,680
61,500	IAC/InterActiveCorp.†		636,990		9,378,135
20,000	Liberty Expedia Holdings Inc., Cl. A†		89,074		878,800
436,600	Qurate Retail Inc.†		2,613,511		9,264,652
364,000	Rollins Inc.		779,902		19,139,120

			6,475,804		43,375,187


	Diversified Industrial — 5.2%
500	Acuity Brands Inc.		5,901		57,935
5,000	Anixter International Inc.†		45,044		316,500
326,700	Crane Co.		5,121,582		26,178,471
97,000	Eaton Corp. plc		4,349,417		7,249,780
136,000	Greif Inc., Cl. A		3,098,343		7,193,040
262,000	Honeywell International Inc.		7,368,436		37,741,100
24,000	Ingersoll-Rand plc		355,983		2,153,520
220,000	ITT Inc.		1,507,788		11,499,400
30,000	Jardine Matheson Holdings Ltd.		1,557,901		1,893,000
124,000	Jardine Strategic Holdings Ltd.		2,937,194		4,523,520
250,000	Myers Industries Inc.		1,600,550		4,800,000
30,000	nVent Electric plc†		331,439		753,000


					Market
Shares			Cost		Value

		COMMON STOCKS (Continued)
		Diversified Industrial (Continued)
	30,000	Pentair plc	$	707,966	$	1,262,400
	11,500	Sulzer AG		1,058,641		1,400,485
	185,000	Textron Inc.		2,513,177		12,193,350
	320,000	Toray Industries Inc.		2,290,603		2,526,126
	230,000	Trinity Industries Inc.		1,242,169		7,879,800
	4,000	Waters Corp.†		299,744		774,360

				36,391,878		130,395,787


		Electronics — 2.8%
	85,000	Cypress Semiconductor Corp.		724,962		1,324,300
	1,800	Fortive Corp.		7,618		138,798
	8,000	Kyocera Corp., ADR		111,725		448,000
	1,500	Mettler-Toledo International Inc.†		212,220		867,945
	2,200	Samsung Electronics Co. Ltd., GDR		401,884		2,299,000
	882,000	Sony Corp., ADR		17,433,272		45,211,320
	37,000	TE Connectivity Ltd.		929,999		3,332,220
	100,000	Texas Instruments Inc.		2,334,642		11,025,000
	25,000	Thermo Fisher Scientific Inc.		3,077,408		5,178,500

				25,233,730		69,825,083


		Energy and Utilities — 3.3%
	10,000	Anadarko Petroleum Corp.		588,355		732,500
	100,000	BP plc, ADR		2,411,469		4,566,000
	97,000	Chevron Corp.		3,124,445		12,263,710
	9,000	ConocoPhillips		162,773		626,580
	113,000	Devon Energy Corp.		1,571,968		4,967,480
	4,000	Edison International		68,000		253,080
	204,000	El Paso Electric Co.		2,524,129		12,056,400
	34,000	Enbridge Inc.		782,276		1,213,460
	90,000	EOG Resources Inc.		206,089		11,198,700
	50,000	Exxon Mobil Corp.		724,381		4,136,500
	130,000	GenOn Energy Inc., Escrow†(a)		0		0
	165,000	Halliburton Co.		5,377,156		7,434,900
	65,000	Kinder Morgan Inc.		1,263,191		1,148,550
	13,000	Marathon Petroleum Corp.		625,725		912,080
	239,000	National Fuel Gas Co.		11,680,281		12,657,440
	56,400	Oceaneering International Inc.		1,485,871		1,435,944
	5,000	Phillips 66		189,129		561,550
	53,000	Southwest Gas Holdings Inc.		914,983		4,042,310
	95,000	The AES Corp.		263,150		1,273,950
	24,000	Wartsila OYJ Abp		406,645		471,698
	195,000	Weatherford International plc†		644,027		641,550

				35,014,043		82,594,382


		Entertainment — 7.4%
	195,500	Discovery Inc., Cl. A†		1,037,519		5,376,250
	545,000	Discovery Inc., Cl. C†		2,887,550		13,897,500


					Market
Shares			Cost		Value

	670,000	Grupo Televisa SAB, ADR	$	6,871,075	$	12,696,500
	45,000	Liberty Media Corp.- Liberty Braves, Cl. A†		747,445		1,156,950
	136,071	Liberty Media Corp.- Liberty Braves, Cl. C†		2,004,673		3,518,796
	20,000	Lions Gate Entertainment Corp., Cl. B		522,000		469,200
	134,633	The Madison Square Garden Co, Cl. A†		824,867		41,761,810
	1,720,000	Twenty-First Century Fox Inc., Cl. A		9,984,521		85,466,800
	80,000	Twenty-First Century Fox Inc., Cl. B		2,236,106		3,941,600
	416,500	Viacom Inc., Cl. A		11,918,098		14,764,925
	67,000	Viacom Inc., Cl. B		2,243,088		2,020,720
	50,000	Vivendi SA		1,170,712		1,226,191

				42,447,654		186,297,242


		Environmental Services — 2.7%
	548,000	Republic Services Inc.		5,991,502		37,461,280
	30,000	Stericycle Inc.†		2,095,286		1,958,700
	89,000	Waste Connections Inc.		3,190,944		6,699,920
	265,000	Waste Management Inc.		4,208,489		21,555,100

				15,486,221		67,675,000


		Equipment and Supplies — 7.4%
	710,000	AMETEK Inc.		1,100,660		51,233,600
	12,000	Amphenol Corp., Cl. A		23,162		1,045,800
	10,000	AZZ Inc.		370,300		434,500
	91,000	CIRCOR International Inc.		853,326		3,363,360
	110,000	Crown Holdings Inc.†		495,913		4,923,600
	155,000	CTS Corp.		874,137		5,580,000
	4,670	Danaher Corp.		31,340		460,836
	525,900	Donaldson Co. Inc.		908,297		23,728,608
	540,000	Flowserve Corp.		2,395,654		21,816,000
	157,000	Graco Inc.		2,619,786		7,099,540
	205,400	IDEX Corp.		752,626		28,032,992
	50,000	Interpump Group SpA		196,504		1,555,511
	16,000	Lawson Products Inc.†		267,152		389,600
	130,000	Mueller Industries Inc.		3,471,364		3,836,300
	170,000	Sealed Air Corp.		3,630,350		7,216,500
	23,250	The Manitowoc Co. Inc.†		52,334		601,245
	50,000	The Timken Co.		1,857,522		2,177,500
	20,000	The Toro Co.		345,464		1,205,000
	75,000	The Weir Group plc.		315,592		1,979,623
	22,500	Valmont Industries Inc.		180,803		3,391,875
	218,500	Watts Water Technologies Inc., Cl. A		2,474,860		17,130,400

				23,217,146		187,202,390


		Financial Services — 10.2%
	12,800	Alleghany Corp.		2,000,678		7,359,616
	60,000	AllianceBernstein Holding LP		554,093		1,713,000


					Market
Shares			Cost		Value

		COMMON STOCKS (Continued)
		Financial Services (Continued)
	288,000	American Express Co.	$	6,440,450	$	28,224,000
	3,000	Ameriprise Financial Inc.		95,388		419,640
	36,800	Argo Group International Holdings Ltd.		833,710		2,139,920
	60,000	Bank of America Corp.		565,016		1,691,400
	123	Berkshire Hathaway Inc., Cl. A†		372,106		34,690,921
	5,500	BKF Capital Group Inc.†		142,350		59,950
	65,000	Citigroup Inc.		2,290,500		4,349,800
	100,000	GAM Holding AG		1,269,259		1,383,419
	135,000	H&R Block Inc.		2,084,089		3,075,300
	46,000	Interactive Brokers Group Inc., Cl. A		749,277		2,962,860
	35,000	Jefferies Financial Group Inc.		324,217		795,900
	157,300	JPMorgan Chase & Co.		5,893,651		16,390,660
	84,500	Kinnevik AB, Cl. A		1,743,248		2,896,307
	70,000	Kinnevik AB, Cl. B		1,407,503		2,398,526
	186,500	KKR & Co. Inc., Cl. A		2,637,168		4,634,525
	171,000	Legg Mason Inc.		3,545,222		5,938,830
	2,500	LendingTree Inc.†		19,820		534,500
	40,000	Loews Corp.		1,577,090		1,931,200
	39,000	M&T Bank Corp.		2,750,938		6,635,850
	104,000	Marsh & McLennan Companies Inc.		2,957,564		8,524,880
	99,000	PayPal Holdings Inc.†		3,173,463		8,243,730
	20,000	Popular Inc.		332,004		904,200
	130,000	State Street Corp.		3,137,078		12,101,700
	20,000	SunTrust Banks Inc.		424,879		1,320,400
	32,000	T. Rowe Price Group Inc.		517,894		3,714,880
	665,000	The Bank of New York Mellon Corp.		18,950,288		35,863,450
	60,000	The Blackstone Group LP		734,119		1,930,200
	13,500	The Goldman Sachs Group Inc.		1,573,808		2,977,695
	93,000	The Hartford Financial Services Group Inc.		2,927,899		4,755,090
	130,000	The PNC Financial Services Group Inc.		7,423,889		17,563,000
	10,000	Value Line Inc.		137,382		237,000
	10,000	W. R. Berkley Corp.		361,815		724,100
	138,000	Waddell & Reed Financial Inc., Cl. A		2,713,147		2,479,860
	465,000	Wells Fargo & Co.		13,738,518		25,779,600

				96,399,520		257,345,909


		Food and Beverage — 14.4%
	915,900	Brown-Forman Corp., Cl. A		4,171,807		44,750,874
	244,600	Brown-Forman Corp., Cl. B		1,114,730		11,987,846
	46,000	Campbell Soup Co.		1,336,867		1,864,840
	800,000	China Mengniu Dairy Co. Ltd.		1,191,136		2,712,348
	35,000	Chr. Hansen Holding A/S		1,502,296		3,233,411


					Market
Shares			Cost		Value

	25,000	Coca-Cola European Partners plc.	$	489,113	$	1,016,000
	16,500	Coca-Cola HBC AG		231,193		551,147
	345,000	Conagra Brands Inc.		8,548,584		12,326,850
	30,000	Constellation Brands Inc., Cl. A		713,936		6,566,100
	40,000	Crimson Wine Group Ltd.†		315,347		370,000
	212,000	Danone SA		9,684,032		15,564,971
	826,200	Davide Campari-Milano SpA		2,623,199		6,797,280
	259,000	Diageo plc, ADR		9,204,752		37,298,590
	60,000	Dr Pepper Snapple Group Inc.		1,139,426		7,320,000
	80,000	Farmer Brothers Co.†		983,002		2,444,000
	310,000	Flowers Foods Inc.		544,307		6,457,300
	40,000	Fomento Economico Mexicano SAB de CV, ADR		1,367,763		3,511,600
	400,000	General Mills Inc.		7,017,647		17,704,000
	1,900,000	Grupo Bimbo SAB de CV, Cl. A		789,305		3,703,327
	10,000	Heineken Holding NV		407,450		958,765
	86,500	Heineken NV		3,933,214		8,689,295
	20,000	Heineken NV, ADR		481,150		1,004,000
	2,000	Ingredion Inc.		24,050		221,400
	160,000	ITO EN Ltd.		3,457,147		7,413,630
	11,000	John Bean Technologies Corp.		172,494		977,900
	48,000	Kellogg Co.		1,770,093		3,353,760
	74,300	Kerry Group plc, Cl. A		971,930		7,761,366
	430,000	Kikkoman Corp.		4,897,909		21,710,699
	125,000	Lamb Weston Holdings Inc.		2,677,655		8,563,750
	19,800	LVMH Moet Hennessy Louis Vuitton SE		701,482		6,594,528
	107,000	Maple Leaf Foods Inc.		1,934,034		2,705,420
	25,000	MEIJI Holdings Co. Ltd.		551,956		2,109,019
	435,000	Mondelēz International Inc., Cl. A		10,128,118		17,835,000
	48,000	Morinaga Milk Industry Co. Ltd.		886,651		1,794,879
	400	National Beverage Corp.†		29,275		42,760
	58,000	Nestlé SA		3,570,149		4,503,888
	140,000	Nissin Foods Holdings Co. Ltd.		4,745,681		10,128,709
	220,000	Parmalat SpA		616,366		742,488
	83,000	PepsiCo Inc.		2,808,764		9,036,210
	67,000	Pernod Ricard SA		5,953,420		10,946,153
	130,000	Post Holdings Inc.†		3,264,090		11,182,600
	93,000	Remy Cointreau SA		5,655,846		12,055,214
	17,000	Suntory Beverage & Food Ltd.		541,830		726,279
	50,000	The Coca-Cola Co.		1,096,202		2,193,000
	30,000	The Hain Celestial Group Inc.†		231,652		894,000
	22,000	The J.M. Smucker Co.		838,139		2,364,560
	24,000	The Kraft Heinz Co.		1,453,852		1,507,680


					Market
Shares			Cost		Value

		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	400,000	Tingyi (Cayman Islands) Holding Corp.	$	947,408	$	927,909
	150,000	Tootsie Roll Industries Inc.		1,312,603		4,627,500
	5,000	Tyson Foods Inc., Cl. A		39,954		344,250
	75,660	United Natural Foods Inc.†		2,832,873		3,227,656
	152,300	Yakult Honsha Co. Ltd.		3,653,181		10,179,470

				125,555,060		363,504,221


		Health Care — 4.8%
	15,000	Abbott Laboratories		819,444		914,850
	30,000	Akorn Inc.†		635,417		497,700
	6,000	Alexion Pharmaceuticals Inc.†		664,482		744,900
	30,500	Allergan plc.		4,525,694		5,084,960
	46,500	AmerisourceBergen Corp.		3,206,108		3,965,055
	30,500	Amgen Inc.		141,229		5,629,995
	15,000	AngioDynamics Inc.†		148,953		333,600
	37,000	Baxter International Inc.		942,870		2,732,080
	7,500	Becton, Dickinson and Co.		754,832		1,796,700
	11,000	Biogen Inc.†		70,260		3,192,640
	4,400	Bio-Rad Laboratories Inc., Cl. A†		429,458		1,269,576
	400,000	BioScrip Inc.†		826,412		1,172,000
	36,000	Boston Scientific Corp.†		233,100		1,177,200
	129,000	Bristol-Myers Squibb Co.		3,463,549		7,138,860
	65,000	Cardiovascular Systems Inc.†		1,914,717		2,102,100
	31,800	Chemed Corp.		1,266,097		10,233,558
	10,000	Cigna Corp.		511,183		1,699,500
	19,000	CONMED Corp.		375,589		1,390,800
	25,000	DaVita Inc.†		1,446,056		1,736,000
	26,000	Eli Lilly & Co.		912,869		2,218,580
	5,000	Endo International plc†		62,961		47,150
	45,000	Envision Healthcare Corp.†		2,491,452		1,980,450
	120,000	Evolent Health Inc., Cl. A†		1,978,058		2,526,000
	10,000	Express Scripts Holding Co.†		636,597		772,100
	20,000	Gerresheimer AG		1,276,756		1,623,244
	25,000	HCA Healthcare Inc.		1,515,634		2,565,000
	59,000	Henry Schein Inc.†		1,009,568		4,285,760
	40,000	Indivior plc†		25,984		202,291
	15,000	Integer Holdings Corp.†		696,516		969,750
	71,000	Johnson & Johnson		4,733,967		8,615,140
	50,000	Kindred Healthcare Inc.†		452,480		450,000
	8,000	Laboratory Corp. of America Holdings†		1,216,795		1,436,240
	10,000	McKesson Corp.		896,751		1,334,000
	25,000	Medtronic plc		1,881,416		2,140,250
	123,000	Merck & Co. Inc.		3,445,573		7,466,100
	30,000	Mylan NV†		1,736,680		1,084,200
	5,000	Nevro Corp.†		360,200		399,250
	27,322	Orthofix International NV†		903,441		1,552,436
	50,000	Osiris Therapeutics Inc.†		358,465		482,500
	25,000	Owens & Minor Inc.		673,912		417,750


					Market
Shares			Cost		Value

	57,000	Patterson Cos., Inc.	$	1,774,268	$	1,292,190
	40,000	Quidel Corp.†		543,986		2,660,000
	400	Regeneron Pharmaceuticals Inc.†		43,670		137,996
	65,000	Roche Holding AG, ADR		1,252,691		1,795,950
	13,000	Shire plc, ADR		2,033,769		2,194,400
	14,500	Stryker Corp.		718,606		2,448,470
	4,000	The Cooper Companies Inc.		941,320		941,800
	8,000	UnitedHealth Group Inc.		458,571		1,962,720
	20,000	Valeant Pharmaceuticals International Inc.†		289,886		464,800
	124,000	William Demant Holding A/S†		1,158,417		4,991,136
	94,000	Wright Medical Group NV†		1,935,460		2,440,240
	42,500	Zimmer Biomet Holdings Inc.		4,072,921		4,736,200
	7,000	Zoetis Inc.		304,922		596,330

				65,170,012		122,042,497


		Hotels and Gaming — 1.6%
	14,000	Accor SA		433,947		686,994
	56,000	Belmond Ltd., Cl. A†		486,228		624,400
	3,500	Churchill Downs Inc.		115,298		1,037,750
	350,000	Genting Singapore Ltd.		367,220		313,395
	35,000	Hyatt Hotels Corp., Cl. A		1,305,784		2,700,250
	73,000	ILG Inc.		391,602		2,411,190
	47,000	Las Vegas Sands Corp.		130,569		3,588,920
	4,650,000	Mandarin Oriental International Ltd.		8,039,380		10,834,500
	390,000	MGM Resorts International		4,071,570		11,321,700
	2,000,000	The Hongkong & Shanghai Hotels Ltd.		2,722,562		2,855,103
	39,000	Universal Entertainment Corp.†		222,499		1,754,234
	7,000	Wyndham Destinations Inc.		75,984		309,890
	7,000	Wyndham Hotels & Resorts Inc.		89,335		411,810
	10,000	Wynn Resorts Ltd.		680,744		1,673,400

				19,132,722		40,523,536


		Machinery — 3.7%
	120,000	Caterpillar Inc.		789,580		16,280,400
	1,400,000	CNH Industrial NV		11,028,247		14,742,000
	218,600	CNH Industrial NV, Borsa ltaliana		2,006,098		2,322,039
	212,000	Deere & Co.		1,491,566		29,637,600
	50,000	Mueller Water Products Inc., Cl. A		414,557		586,000
	93,000	Welbilt Inc.†		175,205		2,074,830
	418,000	Xylem Inc.		3,582,247		28,164,840

				19,487,500		93,807,709


		Manufactured Housing and Recreational Vehicles — 0.3%
	31,500	Cavco Industries Inc.†		596,101		6,540,975
	20,000	Nobility Homes Inc.		192,816		423,400


					Market
Shares			Cost		Value

		COMMON STOCKS (Continued)
		Manufactured Housing and Recreational Vehicles (Continued)
	31,500	Skyline Champion Corp.	$	169,838	$	1,103,760

				958,755		8,068,135


		Metals and Mining — 2.0%
	56,000	Agnico Eagle Mines Ltd.		1,821,420		2,566,480
	234,000	Barrick Gold Corp.		3,615,288		3,072,420
	30,000	Cleveland-Cliffs Inc.†		199,316		252,900
	90,000	Franco-Nevada Corp.		3,113,147		6,571,800
	156,000	Freeport-McMoRan Inc.		1,823,564		2,692,560
	60,000	Kinross Gold Corp.†		376,124		225,600
	24,000	New Hope Corp. Ltd.		32,183		53,106
	522,000	Newmont Mining Corp.		10,759,240		19,684,620
	123,000	Royal Gold Inc.		5,336,958		11,419,320
	59,009	TimkenSteel Corp.†		735,204		964,797
	180,000	Turquoise Hill Resources Ltd.†		617,436		511,200
	84,000	Wheaton Precious Metals Corp.		1,589,928		1,853,040

				30,019,808		49,867,843


		Publishing — 1.3%
	52,000	Meredith Corp.		1,083,832		2,652,000
	128,000	News Corp., Cl. A		638,332		1,984,000
	25,000	News Corp., Cl. B		238,563		396,250
	117,000	S&P Global Inc.		916,641		23,855,130
	215,000	The E.W. Scripps Co., Cl. A		2,665,801		2,878,850
	10,000	The New York Times Co., Cl. A		89,319		259,000

				5,632,488		32,025,230


		Real Estate — 0.8%
	16,500	Brookfield Asset Management Inc., Cl. A		291,551		668,910
	104,000	Griffin Industrial Realty Inc.		1,510,666		4,574,960
	14,422	Host Hotels & Resorts Inc., REIT		290,636		303,872
	80,000	Ryman Hospitality Properties Inc., REIT		3,419,727		6,652,000
	240,000	The St. Joe Co.†		1,849,359		4,308,000
	100,000	Weyerhaeuser Co., REIT		2,070,571		3,646,000

				9,432,510		20,153,742


		Retail — 2.0%
	48,000	Aaron’s Inc.		108,078		2,085,600
	129,000	AutoNation Inc.†		1,685,853		6,266,820
	53,000	Costco Wholesale Corp.		2,661,386		11,075,940
	150,000	CVS Health Corp.		4,845,818		9,652,500
	400,000	Lianhua Supermarket Holdings Ltd., Cl. H†		369,337		116,753
	134,000	Macy’s Inc.		1,686,654		5,015,620
	20,000	Murphy USA Inc.†		816,948		1,485,800


					Market
Shares			Cost		Value

	15,100	Penske Automotive Group Inc.	$	584,946	$	707,435
	10,000	Rush Enterprises Inc., Cl. B†		227,459		439,000
	45,000	The Cheesecake Factory Inc.		1,330,530		2,477,700
	25,000	The Home Depot Inc.		775,556		4,877,500
	123,000	The Kroger Co.		373,228		3,499,350
	25,000	Walgreens Boots Alliance Inc.		1,322,106		1,500,375

				16,787,899		49,200,393


		Specialty Chemicals — 1.7%
	20,000	Ashland Global Holdings Inc.		747,123		1,563,600
	48,000	DowDuPont Inc.		3,414,730		3,164,160
	440,000	Ferro Corp.†		2,607,818		9,174,000
	128,000	H.B. Fuller Co.		3,465,955		6,871,040
	93,000	International Flavors & Fragrances Inc.		4,180,337		11,528,280
	340,000	OMNOVA Solutions Inc.†		930,956		3,536,000
	9,000	Praxair Inc.		919,375		1,423,350
	50,000	Sensient Technologies Corp.		819,513		3,577,500
	45,000	SGL Carbon SE†		656,508		483,995
	51,000	Valvoline Inc.		674,661		1,100,070

				18,416,976		42,421,995


		Telecommunications — 2.0%
	85,000	CenturyLink Inc.		1,294,342		1,584,400
	185,000	Cincinnati Bell Inc.†		2,979,654		2,904,500
	160,000	Deutsche Telekom AG, ADR		2,418,914		2,469,600
	30,000	Hellenic Telecommunications Organization SA		435,110		371,361
	25,000	Hellenic Telecommunications Organization SA, ADR		111,368		156,100
	78,607	Loral Space & Communications Inc.†		3,069,941		2,955,623
	6,000	Orange SA, ADR		63,335		100,020
	400,000	Sprint Corp.†		2,181,132		2,176,000
	2,815,600	Telecom Italia SpA†		1,527,200		2,095,810
	175,000	Telecom Italia SpA, ADR†		1,222,253		1,284,500
	39,981	Telefonica Brasil SA, ADR		373,700		474,574
	245,000	Telefonica SA, ADR		2,812,942		2,089,850
	970,510	Telephone & Data Systems Inc.		19,465,245		26,611,384
	230,000	Telesites SAB de CV†		154,371		167,808
	145,000	VEON Ltd., ADR		603,407		345,100
	100,000	Verizon Communications Inc.		3,158,369		5,031,000

				41,871,283		50,817,630


		Transportation — 0.8%
	283,000	GATX Corp.		7,310,790		21,007,090
	4,000	Kansas City Southern		7,317		423,840

				7,318,107		21,430,930


		Wireless Communications — 0.8%
	37,000	Altice USA Inc., Cl. A		1,050,435		631,220


					Market
Shares			Cost		Value

		COMMON STOCKS (Continued)
		Wireless Communications (Continued)
	115,000	America Movil SAB de CV, Cl. L, ADR	$	351,470	$	1,915,900
	14,000	Millicom International Cellular SA		885,695		822,500
	53,000	Millicom International Cellular SA, SDR		3,285,419		3,130,265
	208,000	NTT DoCoMo Inc.		2,956,445		5,302,624
	20,000	Tim Participacoes SA, ADR		148,920		337,200
	50,000	T-Mobile US Inc.†		1,496,458		2,987,500
	135,000	United States Cellular Corp.†		6,367,063		5,000,400

				16,541,905		20,127,609


		TOTAL COMMON STOCKS		831,110,941		2,512,459,704


		CLOSED-END FUNDS — 0.4%
	107,000	Altaba Inc.†		1,574,212		7,833,470
	11,417	Royce Global Value Trust Inc.		99,328		119,993
	79,500	Royce Value Trust Inc.		972,272		1,256,100

				2,645,812		9,209,563


		TOTAL CLOSED-END FUNDS		2,645,812		9,209,563


		PREFERRED STOCKS — 0.0%
		Health Care — 0.0%
	31,580	The Phoenix Companies Inc., 7.450%, 01/15/32		674,937		588,177


		RIGHTS — 0.0%
		Financial Services — 0.0%
	79,500	Royce Value Trust Inc., expire 07/05/18†(a)		0		19,875


					Market
Shares			Cost		Value

		Health Care — 0.0%
	20,000	American Medical Alert Corp.†(a)		$ 0		$ 200

		TOTAL RIGHTS		0		20,075

		WARRANTS — 0.0%
		Hotels and Gaming — 0.0%
	200,000	The Indian Hotels Co. Ltd., expire 05/15/19†(b)		329,280		386,000

		TOTAL INVESTMENTS — 100.1%		$ 834,760,970		2,522,663,519

		Other Assets and Liabilities (Net) — (0.1)%				(3,078,554	)

		NET ASSETS — 100.0%				$2,519,584,965

(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2018, the market value of the Rule 144A security amounted to $386,000 or 0.02% of net asset.

†	Non-income producing security.

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

REIT	Real Estate Investment Trust

SDR	Swedish Depositary Receipt


Statement of Assets and Liabilities June 30, 2018 (Unaudited)

Assets:
Investments, at value (cost $834,760,970)	$	2,522,663,519
Foreign currency, at value (cost $10,309)		10,401
Cash		158,594
Receivable for investments sold		452,978
Receivable for Fund shares sold		428,788
Dividends and interest receivable		2,808,379
Prepaid expenses		64,825

Total Assets		2,526,587,484

Liabilities:
Payable for investments purchased		133,772
Payable for Fund shares redeemed		1,247,822
Payable for investment advisory fees		2,085,337
Payable for distribution fees		433,987
Payable for accounting fees		11,250
Line of credit payable		2,877,000
Other accrued expenses		213,351

Total Liabilities		7,002,519

Net Assets
(applicable to 42,445,650 shares outstanding)	$	2,519,584,965

Net Assets Consist of:
Paid-in capital	$	698,623,573
Undistributed net investment income		5,280,501
Accumulated net realized gain on investments and foreign currency transactions		127,785,041
Net unrealized appreciation on investments		1,687,902,549
Net unrealized depreciation on foreign currency translations		(6,699	)

Net Assets	$	2,519,584,965

Shares of Beneficial Interest, each at $0.01 par value; unlimited number of shares authorized:
Class AAA:
Net Asset Value, offering, and redemption price per share ($1,852,889,926 ÷ 31,145,311 shares outstanding)		$59.49
Class A:
Net Asset Value and redemption price per share ($34,553,653 ÷ 586,885 shares outstanding)		$58.88
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$62.47
Class C:
Net Asset Value and offering price per share ($52,070,908 ÷ 954,483 shares outstanding)		$54.55	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($580,069,373 ÷ 9,758,952 shares outstanding)		$59.44
Class T:
Net Asset Value and redemption price per share ($1,105.36 ÷ 18.598 shares outstanding)		$59.43
Maximum offering price per share (NAV ÷ 0.975, based on maximum sales charge of 2.50% of the offering price)		$60.95


Statement of Operations
For the Six Months Ended June 30, 2018 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $727,958)	$	22,806,200
Interest		11,497

Total Income		22,817,697

Expenses:
Investment advisory fees		12,879,319
Distribution fees - Class AAA		2,369,039
Distribution fees - Class A		45,361
Distribution fees - Class C		286,904
Distribution fees - Class T		1
Shareholder services fees		630,202
Custodian fees		142,306
Trustees’ fees		93,692
Shareholder communications expenses		90,906
Interest expense		68,427
Registration expenses		46,646
Legal and audit fees		36,916
Accounting fees		22,500
Miscellaneous expenses		76,259

Total Expenses		16,788,478

Less:
Expenses paid indirectly by broker (See Note 6)		(9,828	)

Net Expenses		16,778,650

Net Investment Income		6,039,047

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		139,146,754
Net realized loss on foreign currency transactions		(78,393	)

Net realized gain on investments and foreign currency transactions		139,068,361

Net change in unrealized appreciation/depreciation:
on investments		(121,035,477	)
on foreign currency translations		(9,619	)

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(121,045,096	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		18,023,265

Net Increase in Net Assets Resulting from Operations	$	24,062,312

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

1. Organization. The Gabelli Asset Fund was organized on November 25, 1985 as a Massachusetts business trust and commenced investment operations on March 3, 1986. 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.

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

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

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is 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 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:

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2018 is as follows:

The Fund did not have material transfers among Level 1, Level 2, and Level 3 during the six months ended June 30, 2018. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

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. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

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

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

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

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

Restricted Securities. The Fund may invest up to 10% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does 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. For the restricted securities the Fund held at June 30, 2018, refer to the Schedule of Investments.

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 port on of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2018, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. 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. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2018:

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. For the six months ended June 30, 2018, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2018, 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.

The Fund pays each Trustee who is not considered an affiliated person an annual retainer of $18,000 plus $2,000 for each Board meeting attended. Each Trustee is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Trustee each receives an annual fee of $2,000. The Chairman of the Proxy Voting Committee and Nominating Committee each receives $1,000 annually. A Trustee may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

4. Distribution Plan. The Fund’s Board has adopted a distribution plan (the “Plan”) for each class of shares, except Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, Class C, and Class T Share Plans, payments are authorized to G.distributors, LLC (the “Distributor”), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, 1.00%, and 0.25%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2018, other than short term securities and U.S. Government Obligations, aggregated $14,484,032 and $227,563,446, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2018, the Fund paid $51,270 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $4,345 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended June 30, 2018, 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 broker arrangement during this period was $9,828.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended June 30, 2018, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 6, 2019 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 custodian 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 125 basis points or the 30 day LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At June 30, 2018, there was $2,877,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the six months ended June 30, 2018 was $3,604,956 with a weighted average interest rate of 2.96%. The maximum amount borrowed at any time during the six months ended June 30, 2018 was $57,732,000.

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

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2018 and the year ended December 31, 2017, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

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.

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

At its meeting on February 22, 2018, the Board of Trustees (“Board”) of the Fund approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the trustees who are not “interested persons” of the Fund (the “Independent Board Members”). The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

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

Investment Performance. The Independent Board Members reviewed the short, medium, and long term performance (as of December 31, 2017) of the Fund against a peer group of ten other comparable funds prepared by the Adviser (“the Adviser Peer Group”) and against a peer group prepared by Broadridge (the “Broadridge Performance Peer Group”) consisting of all retail and institutional multi-cap core funds, regardless of asset size or primary channel of distribution, as represented by Lipper Multi-Cap Core Index. The Independent Board Members noted that the Fund’s performance was in the first quartile for the one year period, the second quartile for the three year period, and the fourth quartile for the five year period, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the third quintile of the funds in its category for the one year period, the fourth quintile for the three year period, and the fifth quintile for the five year period.

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

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

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

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment advisory fee, other expenses, and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of eleven other multi-cap core funds selected by Broadridge and noted that the advisory fee includes substantially all administrative services for the Fund as well as investment advisory services of the Adviser. The Independent Board Members noted that the Fund’s expense ratios were above average within these peer groups and the Fund’s size was generally larger than or comparable to these peers. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

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

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

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

Gabelli/GAMCO Funds and Your Personal Privacy

Who are we?

The Gabelli/GAMCO 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 and GAMCO Asset Management Inc., which are 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 confidential.

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

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

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

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

THE GABELLI ASSET FUND

One Corporate Center

Rye, New York 10580-1422

t 800-GABELLI (800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.COM

Net Asset Value per share available daily

by calling 800-GABELLI after 7:00 P.M.



BOARD OF TRUSTEES
Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. Executive Chairman, Associated Capital Group, Inc.		Anthonie C. van Ekris Chairman, BALMAC International, Inc. Salvatore J. Zizza Chairman, Zizza & Associates Corp.
Anthony J. Colavita President, Anthony J. Colavita, P.C.		OFFICERS Bruce N. Alpert President
James P. Conn Former Chief Investment Officer, Financial Security Assurance Holdings Ltd. John D. Gabelli Senior Vice President, G.research, LLC Kuni Nakamura President, Advanced Polymer, Inc. Anthony R. Pustorino Certified Public Accountant, Professor Emeritus, Pace University Werner J. Roeder Former Medical Director, Lawrence Hospital		John C. Ball Treasurer Agnes Mullady Vice President Andrea R. Mango Secretary
		Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC
		CUSTODIAN State Street Bank and Trust Company TRANSFER AGENT AND DIVIDEND DISBURSING AGENT DST Asset Manager Solutions, Inc.
		LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP

This report is submitted for the general information of the shareholders of The Gabelli Asset Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB405Q218SR




Mario J. Gabelli, CFA	Christopher J. Marangi	Kevin V. Dreyer	Jeffrey J. Jonas, CFA
Chief Investment Officer	Co-Chief Investment Officer	Co-Chief Investment Officer	Portfolio Manager
	BA, Williams College	BSE, University of	BS, Boston College
	MBA, Columbia	Pennsylvania
	Business School	MBA, Columbia Business School


The Gabelli Asset Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2018 through June 30, 2018			Expense Table


	Six Months Ended
	June 30, 2018				Year Ended
	(Unaudited)				December 31, 2017
Operations:
Net investment income		$	6,039,047			$	4,893,261
Net realized gain on investments and foreign currency transactions			139,068,361				232,170,521
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(121,045,096	)			248,708,317

Net Increase in Net Assets Resulting from Operations			24,062,312				485,772,099

Distributions to Shareholders:
Net investment income
Class AAA			—				(2,821,975	)
Class A			—				(44,974	)
Class I			—				(2,373,743	)
Class T			—				(3	)

			—				(5,240,695	)

Net realized gain
Class AAA			—				(156,792,213	)
Class A			—				(3,184,510	)
Class C			—				(5,476,594	)
Class I			—				(48,070,682	)
Class T			—				(86	)

			—				(213,524,085	)

Total Distributions to Shareholders			—				(218,764,780	)


Shares of Beneficial Interest Transactions:
Class AAA			(138,156,090	)			(195,754,410	)
Class A			(5,432,703	)			(22,503,465	)
Class C			(12,106,090	)			(15,644,906	)
Class I			(14,012,700	)			41,907,833
Class T			—				1,089

Net Decrease in Net Assets from Shares of Beneficial Interest Transactions			(169,707,583	)			(191,993,859	)

Redemption Fees			838				644

Net Increase/(Decrease) in Net Assets			(145,644,433	)			75,014,104
Net Assets:
Beginning of year			2,665,229,398				2,590,215,294

End of period (including undistributed net investment income of $5,280,501 and $0, respectively)		$	2,519,584,965			$	2,665,229,398


				Income (Loss) from Investment Operations												Distributions																					Ratios to Average Net Assets/ Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations				Net Investment Income				Net Realized Gain on Investments				Total Distributions				Redemption Fees (a)(b)			Net Asset Value, End of Period			Total Return†			Net Assets End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses(c)			Portfolio Turnover Rate
Class AAA
2018(d)		$	58.97		$	0.13			$	0.39			$	0.52				—				—				—			$	0.00		$	59.49		0.9	%		$	1,852,890		0.43	%(e)		1.34	%(e)(f)		1%
2017			53.33			0.09				10.67				10.76			$	(0.09	)		$	(5.03	)		$	(5.12	)			0.00			58.97		20.2				1,973,845		0.15			1.35	(f)		2
2016			54.10			0.33				5.96				6.29				(0.42	)			(6.64	)			(7.06	)			0.00			53.33		11.6				1,966,374		0.59			1.36	(f)		3
2015			65.39			0.20				(3.93	)			(3.73	)			(0.21	)			(7.35	)			(7.56	)			0.00			54.10		(5.9	)			2,160,274		0.31			1.35	(f)		3
2014			65.31			0.19				3.04				3.23				(0.17	)			(2.98	)			(3.15	)			0.00			65.39		4.9				3,011,541		0.28			1.35			5
2013			51.87			0.21				16.42				16.63				(0.20	)			(2.99	)			(3.19	)			0.00			65.31		32.4				3,178,406		0.35			1.35			7
Class A
2018(d)		$	58.36		$	0.12			$	0.40			$	0.52				—				—				—			$	0.00		$	58.88		0.9	%		$	34,554		0.42	%(e)		1.34	%(e)(f)		1%
2017			52.80			0.09				10.57				10.66			$	(0.07	)		$	(5.03	)		$	(5.10	)			0.00			58.36		20.2				39,598		0.15			1.35	(f)		2
2016			53.62			0.33				5.90				6.23				(0.41	)			(6.64	)			(7.05	)			0.00			52.80		11.6				56,913		0.59			1.36	(f)		3
2015			64.88			0.20				(3.91	)			(3.71	)			(0.20	)			(7.35	)			(7.55	)			0.00			53.62		(5.9	)			74,447		0.31			1.35	(f)		3
2014			64.82			0.19				3.02				3.21				(0.17	)			(2.98	)			(3.15	)			0.00			64.88		4.9				110,428		0.28			1.35			5
2013			51.52			0.20				16.32				16.52				(0.23	)			(2.99	)			(3.22	)			0.00			64.82		32.4				112,707		0.33			1.35			7
Class C
2018(d)		$	54.28		$	(0.09	)		$	0.36			$	0.27				—				—				—			$	0.00		$	54.55		0.5	%		$	52,071		(0.33	)%(e)		2.09	%(e)(f)		1%
2017			49.72			(0.32	)			9.91				9.59				—			$	(5.03	)		$	(5.03	)			0.00			54.28		19.3				63,821		(0.59	)		2.10	(f)		2
2016			50.87			(0.08	)			5.57				5.49				—				(6.64	)			(6.64	)			0.00			49.72		10.8				72,850		(0.16	)		2.11	(f)		3
2015			62.21			(0.27	)			(3.72	)			(3.99	)			—				(7.35	)			(7.35	)			0.00			50.87		(6.6	)			96,670		(0.44	)		2.10	(f)		3
2014			62.58			(0.30	)			2.91				2.61				—				(2.98	)			(2.98	)			0.00			62.21		4.1				125,548		(0.47	)		2.10			5
2013			50.01			(0.24	)			15.80				15.56				—				(2.99	)			(2.99	)			0.00			62.58		31.4				104,620		(0.41	)		2.10			7
Class I
2018(d)		$	58.85		$	0.20			$	0.39			$	0.59				—				—				—			$	0.00		$	59.44		1.0	%		$	580,069		0.69	%(e)		1.09	%(e)(f)		1%
2017			53.22			0.23				10.68				10.91			$	(0.25	)		$	(5.03	)		$	(5.28	)			0.00			58.85		20.5				587,964		0.40			1.10	(f)		2
2016			54.01			0.47				5.95				6.42				(0.57	)			(6.64	)			(7.21	)			0.00			53.22		11.8				494,078		0.84			1.11	(f)		3
2015			65.33			0.37				(3.94	)			(3.57	)			(0.40	)			(7.35	)			(7.75	)			0.00			54.01		(5.6	)			480,480		0.57			1.10	(f)		3
2014			65.25			0.35				3.06				3.41				(0.35	)			(2.98	)			(3.33	)			0.00			65.33		5.2				374,638		0.52			1.10			5
2013			51.82			0.36				16.42				16.78				(0.36	)			(2.99	)			(3.35	)			0.00			65.25		32.7				280,250		0.60			1.10			7
Class T
2018(d)		$	58.91		$	0.13			$	0.39			$	0.52				—				—				—			$	0.00		$	59.43		0.9	%		$	1		0.44	%(e)		1.34	%(e)(f)		1%
2017(g)			58.51			(0.05	)			5.65				5.60			$	(0.17	)		$	(5.03	)		$	(5.20	)			0.00			58.91		9.6				1		(0.15	)(e)		1.35	(e)(f)		2


Distributions paid from:*
Ordinary income (inclusive of short term capital gains)	$	5,513,510
Net long term capital gains		232,578,711

Total distributions paid	$	238,092,221


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 6/30/18
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Aerospace		$ 38,254,415		—		$141,125		$ 38,395,540
Airlines		—		$ 122,500		—		122,500
Energy and Utilities		82,594,382		—		0		82,594,382
Financial Services		257,285,959		59,950		—		257,345,909
Manufactured Housing and Recreational Vehicles		7,644,735		423,400		—		8,068,135
Other Industries (a)		2,125,933,238		—		—		2,125,933,238
Total Common Stocks		2,511,712,729		605,850		141,125		2,512,459,704
Closed End Funds (a)		9,209,563		—		—		9,209,563
Preferred Stocks (a)		—		588,177		—		588,177
Rights (a)		—		—		20,075		20,075
Warrants (a)		—		386,000		—		386,000
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$2,520,922,292		$1,580,027		$161,200		$2,522,663,519


	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	843,506,821	$	1,697,101,072	$	(17,944,374	)	$	1,679,156,698


	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2016
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		199,987		$	11,880,737			457,799		$	26,337,153
Shares issued upon reinvestment of distributions		—			—			2,559,280			151,256,170
Shares redeemed		(2,524,685	)		(150,036,827	)		(6,421,901	)		(373,347,733	)

Net decrease		(2,324,698	)	$	(138,156,090	)		(3,404,822	)	$	(195,754,410	)

Class A
Shares sold		30,800		$	1,820,564			61,828		$	3,551,182
Shares issued upon reinvestment of distributions		—			—			50,505			2,954,019
Shares redeemed		(122,382	)		(7,253,267	)		(511,739	)		(29,008,666	)

Net decrease		(91,582	)	$	(5,432,703	)		(399,406	)	$	(22,503,465	)

Class C
Shares sold		15,502		$	851,367			88,247		$	4,743,068
Shares issued upon reinvestment of distributions		—			—			88,624			4,822,031
Shares redeemed		(236,789	)		(12,957,457	)		(466,453	)		(25,210,005	)

Net decrease		(221,287	)	$	(12,106,090	)		(289,582	)	$	(15,644,906	)

Class I
Shares sold		817,028		$	48,581,486			2,005,140		$	116,932,196
Shares issued upon reinvestment of distributions		—			—			782,917			46,176,445
Shares redeemed		(1,049,149	)		(62,594,186	)		(2,080,694	)		(121,200,808	)

Net increase/(decrease)		(232,121	)	$	(14,012,700	)		707,363		$	41,907,833

Class T(a)
Shares sold		—			—			17		$	1,000
Shares issued upon reinvestment of distributions		—			—			2			89

Net increase		—			—			19		$	1,089