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N-CSRS 1 d46781dncsrs.htm GABELLI ASSET FUND GABELLI ASSET FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04494


		The Gabelli Asset Fund
		(Exact name of registrant as specified in charter)

		One Corporate Center Rye, New York 10580-1422
		(Address of principal executive offices) (Zip code)

		Bruce N. Alpert Gabelli Funds, LLC One Corporate Center Rye, New York 10580-1422
		(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

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.

The Report to Shareholders is attached herewith.

The Gabelli Asset Fund

Semiannual Report — June 30, 2020

To Our Shareholders,

For the six months ended June 30, 2020, the net asset value (NAV) per class AAA Share of The Gabelli Asset Fund decreased 11.6% compared with a decrease of 3.1% for the Standard & Poor’s (S&P) 500 Index. Other classes of shares are available. See below for the performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2020.

Comparative Results



Average Annual Returns through June 30, 2020 (a) (Unaudited)																Since
																Inception
	Six Months			1 Year			5 Year			10 Year			15 Year			(3/3/86)
Class AAA (GABAX)		(11.61	)%		(6.27	)%		4.50	%		9.86	%		7.26	%		11.07	%
S&P 500 Index		(3.08	)		7.51			10.73			13.99			8.83			10.38	(d)
Class A (GATAX)		(11.61	)		(6.27	)		4.50			9.86			7.26			11.07
With sales charge (b)		(16.70	)		(11.66	)		3.27			9.21			6.84			10.87
Class C (GATCX)		(11.97	)		(6.99	)		3.72			9.04			6.46			10.67
With contingent deferred sales charge (c)		(12.85	)		(7.92	)		3.72			9.04			6.46			10.67
Class I (GABIX)		(11.52	)		(6.04	)		4.76			10.13			7.48			11.17
In the current prospectuses dated April 29, 2020, the expense ratios for Class AAA, A, C, and I are 1.36%, 1.36%, 2.11%, and 1.11%, respectively. See page 13 for the expense ratios for the six months ended June 30, 2020. 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. (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 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. (b) Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period. (c) Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase. (d) S&P 500 Index since inception performance results are as of February 28, 1986.

Beginning on January 1, 2021, 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.


The Gabelli Asset Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2020 through June 30, 2020		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.


	Beginning Account Value 01/01/20	Ending Account Value 06/30/20		Annualized Expense Ratio	Expenses Paid During Period*
*The Gabelli Asset Fund*
Actual Fund Return
Class AAA	$1,000.00		$ 883.90	1.38%		$ 6.46
Class A	$1,000.00		$ 883.90	1.38%		$ 6.46
Class C	$1,000.00		$ 880.30	2.13%		$ 9.96
Class I	$1,000.00		$ 884.80	1.13%		$ 5.30
Hypothetical 5% Return
Class AAA	$1,000.00		$1,018.00	1.38%		$ 6.92
Class A	$1,000.00		$1,018.00	1.38%		$ 6.92
Class C	$1,000.00		$1,014.27	2.13%		$10.67
Class I	$1,000.00		$1,019.24	1.13%		$ 5.67

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 (182 days), then divided by 366.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2020:

The Gabelli Asset Fund


Food and Beverage	15.0	%
Financial Services	9.0	%
Equipment and Supplies	8.7	%
Consumer Products	6.0	%
Health Care	5.8	%
Entertainment	5.0	%
Diversified Industrial	4.6	%
Machinery	4.2	%
Electronics	4.1	%
Metals and Mining	3.7	%
Business Services	3.6	%
Cable and Satellite	3.4	%
Environmental Services	2.6	%
Automotive: Parts and Accessories	2.6	%
Retail	1.9	%
Broadcasting	1.9	%
Publishing	1.8	%
Telecommunications	1.7	%
Consumer Services	1.6	%
Energy and Utilities	1.5	%
Aerospace	1.5	%


Computer Software and Services	1.3	%
Specialty Chemicals	1.3	%
Automotive	1.0	%
Hotels and Gaming	1.0	%
Building and Construction	1.0	%
Transportation	0.9	%
Real Estate	0.7	%
Aviation: Parts and Services	0.6	%
Wireless Communications	0.6	%
Agriculture	0.4	%
Manufactured Housing and Recreational Vehicles	0.3	%
Computer Hardware	0.2	%
U.S. Government Obligations	0.2	%
Communications Equipment	0.1	%
Closed-End Funds	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-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 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.

The Gabelli Asset Fund

Schedule of Investments — June 30, 2020 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS — 99.6%
		Aerospace — 1.5%
	435,950	Aerojet Rocketdyne Holdings Inc.†	$	1,294,641	$	17,281,058
	9,000	HEICO Corp.		736,228		896,850
	9,400	L3Harris Technologies Inc.		1,014,517		1,594,898
	4,850	Lockheed Martin Corp.		143,318		1,769,862
	5,800	Northrop Grumman Corp.		259,296		1,783,152
	849,900	Rolls-Royce Holdings plc		6,048,217		3,005,569
	1,500	The Boeing Co.		470,778		274,950

				9,966,995		26,606,339

		Agriculture — 0.4%
	165,900	Archer-Daniels-Midland Co.		1,799,118		6,619,410
	23,400	The Mosaic Co.		410,607		292,734

				2,209,725		6,912,144

		Airlines — 0.0%
	100,000	American Airlines Group Inc., Escrow†		77		3,000

		Automotive — 1.0%
	5,000	Ferrari NV		189,262		855,050
	385,300	Navistar International Corp.†		6,897,695		10,865,460
	88,500	PACCAR Inc.		451,717		6,624,225
	2,900	Volkswagen AG†		115,571		466,891

				7,654,245		18,811,626

		Automotive: Parts and Accessories — 2.6%
	20,000	American Axle & Manufacturing Holdings Inc.†		166,860		152,000
	7,000	Aptiv plc		410,122		545,440
	122,550	BorgWarner Inc.		513,926		4,326,015
	344,000	Dana Inc.		2,945,073		4,193,360
	81,600	Freni Brembo SpA†		156,295		754,045
	78,000	Garrett Motion Inc.†		406,913		432,120
	297,150	Genuine Parts Co.		6,955,669		25,840,164
	18,000	Modine Manufacturing Co.†		56,727		99,360
	19,950	O’Reilly Automotive Inc.†		495,475		8,412,317
	28,000	Standard Motor Products Inc.		228,943		1,153,600
	32,000	Superior Industries International Inc.		106,512		54,400
	81,300	Tenneco Inc., Cl. A†		1,003,148		614,628

				13,445,663		46,577,449

		Aviation: Parts and Services — 0.6%
	38,750	Curtiss-Wright Corp.		118,673		3,459,600
	84,600	Kaman Corp.		1,116,134		3,519,360
	1,218,400	Signature Aviation plc		3,367,953		3,501,028

				4,602,760		10,479,988

		Broadcasting — 1.9%
	17,400	Cogeco Inc.		330,961		1,038,412
	37,400	Corus Entertainment Inc., Cl. B		59,794		78,540
	34,750	Liberty Broadband Corp., Cl. A†		150,778		4,246,103


Shares			Cost		Market Value
	82,182	Liberty Broadband Corp., Cl. C†	$	330,766	$	10,187,281
	32,900	Liberty Media Corp.- Liberty Formula One, Cl. A†		15,667		960,022
	51,100	Liberty Media Corp.- Liberty Formula One, Cl. C†		24,223		1,620,381
	50,000	Liberty Media Corp.- Liberty SiriusXM, Cl. A†		20,644		1,726,000
	278,147	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		3,446,038		9,582,164
	297,465	MSG Networks Inc., Cl. A†		149,814		2,959,777
	16,000	Nexstar Media Group Inc., Cl. A		1,385,202		1,339,040
	80,600	Television Broadcasts Ltd.		349,367		93,594
	16,650	Tokyo Broadcasting System Holdings Inc.		220,701		265,382

				6,483,955		34,096,696

		Building and Construction — 1.0%
	62,950	Arcosa Inc.		197,507		2,656,490
	35,800	Assa Abloy AB, Cl. B		609,891		727,856
	127,000	Fortune Brands Home & Security Inc.		1,654,977		8,119,110
	95,000	Herc Holdings Inc.†		2,952,487		2,919,350
	98,000	Johnson Controls International plc		1,921,019		3,345,720

				7,335,881		17,768,526

		Business Services — 3.6%
	192,500	Clear Channel Outdoor Holdings Inc.†		410,135		200,200
	14,000	Diebold Nixdorf Inc.†		109,619		84,840
	20,850	Ecolab Inc.		164,387		4,148,107
	46,900	Fly Leasing Ltd., ADR†		563,721		385,049
	30,000	KAR Auction Services Inc.		450,819		412,800
	24,700	Live Nation Entertainment Inc.†		214,161		1,094,951
	217,000	Macquarie Infrastructure Corp.		6,328,605		6,659,730
	113,100	Mastercard Inc., Cl. A		441,090		33,443,670
	60,000	ServiceMaster Global Holdings Inc.†		2,283,808		2,141,400
	30,000	The Brink’s Co.		683,360		1,365,300
	209,500	The Interpublic Group of Companies Inc.		1,351,072		3,595,020
	9,500	United Rentals Inc.†		1,172,412		1,415,880
	20,700	Vectrus Inc.†		99,491		1,016,991
	47,500	Visa Inc., Cl. A		556,491		9,175,575

				14,829,171		65,139,513

		Cable and Satellite — 3.4%
	100,600	AMC Networks Inc., Cl. A†		0		2,353,034
	2,150	Charter Communications Inc., Cl. A†		118,032		1,096,586
	435,650	Comcast Corp., Cl. A		5,333,035		16,981,637
	289,295	DISH Network Corp., Cl. A†		5,757,514		9,983,570
	80,300	EchoStar Corp., Cl. A†		1,825,319		2,245,188

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Cable and Satellite (Continued)
	134,900	Liberty Global plc, Cl. A†	$	452,220	$	2,948,914
	174,400	Liberty Global plc, Cl. C†		589,019		3,751,344
	14,857	Liberty Latin America Ltd., Cl. A†		41,565		144,410
	90,650	Liberty Latin America Ltd., Cl. C†		1,074,745		855,736
	10,000	Naspers Ltd., Cl. N		393,199		1,822,855
	7,750	Prosus NV†		650,254		720,424
	367,700	Rogers Communications Inc., Cl. B		1,634,813		14,777,863
	203,150	Shaw Communications Inc., Cl. B		322,085		3,323,534

				18,191,800		61,005,095

		Communications Equipment — 0.1%
	85,950	Corning Inc.		223,249		2,226,105

		Computer Hardware — 0.2%
	7,055	Apple Inc.		855,816		2,573,664
	9,000	Dell Technologies Inc., Cl. C†		464,234		494,460
	4,850	Intel Corp.		286,676		290,175
	3,850	International Business Machines Corp.		517,091		464,965
	4,300	Western Digital Corp.		187,845		189,845

				2,311,662		4,013,109

		Computer Software and Services — 1.3%
	800	Activision Blizzard Inc.		47,354		60,720
	625	Alphabet Inc., Cl. A†		886,424		886,281
	8,500	Alphabet Inc., Cl. C†		6,791,766		12,015,685
	2,000	Baidu Inc., ADR†		268,608		239,780
	8,300	Cisco Systems Inc.		393,597		387,112
	20,200	Fidelity National Information Services Inc.		292,560		2,708,618
	144,500	Hewlett Packard Enterprise Co.		1,002,049		1,405,985
	6,100	Microsoft Corp.		316,549		1,241,411
	22,350	Rockwell Automation Inc.		487,984		4,760,550

				10,486,891		23,706,142

		Consumer Products — 6.0%
	27,000	Brunswick Corp.		654,804		1,728,270
	11,000	Christian Dior SE		307,335		4,641,830
	40,000	Church & Dwight Co. Inc.		61,443		3,092,000
	368,900	Edgewell Personal Care Co.†		7,826,455		11,494,924
	262,050	Energizer Holdings Inc.		4,229,200		12,444,755
	9,700	Essity AB, Cl. A†		129,468		307,087
	43,300	Essity AB, Cl. B†		507,986		1,399,157
	3,300	Givaudan SA		1,141,509		12,288,142
	29,000	Harley-Davidson Inc.		73,044		689,330
	1,950	Hermes International		676,664		1,629,528
	4,000	National Presto Industries Inc.		112,955		349,560
	35,650	Reckitt Benckiser Group plc		1,096,146		3,282,995
	92,000	Sally Beauty Holdings Inc.†		708,497		1,152,760
	10,000	Svenska Cellulosa AB SCA, Cl. A†		35,640		116,546
	39,500	Svenska Cellulosa AB SCA, Cl. B†		110,751		469,683


Shares			Cost		Market Value
	713,300	Swedish Match AB	$	7,332,963	$	50,139,673
	3,700	The Estee Lauder Companies Inc., Cl. A		160,216		698,116
	18,000	The Procter & Gamble Co.		487,727		2,152,260
	32,150	Wolverine World Wide Inc.		149,515		765,491

				25,802,318		108,842,107

		Consumer Services — 1.6%
	3,750	Allegion plc		37,744		383,325
	2,500	FedEx Corp.		380,153		350,550
	51,000	GCI Liberty Inc., Cl. A†		588,627		3,627,120
	38,300	IAC/InterActiveCorp.†		391,989		12,386,220
	310,000	Qurate Retail Inc., Cl. A†		1,646,841		2,945,000
	222,500	Rollins Inc.		302,756		9,431,775
	1,000	Royal Caribbean Cruises Ltd.		112,326		50,300

				3,460,436		29,174,290

		Diversified Industrial — 4.6%
	7,500	ABB Ltd., ADR		162,192		169,200
	450	Acuity Brands Inc.		5,311		43,083
	2,800	Agilent Technologies Inc.		234,136		247,436
	40,000	Colfax Corp.†		1,123,134		1,116,000
	248,300	Crane Co.		3,411,608		14,763,918
	95,500	Eaton Corp. plc		3,578,853		8,354,340
	7,700	EnPro Industries Inc.		387,051		379,533
	15,100	General Electric Co.		180,433		103,133
	131,550	Greif Inc., Cl. A		2,906,799		4,526,635
	119,925	Honeywell International Inc.		2,998,972		17,339,956
	20,471	Ingersoll Rand Inc.†		74,956		575,644
	199,600	ITT Inc.		1,275,395		11,724,504
	23,700	Jardine Matheson Holdings Ltd.		1,202,293		989,238
	120,000	Jardine Strategic Holdings Ltd.		2,804,657		2,586,000
	243,150	Myers Industries Inc.		1,503,921		3,537,833
	28,000	nVent Electric plc		306,993		524,440
	28,000	Pentair plc		655,751		1,063,720
	10,350	Sulzer AG		951,070		824,766
	166,900	Textron Inc.		1,755,281		5,492,679
	308,900	Toray Industries Inc.		2,197,042		1,451,880
	22,800	Trane Technologies plc		251,929		2,028,744
	222,500	Trinity Industries Inc.		821,506		4,737,025
	3,850	Waters Corp.†		287,965		694,540
	2,275	Westinghouse Air Brake Technologies Corp.		176,424		130,972

				29,253,672		83,405,219

		Electronics — 4.1%
	12,000	Kyocera Corp., ADR		385,325		653,340
	1,500	Mettler-Toledo International Inc.†		212,220		1,208,325
	431,350	Resideo Technologies Inc.†		4,663,353		5,055,422
	2,200	Samsung Electronics Co. Ltd., GDR		401,884		2,426,600
	694,100	Sony Corp., ADR		13,353,097		47,983,133
	33,500	TE Connectivity Ltd.		814,048		2,731,925

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Electronics (Continued)
	92,250	Texas Instruments Inc.	$	2,111,055	$	11,712,983
	8,000	Thermo Fisher Scientific Inc.		979,015		2,898,720
	35	WESCO International Inc.†		1,315		1,229

				22,921,312		74,671,677

		Energy and Utilities — 1.5%
	74,050	BP plc, ADR		1,575,425		1,726,846
	91,100	Chevron Corp.		2,906,531		8,128,853
	4,650	ConocoPhillips		83,716		195,393
	103,700	Devon Energy Corp.		1,362,673		1,175,958
	31,100	Enbridge Inc.		715,553		946,062
	86,100	EOG Resources Inc.		197,158		4,361,826
	12,100	Exxon Mobil Corp.		173,257		541,112
	77,250	Halliburton Co.		2,174,260		1,002,705
	62,900	Kinder Morgan Inc.		1,166,109		954,193
	4,350	Marathon Petroleum Corp.		203,219		162,603
	111,600	National Fuel Gas Co.		5,251,137		4,679,388
	33,550	Oceaneering International Inc.†		786,658		214,385
	2,700	PG&E Corp.†		27,896		23,949
	33,550	Southwest Gas Holdings Inc.		579,202		2,316,627
	94,600	The AES Corp.		262,042		1,370,754
	52	Weatherford International plc†		39,077		102

				17,503,913		27,800,756

		Entertainment — 5.0%
	180,750	Discovery Inc., Cl. A†		918,342		3,813,825
	534,600	Discovery Inc., Cl. C†		2,660,082		10,296,396
	242,550	Fox Corp., Cl. A		10,066,513		6,505,191
	628,100	Grupo Televisa SAB, ADR†		4,779,103		3,291,244
	52,800	Liberty Media Corp.- Liberty Braves, Cl. A†		943,567		1,060,224
	141,071	Liberty Media Corp.- Liberty Braves, Cl. C†		2,137,638		2,784,741
	126,533	Madison Square Garden Entertainment Corp.†		357,224		9,489,975
	124,533	Madison Square Garden Sports Corp.†		384,451		18,292,652
	158,325	The Walt Disney Co.		1,310,071		17,654,821
	504,150	ViacomCBS Inc., Cl. A		13,105,657		12,906,240
	125,000	ViacomCBS Inc., Cl. B		5,056,692		2,915,000
	50,000	Vivendi SA		1,170,712		1,283,031

				42,890,052		90,293,340

		Environmental Services — 2.6%
	361,850	Republic Services Inc.		2,721,460		29,689,793
	20,000	Stericycle Inc.†		1,268,535		1,119,600
	75,000	Waste Connections Inc.		2,531,362		7,034,250
	93,700	Waste Management Inc.		1,374,876		9,923,767

				7,896,233		47,767,410

		Equipment and Supplies — 8.7%
	615,260	AMETEK Inc.		941,572		54,985,786


Shares			Cost		Market Value
	11,600	Amphenol Corp., Cl. A	$	22,383	$	1,111,396
	10,350	AZZ Inc.		380,219		355,212
	47,000	CIRCOR International Inc.†		362,761		1,197,560
	102,900	Crown Holdings Inc.†		463,904		6,701,877
	147,050	CTS Corp.		788,896		2,946,882
	5,235	Danaher Corp.		141,560		925,705
	424,500	Donaldson Co. Inc.		623,285		19,747,740
	412,700	Flowserve Corp.		1,820,093		11,770,204
	123,000	Graco Inc.		1,955,667		5,902,770
	9,000	Hubbell Inc.		1,178,470		1,128,240
	138,700	IDEX Corp.		508,224		21,920,148
	41,650	Interpump Group SpA		163,688		1,237,221
	12,200	Lawson Products Inc.†		184,772		393,572
	120,000	Mueller Industries Inc.		3,169,561		3,189,600
	161,400	Sealed Air Corp.		3,412,047		5,301,990
	22,475	The Manitowoc Co. Inc.†		49,549		244,528
	47,650	The Timken Co.		1,768,451		2,167,599
	19,350	The Toro Co.		334,013		1,283,679
	75,000	The Weir Group plc		315,592		988,334
	22,600	Valmont Industries Inc.		191,741		2,567,812
	153,900	Watts Water Technologies Inc., Cl. A		1,580,971		12,465,900

				20,357,419		158,533,755

		Financial Services — 9.0%
	9,500	Alleghany Corp.		1,445,585		4,646,830
	49,300	AllianceBernstein Holding LP		149,779		1,342,932
	201,900	American Express Co.		3,290,727		19,220,880
	2,700	Ameriprise Financial Inc.		85,417		405,108
	26,050	Argo Group International Holdings Ltd.		552,080		907,321
	21,400	Bank of America Corp.		123,531		508,250
	109	Berkshire Hathaway Inc., Cl. A†		329,752		29,135,700
	5,000	BKF Capital Group Inc.†		121,860		37,800
	46,000	Calamos Asset Management Inc., Escrow†(a)		0		0
	23,300	Citigroup Inc.		664,690		1,190,630
	54,700	GAM Holding AG†		237,054		125,513
	43,000	Interactive Brokers Group Inc., Cl. A		696,994		1,796,110
	35,850	Jefferies Financial Group Inc.		343,039		557,467
	101,900	JPMorgan Chase & Co.		3,616,738		9,584,714
	77,563	Kinnevik AB, Cl. A		1,488,906		2,031,012
	50,000	Kinnevik AB, Cl. B		922,895		1,315,168
	149,850	KKR & Co. Inc.		1,918,578		4,627,368
	1,500	LendingTree Inc.†		11,892		434,295
	37,800	Loews Corp.		1,477,087		1,296,162
	23,950	M&T Bank Corp.		1,412,775		2,490,081
	52,850	Marsh & McLennan Companies Inc.		1,390,779		5,674,505
	65,000	PayPal Holdings Inc.†		2,053,258		11,324,950
	14,500	Popular Inc.		220,354		538,965

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	140,800	State Street Corp.	$	3,977,069	$	8,947,840
	18,750	T. Rowe Price Group Inc.		267,800		2,315,625
	464,900	The Bank of New York Mellon Corp.		12,382,760		17,968,385
	86,250	The Blackstone Group Inc., Cl. A		1,556,180		4,886,925
	28,925	The Goldman Sachs Group Inc.		5,047,143		5,716,159
	22,000	The Hartford Financial Services Group Inc.		676,171		848,100
	126,200	The PNC Financial Services Group Inc.		7,209,942		13,277,502
	802	Truist Financial Corp.		11,808		30,115
	9,150	Value Line Inc.		124,632		246,959
	74,700	Waddell & Reed Financial Inc., Cl. A		1,405,110		1,158,597
	342,000	Wells Fargo & Co.		9,904,214		8,755,200

				65,116,599		163,343,168

		Food and Beverage — 15.0%
	808,450	Brown-Forman Corp., Cl. A		3,612,939		46,542,467
	85,450	Brown-Forman Corp., Cl. B		335,153		5,439,747
	22,000	Campbell Soup Co.		581,589		1,091,860
	800,000	China Mengniu Dairy Co. Ltd.		1,191,136		3,055,287
	34,300	Chr. Hansen Holding A/S		1,452,223		3,537,309
	24,200	Coca-Cola European Partners plc		473,461		913,792
	15,950	Coca-Cola HBC AG		223,137		400,805
	413,000	Conagra Brands Inc.		10,504,181		14,525,210
	26,500	Constellation Brands Inc., Cl. A		603,411		4,636,175
	37,800	Crimson Wine Group Ltd.†		294,623		204,120
	175,900	Danone SA†		7,747,630		12,165,652
	419,800	Davide Campari-Milano SpA		1,092,660		3,537,322
	216,500	Diageo plc, ADR		7,519,115		29,095,435
	62,100	Farmer Brothers Co.†		678,923		455,814
	271,500	Flowers Foods Inc.		476,708		6,070,740
	36,000	Fomento Economico Mexicano SAB de CV, ADR		1,216,888		2,232,360
	92,450	General Mills Inc.		1,388,373		5,699,543
	1,777,600	Grupo Bimbo SAB de CV, Cl. A		726,424		2,982,195
	10,000	Heineken Holding NV		407,450		818,466
	82,800	Heineken NV		3,728,439		7,633,660
	19,350	Heineken NV, ADR		465,264		892,229
	137,500	ITO EN Ltd.		2,914,881		7,742,533
	11,000	John Bean Technologies Corp		172,494		946,220
	26,000	Kellogg Co.		680,291		1,717,560
	65,200	Kerry Group plc, Cl. A		769,416		8,065,028
	256,300	Kikkoman Corp.		2,785,691		12,319,491
	7,000	Lamb Weston Holdings Inc.		414,219		447,510
	19,300	LVMH Moet Hennessy Louis Vuitton SE		682,448		8,467,385
	60,000	Maple Leaf Foods Inc.		1,064,352		1,260,018
	20,500	MEIJI Holdings Co. Ltd.		438,147		1,628,988
	177,000	Mondelēz International Inc., Cl. A.		3,237,361		9,050,010


Shares			Cost		Market Value
	46,450	Morinaga Milk Industry Co. Ltd.	$	850,937	$	2,060,620
	5,150	National Beverage Corp.†		252,196		314,253
	44,600	Nestlé SA		2,585,567		4,930,502
	109,750	Nissin Foods Holdings Co. Ltd.		3,666,452		9,706,992
	20,000	Nomad Foods Ltd.†		331,661		429,000
	60,250	PepsiCo Inc.		1,971,419		7,968,665
	55,900	Pernod Ricard SA		4,739,618		8,795,608
	74,800	Post Holdings Inc.†		830,426		6,553,976
	86,800	Remy Cointreau SA		5,154,462		11,819,342
	16,450	Suntory Beverage & Food Ltd.		524,300		640,632
	32,900	The Coca-Cola Co.		1,028,385		1,469,972
	5,500	The Hain Celestial Group Inc.†		37,047		173,305
	20,600	The J.M. Smucker Co.		690,558		2,179,686
	14,500	The Kraft Heinz Co.		662,487		462,405
	279,600	Tingyi (Cayman Islands) Holding Corp.		645,368		433,623
	91,326	Tootsie Roll Industries Inc.		722,516		3,129,742
	1,500	Tyson Foods Inc., Cl. A		11,986		89,565
	129,100	Yakult Honsha Co. Ltd.		3,013,414		7,592,359

				85,597,826		272,325,178

		Health Care — 5.8%
	15,000	Abbott Laboratories		819,444		1,371,450
	22,400	AbbVie Inc.		1,931,114		2,199,232
	10,000	Alexion Pharmaceuticals Inc.†		1,120,394		1,122,400
	27,750	AmerisourceBergen Corp.		1,522,004		2,796,367
	28,850	Amgen Inc.		132,637		6,804,561
	6,000	Anthem Inc.		1,683,733		1,577,880
	81,000	Bausch Health Cos. Inc.†		1,700,139		1,481,490
	35,300	Baxter International Inc.		992,606		3,039,330
	10,000	Becton, Dickinson and Co.		1,463,654		2,392,700
	8,200	Biogen Inc.†		79,293		2,193,910
	1,950	BioMarin Pharmaceutical Inc.†		164,701		240,513
	7,350	Bio-Rad Laboratories Inc., Cl. A†		1,436,703		3,318,451
	10,000	BioTelemetry Inc.†		409,100		451,900
	5,000	Boston Scientific Corp.†		185,640		175,550
	141,750	Bristol-Myers Squibb Co.		4,852,325		8,334,900
	15,000	Cardiovascular Systems Inc.†		416,500		473,250
	12,000	Chemed Corp.		191,778		5,412,840
	20,000	Cigna Corp.		2,663,615		3,753,000
	10,400	CONMED Corp.		198,726		748,696
	10,450	Covetrus Inc.†		71,338		186,951
	20,000	DaVita Inc.†		1,153,268		1,582,800
	116,800	Demant A/S†		1,088,664		3,080,033
	10,000	DENTSPLY SIRONA Inc.		360,193		440,600
	10,600	Elanco Animal Health Inc.†		316,286		227,370
	240,000	Evolent Health Inc., Cl. A†		3,320,879		1,708,800
	20,000	Gerresheimer AG		1,276,756		1,844,778
	17,900	HCA Healthcare Inc.		1,289,199		1,737,374
	71,300	Henry Schein Inc.†		1,406,811		4,163,207
	2,500	ICU Medical Inc.†		487,145		460,775
	600	Illumina Inc.†		183,498		222,210

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	38,700	Indivior plc†	$	24,243	$	39,801
	22,000	Integer Holdings Corp.†		1,347,554		1,607,100
	38,950	Johnson & Johnson		2,372,324		5,477,539
	11,000	Laboratory Corp. of America Holdings†		1,753,786		1,827,210
	10,000	McKesson Corp.		896,751		1,534,200
	28,900	Medtronic plc		2,320,723		2,650,130
	54,550	Merck & Co. Inc.		1,164,717		4,218,351
	60,000	Mylan NV†		2,334,580		964,800
	90,000	Option Care Health Inc.†		725,035		1,249,200
	27,322	Orthofix Medical Inc.†		903,441		874,304
	22,500	Perrigo Co. plc		1,280,433		1,243,575
	39,600	PetIQ Inc.†		1,145,898		1,379,664
	20,300	Quidel Corp.†		258,342		4,541,922
	570	Regeneron Pharmaceuticals Inc.†		103,763		355,481
	50,000	Roche Holding AG, ADR		932,704		2,169,000
	8,950	Stryker Corp.		428,600		1,612,701
	65,442	Takeda Pharmaceutical Co. Ltd., ADR		1,265,648		1,173,375
	20,000	Tenet Healthcare Corp.†		402,250		362,200
	4,000	The Cooper Companies Inc.		941,320		1,134,560
	6,000	UnitedHealth Group Inc.		343,111		1,769,700
	1,000	Wright Medical Group NV†		20,590		29,720
	36,850	Zimmer Biomet Holdings Inc.		3,355,867		4,398,416
	7,000	Zoetis Inc.		304,922		959,280

				57,544,745		105,115,547

		Hotels and Gaming — 1.0%
	11,950	Accor SA†		343,224		325,038
	9,700	Churchill Downs Inc.		105,507		1,291,555
	350,000	Genting Singapore Ltd.		367,220		190,872
	14,600	Hyatt Hotels Corp., Cl. A		478,223		734,234
	1,100	Las Vegas Sands Corp.		993		50,094
	4,484,100	Mandarin Oriental International Ltd.		7,678,674		6,770,991
	278,800	MGM Resorts International		2,790,666		4,683,840
	15,000	Red Rock Resorts Inc., Cl. A		224,354		163,650
	24,100	Ryman Hospitality Properties Inc., REIT		463,691		833,860
	2,000,000	The Hongkong & Shanghai Hotels Ltd.		2,722,562		1,808,915
	26,000	Universal Entertainment Corp.†		134,457		503,746
	4,500	Wyndham Destinations Inc.		48,847		126,810
	5,250	Wyndham Hotels & Resorts Inc.		67,001		223,755
	9,250	Wynn Resorts Ltd.		591,332		689,033

				16,016,751		18,396,393

		Machinery — 4.2%
	120,000	Caterpillar Inc.		789,580		15,180,000
	1,428,200	CNH Industrial NV†		11,124,883		10,040,246
	176,550	CNH Industrial NV, Borsa ltaliana†		1,487,857		1,235,342


Shares			Cost		Market Value
	197,700	Deere & Co.	$	1,388,963	$	31,068,555
	37,300	Mueller Water Products Inc., Cl. A		254,361		351,739
	89,950	Welbilt Inc.†		166,031		547,795
	259,700	Xylem Inc.		2,099,634		16,870,112

				17,311,309		75,293,789

		Manufactured Housing and Recreational Vehicles — 0.3%
	29,000	Cavco Industries Inc.†		546,305		5,592,650
	1,125	Nobility Homes Inc.		6,706		27,017
	28,850	Skyline Champion Corp.†		148,413		702,209

				701,424		6,321,876

		Metals and Mining — 3.7%
	53,850	Agnico Eagle Mines Ltd.		1,737,438		3,449,631
	148,400	Barrick Gold Corp.		1,389,784		3,997,896
	10,500	Cleveland-Cliffs Inc.		65,591		57,960
	71,100	Franco-Nevada Corp.		2,405,914		9,928,404
	129,550	Freeport-McMoRan Inc.		1,389,058		1,498,893
	2,500	Glencore plc		5,284		5,304
	29,000	Kinross Gold Corp.†		122,968		209,380
	10,800	New Hope Corp. Ltd.		14,438		10,173
	507,000	Newmont Corp.		10,092,689		31,302,180
	108,500	Royal Gold Inc.		4,611,368		13,488,720
	900	TimkenSteel Corp.†		8,612		3,501
	81,450	Wheaton Precious Metals Corp.		1,540,427		3,587,873

				23,383,571		67,539,915

		Publishing — 1.8%
	42,000	Meredith Corp.		869,217		611,100
	119,200	News Corp., Cl. A		592,007		1,413,712
	87,300	S&P Global Inc.		666,883		28,763,604
	179,100	The E.W. Scripps Co., Cl. A		1,993,647		1,567,125

				4,121,754		32,355,541

		Real Estate — 0.7%
	23,925	Brookfield Asset Management Inc., Cl. A		278,725		787,133
	104,000	Griffin Industrial Realty Inc.		1,510,666		5,633,680
	9,300	Host Hotels & Resorts Inc., REIT		185,917		100,347
	223,000	The St. Joe Co.†		1,661,197		4,330,660
	82,800	Weyerhaeuser Co., REIT		1,697,590		1,859,688

				5,334,095		12,711,508

		Retail — 1.9%
	22,250	Aaron’s Inc.		25,723		1,010,150
	7,800	Advance Auto Parts Inc.		1,072,510		1,111,110
	65,650	AutoNation Inc.†		644,732		2,467,127
	900	AutoZone Inc.†		901,402		1,015,308
	11,000	CarMax Inc.†		698,967		985,050
	35,485	Costco Wholesale Corp.		1,735,035		10,759,407
	121,600	CVS Health Corp.		3,942,204		7,900,352
	1,800	Lowe’s Companies Inc.		191,033		243,216
	40,000	Macy’s Inc.		360,681		275,200
	8,000	Rush Enterprises Inc., Cl. B		181,967		285,280

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Retail (Continued)
	8,000	The Cheesecake Factory Inc.	$	222,621	$	183,360
	15,550	The Home Depot Inc.		481,392		3,895,431
	115,950	The Kroger Co.		350,822		3,924,907
	14,500	Walgreens Boots Alliance Inc.		701,841		614,655

				11,510,930		34,670,553

		Specialty Chemicals — 1.3%
	15,000	Ashland Global Holdings Inc.		437,483		1,036,500
	174,000	DuPont de Nemours Inc.		9,159,971		9,244,620
	335,100	Ferro Corp.†		1,466,477		4,001,094
	55,000	H.B. Fuller Co.		556,787		2,453,000
	33,600	International Flavors & Fragrances Inc.		1,378,751		4,114,656
	47,100	Sensient Technologies Corp.		767,726		2,456,736
	6,000	SGL Carbon SE†		54,086		21,773

				13,821,281		23,328,379

		Telecommunications — 1.7%
	10,100	AT&T Inc.		376,843		305,323
	154,750	Deutsche Telekom AG, ADR		2,320,791		2,595,157
	14,500	Hellenic Telecommunications Organization SA		93,117		195,651
	24,200	Hellenic Telecommunications Organization SA, ADR		102,672		166,738
	121,307	Loral Space & Communications Inc.		3,905,912		2,367,913
	5,800	Orange SA, ADR		61,224		69,020
	14,000	SoftBank Group Corp., ADR		309,568		352,520
	2,676,400	Telecom Italia SpA		1,429,283		1,051,520
	168,700	Telecom Italia SpA, ADR		1,177,831		662,991
	38,691	Telefonica Brasil SA, ADR		350,874		342,802
	233,000	Telefonica SA, ADR		2,522,986		1,123,060
	881,600	Telephone and Data Systems Inc.		17,603,956		17,526,208
	230,000	Telesites SAB de CV†		154,371		145,598
	88,250	VEON Ltd., ADR		326,615		158,850
	72,850	Verizon Communications Inc.		2,176,181		4,016,221

				32,912,224		31,079,572

		Transportation — 0.9%
	251,050	GATX Corp.		6,113,465		15,309,029
	3,850	Kansas City Southern		7,041		574,767

				6,120,506		15,883,796

		Wireless Communications — 0.6%
	103,750	America Movil SAB de CV, Cl. L, ADR.		314,555		1,316,587
	193,100	NTT DOCOMO Inc.		2,737,575		5,154,102
	19,350	TIM Participacoes SA, ADR		142,738		250,389
	18,605	T-Mobile US Inc.†		572,011		1,937,711


Shares			Cost		Market Value
	52,000	United States Cellular Corp.†	$	2,174,063	$	1,605,240

				5,940,942		10,264,029

		TOTAL COMMON STOCKS		613,261,386		1,806,463,530

		CLOSED-END FUNDS — 0.1%
	2,000	Altaba Inc., Escrow†		0		43,000
	10,700	Royce Global Value Trust Inc.		93,090		123,799
	81,700	Royce Value Trust Inc.		992,513		1,024,518

				1,085,603		1,191,317

		TOTAL CLOSED-END FUNDS		1,085,603		1,191,317

		MANDATORY CONVERTIBLE SECURITIES (b) — 0.0%
		Diversified Industrial — 0.0%
	15,000	Avantor Inc., Ser. A 6.250%, 05/15/22		904,762		861,000


		PREFERRED STOCKS — 0.0%
		Electronics — 0.0%
	95	WESCO International Inc., Ser. A, 10.625%		2,518		2,519

		Health Care — 0.0%
	31,580	The Phoenix Companies Inc., 7.450%, 01/15/32		674,937		424,041


		TOTAL PREFERRED STOCKS		677,455		426,560

		RIGHTS — 0.0%
		Health Care — 0.0%
	30,000	Bristol-Myers Squibb Co., CVR†		76,556		107,400


		Wireless Communications — 0.0%
	3,605	T-Mobile US Inc., expire 07/27/20†		0		606

		TOTAL RIGHTS		76,556		108,006


		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	1,694	Weatherford International plc, expire 12/13/23†		0		288

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)


Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 0.2%
	$ 2,900,000	U.S. Treasury Bill, 0.130%††, 09/24/20	$	2,899,113	$	2,899,076


		TOTAL INVESTMENTS — 99.9%	$	618,904,875		1,811,949,777

		Other Assets and Liabilities (Net) — 0.1%				1,554,716

		NET ASSETS — 100.0%.			$	1,813,504,493

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

(b)	Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

CVR	Contingent Value Right

GDR	Global Depositary Receipt

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

The Gabelli Asset Fund

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)



Assets:
Investments, at value (cost $618,904,875)	$	1,811,949,777
Foreign currency, at value (cost $35,457)		35,514
Cash		27,386
Receivable for investments sold		1,982,906
Receivable for Fund shares sold		577,671
Dividends and interest receivable		2,410,497
Prepaid expenses		50,999

Total Assets		1,817,034,750

Liabilities:
Payable for investments purchased		214,586
Payable for Fund shares redeemed		815,635
Payable for investment advisory fees		1,507,454
Payable for distribution fees		303,580
Payable for accounting fees		11,250
Payable for shareholder services fees		322,524
Payable for shareholder communications expenses		228,140
Other accrued expenses		127,088

Total Liabilities		3,530,257

Net Assets
(applicable to 37,372,506 shares outstanding)	$	1,813,504,493

Net Assets Consist of:
Paid-in capital	$	448,272,432
Total distributable earnings		1,365,232,061

Net Assets	$	1,813,504,493

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 ($1,339,770,035 ÷ 27,552,040 shares outstanding)		$48.63
Class A:
Net Asset Value and redemption price per share ($29,853,936 ÷ 621,755 shares outstanding)		$48.02
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$50.95
Class C:
Net Asset Value and offering price per share ($22,162,948 ÷ 510,610 shares outstanding)		$43.40	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($421,717,574 ÷ 8,688,101 shares outstanding)		$48.54

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

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)



Investment Income:
Dividends (net of foreign withholding taxes of $474,185)	$	15,022,982
Interest		306

Total Income		15,023,288

Expenses:
Investment advisory fees		9,467,433
Distribution fees - Class AAA		1,748,283
Distribution fees - Class A		39,623
Distribution fees - Class C		128,395
Shareholder services fees		630,121
Custodian fees		133,820
Shareholder communications expenses		110,120
Interest expense		96,058
Trustees’ fees		91,244
Registration expenses		40,273
Legal and audit fees		31,408
Accounting fees		22,500
Miscellaneous expenses		61,792

Total Expenses		12,601,070

Less:
Expenses paid indirectly by broker (See Note 6)		(10,540	)

Net Expenses		12,590,530

Net Investment Income		2,432,758

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		175,993,824
Net realized loss on foreign currency transactions		(21,158	)

Net realized gain on investments and foreign currency transactions		175,972,666

Net change in unrealized appreciation:
on investments		(447,705,342	)
on foreign currency translations		3,948

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(447,701,394	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(271,728,728	)

Net Decrease in Net Assets Resulting from Operations	$	(269,295,970	)

See accompanying notes to financial statements.

The Gabelli Asset Fund

Statement of Changes in Net Assets



	Six Months Ended June 30, 2020 (Unaudited)				Year Ended December 31, 2019
Operations:
Net investment income		$	2,432,758			$	10,062,501
Net realized gain on investments and foreign currency transactions			175,972,666				216,732,892
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(447,701,394	)			229,957,875

Net Increase/(Decrease) in Net Assets Resulting from Operations			(269,295,970	)			456,753,268

Distributions to Shareholders:
Accumulated earnings
Class AAA			—				(154,956,402	)
Class A			—				(3,633,709	)
Class C			—				(3,155,731	)
Class I			—				(48,882,746	)

Total Distributions to Shareholders			—				(210,628,588	)


Shares of Beneficial Interest Transactions:
Class AAA			(136,102,293	)			(71,248,536	)
Class A			(4,123,669	)			5,767,231
Class C			(6,326,050	)			(12,529,735	)
Class I			(30,281,697	)			(43,040,525	)

Net Decrease in Net Assets from Shares of
Beneficial Interest Transactions			(176,833,709	)			(121,051,565	)

Redemption Fees			192				909

Net Increase/(Decrease) in Net Assets.			(446,129,487	)			125,074,024
Net Assets:
Beginning of year			2,259,633,980				2,134,559,956

End of period		$	1,813,504,493			$	2,259,633,980

See accompanying notes to financial statements.

The Gabelli Asset Fund

Financial Highlights

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


				Income (Loss) from Investment Operations												Distributions																					Ratios to Average Net Assets/ Supplemental Data
Year Ended December 31	Net Asset Value, Beginning of Year			Net Investment Income (Loss)(a)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations				Net Investment Income				Net Realized Gain on Investments				Total Distributions				Redemption Fees (a)(b)			Net Asset Value, End of Period			Total Return†			Net Assets End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses(c)		Portfolio Turnover Rate
Class AAA
2020(d)		$	55.02		$	0.05			$	(6.44	)		$	(6.39	)			—				—				—			$	0.00		$	48.63		(11.6	)%		$	1,339,770		0.21	%(e)		1.38%(e)		3	%
2019			49.44			0.22				10.88				11.10			$	(0.23	)		$	(5.29	)		$	(5.52	)			0.00			55.02		22.4				1,674,315		0.40			1.36		4
2018			58.97			0.19				(4.77	)			(4.58	)			(0.17	)			(4.78	)			(4.95	)			0.00			49.44		(7.7	)			1,566,040		0.32			1.35		2
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		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		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		3
Class A
2020(d)		$	54.33		$	0.05			$	(6.36	)		$	(6.31	)			—				—				—			$	0.00		$	48.02		(11.6	)%		$	29,854		0.21	%(e)		1.38%(e)		3	%
2019			48.88			0.22				10.76				10.98			$	(0.24	)		$	(5.29	)		$	(5.53	)			0.00			54.33		22.4				38,598		0.41			1.36		4
2018			58.36			0.19				(4.72	)			(4.53	)			(0.17	)			(4.78	)			(4.95	)			0.00			48.88		(7.7	)			29,477		0.32			1.35		2
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		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		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		3
Class C
2020(d)		$	49.30		$	(0.12	)		$	(5.78	)		$	(5.90	)			—				—				—			$	0.00		$	43.40		(12.0	)%		$	22,163		(0.54	)%(e)		2.13%(e)		3	%
2019			44.91			(0.19	)			9.87				9.68				—			$	(5.29	)		$	(5.29	)			0.00			49.30		21.5				32,334		(0.37	)		2.11		4
2018			54.28			(0.23	)			(4.36	)			(4.59	)			—				(4.78	)			(4.78	)			0.00			44.91		(8.4	)			40,549		(0.43	)		2.10		2
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		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		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		3
Class I
2020(d)		$	54.86		$	0.11			$	(6.43	)		$	(6.32	)			—				—				—			$	0.00		$	48.54		(11.5	)%		$	421,717		0.46	%(e)		1.13%(e)		3	%
2019			49.30			0.36				10.87				11.23			$	(0.38	)		$	(5.29	)		$	(5.67	)			0.00			54.86		22.8				514,387		0.65			1.11		4
2018			58.85			0.34				(4.78	)			(4.44	)			(0.33	)			(4.78	)			(5.11	)			0.00			49.30		(7.5	)			498,494		0.57			1.10		2
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		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		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		3

†

Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a)	Per share amounts have been calculated using the average shares outstanding method.

(b)	Amount represents less than $0.005 per share.

(c)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no impact on the expense ratios.

(d)	For the six months ended June 30, 2020, unaudited.

(e)	Annualized.

See accompanying notes to financial statements.

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Asset Fund was organized on November 25, 1985 as a Massachusetts business trust 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. The Fund’s secondary goal is to provide current income.

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:

●

Level 1 — quoted prices in active markets for identical securities;

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

●

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

●

Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2020 is as follows:


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 6/30/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Airlines		—		$ 3,000		—	$	3,000
Financial Services	$	163,305,368		37,800		$ 0		163,343,168
Manufactured Housing and Recreational Vehicles		6,294,859		27,017		—		6,321,876
Other Industries (a)		1,636,795,486		—		—		1,636,795,486
Total Common Stocks		1,806,395,713		67,817		$ 0		1,806,463,530
Closed End Funds		1,148,317		43,000		—		1,191,317
Mandatory Convertible Securities(a)		861,000		—		—		861,000
Preferred Stocks (a)		2,519		424,041		—		426,560
Rights (a)		108,006		—		—		108,006
Warrants (a)		288		—		—		288
U.S. Government Obligations		—		2,899,076		—		2,899,076
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,808,515,843		$3,433,934		$ 0		$1,811,949,777

(a)

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

During the six months ended June 30, 2020, the Fund did not have material transfers into or out of Level 3.

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

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. 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.

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

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. At June 30, 2020, the Fund did not hold restricted securities.

Investments in other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2020, 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

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2019 was as follows:


Distributions paid from:*
Ordinary income (inclusive of short term capital gains)	$	11,858,696
Net long term capital gains.		214,565,061

Total distributions paid	$	226,423,757

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

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

The following summarizes the tax cost of investments and the related net unrealized appreciation

at June 30, 2020:


	Cost		Gross Unrealized Appreciation	Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$	626,313,817	$1,225,637,372	$	(40,001,412	)	$1,185,635,960

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, 2020, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2020, 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 Nominating Committee receives $1,000 annually. A Trustee may receive a single meeting fee, allocated

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 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 six months ended June 30, 2020, other than short term securities and U.S. Government Obligations, aggregated $58,426,196 and $291,982,948, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2020, the Fund paid $48,827 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $7,174 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended June 30, 2020, 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 $10,540.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months ended June 30, 2020, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

During the six months ended June 30, 2020, the Fund engaged in a sale transaction with a fund that has a common investment adviser. This transaction complied with Rule 17a-7 under the Act and amounted to $2,644,350.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 3, 2021 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 ICE 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, 2020, there were no borrowings 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, 2020 was $3,459,813 with a weighted average interest rate of 2.64%. The maximum amount borrowed at any time during the six months ended June 30, 2020 was $51,068,000.

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 Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2020 and the year ended December 31, 2019, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2020 (Unaudited)						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		366,540		$	29,650,932			317,404		$	17,770,634
Shares issued upon reinvestment of distributions		117			7,033			2,644,781			145,862,574
Shares redeemed		(3,242,978	)		(165,760,258	)		(4,211,436	)		(234,881,744	)

Net decrease		(2,876,321	)	$	(136,102,293	)		(1,249,251	)	$	(71,248,536	)


Class A
Shares sold		34,096		$	1,908,013			209,830		$	11,532,120
Shares issued upon reinvestment of distributions		—			—			62,163			3,384,787
Shares redeemed		(122,741	)		(6,031,682	)		(164,645	)		(9,149,676	)

Net increase/(decrease)		(88,645	)	$	(4,123,669	)		107,348		$	5,767,231


Class C
Shares sold		6,081		$	480,935			29,023		$	1,441,310
Shares issued upon reinvestment of distributions		—			—			58,314			2,881,276
Shares redeemed		(151,346	)		(6,806,985	)		(334,455	)		(16,852,321	)

Net decrease		(145,265	)	$	(6,326,050	)		(247,118	)	$	(12,529,735	)


Class I
Shares sold		484,031		$	28,237,792			497,852		$	27,687,917
Shares issued upon reinvestment of distributions		—			—			811,078			44,591,327
Shares redeemed		(1,172,840	)		(58,519,489	)		(2,044,126	)		(115,319,769	)

Net decrease		(688,809	)	$	(30,281,697	)		(735,196	)	$	(43,040,525	)

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

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

At its meeting on May 13, 2020, 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 March 31, 2020) 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 second quintile for the one year, three year, and ten year periods, and the third quintile 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 fourth quintile for the five year and ten year periods, and the fifth quintile for the one year and three year periods.

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 another 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 with similar expense ratios of the Adviser Peer Group and a peer group of twelve 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 with these peers. The Independent Board Members also noted that the advisory fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services, and an acceptable performance record. The Independent Board

The Gabelli Asset Fund

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

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.

This page was intentionally left blank.

THE GABELLI ASSET FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies


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

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

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


		Jeffrey J. Jonas, CFA, joined Gabelli in 2003 as a research analyst focusing on companies across the healthcare industry. 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.

		Brian C. Sponheimer is a portfolio manager and research analyst, responsible for coverage of automotive, trucking, and machinery stocks. In 2010, 2011, and 2016, Mr. Sponheimer was recognized by various financial publications, including the Wall Street Journal and the Financial Times, as a “Best on the Street” analyst. He began his business career in institutional equities at CIBC World Markets in New York and Boston. Mr. Sponheimer graduated cum laude from Harvard University with a BA in Government and received an MBA in Finance and Economics from Columbia Business School.

		Sarah Donnelly joined Gabelli in 1999 as a junior research analyst working with the consumer staples and media analysts. Currently she is a portfolio manager of Gabelli Funds, LLC, a Senior Vice President, and the Food, Household, and Personal Care products research analyst for Gabelli & Company. 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.

		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 content of the portfolio managers’ commentary is unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

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. Anthony J. Colavita President, Anthony J. Colavita, P.C. 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. Werner J. Roeder Former Medical Director, Lawrence Hospital Anthonie C. van Ekris Chairman, BALMAC International, Inc. Salvatore J. Zizza Chairman, Zizza & Associates Corp.		OFFICERS Bruce N. Alpert President John C. Ball Treasurer 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.

GAB405Q220SR

LOGO

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)	Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-

3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the 1940 Act) 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)

Not applicable.

(a)(2)

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

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

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

SIGNATURES

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


(Registrant)		The Gabelli Asset Fund


By (Signature and Title)*		/s/ Bruce N. Alpert
		Bruce N. Alpert, Principal Executive Officer


Date		September 4, 2020

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/ Bruce N. Alpert
		Bruce N. Alpert, Principal Executive Officer


Date		September 4, 2020


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


Date		September 4, 2020

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