-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PpnRRXqjg4SXCXaCcLiWwc/W6jRXZCIhm47PytGiKUwoNFeLo9fSFO8NAH6oERTD JNKlBYbMSgzLAW/qEExRJQ== 0000935069-05-003211.txt : 20051129 0000935069-05-003211.hdr.sgml : 20051129 20051129105601 ACCESSION NUMBER: 0000935069-05-003211 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 FILED AS OF DATE: 20051129 DATE AS OF CHANGE: 20051129 EFFECTIVENESS DATE: 20051129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GABELLI ASSET FUND CENTRAL INDEX KEY: 0000783898 IRS NUMBER: 133331485 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04494 FILM NUMBER: 051230311 BUSINESS ADDRESS: STREET 1: ONE CORPORATE CENTER CITY: RYE STATE: NY ZIP: 10580 BUSINESS PHONE: 8004223554 MAIL ADDRESS: STREET 1: ONE CORPORATE CENTER STREET 2: 100 PARK AVENUE CITY: RYE STATE: NY ZIP: 10580 N-Q 1 asset_905.txt GABELLI ASSET 9-30-05 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-04494 --------- The Gabelli Asset Fund --------------------------------------------- (Exact name of registrant as specified in charter) One Corporate Center Rye, New York 10580-1422 --------------------------------------------- (Address of principal executive offices) (Zip code) Bruce N. Alpert Gabelli Funds, LLC One Corporate Center Rye, New York 10580-1422 --------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 1-800-422-3554 -------------- Date of fiscal year end: December 31 ------------ Date of reporting period: September 30, 2005 ------------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached herewith. THE GABELLI ASSET FUND SCHEDULE OF INVESTMENTS -- SEPTEMBER 30, 2005 (UNAUDITED) - -------------------------------------------------------------------------------- MARKET SHARES VALUE* ------- ------- COMMON STOCKS -- 98.4% AEROSPACE -- 0.5% 70,000 Boeing Co. .....................$ 4,756,500 20,000 Herley Industries Inc.+ ........ 372,600 30,000 Lockheed Martin Corp. .......... 1,831,200 65,000 Northrop Grumman Corp. ......... 3,532,750 230,000 Rolls-Royce Group plc+ ......... 1,515,186 -------------- 12,008,236 -------------- AGRICULTURE -- 1.0% 800,000 Archer-Daniels-Midland Co. ..... 19,728,000 15,000 Delta & Pine Land Co. .......... 396,150 40,529 Monsanto Co. ................... 2,543,195 30,000 Mosaic Co.+ .................... 480,600 1,000 Potash Corp. of Saskatchewan Inc. ............. 93,320 -------------- 23,241,265 -------------- AUTOMOTIVE -- 0.9% 505,000 Navistar International Corp.+ .. 16,377,150 45,000 PACCAR Inc. .................... 3,055,050 25,000 Volkswagen AG .................. 1,538,369 -------------- 20,970,569 -------------- AUTOMOTIVE: PARTS AND ACCESSORIES -- 3.4% 107,000 BorgWarner Inc. ................ 6,041,220 244,000 CLARCOR Inc. ................... 7,007,680 549,300 Dana Corp. ..................... 5,168,913 210,000 Federal-Mogul Corp.+ ........... 104,979 520,000 Genuine Parts Co. .............. 22,308,000 190,000 Johnson Controls Inc. .......... 11,789,500 170,000 Midas Inc.+ .................... 3,379,600 300,000 Modine Manufacturing Co. ....... 11,004,000 170,704 Proliance International Inc.+ .. 935,458 260,000 Scheib (Earl) Inc.+ ............ 975,000 205,000 Standard Motor Products Inc. ... 1,662,550 70,000 Superior Industries International Inc. ............ 1,506,400 255,000 Tenneco Automotive Inc.+ ....... 4,465,050 50,000 TRW Automotive Holdings Corp.+ . 1,467,000 -------------- 77,815,350 -------------- AVIATION: PARTS AND SERVICES -- 2.8% 72,000 Aviall Inc.+ ................... 2,432,160 270,000 Curtiss-Wright Corp. ........... 16,661,700 10,000 EDO Corp. ...................... 300,300 230,300 Fairchild Corp., Cl. A+ ........ 534,296 610,000 GenCorp Inc.+ .................. 11,376,500 110,000 Kaman Corp., Cl. A ............. 2,249,500 340,000 Precision Castparts Corp. ...... 18,054,000 109,000 Sequa Corp., Cl. A+ ............ 6,431,000 105,000 Sequa Corp., Cl. B+ ............ 6,313,650 -------------- 64,353,106 -------------- MARKET SHARES VALUE* ------- ------- BROADCASTING -- 1.0% 10,000 Cogeco Inc. ....................$ 234,408 20,000 Corus Entertainment Inc., Cl. B 578,753 80,000 Fisher Communications Inc.+ .... 3,724,800 166,000 Granite Broadcasting Corp.+ .... 64,740 310,000 Gray Television Inc. ........... 3,282,900 10,000 Gray Television Inc., Cl. A .... 99,000 170,000 Liberty Corp. .................. 7,971,300 180,000 Lin TV Corp., Cl. A+ ........... 2,511,000 60,000 Paxson Communications Corp.+ ... 27,000 40,000 Sinclair Broadcast Group Inc., Cl. A ......................... 354,800 400,000 Television Broadcasts Ltd. ..... 2,446,712 260,000 Young Broadcasting Inc., Cl. A+ 907,400 -------------- 22,202,813 -------------- BUSINESS SERVICES -- 1.0% 25,851 Acco Brands Corp.+ ............. 729,515 430,000 Cendant Corp. .................. 8,875,200 45,000 ChoicePoint Inc.+ .............. 1,942,650 200,000 Ecolab Inc. .................... 6,386,000 10,000 Imation Corp. .................. 428,700 65,000 Landauer Inc. .................. 3,185,000 119,000 Nashua Corp.+ .................. 737,800 -------------- 22,284,865 -------------- CABLE AND SATELLITE -- 5.6% 2,000,000 Cablevision Systems Corp., Cl. A+ ........................ 61,340,000 270,000 Comcast Corp., Cl. A+ .......... 7,932,600 40,000 Comcast Corp., Cl. A, Special+ . 1,151,200 275,000 DIRECTV Group Inc.+ ............ 4,119,500 85,000 EchoStar Communications Corp., Cl. A ......................... 2,513,450 320,096 Liberty Global Inc., Cl. A+ .... 8,668,200 320,096 Liberty Global Inc., Cl. C+ .... 8,242,472 776,550 Rogers Communications Inc., Cl. B, New York ...................... 30,634,897 10,000 Rogers Communications Inc., Cl. B, Toronto ....................... 393,634 60,000 Shaw Communications Inc., Cl. B 1,254,194 80,000 Shaw Communications Inc., Cl. B, Non-Voting .................... 1,677,600 -------------- 127,927,747 -------------- CLOSED-END FUNDS -- 0.1% 80,001 Royce Value Trust Inc. ......... 1,590,420 -------------- COMMUNICATIONS EQUIPMENT -- 1.6% 120,000 Agere Systems Inc.+ ............ 1,249,200 80,000 Andrew Corp.+ .................. 892,000 622,206 Corning Inc.+ .................. 12,027,242 800,000 Lucent Technologies Inc.+ ...... 2,600,000 300,000 Motorola Inc. .................. 6,627,000 235,000 Nortel Networks Corp.+ ......... 766,100 400,000 Thomas & Betts Corp.+ .......... 13,764,000 -------------- 37,925,542 -------------- 2 THE GABELLI ASSET FUND SCHEDULE OF INVESTMENTS (CONTINUED) -- SEPTEMBER 30, 2005 (UNAUDITED) - -------------------------------------------------------------------------------- MARKET SHARES VALUE* ------- ------- COMMON STOCKS (CONTINUED) COMPUTER HARDWARE -- 0.0% 35,000 Maxtor Corp.+ ..................$ 154,000 -------------- COMPUTER SOFTWARE AND SERVICES -- 0.3% 10,000 Computer Associates International Inc. ............ 278,100 45,000 Jupitermedia Corp.+ ............ 796,950 26,026 Telecom Italia Media SpA+ ...... 17,047 200,000 Yahoo! Inc.+ ................... 6,768,000 -------------- 7,860,097 -------------- CONSUMER PRODUCTS -- 5.4% 40,500 Alberto-Culver Co. ............. 1,812,375 12,000 Altria Group Inc. .............. 884,520 11,000 Christian Dior SA .............. 907,578 285,000 Church & Dwight Co. Inc. ....... 10,527,900 40,000 Clorox Co. ..................... 2,221,600 40,000 Colgate-Palmolive Co. .......... 2,111,600 82,000 Department 56 Inc.+ ............ 1,025,000 40,000 Eastman Kodak Co. .............. 973,200 275,000 Energizer Holdings Inc.+ ....... 15,592,500 110,000 Fortune Brands Inc. ............ 8,946,300 290,000 Gallaher Group plc, ADR ........ 18,006,100 210,000 Gillette Co. ................... 12,222,000 3,000 Givaudan SA .................... 1,921,131 38,000 Harley-Davidson Inc. ........... 1,840,720 120,000 Mattel Inc. .................... 2,001,600 100,000 Maytag Corp. ................... 1,826,000 60,000 National Presto Industries Inc. 2,568,600 370,000 Procter & Gamble Co. ........... 22,000,200 50,000 Reckitt Benckiser plc .......... 1,523,034 1,000,000 Swedish Match AB ............... 11,929,096 10,000 Syratech Corp.+ ................ 800 200,000 Wolverine World Wide Inc. ...... 4,210,000 -------------- 125,051,854 -------------- CONSUMER SERVICES -- 1.3% 1,600 eBay Inc.+ ..................... 65,920 440,000 Expedia Inc.+ .................. 8,716,404 455,000 IAC/InterActiveCorp+ ........... 11,534,250 445,000 Rollins Inc. ................... 8,686,400 -------------- 29,002,974 -------------- DIVERSIFIED INDUSTRIAL -- 5.6% 140,000 Acuity Brands Inc. ............. 4,153,800 5,000 Anixter International Inc.+ .... 201,650 75,403 Contax Participacoes SA, ADR+ .. 46,841 220,000 Cooper Industries Ltd., Cl. A .. 15,210,800 420,000 Crane Co. ...................... 12,490,800 65,000 Gardner Denver Inc.+ ........... 2,899,000 260,000 GATX Corp. ..................... 10,283,000 240,000 Greif Inc., Cl. A .............. 14,424,000 30,000 Harbor Global Co. Ltd.+ ........ 273,000 425,000 Honeywell International Inc. ... 15,937,500 MARKET SHARES VALUE* ------- ------- 300,000 ITT Industries Inc. ............$ 34,080,000 150,000 Katy Industries Inc.+ .......... 366,000 320,000 Lamson & Sessions Co.+ ......... 5,862,400 25,000 MagneTek Inc.+ ................. 84,500 240,000 Myers Industries Inc. .......... 2,793,600 51,000 Pentair Inc. ................... 1,861,500 80,000 Smiths Group plc ............... 1,353,181 75,000 Trinity Industries Inc. ........ 3,036,750 100,000 Tyco International Ltd. ........ 2,785,000 10,000 Walter Industries Inc. ......... 489,200 -------------- 128,632,522 -------------- ELECTRONICS -- 1.0% 3,000 Hitachi Ltd., ADR .............. 190,170 13,000 Kyocera Corp., ADR ............. 910,260 25,000 Molex Inc., Cl. A .............. 642,750 46,000 Samsung Electronics Co. Ltd., GDR (a) ................. 12,985,119 60,000 Sony Corp., ADR ................ 1,991,400 205,000 Texas Instruments Inc. ......... 6,949,500 -------------- 23,669,199 -------------- ENERGY AND UTILITIES -- 8.3% 110,000 AES Corp.+ ..................... 1,807,300 40,000 AGL Resources Inc. ............. 1,484,400 150,000 Allegheny Energy Inc.+ ......... 4,608,000 55,000 Aquila Inc.+ ................... 217,800 250,000 BP plc, ADR .................... 17,712,500 245,000 Burlington Resources Inc. ...... 19,923,400 25,000 CH Energy Group Inc. ........... 1,187,000 354,000 Chevron Corp. .................. 22,914,420 15,000 Cinergy Corp. .................. 666,150 200,000 ConocoPhillips ................. 13,982,000 20,000 Constellation Energy Group ..... 1,232,000 1,000 Cooper Cameron Corp.+ .......... 73,930 124,000 Devon Energy Corp. ............. 8,511,360 80,000 DPL Inc. ....................... 2,224,000 20,000 DTE Energy Co. ................. 917,200 270,000 Duke Energy Corp. .............. 7,875,900 110,000 Duquesne Light Holdings Inc. ... 1,893,100 27,000 Edison International ........... 1,276,560 300,000 El Paso Corp. .................. 4,170,000 280,000 El Paso Electric Co.+ .......... 5,838,000 150,000 Energy East Corp. .............. 3,778,500 110,000 EOG Resources Inc. ............. 8,239,000 340,000 Exxon Mobil Corp. .............. 21,603,600 14,000 FPL Group Inc. ................. 666,400 40,625 GlobalSantaFe Corp. ............ 1,853,312 10,000 Halliburton Co. ................ 685,200 66,358 Kerr-McGee Corp. ............... 6,444,025 140,000 Mirant Corp.+ .................. 199,500 22,086 NiSource Inc. .................. 535,586 190,000 Northeast Utilities ............ 3,790,500 2,000 NSTAR .......................... 57,840 1,000 PetroChina Co. Ltd., ADR ....... 83,370 3 THE GABELLI ASSET FUND SCHEDULE OF INVESTMENTS (CONTINUED) -- SEPTEMBER 30, 2005 (UNAUDITED) - -------------------------------------------------------------------------------- MARKET SHARES VALUE* ------- ------- COMMON STOCKS (CONTINUED) ENERGY AND UTILITIES (CONTINUED) 100,000 Progress Energy Inc., CVO+ .....$ 9,000 50,000 Royal Dutch Shell plc, Cl. A, ADR .................... 3,282,000 66,000 SJW Corp. ...................... 3,186,480 310,000 Southwest Gas Corp. ............ 8,490,900 40,000 Spinnaker Exploration Co.+ ..... 2,587,600 30,000 Transocean Inc.+ ............... 1,839,300 40,000 TXU Corp. ...................... 4,515,200 10,000 UIL Holdings Corp. ............. 523,100 -------------- 190,885,433 -------------- ENTERTAINMENT -- 7.3% 715,000 Discovery Holding Co., Cl. A+ .. 10,324,600 46,600 DreamWorks Animation SKG Inc., Cl. A+ .............. 1,288,956 19,406 EMI Group plc .................. 83,003 195,000 EMI Group plc, ADR ............. 1,673,119 200,000 GC Companies Inc.+ (b) ......... 172,000 600,000 Gemstar-TV Guide International Inc.+ ........... 1,776,000 164,000 Grupo Televisa SA, ADR ......... 11,760,440 4,630,000 Liberty Media Corp., Cl. A+ .... 37,271,500 2,000,000 Rank Group plc ................. 10,529,838 20,000 Regal Entertainment Group, Cl. A ......................... 400,800 200,000 Six Flags Inc.+ ................ 1,438,000 610,000 The Walt Disney Co. ............ 14,719,300 1,500,000 Time Warner Inc. ............... 27,165,000 835,000 Viacom Inc., Cl. A ............. 27,738,700 100,000 Viacom Inc., Cl. B ............. 3,301,000 560,000 Vivendi Universal SA, ADR ...... 18,328,800 60,000 World Wrestling Entertainment Inc. ............ 780,000 -------------- 168,751,056 -------------- ENVIRONMENTAL SERVICES -- 1.1% 310,000 Allied Waste Industries Inc.+ .. 2,619,500 300,000 Republic Services Inc. ......... 10,587,000 450,000 Waste Management Inc. .......... 12,874,500 -------------- 26,081,000 -------------- EQUIPMENT AND SUPPLIES -- 5.0% 481,000 AMETEK Inc. .................... 20,668,570 3,000 Amphenol Corp., Cl. A .......... 121,020 106,000 CIRCOR International Inc. ...... 2,909,700 170,000 Crown Holdings Inc.+ ........... 2,709,800 155,000 CTS Corp. ...................... 1,875,500 4,000 Danaher Corp. .................. 215,320 400,000 Donaldson Co. Inc. ............. 12,212,000 320,000 Fedders Corp. .................. 684,800 415,000 Flowserve Corp.+ ............... 15,085,250 179,800 Gerber Scientific Inc.+ ........ 1,409,632 250,000 GrafTech International Ltd.+ ... 1,357,500 555,000 IDEX Corp. ..................... 23,615,250 100,000 Imagistics International Inc.+ . 4,185,000 24,000 Ingersoll-Rand Co. Ltd., Cl. A . 917,520 300,000 Interpump Group SpA ............ 2,022,715 200,000 Lufkin Industries Inc. ......... 8,710,000 18,000 Manitowoc Co. Inc. ............. 904,500 MARKET SHARES VALUE* ------- ------- 35,900 Met-Pro Corp. ..................$ 556,809 10,000 Sealed Air Corp.+ .............. 474,600 30,000 Valmont Industries Inc. ........ 880,800 435,000 Watts Water Technologies Inc., Cl. A ................... 12,549,750 120,000 Weir Group plc ................. 810,639 -------------- 114,876,675 -------------- FINANCIAL SERVICES -- 5.2% 15,000 Alleghany Corp.+ ............... 4,590,000 1,000 Allstate Corp. ................. 55,290 420,000 American Express Co. ........... 24,124,800 54,000 Argonaut Group Inc.+ ........... 1,458,540 10,000 Bank of America Corp. .......... 421,000 59,000 Bank of New York Co. Inc. ...... 1,735,190 220 Berkshire Hathaway Inc., Cl. A+ 18,040,000 49,000 BKF Capital Group Inc. ......... 1,515,570 7,500 Calamos Asset Management Inc., Cl. A ................... 185,100 115,000 Citigroup Inc. ................. 5,234,800 12,900 Commercial Federal Corp. ....... 440,406 35,000 Commerzbank AG ................. 954,871 110,000 Commerzbank AG, ADR ............ 3,021,106 155,000 Deutsche Bank AG, ADR .......... 14,495,600 54,000 H&R Block Inc. ................. 1,294,920 26,400 JPMorgan Chase & Co. ........... 895,752 6,000 Lehman Brothers Holdings Inc. .. 698,880 40,000 Leucadia National Corp. ........ 1,724,000 120,000 Mellon Financial Corp. ......... 3,836,400 23,000 Merrill Lynch & Co. Inc. ....... 1,411,050 38,000 Metris Companies Inc.+ ......... 555,940 380,000 Midland Co. .................... 13,691,400 150,000 Phoenix Companies Inc. ......... 1,830,000 30,000 PNC Financial Services Group Inc. .................... 1,740,600 2,500 Prudential Financial Inc. ...... 168,900 40,000 St. Paul Travelers Companies Inc. ................ 1,794,800 85,000 State Street Corp. ............. 4,158,200 20,000 SunTrust Banks Inc. ............ 1,389,000 30,000 T. Rowe Price Group Inc. ....... 1,959,000 19,000 Unitrin Inc. ................... 901,740 8,500 Value Line Inc. ................ 332,690 200,000 Waddell & Reed Financial Inc., Cl. A ................... 3,872,000 -------------- 118,527,545 -------------- FOOD AND BEVERAGE -- 8.8% 345,000 Brown-Forman Corp., Cl. A ...... 21,303,750 60,000 Cadbury Schweppes plc, ADR ..... 2,443,800 150,000 Campbell Soup Co. .............. 4,462,500 140,000 Coca-Cola Co. .................. 6,046,600 50,000 Coca-Cola Enterprises Inc. ..... 975,000 11,000 Coca-Cola Hellenic Bottling Co. SA ............... 319,110 440,000 Corn Products International Inc. 8,874,800 220,000 Del Monte Foods Co.+ ........... 2,360,600 318,000 Diageo plc, ADR ................ 18,447,180 70,000 Farmer Brothers Co. ............ 1,413,300 395,000 Flowers Foods Inc. ............. 10,775,600 4 THE GABELLI ASSET FUND SCHEDULE OF INVESTMENTS (CONTINUED) -- SEPTEMBER 30, 2005 (UNAUDITED) - -------------------------------------------------------------------------------- MARKET SHARES VALUE* ------- ------- COMMON STOCKS (CONTINUED) FOOD AND BEVERAGE (CONTINUED) 3,000 Fomento Economico Mexicano SA de CV, ADR ........$ 209,760 330,000 General Mills Inc. ............. 15,906,000 70,000 Groupe Danone .................. 7,542,215 1,267,800 Grupo Bimbo SA de CV, Cl. A .... 4,126,213 10,000 Hain Celestial Group Inc.+ ..... 194,000 200,000 Heinz (H.J.) Co. ............... 7,308,000 65,000 Hershey Co. .................... 3,660,150 135,000 Kellogg Co. .................... 6,227,550 95,000 Kerry Group plc, Cl. A ......... 2,209,634 33,000 LVMH Moet Hennessy Louis Vuitton SA .............. 2,720,750 9,000 Nestle SA ...................... 2,634,892 872,100 PepsiAmericas Inc. ............. 19,822,833 355,000 PepsiCo Inc. ................... 20,132,050 25,280 Pernod Ricard SA, ADR .......... 1,119,333 155,000 Ralcorp Holdings Inc. .......... 6,497,600 20,000 Smucker (J.M.) Co. ............. 970,800 153,512 Tootsie Roll Industries Inc. ... 4,874,006 255,000 Wrigley (Wm.) Jr. Co. .......... 18,329,400 -------------- 201,907,426 -------------- HEALTH CARE -- 3.5% 44,000 Amgen Inc.+ .................... 3,505,480 15,000 AngioDynamics Inc.+ ............ 315,000 3,000 ArthroCare Corp.+ .............. 120,660 44,000 Biogen Idec Inc.+ .............. 1,737,120 4,000 Biomet Inc. .................... 138,840 165,000 Bristol-Myers Squibb Co. ....... 3,969,900 100,000 Chemed Corp. ................... 4,334,000 60,000 Chiron Corp.+ .................. 2,617,200 10,000 CONMED Corp.+ .................. 278,800 5,500 DENTSPLY International Inc. .... 297,110 95,000 Eli Lilly & Co. ................ 5,084,400 35,000 Exactech Inc.+ ................. 518,000 40,000 Henry Schein Inc.+ ............. 1,704,800 15,000 Hospira Inc.+ .................. 614,550 20,000 IMS Health Inc. ................ 503,400 57,000 INAMED Corp.+ .................. 4,313,760 1,000 Integra LifeSciences Holdings+ . 38,260 20,000 Inverness Medical Innovations Inc.+ ............. 530,600 47,000 Invitrogen Corp.+ .............. 3,535,810 70,000 Johnson & Johnson .............. 4,429,600 118,000 Medco Health Solutions Inc.+ ... 6,469,940 155,000 Merck & Co. Inc. ............... 4,217,550 2,000 Nobel Biocare Holding AG ....... 471,206 15,000 Orthofix International NV+ ..... 654,000 4,000 OrthoLogic Corp.+ .............. 15,320 32,000 Patterson Companies Inc.+ ...... 1,280,960 460,000 Pfizer Inc. .................... 11,486,200 50,000 Renal Care Group Inc.+ ......... 2,366,000 MARKET SHARES VALUE* ------- ------- 135,000 Schering-Plough Corp. ..........$ 2,841,750 2,000 Stryker Corp. .................. 98,860 150,000 Sybron Dental Specialties Inc.+ 6,237,000 30,000 Thoratec Corp.+ ................ 532,800 35,000 William Demant Holding A/S+ .... 1,640,295 1,000 Wright Medical Group Inc.+ ..... 24,680 55,000 Wyeth .......................... 2,544,850 1,000 Young Innovations Inc. ......... 37,860 -------------- 79,506,561 -------------- HOTELS AND GAMING -- 2.9% 110,000 Aztar Corp.+ ................... 3,389,100 5,000 Churchill Downs Inc. ........... 176,600 365,000 Gaylord Entertainment Co.+ ..... 17,392,250 85,000 GTECH Holdings Corp. ........... 2,725,100 38,000 Harrah's Entertainment Inc. .... 2,477,220 2,982,300 Hilton Group plc ............... 16,543,193 650,000 Hilton Hotels Corp. ............ 14,508,000 35,000 International Game Technology .. 945,000 21,500 Kerzner International Ltd.+ .... 1,194,325 18,000 Las Vegas Sands Corp.+ ......... 592,380 50,000 MGM Mirage+ .................... 2,188,500 10,000 Pinnacle Entertainment Inc.+ ... 183,300 90,000 Starwood Hotels & Resorts Worldwide Inc. ................ 5,145,300 -------------- 67,460,268 -------------- MACHINERY -- 1.4% 140,000 Caterpillar Inc. ............... 8,225,000 7,600 CNH Global NV .................. 149,720 400,000 Deere & Co. .................... 24,480,000 -------------- 32,854,720 -------------- MANUFACTURED HOUSING AND RECREATIONAL VEHICLES -- 0.4% 100,000 Cavalier Homes Inc.+ ........... 661,000 32,200 Cavco Industries Inc.+ ......... 1,168,216 110,000 Champion Enterprises Inc.+ ..... 1,625,800 30,000 Coachmen Industries Inc. ....... 344,700 130,000 Fleetwood Enterprises Inc.+ .... 1,599,000 78,000 Huttig Building Products Inc.+ . 705,900 12,500 Nobility Homes Inc. ............ 326,250 20,000 Palm Harbor Homes Inc.+ ........ 388,600 70,000 Skyline Corp. .................. 2,844,800 11,000 Southern Energy Homes Inc.+ .... 77,550 -------------- 9,741,816 -------------- METALS AND MINING -- 1.7% 45,000 Alcoa Inc. ..................... 1,098,900 100,000 Arizona Star Resource Corp.+ ... 395,699 255,000 Barrick Gold Corp. ............. 7,407,750 12,525 Freeport-McMoRan Copper & Gold Inc., Cl. B ............ 608,590 10,000 Inco Ltd. ...................... 473,500 100,000 Ivanhoe Mines Ltd.+ ............ 836,000 5 THE GABELLI ASSET FUND SCHEDULE OF INVESTMENTS (CONTINUED) -- SEPTEMBER 30, 2005 (UNAUDITED) - -------------------------------------------------------------------------------- MARKET SHARES VALUE* ------- ------- COMMON STOCKS (CONTINUED) METALS AND MINING (CONTINUED) 50,000 Kinross Gold Corp.+ ............$ 384,000 510,000 Newmont Mining Corp. ........... 24,056,700 170,000 Placer Dome Inc. ............... 2,915,500 -------------- 38,176,639 -------------- PUBLISHING -- 7.2% 225,000 Belo Corp., Cl. A .............. 5,143,500 50,000 Dow Jones & Co. Inc. ........... 1,909,500 30,000 EMAP plc ....................... 435,480 200,000 Independent News & Media plc ... 584,100 3,000 Knight-Ridder Inc. ............. 176,040 38,000 Lee Enterprises Inc. ........... 1,614,240 64,000 McClatchy Co., Cl. A ........... 4,174,720 280,000 McGraw-Hill Companies Inc. ..... 13,451,200 370,000 Media General Inc., Cl. A ...... 21,463,700 80,000 Meredith Corp. ................. 3,991,200 135,000 New York Times Co., Cl. A ...... 4,016,250 4,835,000 News Corp., Cl. A .............. 75,377,650 24,000 News Corp., Cl. B .............. 396,000 700,000 PRIMEDIA Inc.+ ................. 2,863,000 250,000 Reader's Digest Association Inc. 3,992,500 248,000 Scripps (E.W.) Co., Cl. A ...... 12,392,560 68,614 Seat Pagine Gialle SpA+ ........ 33,810 120,000 Thomas Nelson Inc. ............. 2,251,200 300,000 Tribune Co. .................... 10,167,000 -------------- 164,433,650 -------------- REAL ESTATE -- 1.2% 120,082 Florida East Coast Industries Inc. ............... 5,438,514 100,000 Griffin Land & Nurseries Inc.+ . 2,450,000 91,025 ProLogis ....................... 4,033,305 262,000 St. Joe Co. .................... 16,361,900 -------------- 28,283,719 -------------- RETAIL -- 3.7% 38,000 Aaron Rents Inc. ............... 803,700 60,750 Aaron Rents Inc., Cl. A ........ 1,196,775 200,000 Albertson's Inc. ............... 5,130,000 400,000 AutoNation Inc.+ ............... 7,988,000 136,000 Burlington Coat Factory Warehouse Corp. ............... 5,173,440 18,000 Coldwater Creek Inc.+ .......... 453,960 30,000 Costco Wholesale Corp. ......... 1,292,700 10,000 CSK Auto Corp.+ ................ 148,800 311 Federated Department Stores Inc. 20,797 118,000 Kroger Co.+ .................... 2,429,620 600,000 Neiman Marcus Group Inc., Cl. B 59,898,000 10,000 Safeway Inc. ................... 256,000 -------------- 84,791,792 -------------- SPECIALTY CHEMICALS -- 1.3% 150,000 Chemtura Corp. ................. 1,863,000 470,000 Ferro Corp. .................... 8,610,400 MARKET SHARES VALUE* ------- ------- 90,000 Fuller (H.B.) Co. ..............$ 2,797,200 130,000 General Chemical Group Inc.+ ... 2,730 310,000 Hercules Inc.+ ................. 3,788,200 38,000 International Flavors & Fragrances Inc. ............... 1,354,320 160,000 Material Sciences Corp.+ ....... 2,411,200 650,000 Omnova Solutions Inc.+ ......... 2,840,500 350,000 Sensient Technologies Corp. .... 6,632,500 -------------- 30,300,050 -------------- TELECOMMUNICATIONS -- 6.8% 40,000 ALLTEL Corp. ................... 2,604,400 230,000 AT&T Corp. ..................... 4,554,000 14,000 Brasil Telecom Participacoes SA, ADR ....................... 595,420 260,000 BT Group plc ................... 1,019,207 30,000 BT Group plc, ADR .............. 1,189,200 180,000 CenturyTel Inc. ................ 6,296,400 600,000 Cincinnati Bell Inc.+ .......... 2,646,000 230,000 Citizens Communications Co. .... 3,116,500 280,000 Commonwealth Telephone Enterprises Inc. .............. 10,556,000 80,000 Deutsche Telekom AG, ADR ....... 1,459,200 35,000 France Telecom SA, ADR ......... 1,006,250 2,750,000 Qwest Communications International Inc.+ ........... 11,275,000 160,000 SBC Communications Inc. ........ 3,835,200 1,041,400 Sprint Nextel Corp. ............ 24,764,492 75,403 Tele Norte Leste Participacoes SA, ADR ....................... 1,246,412 4,525,935 Telecom Italia SpA ............. 14,713,844 280,000 Telecom Italia SpA, ADR ........ 9,128,000 94,000 Telefonica SA, ADR ............. 4,636,080 10,400 Telefonica SA, BDR ............. 170,209 40,000 Telefonos de Mexico SA de CV, Cl. L, ADR ............. 850,800 592,000 Telephone & Data Systems Inc. .. 23,088,000 541,000 Telephone & Data Systems Inc., Special ................. 20,314,550 205,000 Verizon Communications Inc. .... 6,701,450 -------------- 155,766,614 -------------- TRANSPORTATION -- 0.1% 85,000 AMR Corp.+ ..................... 950,300 65,000 Grupo TMM SA, Cl. A, ADR+ ...... 266,500 4,000 Kansas City Southern+ .......... 93,240 7,900 Providence & Worcester Railroad Co. .................. 110,521 -------------- 1,420,561 -------------- WIRELESS COMMUNICATIONS -- 1.0% 190,000 America Movil SA de CV, Cl. L, ADR .................... 5,000,800 65,000 Nextel Partners Inc., Cl. A+ ... 1,631,500 1,700,000 O2 plc ......................... 4,730,049 72,000 Price Communications Corp.+ .... 1,184,400 10,019 Tele Centro Oeste Celular Participacoes SA, ADR ......... 90,772 776 Tele Leste Celular Participacoes SA, ADR+ ........ 5,153 6 THE GABELLI ASSET FUND SCHEDULE OF INVESTMENTS (CONTINUED) -- SEPTEMBER 30, 2005 (UNAUDITED) - -------------------------------------------------------------------------------- MARKET SHARES VALUE* ------- ------- COMMON STOCKS (CONTINUED) WIRELESS COMMUNICATIONS (CONTINUED) 1,350 Tele Norte Celular Participacoes SA, ADR+ ........$ 10,192 3,375 Telemig Celular Participacoes SA, ADR ....................... 114,075 193 Telesp Celular Participacoes SA+ 675 33,764 Telesp Celular Participacoes SA, ADR ....................... 132,017 4,175 Telesp Celular Participacoes SA, Pfd.+ ..................... 16,606 13,001 Tim Participacoes SA, ADR ...... 241,559 175,200 United States Cellular Corp.+ .. 9,359,184 10,000 Vodafone Group plc, ADR ........ 259,700 -------------- 22,776,682 -------------- TOTAL COMMON STOCKS ............ 2,261,232,766 -------------- PREFERRED STOCKS -- 0.2% AEROSPACE -- 0.2% 29,500 Northrop Grumman Corp., 7.000% Cv. Pfd., Ser. B ....... 3,569,500 -------------- PRINCIPAL AMOUNT --------- CONVERTIBLE CORPORATE BONDS -- 0.4% AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.1% $ 1,500,000 Pep Boys - Manny, Moe & Jack, Cv., 4.250%, 06/01/07 .............. 1,462,500 1,000,000 Standard Motor Products Inc., Sub. Deb. Cv., 6.750%, 07/15/09 .............. 890,000 -------------- 2,352,500 -------------- AVIATION: PARTS AND SERVICES -- 0.0% 500,000 GenCorp Inc., Sub. Deb. Cv., 5.750%, 04/15/07 .............. 549,375 -------------- BUSINESS SERVICES -- 0.1% 1,000,000 Trans-Lux Corp., Sub. Deb. Cv., 7.500%, 12/01/06 .............. 997,500 -------------- CABLE AND SATELLITE -- 0.0% 500,000 Charter Communications Inc., Cv., 4.750%, 06/01/06 .............. 493,750 -------------- COMMUNICATIONS EQUIPMENT -- 0.2% 2,000,000 Agere Systems Inc., Sub. Deb. Cv., 6.500%, 12/15/09 .............. 2,010,000 1,100,000 Nortel Networks Corp., Cv., 4.250%, 09/01/08 .............. 1,040,875 1,000,000 TriQuint Semiconductor Inc., Sub. Deb. Cv., 4.000%, 03/01/07 .............. 973,750 -------------- 4,024,625 -------------- METALS AND MINING -- 0.0% 100,000 Inco Ltd., Cv., Zero Coupon, 03/29/21 ......... 126,250 -------------- TOTAL CONVERTIBLE CORPORATE BONDS ............... 8,544,000 -------------- MARKET SHARES VALUE* ------- ------- WARRANTS -- 0.0% COMMUNICATIONS EQUIPMENT -- 0.0% 1,097 Lucent Technologies Inc., expire 12/10/07+ ..............$ 1,042 -------------- PRINCIPAL AMOUNT --------- U.S. GOVERNMENT OBLIGATIONS -- 1.0% $23,800,000 U.S. Treasury Bills, 3.018% to 3.825%++, 10/20/05 to 03/09/06 ................... 23,680,964 -------------- TOTAL INVESTMENTS -- 100.0% (Cost $1,219,813,657) .........$2,297,028,272 ============== - ------------------ For Federal tax purposes: Aggregate cost ................$1,219,813,657 ============== Gross unrealized appreciation .$1,111,771,139 Gross unrealized depreciation . (34,556,524) -------------- Net unrealized appreciation (depreciation) ............$1,077,214,615 ============== - ---------------- (a) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2005, the Rule 144A securities are considered liquid and the market value amounted to $12,985,119 or 0.57% of total investments. (b) Security fair valued under procedures established by the Board of Trustees. The procedures may include reviewing available financial information about the company and reviewing valuation of comparable securities and other factors on a regular basis. At September 30, 2005, the market value of fair valued securities amounted to $172,000 or 0.01% of total investments. + Non-income producing security. ++ Represents annualized yield at date of purchase. ADR American Depository Receipt BDR Brazilian Depository Receipt CVO Contingent Value Obligation GDR Global Depository Receipt * Portfolio securities are valued at the last quoted sale price or closing values. If these are unavailable, then the average of the closing bid and asked prices is used. If there is no asked price, the security is valued at the closing bid price on that day. Debt instruments are valued at the average of the closing bid and asked prices. If the security matures in 60 days or less and is not credit-impaired, it is valued at amortized cost. All securities and assets for which market quotations are not readily available or any security that the Board determines does not reflect its fair market value are valued in good faith under procedures established by the Board. 7 ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (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 registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) The Gabelli Asset Fund -------------------------------------------------------------------- By (Signature and Title)* /s/ Bruce N. Alpert ------------------------------------------------------- Bruce N. Alpert, Principal Executive Officer Date November 28, 2005 ---------------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Bruce N. Alpert ------------------------------------------------------- Bruce N. Alpert, Principal Executive Officer & Principal Financial Officer Date November 28, 2005 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 exh302.txt EXHIBIT 302 CERT TO SECTION 302 OF SOA CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Bruce N. Alpert, certify that: 1. I have reviewed this report on Form N-Q of The Gabelli Asset Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined under Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 28, 2005 /s/ Bruce N. Alpert ------------------ ------------------------------------------------- Bruce N. Alpert, Principal Executive Officer & Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----