UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04494

The Gabelli Asset Fund

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

The Gabelli Asset Fund

Class AAA - GABAX

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Asset Fund (the Fund) for the period of January 1, 2024 to June 30, 2024. The Gabelli Asset Fund is a diversified, open-end investment company whose primary investment objective is growth of capital. Current income is a secondary objective. The Fund focuses on securities of companies which appear underpriced relative to their Private Market Value (PMV) with Catalyst™ to unlock that value. PMV is the price the Fund’s Adviser believes a strategic buyer would be willing to pay for the entire company. You can find additional information about the Fund at www.gabelli.com. You can also request this information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Asset Fund - Class AAA	$68	1.36%

How did the Fund perform?

During the six months ended June 30, 2024, the Gabelli Asset Fund underperformed its benchmark, the S&P 500. The S&P 500’s record performance has primarily been driven by a concentrated group of technology-enabled growth stocks. Our Fund has historically allocated a significant percentage of assets to small-cap companies which did not perform as well as large companies during the period. Top contributors to our Fund consisted of companies with strong balance sheets and disciplined capital allocations histories. First half detractors included companies adversely impacted by changes in consumer behavior and individual corporate developments.

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment

	The Gabelli Asset Fund - Class AAA	S&P 500 Index	Dow Jones Industrial Average (DJIA)
6/14	10,000	10,000	10,000
6/15	10,080	10,742	10,721
6/16	9,948	11,171	11,202
6/17	11,445	13,170	13,672
6/18	12,687	15,063	15,908
6/19	13,404	16,632	17,855
6/20	12,563	17,881	17,759
6/21	18,109	25,175	24,214
6/22	15,633	22,501	22,021
6/23	18,006	26,910	25,154
6/24	18,897	33,519	29,196

Average Annual Total Returns

Fund	6 months	1 Year	5 Year	10 Year
The Gabelli Asset Fund - Class AAA	1.96%	4.94%	7.11%	6.57%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
Dow Jones Industrial Average (DJIA)	9.84%	16.07%	10.31%	11.29%

Fund Statistics

Total Net Assets$1,616,747,600
Number of Portfolio Holdings477
Portfolio Turnover Rate2%
Management Fees$8,347,481

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com for current month-end performance.

The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

Updated Location: Visit www.confluence.com/funds for more recent performance information.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Top 10
AMETEK Inc.	3.1%
Berkshire Hathaway Inc.	2.4%
Deere & Co.	2.4%
Sony Group Corp.	2.1%
Republic Services Inc.	2.1%
Caterpillar Inc.	2.0%
Brown-Forman Corp.	1.9%
Genuine Parts Co.	1.9%
American Express Co.	1.7%
Mastercard Inc.	1.6%

Industry Allocation (% of net assets)

Industry Weighting	.
Food and Beverage	11.8%
Financial Services	10.5%
Equipment and Supplies	10.1%
Diversified Industrial	6.5%
Machinery	6.1%
Health Care	5.6%
Entertainment	5.4%
Electronics	4.2%
Other Industry sectors	39.8%
Other Assets and Liabilities (Net)	0.0%

Portfolio Weighting (% of net assets)

Value	Value
Common Stocks	99.3%
U.S. Government Obligations	0.6%
Closed-End Funds	0.1%
Other Assets and Liabilities (Net)	0.0%

The Gabelli Asset Fund

Semi-Annual Shareholder Report - June 30, 2024

Class AAA - GABAX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.gabelli.com.

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

Householding

If you wish to receive a copy of this document at a new address, contact 800-GABELLI (800-422-3554)

GABAX-24-SATSR

The Gabelli Asset Fund

Class C - GATCX

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
The Gabelli Asset Fund - Class C	$106	2.11%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

	The Gabelli Asset Fund - Class C	S&P 500 Index	Dow Jones Industrial Average (DJIA)
6/14	10,000	10,000	10,000
6/15	9,905	10,742	10,721
6/16	9,607	11,171	11,202
6/17	10,873	13,170	13,672
6/18	11,854	15,063	15,908
6/19	12,313	16,632	17,855
6/20	11,337	17,881	17,759
6/21	16,110	25,175	24,214
6/22	13,670	22,501	22,021
6/23	15,490	26,910	25,154
6/24	15,979	33,519	29,196

Average Annual Total Returns

Fund	6 months	1 Year	5 Year	10 Year
The Gabelli Asset Fund - Class C	0.57%	3.15%	6.31%	5.78%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
Dow Jones Industrial Average (DJIA)	9.84%	16.07%	10.31%	11.29%

Fund Statistics

Total Net Assets$1,616,747,600
Number of Portfolio Holdings477
Portfolio Turnover Rate2%
Management Fees$8,347,481

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com for current month-end performance.

The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

Updated Location: Visit www.confluence.com/funds for more recent performance information.