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, 2025

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)

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

The Gabelli Asset Fund

Class AAA - GABAX

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about The Gabelli Asset Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. 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 Gabelli Funds, LLC (the Adviser) believes a strategic buyer would be willing to pay for the entire company. You may find additional information about the Fund at www.gabelli.com/funds/open_ends. You may also request 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	$69	1.35%

How did the Fund perform?

For the six months ended June 30, 2025, the Gabelli Asset Fund outperformed its broad-based and comparative benchmarks, the S&P 500 and the Dow Jones Industrial Average, respectively. The S&P 500's performance continued to be dominated by a narrow group of technology-enabled companies. However, the Fund overcame an underweight of these companies through exposure to more cyclical stocks that rose with a stronger economic outlook. Top contributors generally included Industrial and Financial Services companies; detractors included less cyclical Consumer Staples companies.

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)
6/15	10,000	10,000	10,000
6/16	9,869	10,399	10,444
6/17	11,354	12,260	12,749
6/18	12,586	14,022	14,822
6/19	13,298	15,483	16,621
6/20	12,464	16,646	16,540
6/21	17,966	23,436	22,582
6/22	15,511	20,947	20,529
6/23	17,866	25,051	23,451
6/24	18,749	31,203	27,208
6/25	21,284	35,934	31,191

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Asset Fund - Class AAA	7.01%	13.52%	11.30%	7.85%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
Dow Jones Industrial Average (DJIA)	4.55%	14.72%	13.51%	12.05%

Fund Statistics

Total Net Assets$1,558,468,818
Number of Portfolio Holdings512
Portfolio Turnover Rate2%
Management Fees$7,635,576

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit www.gabelli.com/funds/open_ends 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.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

AMETEK Inc.	3.2%
Sony Group Corp.	2.9%
Deere & Co.	2.4%
Berkshire Hathaway Inc.	2.3%
Republic Services Inc.	2.2%
Caterpillar Inc.	2.1%
The Bank of New York Mellon Corp.	1.8%
Crane Co.	1.8%
American Express Co.	1.7%
Mastercard Inc.	1.6%

Portfolio Weighting (% of net assets)

Common Stocks	99.2%
U.S. Government Obligations	0.8%
Closed-End Funds	0.1%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Bar Graph showing Allocation by Industry

Industry Weighting	.
Financial Services	11.7%
Equipment and Supplies	9.9%
Food and Beverage	9.1%
Diversified Industrial	7.2%
Machinery	6.5%
Entertainment	6.4%
Electronics	5.1%
Health Care	5.1%
Other Industry sectors	39.1%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Asset Fund

Semi-Annual Shareholder Report - June 30, 2025

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/funds/open_ends.

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-25-SATSR

The Gabelli Asset Fund

Class C - GATCX

Semi-Annual Shareholder Report - June 30, 2025

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	$108	2.10%

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	The Gabelli Asset Fund - Class C (includes sales charge)	S&P 500 Index	Dow Jones Industrial Average (DJIA)
6/15	10,000	10,000	10,000	10,000
6/16	9,797	9,699	10,399	10,444
6/17	11,186	10,977	12,260	12,749
6/18	12,307	11,967	14,022	14,822
6/19	12,906	12,431	15,483	16,621
6/20	12,004	11,446	16,646	16,540
6/21	17,177	16,264	23,436	22,582
6/22	14,722	13,800	20,947	20,529
6/23	16,831	15,639	25,051	23,451
6/24	17,530	16,132	31,203	27,208
6/25	19,747	18,011	35,934	31,191

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Asset Fund - Class C	6.59%	12.65%	10.47%	7.04%
The Gabelli Asset Fund - Class C (includes sales charge)	5.59%	11.65%	10.47%	7.04%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
Dow Jones Industrial Average (DJIA)	4.55%	14.72%	13.51%	12.05%

Fund Statistics

Total Net Assets$1,558,468,818
Number of Portfolio Holdings512
Portfolio Turnover Rate2%
Management Fees$7,635,576

What did the Fund invest in?

Top 10 Holdings (% of net assets)

AMETEK Inc.	3.2%
Sony Group Corp.	2.9%
Deere & Co.	2.4%
Berkshire Hathaway Inc.	2.3%
Republic Services Inc.	2.2%
Caterpillar Inc.	2.1%
The Bank of New York Mellon Corp.	1.8%
Crane Co.	1.8%
American Express Co.	1.7%
Mastercard Inc.	1.6%

Portfolio Weighting (% of net assets)

Common Stocks	99.2%
U.S. Government Obligations	0.8%
Closed-End Funds	0.1%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Industry Weighting	.
Financial Services	11.7%
Equipment and Supplies	9.9%
Food and Beverage	9.1%
Diversified Industrial	7.2%
Machinery	6.5%
Entertainment	6.4%
Electronics	5.1%
Health Care	5.1%
Other Industry sectors	39.1%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Asset Fund

Semi-Annual Shareholder Report - June 30, 2025

Class C - GATCX

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/funds/open_ends.

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)

GATCX-25-SATSR

The Gabelli Asset Fund

Class I - GABIX

Semi-Annual Shareholder Report - June 30, 2025

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 I	$56	1.10%

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 I	S&P 500 Index	Dow Jones Industrial Average (DJIA)
6/15	10,000	10,000	10,000
6/16	9,894	10,399	10,444
6/17	11,411	12,260	12,749
6/18	12,680	14,022	14,822
6/19	13,430	15,483	16,621
6/20	12,619	16,646	16,540
6/21	18,236	23,436	22,582
6/22	15,784	20,947	20,529
6/23	18,225	25,051	23,451
6/24	19,176	31,203	27,208
6/25	21,814	35,934	31,191

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Asset Fund - Class I	7.12%	13.76%	11.57%	8.11%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
Dow Jones Industrial Average (DJIA)	4.55%	14.72%	13.51%	12.05%

Fund Statistics

Total Net Assets$1,558,468,818
Number of Portfolio Holdings512
Portfolio Turnover Rate2%
Management Fees$7,635,576

What did the Fund invest in?

Top 10 Holdings (% of net assets)

AMETEK Inc.	3.2%
Sony Group Corp.	2.9%
Deere & Co.	2.4%
Berkshire Hathaway Inc.	2.3%
Republic Services Inc.	2.2%
Caterpillar Inc.	2.1%
The Bank of New York Mellon Corp.	1.8%
Crane Co.	1.8%
American Express Co.	1.7%
Mastercard Inc.	1.6%

Portfolio Weighting (% of net assets)

Common Stocks	99.2%
U.S. Government Obligations	0.8%
Closed-End Funds	0.1%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Industry Weighting	.
Financial Services	11.7%
Equipment and Supplies	9.9%
Food and Beverage	9.1%
Diversified Industrial	7.2%
Machinery	6.5%
Entertainment	6.4%
Electronics	5.1%
Health Care	5.1%
Other Industry sectors	39.1%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Asset Fund

Semi-Annual Shareholder Report - June 30, 2025

Class I - GABIX

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/funds/open_ends.

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)

GABIX-25-SATSR

The Gabelli Asset Fund

Class A - GATAX

Semi-Annual Shareholder Report - June 30, 2025

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 A	$69	1.35%

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 A	The Gabelli Asset Fund - Class A (includes sales charge)	S&P 500 Index	Dow Jones Industrial Average (DJIA)
6/15	10,000	10,000	10,000	10,000
6/16	9,870	9,303	10,399	10,444
6/17	11,355	10,087	12,260	12,749
6/18	12,588	10,539	14,022	14,822
6/19	13,298	10,494	15,483	16,621
6/20	12,465	9,271	16,646	16,540
6/21	17,968	12,596	23,436	22,582
6/22	15,513	10,249	20,947	20,529
6/23	17,867	11,126	25,051	23,451
6/24	18,752	11,005	31,203	27,208
6/25	21,282	11,772	35,934	31,191

Average Annual Total Returns

	6 months	1 Year	5 Year	10 Year
The Gabelli Asset Fund - Class A	7.00%	13.49%	11.29%	7.85%
The Gabelli Asset Fund - Class A (includes sales charge)	0.85%	6.97%	9.98%	7.21%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
Dow Jones Industrial Average (DJIA)	4.55%	14.72%	13.51%	12.05%

Fund Statistics

Total Net Assets$1,558,468,818
Number of Portfolio Holdings512
Portfolio Turnover Rate2%
Management Fees$7,635,576

What did the Fund invest in?

Top 10 Holdings (% of net assets)

AMETEK Inc.	3.2%
Sony Group Corp.	2.9%
Deere & Co.	2.4%
Berkshire Hathaway Inc.	2.3%
Republic Services Inc.	2.2%
Caterpillar Inc.	2.1%
The Bank of New York Mellon Corp.	1.8%
Crane Co.	1.8%
American Express Co.	1.7%
Mastercard Inc.	1.6%

Portfolio Weighting (% of net assets)

Common Stocks	99.2%
U.S. Government Obligations	0.8%
Closed-End Funds	0.1%
Other Assets and Liabilities (Net)	(0.1)%

Industry Allocation (% of net assets)

Industry Weighting	.
Financial Services	11.7%
Equipment and Supplies	9.9%
Food and Beverage	9.1%
Diversified Industrial	7.2%
Machinery	6.5%
Entertainment	6.4%
Electronics	5.1%
Health Care	5.1%
Other Industry sectors	39.1%
Other Assets and Liabilities (Net)	(0.1)%

The Gabelli Asset Fund

Semi-Annual Shareholder Report - June 30, 2025

Class A - GATAX

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/funds/open_ends.

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)

GATAX-25-SATSR

(b)

Not applicable.

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(a) of this form.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

	(a)	An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

		The semi-annual financial statements are attached herewith.

The Gabelli Asset Fund

Semiannual Report — June 30, 2025

To Our Shareholders,

For the six months ended June 30, 2025, the net asset value (NAV) total return per Class AAA Share of The Gabelli Asset Fund was 7.0% compared with a total return of 6.2% for the Standard & Poor’s (S&P) 500 Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2025.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2025:

The Gabelli Asset Fund

Financial Services	11.7	%
Equipment and Supplies	9.9	%
Food and Beverage	9.1	%
Diversified Industrial	7.2	%
Machinery	6.5	%
Entertainment	6.4	%
Electronics	5.1	%
Health Care	5.1	%
Metals and Mining	4.1	%
Automotive: Parts and Accessories	3.3	%
Environmental Services	3.2	%
Business Services	3.0	%
Consumer Products	2.9	%
Energy and Utilities	2.6	%
Retail	2.5	%
Telecommunications	2.3	%
Computer Software and Services	1.7	%
Publishing	1.5	%
Automotive	1.4	%
Cable and Satellite	1.3	%
Transportation	1.3	%

Broadcasting	1.2	%
Aerospace	1.0	%
Hotels and Gaming	0.9	%
Building and Construction	0.8	%
U.S. Government Obligations	0.8	%
Consumer Services	0.6	%
Aviation: Parts and Services	0.6	%
Real Estate	0.5	%
Wireless Communications	0.4	%
Specialty Chemicals	0.3	%
Semiconductors	0.2	%
Computer Hardware	0.2	%
Agriculture	0.2	%
Manufactured Housing and Recreational Vehicles	0.1	%
Communications Equipment	0.1	%
Closed-End Funds	0.1	%
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

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

Proxy Voting

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

The Gabelli Asset Fund

Schedule of Investments — June 30, 2025 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 99.2%
		Aerospace — 1.0%
	200	Airbus SE	$	28,029	$	41,761
	5,000	Ducommun Inc.†		307,484		413,150
	5,000	HEICO Corp.		406,104		1,640,000
	8,550	L3Harris Technologies Inc.		842,344		2,144,682
	4,850	Lockheed Martin Corp.		143,317		2,246,229
	5,750	Northrop Grumman Corp.		257,061		2,874,885
	278,500	Rolls-Royce Holdings plc		638,337		3,698,970
	9,750	RTX Corp.		850,771		1,423,695
	8,660	The Boeing Co.†		1,464,584		1,814,530
				4,938,031		16,297,902
		Agriculture — 0.2%
	35,000	Archer-Daniels-Midland Co.		292,594		1,847,300
	19,200	The Mosaic Co.		336,908		700,416
				629,502		2,547,716
		Automotive — 1.4%
	1,500	Daimler Truck Holding AG		50,211		70,977
	5,000	Ferrari NV		189,262		2,453,700
	329,350	Iveco Group NV		1,723,169		6,478,896
	124,500	PACCAR Inc.		421,302		11,834,970
	672	Tesla Inc.†		142,074		213,468
	36,800	Traton SE		576,672		1,192,952
	2,800	Volkswagen AG		111,585		302,450
				3,214,275		22,547,413
		Automotive: Parts and Accessories — 3.3%
	9,000	Atmus Filtration Technologies Inc.		265,807		327,780
	61,000	BorgWarner Inc.		218,229		2,042,280
	72,800	Brembo NV		138,748		696,329
	304,000	Dana Inc.		2,248,434		5,213,600
	2,940	Fox Factory Holding Corp.†		70,845		76,264
	286,000	Garrett Motion Inc.		1,737,640		3,005,860
	172,600	Genuine Parts Co.		3,973,577		20,938,106
	9,500	Modine Manufacturing Co.†		86,325		935,750
	27,000	Monro Inc.		725,565		402,570
	189,750	O'Reilly Automotive Inc.†		307,337		17,102,167
	30,000	Standard Motor Products Inc.		302,787		921,600
				10,075,294		51,662,306
		Aviation: Parts and Services — 0.6%
	18,000	Curtiss-Wright Corp.		55,125		8,793,900

		Broadcasting — 1.2%
	500	Cogeco Communications Inc.		19,773		26,088
	16,800	Cogeco Inc.		319,276		829,421
	15,000	Corus Entertainment Inc., Cl. B†		19,218		1,158

Shares			Cost		Market Value
	20,900	Liberty Broadband Corp., Cl. A†	$	16,702	$	2,044,438
	32,830	Liberty Broadband Corp., Cl. C†		337,009		3,229,815
	33,500	Liberty Media Corp.-Liberty Formula One, Cl. A†		89,392		3,181,160
	39,728	Liberty Media Corp.-Liberty Formula One, Cl. C†		63,246		4,151,576
	5,500	Nexstar Media Group Inc.		448,718		951,225
	22,000	Sinclair Inc.		429,645		304,040
	142,398	Sirius XM Holdings Inc.		56,977		3,270,882
	16,000	TBS Holdings Inc.		211,657		562,203
	20,000	TEGNA Inc.		325,322		335,200
				2,336,935		18,887,206
		Building and Construction — 0.8%
	22,950	Arcosa Inc.		56,759		1,989,994
	31,000	Assa Abloy AB, Cl. B		524,863		967,265
	4,400	Builders FirstSource Inc.†		679,366		513,436
	325	Cie de Saint-Gobain SA		25,038		38,146
	32,000	Fortune Brands Innovations Inc.		331,770		1,647,360
	31,900	Herc Holdings Inc.		1,072,401		4,200,911
	1,000	IES Holdings Inc.†		168,979		296,230
	10,625	Johnson Controls International plc		158,965		1,122,213
	25,000	Knife River Corp.†		1,291,886		2,041,000
	800	Lennar Corp., Cl. A		126,267		88,488
	1,600	Lennar Corp., Cl. B		180,101		168,400
				4,616,395		13,073,443
		Business Services — 3.0%
	1,100	Booz Allen Hamilton Holding Corp.		144,443		114,543
	300,000	Clear Channel Outdoor Holdings Inc.†		380,668		351,000
	18,750	Ecolab Inc.		147,617		5,052,000
	440,000	Havas NV		841,013		755,678
	1,900	Jacobs Solutions Inc.		205,918		249,755
	13,000	Live Nation Entertainment Inc.†		476,371		1,966,640
	45,190	Mastercard Inc., Cl. A		176,241		25,394,069
	4,000	The Interpublic Group of Companies Inc.		19,225		97,920
	13,167	U-Haul Holding Co.†		964,667		797,393
	19,000	UL Solutions Inc., Cl. A		692,030		1,384,340
	2,175	United Rentals Inc.		292,913		1,638,645
	8,500	V2X Inc.†		38,135		412,675
	23,375	Visa Inc., Cl. A		257,125		8,299,294
				4,636,366		46,513,952
		Cable and Satellite — 1.3%
	35,000	AMC Networks Inc., Cl. A†		0		219,450

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Cable and Satellite (Continued)
	1,000	Charter Communications Inc., Cl. A†	$	54,642	$	408,810
	227,700	Comcast Corp., Cl. A		1,303,859		8,126,613
	7,850	Naspers Ltd., Cl. N		307,004		2,445,568
	3,000	Prosus NV		107,555		167,752
	316,600	Rogers Communications Inc., Cl. B		1,597,826		9,390,356
				3,370,886		20,758,549
		Communications Equipment — 0.1%
	11,000	Arista Networks Inc.†		946,664		1,125,410
	4,000	Corning Inc.		93,520		210,360
				1,040,184		1,335,770
		Computer Hardware — 0.2%
	9,823	Apple Inc.		267,372		2,015,385
	1,000	Dell Technologies Inc., Cl. C		77,147		122,600
	2,700	International Business Machines Corp.		346,731		795,906
				691,250		2,933,891
		Computer Software and Services — 1.7%
	360	Adobe Inc.†		162,589		139,277
	7,491	Alphabet Inc., Cl. A		525,210		1,320,139
	31,500	Alphabet Inc., Cl. C		761,405		5,587,785
	3,665	Amentum Holdings Inc.†		96,072		86,531
	150	Capgemini SE		23,440		25,629
	4,900	Cisco Systems Inc.		230,619		339,962
	685	CrowdStrike Holdings Inc., Cl. A†		188,301		348,877
	23,000	Hewlett Packard Enterprise Co.		153,967		470,350
	450	Manhattan Associates Inc.†		80,729		88,862
	8,367	Meta Platforms Inc., Cl. A		1,078,465		6,175,599
	10,525	Microsoft Corp.		1,379,579		5,235,240
	1,550	Oracle Corp.		97,001		338,877
	1,205	Palo Alto Networks Inc.†		176,296		246,591
	48,000	PAR Technology Corp.†		1,711,159		3,329,760
	587	ROBLOX Corp., Cl. A†		32,724		61,752
	8,450	Rockwell Automation Inc.		175,038		2,806,837
	1,225	Salesforce Inc.		206,957		334,045
	920	Snowflake Inc., Cl. A†		135,917		205,868
	5,000	Stratasys Ltd.†		39,350		57,350
				7,254,818		27,199,331
		Consumer Products — 2.9%
	10,321	American Outdoor Brands Inc.†		110,886		107,854
	25,000	Brunswick Corp.		600,779		1,381,000
	9,850	Christian Dior SE		264,165		4,926,552
	34,400	Church & Dwight Co. Inc.		52,703		3,306,184
	139,100	Edgewell Personal Care Co.		1,956,213		3,256,331

Shares			Cost		Market Value
	70,454	Energizer Holdings Inc.	$	326,855	$	1,420,353
	8,000	Essity AB, Cl. A		105,529		222,812
	40,000	Essity AB, Cl. B		448,674		1,107,717
	2,607	Givaudan SA		855,304		12,620,186
	28,000	Harley-Davidson Inc.		70,525		660,800
	1,600	Hermes International SCA		554,027		4,332,971
	2,036	Johnson Outdoors Inc., Cl. A		61,064		61,630
	1,271	MarineMax Inc.†		24,225		31,953
	3,952	National Presto Industries Inc.		141,813		387,138
	8,039	Nintendo Co. Ltd., ADR		104,570		193,097
	22,350	Philip Morris International Inc.		2,187,624		4,070,605
	26,850	Reckitt Benckiser Group plc		811,042		1,826,198
	38,000	Sally Beauty Holdings Inc.†		263,446		351,880
	56,701	Spectrum Brands Holdings Inc.		4,579,353		3,005,153
	1,976	Sturm Ruger & Co. Inc.		69,723		70,938
	4,700	The Estee Lauder Companies Inc., Cl. A		226,322		379,760
	8,755	The Procter & Gamble Co., CDI		224,936		1,394,847
	1,200	Unilever plc		61,090		72,888
	2,300	Unilever plc, ADR		135,621		140,691
	26,000	Wolverine World Wide Inc.		120,914		470,080
				14,357,403		45,799,618
		Consumer Services — 0.6%
	1,800	Allegion plc		18,117		259,416
	3,716	Amazon.com Inc.†		482,429		815,253
	6,000	Angi Inc.†		4,016		91,560
	400	Ashtead Group plc		28,277		25,636
	7,000	Avis Budget Group Inc.†		733,196		1,183,350
	1,125	FedEx Corp.		244,526		255,724
	12,500	IAC Inc.†		21,337		466,750
	15,000	Rapala VMC Oyj†		27,095		21,733
	90,000	Rollins Inc.		80,132		5,077,800
	12,750	Uber Technologies Inc.†		744,030		1,189,575
				2,383,155		9,386,797
		Diversified Industrial — 7.2%
	9,200	ABB Ltd., ADR		201,556		548,964
	450	Acuity Inc.		5,311		134,253
	34,000	Ampco-Pittsburgh Corp.†		84,221		100,640
	5,000	API Group Corp.†		198,796		255,250
	14,000	Ardagh Group SA†		49,160		85,260
	55,000	Avantor Inc.†		1,200,680		740,300
	900	Belden Inc.		102,630		104,220
	341,250	Bollore SE		1,971,367		2,142,529
	144,500	Crane Co.		1,036,466		27,439,105
	6,550	Crane NXT Co.		21,907		353,045
	2,500	Eaton Corp. plc		126,306		892,475

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Diversified Industrial (Continued)
	3,200	Emerson Electric Co.	$	299,717	$	426,656
	300	Enpro Inc.		11,497		57,465
	15,600	General Electric Co.		2,310,130		4,015,284
	116,750	Greif Inc., Cl. A		2,270,805		7,587,582
	36,050	Honeywell International Inc.		1,141,805		8,395,324
	3,000	Hyster-Yale Inc.		96,225		119,340
	9,000	Ichor Holdings Ltd.†		229,571		176,760
	14,400	Ingersoll Rand Inc.		52,289		1,197,792
	153,400	ITT Inc.		1,410,540		24,057,722
	11,900	Jardine Matheson Holdings Ltd.		575,773		571,914
	227,650	Myers Industries Inc.		1,335,990		3,298,649
	12,500	nVent Electric plc		129,232		915,625
	10,500	Park-Ohio Holdings Corp.		213,183		187,530
	23,000	Pentair plc		527,597		2,361,180
	325	Siemens AG		50,707		83,324
	1,250	Smiths Group plc		31,723		38,537
	5,500	Sulzer AG		326,847		992,627
	8,800	Svenska Cellulosa AB SCA, Cl. A		30,857		114,408
	36,000	Svenska Cellulosa AB SCA, Cl. B		100,827		468,032
	163,400	Textron Inc.		1,619,521		13,119,386
	5,000	The Gorman-Rupp Co.		156,350		183,600
	1,600	The Trade Desk Inc., Cl. A†		139,789		115,184
	220,000	Toray Industries Inc.		1,513,485		1,509,086
	7,400	Trane Technologies plc		81,767		3,236,834
	85,000	Tredegar Corp.†		576,988		748,000
	157,200	Trinity Industries Inc.		456,267		4,245,972
	2,450	Waters Corp.†		179,266		855,148
				20,867,148		111,875,002
		Electronics — 5.1%
	10,000	Flex Ltd.†		126,055		499,200
	5,000	Kimball Electronics Inc.†		83,391		96,150
	42,000	Kyocera Corp., ADR		282,635		501,900
	1,200	Mettler-Toledo International Inc.†		166,682		1,409,664
	290,000	Mirion Technologies Inc.†		2,571,629		6,243,700
	1,750	NEXTracker Inc., Cl. A†		67,483		95,148
	173,950	Resideo Technologies Inc.†		1,182,871		3,837,337
	2,100	Samsung Electronics Co. Ltd., GDR		383,540		2,312,100
	100	Samsung Electronics Co. Ltd., New York, GDR		136,555		110,102
	1,748,400	Sony Group Corp., ADR		6,166,018		45,510,852
	14,500	TE Connectivity plc		262,966		2,445,715
	72,160	Texas Instruments Inc.		2,227,870		14,981,859
	3,500	Thermo Fisher Scientific Inc.		426,097		1,419,110

Shares			Cost		Market Value
	500	WESCO International Inc.	$	87,866	$	92,600
				14,171,658		79,555,437
		Energy and Utilities — 2.6%
	1,795	Aris Water Solutions Inc., Cl. A		44,039		42,452
	48,050	BP plc, ADR		790,035		1,438,136
	4,429	ChampionX Corp.		130,344		110,016
	1,107	Cheniere Energy Inc.		218,568		269,577
	42,350	Chevron Corp.		1,314,500		6,064,097
	23,500	ConocoPhillips		1,788,790		2,108,890
	500	Constellation Energy Corp.		149,603		161,380
	84,500	Devon Energy Corp.		982,473		2,687,945
	500	Diamondback Energy Inc.		78,723		68,700
	26,200	Enbridge Inc.		602,813		1,187,384
	63,500	EOG Resources Inc.		145,407		7,595,235
	53,800	Exxon Mobil Corp.		2,903,321		5,799,640
	340	GE Vernova Inc.		116,959		179,911
	38,000	Halliburton Co.		789,341		774,440
	26,500	Innovex International Inc.†		606,564		413,930
	20,000	Kinder Morgan Inc.		232,434		588,000
	175	Linde plc		77,848		82,106
	67,900	National Fuel Gas Co.		3,159,397		5,751,809
	2,250	National Grid plc		25,270		32,784
	17,000	NextEra Energy Inc.		976,513		1,180,140
	800	PG&E Corp.		7,084		11,152
	1,550	Phillips 66		185,506		184,915
	3,700	RWE AG		137,835		154,419
	4,805	Sable Offshore Corp.†		147,986		105,614
	26,000	Schlumberger NV		1,201,341		878,800
	1,800	Sempra		126,717		136,386
	1,300	Severn Trent plc		41,518		48,787
	4,600	Shell plc, ADR		189,792		323,886
	19,000	Southwest Gas Holdings Inc.		269,113		1,413,410
	86,000	The AES Corp.		238,220		904,720
	3,300	Vitesse Energy Inc.		10,915		72,897
				17,688,969		40,771,558
		Entertainment — 6.4%
	119,800	Atlanta Braves Holdings Inc., Cl. A†		2,813,683		5,895,358
	348,859	Atlanta Braves Holdings Inc., Cl. C†		8,347,575		16,316,135
	610	Electronic Arts Inc.		79,428		97,417
	7,977	Embracer Group AB†		92,042		91,027
	41,500	Fox Corp., Cl. A		1,707,499		2,325,660
	31,500	Fox Corp., Cl. B		946,344		1,626,345
	710,000	Grupo Televisa SAB, ADR		2,345,288		1,554,900
	13,934	Liberty Media Corp.-Liberty Live, Cl. A†		7,188		1,107,474
	50,434	Liberty Media Corp.-Liberty Live, Cl. C†		1,534,937		4,093,223

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Entertainment (Continued)
	120,220	Madison Square Garden Entertainment Corp.†	$	4,437	$	4,805,193
	107,948	Madison Square Garden Sports Corp.†		220,136		22,555,735
	311	Netflix Inc.†		180,502		416,469
	42,500	Ollamani SAB†		237,081		113,246
	355,891	Paramount Global, Cl. A		5,122,981		8,167,699
	7,985	Playtika Holding Corp.		38,373		37,769
	141,433	Sphere Entertainment Co.†		130,127		5,911,899
	4,168	Take-Two Interactive Software Inc.†		674,762		1,012,199
	98,950	The Walt Disney Co.		787,859		12,270,790
	896	TKO Group Holdings Inc.		99,200		163,027
	3,336	Ubisoft Entertainment SA†		36,164		36,884
	420,000	Vivendi SE		875,056		1,449,091
	806,450	Warner Bros Discovery Inc.†		4,597,000		9,241,917
				30,877,662		99,289,457
		Environmental Services — 3.2%
	13,000	Phinia Inc.		241,786		578,370
	138,155	Republic Services Inc.		980,812		34,070,405
	64,000	Waste Connections Inc.		2,051,029		11,950,080
	14,122	Waste Management Inc.		192,201		3,231,396
				3,465,828		49,830,251
		Equipment and Supplies — 9.9%
	2,710	3M Co.		228,574		412,570
	278,683	AMETEK Inc.		412,655		50,430,476
	40,700	Amphenol Corp., Cl. A		19,607		4,019,125
	10,773	AZZ Inc.		395,987		1,017,833
	24,450	Crown Holdings Inc.		110,228		2,517,861
	100,050	CTS Corp.		399,544		4,263,131
	4,706	Danaher Corp.		158,754		929,623
	16,600	Distribution Solutions Group Inc.†		111,017		456,002
	279,500	Donaldson Co. Inc.		407,748		19,383,325
	333,800	Flowserve Corp.		1,465,573		17,474,430
	44,500	Graco Inc.		679,682		3,825,665
	10,000	Hubbell Inc.		1,331,350		4,084,100
	60,200	IDEX Corp.		220,584		10,569,314
	36,500	Interpump Group SpA		143,448		1,519,449
	82,000	Mueller Industries Inc.		936,566		6,516,540
	92,500	Sealed Air Corp.		1,740,298		2,870,275
	24,000	The Manitowoc Co. Inc.†		72,224		288,480
	45,950	The Timken Co.		1,704,017		3,333,673
	15,000	The Toro Co.		257,644		1,060,200
	68,000	The Weir Group plc		286,137		2,324,171
	16,000	Titan Machinery Inc.†		287,730		316,960
	21,700	Valmont Industries Inc.		891,722		7,086,569

Shares			Cost		Market Value
	39,000	Watts Water Technologies Inc., Cl. A	$	392,435	$	9,589,710
				12,653,524		154,289,482
		Financial Services — 11.7%
	40,000	AllianceBernstein Holding LP		0		1,633,200
	83,015	American Express Co.		540,248		26,480,125
	1,300	Ameriprise Financial Inc.		40,960		693,849
	2,400	Bank of America Corp.		13,494		113,568
	14,700	Barclays plc		36,010		68,060
	48	Berkshire Hathaway Inc., Cl. A†		145,212		34,982,400
	1,425	Berkshire Hathaway Inc., Cl. B†		2,874		692,222
	46,750	Blackstone Inc.		324,426		6,992,865
	20,000	Blue Owl Capital Inc.		426,978		384,200
	5,625	Brookfield Asset Management Ltd., Cl. A		46,657		310,950
	21,500	Brookfield Corp.		197,192		1,329,775
	1,500	Capital One Financial Corp.		209,732		319,140
	17,750	Citigroup Inc.		490,678		1,510,880
	1,500	EXOR NV		143,153		151,249
	31,000	FTAI Aviation Ltd.		515,948		3,566,240
	150,000	GAM Holding AG†		83,245		19,283
	91,136	Interactive Brokers Group Inc., Cl. A		350,335		5,049,846
	1,650	Intercontinental Exchange Inc.		194,802		302,725
	20,500	Jefferies Financial Group Inc.		165,045		1,121,145
	51,350	JPMorgan Chase & Co.		1,675,269		14,886,879
	76,700	KKR & Co. Inc.		793,509		10,203,401
	61,500	Loews Corp.		3,025,144		5,637,090
	3,150	M&T Bank Corp.		118,784		611,068
	9,700	Marsh & McLennan Companies Inc.		240,702		2,120,808
	650	Paysafe Ltd.†		8,979		8,203
	7,500	Popular Inc.		108,267		826,575
	12,200	PROG Holdings Inc.		9,737		358,070
	82,800	State Street Corp.		904,342		8,804,952
	9,550	T. Rowe Price Group Inc.		134,034		921,575
	308,000	The Bank of New York Mellon Corp.		7,667,895		28,061,880
	500	The Charles Schwab Corp.		40,622		45,620
	11,465	The Goldman Sachs Group Inc.		1,269,509		8,114,354
	15,000	The Hartford Insurance Group Inc.		459,990		1,903,050
	32,600	The PNC Financial Services Group Inc.		2,404,328		6,077,292
	1,000	UBS Group AG		32,695		33,820

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	9,000	Value Line Inc.	$	122,382	$	352,350
	91,450	Wells Fargo & Co.		2,349,453		7,326,974
				25,292,630		182,015,683
		Food and Beverage — 9.1%
	169,014	BellRing Brands Inc.†		5,326,040		9,790,981
	558,100	Brown-Forman Corp., Cl. A		2,358,488		15,331,007
	1,850	Brown-Forman Corp., Cl. B		5,939		49,783
	720,000	China Mengniu Dairy Co. Ltd.		1,047,905		1,476,697
	22,200	Coca-Cola Europacific Partners plc		434,332		2,058,384
	15,400	Coca-Cola HBC AG		215,080		804,120
	1,300	Constellation Brands Inc., Cl. A		17,888		211,484
	22,000	Crimson Wine Group Ltd.†		147,108		121,000
	62,100	Danone SA		2,151,037		5,073,732
	20,000	Davide Campari-Milano NV		30,395		134,522
	165,550	Diageo plc, ADR		5,681,507		16,694,062
	40,500	Farmer Brothers Co.†		183,587		55,485
	190,000	Flowers Foods Inc.		333,608		3,036,200
	29,000	Fomento Economico Mexicano SAB de CV, ADR		959,257		2,986,420
	64,500	General Mills Inc.		968,632		3,341,745
	1,141,000	Grupo Bimbo SAB de CV, Cl. A		445,337		3,182,602
	10,500	Heineken Holding NV		437,542		782,306
	47,650	Heineken NV		1,961,366		4,154,692
	17,870	Heineken NV, ADR		429,092		780,919
	121,750	ITO EN Ltd.		2,535,304		2,761,262
	7,000	JBT Marel Corp.		106,661		841,820
	49,000	Kerry Group plc, Cl. A		563,631		5,275,567
	450	Kerry Group plc, Cl. A		38,924		49,695
	754,500	Kikkoman Corp.		1,565,144		7,010,319
	16,325	LVMH Moet Hennessy Louis Vuitton SE		585,010		8,549,673
	45,000	Maple Leaf Foods Inc.		786,794		937,507
	37,000	MEIJI Holdings Co. Ltd.		387,565		818,854
	105,000	Mondelēz International Inc., Cl. A		1,903,609		7,081,200
	85,400	Morinaga Milk Industry Co. Ltd.		765,332		1,919,654
	14,500	National Beverage Corp.†		657,670		626,980
	21,000	Nestlé SA		958,311		2,086,370
	277,500	Nissin Foods Holdings Co. Ltd.		3,065,598		5,772,378
	17,150	PepsiCo Inc.		530,723		2,264,486
	43,350	Pernod Ricard SA		3,367,558		4,320,026
	63,787	Post Holdings Inc.†		378,876		6,954,697

Shares			Cost		Market Value
	1,343	Primo Brands Corp.	$	41,879	$	39,780
	56,500	Remy Cointreau SA		3,047,225		2,883,127
	16,450	Suntory Beverage & Food Ltd.		524,300		526,610
	3,200	The Boston Beer Co. Inc., Cl. A†		984,567		610,592
	67,594	The Campbell's Company		2,545,450		2,071,756
	15,100	The Coca-Cola Co.		331,053		1,068,325
	16,800	The J.M. Smucker Co.		465,775		1,649,760
	9,200	The Kraft Heinz Co.		277,916		237,544
	200,000	Tingyi (Cayman Islands) Holding Corp.		446,544		292,995
	23,800	Tootsie Roll Industries Inc.		157,386		796,110
	5,000	TreeHouse Foods Inc.†		155,250		97,100
	5,000	WK Kellogg Co.		30,461		79,700
	200,800	Yakult Honsha Co. Ltd.		2,265,300		3,782,299
				52,603,956		141,472,327
		Health Care — 5.1%
	8,000	Abbott Laboratories		437,037		1,088,080
	17,925	AbbVie Inc.		1,539,359		3,327,238
	25,400	Amgen Inc.		114,674		7,091,934
	10,000	AstraZeneca plc, ADR		512,604		698,800
	45,000	Bausch + Lomb Corp.†		729,143		585,450
	7,000	Bausch Health Cos. Inc.†		69,648		46,620
	100,500	Baxter International Inc.		3,103,994		3,043,140
	645	Becton Dickinson & Co.		112,804		111,101
	7,100	Biogen Inc.†		45,000		891,689
	6,000	Bio-Rad Laboratories Inc., Cl. A†		1,026,263		1,447,920
	15,000	Bridgebio Pharma Inc.†		404,949		647,700
	61,650	Bristol-Myers Squibb Co.		1,554,866		2,853,778
	6,800	Cencora Inc.		267,560		2,038,980
	2,000	Charles River Laboratories International Inc.†		452,768		303,460
	6,300	Chemed Corp.		330,927		3,067,659
	7,200	CONMED Corp.		137,064		374,976
	1,500	CVS Group plc		19,119		25,737
	3,000	DaVita Inc.†		168,074		427,350
	95,000	Demant A/S†		877,468		3,962,739
	4,000	Elevance Health Inc.		1,097,882		1,555,840
	270	Eli Lilly & Co.		165,933		210,473
	95,000	Evolent Health Inc., Cl. A†		1,213,490		1,069,700
	4,350	Gerresheimer AG		280,411		245,341
	600	Globus Medical Inc., Cl. A†		34,572		35,412
	1,200	GSK plc, ADR		46,708		46,080
	10,750	Haleon plc		40,746		55,246
	14,243	Halozyme Therapeutics Inc.†		675,676		740,921
	14,595	HCA Healthcare Inc.		911,146		5,591,345
	74,336	Henry Schein Inc.†		1,603,585		5,430,245
	1,500	ICU Medical Inc.†		292,287		198,225

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	4,500	Indivior plc†	$	13,813	$	66,958
	8,000	Integer Holdings Corp.†		360,152		983,760
	21,750	Johnson & Johnson		1,343,455		3,322,313
	8,000	Labcorp Holdings Inc.		1,045,394		2,100,080
	1,825	McKesson Corp.		162,543		1,337,323
	18,000	Medtronic plc		1,338,678		1,569,060
	37,700	Merck & Co. Inc.		740,777		2,984,332
	55,000	Option Care Health Inc.†		440,000		1,786,400
	30,000	Owens & Minor Inc.†		409,961		273,000
	17,500	Perrigo Co. plc		573,287		467,600
	10,000	Pfizer Inc.		289,567		242,400
	14,000	QuidelOrtho Corp.†		169,394		403,480
	630	Regeneron Pharmaceuticals Inc.		250,348		330,750
	40,000	Roche Holding AG, ADR		734,498		1,630,400
	2,500	Smith & Nephew plc		30,980		38,194
	2,000	Solventum Corp.†		129,176		151,680
	5,050	Stryker Corp.		224,813		1,997,932
	20,000	Tenet Healthcare Corp.†		410,965		3,520,000
	60,000	Teva Pharmaceutical Industries Ltd., ADR†		1,099,248		1,005,600
	8,000	The Cigna Group		524,858		2,644,640
	20,000	The Cooper Companies Inc.†		1,336,925		1,423,200
	2,500	UnitedHealth Group Inc.		630,623		779,925
	2,485	Vertex Pharmaceuticals Inc.†		579,883		1,106,322
	21,350	Zimmer Biomet Holdings Inc.		1,487,161		1,947,334
				32,592,256		79,325,862
		Hotels and Gaming — 0.9%
	10,000	Accor SA		257,845		522,185
	21,929	Caesars Entertainment Inc.†		802,270		622,564
	2,000	Churchill Downs Inc.		9,278		202,000
	4,000	Entain plc		34,911		49,470
	225	Flutter Entertainment plc†		39,696		63,746
	310,000	Genting Singapore Ltd.		232,412		174,322
	5,000	Hyatt Hotels Corp., Cl. A		156,252		698,250
	2,294,100	Mandarin Oriental International Ltd.		3,166,666		4,381,731
	130,200	MGM Resorts International†		1,201,718		4,477,578
	11,600	Ryman Hospitality Properties Inc., REIT		147,850		1,144,572
	675,000	The Hongkong & Shanghai Hotels Ltd.†		607,369		472,933
	18,000	Universal Entertainment Corp.†		91,678		121,371
	2,500	Wyndham Hotels & Resorts Inc.		31,905		203,025

Shares			Cost		Market Value
	7,800	Wynn Resorts Ltd.	$	430,579	$	730,626
				7,210,429		13,864,373
		Machinery — 6.5%
	22,000	Astec Industries Inc.		908,870		917,180
	84,942	Caterpillar Inc.		549,499		32,975,334
	1,386,250	CNH Industrial NV		9,039,856		17,965,800
	73,309	Deere & Co.		502,856		37,276,893
	10,511	Mueller Water Products Inc., Cl. A		34,936		252,685
	5,000	Oshkosh Corp.		546,172		567,700
	6,000	Vertiv Holdings Co., Cl. A		521,761		770,460
	79,950	Xylem Inc.		575,330		10,342,332
				12,679,280		101,068,384
		Manufactured Housing and Recreational Vehicles — 0.1%
	3,200	Cavco Industries Inc.†		59,898		1,390,176
	8,000	Champion Homes Inc.†		36,629		500,880
	650	Nobility Homes Inc.		3,464		18,362
				99,991		1,909,418
		Metals and Mining — 4.1%
	37,850	Agnico Eagle Mines Ltd.		1,132,069		4,501,500
	145,400	Barrick Mining Corp.		1,343,475		3,027,228
	53,500	Franco-Nevada Corp.		1,774,089		8,769,720
	105,350	Freeport-McMoRan Inc.		1,127,543		4,566,923
	18,000	Kinross Gold Corp.		38,020		281,340
	10,000	MP Materials Corp.†		135,263		332,700
	351,600	Newmont Corp.		5,919,365		20,484,216
	88,000	Royal Gold Inc.		3,680,669		15,649,920
	68,950	Wheaton Precious Metals Corp.		1,298,421		6,191,710
				16,448,914		63,805,257
		Publishing — 1.5%
	106,000	News Corp., Cl. A		648,713		3,150,320
	38,290	S&P Global Inc.		287,293		20,189,934
	38,800	The E.W. Scripps Co., Cl. A†		211,553		114,072
				1,147,559		23,454,326
		Real Estate — 0.5%
	11,000	American Tower Corp., REIT		1,937,958		2,431,220
	700	Millrose Properties Inc.		7,742		19,957
	1,200	Prologis Inc., REIT		131,731		126,144
	79,500	The St. Joe Co.		552,551		3,792,150
	31,000	Weyerhaeuser Co., REIT		599,715		796,390
				3,229,697		7,165,861
		Retail — 2.5%
	33,700	AutoNation Inc.†		226,119		6,694,505
	600	AutoZone Inc.†		593,412		2,227,338
	27,500	CarMax Inc.†		1,896,386		1,848,275
	17,540	Costco Wholesale Corp.		813,692		17,363,548
	30,500	CVS Health Corp.		890,579		2,103,890
	1,000	Lowe's Companies Inc.		124,519		221,870

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Retail (Continued)
	6,000	Maplebear Inc.†	$	238,916	$	271,440
	15,000	Rush Enterprises Inc., Cl. B		151,639		787,200
	500	Starbucks Corp.		40,100		45,815
	1,700	The Home Depot Inc.		52,628		623,288
	80,000	The Kroger Co.		236,569		5,738,400
	5,270	Walmart Inc.		238,163		515,300
	1,650	Zalando SE†		37,744		54,324
				5,540,466		38,495,193
		Semiconductors — 0.2%
	1,000	Advanced Micro Devices Inc.†		106,900		141,900
	600	Applied Materials Inc.		111,912		109,842
	50	ASML Holding NV		38,076		40,069
	2,000	Axcelis Technologies Inc.†		130,742		139,380
	3,300	Broadcom Inc.		240,522		909,645
	2,500	Entegris Inc.		238,813		201,625
	12,000	GLOBALFOUNDRIES Inc.†		453,634		458,400
	200	Hensoldt AG		21,775		22,946
	1,000	Infineon Technologies AG		38,114		42,542
	3,700	Intel Corp.		77,659		82,880
	300	Micron Technology Inc.		37,752		36,975
	5,000	MKS Inc.		426,848		496,800
	2,835	NVIDIA Corp.		311,604		447,902
	2,300	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		436,962		520,927
	2,600	Teradyne Inc.		272,010		233,792
				2,943,323		3,885,625
		Specialty Chemicals — 0.3%
	1,200	Air Products and Chemicals Inc.		335,621		338,472
	16,600	DuPont de Nemours Inc.		586,551		1,138,594
	22,200	H.B. Fuller Co.		160,603		1,335,330
	14,500	Sensient Technologies Corp.		232,407		1,428,540
				1,315,182		4,240,936
		Telecommunications — 2.3%
	2,200	AT&T Inc.		39,682		63,668
	1,250	Deutsche Telekom AG		32,550		45,601
	145,250	Deutsche Telekom AG, ADR		2,138,266		5,314,698
	52,000	GCI Liberty Inc., Escrow†(a)		0		1
	14,000	Hellenic Telecommunications Organization SA		82,085		266,170
	23,400	Hellenic Telecommunications Organization SA, ADR		93,977		225,810
	147,750	Liberty Global Ltd., Cl. A†		381,111		1,478,977
	3,700	Liberty Global Ltd., Cl. C†		3,545		38,147

Shares			Cost		Market Value
	4,500	Orange SA, ADR	$	47,501	$	68,355
	7,050	SoftBank Group Corp., ADR		151,089		256,832
	62,000	Sunrise Communications AG, Cl. A		572,275		3,494,410
	1,650,000	Telecom Italia SpA†		798,299		813,598
	36,000	Telefonica Brasil SA, ADR		303,553		410,400
	269,000	Telefonica SA, ADR		1,295,653		1,406,870
	553,900	Telephone and Data Systems Inc.		10,665,367		19,707,762
	39,900	Telesat Corp.†		369,709		975,156
	18,700	TIM SA, ADR		136,557		376,057
	10,000	VEON Ltd., ADR†		182,315		460,700
	800	Verizon Communications Inc.		12,541		34,616
				17,306,075		35,437,828
		Transportation — 1.3%
	10,000	Canadian Pacific Kansas City Ltd.		6,337		792,700
	4,000	Ferrari Group plc		35,891		42,123
	126,500	GATX Corp.		2,363,510		19,425,340
				2,405,738		20,260,163
		Wireless Communications — 0.4%
	57,500	America Movil SAB de CV, ADR		173,438		1,031,550
	215,000	Operadora De Sites Mexicanos SAB de CV		257,222		195,241
	15,885	T-Mobile US Inc.		432,204		3,784,760
	21,000	United States Cellular Corp.†		727,964		1,343,370
				1,590,828		6,354,921
		TOTAL COMMON STOCKS		341,730,732		1,546,105,138

		CLOSED-END FUNDS — 0.1%
	2,000	Altaba Inc., Escrow†		0		2,700
	10,000	Royce Global Trust Inc.		87,000		120,300
	40,000	Royce Small-Cap Trust Inc.		443,734		602,000
				530,734		725,000
		TOTAL CLOSED-END FUNDS		530,734		725,000

		PREFERRED STOCKS — 0.0%
		Diversified Industrial — 0.0%
	800	Jungheinrich AG		21,499		37,657

See accompanying notes to financial statements.

The Gabelli Asset Fund

Schedule of Investments (Continued) — June 30, 2025 (Unaudited)

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 0.8%
$	12,537,000	U.S. Treasury Bills, 4.203% to 4.330%††, 08/14/25 to 09/25/25	$	12,433,314	$	12,432,916

		TOTAL INVESTMENTS — 100.1%	$	354,716,279		1,559,300,711

		Other Assets and Liabilities (Net) — (0.1)%				(831,893	)

		NET ASSETS — 100.0%			$	1,558,468,818

	(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
	†	Non-income producing security.
	††	Represents annualized yields at dates of purchase.

	ADR	American Depositary Receipt
	CDI	CHESS (Australia) Depository Interest
	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, 2025 (Unaudited)

Assets:
Investments, at value (cost $354,716,279)	$	1,559,300,711
Foreign currency, at value (cost $6,721)		6,741
Deposit at brokers		10,772
Receivable for investments sold		639,034
Receivable for Fund shares sold		83,806
Dividends and interest receivable		1,861,640
Prepaid expenses		20,747
Total Assets		1,561,923,451
Liabilities:
Payable to bank		5,885
Distributions payable		3
Payable for investments purchased		272,713
Payable for Fund shares redeemed		1,409,485
Payable for investment advisory fees		1,263,204
Payable for distribution fees		126,574
Payable for accounting fees		7,500
Other accrued expenses		369,269
Total Liabilities		3,454,633
Net Assets
(applicable to 32,121,621 shares outstanding)	$	1,558,468,818

Net Assets Consist of:
Paid-in capital	$	260,171,112
Total distributable earnings		1,298,297,706
Net Assets	$	1,558,468,818

Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net Asset Value, offering, and redemption price per share ($588,460,716 ÷ 12,086,297 shares outstanding)	$	48.69
Class A:
Net Asset Value and redemption price per share ($29,146,507 ÷ 609,295 shares outstanding)	$	47.84
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	50.76
Class C:
Net Asset Value and offering price per share ($947,317 ÷ 22,966 shares outstanding)	$	41.25	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($939,914,278 ÷ 19,403,063 shares outstanding)	$	48.44

(a)

Redemption price varies based on the length of time held.

Statement of Operations

For the Six Months Ended June 30, 2025 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $312,708)	$	12,021,462
Interest		132,387
Total Investment Income		12,153,849
Expenses:
Investment advisory fees		7,635,576
Distribution fees - Class AAA		728,199
Distribution fees - Class A		36,877
Distribution fees - Class C		5,069
Shareholder services fees		376,738
Shareholder communications expenses		100,646
Custodian fees		95,163
Trustees' fees		64,850
Legal and audit fees		55,349
Registration expenses		31,161
Accounting fees		22,500
Interest expense		87
Miscellaneous expenses		67,134
Total Expenses		9,219,349
Less:
Expenses paid indirectly by broker (See Note 6)		(13,593	)
Net Expenses		9,205,756
Net Investment Income		2,948,093

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		106,001,369
Net realized gain on foreign currency transactions		14,402
Net realized gain on investments and foreign currency transactions		106,015,771
Net change in unrealized appreciation/depreciation:
on investments		(4,111,509	)
on foreign currency translations		74,488
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(4,037,021	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		101,978,750
Net Increase in Net Assets Resulting from Operations	$	104,926,843

See accompanying notes to financial statements.

The Gabelli Asset Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Operations:
Net investment income	$	2,948,093		$	4,925,466
Net realized gain on investments, redemption in-kind, and foreign currency transactions		106,015,771			222,358,459
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(4,037,021	)		(93,205,264	)
Net Increase in Net Assets Resulting from Operations		104,926,843			134,078,661

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(82,272,663	)
Class A		—			(4,342,389	)
Class C		—			(159,789	)
Class I		—			(129,354,385	)
Total Distributions to Shareholders		—			(216,129,226	)

Shares of Beneficial Interest Transactions:
Class AAA		(51,395,413	)		(591,330,463	)
Class A		(4,206,145	)		(300,377	)
Class C		(322,179	)		(2,171,978	)
Class I		(49,319,958	)		535,128,695
Net Decrease in Net Assets from Shares of Beneficial Interest Transactions		(105,243,695	)		(58,674,123	)

Redemption Fees		50			710

Net Decrease in Net Assets		(316,802	)		(140,723,978	)

Net Assets:
Beginning of year		1,558,785,620			1,699,509,598
End of period	$	1,558,468,818		$	1,558,785,620

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)(d)			Portfolio Turnover Rate
Class AAA
2025(e)	$	45.50	$	0.06		$	3.13		$	3.19		$	—		$	—		$	—		$	0.00	$	48.69		7.01	%	$	588,461		0.25	%(f)		1.35	%(f)		2	%
2024		48.51		0.10			3.91			4.01			(0.18	)		(6.84	)		(7.02	)		0.00		45.50		8.16			600,447		0.19			1.33			5
2023		47.51		0.12			4.78			4.90			(0.16	)		(3.74	)		(3.90	)		0.00		48.51		10.29			1,211,699		0.24			1.38			4
2022		58.56		0.12			(6.39	)		(6.27	)		(0.09	)		(4.69	)		(4.78	)		0.00		47.51		(10.63	)		1,245,183		0.23			1.35			5
2021		54.05		0.08			10.15			10.23			(0.19	)		(5.53	)		(5.72	)		0.00		58.56		18.93			1,584,831		0.13			1.33			5
2020		55.02		0.13			5.99			6.12			(0.17	)		(6.92	)		(7.09	)		0.00		54.05		11.23			1,544,305		0.25			1.36			4
Class A
2025(e)	$	44.71	$	0.05		$	3.08		$	3.13		$	—		$	—		$	—		$	0.00	$	47.84		7.00	%	$	29,147		0.23	%(f)		1.35	%(f)		2	%
2024		47.74		0.10			3.83			3.93			(0.24	)		(6.72	)		(6.96	)		0.00		44.71		8.13			31,430		0.19			1.33			5
2023		46.75		0.12			4.71			4.83			(0.16	)		(3.68	)		(3.84	)		0.00		47.74		10.32			33,457		0.24			1.38			4
2022		57.63		0.12			(6.29	)		(6.17	)		(0.09	)		(4.62	)		(4.71	)		0.00		46.75		(10.63	)		32,436		0.23			1.35			5
2021		53.28		0.08			10.01			10.09			(0.21	)		(5.53	)		(5.74	)		0.00		57.63		18.93			43,714		0.14			1.33			5
2020		54.33		0.13			5.91			6.04			(0.17	)		(6.92	)		(7.09	)		0.00		53.28		11.23			36,656		0.25			1.36			4
Class C
2025(e)	$	38.70	$	(0.10	)	$	2.65		$	2.55		$	—		$	—		$	—		$	0.00	$	41.25		6.59	%	$	947		(0.53	)%(f)		2.10	%(f)		2	%
2024		41.41		(0.25	)		3.33			3.08			—			(5.79	)		(5.79	)		0.00		38.70		7.35			1,205		(0.59	)		2.08			5
2023		40.72		(0.22	)		4.09			3.87			—			(3.18	)		(3.18	)		0.00		41.41		9.49			3,367		(0.53	)		2.13			4
2022		50.48		(0.24	)		(5.50	)		(5.74	)		—			(4.02	)		(4.02	)		0.00		40.72		(11.30	)		5,966		(0.53	)		2.10			5
2021		47.45		(0.30	)		8.86			8.56			—			(5.53	)		(5.53	)		0.00		50.48		18.04			10,721		(0.57	)		2.08			5
2020		49.30		(0.23	)		5.30			5.07			—			(6.92	)		(6.92	)		0.00		47.45		10.41			20,863		(0.50	)		2.11			4
Class I
2025(e)	$	45.22	$	0.11		$	3.11		$	3.22		$	—		$	—		$	—		$	0.00	$	48.44		7.12	%	$	939,914		0.48	%(f)		1.10	%(f)		2	%
2024		48.30		0.22			3.89			4.11			(0.37	)		(6.82	)		(7.19	)		0.00		45.22		8.42			925,704		0.43			1.08			5
2023		47.32		0.24			4.77			5.01			(0.29	)		(3.74	)		(4.03	)		0.00		48.30		10.57			450,987		0.48			1.13			4
2022		58.36		0.26			(6.38	)		(6.12	)		(0.23	)		(4.69	)		(4.92	)		0.00		47.32		(10.41	)		551,727		0.49			1.10			5
2021		53.88		0.23			10.14			10.37			(0.36	)		(5.53	)		(5.89	)		0.00		58.36		19.24			602,902		0.38			1.08			5
2020		54.86		0.26			5.98			6.24			(0.30	)		(6.92	)		(7.22	)		0.00		53.88		11.50			487,188		0.51			1.11			4

	†	Total return represents aggregate total return of a hypothetical 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 years presented, there was no material impact on the expense ratios.
	(d)	The Fund incurred interest expense. For the year ended December 31, 2020, if interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.35% (Class AAA and Class A), 2.10% (Class C), and 1.10% (Class I). For all remaining years, there was no material impact on the expense ratios.
	(e)	For the six months ended June 30, 2025, unaudited.
	(f)	Annualized.

See accompanying notes to financial statements.

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Asset Fund (the Fund) was organized on November 25, 1985 as a Massachusetts business trust. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund’s primary objective is growth of capital. The Fund’s secondary goal is to provide current income. The Fund commenced investment operations on March 3, 1986.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund’s investment program and manages the operations of the Fund under the general supervision of the Fund’s Board of Directors (the Board).

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. The Board has designated the Adviser as the valuation designee under Rule 2a-5. 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 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 the Adviser.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the securities are valued using the closing bid price, unless the Board determines such amount does not reflect the security’s 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.

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

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 — unadjusted quoted prices in active markets for identical securities;

●

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

●

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

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

The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2025 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs (a)		Total Market Value at 06/30/25
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Diversified Industrial	$	111,789,742	$	85,260		—	$	111,875,002
Electronics		79,445,335		110,102		—		79,555,437
Manufactured Housing and Recreational Vehicles		1,891,056		18,362		—		1,909,418
Real Estate		7,145,904		19,957		—		7,165,861
Telecommunications		35,437,827		—	$	1		35,437,828
Other Industries (b)		1,310,161,592		—		—		1,310,161,592
Total Common Stocks		1,545,871,456		233,681		1		1,546,105,138
Closed-End Funds		722,300		2,700		—		725,000
Preferred Stocks (b)		37,657		—		—		37,657
U.S. Government Obligations		—		12,432,916		—		12,432,916
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,546,631,413	$	12,669,297	$	1	$	1,559,300,711

	(a)	The inputs for this security are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board.
	(b)	Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

At June 30, 2025, the total value of Level 3 investments for the Fund was less than 1% of total net assets

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

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

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

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

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

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

Restricted Securities. The Fund may invest up to 10% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At June 30, 2025, 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, 2025, 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 or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

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

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

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to utilization of tax equalization and in-kind distributions for shareholder redemptions. These reclassifications have no impact on the NAV of the Fund.

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions paid during the year ended December 31, 2024 was as follows:

Distributions paid from:
Ordinary income	$	10,224,018
Net long term capital gains		219,360,601
Total distributions paid*	$	229,584,619

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, 2025:

Cost

Gross
Unrealized
Appreciation

Gross
Unrealized
Depreciation

Net

Unrealized
Appreciation

Investments

361,204,035

1,212,573,817

(14,477,141

)

1,198,096,676

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended June 30, 2025, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2025, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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

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

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

5. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2025, other than short term securities and U.S. Government obligations, aggregated $28,466,601 and $157,443,014, respectively.

6. Transactions with Affiliates and Other Arrangements. During the six months ended June 30, 2025, the Fund paid $8,535 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $405 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended June 30, 2025, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $13,593.

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, 2025, the Fund accrued $22,500 in accounting fees in the Statement of Operations.

The Fund pays retainer and per meeting fees to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

7. Redemptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2025 the Gabelli Asset Fund did not have redemptions-in-kind.

8. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on February 25, 2026 and may be renewed annually, of up to $150,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At June 30, 2025, there were no borrowings outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit for 29 days of borrowings during the six months ended June 30, 2025 was $6,953,345 with a weighted average interest rate of 5.59%. The maximum amount borrowed at any time during the six months ended June 30, 2025 was $17,322,000.

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

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

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, 2025 and the year ended December 31, 2024, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2025 (Unaudited)						Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		172,366		$	8,122,927			218,164		$	10,909,934
Shares issued upon reinvestment of distributions		—			—			1,736,779			79,527,245
Shares redeemed		(1,281,627	)		(59,518,340	)		(13,735,665	)		(681,767,642	)
Net decrease		(1,109,261	)	$	(51,395,413	)		(11,780,722	)	$	(591,330,463	)
Class A
Shares sold		16,313		$	734,878			77,917		$	3,982,855
Shares issued upon reinvestment of distributions		—			—			92,250			4,151,265
Shares redeemed		(109,963	)		(4,941,023	)		(168,111	)		(8,434,497	)
Net increase/(decrease)		(93,650	)	$	(4,206,145	)		2,056		$	(300,377	)
Class C
Shares sold		74		$	2,900			994		$	44,039
Shares issued upon reinvestment of distributions		—			—			4,103			159,789
Shares redeemed		(8,248	)		(325,079	)		(55,283	)		(2,375,806	)
Net decrease		(8,174	)	$	(322,179	)		(50,186	)	$	(2,171,978	)
Class I
Shares sold		271,844		$	12,592,279			11,029,302		$	543,916,710
Shares issued upon reinvestment of distributions		—			—			2,589,721			117,867,347
Shares redeemed in-kind		—			—			(19,826	)		(1,039,475	)
Shares redeemed		(1,340,193	)		(61,912,237	)		(2,464,477	)		(125,615,887	)
Net increase/(decrease)		(1,068,348	)	$	(49,319,958	)		11,134,720		$	535,128,695

ReFlow Services, LLC The Fund may participate in the ReFlow Services, LLC liquidity program (ReFlow), which is designed to provide an alternative liquidity source for funds experiencing redemptions. To pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund’s net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a fund. ReFlow generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, at other times at ReFlow’s discretion, or at the direction of the participating fund. In return for this service, a participating fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. This fee, if any, is shown in the Statement of Operations.

During the six months ended June 30, 2025 the Fund did not utilize ReFlow.

10. 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

The Gabelli Asset Fund

Notes to Financial Statements (Unaudited) (Continued)

losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

11. Segment Reporting. The Fund’s Principal Executive Officer and Principal Financial Officer act as the Fund’s chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is guided by the Fund’s investment objective and principal investment strategies, and executed by the Fund’s portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

12. Subsequent Events. On July 25, 2025, the Bank of New York Mellon became Custodian to the Fund. 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 other subsequent events requiring recognition or disclosure in the financial statements.

Gabelli Funds and Your Personal Privacy

Who are we?

The Gabelli Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds LLC which is affiliated with GAMCO Investors, Inc. that is a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

What kind of non-public information do we collect about you if you become a fund shareholder?

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

●

Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

●

Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you. This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information.

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(b)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

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)(d)			Portfolio Turnover Rate
Class AAA
2025(e)	$	45.50	$	0.06		$	3.13		$	3.19		$	—		$	—		$	—		$	0.00	$	48.69		7.01	%	$	588,461		0.25	%(f)		1.35	%(f)		2	%
2024		48.51		0.10			3.91			4.01			(0.18	)		(6.84	)		(7.02	)		0.00		45.50		8.16			600,447		0.19			1.33			5
2023		47.51		0.12			4.78			4.90			(0.16	)		(3.74	)		(3.90	)		0.00		48.51		10.29			1,211,699		0.24			1.38			4
2022		58.56		0.12			(6.39	)		(6.27	)		(0.09	)		(4.69	)		(4.78	)		0.00		47.51		(10.63	)		1,245,183		0.23			1.35			5
2021		54.05		0.08			10.15			10.23			(0.19	)		(5.53	)		(5.72	)		0.00		58.56		18.93			1,584,831		0.13			1.33			5
2020		55.02		0.13			5.99			6.12			(0.17	)		(6.92	)		(7.09	)		0.00		54.05		11.23			1,544,305		0.25			1.36			4
Class A
2025(e)	$	44.71	$	0.05		$	3.08		$	3.13		$	—		$	—		$	—		$	0.00	$	47.84		7.00	%	$	29,147		0.23	%(f)		1.35	%(f)		2	%
2024		47.74		0.10			3.83			3.93			(0.24	)		(6.72	)		(6.96	)		0.00		44.71		8.13			31,430		0.19			1.33			5
2023		46.75		0.12			4.71			4.83			(0.16	)		(3.68	)		(3.84	)		0.00		47.74		10.32			33,457		0.24			1.38			4
2022		57.63		0.12			(6.29	)		(6.17	)		(0.09	)		(4.62	)		(4.71	)		0.00		46.75		(10.63	)		32,436		0.23			1.35			5
2021		53.28		0.08			10.01			10.09			(0.21	)		(5.53	)		(5.74	)		0.00		57.63		18.93			43,714		0.14			1.33			5
2020		54.33		0.13			5.91			6.04			(0.17	)		(6.92	)		(7.09	)		0.00		53.28		11.23			36,656		0.25			1.36			4
Class C
2025(e)	$	38.70	$	(0.10	)	$	2.65		$	2.55		$	—		$	—		$	—		$	0.00	$	41.25		6.59	%	$	947		(0.53	)%(f)		2.10	%(f)		2	%
2024		41.41		(0.25	)		3.33			3.08			—			(5.79	)		(5.79	)		0.00		38.70		7.35			1,205		(0.59	)		2.08			5
2023		40.72		(0.22	)		4.09			3.87			—			(3.18	)		(3.18	)		0.00		41.41		9.49			3,367		(0.53	)		2.13			4
2022		50.48		(0.24	)		(5.50	)		(5.74	)		—			(4.02	)		(4.02	)		0.00		40.72		(11.30	)		5,966		(0.53	)		2.10			5
2021		47.45		(0.30	)		8.86			8.56			—			(5.53	)		(5.53	)		0.00		50.48		18.04			10,721		(0.57	)		2.08			5
2020		49.30		(0.23	)		5.30			5.07			—			(6.92	)		(6.92	)		0.00		47.45		10.41			20,863		(0.50	)		2.11			4
Class I
2025(e)	$	45.22	$	0.11		$	3.11		$	3.22		$	—		$	—		$	—		$	0.00	$	48.44		7.12	%	$	939,914		0.48	%(f)		1.10	%(f)		2	%
2024		48.30		0.22			3.89			4.11			(0.37	)		(6.82	)		(7.19	)		0.00		45.22		8.42			925,704		0.43			1.08			5
2023		47.32		0.24			4.77			5.01			(0.29	)		(3.74	)		(4.03	)		0.00		48.30		10.57			450,987		0.48			1.13			4
2022		58.36		0.26			(6.38	)		(6.12	)		(0.23	)		(4.69	)		(4.92	)		0.00		47.32		(10.41	)		551,727		0.49			1.10			5
2021		53.88		0.23			10.14			10.37			(0.36	)		(5.53	)		(5.89	)		0.00		58.36		19.24			602,902		0.38			1.08			5
2020		54.86		0.26			5.98			6.24			(0.30	)		(6.92	)		(7.22	)		0.00		53.88		11.50			487,188		0.51			1.11			4

	†	Total return represents aggregate total return of a hypothetical 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 years presented, there was no material impact on the expense ratios.
	(d)	The Fund incurred interest expense. For the year ended December 31, 2020, if interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.35% (Class AAA and Class A), 2.10% (Class C), and 1.10% (Class I). For all remaining years, there was no material impact on the expense ratios.
	(e)	For the six months ended June 30, 2025, unaudited.
	(f)	Annualized.

See accompanying notes to financial statements.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

(1)

All directors and all members of any advisory board for regular compensation;

James P. Conn	$13,500
Eileen Nakamura	$10,850
Werner J. Roeder	$13,000
Anthonie C. van Ekris	$13,000
Salvatore J. Zizza	$14,500

(2)

Each director and each member of an advisory board for special compensation; $0

(3)

All officers; $0 and

(4)

Each person of whom any officer or director of the Fund is an affiliated person. $0

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

At its meeting on February 12, 2025, 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.

The nature, extent and quality of services provided by the Adviser.

The Board Members reviewed in detail the nature and extent of the services provided by the Adviser under the Advisory Agreement and the quality of those services over the past year. The Board noted that these services included managing the investment program of the Fund (including the purchase and sale of portfolio securities), overseeing all of the Fund’s third party service providers, and providing general corporate services. The Board Members considered that the Adviser also provided, at its expense, office facilities for use by the Fund and supervisory personnel responsible for supervising the performance of administrative, accounting and related services for the Fund, including monitoring to assure compliance with stated investment policies and restrictions under the 1940 Act and related securities regulations. The Board Members noted that, in addition to managing the investment program for the Fund, the Adviser provided certain non-advisory and compliance services, including services under the Fund’s Rule 38a-1 compliance program.

The Board Members also considered that the Adviser provided services to shareholders of the Fund who had invested through various programs offered by certain third party financial intermediaries. The Board noted that the Adviser had engaged BNY, at the Adviser’s expense, to assist it in performing certain of its administrative functions.

The Board Members reviewed the personnel responsible for providing services to the Fund and concluded, based on their experience and interaction with the Adviser, that (i) the Adviser was able to retain quality personnel, (ii) the Adviser and its agents exhibited a high level of diligence and attention to detail in carrying out their advisory and administrative responsibilities under the Advisory Agreement, (iii) the Adviser was responsive to requests of the Board, (iv) the scope and depth of the Adviser’s resources was adequate, and (v) the Adviser had kept the Board apprised of developments relating to the Fund and the industry in general. The Board Members evaluated these factors based on their direct experience with the Adviser and in consultation with Fund Counsel. The Board Members also focused on the Adviser’s reputation and long standing relationship with the Fund. The Board Members also believed that the Adviser had devoted substantial resources and made substantial commitments to address new regulatory compliance requirements applicable to the Fund. The Board Members concluded that the nature and extent of the services provided were reasonable and appropriate in relation to the advisory fee, that the level of services provided had not diminished over the past year, and that the quality of such services continued to be high.

The performance of the Fund and the Adviser.

The Independent Board Members reviewed the short-, medium-, and long-term performance (as of December 31, 2024) of the Fund against a peer group of nine other comparable funds prepared by the Adviser (“the Adviser Performance Peer Group”) and against a peer group prepared by Broadridge (the “Broadridge Performance Peer Group,” and together with the Adviser Performance Peer Group, the “Performance Peer Groups”) consisting of all retail and institutional multi-cap value funds, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund’s performance was in the third quartile for the one-, and five-year periods, in the fourth quartile for the three-year period, and in the second quartile for the 10-year period, as measured against the Adviser Performance Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the fifth quintile for the one-, three-, five-, and ten-year periods. The Board Members concluded that the Fund’s performance was reasonable in comparison to that of the Performance Peer Groups.

In connection with its assessment of the performance of the Adviser, the Board Members considered the Adviser’s financial condition and whether it had the resources necessary to continue to carry out its functions under the Advisory Agreement. The Board Members concluded that the Adviser had the financial resources necessary to continue to perform its obligations under the Advisory Agreement and to continue to provide the high quality services that it has provided to the Fund to date.

The cost of the advisory services and the profits to the Adviser and its affiliates from the relationship with the Fund.

In connection with the Board Members’ consideration of the cost of the advisory services and the profits to the Adviser and its affiliates from the relationship with the Fund, the Board Members considered a number of factors. First, the Board Members compared the level of the advisory fee for the Fund against an expense peer group prepared by the Adviser (the “Adviser Expense Peer Group”) and against an expense peer group of institutional multi-cap value funds selected by Broadridge (the “Broadridge Expense Peer Group,” and together with the Adviser Expense Peer Group, the “Expense Peer Groups”). The Independent Board Members noted that the Fund’s expense ratios were the highest among the Broadridge Expense Peer Group, that they were below average within the Adviser Expense Peer Group, and that the Fund’s size was larger than a majority of these peers. The Board Members also considered comparative non-management fee expenses and comparative total fund expenses of the Fund and the Expense Peer Groups. The Board Members considered this information as useful in assessing whether the Adviser was providing services at a cost that was competitive with other similar funds. In assessing this information, the Board Members considered the comparative contract rates as well as the level of the total expense ratio with respect to the Expense Peer Groups. The Independent Board Members noted that the Fund’s expense ratios were the highest among the Broadridge Expense Peer Group, that they were below average within the Adviser Expense Peer Group, and that the Fund’s size was larger than a majority of these peers. The Board Members also reviewed the fees charged by the Adviser to provide similar advisory services to other RICs or accounts with similar investment objectives, noting that the fees charged by the Adviser were comparable to the Fund.

The Board Members also considered an analysis prepared by the Adviser of the estimated profitability to the Adviser of its relationship with the Fund and reviewed with the Adviser its cost allocation methodology in connection with its profitability. In this regard, the Board Members reviewed pro forma income statements of the Adviser for the year ended December 31, 2024. The Board Members considered one analysis for the Adviser with respect to its profitability as a whole, and a second analysis for the Adviser with respect to the profitability of its advisory relationship with the Fund. With respect to the Fund-specific profitability analysis, the Board Members received an analysis based on the Fund’s average net assets during the period as well as a pro forma analysis of profitability at higher and lower asset levels. The Board Members concluded that the profitability of the Fund to the Adviser was not excessive.

The extent to which economies of scale will be realized as the Fund grows and whether fee levels reflect those economies of scale.

With respect to the Board Members’ consideration of economies of scale, the Board Members discussed whether economies of scale would be realized by the Fund at higher asset levels. The Board Members also reviewed data from the Expense Peer Groups to assess whether the funds in the Expense Peer Groups had advisory fee breakpoints and, if so, at what asset levels. The Board Members also assessed whether certain of the Adviser’s costs would increase if asset levels rise. The Board Members noted the Fund’s current size and concluded that they were unable to assess at this time whether economies of scale would be realized if the Fund were to experience significant asset growth. In the event there were to be significant asset growth in the Fund, the Board Members determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

Other Factors

In addition to the above factors, the Board Members also discussed other benefits received by the Adviser from its management of the Fund. The Board Members considered that the Adviser does use soft dollars in connection with its management of the Fund.

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.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which 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 16. Controls and Procedures.

(a)

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Not applicable.

(a)(3)

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)(4)

There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5)

There was no change in the Registrant’s independent public accountant during the period covered by the report.

(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/ John C. Ball
	John C. Ball, Principal Executive Officer

Date	September 4, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date	September 4, 2025

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

Date	September 4, 2025

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

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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